Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $.20 per share | |
Trading Symbol | WRB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 255,662,277 | |
Entity Central Index Key | 0000011544 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
5.700% Subordinated Debentures due 2058 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.700% Subordinated Debentures due 2058 | |
Trading Symbol | WRB-PE | |
Security Exchange Name | NYSE | |
5.100% Subordinated Debentures due 2059 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.100% Subordinated Debentures due 2059 | |
Trading Symbol | WRB-PF | |
Security Exchange Name | NYSE | |
4.250% Subordinated Debentures due 2060 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.250% Subordinated Debentures due 2060 | |
Trading Symbol | WRB-PG | |
Security Exchange Name | NYSE | |
4.125% Subordinated Debentures due 2061 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.125% Subordinated Debentures due 2061 | |
Trading Symbol | WRB-PH | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Fixed maturity securities (amortized cost of $21,775,516 and $20,915,245; allowance for expected credit losses of $22,869 and $36,751 at March 31, 2024 and December 31, 2023, respectively) | $ 20,964,854 | $ 20,178,308 |
Investment funds | 1,555,818 | 1,621,655 |
Real estate | 1,273,063 | 1,249,874 |
Equity securities | 1,178,048 | 1,090,347 |
Arbitrage trading account | 1,146,119 | 938,049 |
Loans receivable (net of allowance for expected credit losses of $2,609 and $3,004 at March 31, 2024 and December 31, 2023, respectively) | 228,766 | 201,271 |
Total investments | 26,346,668 | 25,279,504 |
Cash and cash equivalents | 1,169,053 | 1,363,195 |
Premiums and fees receivable (net of allowance for expected credit losses of $35,039 and $35,110 at March 31, 2024 and December 31, 2023, respectively) | 3,171,108 | 3,109,334 |
Due from reinsurers (net of allowance for expected credit losses of $9,185 and $8,404 at March 31, 2024 and December 31, 2023, respectively) | 3,510,097 | 3,534,527 |
Deferred policy acquisition costs | 888,719 | 861,609 |
Prepaid reinsurance premiums | 757,659 | 758,927 |
Trading account receivables from brokers and clearing organizations | 141,277 | 303,614 |
Property, furniture and equipment | 466,855 | 426,803 |
Goodwill | 174,597 | 174,597 |
Accrued investment income | 217,801 | 213,408 |
Current and deferred federal and foreign income taxes | 120,754 | 220,756 |
Other assets | 886,484 | 865,556 |
Total assets | 37,851,072 | 37,111,830 |
Liabilities: | ||
Reserves for losses and loss expenses | 19,099,628 | 18,739,652 |
Unearned premiums | 5,996,812 | 5,922,326 |
Due to reinsurers | 683,508 | 631,164 |
Trading account securities sold but not yet purchased | 40,298 | 9,357 |
Other liabilities | 1,395,048 | 1,503,053 |
Senior notes and other debt | 1,827,997 | 1,827,951 |
Subordinated debentures | 1,009,269 | 1,009,090 |
Total liabilities | 30,052,560 | 29,642,593 |
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 | 1,030,475 | 1,017,691 |
Retained earnings | 11,455,158 | 11,040,908 |
Accumulated other comprehensive loss | (1,023,530) | (925,838) |
Treasury stock, at cost, 272,465,959 and 272,469,871 shares, respectively | (3,783,074) | (3,783,133) |
Total stockholders’ equity | 7,784,832 | 7,455,431 |
Noncontrolling interests | 13,680 | 13,806 |
Total equity | 7,798,512 | 7,469,237 |
Total liabilities and equity | $ 37,851,072 | $ 37,111,830 |
Consolidated Balance Sheets C_2
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, amortized cost | $ 21,775,516 | $ 20,915,245 |
Fixed maturity securities, allowance for credit loss | 22,869 | 36,751 |
Cumulative effect adjustment resulting from changes in accounting principles | 2,609 | 3,004 |
Cumulative effect adjustment resulting from changes in accounting principles | 35,039 | 35,110 |
Reinsurance recoverable, allowance for credit loss | $ 9,185 | $ 8,404 |
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) | 256,548,669 | 256,544,757 |
Common shares outstanding (in shares) | 256,548,669 | 256,544,757 |
Treasury stock issued at cost (in shares) | 272,465,959 | 272,469,871 |
Consolidated Statements Income
Consolidated Statements Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES: | ||
Net premiums written | $ 2,851,291 | $ 2,574,824 |
Change in net unearned premiums | (86,944) | (83,392) |
Net premiums earned | 2,764,347 | 2,491,432 |
Net investment income | 319,839 | 223,398 |
Net realized and unrealized gains on investments | 11,503 | 22,611 |
Change in allowance for expected credit losses on investments | 14,277 | 399 |
Net investment gains | 25,780 | 23,010 |
Revenues from non-insurance businesses | 120,992 | 124,200 |
Insurance service fees | 25,319 | 32,857 |
Other income | 496 | 107 |
Total revenues | 3,256,773 | 2,895,004 |
OPERATING COSTS AND EXPENSES: | ||
Losses and loss expenses | 1,663,778 | 1,538,755 |
Other operating costs and expenses | 868,589 | 825,575 |
Expenses from non-insurance businesses | 118,607 | 122,767 |
Interest expense | 31,728 | 31,836 |
Total operating costs and expenses | 2,682,702 | 2,518,933 |
Income before income taxes | 574,071 | 376,071 |
Income tax expense | (132,036) | (80,342) |
Net income before noncontrolling interests | 442,035 | 295,729 |
Noncontrolling interests | 436 | (1,603) |
Net income to common stockholders | $ 442,471 | $ 294,126 |
NET INCOME PER SHARE: | ||
Basic (in dollar per share) | $ 1.65 | $ 1.07 |
Diluted (in dollar per share) | $ 1.64 | $ 1.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interests | $ 442,035 | $ 295,729 |
Other comprehensive (loss) income: | ||
Change in unrealized currency translation adjustments | (27,570) | 4,866 |
Change in unrealized investment (losses) gains, net of taxes | (70,122) | 180,799 |
Other comprehensive (loss) income | (97,692) | 185,665 |
Comprehensive income | 344,343 | 481,394 |
Noncontrolling interests | 436 | (1,602) |
Comprehensive income to common stockholders | $ 344,779 | $ 479,792 |
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 | $ 997,534 | $ 10,161,005 | $ (1,264,581) | $ (892,905) | $ (371,676) | $ (3,251,429) | $ 19,829 | |
Beginning of period at Dec. 31, 2022 | 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 ($0.11 and $0.60 per share, respectively) | (158,592) | ||||||||
Change in unrealized (losses) gains 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 | 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 | 1,008,128 | 10,296,539 | (1,078,917) | (712,107) | (366,810) | (3,387,538) | 21,608 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 7,469,237 | 105,803 | 1,017,691 | 11,040,908 | (925,838) | (586,354) | (339,484) | (3,783,133) | 13,806 |
Beginning of period at Dec. 31, 2023 | 7,469,237 | $ 105,803 | 1,017,691 | 11,040,908 | (925,838) | (586,354) | (339,484) | (3,783,133) | 13,806 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (195) | ||||||||
Restricted stock units expensed | 12,979 | ||||||||
Net income before noncontrolling interests | 442,035 | 442,471 | (436) | ||||||
Dividends ($0.11 and $0.60 per share, respectively) | (28,221) | ||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | (70,122) | (71,109) | |||||||
Change in unrealized gains on securities with an allowance for expected credit losses | 987 | ||||||||
Net change in period | (27,570) | (27,570) | |||||||
Stock exercised/vested | 59 | ||||||||
Stock repurchased | 0 | ||||||||
Other | 0 | ||||||||
Contributions | 310 | ||||||||
Other comprehensive loss, net of tax | (97,692) | (97,692) | (27,570) | 0 | |||||
End of period at Mar. 31, 2024 | $ 7,798,512 | 1,030,475 | 11,455,158 | (1,023,530) | (656,476) | (367,054) | (3,783,074) | 13,680 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.11 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 7,798,512 | $ 1,030,475 | $ 11,455,158 | $ (1,023,530) | $ (656,476) | $ (367,054) | $ (3,783,074) | $ 13,680 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FROM OPERATING ACTIVITIES: | ||
Net income to common stockholders | $ 442,471 | $ 294,126 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Net investment gains | (25,780) | (23,010) |
Depreciation and (accretion) amortization | (80,784) | 9,737 |
Noncontrolling interests | (436) | 1,603 |
Investment funds | 29,349 | (2,180) |
Stock incentive plans | 12,979 | 11,793 |
Change in: | ||
Arbitrage trading account | (14,793) | (14,879) |
Premiums and fees receivable | (68,133) | (33,460) |
Reinsurance accounts | 81,684 | (84,746) |
Deferred policy acquisition costs | (28,283) | (23,727) |
Income taxes | 120,052 | 76,933 |
Reserves for losses and loss expenses | 393,176 | 424,149 |
Unearned premiums | 84,952 | 87,991 |
Other | (200,219) | (279,007) |
Net cash from operating activities | 746,235 | 445,323 |
CASH USED IN INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed maturity securities | 426,084 | 429,400 |
Proceeds from sale of equity securities | 83,987 | 9,933 |
Distributions from investment funds | 31,238 | 7,518 |
Proceeds from maturities and prepayments of fixed maturity securities | 968,330 | 956,308 |
Purchase of fixed maturity securities | (2,266,087) | (1,686,107) |
Purchase of equity securities | (105,599) | (59,529) |
Real estate (purchased) sold | (30,697) | 7,472 |
Change in loans receivable | (28,150) | 612 |
Net purchases of property, furniture and equipment | (54,335) | (11,532) |
Change in balances due to security brokers | 70,120 | (13,598) |
Other | 0 | 93 |
Net cash used in investing activities | (905,109) | (359,430) |
CASH USED IN FINANCING ACTIVITIES: | ||
Net proceeds (payments) from issuance of debt | 20 | (868) |
Cash dividends to common stockholders | (28,220) | (158,592) |
Purchase of common treasury shares | 0 | (135,152) |
Other, net | (1,505) | (1,114) |
Net cash used in financing activities | (29,705) | (295,726) |
Net impact on cash due to change in foreign exchange rates | (5,563) | 2,844 |
Net change in cash and cash equivalents | (194,142) | (206,989) |
Cash and cash equivalents at beginning of period | 1,363,195 | 1,449,346 |
Cash and cash equivalents at end of period | $ 1,169,053 | $ 1,242,357 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Consolidated Statements of Comprehensive (Loss) Income | Consolidated Statements of Comprehensive (Loss) Income The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"): (In thousands) Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive As of and for the three months ended March 31, 2024 Changes in AOCI Beginning of period $ (586,354) $ (339,484) $ (925,838) Other comprehensive loss before reclassifications (101,312) (27,570) (128,882) Amounts reclassified from AOCI 31,190 — 31,190 Other comprehensive loss (70,122) (27,570) (97,692) Unrealized investment loss related to noncontrolling interest — — — End of period $ (656,476) $ (367,054) $ (1,023,530) Amounts reclassified from AOCI Pre-tax $ 39,481 (1) $ — $ 39,481 Tax effect (8,291) (2) — (8,291) After-tax amounts reclassified $ 31,190 $ — $ 31,190 Other comprehensive loss Pre-tax $ (89,297) $ (27,570) $ (116,867) Tax effect 19,175 — 19,175 Other comprehensive loss $ (70,122) $ (27,570) $ (97,692) 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) Ending balance $ (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 ____________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Statements of Cash Flows
Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Interest payments were $28,577,000 and $41,150,000 for the three months ended March 31, 2024 and 2023, respectively. There were no income taxes paid for the three months ended March 31, 2024 and 2023, respectively. |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Reclassifications have been made in the 2023 financial statements as originally reported to conform to the presentation of the 2024 financial statements. The Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment. The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators. |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2024 | |
