Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-33067 | ||
Entity Registrant Name | SELECTIVE INSURANCE GROUP, INC. | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 22-2168890 | ||
Entity Address, Address Line One | 40 Wantage Avenue | ||
Entity Address, City or Town | Branchville | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07890 | ||
City Area Code | 973 | ||
Local Phone Number | 948-3000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,787,831,538 | ||
Entity Common Stock, Shares Outstanding | 60,186,063 | ||
Entity Central Index Key | 0000230557 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for the 2022 Annual Meeting of Stockholders to be held on May 3, 2022, are incorporated by reference into Part III of this report. | ||
Document Information [Line Items] | |||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Depositary Shares [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NASDAQ | ||
Trading Symbol | SIGIP | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NASDAQ | ||
Trading Symbol | SIGI | ||
Title of 12(b) Security | Common Stock, par value $2 per share |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Fixed Income Securities, Held-to-maturity, Allowance for Credit Loss | $ (65) | $ (22) |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 28,785 | 16,824 |
Total HTM fixed income securities carrying value | 28,850 | 16,846 |
Fixed Income Securities, Available-for-sale, at fair value | 6,709,976 | 6,455,928 |
Commercial mortgage loans, at carrying value, Gross | 95,795 | 46,306 |
Commercial mortgage loans, Allowance for Credit Loss | 0 | 0 |
Commercial mortgage loans, net of allowance for credit losses | 95,795 | 46,306 |
Equity securities - at fair value | 335,537 | 310,367 |
Short-term investments | 447,863 | 409,852 |
Other investments | 409,032 | 266,322 |
Total investments (Notes 5 and 7) | 8,026,988 | 7,505,599 |
Cash | 455 | 394 |
Restricted cash | 44,608 | 14,837 |
Accrued investment income | 48,247 | 45,004 |
Premiums Receivable, Gross | 958,787 | 857,014 |
Premium Receivable, Allowance for Credit Loss | (13,600) | (21,000) |
Premiums Receivable, Net of allowance for credit losses | 945,187 | 836,014 |
Reinsurance Recoverables, Gross | 601,668 | 589,269 |
Reinsurance Recoverable, Allowance for Credit Loss | (1,600) | (1,777) |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | 600,068 | 587,492 |
Prepaid reinsurance premiums (Note 9) | 183,007 | 170,531 |
Property, Plant and Equipment, Net | 82,053 | 77,696 |
Deferred policy acquisition costs (Note 2) | 326,915 | 288,578 |
Goodwill (Note 12) | 7,849 | 7,849 |
Other assets | 195,240 | 153,919 |
Current federal income tax (Note 14) | 772 | 0 |
Total assets | 10,461,389 | 9,687,913 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Reserve for loss and loss expense (Note 10) | 4,580,903 | 4,260,355 |
Unearned premiums | 1,803,207 | 1,618,271 |
Long-term debt (Note 11) | 506,050 | 550,743 |
Current federal income tax (Note 14) | 0 | 14,021 |
Deferred federal income tax (Note 14) | 13,413 | 27,096 |
Accrued salaries and benefits | 121,057 | 114,868 |
Other liabilities | 453,874 | 363,670 |
Total liabilities | 7,478,504 | 6,949,024 |
Stockholders’ Equity: | ||
Preferred stock of $0 par value per share (Note 17): Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2021; no shares issued or outstanding - 2020 | 200,000 | 200,000 |
Common stock of $2 par value per share Authorized shares: 360,000,000 Issued: 104,450,916 - 2021; 104,032,912 - 2020 | 208,902 | 208,066 |
Additional paid-in capital | 464,347 | 438,985 |
Retained earnings | 2,603,472 | 2,271,537 |
Accumulated other comprehensive income (Note 6) | 115,099 | 220,186 |
Treasury Stock, at cost | (608,935) | (599,885) |
Total stockholders’ equity | 2,982,885 | 2,738,889 |
Commitments and contingencies (Notes 19 and 20) | ||
Total liabilities and stockholders’ equity | $ 10,461,389 | $ 9,687,913 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed Income Securities, Held-to-maturity, Fair Value | $ 29,460 | $ 18,001 |
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (9,724) | (3,969) |
Fixed income securities, Available-For-Sale, Amortized Cost | 6,490,753 | 6,073,517 |
Commercial mortgage loan, fair value | 97,598 | 47,289 |
Equity securities, cost | 308,840 | 301,551 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 253,427 | $ 240,150 |
Series B [Member] | ||
Preferred Stock, Liquidation Preference (in dollars per share) | $ 25,000 | |
Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Par or Stated Value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Issued | 8,000 | |
Common Stock [Member] | ||
Common Stock, Shares Authorized | 360,000,000 | 360,000,000 |
Common Stock, Shares, Issued | 104,450,916 | 104,032,912 |
Common Stock, Par or Stated Value (in dollars per share) | $ 2 | $ 2 |
Treasury Stock, Common | ||
Treasury Stock, Shares | 44,266,534 | 44,127,109 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Net premiums earned | $ 3,017,253 | $ 2,681,814 | $ 2,597,171 |
Net investment income earned | 326,589 | 227,107 | 222,543 |
Net realized and unrealized investment gains (losses) | 17,599 | (4,217) | 14,422 |
Other income | 17,723 | 17,570 | 12,355 |
Total revenues | 3,379,164 | 2,922,274 | 2,846,491 |
Expenses: | |||
Loss and loss expense incurred | 1,813,984 | 1,635,823 | 1,551,491 |
Amortization of deferred policy acquisition costs | 626,469 | 560,271 | 535,973 |
Other insurance expenses | 375,931 | 366,941 | 358,069 |
Interest expense | 29,165 | 30,839 | 33,668 |
Corporate expenses | 28,305 | 25,412 | 30,900 |
Total expenses | 2,873,854 | 2,619,286 | 2,510,101 |
Income before federal income tax | 505,310 | 302,988 | 336,390 |
Federal income tax expense: | |||
Current | 87,335 | 60,059 | 60,640 |
Deferred | 14,138 | (3,426) | 4,127 |
Total federal income tax expense | 101,473 | 56,633 | 64,767 |
Net income | 403,837 | 246,355 | 271,623 |
Preferred stock dividends | 9,353 | 0 | 0 |
Net Income available to common stockholders | $ 394,484 | $ 246,355 | $ 271,623 |
Earnings per common share: | |||
Net income available to common stockholders - Basic (in dollars per share) | $ 6.55 | $ 4.12 | $ 4.57 |
Net income available to common stockholders - Diluted (in dollars per share) | $ 6.50 | $ 4.09 | $ 4.53 |
Consolidation Statements of Com
Consolidation Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 403,837 | $ 246,355 | $ 271,623 |
Unrealized holding (losses) gains arising during year | 119,598 | 133,104 | 168,021 |
Unrealized losses on securities with credit loss recognized in earnings | (7,159) | (6,459) | 0 |
Amounts reclassified into net income: Held-to-maturity securities | (9) | (19) | (46) |
Amounts reclassified into net income: Net realized losses on disposals and losses on intent-to-sell available-for-sale securities | (3,022) | (4,247) | (530) |
Amounts reclassified into net income: Credit loss expense | 5,418 | (3,984) | 0 |
Total unrealized (losses) gains on investment securities | 124,370 | 134,857 | 168,505 |
Net actuarial gain (loss) | (17,093) | 1,197 | 10,898 |
Amounts reclassified into net income: Net actuarial loss | 2,190 | 2,382 | 2,099 |
Total defined benefit pension and post-retirement plans | 19,283 | 3,579 | (8,799) |
Other comprehensive (loss) income | (105,087) | 138,436 | 159,706 |
Comprehensive income | $ 298,750 | $ 384,791 | $ 431,329 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional paid-in capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member]Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]Accounting Standards Update 2016-13 [Member] | Accumulated other comprehensive (loss) income [Member] | Treasury stock [Member] |
Beginning of year at Dec. 31, 2018 | $ 0 | $ 205,697 | $ 390,315 | $ 1,858,414 | $ 1,858,756 | $ 342 | $ 0 | $ (77,956) | $ (584,668) | |
Dividend reinvestment plan | 44 | 1,510 | ||||||||
Preferred stock issuance costs | 0 | |||||||||
Preferred stock issuance costs | 0 | |||||||||
Stock purchase and compensation plans | 1,227 | 26,696 | ||||||||
Net income | $ 271,623 | 271,623 | ||||||||
Dividends, Preferred Stock, Cash | 0 | |||||||||
Dividends to common stockholders | (49,850) | |||||||||
Other comprehensive (loss) income | 159,706 | 159,706 | ||||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | 0 | |||||||||
End of year at Dec. 31, 2019 | $ 2,194,936 | $ 0 | 206,968 | 418,521 | 2,080,529 | 2,081,964 | 0 | 1,435 | 81,750 | (592,832) |
Dividends declared per preferred share | $ 0 | |||||||||
Dividends declared per common share | $ 0.83 | |||||||||
Preferred stock, shares outstanding, beginning of period at Dec. 31, 2018 | 0 | |||||||||
Preferred stock, shares outstanding, ending of period at Dec. 31, 2019 | 0 | |||||||||
Preferred Stock, Shares Issued | 0 | |||||||||
Common Stock, shares outstanding, beginning of period at Dec. 31, 2018 | 58,948,554 | |||||||||
Dividend reinvestment plan | 22,087 | |||||||||
Stock purchase and compensation plan | 613,678 | |||||||||
Acquisition of treasury stock | 0 | |||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 123,166 | |||||||||
Common Stock, shares outstanding, end of period at Dec. 31, 2019 | 59,461,153 | |||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (8,164) | |||||||||
Dividend reinvestment plan | 58 | 1,645 | ||||||||
Preferred stock issuance costs | (5,416) | |||||||||
Preferred stock issuance costs | $ 200,000 | |||||||||
Stock purchase and compensation plans | 1,040 | 24,235 | ||||||||
Net income | $ 246,355 | 246,355 | ||||||||
Dividends, Preferred Stock, Cash | 0 | |||||||||
Dividends to common stockholders | (56,782) | |||||||||
Other comprehensive (loss) income | 138,436 | 138,436 | ||||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | 0 | |||||||||
End of year at Dec. 31, 2020 | $ 2,738,889 | $ 200,000 | 208,066 | 438,985 | 2,271,537 | $ 2,271,537 | $ 0 | $ 0 | 220,186 | (599,885) |
Dividends declared per preferred share | $ 0 | |||||||||
Dividends declared per common share | $ 0.94 | |||||||||
Preferred stock, shares outstanding, ending of period at Dec. 31, 2020 | 8,000 | |||||||||
Preferred Stock, Shares Issued | 8,000 | |||||||||
Dividend reinvestment plan | 28,890 | |||||||||
Stock purchase and compensation plan | 519,863 | |||||||||
Acquisition of treasury stock | 0 | |||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 104,103 | |||||||||
Common Stock, shares outstanding, end of period at Dec. 31, 2020 | 59,905,803 | |||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (7,053) | |||||||||
Dividend reinvestment plan | 46 | 1,707 | ||||||||
Preferred stock issuance costs | 0 | |||||||||
Preferred stock issuance costs | $ 0 | |||||||||
Stock purchase and compensation plans | 790 | 23,655 | ||||||||
Net income | $ 403,837 | 403,837 | ||||||||
Dividends, Preferred Stock, Cash | 9,353 | |||||||||
Dividends to common stockholders | (62,549) | |||||||||
Other comprehensive (loss) income | (105,087) | (105,087) | ||||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans | (3,400) | (3,404) | ||||||||
End of year at Dec. 31, 2021 | $ 2,982,885 | $ 200,000 | $ 208,902 | $ 464,347 | $ 2,603,472 | $ 115,099 | (608,935) | |||
Dividends declared per preferred share | $ 1,169.17 | |||||||||
Dividends declared per common share | $ 1.03 | |||||||||
Preferred stock, shares outstanding, ending of period at Dec. 31, 2021 | 8,000 | |||||||||
Preferred Stock, Shares Issued | 0 | |||||||||
Dividend reinvestment plan | 22,986 | |||||||||
Stock purchase and compensation plan | 395,018 | |||||||||
Acquisition of treasury stock | (52,781) | |||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 86,644 | |||||||||
Common Stock, shares outstanding, end of period at Dec. 31, 2021 | 60,184,382 | |||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (5,646) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 403,837 | $ 246,355 | $ 271,623 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 55,109 | 59,350 | 55,205 |
Stock-based compensation expense | 15,893 | 16,227 | 19,077 |
Undistributed gains of equity method investments | (69,873) | (12,408) | (12,773) |
Distributions in excess of current year income of equity method investments | 2,910 | 3,472 | 2,807 |
Net realized and unrealized (gains) losses | (17,599) | 4,217 | (14,422) |
Loss on disposal of fixed assets | 50 | 22 | 42 |
Changes in assets and liabilities: | |||
Increase in reserve for loss and loss expense, net of reinsurance recoverable | 307,972 | 181,839 | 149,232 |
Increase in unearned premiums, net of prepaid reinsurance | 172,460 | 91,278 | 82,253 |
(Increase) decrease in net federal income taxes | (542) | 7,708 | 7,721 |
Increase in premiums receivable | (109,173) | (13,171) | (53,383) |
Increase in Deferred Policy Acquisition Costs | (38,337) | (17,392) | (18,574) |
Increase in accrued investment income | (3,243) | (158) | (3,226) |
Increase (decrease) in accrued salaries and benefits | 7,216 | (13,264) | (3,748) |
Increase in other assets | (33,379) | (27,927) | (39,337) |
Increase in other liabilities | 78,121 | 27,897 | 34,998 |
Net cash provided by operating activities | 771,422 | 554,045 | 477,495 |
Investing Activities | |||
Purchase of fixed income securities, held-to-maturity | (16,250) | 0 | 0 |
Purchase of fixed income securities, available-for-sale | (2,165,555) | (1,723,818) | (1,856,125) |
Purchase of commercial mortgage loans | (50,204) | (46,506) | 0 |
Purchase of other investments | (85,044) | (79,598) | (64,908) |
Purchase of short-term investments | (4,345,140) | (5,762,725) | (6,087,909) |
Sale of fixed income securities, available-for-sale | 502,911 | 487,087 | 594,743 |
Proceeds from commercial mortgage loans | 714 | 201 | 0 |
Sale of short-term investments | 4,306,684 | 5,635,463 | 6,129,885 |
Redemption and maturities of fixed income securities, held-to-maturity | 4,192 | 3,888 | 16,149 |
Redemption and maturities of fixed income securities, available-for-sale | 1,217,555 | 1,019,132 | 626,686 |
Sale of equity securities | 99,235 | 1,320 | 137,294 |
Sale of other investments | 5,428 | 5,375 | 17,964 |
Distributions from other investments | 17,497 | 24,884 | 19,972 |
Fixed asset disposals | 0 | 0 | 9 |
Purchase of property and equipment | (22,163) | (22,064) | (30,986) |
Net cash used in investing activities | (618,780) | (688,174) | (543,623) |
Financing Activities | |||
Dividends to preferred stockholders | (9,353) | 0 | 0 |
Dividends to common stockholders | (60,136) | (54,486) | (47,675) |
Acquisition of treasury stock | (9,050) | (7,053) | (8,164) |
Net proceeds from stock purchase and compensation plans | 7,976 | 8,411 | 8,243 |
Preferred stock issued, net of issuance costs | (479) | 195,063 | 0 |
Proceeds from borrowings | 0 | 587,000 | 355,757 |
Repayment of borrowings | (50,000) | (587,000) | (250,000) |
Repayment of finance lease obligations | (1,768) | (550) | (977) |
Net cash (used in) provided by financing activities | (122,810) | 141,385 | 57,184 |
Net increase (decrease) in cash and restricted cash | 29,832 | 7,256 | (8,944) |
Cash and restricted cash, beginning of year | 15,231 | 7,975 | 16,919 |
Cash and restricted cash, end of year | 45,063 | 15,231 | 7,975 |
Payments to Acquire Equity Securities, FV-NI | $ (88,640) | $ (230,813) | $ (46,397) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization [Abstract] | |
Organization | Organization Selective Insurance Group, Inc., through its subsidiaries, (collectively referred to as “we,” “us,” or “our”) offers standard commercial, standard personal, and excess and surplus ("E&S") lines property and casualty insurance products. Selective Insurance Group, Inc. (referred to as the “Parent”) was incorporated in New Jersey in 1977 and its corporate headquarters is located in Branchville, New Jersey. The Parent’s common and preferred stock are publicly traded on the Nasdaq Global Select Market under the symbols “SIGI” and "SIGIP," respectively. We have provided a glossary of terms as Exhibit 99.1 to this Form 10-K, which defines certain industry-specific and other terms that are used in this Form 10-K. We classify our business into four reportable segments, which are as follows: • Standard Commercial Lines – comprised of property and casualty insurance products and services provided in the standard marketplace to commercial enterprises, which are typically businesses, non-profit organizations, and local government agencies. • Standard Personal Lines – comprised of property and casualty insurance products and services, including flood insurance coverage, provided primarily to individuals acquiring coverage in the standard marketplace. • E&S Lines – comprised of property and casualty insurance products and services provided to