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 11,663,450 and 11,416,856 common shares held in a grantor trust as of March 31, 2024 and 2023, 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) 2024 2023 Basic 268,211 274,977 Diluted 270,505 277,339 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 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, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At March 31, 2024 and December 31, 2023, 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, 2024 Held to maturity: State and municipal $ 51,258 $ (38) $ 2,276 $ — $ 53,496 $ 51,220 Residential mortgage-backed 2,762 — 82 — 2,844 2,762 Total held to maturity 54,020 (38) 2,358 — 56,340 53,982 Available for sale: U.S. government and government agency 1,875,920 — 8,888 (55,256) 1,829,552 1,829,552 State and municipal: Special revenue 1,626,511 — 3,370 (83,769) 1,546,112 1,546,112 State general obligation 393,807 — 1,833 (16,316) 379,324 379,324 Pre-refunded 88,359 — 908 (214) 89,053 89,053 Corporate backed 166,261 (693) 539 (10,588) 155,519 155,519 Local general obligation 393,482 — 2,298 (13,002) 382,778 382,778 Total state and municipal 2,668,420 (693) 8,948 (123,889) 2,552,786 2,552,786 Mortgage-backed: Residential 1,963,060 — 9,805 (174,727) 1,798,138 1,798,138 Commercial 630,348 (562) 326 (20,232) 609,880 609,880 Total mortgage-backed 2,593,408 (562) 10,131 (194,959) 2,408,018 2,408,018 Asset-backed 4,298,768 (1,097) 6,475 (64,585) 4,239,561 4,239,561 Corporate: Industrial 3,865,664 — 14,741 (146,130) 3,734,275 3,734,275 Financial 3,172,945 — 10,100 (69,749) 3,113,296 3,113,296 Utilities 751,234 — 2,864 (24,436) 729,662 729,662 Other 590,644 — 2,516 (7,690) 585,470 585,470 Total corporate 8,380,487 — 30,221 (248,005) 8,162,703 8,162,703 Foreign government 1,904,493 (20,479) 8,585 (174,347) 1,718,252 1,718,252 Total available for sale 21,721,496 (22,831) 73,248 (861,041) 20,910,872 20,910,872 Total investments in fixed maturity securities $ 21,775,516 $ (22,869) $ 75,606 $ (861,041) $ 20,967,212 $ 20,964,854 ____________ (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, 2023 Held to maturity: State and municipal $ 50,547 $ (43) $ 3,132 $ — $ 53,636 $ 50,504 Residential mortgage-backed 2,868 — 107 — 2,975 2,868 Total held to maturity 53,415 (43) 3,239 — 56,611 53,372 Available for sale: U.S. government and government agency 1,762,997 — 11,403 (57,669) 1,716,731 1,716,731 State and municipal: Special revenue 1,682,550 — 5,651 (82,006) 1,606,195 1,606,195 State general obligation 394,429 — 3,550 (16,405) 381,574 381,574 Pre-refunded 103,029 — 1,634 (185) 104,478 104,478 Corporate backed 166,873 (757) 696 (11,973) 154,839 154,839 Local general obligation 396,041 — 3,188 (11,893) 387,336 387,336 Total state and municipal 2,742,922 (757) 14,719 (122,462) 2,634,422 2,634,422 Mortgage-backed: Residential 1,773,206 — 12,780 (163,844) 1,622,142 1,622,142 Commercial 657,157 (158) 626 (13,312) 644,313 644,313 Total mortgage-backed 2,430,363 (158) 13,406 (177,156) 2,266,455 2,266,455 Asset-backed 4,252,883 (1,164) 8,527 (73,206) 4,187,040 4,187,040 Corporate: Industrial 3,679,219 (40) 24,312 (143,936) 3,559,555 3,559,555 Financial 2,838,220 (4,986) 14,681 (68,681) 2,779,234 2,779,234 Utilities 701,865 — 6,471 (23,412) 684,924 684,924 Other 635,975 — 1,605 (7,234) 630,346 630,346 Total corporate 7,855,279 (5,026) 47,069 (243,263) 7,654,059 7,654,059 Foreign government 1,817,386 (29,603) 15,865 (137,419) 1,666,229 1,666,229 Total available for sale 20,861,830 (36,708) 110,989 (811,175) 20,124,936 20,124,936 Total investments in fixed maturity securities $ 20,915,245 $ (36,751) $ 114,228 $ (811,175) $ 20,181,547 $ 20,178,308 ____________ (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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 43 $ 114 Provision for expected credit losses (5) (7) Allowance for expected credit losses, end of period $ 38 $ 107 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, 2024 and 2023: 2024 2023 (In thousands) Foreign Government Corporate Mortgage-backed Asset-backed State and Municipal Total Foreign Government Corporate Mortgage-backed Total Allowance for expected credit losses, beginning of period $ 29,603 $ 5,026 $ 158 $ 1,164 $ 757 $ 36,708 $ 32,633 $ 4,701 $ 18 $ 37,352 Expected credit losses on securities for which credit losses were not previously recorded — — 562 — — 562 — 186 — 186 Expected credit (gains) losses on securities for which credit losses were previously recorded (9,124) (5,026) (158) (67) (64) (14,439) 691 (1,087) 5 (391) Reduction due to disposals — — — — — — — (5) — (5) Allowance for expected credit losses, end of period $ 20,479 $ — $ 562 $ 1,097 $ 693 $ 22,831 $ 33,324 $ 3,795 $ 23 $ 37,142 During the three months ended March 31, 2024, 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, primarily due to improved pricing associated with foreign government securities and corporate securities. 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. The amortized cost and fair value of fixed maturity securities at March 31, 2024, 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 $ 1,980,563 $ 1,907,003 Due after one year through five years 9,877,133 9,528,047 Due after five years through ten years 4,681,226 4,577,859 Due after ten years 2,640,386 2,543,441 Mortgage-backed securities 2,596,170 2,410,862 Total $ 21,775,478 $ 20,967,212 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $38 thousand related to held to maturity securities. |
Investments in Equity Securitie
Investments in Equity Securities | 3 Months Ended |
Mar. 31, 2024 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Fixed Maturity Securities At March 31, 2024 and December 31, 2023, 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, 2024 Held to maturity: State and municipal $ 51,258 $ (38) $ 2,276 $ — $ 53,496 $ 51,220 Residential mortgage-backed 2,762 — 82 — 2,844 2,762 Total held to maturity 54,020 (38) 2,358 — 56,340 53,982 Available for sale: U.S. government and government agency 1,875,920 — 8,888 (55,256) 1,829,552 1,829,552 State and municipal: Special revenue 1,626,511 — 3,370 (83,769) 1,546,112 1,546,112 State general obligation 393,807 — 1,833 (16,316) 379,324 379,324 Pre-refunded 88,359 — 908 (214) 89,053 89,053 Corporate backed 166,261 (693) 539 (10,588) 155,519 155,519 Local general obligation 393,482 — 2,298 (13,002) 382,778 382,778 Total state and municipal 2,668,420 (693) 8,948 (123,889) 2,552,786 2,552,786 Mortgage-backed: Residential 1,963,060 — 9,805 (174,727) 1,798,138 1,798,138 Commercial 630,348 (562) 326 (20,232) 609,880 609,880 Total mortgage-backed 2,593,408 (562) 10,131 (194,959) 2,408,018 2,408,018 Asset-backed 4,298,768 (1,097) 6,475 (64,585) 4,239,561 4,239,561 Corporate: Industrial 3,865,664 — 14,741 (146,130) 3,734,275 3,734,275 Financial 3,172,945 — 10,100 (69,749) 3,113,296 3,113,296 Utilities 751,234 — 2,864 (24,436) 729,662 729,662 Other 590,644 — 2,516 (7,690) 585,470 585,470 Total corporate 8,380,487 — 30,221 (248,005) 8,162,703 8,162,703 Foreign government 1,904,493 (20,479) 8,585 (174,347) 1,718,252 1,718,252 Total available for sale 21,721,496 (22,831) 73,248 (861,041) 20,910,872 20,910,872 Total investments in fixed maturity securities $ 21,775,516 $ (22,869) $ 75,606 $ (861,041) $ 20,967,212 $ 20,964,854 ____________ (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, 2023 Held to maturity: State and municipal $ 50,547 $ (43) $ 3,132 $ — $ 53,636 $ 50,504 Residential mortgage-backed 2,868 — 107 — 2,975 2,868 Total held to maturity 53,415 (43) 3,239 — 56,611 53,372 Available for sale: U.S. government and government agency 1,762,997 — 11,403 (57,669) 1,716,731 1,716,731 State and municipal: Special revenue 1,682,550 — 5,651 (82,006) 1,606,195 1,606,195 State general obligation 394,429 — 3,550 (16,405) 381,574 381,574 Pre-refunded 103,029 — 1,634 (185) 104,478 104,478 Corporate backed 166,873 (757) 696 (11,973) 154,839 154,839 Local general obligation 396,041 — 3,188 (11,893) 387,336 387,336 Total state and municipal 2,742,922 (757) 14,719 (122,462) 2,634,422 2,634,422 Mortgage-backed: Residential 1,773,206 — 12,780 (163,844) 1,622,142 1,622,142 Commercial 657,157 (158) 626 (13,312) 644,313 644,313 Total mortgage-backed 2,430,363 (158) 13,406 (177,156) 2,266,455 2,266,455 Asset-backed 4,252,883 (1,164) 8,527 (73,206) 4,187,040 4,187,040 Corporate: Industrial 3,679,219 (40) 24,312 (143,936) 3,559,555 3,559,555 Financial 2,838,220 (4,986) 14,681 (68,681) 2,779,234 2,779,234 Utilities 701,865 — 6,471 (23,412) 684,924 684,924 Other 635,975 — 1,605 (7,234) 630,346 630,346 Total corporate 7,855,279 (5,026) 47,069 (243,263) 7,654,059 7,654,059 Foreign government 1,817,386 (29,603) 15,865 (137,419) 1,666,229 1,666,229 Total available for sale 20,861,830 (36,708) 110,989 (811,175) 20,124,936 20,124,936 Total investments in fixed maturity securities $ 20,915,245 $ (36,751) $ 114,228 $ (811,175) $ 20,181,547 $ 20,178,308 ____________ (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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 43 $ 114 Provision for expected credit losses (5) (7) Allowance for expected credit losses, end of period $ 38 $ 107 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, 2024 and 2023: 2024 2023 (In thousands) Foreign Government Corporate Mortgage-backed Asset-backed State and Municipal Total Foreign Government Corporate Mortgage-backed Total Allowance for expected credit losses, beginning of period $ 29,603 $ 5,026 $ 158 $ 1,164 $ 757 $ 36,708 $ 32,633 $ 4,701 $ 18 $ 37,352 Expected credit losses on securities for which credit losses were not previously recorded — — 562 — — 562 — 186 — 186 Expected credit (gains) losses on securities for which credit losses were previously recorded (9,124) (5,026) (158) (67) (64) (14,439) 691 (1,087) 5 (391) Reduction due to disposals — — — — — — — (5) — (5) Allowance for expected credit losses, end of period $ 20,479 $ — $ 562 $ 1,097 $ 693 $ 22,831 $ 33,324 $ 3,795 $ 23 $ 37,142 During the three months ended March 31, 2024, 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, primarily due to improved pricing associated with foreign government securities and corporate securities. 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. The amortized cost and fair value of fixed maturity securities at March 31, 2024, 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 $ 1,980,563 $ 1,907,003 Due after one year through five years 9,877,133 9,528,047 Due after five years through ten years 4,681,226 4,577,859 Due after ten years 2,640,386 2,543,441 Mortgage-backed securities 2,596,170 2,410,862 Total $ 21,775,478 $ 20,967,212 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $38 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, 2024 and December 31, 2023, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses March 31, 2024 Common stocks $ 671,958 $ 196,093 $ (21,382) $ 846,669 $ 846,669 Preferred stocks 339,263 8,491 (16,375) 331,379 331,379 Total $ 1,011,221 $ 204,584 $ (37,757) $ 1,178,048 $ 1,178,048 December 31, 2023 Common stocks $ 664,997 $ 191,806 $ (18,749) $ 838,054 $ 838,054 Preferred stocks 284,335 3,075 (35,117) 252,293 252,293 Total $ 949,332 $ 194,881 $ (53,866) $ 1,090,347 $ 1,090,347 |
Arbitrage Trading Account
Arbitrage Trading Account | 3 Months Ended |
Mar. 31, 2024 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At March 31, 2024 and December 31, 2023, the fair and carrying values of the arbitrage trading account were $1,146 million and $938 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, 2024, the fair value of long option contracts outstanding was $117 thousand (notional amount of $162 million) and the fair value of short option contracts was $40 million (notional amount of $162 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, 2024 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consisted of the following: For the Three Months (In thousands) 2024 2023 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 335,248 $ 195,642 Arbitrage trading account (1) 18,011 18,256 Equity securities 11,336 13,746 Investment funds (29,349) 2,180 Real estate (13,163) (3,711) Gross investment income 322,083 226,113 Investment expense (2,244) (2,715) Net investment income $ 319,839 $ 223,398 |
Investment Funds
Investment Funds | 3 Months Ended |
Mar. 31, 2024 | |
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 $309 million as of March 31, 2024. Investment funds consisted of the following: Carrying Value as of Income (Loss) from March 31, December 31, For the Three Months (In thousands) 2024 2023 2024 2023 Financial services $ 418,877 $ 433,407 $ (13,491) $ (13,047) Transportation 296,021 344,278 (28,661) 11,788 Real Estate 189,309 201,625 5,356 956 Infrastructure 137,201 130,589 5,039 3,355 Energy 134,195 114,794 8,632 3,439 Other funds 380,215 396,962 (6,224) (4,311) Total $ 1,555,818 $ 1,621,655 $ (29,349) $ 2,180 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, 2024 and 2023, the Company ceded approximately $94 million and $107 million, respectively, of written premiums to Lifson Re. Other funds include deferred compensation trust assets of $41 million and $36 million as of March 31, 2024 and December 31, 2023, 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, 2024 | |
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) 2024 2023 Properties in operation $ 1,045,712 $ 1,022,654 Properties under development 227,351 227,220 Total $ 1,273,063 $ 1,249,874 As of March 31, 2024, 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 $34,131,000 and $32,745,000 as of March 31, 2024 and December 31, 2023, respectively. Related depreciation expense was $1,941,000 and $2,281,000 for the three months ended March 31, 2024 and 2023, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $25,874,266 in 2024, $33,742,431 in 2025, $31,539,135 in 2026, $30,794,160 in 2027, $31,352,156 in 2028, $26,899,553 in 2029 and $413,976,622 thereafter. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable At March 31, 2024 and December 31, 2023, loans receivable were as follows: (In thousands) March 31, December 31, Amortized cost (net of allowance for expected credit losses): Real estate loans $ 227,431 $ 200,381 Commercial loans 1,335 890 Total $ 228,766 $ 201,271 Fair value: Real estate loans $ 227,821 $ 197,354 Commercial loans 1,335 890 Total $ 229,156 $ 198,244 The real estate loans are secured by commercial and residential real estate primarily located in the UK 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. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended March 31, 2024 and 2023: 2024 2023 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 2,983 $ 21 $ 3,004 $ 1,100 $ 691 $ 1,791 Change in expected credit losses (396) 1 (395) (61) (121) (182) Allowance for expected credit losses, end of period $ 2,587 $ 22 $ 2,609 $ 1,039 $ 570 $ 1,609 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 (Losses) Gains