customers who are unable to obtain coverage in the standard marketplace. • Investments – invests the premiums collected by our insurance operations, as well as amounts generated through our capital management strategies, which may include the issuance of debt and equity securities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Signifcant Accounting Policies | Summary of Significant Accounting Policies (a) Principles of Consolidation The accompanying consolidated financial statements (“Financial Statements”) include the accounts of the Parent and its subsidiaries, and have been prepared in conformity with: (i) United States ("U.S.") generally accepted accounting principles ("GAAP"); and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. (b) Use of Estimates The preparation of our Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. (c) Investments Portfolio Composition and Presentation in the Consolidated Balance Sheet Our investment portfolio is primarily comprised of fixed income investments. We also hold commercial mortgage loans ("CMLs"), equity securities, short-term investments, and other investments. A description of our portfolio holdings, and the related presentation in our Consolidated Balance Sheet, is provided below. Fixed Income Investments Our fixed income investments include our fixed income securities portfolio and our CML portfolio. Fixed Income Securities We hold the following types of securities in our fixed income securities portfolio: • U.S. government and government agency obligations; • Foreign government obligations; • Obligations of states and political subdivisions, including special revenue and general obligation bonds; • Corporate securities, which may include investment grade and below investment grade bonds, bank loan investments, redeemable preferred stock, and non-redeemable preferred stock with certain debt-like characteristics; • Collateralized loan obligations ("CLOs") and other asset-backed securities ("ABS"); • Residential mortgage-backed securities ("RMBS"); and • Commercial mortgage-backed securities ("CMBS"). We have designated substantially all of the holdings in our fixed income securities as available-for-sale ("AFS"). These securities are reported at fair value in our Consolidated Balance Sheet. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss) ("AOCI"). The amortized cost of fixed income securities is adjusted for the amortization of premiums and the accretion of discounts over the expected life of the security using the effective yield method. Callable debt securities held at a premium are amortized to the earliest call date. Premiums and discounts arising from the purchase of RMBS, CMBS, CLO and other ABS are amortized over the expected life of the security based on future principal payments, giving additional consideration to prepayments. These prepayments are estimated based on historical and projected cash flows. Prepayment assumptions are reviewed quarterly and adjusted to reflect actual prepayments and changes in expectations. Future amortization of any premium and/or discount is adjusted to reflect the revised assumptions. Accrued interest on our fixed income securities is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. If accrued interest is due but not paid within 90 days, we reverse the delinquent amount and record this reversal through earnings as a component of “Net investment income earned” on our Consolidated Statement of Income. CMLs CMLs are loans secured by commercial property, such as an office building, multi-family apartment complex, industrial warehouse, or shopping center. We may acquire investments in CMLs through (i) direct originations under a loan syndication arrangement or (ii) a marketplace purchase. We record our investment in CMLs on the settlement date of the loan. Our CMLs are classified as held-for-investment and reported at amortized cost, net of any allowance for credit losses ("ACL"), on our Consolidated Balance Sheet. Interest is recorded using the effective yield method and accrued interest on our CMLs is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. Other Portfolio Holdings Equity securities may include common and non-redeemable preferred stocks. Equity securities with readily determinable fair values are reported at fair value. Equity securities without readily determinable fair values are reported at net asset value ("NAV") as a practical expedient. Short-term investments may include money market instruments, savings accounts, commercial paper, and fixed income securities purchased with a maturity of less than one year. We may also enter into reverse repurchase agreements that are included in short-term investments. These repurchase agreements are fully collateralized by high-quality, readily-marketable instruments that support the principal amount. At maturity, we receive principal and interest income on these agreements. Short-term investments are generally reported at fair value. Other investments are primarily comprised of alternative investments, which are limited partnership investments in private equity, private credit, and real estate strategies. These alternative investments are accounted for using the equity method, with income typically recognized on a one-quarter lag. Because these alternative investments are recorded under the equity method of accounting, with the underlying holdings carried at fair value, the valuation and income recognized on these investments may be impacted by volatility in the financial markets. In addition to our alternative investments, our other investment portfolio includes Federal Home Loan Bank stock (“FHLB Stock”) and tax credit investments. The FHLB Stock is reported at cost. Accounting for our tax credit investments is dependent on the type of credit we have purchased, as follows: • Federal low income housing tax credits are accounted for under the proportional amortization method; and • All other tax credits in our investment portfolio are accounted for using the equity method. For federal tax credits accounted for under the equity method, we use the deferral method for recognizing the benefit of the tax credit with the related deferred revenue being recognized in our Consolidated Income Statement as a component of "Federal income tax expense" proportionately over the life of the investment. We categorize distributions from our investments accounted for using the equity method on our Consolidated Statement of Cash Flows using the cumulative earnings approach. Under this approach, distributions received are classified as cash flows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash flow from investing activities. We evaluate the alternative investments and tax credit investments included in our other investments portfolio to determine whether those investments are variable interest entities ("VIEs") and if so, whether consolidation is required. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lack sufficient funds to finance its own activities without financial support provided by other entities. We consider several significant factors in determining if our investments are VIEs and if we are the primary beneficiary, including whether we have (i) the power to direct activities of the VIE, (ii) the ability to remove the decision maker of the VIE, (iii) the ability to participate in making decisions that are significant to the VIE, and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. We have reviewed our alternative and tax credit investments and have concluded that they are VIEs, but that we are not the primary beneficiary and therefore, consolidation is not required. Presentation in the Consolidated Statement of Income Net Investment Income Earned Net investment income earned on our Consolidated Statement of Income includes the following: • Interest income, as well as amortization and accretion, on fixed income securities; • Interest income on CMLs; • Dividend income on equity securities; • Interest income on our short-term investments; and • Income recognized on our alternative and other investments accounted for under the equity method of accounting, except for federal tax credits, as discussed below. Income related to federal tax credits (either low income housing tax credits or other federal credits) is recorded in our Consolidated Statement of Income as a component of “Federal income tax expense” proportionately over the life of the investment. Net Realized and Unrealized Investment (Losses) Gains Net realized and unrealized investment gains (losses) on our Consolidated Statement of Income include the following: • Realized gains and losses on the disposal of holdings in our investment portfolio, which are determined on the basis of the cost of the specific investments sold; • Changes in unrealized gains or losses on our equity securities; • Losses on investments for which we have the intent to sell, which are discussed further below; and • Net credit loss expense or benefit resulting from changes in the ACL related to our investment portfolio, which is also discussed further below. Losses on securities for which we have the intent to sell and ACL on AFS Fixed Income Securities and Short-Term Investments We review our fixed income securities in an unrealized loss position to determine (i) if we have the intent to sell the security, or (ii) if it is more likely than not we will be required to sell the security before its anticipated recovery. If we determine that we have the intent or likely requirement to sell the security, we write down its amortized cost to its fair value. In writing down amortized cost, any amount previously recorded as an ACL is reversed and any incremental reduction in amortized cost is recorded directly to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. When fixed income securities are in an unrealized loss position and we do not record any losses on securities for which we intend to sell, we record an ACL for the portion of the unrealized loss due to an expected credit loss. We estimate expected credit losses on fixed income securities by performing a discounted cash flow (“DCF”). The ACL is equal to the excess of amortized cost over the greater of: (i) our estimate of the present value of expected future cash flows, or (ii) fair value. The ACL is recorded as a contra-asset reflected in the carrying value of the investment on the Consolidated Balance Sheet. The initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. Any remaining unrealized loss is the non-credit amount and is recorded in AOCI. The ACL cannot exceed the unrealized loss of an AFS security and therefore it may fluctuate with changes in the fair value of the security. The ACL is written off against the amortized cost basis in the period in which it is determined uncollectible. Our DCF analyses calculate the present value of expected future cash flows using various models specific to the major security types in our portfolio. These models use security-specific information, as well as reasonable and forecasted macroeconomic data, to determine possible expected credit loss scenarios based on projected changes in the economy. The forecasted economic data incorporated into the models is based on the Federal Reserve Board’s annual supervisory stress test review on certain large banks and financial institutions. We also have the ability to incorporate internally-developed forecast information into the models as we deem appropriate. The discount rate used in a DCF is one of the following: • The current yield in effect at the reporting date to accrete the beneficial interest for RMBS, CMBS, CLO and other ABS that were not of high credit quality at acquisition; • The effective interest rate in effect as of the reporting date for non-fixed rate securities; and • The effective interest rate implicit in the security at the date of acquisition for all other securities. DCFs may include, but are not necessarily limited to: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as the historical performance of the underlying collateral, including net operating income generated by underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. We do not record a valuation allowance on the accrued interest balance associated with our fixed income securities as we reverse delinquent amounts on a timely basis. We consider a fixed income security to be past due at the time any principal or interest payments become 90 days delinquent. ACL on CMLs We evaluate our CMLs on a quarterly basis for expected credit losses. If we hold a CML with a specific credit concern, we record an individual ACL on that loan. For all other CMLs, we record an ACL on the pool of loans based on lifetime expected credit losses. The ACL is recorded as a contra-asset reflected in the carrying value of our CMLs on the Consolidated Balance Sheet. Our initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. We utilize a forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios apply reasonable and forecasted macroeconomic data such as unemployment and inflation to project property-specific operating income and capitalization rates that are used to estimate the value of the future operating income stream. This information, coupled with historical data about mortgage loan performance, is used to project the probability of default, the amount of loss given a default, and the resulting lifetime expected loss. Losses on securities for which we have the intent to sell and Credit Losses on Other Investments If we determine that we intend to sell a holding in our investment portfolio and the expected proceeds are less than the recorded value of the investment, we will record a loss on those securities we intend to sell in earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. Additionally, we review our alternative investment portfolio for potential credit losses through quarterly fund reports and conversations with the general partners of the alternative investments concerning the following: • The current investment strategy; • Changes made or future changes to be made to the investment strategy; • Emerging issues that may affect the success of the strategy; and • The appropriateness of the valuation methodology used regarding the underlying investments. Our evaluation for potential credit loss on tax credits and FHLB Stock include a qualitative assessment of credit indicators, which include, but are not limited to, the following: • An adverse development of the expected receipt of remaining tax credits and other tax benefits; and • A significant deterioration in the financial condition or liquidity of the Federal Home Loan Bank. If we do not intend to sell a security, and we expect a credit loss on a holding in our other investments portfolio, we record a charge to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. (d) Fair Values of Financial Instruments Assets The fair values of our investments are generated using various valuation techniques and are placed into the fair value hierarchy considering the following: (i) the highest priority is given to quoted prices in active markets for identical assets (Level 1); (ii) the next highest priority is given to quoted prices in markets that are not active or inputs that are observable either directly or indirectly, including quoted prices for similar assets in markets that are not active and other inputs that can be derived principally from, or corroborated by, observable market data for substantially the full term of the assets (Level 2); and (iii) the lowest priority is given to unobservable inputs supported by little or no market activity and that reflect our assumptions about the exit price, including assumptions that market participants would use in pricing the asset (Level 3). An asset’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The techniques used to value our financial assets are as follows: Level 1 Pricing Security Type Methodology Equity Securities; U.S. Treasury Notes Equity and U.S. Treasury Note prices are received from an independent pricing service that are based on observable market transactions. We validate these prices against a second external pricing service, and if established market value comparison thresholds are breached, further analysis is performed to determine the price to be used. Short-Term Investments Short-term investments are recorded at fair value. Given the liquid nature of our short-term investments, we generally validate their fair value by way of active trades within approximately one week of the financial statement close. Level 2 Pricing We utilize a market approach for our Level 2 securities, using primarily matrix pricing