Net Investment (Losses) Gains | 3 Months Ended |
Mar. 31, 2024 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Net Investment (Losses) Gains | Net Investment Gains Net investment gains were as follows: For the Three Months (In thousands) 2024 2023 Net investment gains: Fixed maturity securities: Gains $ 3,557 $ 943 Losses (2,323) (18,130) Equity securities (1): Net realized gains on investment sales 40,277 1,060 Change in unrealized gains 25,812 43,404 Investment funds 993 10 Real estate (2,216) 10,739 Loans receivable — — Other (2) (54,597) (15,415) Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 11,503 22,611 Change in allowance for expected credit losses on investments: Fixed maturity securities 13,882 217 Loans receivable 395 182 Change in allowance for expected credit losses on investments 14,277 399 Net investment gains 25,780 23,010 Income tax expense (6,633) (4,850) After-tax net investment gains $ 19,147 $ 18,160 Change in unrealized investment (losses) gains on available for sale securities: Fixed maturity securities without allowance for expected credit losses $ (88,594) $ 227,116 Fixed maturity securities with allowance for expected credit losses 987 3,456 Investment funds (1,703) 1,936 Other 13 (487) Total change in unrealized investment (losses) gains (89,297) 232,021 Income tax benefit (expense) 19,175 (51,222) Noncontrolling interests — (1) After-tax change in unrealized investment (losses) gains of available for sale securities $ (70,122) $ 180,798 ______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) 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, 2024 | |
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, 2024 and December 31, 2023 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, 2024 U.S. government and government agency $ 439,699 $ 6,725 $ 666,947 $ 48,531 $ 1,106,646 $ 55,256 State and municipal 308,609 3,376 1,764,296 120,513 2,072,905 123,889 Mortgage-backed 288,696 5,023 1,374,227 189,936 1,662,923 194,959 Asset-backed 1,055,695 3,765 1,282,145 60,820 2,337,840 64,585 Corporate 1,532,300 16,754 4,372,753 231,251 5,905,053 248,005 Foreign government 321,236 5,078 754,322 169,269 1,075,558 174,347 Fixed maturity securities $ 3,946,235 $ 40,721 $ 10,214,690 $ 820,320 $ 14,160,925 $ 861,041 December 31, 2023 U.S. government and government agency $ 384,392 $ 6,655 $ 614,623 $ 51,014 $ 999,015 $ 57,669 State and municipal 264,273 3,013 1,680,034 119,449 1,944,307 122,462 Mortgage-backed 278,819 2,025 1,360,748 175,131 1,639,567 177,156 Asset-backed 413,511 2,070 2,176,035 71,136 2,589,546 73,206 Corporate 874,754 11,975 4,418,309 231,288 5,293,063 243,263 Foreign government 204,908 1,758 794,174 135,661 999,082 137,419 Fixed maturity securities $ 2,420,657 $ 27,496 $ 11,043,923 $ 783,679 $ 13,464,580 $ 811,175 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, 2024 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 36 $ 93,212 $ 141,742 State and municipal 5 24,438 4,918 Corporate 25 42,772 2,291 Mortgage-backed 15 4,526 237 Asset-backed 4 86 70 Total 85 $ 165,034 $ 149,258 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, 2024 | |
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, 2024 and December 31, 2023 by level: (In thousands) Total Level 1 Level 2 Level 3 March 31, 2024 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,829,552 $ — $ 1,829,552 $ — State and municipal 2,552,786 — 2,552,786 — Mortgage-backed 2,408,018 — 2,408,018 — Asset-backed 4,239,561 — 4,239,561 — Corporate 8,162,703 — 8,162,703 — Foreign government 1,718,252 — 1,718,252 — Total fixed maturity securities available for sale 20,910,872 — 20,910,872 — Equity securities: Common stocks 846,669 843,441 1,059 2,169 Preferred stocks 331,379 — 327,743 3,636 Total equity securities 1,178,048 843,441 328,802 5,805 Arbitrage trading account 1,146,119 752,159 390,284 3,676 Total $ 23,235,039 $ 1,595,600 $ 21,629,958 $ 9,481 Liabilities: Trading account securities sold but not yet purchased $ 40,298 $ 40,298 $ — $ — December 31, 2023 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,716,731 $ — $ 1,716,731 $ — State and municipal 2,634,422 — 2,634,422 — Mortgage-backed 2,266,455 — 2,266,455 — Asset-backed 4,187,040 — 4,187,040 — Corporate 7,654,059 — 7,654,059 — Foreign government 1,666,229 — 1,666,229 — Total fixed maturity securities available for sale 20,124,936 — 20,124,936 — Equity securities: Common stocks 838,054 835,338 1,158 1,558 Preferred stocks 252,293 — 248,598 3,695 Total equity securities 1,090,347 835,338 249,756 5,253 Arbitrage trading account 938,049 546,110 388,167 3,772 Total $ 22,153,332 $ 1,381,448 $ 20,762,859 $ 9,025 Liabilities: Trading account securities sold but not yet purchased $ 9,357 $ 9,357 $ — $ — The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2024 and for the year ended December 31, 2023: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Three Months Ended March 31, 2024 Assets: Equity securities: Common stocks $ 1,558 $ 611 $ — $ — $ — $ — $ — $ — $ 2,169 Preferred stocks 3,695 (2) — — — (57) — — 3,636 Total 5,253 609 — — — (57) — — 5,805 Arbitrage trading account 3,772 (133) — — — — — 37 3,676 Total $ 9,025 $ 476 $ — $ — $ — $ (57) $ — $ 37 $ 9,481 Year Ended Assets: Equity securities: Common stocks $ 2,599 $ (1,041) $ — $ — $ — $ — $ — $ — $ 1,558 Preferred stocks 11,299 (3) — (7,601) — — — — 3,695 Total 13,898 (1,044) — (7,601) — — — — 5,253 Arbitrage trading account 3,590 117 — — — — — 65 3,772 Total $ 17,488 $ (927) $ — $ (7,601) $ — $ — $ — $ 65 $ 9,025 For the three months ended March 31, 2024 and for the year ended December 31, 2023, securities within the arbitrage trading account portfolio that no longer had a publicly traded price were transferred into Level 3. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: March 31, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 20,964,854 $ 20,967,212 $ 20,178,308 $ 20,181,547 Equity securities 1,178,048 1,178,048 1,090,347 1,090,347 Arbitrage trading account 1,146,119 1,146,119 938,049 938,049 Loans receivable 228,766 229,156 201,271 198,244 Cash and cash equivalents 1,169,053 1,169,053 1,363,195 1,363,195 Trading account receivables from brokers and clearing organizations 141,277 141,277 303,614 303,614 Due from broker — — 36,747 36,747 Liabilities: Due to broker 33,027 33,027 — — Trading account securities sold but not yet purchased 40,298 40,298 9,357 9,357 Senior notes and other debt 1,827,997 1,435,877 1,827,951 1,480,076 Subordinated debentures 1,009,269 893,358 1,009,090 929,598 |
Reserves for Loss and Loss Expe
Reserves for Loss and Loss Expenses | 3 Months Ended |
Mar. 31, 2024 | |
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 business 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) 2024 2023 Net reserves at beginning of period $ 15,661,820 $ 14,248,879 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,647,674 1,502,817 Increase in estimates for claims occurring in prior years (2) (3) 7,367 28,205 Loss reserve discount accretion 8,737 7,733 Total 1,663,778 1,538,755 Net payments for claims: Current year 107,434 110,274 Prior years 1,158,864 1,106,481 Total 1,266,298 1,216,755 Foreign currency translation (52,944) 1,154 Net reserves at end of period 16,006,356 14,572,033 Ceded reserves at end of period 3,093,272 2,859,602 Gross reserves at end of period $ 19,099,628 $ 17,431,635 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $14 million and $11 million for the three months ended March 31, 2024 and 2023, respectively. (2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $10 million and increased by $19 million for the three months ended March 31, 2024 and 2023, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $1 million and adverse development was $24 million for the three months ended March 31, 2024 and 2023, respectively. The ultimate net impact of COVID-19 on the Company’s reserves remains uncertain. As of March 31, 2024, the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $386 million, of which $328 million relates to the Insurance segment and $58 million relates to the Reinsurance & Monoline Excess segment. Such $386 million of COVID-19-related losses included $383 million of reported losses and $3 million of IBNR. During the three months ended March 31, 2024, favorable prior year development (net of additional and return premiums) of $1 million included $9 million for the Reinsurance & Monoline Excess segment largely offset by $8 million of adverse prior year development for the Insurance segment. For the Insurance segment, the adverse development during the first quarter of 2024 was driven by commercial auto liability and excess other liability, including umbrella, and was partially offset by favorable development for workers’ compensation and professional liability. The adverse commercial auto liability development was concentrated in accident years 2019 through 2023, while the excess other liability, including umbrella, development was focused in accident years 2017 through 2021. A significant portion of the excess other liability, including umbrella, development related to underlying commercial auto exposures. The Company believes that commercial auto-related claims are being particularly impacted by social inflation, which is contributing to an increase in the frequency of large losses beyond expectations. Social inflation can include higher settlement demands from plaintiffs, use of aggressive actions by the plaintiffs' bar such as litigation funding, negative public sentiment towards large businesses and corporations, and erosion of tort reforms, among others. The favorable workers’ compensation development for the Insurance segment was mainly related to accident years 2018 through 2023, while the favorable professional liability development was mainly in accident years 2021 and 2022. For workers’ compensation, favorable reported claim frequency, below expectations, continued to drive the favorable reserve development. For professional liability, the reported loss experience for the 2021 and 2022 accident years was better than expected. These accident years also feature business written at peak pricing levels, which the Company now believes will result in higher profitability than initially anticipated. For the Reinsurance & Monoline Excess segment, the favorable development was driven mainly by favorable development in excess workers’ compensation, partially offset by adverse development in the non-proportional reinsurance assumed liability line of business. The favorable excess workers’ compensation development was driven by continued lower claim frequency and reported losses relative to expectations, and to favorable claim settlements spread across many prior accident years. The unfavorable development for non-proportional reinsurance was concentrated mainly in accident years 2017 through 2019 and was associated primarily with our U.S. and U.K. excess general liability reinsurance businesses, including accounts reinsuring construction projects. During the three months ended March 31, 2023, adverse prior year development (net of additional and return premiums) of $24 million included $12 million for the Insurance segment and $12 million for the Reinsurance & Monoline Excess segment. This overall adverse development for both segments was primarily attributable 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 2023. 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 contributed 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 for these lines of business for the 2022 accident year was significantly better than expected, and the Company reacted to this favorable emergence in the first quarter of 2023. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023 by level: (In thousands) Total Level 1 Level 2 Level 3 March 31, 2024 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,829,552 $ — $ 1,829,552 $ — State and municipal 2,552,786 — 2,552,786 — Mortgage-backed 2,408,018 — 2,408,018 — Asset-backed 4,239,561 — 4,239,561 — Corporate 8,162,703 — 8,162,703 — Foreign government 1,718,252 — 1,718,252 — Total fixed maturity securities available for sale 20,910,872 — 20,910,872 — Equity securities: Common stocks 846,669 843,441 1,059 2,169 Preferred stocks 331,379 — 327,743 3,636 Total equity securities 1,178,048 843,441 328,802 5,805 Arbitrage trading account 1,146,119 752,159 390,284 3,676 Total $ 23,235,039 $ 1,595,600 $ 21,629,958 $ 9,481 Liabilities: Trading account securities sold but not yet purchased $ 40,298 $ 40,298 $ — $ — December 31, 2023 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,716,731 $ — $ 1,716,731 $ — State and municipal 2,634,422 — 2,634,422 — Mortgage-backed 2,266,455 — 2,266,455 — Asset-backed 4,187,040 — 4,187,040 — Corporate 7,654,059 — 7,654,059 — Foreign government 1,666,229 — 1,666,229 — Total fixed maturity securities available for sale 20,124,936 — 20,124,936 — Equity securities: Common stocks 838,054 835,338 1,158 1,558 Preferred stocks 252,293 — 248,598 3,695 Total equity securities 1,090,347 835,338 249,756 5,253 Arbitrage trading account 938,049 546,110 388,167 3,772 Total $ 22,153,332 $ 1,381,448 $ 20,762,859 $ 9,025 Liabilities: Trading account securities sold but not yet purchased $ 9,357 $ 9,357 $ — $ — The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2024 and for the year ended December 31, 2023: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Three Months Ended March 31, 2024 Assets: Equity securities: Common stocks $ 1,558 $ 611 $ — $ — $ — $ — $ — $ — $ 2,169 Preferred stocks 3,695 (2) — — — (57) — — 3,636 Total 5,253 609 — — — (57) — — 5,805 Arbitrage trading account 3,772 (133) — — — — — 37 3,676 Total $ 9,025 $ 476 $ — $ — $ — $ (57) $ — $ 37 $ 9,481 Year Ended Assets: Equity securities: Common stocks $ 2,599 $ (1,041) $ — $ — $ — $ — $ — $ — $ 1,558 Preferred stocks 11,299 (3) — (7,601) — — — — 3,695 Total 13,898 (1,044) — (7,601) — — — — 5,253 Arbitrage trading account 3,590 117 — — — — — 65 3,772 Total $ 17,488 $ (927) $ — $ (7,601) $ — $ — $ — $ 65 $ 9,025 For the three months ended March 31, 2024 and for the year ended December 31, 2023, securities within the arbitrage trading account portfolio that no longer had a publicly traded price were transferred into Level 3. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: March 31, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 20,964,854 $ 20,967,212 $ 20,178,308 $ 20,181,547 Equity securities 1,178,048 1,178,048 1,090,347 1,090,347 Arbitrage trading account 1,146,119 1,146,119 938,049 938,049 Loans receivable 228,766 229,156 201,271 198,244 Cash and cash equivalents 1,169,053 1,169,053 1,363,195 1,363,195 Trading account receivables from brokers and clearing organizations 141,277 141,277 303,614 303,614 Due from broker — — 36,747 36,747 Liabilities: Due to broker 33,027 33,027 — — Trading account securities sold but not yet purchased 40,298 40,298 9,357 9,357 Senior notes and other debt 1,827,997 1,435,877 1,827,951 1,480,076 Subordinated debentures 1,009,269 893,358 1,009,090 929,598 |
Premiums and Reinsurance Relate
Premiums and Reinsurance Related Information | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Written premiums: Direct $ 3,039,066 $ 2,738,754 Assumed 323,689 310,563 Ceded (511,464) (474,493) Total net premiums written $ 2,851,291 $ 2,574,824 Earned premiums: Direct $ 2,936,643 $ 2,667,063 Assumed 337,911 295,230 Ceded (510,207) (470,861) Total net premiums earned $ 2,764,347 $ 2,491,432 Ceded losses and loss expenses incurred $ 305,951 $ 315,476 Ceded commissions earned $ 121,054 $ 118,418 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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 35,110 $ 30,660 Change in expected credit losses (71) 1,693 Allowance for expected credit losses, end of period $ 35,039 $ 32,353 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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 8,404 $ 8,064 Change in expected credit losses 781 639 Allowance for expected credit losses, end of period $ 9,185 $ 8,703 |
Restricted Stock Units
Restricted Stock Units | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 1,214 $ 100 2023 — $ — |
Litigation and Contingent Liabi
Litigation and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
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. On December 22, 2023, one of the Company’s subsidiaries filed a lawsuit against certain reinsurers to recover in excess of $90 million in respect of certain losses paid to its policyholders under certain event cancellation and related insurance policies. The Company believes its claims against the reinsurers are meritorious and expects a positive resolution to its lawsuit. While an adverse outcome is possible, the Company believes that the outcome, in any case, will not be material to the Company’s financial condition. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Leases: Lease cost $ 11,077 $ 10,188 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 12,232 $ 10,563 Right-of-use assets obtained in exchange for new lease liabilities $ 24,695 $ 5,313 As of March 31, ($ in thousands) 2024 2023 Right-of-use assets $ 191,720 $ 164,547 Lease liabilities $ 233,114 $ 199,225 Weighted-average remaining lease term 7.6 years 7.1 years Weighted-average discount rate 5.44 % 4.49 % Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) March 31, 2024 Contractual Maturities: 2024 $ 38,862 2025 44,402 2026 37,499 2027 28,341 2028 26,760 Thereafter 104,223 Total undiscounted future minimum lease payments 280,087 Less: Discount impact 46,973 Total lease liability $ 233,114 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
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 and certain program management business. 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, 2024 Insurance $ 2,398,768 $ 244,778 $ 9,423 $ 2,652,969 $ 478,149 $ 365,091 Reinsurance & Monoline Excess 365,579 53,211 — 418,790 127,624 102,126 Corporate, other and eliminations (3) — 21,850 137,384 159,234 (57,482) (43,893) Net investment gains — — 25,780 25,780 25,780 19,147 Total $ 2,764,347 $ 319,839 $ 172,587 $ 3,256,773 $ 574,071 $ 442,471 Three months ended March 31, 2023 Insurance $ 2,142,924 $ 163,558 $ 9,577 $ 2,316,059 $ 352,626 $ 274,108 Reinsurance & Monoline Excess 348,508 54,583 — 403,091 101,285 82,357 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 _________________ (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, 2024 and 2023 were $393 million and $274 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2024 and 2023 were $111 million and $106 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 $ 30,048,006 $ 29,923,282 Reinsurance & Monoline Excess 5,506,533 5,545,249 Corporate, other and eliminations 2,296,533 1,643,299 Consolidated $ 37,851,072 $ 37,111,830 Net premiums earned by major line of business are as follows: For the Three Months (In thousands) 2024 2023 Insurance: Other liability $ 967,260 $ 853,472 Short-tail lines (1) 510,809 412,534 Auto 354,013 294,116 Workers' compensation 301,495 305,561 Professional liability 265,191 277,241 Total Insurance 2,398,768 2,142,924 Reinsurance & Monoline Excess: Casualty (2) 197,844 214,712 Property (2) 102,384 75,152 Monoline excess (3) 65,351 58,644 Total Reinsurance & Monoline Excess 365,579 348,508 Total $ 2,764,347 $ 2,491,432 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines. (2) Includes reinsurance casualty and property and certain program management business. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) to Common Stockholders | $ 442,471 | $ 294,126 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 11,663,450 and 11,416,856 common shares held in a grantor trust as of March 31, 2024 and 2023, 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) 2024 2023 Basic 268,211 274,977 Diluted 270,505 277,339 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2024 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 (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Components of changes in accumulated other comprehensive income (loss) | The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"): (In thousands) Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive As of and for the three months ended March 31, 2024 Changes in AOCI Beginning of period $ (586,354) $ (339,484) $ (925,838) Other comprehensive loss before reclassifications (101,312) (27,570) (128,882) Amounts reclassified from AOCI 31,190 — 31,190 Other comprehensive loss (70,122) (27,570) (97,692) Unrealized investment loss related to noncontrolling interest — — — End of period $ (656,476) $ (367,054) $ (1,023,530) Amounts reclassified from AOCI Pre-tax $ 39,481 (1) $ — $ 39,481 Tax effect (8,291) (2) — (8,291) After-tax amounts reclassified $ 31,190 $ — $ 31,190 Other comprehensive loss Pre-tax $ (89,297) $ (27,570) $ (116,867) Tax effect 19,175 — 19,175 Other comprehensive loss $ (70,122) $ (27,570) $ (97,692) 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) Ending balance $ (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 ____________ (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, 2024 | |
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) 2024 2023 Basic 268,211 274,977 Diluted 270,505 277,339 |
Investments in Fixed Maturity_2
Investments in Fixed Maturity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in fixed maturity securities | At March 31, 2024 and December 31, 2023, 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, 2024 Held to maturity: State and municipal $ 51,258 $ (38) $ 2,276 $ — $ 53,496 $ 51,220 Residential mortgage-backed 2,762 — 82 — 2,844 2,762 Total held to maturity 54,020 (38) 2,358 — 56,340 53,982 Available for sale: U.S. government and government agency 1,875,920 — 8,888 (55,256) 1,829,552 1,829,552 State and municipal: Special revenue 1,626,511 — 3,370 (83,769) 1,546,112 1,546,112 State general obligation 393,807 — 1,833 (16,316) 379,324 379,324 Pre-refunded 88,359 — 908 (214) 89,053 89,053 Corporate backed 166,261 (693) 539 (10,588) 155,519 155,519 Local general obligation 393,482 — 2,298 (13,002) 382,778 382,778 Total state and municipal 2,668,420 (693) 8,948 (123,889) 2,552,786 2,552,786 Mortgage-backed: Residential 1,963,060 — 9,805 (174,727) 1,798,138 1,798,138 Commercial 630,348 (562) 326 (20,232) 609,880 609,880 Total mortgage-backed 2,593,408 (562) 10,131 (194,959) 2,408,018 2,408,018 Asset-backed 4,298,768 (1,097) 6,475 (64,585) 4,239,561 4,239,561 Corporate: Industrial 3,865,664 — 14,741 (146,130) 3,734,275 3,734,275 Financial 3,172,945 — 10,100 (69,749) 3,113,296 3,113,296 Utilities 751,234 — 2,864 (24,436) 729,662 729,662 Other 590,644 — 2,516 (7,690) 585,470 585,470 Total corporate 8,380,487 — 30,221 (248,005) 8,162,703 8,162,703 Foreign government 1,904,493 (20,479) 8,585 (174,347) 1,718,252 1,718,252 Total available for sale 21,721,496 (22,831) 73,248 (861,041) 20,910,872 20,910,872 Total investments in fixed maturity securities $ 21,775,516 $ (22,869) $ 75,606 $ (861,041) $ 20,967,212 $ 20,964,854 ____________ (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, 2023 Held to maturity: State and municipal $ 50,547 $ (43) $ 3,132 $ — $ 53,636 $ 50,504 Residential mortgage-backed 2,868 — 107 — 2,975 2,868 Total held to maturity 53,415 (43) 3,239 — 56,611 53,372 Available for sale: U.S. government and government agency 1,762,997 — 11,403 (57,669) 1,716,731 1,716,731 State and municipal: Special revenue 1,682,550 — 5,651 (82,006) 1,606,195 1,606,195 State general obligation 394,429 — 3,550 (16,405) 381,574 381,574 Pre-refunded 103,029 — 1,634 (185) 104,478 104,478 Corporate backed 166,873 (757) 696 (11,973) 154,839 154,839 Local general obligation 396,041 — 3,188 (11,893) 387,336 387,336 Total state and municipal 2,742,922 (757) 14,719 (122,462) 2,634,422 2,634,422 Mortgage-backed: Residential 1,773,206 — 12,780 (163,844) 1,622,142 1,622,142 Commercial 657,157 (158) 626 (13,312) 644,313 644,313 Total mortgage-backed 2,430,363 (158) 13,406 (177,156) 2,266,455 2,266,455 Asset-backed 4,252,883 (1,164) 8,527 (73,206) 4,187,040 4,187,040 Corporate: Industrial 3,679,219 (40) 24,312 (143,936) 3,559,555 3,559,555 Financial 2,838,220 (4,986) 14,681 (68,681) 2,779,234 2,779,234 Utilities 701,865 — 6,471 (23,412) 684,924 684,924 Other 635,975 — 1,605 (7,234) 630,346 630,346 Total corporate 7,855,279 (5,026) 47,069 (243,263) 7,654,059 7,654,059 Foreign government 1,817,386 (29,603) 15,865 (137,419) 1,666,229 1,666,229 Total available for sale 20,861,830 (36,708) 110,989 (811,175) 20,124,936 20,124,936 Total investments in fixed maturity securities $ 20,915,245 $ (36,751) $ 114,228 $ (811,175) $ 20,181,547 $ 20,178,308 |
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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 43 $ 114 Provision for expected credit losses (5) (7) Allowance for expected credit losses, end of period $ 38 $ 107 |
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, 2024 and 2023: 2024 2023 (In thousands) Foreign Government Corporate Mortgage-backed Asset-backed State and Municipal Total Foreign Government Corporate Mortgage-backed Total Allowance for expected credit losses, beginning of period $ 29,603 $ 5,026 $ 158 $ 1,164 $ 757 $ 36,708 $ 32,633 $ 4,701 $ 18 $ 37,352 Expected credit losses on securities for which credit losses were not previously recorded — — 562 — — 562 — 186 — 186 Expected credit (gains) losses on securities for which credit losses were previously recorded (9,124) (5,026) (158) (67) (64) (14,439) 691 (1,087) 5 (391) Reduction due to disposals — — — — — — — (5) — (5) Allowance for expected credit losses, end of period $ 20,479 $ — $ 562 $ 1,097 $ 693 $ 22,831 $ 33,324 $ 3,795 $ 23 $ 37,142 |
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, 2024, 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 $ 1,980,563 $ 1,907,003 Due after one year through five years 9,877,133 9,528,047 Due after five years through ten years 4,681,226 4,577,859 Due after ten years 2,640,386 2,543,441 Mortgage-backed securities 2,596,170 2,410,862 Total $ 21,775,478 $ 20,967,212 ________________ |
Investments in Equity Securit_2
Investments in Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Investments in Equity Securities | At March 31, 2024 and December 31, 2023, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses March 31, 2024 Common stocks $ 671,958 $ 196,093 $ (21,382) $ 846,669 $ 846,669 Preferred stocks 339,263 8,491 (16,375) 331,379 331,379 Total $ 1,011,221 $ 204,584 $ (37,757) $ 1,178,048 $ 1,178,048 December 31, 2023 Common stocks $ 664,997 $ 191,806 $ (18,749) $ 838,054 $ 838,054 Preferred stocks 284,335 3,075 (35,117) 252,293 252,293 Total $ 949,332 $ 194,881 $ (53,866) $ 1,090,347 $ 1,090,347 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income | Net investment income consisted of the following: For the Three Months (In thousands) 2024 2023 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 335,248 $ 195,642 Arbitrage trading account (1) 18,011 18,256 Equity securities 11,336 13,746 Investment funds (29,349) 2,180 Real estate (13,163) (3,711) Gross investment income 322,083 226,113 Investment expense (2,244) (2,715) Net investment income $ 319,839 $ 223,398 |