models prepared by external pricing services. Matrix pricing models use mathematical techniques to value fixed income securities by relying on the securities' relationship to other benchmark quoted securities, and not relying exclusively on quoted prices for specific securities, as the specific securities are not always frequently traded. As a matter of policy, we consistently use one pricing service as our primary source and secondary pricing services if prices are not available from the primary pricing service. Fixed income security pricing is reviewed for reasonableness by (i) comparing our pricing to other third-party pricing services as well as benchmark indexed pricing, (ii) comparing fair value fluctuations between months for reasonableness, (iii) reviewing stale prices, and (iv) internally reviewing prices for reasonableness if a price from another third-party source is not available. If further analysis is needed, a challenge is sent to the pricing service for review and confirmation of the price. Further information on our Level 2 asset pricing is included in the following table: Security Type Methodology Corporate Securities including preferred stocks classified as Fixed Income Securities, and U.S. Government and Government Agencies Evaluations include obtaining relevant trade data, benchmark quotes and spreads, and incorporating this information into either spread-based or price-based evaluations as determined by the observed market data. Spread-based evaluations include: (i) creating a range of spreads for relevant maturities of each issuer based on the new issue market, secondary trading, and dealer quotes; and (ii) incorporating option adjusted spreads for issues that have early redemption features. Based on the findings in (i) and (ii) above, final spreads are derived and added to benchmark curves. Price-based evaluations include matching each issue to its best-known market maker and contacting firms that transact in these securities. Obligations of States and Political Subdivisions Evaluations are based on yield curves that are developed based on factors such as: (i) benchmarks to issues with interest rates near prevailing market rates; (ii) established trading spreads over widely-accepted market benchmarks; (iii) yields on new issues; and (iv) market information from third-party sources such as reportable trades, broker-dealers, or issuers. RMBS, CMBS, CLO and other ABS Evaluations are based on a DCF, including: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as historical performance of the underlying collateral, including net operating income generated by the underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and loan level collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche-specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. Foreign Government Evaluations are performed using a DCF model and by incorporating observed market yields of benchmarks as inputs, adjusting for varied maturities. Level 3 Pricing Security Type Methodology CMLs Evaluations are performed by a third-party and are based on matrix pricing. For fixed rate loans, the matrix process uses a yield build up approach to create a pricing yield, with components for base yield, credit quality spread, property type spread, and a weighted average life spread. Floating rate loans are priced with a target quality spread over the swap curve. In addition to our CML portfolio, certain securities in our AFS fixed income portfolio are priced using unobservable inputs. These valuations are primarily based on broker quotes, or they are received from other third-party sources, for which there is a lack of transparency as to the inputs used to generate the valuation. The quantitative detail of these unobservable inputs is neither provided to us, nor reasonably available to us. Liabilities The techniques used to value our notes payable are as follows: Level 2 Pricing Security Type Methodology 7.25% Senior Notes; 6.70% Senior Notes; Based on matrix pricing models prepared by external pricing services. Borrowings from Federal Home Loan Banks Evaluations are performed using a DCF model based on current borrowing rates provided by the Federal Home Loan Banks that are consistent with the remaining term of the borrowing. (e) Allowance for Credit Losses on Premiums Receivable We estimate an ACL on our outstanding premiums receivable balance at each reporting date. In determining this allowance, we use a method that considers the aging of the receivable, based on the effective year of the related policy, along with our historical receivable loss experience. We also contemplate expected macroeconomic conditions over the expected collection period, which are short-term in nature because the majority of the balances are collected within two years of policy issuance. Changes in our ACL are charged to earnings as credit loss expense or benefit, which is a component of "Other insurance expenses" on our Consolidated Statements of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the receivable. We charge write-offs against the allowance when we determine the account to be uncollectible after considering information obtained from our collection efforts. (f) Share-Based Compensation Share-based compensation consists of all share-based payment transactions in which an entity acquires goods or services by issuing (or offering to issue) its shares, share units, share options, or other equity instruments. The cost resulting from all share-based payment transactions are recognized in the Financial Statements based on the fair value of both equity and liability awards. The fair value is measured at grant date for equity awards, whereas the fair value for liability awards are remeasured at each reporting period. The fair value of both equity and liability awards is recognized over the requisite service period. The requisite service period is typically the lesser of the vesting period or the period of time from the grant date to the date of retirement eligibility. The expense recognized for share-based awards, which, in some cases, contain performance criteria, is based on the number of shares or units expected to be issued at the end of the performance period. We repurchase the Parent’s stock from our employees in connection with tax withholding obligations, as permitted under our stock-based compensation plans. This activity is disclosed in our Consolidated Statement of Stockholders' Equity. (g) Reinsurance The “Reinsurance recoverable” balance on our Consolidated Balance Sheet represents our estimate of amounts that will be recovered from reinsurers under our various treaties. Generally, amounts recoverable from reinsurers are recognized as assets at the same time and in a manner consistent with the paid and unpaid losses associated with the reinsured policies. We would consider a recoverable balance from a reinsurer to be past due if payment is not received by the first day following the invoice due date. We require collateral to secure reinsurance recoverable balances primarily from our reinsurance carriers that are not authorized, otherwise approved, or certified to do business in one or more of our ten insurance subsidiaries' domiciliary states. Our ten insurance subsidiaries are collectively referred to as the "Insurance Subsidiaries." The collateral received is typically in the form of a letter of credit, trust funds, or funds withheld against reinsurance recoverables. We estimate an ACL on our outstanding reinsurance recoverable balance at each reporting date. Credit risk is mitigated to the extent we have obtained collateral. As part of our estimation of the ACL, we reduce the recoverable balance by the amount of the collateral. We then pool the uncollateralized balances by similar risk characteristics, including the financial strength rating of the reinsurer, and use a probability-of-default methodology to calculate the allowance. Historical default rates are sourced from AM Best Company ("AM Best") and are coupled with severity assumptions in developing a baseline scenario. We then stress this scenario by incorporating forecasts of industry catastrophe losses and economic factors sourced through third-party data providers. In developing our best estimate of the allowance for credit losses, we consider our outlook as to the