Investment Funds (Tables)
Investment Funds (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 2024 2023 Financial services $ 418,877 $ 433,407 $ (13,491) $ (13,047) Transportation 296,021 344,278 (28,661) 11,788 Real Estate 189,309 201,625 5,356 956 Infrastructure 137,201 130,589 5,039 3,355 Energy 134,195 114,794 8,632 3,439 Other funds 380,215 396,962 (6,224) (4,311) Total $ 1,555,818 $ 1,621,655 $ (29,349) $ 2,180 |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Properties in operation $ 1,045,712 $ 1,022,654 Properties under development 227,351 227,220 Total $ 1,273,063 $ 1,249,874 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | At March 31, 2024 and December 31, 2023, loans receivable were as follows: (In thousands) March 31, December 31, Amortized cost (net of allowance for expected credit losses): Real estate loans $ 227,431 $ 200,381 Commercial loans 1,335 890 Total $ 228,766 $ 201,271 Fair value: Real estate loans $ 227,821 $ 197,354 Commercial loans 1,335 890 Total $ 229,156 $ 198,244 |
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, 2024 and 2023: 2024 2023 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 2,983 $ 21 $ 3,004 $ 1,100 $ 691 $ 1,791 Change in expected credit losses (396) 1 (395) (61) (121) (182) Allowance for expected credit losses, end of period $ 2,587 $ 22 $ 2,609 $ 1,039 $ 570 $ 1,609 |
Net Investment (Losses) Gains (
Net Investment (Losses) Gains (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized And Unrealized Investment Gains (Losses) | Net investment gains were as follows: For the Three Months (In thousands) 2024 2023 Net investment gains: Fixed maturity securities: Gains $ 3,557 $ 943 Losses (2,323) (18,130) Equity securities (1): Net realized gains on investment sales 40,277 1,060 Change in unrealized gains 25,812 43,404 Investment funds 993 10 Real estate (2,216) 10,739 Loans receivable — — Other (2) (54,597) (15,415) Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 11,503 22,611 Change in allowance for expected credit losses on investments: Fixed maturity securities 13,882 217 Loans receivable 395 182 Change in allowance for expected credit losses on investments 14,277 399 Net investment gains 25,780 23,010 Income tax expense (6,633) (4,850) After-tax net investment gains $ 19,147 $ 18,160 Change in unrealized investment (losses) gains on available for sale securities: Fixed maturity securities without allowance for expected credit losses $ (88,594) $ 227,116 Fixed maturity securities with allowance for expected credit losses 987 3,456 Investment funds (1,703) 1,936 Other 13 (487) Total change in unrealized investment (losses) gains (89,297) 232,021 Income tax benefit (expense) 19,175 (51,222) Noncontrolling interests — (1) After-tax change in unrealized investment (losses) gains of available for sale securities $ (70,122) $ 180,798 ______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) 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, 2024 | |
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, 2024 and December 31, 2023 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, 2024 U.S. government and government agency $ 439,699 $ 6,725 $ 666,947 $ 48,531 $ 1,106,646 $ 55,256 State and municipal 308,609 3,376 1,764,296 120,513 2,072,905 123,889 Mortgage-backed 288,696 5,023 1,374,227 189,936 1,662,923 194,959 Asset-backed 1,055,695 3,765 1,282,145 60,820 2,337,840 64,585 Corporate 1,532,300 16,754 4,372,753 231,251 5,905,053 248,005 Foreign government 321,236 5,078 754,322 169,269 1,075,558 174,347 Fixed maturity securities $ 3,946,235 $ 40,721 $ 10,214,690 $ 820,320 $ 14,160,925 $ 861,041 December 31, 2023 U.S. government and government agency $ 384,392 $ 6,655 $ 614,623 $ 51,014 $ 999,015 $ 57,669 State and municipal 264,273 3,013 1,680,034 119,449 1,944,307 122,462 Mortgage-backed 278,819 2,025 1,360,748 175,131 1,639,567 177,156 Asset-backed 413,511 2,070 2,176,035 71,136 2,589,546 73,206 Corporate 874,754 11,975 4,418,309 231,288 5,293,063 243,263 Foreign government 204,908 1,758 794,174 135,661 999,082 137,419 Fixed maturity securities $ 2,420,657 $ 27,496 $ 11,043,923 $ 783,679 $ 13,464,580 $ 811,175 |
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, 2024 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 36 $ 93,212 $ 141,742 State and municipal 5 24,438 4,918 Corporate 25 42,772 2,291 Mortgage-backed 15 4,526 237 Asset-backed 4 86 70 Total 85 $ 165,034 $ 149,258 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023 by level: (In thousands) Total Level 1 Level 2 Level 3 March 31, 2024 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,829,552 $ — $ 1,829,552 $ — State and municipal 2,552,786 — 2,552,786 — Mortgage-backed 2,408,018 — 2,408,018 — Asset-backed 4,239,561 — 4,239,561 — Corporate 8,162,703 — 8,162,703 — Foreign government 1,718,252 — 1,718,252 — Total fixed maturity securities available for sale 20,910,872 — 20,910,872 — Equity securities: Common stocks 846,669 843,441 1,059 2,169 Preferred stocks 331,379 — 327,743 3,636 Total equity securities 1,178,048 843,441 328,802 5,805 Arbitrage trading account 1,146,119 752,159 390,284 3,676 Total $ 23,235,039 $ 1,595,600 $ 21,629,958 $ 9,481 Liabilities: Trading account securities sold but not yet purchased $ 40,298 $ 40,298 $ — $ — December 31, 2023 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,716,731 $ — $ 1,716,731 $ — State and municipal 2,634,422 — 2,634,422 — Mortgage-backed 2,266,455 — 2,266,455 — Asset-backed 4,187,040 — 4,187,040 — Corporate 7,654,059 — 7,654,059 — Foreign government 1,666,229 — 1,666,229 — Total fixed maturity securities available for sale 20,124,936 — 20,124,936 — Equity securities: Common stocks 838,054 835,338 1,158 1,558 Preferred stocks 252,293 — 248,598 3,695 Total equity securities 1,090,347 835,338 249,756 5,253 Arbitrage trading account 938,049 546,110 388,167 3,772 Total $ 22,153,332 $ 1,381,448 $ 20,762,859 $ 9,025 Liabilities: Trading account securities sold but not yet purchased $ 9,357 $ 9,357 $ — $ — |
Summarize Changes In Level 3 Assets | The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2024 and for the year ended December 31, 2023: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Three Months Ended March 31, 2024 Assets: Equity securities: Common stocks $ 1,558 $ 611 $ — $ — $ — $ — $ — $ — $ 2,169 Preferred stocks 3,695 (2) — — — (57) — — 3,636 Total 5,253 609 — — — (57) — — 5,805 Arbitrage trading account 3,772 (133) — — — — — 37 3,676 Total $ 9,025 $ 476 $ — $ — $ — $ (57) $ — $ 37 $ 9,481 Year Ended Assets: Equity securities: Common stocks $ 2,599 $ (1,041) $ — $ — $ — $ — $ — $ — $ 1,558 Preferred stocks 11,299 (3) — (7,601) — — — — 3,695 Total 13,898 (1,044) — (7,601) — — — — 5,253 Arbitrage trading account 3,590 117 — — — — — 65 3,772 Total $ 17,488 $ (927) $ — $ (7,601) $ — $ — $ — $ 65 $ 9,025 |
Reserves for Loss and Loss Ex_2
Reserves for Loss and Loss Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances: March 31, (In thousands) 2024 2023 Net reserves at beginning of period $ 15,661,820 $ 14,248,879 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,647,674 1,502,817 Increase in estimates for claims occurring in prior years (2) (3) 7,367 28,205 Loss reserve discount accretion 8,737 7,733 Total 1,663,778 1,538,755 Net payments for claims: Current year 107,434 110,274 Prior years 1,158,864 1,106,481 Total 1,266,298 1,216,755 Foreign currency translation (52,944) 1,154 Net reserves at end of period 16,006,356 14,572,033 Ceded reserves at end of period 3,093,272 2,859,602 Gross reserves at end of period $ 19,099,628 $ 17,431,635 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $14 million and $11 million for the three months ended March 31, 2024 and 2023, respectively. (2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $10 million and increased by $19 million for the three months ended March 31, 2024 and 2023, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $1 million and adverse development was $24 million for the three months ended March 31, 2024 and 2023, respectively. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 20,964,854 $ 20,967,212 $ 20,178,308 $ 20,181,547 Equity securities 1,178,048 1,178,048 1,090,347 1,090,347 Arbitrage trading account 1,146,119 1,146,119 938,049 938,049 Loans receivable 228,766 229,156 201,271 198,244 Cash and cash equivalents 1,169,053 1,169,053 1,363,195 1,363,195 Trading account receivables from brokers and clearing organizations 141,277 141,277 303,614 303,614 Due from broker — — 36,747 36,747 Liabilities: Due to broker 33,027 33,027 — — Trading account securities sold but not yet purchased 40,298 40,298 9,357 9,357 Senior notes and other debt 1,827,997 1,435,877 1,827,951 1,480,076 Subordinated debentures 1,009,269 893,358 1,009,090 929,598 |
Premiums and Reinsurance Rela_2
Premiums and Reinsurance Related Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Reinsurance Financial Information | The following is a summary of insurance and reinsurance financial information: For the Three Months (In thousands) 2024 2023 Written premiums: Direct $ 3,039,066 $ 2,738,754 Assumed 323,689 310,563 Ceded (511,464) (474,493) Total net premiums written $ 2,851,291 $ 2,574,824 Earned premiums: Direct $ 2,936,643 $ 2,667,063 Assumed 337,911 295,230 Ceded (510,207) (470,861) Total net premiums earned $ 2,764,347 $ 2,491,432 Ceded losses and loss expenses incurred $ 305,951 $ 315,476 Ceded commissions earned $ 121,054 $ 118,418 |
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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 35,110 $ 30,660 Change in expected credit losses (71) 1,693 Allowance for expected credit losses, end of period $ 35,039 $ 32,353 |
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, 2024 and 2023: (In thousands) 2024 2023 Allowance for expected credit losses, beginning of period $ 8,404 $ 8,064 Change in expected credit losses 781 639 Allowance for expected credit losses, end of period $ 9,185 $ 8,703 |
Restricted Stock Units (Tables)
Restricted Stock Units (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the three months ended March 31, 2024 and 2023 follows: ($ in thousands) Units Fair Value 2024 1,214 $ 100 2023 — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Leases: Lease cost $ 11,077 $ 10,188 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 12,232 $ 10,563 Right-of-use assets obtained in exchange for new lease liabilities $ 24,695 $ 5,313 |
Supplemental Balance Sheet Information | As of March 31, ($ in thousands) 2024 2023 Right-of-use assets $ 191,720 $ 164,547 Lease liabilities $ 233,114 $ 199,225 Weighted-average remaining lease term 7.6 years 7.1 years Weighted-average discount rate 5.44 % 4.49 % |
Maturities of Operating Lease Liabilities | Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) March 31, 2024 Contractual Maturities: 2024 $ 38,862 2025 44,402 2026 37,499 2027 28,341 2028 26,760 Thereafter 104,223 Total undiscounted future minimum lease payments 280,087 Less: Discount impact 46,973 Total lease liability $ 233,114 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Insurance $ 2,398,768 $ 244,778 $ 9,423 $ 2,652,969 $ 478,149 $ 365,091 Reinsurance & Monoline Excess 365,579 53,211 — 418,790 127,624 102,126 Corporate, other and eliminations (3) — 21,850 137,384 159,234 (57,482) (43,893) Net investment gains — — 25,780 25,780 25,780 19,147 Total $ 2,764,347 $ 319,839 $ 172,587 $ 3,256,773 $ 574,071 $ 442,471 Three months ended March 31, 2023 Insurance $ 2,142,924 $ 163,558 $ 9,577 $ 2,316,059 $ 352,626 $ 274,108 Reinsurance & Monoline Excess 348,508 54,583 — 403,091 101,285 82,357 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 _________________ (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, 2024 and 2023 were $393 million and $274 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2024 and 2023 were $111 million and $106 million, respectively. |
Identifiable Assets By Segment | (In thousands) March 31, December 31, Insurance $ 30,048,006 $ 29,923,282 Reinsurance & Monoline Excess 5,506,533 5,545,249 Corporate, other and eliminations 2,296,533 1,643,299 Consolidated $ 37,851,072 $ 37,111,830 |
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) 2024 2023 Insurance: Other liability $ 967,260 $ 853,472 Short-tail lines (1) 510,809 412,534 Auto 354,013 294,116 Workers' compensation 301,495 305,561 Professional liability 265,191 277,241 Total Insurance 2,398,768 2,142,924 Reinsurance & Monoline Excess: Casualty (2) 197,844 214,712 Property (2) 102,384 75,152 Monoline excess (3) 65,351 58,644 Total Reinsurance & Monoline Excess 365,579 348,508 Total $ 2,764,347 $ 2,491,432 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines. (2) Includes reinsurance casualty and property and certain program management business. |
Consolidated Statements of Co_4
Consolidated Statements of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | $ 7,469,237 | |
Other comprehensive (loss) income | (97,692) | $ 185,665 |
End of period | 7,798,512 | |
Net realized and unrealized gains on investments | 11,503 | 22,611 |
Income before income taxes | 574,071 | 376,071 |
Tax effect | (132,036) | (80,342) |
Net income before noncontrolling interests | 442,035 | 295,729 |
Total change in unrealized investment (losses) gains | (89,297) | 232,021 |
Net change in period | (27,570) | 4,866 |
Other comprehensive income (loss), pre-tax | (116,867) | 236,887 |
Other comprehensive income (loss), tax effect | 19,175 | (51,222) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | (925,838) | (1,264,581) |
Other comprehensive loss before reclassifications | (128,882) | 160,081 |
Amounts reclassified from AOCI | 31,190 | 25,584 |
Other comprehensive (loss) income | (97,692) | 185,665 |
Unrealized investment loss related to noncontrolling interest | 0 | (1) |
End of period | (1,023,530) | (1,078,917) |
Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Income before income taxes | 39,481 | 32,385 |
Tax effect | (8,291) | (6,801) |
Net income before noncontrolling interests | 31,190 | 25,584 |
Unrealized Investment Gains (Losses) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | (586,354) | (892,905) |
Other comprehensive loss before reclassifications | (101,312) | 155,215 |
Amounts reclassified from AOCI | 31,190 | 25,584 |
Other comprehensive (loss) income | (70,122) | 180,799 |
Unrealized investment loss related to noncontrolling interest | 0 | (1) |
End of period | (656,476) | (712,107) |
Total change in unrealized investment (losses) gains | (89,297) | 232,021 |
Unrealized investment gains, tax effect | 19,175 | (51,222) |
Unrealized investment gains (losses), after-tax amounts | (70,122) | 180,799 |
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 | 39,481 | 32,385 |
Tax effect | (8,291) | (6,801) |
Net income before noncontrolling interests | 31,190 | 25,584 |
Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | (339,484) | (371,676) |
Other comprehensive loss before reclassifications | (27,570) | 4,866 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive (loss) income | (27,570) | 4,866 |
Unrealized investment loss related to noncontrolling interest | 0 | 0 |
End of period | (367,054) | (366,810) |
Currency translation adjustment, pre-tax | (27,570) | 4,866 |
Currency translation adjustment, tax effect | 0 | 0 |
Net change in period | (27,570) | 4,866 |
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, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest payments | $ 28,577,000 | $ 41,150,000 |
Income taxes paid | $ 0 | $ 0 |
Per Share Data (Narrative) (Det
Per Share Data (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted average number of shares held in grantor trust (in shares) | 11,663,450,000 | 11,416,856 |
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, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Basic (shares) | 268,211 | 274,977 |
Diluted (shares) | 270,505 | 277,339 |
Investments in Fixed Maturity_3
Investments in Fixed Maturity Securities (Investments in fixed maturity securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity, Amortized Cost | $ 54,020 | $ 53,415 | ||
Held-to-maturity, Allowance for Credit Loss | (38) | (43) | $ (107) | $ (114) |
Held to maturity, Gross Unrealized Gains | 2,358 | 3,239 | ||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||
Total held to maturity, Fair Value | 56,340 | 56,611 | ||
Total held to maturity, Carrying Value | 53,982 | 53,372 | ||
Total available for sale, Amortized Cost | 21,721,496 | 20,861,830 | ||
Available-for-sale, Allowance for Credit Loss | (22,831) | (36,708) | (37,142) | (37,352) |
Total available for sale, Gross Unrealized Gains | 73,248 | 110,989 | ||
Total available for sale, Gross Unrealized Losses | (861,041) | (811,175) | ||
Total available for sale, Fair Value | 20,910,872 | 20,124,936 | ||
Total fixed maturity securities available for sale | 20,910,872 | 20,124,936 | ||
Total investments in fixed maturity securities, Amortized Value | 21,775,516 | 20,915,245 | ||
Fixed maturity securities, allowance for credit loss | (22,869) | (36,751) | ||
Total investments in fixed maturity securities, Gross Unrealized Gains | 75,606 | 114,228 | ||
Total investments in fixed maturity securities, Gross Unrealized Losses | (861,041) | (811,175) | ||
Total investments in fixed maturity securities, Fair Value | 20,967,212 | 20,181,547 | ||
Total investments in fixed maturity securities, Carrying Value | 20,964,854 | 20,178,308 | ||
State and municipal | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity, Amortized Cost | 51,258 | 50,547 | ||
Held-to-maturity, Allowance for Credit Loss | (38) | (43) | ||
Held to maturity, Gross Unrealized Gains | 2,276 | 3,132 | ||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||
Total held to maturity, Fair Value | 53,496 | 53,636 | ||
Total held to maturity, Carrying Value | 51,220 | 50,504 | ||
Total available for sale, Amortized Cost | 2,668,420 | 2,742,922 | ||
Available-for-sale, Allowance for Credit Loss | (693) | (757) | ||
Total available for sale, Gross Unrealized Gains | 8,948 | 14,719 | ||
Total available for sale, Gross Unrealized Losses | (123,889) | (122,462) | ||
Total available for sale, Fair Value | 2,552,786 | 2,634,422 | ||
Total fixed maturity securities available for sale | 2,552,786 | 2,634,422 | ||
Residential mortgage-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity, Amortized Cost | 2,762 | 2,868 | ||
Held-to-maturity, Allowance for Credit Loss | 0 | 0 | ||
Held to maturity, Gross Unrealized Gains | 82 | 107 | ||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||
Total held to maturity, Fair Value | 2,844 | 2,975 | ||
Total held to maturity, Carrying Value | 2,762 | 2,868 | ||
Total available for sale, Amortized Cost | 1,963,060 | 1,773,206 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 9,805 | 12,780 | ||
Total available for sale, Gross Unrealized Losses | (174,727) | (163,844) | ||
Total available for sale, Fair Value | 1,798,138 | 1,622,142 | ||
Total fixed maturity securities available for sale | 1,798,138 | 1,622,142 | ||
U.S. government and government agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 1,875,920 | 1,762,997 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 8,888 | 11,403 | ||
Total available for sale, Gross Unrealized Losses | (55,256) | (57,669) | ||
Total available for sale, Fair Value | 1,829,552 | 1,716,731 | ||
Total fixed maturity securities available for sale | 1,829,552 | 1,716,731 | ||
Special revenue | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 1,626,511 | 1,682,550 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 3,370 | 5,651 | ||
Total available for sale, Gross Unrealized Losses | (83,769) | (82,006) | ||
Total available for sale, Fair Value | 1,546,112 | 1,606,195 | ||
Total fixed maturity securities available for sale | 1,546,112 | 1,606,195 | ||
State general obligation | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 393,807 | 394,429 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 1,833 | 3,550 | ||
Total available for sale, Gross Unrealized Losses | (16,316) | (16,405) | ||
Total available for sale, Fair Value | 379,324 | 381,574 | ||
Total fixed maturity securities available for sale | 379,324 | 381,574 | ||
Pre-refunded | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 88,359 | 103,029 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 908 | 1,634 | ||
Total available for sale, Gross Unrealized Losses | (214) | (185) | ||
Total available for sale, Fair Value | 89,053 | 104,478 | ||
Total fixed maturity securities available for sale | 89,053 | 104,478 | ||
Corporate backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 166,261 | 166,873 | ||
Available-for-sale, Allowance for Credit Loss | (693) | (757) | ||
Total available for sale, Gross Unrealized Gains | 539 | 696 | ||
Total available for sale, Gross Unrealized Losses | (10,588) | (11,973) | ||
Total available for sale, Fair Value | 155,519 | 154,839 | ||
Total fixed maturity securities available for sale | 155,519 | 154,839 | ||
Local general obligation | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 393,482 | 396,041 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 2,298 | 3,188 | ||
Total available for sale, Gross Unrealized Losses | (13,002) | (11,893) | ||
Total available for sale, Fair Value | 382,778 | 387,336 | ||
Total fixed maturity securities available for sale | 382,778 | 387,336 | ||
Commercial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 630,348 | 657,157 | ||
Available-for-sale, Allowance for Credit Loss | (562) | (158) | ||
Total available for sale, Gross Unrealized Gains | 326 | 626 | ||
Total available for sale, Gross Unrealized Losses | (20,232) | (13,312) | ||
Total available for sale, Fair Value | 609,880 | 644,313 | ||
Total fixed maturity securities available for sale | 609,880 | 644,313 | ||
Mortgage-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 2,593,408 | 2,430,363 | ||
Available-for-sale, Allowance for Credit Loss | (562) | (158) | (23) | (18) |
Total available for sale, Gross Unrealized Gains | 10,131 | 13,406 | ||
Total available for sale, Gross Unrealized Losses | (194,959) | (177,156) | ||
Total available for sale, Fair Value | 2,408,018 | 2,266,455 | ||
Total fixed maturity securities available for sale | 2,408,018 | 2,266,455 | ||
Asset-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 4,298,768 | 4,252,883 | ||
Available-for-sale, Allowance for Credit Loss | (1,097) | (1,164) | ||
Total available for sale, Gross Unrealized Gains | 6,475 | 8,527 | ||
Total available for sale, Gross Unrealized Losses | (64,585) | (73,206) | ||
Total available for sale, Fair Value | 4,239,561 | 4,187,040 | ||
Total fixed maturity securities available for sale | 4,239,561 | 4,187,040 | ||
Industrial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 3,865,664 | 3,679,219 | ||
Available-for-sale, Allowance for Credit Loss | 0 | (40) | ||
Total available for sale, Gross Unrealized Gains | 14,741 | 24,312 | ||
Total available for sale, Gross Unrealized Losses | (146,130) | (143,936) | ||
Total available for sale, Fair Value | 3,734,275 | 3,559,555 | ||
Total fixed maturity securities available for sale | 3,734,275 | 3,559,555 | ||
Financial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 3,172,945 | 2,838,220 | ||
Available-for-sale, Allowance for Credit Loss | 0 | (4,986) | ||
Total available for sale, Gross Unrealized Gains | 10,100 | 14,681 | ||
Total available for sale, Gross Unrealized Losses | (69,749) | (68,681) | ||
Total available for sale, Fair Value | 3,113,296 | 2,779,234 | ||
Total fixed maturity securities available for sale | 3,113,296 | 2,779,234 | ||
Utilities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 751,234 | 701,865 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 2,864 | 6,471 | ||
Total available for sale, Gross Unrealized Losses | (24,436) | (23,412) | ||
Total available for sale, Fair Value | 729,662 | 684,924 | ||
Total fixed maturity securities available for sale | 729,662 | 684,924 | ||
Other | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 590,644 | 635,975 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 2,516 | 1,605 | ||
Total available for sale, Gross Unrealized Losses | (7,690) | (7,234) | ||
Total available for sale, Fair Value | 585,470 | 630,346 | ||
Total fixed maturity securities available for sale | 585,470 | 630,346 | ||
Corporate | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 8,380,487 | 7,855,279 | ||
Available-for-sale, Allowance for Credit Loss | 0 | (5,026) | (3,795) | (4,701) |
Total available for sale, Gross Unrealized Gains | 30,221 | 47,069 | ||
Total available for sale, Gross Unrealized Losses | (248,005) | (243,263) | ||
Total available for sale, Fair Value | 8,162,703 | 7,654,059 | ||
Total fixed maturity securities available for sale | 8,162,703 | 7,654,059 | ||
Foreign government | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 1,904,493 | 1,817,386 | ||
Available-for-sale, Allowance for Credit Loss | (20,479) | (29,603) | $ (33,324) | $ (32,633) |
Total available for sale, Gross Unrealized Gains | 8,585 | 15,865 | ||
Total available for sale, Gross Unrealized Losses | (174,347) | (137,419) | ||
Total available for sale, Fair Value | 1,718,252 | 1,666,229 | ||
Total fixed maturity securities available for sale | $ 1,718,252 | $ 1,666,229 |
Investments in Fixed Maturity_4
Investments in Fixed Maturity Securities (HTM Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 43 | $ 114 |
Cumulative effect adjustment resulting from changes in accounting principles | 38 | 107 |
Provision for expected credit losses | (5) | (7) |
Allowance for expected credit losses, end of period | $ 38 | $ 107 |
Investments in Fixed Maturity_5
Investments in Fixed Maturity Securities (AFS Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 36,708 | $ 37,352 |
Expected credit losses on securities for which credit losses were not previously recorded | 562 | 186 |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (14,439) | (391) |
Reduction due to disposals | 0 | (5) |
Allowance for expected credit losses, end of period | 22,831 | 37,142 |
Foreign government | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 29,603 | 32,633 |
Expected credit losses on securities for which credit losses were not previously recorded | 0 | 0 |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (9,124) | 691 |
Reduction due to disposals | 0 | 0 |
Allowance for expected credit losses, end of period | 20,479 | 33,324 |
Corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 5,026 | 4,701 |
Expected credit losses on securities for which credit losses were not previously recorded | 0 | 186 |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (5,026) | (1,087) |
Reduction due to disposals | 0 | (5) |
Allowance for expected credit losses, end of period | 0 | 3,795 |
Mortgage-backed | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 158 | 18 |
Expected credit losses on securities for which credit losses were not previously recorded | 562 | 0 |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (158) | 5 |
Reduction due to disposals | 0 | 0 |
Allowance for expected credit losses, end of period | 562 | $ 23 |
Asset-backed | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 1,164 | |
Expected credit losses on securities for which credit losses were not previously recorded | 0 | |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (67) | |
Reduction due to disposals | 0 | |
Allowance for expected credit losses, end of period | 1,097 | |
State and municipal | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 757 | |
Expected credit losses on securities for which credit losses were not previously recorded | 0 | |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (64) | |
Reduction due to disposals | 0 | |
Allowance for expected credit losses, end of period | $ 693 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||||
Amortized Cost, Due in one year or less | $ 1,980,563 | |||
Amortized Cost, Due after one year through five years | 9,877,133 | |||
Amortized Cost, Due after five years through ten years | 4,681,226 | |||
Amortized Cost, Due after ten years | 2,640,386 | |||
Amortized Cost, Mortgaged-backed securities | 2,596,170 | |||
Total investments in fixed maturity securities, Amortized Value | 21,775,478 | |||
Fair Value, Due in one year or less | 1,907,003 | |||
Fair Value, Due after one year through five years | 9,528,047 | |||
Fair Value, Due after five years through ten years | 4,577,859 | |||
Fair Value, Due after ten years | 2,543,441 | |||
Fair Value, Mortgage-backed securities | 2,410,862 | |||
Total investments in fixed maturity securities, Fair Value | 20,967,212 | $ 20,181,547 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 38 | $ 43 | $ 107 | $ 114 |
Investments in Equity Securit_3
Investments in Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 1,178,048 | $ 1,090,347 |
Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,011,221 | 949,332 |
Gross Unrealized, Gains | 204,584 | 194,881 |
Gross Unrealized, Losses | (37,757) | (53,866) |
Equity securities | 1,178,048 | 1,090,347 |
Fair Value | Common stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 671,958 | 664,997 |
Gross Unrealized, Gains | 196,093 | 191,806 |
Gross Unrealized, Losses | (21,382) | (18,749) |
Equity securities | 846,669 | 838,054 |
Fair Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 339,263 | 284,335 |
Gross Unrealized, Gains | 8,491 | 3,075 |
Gross Unrealized, Losses | (16,375) | (35,117) |
Equity securities | 331,379 | 252,293 |
Carrying Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 1,178,048 | 1,090,347 |
Carrying Value | Common stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 846,669 | 838,054 |
Carrying Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 331,379 | $ 252,293 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Arbitrage trading account | $ 1,146,000,000 | $ 938,000,000 |
Long | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 117,000 | |
Notional amount of derivative | 162,000,000 | |
Short | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 40,000,000 | |
Notional amount of derivative | $ 162,000,000 |
Net Investment Income (Details)
Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Gross investment income | $ 322,083 | $ 226,113 |
Investment expense | (2,244) | (2,715) |
Net investment income | 319,839 | 223,398 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||
Net Investment Income [Line Items] | ||
Gross investment income | 335,248 | 195,642 |
Arbitrage trading account (1) | ||
Net Investment Income [Line Items] | ||
Gross investment income | (29,349) | 2,180 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Gross investment income | 11,336 | 13,746 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Gross investment income | 18,011 | 18,256 |
Real estate | ||
Net Investment Income [Line Items] | ||
Gross investment income | $ (13,163) | $ (3,711) |
Investment Funds (Details)
Investment Funds (Details) - USD ($) $ in Thousands | 3 Months Ended | 18 Months Ended | |||
Jul. 01, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||||
Unfunded commitments | $ 309,000 | ||||
Investment funds | 1,555,818 | $ 1,621,655 | |||
Income (Loss) from Investment Funds | (29,349) | $ 2,180 | |||
Written premiums ceded | 511,464 | 474,493 | |||
Fair Value | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Trading account receivables from brokers and clearing organizations | 141,277 | 303,614 | |||
Lifson Re | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of reinsurance placements of share placed amounts | 30% | 22.50% | |||
Written premiums ceded | 94,000 | 107,000 | |||
Financial services | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 189,309 | 201,625 | |||
Income (Loss) from Investment Funds | 5,356 | 956 | |||
Transportation | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 418,877 | 433,407 | |||
Income (Loss) from Investment Funds | (13,491) | (13,047) | |||
Real Estate | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 296,021 | 344,278 | |||
Income (Loss) from Investment Funds | (28,661) | 11,788 | |||
Energy | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 134,195 | 114,794 | |||
Income (Loss) from Investment Funds | 8,632 | 3,439 | |||
Infrastructure | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 137,201 | 130,589 | |||
Income (Loss) from Investment Funds | 5,039 | 3,355 | |||
Other funds | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 380,215 | 396,962 | |||
Income (Loss) from Investment Funds | (6,224) | $ (4,311) | |||
Deferred compensation trust assets | $ 41,000 | $ 36,000 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate [Abstract] | ||
Properties in operation | $ 1,045,712 | $ 1,022,654 |
Properties under development | 227,351 | 227,220 |
Total | $ 1,273,063 | $ 1,249,874 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 34,131,000 | $ 32,745,000 | |
Real estate depreciation expense | 1,941,000 | $ 2,281,000 | |
Lease future minimum payments 2021 | 25,874,266 | ||
Lease future minimum payments 2022 | 33,742,431 | ||
Lease future minimum payments 2023 | 31,539,135 | ||
Lease future minimum payments 2024 | 30,794,160 | ||
Lease future minimum payments 2025 | 31,352,156 | ||
Lease future minimum payments 2026 | 26,899,553 | ||
Lease future minimum payments there after | $ 413,976,622 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 228,766 | $ 201,271 |
Loans receivable | 229,156 | 198,244 |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 227,431 | 200,381 |
Loans receivable | 227,821 | 197,354 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,335 | 890 |
Loans receivable | $ 1,335 | $ 890 |
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, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | $ 3,004 | $ 1,791 |
Change in expected credit losses | (395) | (182) |
Allowance for expected credit losses, end of period | 2,609 | 1,609 |
Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | 2,983 | 1,100 |
Change in expected credit losses | (396) | (61) |
Allowance for expected credit losses, end of period | 2,587 | 1,039 |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | 21 | 691 |
Change in expected credit losses | 1 | (121) |
Allowance for expected credit losses, end of period | $ 22 | $ 570 |
Net Investment (Losses) Gains_2
Net Investment (Losses) Gains (Net Investment Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Fixed maturity securities, gains | $ 3,557 | $ 943 |
Fixed maturity securities, losses | (2,323) | (18,130) |
Net realized gains on investment sales | 40,277 | 1,060 |
Change in unrealized gains | 25,812 | 43,404 |
Investment funds | 993 | 10 |
Real estate | (2,216) | 10,739 |
Loans receivable | 0 | 0 |
Other (2) | (54,597) | (15,415) |
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | 11,503 | 22,611 |
Fixed maturity securities | 13,882 | 217 |
Loans receivable | 395 | 182 |
Change in allowance for expected credit losses on investments | 14,277 | 399 |
Net investment gains | 25,780 | 23,010 |
Income tax expense | (6,633) | (4,850) |
After-tax net investment gains | $ 19,147 | $ 18,160 |
Net Investment (Losses) Gains_3
Net Investment (Losses) Gains (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment (losses) gains | $ (89,297) | $ 232,021 |
Income tax benefit (expense) | 19,175 | (51,222) |
Noncontrolling interests | 0 | (1) |
Total change in unrealized gains | (70,122) | 180,798 |
Debt securities | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment (losses) gains | (88,594) | 227,116 |
Fixed maturity securities with allowance for expected credit losses | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment (losses) gains | 987 | 3,456 |
Investment funds | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment (losses) gains | (1,703) | 1,936 |
Other | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment (losses) gains | $ 13 | $ (487) |
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, 2024 | Dec. 31, 2023 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | $ 3,946,235 | $ 2,420,657 |
Gross Unrealized Losses, Less than 12 Months | 40,721 | 27,496 |
Fair Value, 12 Months or Greater | 10,214,690 | 11,043,923 |
Gross Unrealized Losses, 12 Months or Greater | 820,320 | 783,679 |
Fair Value, Total | 14,160,925 | 13,464,580 |
Gross Unrealized Losses, Total | 861,041 | 811,175 |
U.S. government and government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 439,699 | 384,392 |
Gross Unrealized Losses, Less than 12 Months | 6,725 | 6,655 |
Fair Value, 12 Months or Greater | 666,947 | 614,623 |
Gross Unrealized Losses, 12 Months or Greater | 48,531 | 51,014 |
Fair Value, Total | 1,106,646 | 999,015 |
Gross Unrealized Losses, Total | 55,256 | 57,669 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 308,609 | 264,273 |
Gross Unrealized Losses, Less than 12 Months | 3,376 | 3,013 |
Fair Value, 12 Months or Greater | 1,764,296 | 1,680,034 |
Gross Unrealized Losses, 12 Months or Greater | 120,513 | 119,449 |
Fair Value, Total | 2,072,905 | 1,944,307 |
Gross Unrealized Losses, Total | 123,889 | 122,462 |
Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 288,696 | 278,819 |
Gross Unrealized Losses, Less than 12 Months | 5,023 | 2,025 |
Fair Value, 12 Months or Greater | 1,374,227 | 1,360,748 |
Gross Unrealized Losses, 12 Months or Greater | 189,936 | 175,131 |
Fair Value, Total | 1,662,923 | 1,639,567 |
Gross Unrealized Losses, Total | 194,959 | 177,156 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 1,055,695 | 413,511 |
Gross Unrealized Losses, Less than 12 Months | 3,765 | 2,070 |
Fair Value, 12 Months or Greater | 1,282,145 | 2,176,035 |
Gross Unrealized Losses, 12 Months or Greater | 60,820 | 71,136 |
Fair Value, Total | 2,337,840 | 2,589,546 |
Gross Unrealized Losses, Total | 64,585 | 73,206 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 1,532,300 | 874,754 |
Gross Unrealized Losses, Less than 12 Months | 16,754 | 11,975 |
Fair Value, 12 Months or Greater | 4,372,753 | 4,418,309 |
Gross Unrealized Losses, 12 Months or Greater | 231,251 | 231,288 |
Fair Value, Total | 5,905,053 | 5,293,063 |
Gross Unrealized Losses, Total | 248,005 | 243,263 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 321,236 | 204,908 |
Gross Unrealized Losses, Less than 12 Months | 5,078 | 1,758 |
Fair Value, 12 Months or Greater | 754,322 | 794,174 |
Gross Unrealized Losses, 12 Months or Greater | 169,269 | 135,661 |
Fair Value, Total | 1,075,558 | 999,082 |
Gross Unrealized Losses, Total | $ 174,347 | $ 137,419 |
Fixed Maturity Securities In _4
Fixed Maturity Securities In An Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) - External Credit Rating, Non Investment Grade $ in Thousands | Mar. 31, 2024 USD ($) |
Foreign government | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 36 |
Aggregate Fair Value | $ 93,212 |
Gross Unrealized Loss | $ 141,742 |
State and municipal | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 5 |
Aggregate Fair Value | $ 24,438 |
Gross Unrealized Loss | $ 4,918 |
Corporate | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 25 |
Aggregate Fair Value | $ 42,772 |
Gross Unrealized Loss | $ 2,291 |
Mortgage-backed | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 15 |
Aggregate Fair Value | $ 4,526 |
Gross Unrealized Loss | $ 237 |
Asset-backed | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 4 |
Aggregate Fair Value | $ 86 |
Gross Unrealized Loss | $ 70 |
Special revenue | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 85 |
Aggregate Fair Value | $ 165,034 |
Gross Unrealized Loss | $ 149,258 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Total fixed maturity securities available for sale | $ 20,910,872 | $ 20,124,936 |
Equity securities | 1,178,048 | 1,090,347 |
Arbitrage trading account | 1,146,000 | 938,000 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 20,910,872 | 20,124,936 |