probability of each of these scenarios occurring. Changes in our ACL are charged to earnings as credit loss expense, which is a component of “Loss and loss expense incurred” on our Consolidated Statement of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the recoverable balance. We charge write-offs against the ACL when we determine the recoverable balance to be uncollectible after considering information obtained from our efforts to collect amounts due or through a review of the financial condition of the reinsurer. (h) Property and Equipment Property and equipment used in operations, including certain costs incurred to develop or obtain computer software for internal use, are capitalized and recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The following estimated useful lives can be considered as general guidelines: Asset Category Years Computer hardware 3 Computer software 3 to 5 Software licenses 3 to 5 Internally developed software 5 Furniture and fixtures 10 Buildings and improvements 5 to 40 We recorded depreciation expense of $24.3 million, $21.5 million, and $18.7 million for 2021, 2020, and 2019, respectively. (i) Deferred Policy Acquisition Costs Deferred policy acquisition costs are limited to costs directly related to the successful acquisition of insurance contracts. Costs meeting this definition typically include, among other things, sales commissions paid to our distribution partners, premium taxes, and the portion of employee salaries and benefits directly related to time spent on acquired contracts. These costs are deferred and amortized over the life of the contracts. Accounting guidance requires a premium deficiency analysis to be performed at the level an entity acquires, services, and measures the profitability of its insurance contracts. We currently perform three premium deficiency analyses for our insurance operations, consistent with our reportable segments of Standard Commercial Lines, Standard Personal Lines, and E&S Lines. A combined ratio of over 100% does not necessarily indicate a premium deficiency, as any year's combined ratio includes a portion of underwriting expenses that are expensed at policy inception and therefore are not covered by the remaining unearned premium. In addition, investment income is not contemplated in the combined ratio calculation. There were no premium deficiencies for any of the reported years, as the sum of the anticipated loss and loss expense, unamortized acquisition costs, policyholder dividends, and other expenses for each segment did not exceed that segment’s related unearned premium and anticipated investment income. The investment yields assumed in the premium deficiency assessment for each reporting period, which were based on our actual average investment yield before tax as of the September 30 calculation date, were 4.3% for 2021, 3.0% for 2020, and 3.5% for 2019. (j) Goodwill Goodwill results from business acquisitions where the cost of assets and liabilities acquired exceeds the fair value of those assets and liabilities. A quantitative goodwill impairment analysis is performed if our quarterly qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Goodwill is allocated to the reporting units for purposes of these analyses. Based on our analysis at December 31, 2021, goodwill was not impaired. (k) Reserve for Loss and Loss Expense Reserves for loss and loss expense includes case reserves on reported claims and reserves known as incurred but not reported ("IBNR") reserves. Case reserves are estimated on each individual claim, and based on claim-specific facts and circumstances known at the time. The case reserves may be adjusted upward or downward as the specific facts and circumstances change. IBNR reserves are established at more aggregated levels and include provisions for (i) claims not yet reported, (ii) future development on reported claims, (iii) previously closed claims that could be reopened in the future, and (iv) anticipated salvage and subrogation recoveries. We evaluate our reserves quarterly, through our comprehensive reserve review process and adjustments to recorded reserves are made accordingly. The primary input in evaluating reserve levels is the quarterly reserve review prepared by our internal actuaries, which provides comprehensive loss and loss expense projections. Our reviews are based primarily on our own loss experience, organized by line of business. Where sufficient statistical credibility exists, we may further segment the experience by coverage within line, or by geographic area. Generally accepted actuarial methodologies are applied to these reserve groups to produce ultimate loss and loss expense projections. Typically, we organize our experience by accident year and age, which lends itself to the application of various loss development methods. These methods rely on historical claims reporting and payment patterns to project ultimate loss or expense for open accident years. Consideration is also given to the prior loss estimate, particularly for longer-tailed lines of business, and the current accident year. For the current accident year, this expectation comes from our detailed actuarial planning process. The initial estimate is adjusted over time as actual experience emerges. These methods require numerous assumptions, such as the selection of loss and loss expense development factors and the weight applied to each individual projection method, among others. Therefore, no single method can be interpreted as definitive. Instead, ulti |
Adoption of Accounting Pronounc
Adoption of Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other items, ASU 2019-12 simplifies the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. ASU 2019-12 provides that all effects of a tax law change, including adjustment of the estimated annual effective tax rate, are recognized in the period of enactment. For year-to-date losses in interim periods, an entity is required currently to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. When an interim period loss exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this limitation and an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. We adopted this guidance on January 1, 2021, and it did not have a material impact to our financial condition, cash flows, or results of operations. Pronouncements to be effective in the future In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2022. We are currently evaluating the impact of this guidance on our financial condition and results of operations. |
Statements of Cash Flow
Statements of Cash Flow | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flow | Statements of Cash Flows Supplemental cash flow information for the years ended December 31, 2021, 2020, and 2019 is as follows: ($ in thousands) 2021 2020 2019 Cash paid during the period for: Interest $ 28,930 30,464 25,089 Federal income tax 100,000 47,000 55,825 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 7,935 9,498 8,138 Operating cash flows from financing leases 35 15 16 Financing cash flows from finance leases 1,768 550 977 Non-cash items: Corporate actions related to fixed income securities, AFS 1 56,365 55,446 61,369 Corporate actions related to fixed income securities, held-to-maturity ("HTM") 1 — 2,589 — Corporate actions related to equity securities 1 30,666 10,890 14,250 Conversion of AFS fixed income securities to equity securities 15,139 — — Assets acquired under finance lease arrangements 6,709 324 824 Assets acquired under operating lease arrangements 3,272 22,390 13,808 Non-cash purchase of property and equipment 472 590 89 1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock-splits. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows: ($ in thousands) December 31, 2021 December 31, 2020 Cash $ 455 394 Restricted cash 44,608 14,837 Total cash and restricted cash shown in the Statements of Cash Flows $ 45,063 15,231 Amounts included in restricted cash represent cash received from the National Flood Insurance Program ("NFIP"), which is restricted to pay flood claims under the Write Your Own Program. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments (a) Net unrealized gains on investments included in OCI by asset class were as follows for the years ended December 31, 2021, 2020, and 2019: ($ in thousands) 2021 2020 2019 AFS securities: Fixed income securities $ 228,947 386,380 215,634 Total AFS securities 228,947 386,380 215,634 HTM securities: Fixed income securities (4) 7 31 Total HTM securities (4) 7 31 Short-term securities 20 6 23 Total net unrealized gains 228,963 386,393 215,688 Deferred income tax (48,082) (81,142) (45,294) Net unrealized gains, net of deferred income tax 180,881 305,251 170,394 Increase (decrease) in net unrealized gains in OCI, net of deferred income tax $ (124,370) 134,857 168,505 (b) Information regarding our AFS securities as of December 31, 2021 and December 31, 2020 were as follows: December 31, 2021 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value AFS fixed income securities: U.S. government and government agencies $ 127,974 — 3,629 (1,145) 130,458 Foreign government 15,420 (46) 609 (123) 15,860 Obligations of states and political subdivisions 1,121,422 (137) 68,258 (235) 1,189,308 Corporate securities 2,478,348 (6,682) 106,890 (4,953) 2,573,603 CLO and other ABS 1,343,687 (939) 14,350 (6,284) 1,350,814 RMBS 756,280 (1,909) 24,813 (2,932) 776,252 CMBS 647,622 (11) 27,752 (1,682) 673,681 Total AFS fixed income securities $ 6,490,753 (9,724) 246,301 (17,354) 6,709,976 December 31, 2020 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value AFS fixed income securities: U.S. government and government agencies $ 110,038 — 6,239 (137) 116,140 Foreign government 16,801 (1) 1,569 (3) 18,366 Obligations of states and political subdivisions 1,159,588 (4) 87,564 (11) 1,247,137 Corporate securities 2,152,203 (2,782) 180,971 (2,340) 2,328,052 CLO and other ABS 1,014,820 (592) 20,166 (7,843) 1,026,551 RMBS 999,485 (561) 53,065 (201) 1,051,788 CMBS 620,582 (29) 48,348 (1,007) 667,894 Total AFS fixed income securities $ 6,073,517 $ (3,969) 397,922 (11,542) 6,455,928 The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the years indicated: 2021 Beginning Balance Current Provisions for Securities without Prior Allowance Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign Government $ 1 46 (1) — — 46 Obligations of states and political subdivisons 4 122 11 — — 137 Corporate Securities 2,782 5,785 (992) (723) (170) 6,682 CLO and other ABS 592 579 (211) (21) — 939 RMBS 561 1,593 (63) (182) — 1,909 CMBS 29 10 (28) — — 11 Total AFS fixed income securities $ 3,969 8,135 (1,284) (926) (170) 9,724 2020 Beginning Balance Current Provisions for Securities without Prior Allowance Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign Government $ — 19 — (18) — 1 Obligations of states and political subdivisons — 4 — — — 4 Corporate Securities — 3,645 — (781) (82) 2,782 CLO and other ABS — 722 — (113) (17) 592 RMBS — 623 — (62) — 561 CMBS — 29 — — — 29 Total AFS fixed income securities $ — 5,042 — (974) (99) 3,969 During 2021 or 2020, we did not have any write-offs or recoveries of our AFS fixed income securities and we did not purchase any assets with credit deterioration, so these items are not included in the tables above. As disclosed in Note 2. "Summary of Significant Accounting Policies," we do not evaluate accrued interest on our AFS securities for expected credit loss as we write-off these balances in a timely manner. Accrued interest on AFS securities was $46.3 million as of December 31, 2021, and $43.8 million as of December 31, 2020. We did not record any material write-offs of accrued interest during 2021 or 2020. (c) Quantitative information about unrealized losses on our AFS portfolio is provided below. December 31, 2021 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized AFS fixed income securities: U.S. government and government agencies $ 34,857 (746) 7,827 (399) 42,684 (1,145) Foreign government 2,000 (84) 1,061 (39) 3,061 (123) Obligations of states and political subdivisions 25,837 (235) — — 25,837 (235) Corporate securities 300,549 (4,903) 2,520 (50) 303,069 (4,953) CLO and other ABS 663,976 (4,934) 53,368 (1,350) 717,344 (6,284) RMBS 236,010 (2,931) 20 (1) 236,030 (2,932) CMBS 112,899 (1,016) 20,326 (666) 133,225 (1,682) Total AFS fixed income securities $ 1,376,128 (14,849) 85,122 (2,505) 1,461,250 (17,354) December 31, 2020 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized AFS fixed income securities: U.S. government and government agencies $ 11,519 (137) — — 11,519 (137) Foreign government 1,122 (3) — — 1,122 (3) Obligations of states and political subdivisions 2,223 (11) — — 2,223 (11) Corporate securities 65,187 (2,152) 2,400 (188) 67,587 (2,340) CLO and other ABS 261,746 (2,995) 165,661 (4,848) 427,407 (7,843) RMBS 18,227 (194) 1,181 (7) 19,408 (201) CMBS 55,482 (616) 16,093 (391) 71,575 (1,007) Total AFS fixed income securities $ 415,506 (6,108) 185,335 (5,434) 600,841 (11,542) We do not currently intend to sell any of the securities in the tables above, nor will we be required to sell any of these securities. The increase in gross unrealized losses during 2021 was driven by an increase in benchmark U.S. Treasury rates, partially offset by a tightening of credit spreads. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. “Summary of Significant Accounting Policies” of this Form 10-K, we have concluded that no allowance for credit loss is required on these balances. This conclusion reflects our current judgment about the financial position and future prospects of the entity that issued the investment security and underlying collateral. (d) Fixed income securities at December 31, 2021, by contractual maturity are shown below. Mortgage-backed securities are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Listed below are the contractual maturities of fixed income securities at December 31, 2021: AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 500,579 1,384 1,401 Due after one year through five years 3,182,282 11,811 12,493 Due after five years through 10 years 2,316,389 15,590 15,566 Due after 10 years 710,726 — — Total fixed income securities $ 6,709,976 28,785 29,460 (e) The following table summarizes our other investment portfolio by strategy: Other Investments December 31, 2021 December 31, 2020 ($ in thousands) Carrying Remaining Maximum Exposure to Loss 1 Carrying Remaining Maximum 1 Alternative Investments Private equity $ 273,070 99,734 372,804 157,276 100,905 258,181 Private credit 63,138 92,674 155,812 54,017 98,330 152,347 Real assets 23,524 22,579 46,103 19,659 16,493 36,152 Total alternative investments 359,732 214,987 574,719 230,952 215,728 446,680 Other securities 49,300 — 49,300 35,370 — 35,370 Total other investments $ 409,032 214,987 624,019 266,322 215,728 482,050 1 In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider this significant and therefore do not include in this table. We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2021 or 2020. The following is a description of our alternative investment strategies: Our private equity strategy includes the following: • Primary Private Equity : This strategy makes private equity investments, primarily in established large and middle market companies across diverse industries globally, with an emphasis on North America. • Secondary Private Equity : This strategy purchases seasoned private equity funds from investors desiring liquidity prior to normal fund termination. Investments are made across all sectors of the private equity market, including leveraged buyouts ("LBO"), venture capital, distressed securities, mezzanine financing, real estate, and infrastructure. • Venture Capital : In general, these investments are made principally by investing in equity securities of startup companies and small-to-medium sized privately-held corporations with strong long-term growth potential. This strategy makes private equity investments in seed stage, early stage, late stage, and growth equity partnerships. Our private credit strategy includes the following: • Direct Lending : This strategy provides privately negotiated loans to U.S. middle market companies. Typically, these are floating rate, senior secured loans diversified across industries. Loans are made to companies that may or may not have private equity sponsors to finance LBOs, recapitalizations, and acquisitions. • Mezzanine Financing : This strategy provides privately-negotiated fixed income securities, generally with an equity component, to LBO firms and private and publicly-traded large, mid, and small-cap companies to finance