Equity securities | 1,178,048 | 1,090,347 |
Arbitrage trading account | 1,146,119 | 938,049 |
Total | 23,235,039 | 22,153,332 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 40,298 | 9,357 |
Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,829,552 | 1,716,731 |
Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,552,786 | 2,634,422 |
Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,408,018 | 2,266,455 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,239,561 | 4,187,040 |
Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 8,162,703 | 7,654,059 |
Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,718,252 | 1,666,229 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 846,669 | 838,054 |
Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 331,379 | 252,293 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 843,441 | 835,338 |
Arbitrage trading account | 752,159 | 546,110 |
Total | 1,595,600 | 1,381,448 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 40,298 | 9,357 |
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 | 843,441 | 835,338 |
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 | 20,910,872 | 20,124,936 |
Equity securities | 328,802 | 249,756 |
Arbitrage trading account | 390,284 | 388,167 |
Total | 21,629,958 | 20,762,859 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,829,552 | 1,716,731 |
Level 2 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,552,786 | 2,634,422 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,408,018 | 2,266,455 |
Level 2 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,239,561 | 4,187,040 |
Level 2 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 8,162,703 | 7,654,059 |
Level 2 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,718,252 | 1,666,229 |
Level 2 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 1,059 | 1,158 |
Level 2 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 327,743 | 248,598 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 5,805 | 5,253 |
Arbitrage trading account | 3,676 | 3,772 |
Total | 9,481 | 9,025 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 2,169 | 1,558 |
Level 3 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | $ 3,636 | $ 3,695 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, Impairments | $ (7,601) | |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | $ 9,025 | 17,488 |
Assets, earnings | 476 | (927) |
Assets, other comprehensive income | 0 | 0 |
Assets, Impairments | 0 | |
Assets, purchases | 0 | 0 |
Assets, (sales) | (57) | 0 |
Assets, maturities | 0 | 0 |
Assets. transfers out | 65 | |
Securities transferred into or out of level 3, net | 37 | |
Assets, ending balance | 9,481 | 9,025 |
Level 3 | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 5,253 | 13,898 |
Assets, earnings | 609 | (1,044) |
Assets, other comprehensive income | 0 | 0 |
Assets, Impairments | 0 | (7,601) |
Assets, purchases | 0 | 0 |
Assets, (sales) | (57) | 0 |
Assets, maturities | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 5,805 | 5,253 |
Level 3 | Common stock | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 1,558 | 2,599 |
Assets, earnings | 611 | (1,041) |
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 | 1,558 |
Level 3 | Preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 3,695 | 11,299 |
Assets, earnings | (2) | (3) |
Assets, other comprehensive income | 0 | 0 |
Assets, Impairments | 0 | (7,601) |
Assets, purchases | 0 | 0 |
Assets, (sales) | (57) | 0 |
Assets, maturities | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 3,636 | 3,695 |
Level 3 | Arbitrage trading account | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 3,772 | 3,590 |
Assets, earnings | (133) | 117 |
Assets, other comprehensive income | 0 | 0 |
Assets, Impairments | 0 | |
Assets, Impairments | 0 | |
Assets, purchases | 0 | 0 |
Assets, (sales) | 0 | 0 |
Assets, maturities | 0 | 0 |
Assets. transfers out | 65 | |
Securities transferred into or out of level 3, net | 37 | |
Assets, ending balance | $ 3,676 | $ 3,772 |
Reserves for Loss and Loss Ex_3
Reserves for Loss and Loss Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of period | $ 15,661,820 | $ 14,248,879 | |
Net provision for losses and loss expenses: | |||
Claims occurring during the current year | 1,647,674 | 1,502,817 | |
Decrease in estimates for claims occurring in prior years | 7,367 | 28,205 | |
Loss reserve discount accretion | 8,737 | 7,733 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 1,663,778 | 1,538,755 | |
Net payments for claims: | |||
Current year | 107,434 | 110,274 | |
Prior years | 1,158,864 | 1,106,481 | |
Total | 1,266,298 | 1,216,755 | |
Foreign currency translation | (52,944) | 1,154 | |
Net reserves at end of period | 16,006,356 | 14,572,033 | $ 15,661,820 |
Ceded reserves at end of period | 3,093,272 | 2,859,602 | |
Gross reserves at end of period | $ 19,099,628 | $ 17,431,635 | $ 18,739,652 |
Reserves for Loss and Loss Ex_4
Reserves for Loss and Loss Expenses (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net of loss reserves discount | $ 14,000,000 | $ 11,000,000 |
Increase (decrease) in estimates for claims | 10,000,000 | (19,000,000) |
Adjustment expense | 1,000,000 | 24,000,000 |
Liability recognized for best estimate net of reinsurance | 386,000,000 | |
Liability recognized for best estimate net of reinsurance, reported losses | 383,000,000 | |
Liability recognized for best estimate net of reinsurance, incurred but not reported (IBNR) | 3,000,000 | |
Insurance | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability recognized for best estimate net of reinsurance | 328,000,000 | |
Unfavorable reserve development net of premium offsets | 8,000,000 | 12,000,000 |
Reinsurance & Monoline Excess | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability recognized for best estimate net of reinsurance | 58,000,000 | |
Unfavorable reserve development net of premium offsets | $ 12,000,000 | |
Favorable reserve development net of premium offsets | $ 9,000,000 |
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, 2024 | Dec. 31, 2023 |
Assets: | ||
Equity securities | $ 1,178,048 | $ 1,090,347 |
Arbitrage trading account | 1,146,000 | 938,000 |
Loans receivable | 229,156 | 198,244 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 20,964,854 | 20,178,308 |
Equity securities | 1,178,048 | 1,090,347 |
Arbitrage trading account | 1,146,119 | 938,049 |
Loans receivable | 228,766 | 201,271 |
Cash and cash equivalents | 1,169,053 | 1,363,195 |
Trading account receivables from brokers and clearing organizations | 141,277 | 303,614 |
Due from broker | 0 | 36,747 |
Liabilities: | ||
Due to broker | 33,027 | 0 |
Trading account securities sold but not yet purchased | 40,298 | 9,357 |
Senior notes and other debt | 1,827,997 | 1,827,951 |
Subordinated debentures | 1,009,269 | 1,009,090 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 20,967,212 | 20,181,547 |
Equity securities | 1,178,048 | 1,090,347 |
Arbitrage trading account | 1,146,119 | 938,049 |
Loans receivable | 229,156 | 198,244 |
Cash and cash equivalents | 1,169,053 | 1,363,195 |
Trading account receivables from brokers and clearing organizations | 141,277 | 303,614 |
Due from broker | 0 | 36,747 |
Liabilities: | ||
Due to broker | 33,027 | 0 |
Trading account securities sold but not yet purchased | 40,298 | 9,357 |
Senior notes and other debt | 1,435,877 | 1,480,076 |
Subordinated debentures | $ 893,358 | $ 929,598 |
Premiums and Reinsurance Rela_3
Premiums and Reinsurance Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Written premiums: | ||
Written premiums, direct | $ 3,039,066 | $ 2,738,754 |
Written premiums, assumed | 323,689 | 310,563 |
Written premiums, ceded | (511,464) | (474,493) |
Total net premiums written | 2,851,291 | 2,574,824 |
Earned premiums: | ||
Earned premiums, direct | 2,936,643 | 2,667,063 |
Earned premiums, assumed | 337,911 | 295,230 |
Earned premiums, ceded | (510,207) | (470,861) |
Net premiums earned | 2,764,347 | 2,491,432 |
Ceded losses and loss expenses incurred | 305,951 | 315,476 |
Ceded commissions earned | $ 121,054 | $ 118,418 |
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, 2024 | Mar. 31, 2023 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 35,110 | $ 30,660 |
Cumulative effect adjustment resulting from changes in accounting principles | 35,039 | 32,353 |
Change in expected credit losses | (71) | 1,693 |
Allowance for expected credit losses, end of period | 35,039 | 32,353 |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 8,404 | 8,064 |
Cumulative effect adjustment resulting from changes in accounting principles | 9,185 | 8,703 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 781 | 639 |
Allowance for expected credit losses, end of period | $ 9,185 | $ 8,703 |
Restricted Stock Units (Summary
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 13,000 | $ 12,000 |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted stock units (in units) | 1,214 | 0 |
Fair Value | $ 100 | $ 0 |
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, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Lease cost | $ 11,077 | $ 10,188 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | 12,232 | 10,563 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 24,695 | $ 5,313 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 191,720 | $ 164,547 |
Operating lease, liability | $ 233,114 | $ 199,225 |
Weighted-average remaining lease term | 7 years 7 months 6 days | 7 years 1 month 6 days |
Weighted-average discount rate | 5.44% | 4.49% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 38,862 | |
2025 | 44,402 | |
2026 | 37,499 | |
2027 | 28,341 | |
2028 | 26,760 | |
Thereafter | 104,223 | |
Total undiscounted future minimum lease payments | 280,087 | |
Less: Discount impact | 46,973 | |
Total lease liability | $ 233,114 | $ 199,225 |
Business Segments (Financial In
Business Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | $ 2,764,347 | $ 2,491,432 |
Investment Income | 319,839 | 223,398 |
Other | 172,587 | 180,174 |
Total revenues | 3,256,773 | 2,895,004 |
Pre-Tax Income (Loss) | 574,071 | 376,071 |
Net Income (Loss) to Common Stockholders | 442,471 | 294,126 |
Net investment gains | 25,780 | 23,010 |
Net investment gains, net of tax | 19,147 | 18,160 |
Corporate, other and eliminations | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 0 | 0 |
Investment Income | 21,850 | 5,257 |
Other | 137,384 | 147,587 |
Total revenues | 159,234 | 152,844 |
Pre-Tax Income (Loss) | (57,482) | (100,850) |
Net Income (Loss) to Common Stockholders | (43,893) | (80,499) |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 2,142,924 | |
Insurance | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 2,398,768 | 2,142,924 |
Investment Income | 244,778 | 163,558 |
Other | 9,423 | 9,577 |
Total revenues | 2,652,969 | 2,316,059 |
Pre-Tax Income (Loss) | 478,149 | 352,626 |
Net Income (Loss) to Common Stockholders | 365,091 | 274,108 |
Insurance | Operating Segments | Non-US | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 393,000 | 274,000 |
Reinsurance & Monoline Excess | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 348,508 | |
Reinsurance & Monoline Excess | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 365,579 | 348,508 |
Investment Income | 53,211 | 54,583 |
Other | 0 | 0 |
Total revenues | 418,790 | 403,091 |
Pre-Tax Income (Loss) | 127,624 | 101,285 |
Net Income (Loss) to Common Stockholders | 102,126 | 82,357 |
Reinsurance & Monoline Excess | Operating Segments | Non-US | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 111,000 | 106,000 |
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, 2024 | Dec. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 37,851,072 | $ 37,111,830 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 30,048,006 | 29,923,282 |
Operating Segments | Reinsurance & Monoline Excess | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 5,506,533 | 5,545,249 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 2,296,533 | $ 1,643,299 |
Business Segments (Net Premiums
Business Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from External Customer [Line Items] | ||
Net premiums earned | $ 2,764,347 | $ 2,491,432 |
Insurance | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 2,142,924 | |
Insurance | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 2,398,768 | 2,142,924 |
Insurance | Other liability | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 967,260 | 853,472 |
Insurance | Short-tail lines | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 510,809 | 412,534 |
Insurance | Auto | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 354,013 | 294,116 |
Insurance | Workers' compensation | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 301,495 | 305,561 |
Insurance | Professional liability | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 265,191 | 277,241 |
Reinsurance & Monoline Excess | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 348,508 | |
Reinsurance & Monoline Excess | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 365,579 | 348,508 |
Reinsurance & Monoline Excess | Casualty | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 197,844 | 214,712 |
Reinsurance & Monoline Excess | Monoline excess | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 65,351 | 58,644 |
Reinsurance & Monoline Excess | Property | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | $ 102,384 | $ 75,152 |