LBOs, recapitalizations, and acquisitions. • Opportunistic and Distressed Debt : This strategy makes investments in debt and equity securities of companies that are experiencing financial distress, operational issues, or dislocated pricing of publicly-traded securities. Investments include buying indebtedness of bankrupt or financially-troubled companies, small balance loan portfolios, special situations and capital structure arbitrage trades, commercial real estate mortgages, and similar non-U.S. securities and debt obligations. Our real assets strategy includes the following: • Infrastructure : This strategy invests in the equity or debt of cash flow generating assets, diversified across a variety of industries, including transportation, energy infrastructure, renewable power, such as wind and solar, social infrastructure, power generation, water, telecom, and other regulated entities principally located in North America and Western Europe. • Real Estate : This strategy invests in real estate in North America, Europe, and Asia via direct property ownership, joint ventures, mortgages, and investments in equity and debt instruments. Our alternative investment strategies may employ leverage and may use hedging to reduce foreign exchange or interest rate volatility. At this time, our alternative investment strategies do not include hedge funds. We typically cannot redeem our investments with the general partners of these investments; however, occasionally these partnership positions can be sold on the secondary market. Once liquidation is triggered by clauses within the limited partnership agreements or at the funds’ stated end date, we receive our final allocation of capital and any earned appreciation of the underlying investments, assuming we have not divested ourselves of our partnership interests prior to that time. We currently receive distributions from these alternative investments through the realization of the underlying investments of, or income generated by, the limited partnerships. The following tables show gross summarized financial information for our other investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is as of, and for the 12-month period ended, September 30: Balance Sheet Information December 31, ($ in millions) 2021 2020 Investments $ 107,347 55,145 Total assets 112,232 58,819 Total liabilities 12,371 6,744 Total partners’ capital 99,861 52,075 Income Statement Information 12 months ended September 30, ($ in millions) 2021 2020 2019 Net investment (loss) income $ 653 (26) (8) Realized gains 6,121 1,452 695 Net change in unrealized appreciation 26,877 4,898 5,543 Net income before tax $ 33,651 6,324 6,230 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income 117.7 26.5 17.9 (f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of December 31, 2021 or December 31, 2020. (g) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, certain securities were on deposit with various state and regulatory agencies at December 31, 2021 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral. The following table summarizes the market value of these securities at December 31, 2021: ($ in millions) FHLBI Collateral FHLBNY Collateral State and Regulatory Deposits Total U.S. government and government agencies $ — — 22.3 22.3 Obligations of states and political subdivisions — — 4.0 4.0 RMBS 62.4 40.4 — 102.8 CMBS 6.3 14.1 — 20.4 Total pledged as collateral $ 68.7 54.5 26.3 149.5 (h) The components of pre-tax net investment income earned were as follows: ($ in thousands) 2021 2020 2019 Fixed income securities $ 209,709 203,926 203,255 CMLs 2,743 844 — Equity securities 15,920 9,286 6,996 Short-term investments 260 1,821 6,653 Other investments 118,060 26,922 18,778 Investment expenses (20,103) (15,692) (13,139) Net investment income earned $ 326,589 227,107 222,543 (i) The following tables summarize net realized and unrealized investment gains and losses for the periods indicated: ($ in thousands) 2021 2020 2019 Gross gains on sales $ 15,284 18,893 31,910 Gross losses on sales (8,140) (9,745) (5,195) Net realized gains on disposals 7,144 9,148 26,715 Net unrealized gains (losses) on equity securities 17,881 7,939 (8,649) Net credit loss (expense) on fixed maturities, AFS (6,858) (5,042) Net credit loss (expense) benefit on fixed maturities, HTM (49) 4 Losses on securities for which we have the intent to sell (519) (16,266) Net other-than-temporary-impairment ("OTTI") losses recognized in earnings (3,644) Net realized and unrealized gains (losses) $ 17,599 (4,217) 14,422 Unrealized (losses) recognized in income on equity securities, as reflected in the table above, included the following: ($ in thousands) 2021 2020 2019 Unrealized gains (losses) recognized in income on equity securities: On securities remaining in our portfolio at end of period $ 16,473 7,936 1,219 On securities sold in period 1,408 3 (9,868) Total unrealized gains (losses) recognized in income on equity securities $ 17,881 7,939 (8,649) Proceeds from the sales of AFS fixed income securities were $502.9 million, $487.1 million, and $594.7 million in 2021, 2020, and 2019, respectively. Proceeds from the sales of equity securities were $99.2 million, $1.3 million, and $137.3 million in 2021, 2020, and 2019, respectively. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income (a) The components of comprehensive income, both gross and net of tax, for 2021, 2020, and 2019 were as follows: 2021 ($ in thousands) Gross Tax Net Net income $ 505,310 101,473 403,837 Components of OCI: Unrealized (losses) gains on investment securities : Unrealized holding losses during the year (151,391) (31,793) (119,598) Unrealized losses on securities with credit loss recognized in earnings (9,061) (1,902) (7,159) Amounts reclassified into net income: HTM securities (11) (2) (9) Net realized gains on disposals and losses on intent-to-sell AFS securities (3,825) (803) (3,022) Credit loss expense 6,858 1,440 5,418 Total unrealized losses on investment securities (157,430) (33,060) (124,370) Defined benefit pension and post-retirement plans: Net actuarial gain 21,636 4,543 17,093 Amounts reclassified into net income: Net actuarial loss 2,772 582 2,190 Total defined benefit pension and post-retirement plans 24,408 5,125 19,283 Other comprehensive loss (133,022) (27,935) (105,087) Comprehensive income $ 372,288 73,538 298,750 2020 ($ in thousands) Gross Tax Net Net income $ 302,988 56,633 246,355 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the year 168,487 35,383 133,104 Unrealized losses on securities with credit loss recognized in earnings (8,176) (1,717) (6,459) Amounts reclassified into net income: HTM securities (24) (5) (19) Net realized losses on disposals and losses on intent-to-sell AFS securities 5,376 1,129 4,247 Credit loss expense 5,042 1,058 3,984 Total unrealized gains on investment securities 170,705 35,848 134,857 Defined benefit pension and post-retirement plans: Net actuarial gain 1,515 318 1,197 Amounts reclassified into net income: Net actuarial loss 3,015 633 2,382 Total defined benefit pension and post-retirement plans 4,530 951 3,579 Other comprehensive income 175,235 36,799 138,436 Comprehensive income $ 478,223 93,432 384,791 2019 ($ in thousands) Gross Tax Net Net income $ 336,390 64,767 271,623 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the year 212,683 44,662 168,021 Amounts reclassified into net income: HTM securities (58) (12) (46) Realized losses on disposals and OTTI of AFS securities 671 141 530 Total unrealized gains on investment securities 213,296 44,791 168,505 Defined benefit pension and post-retirement plans: Net actuarial loss (13,795) (2,897) (10,898) Amounts reclassified into net income: Net actuarial loss 2,657 558 2,099 Total defined benefit pension and post-retirement plans (11,138) (2,339) (8,799) Other comprehensive income 202,158 42,452 159,706 Comprehensive income $ 538,548 107,219 431,329 (b) The balances of, and changes in, each component of AOCI (net of taxes) as of December 31, 2021 and 2020 were as follows: Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-retirement Plans ($ in thousands) Credit Loss Related 1 HTM Related All Other Investments Subtotal Total AOCI Balance, December 31, 2019 $ (71) 25 170,439 170,393 (88,643) 81,750 OCI before reclassifications (6,459) — 133,104 126,645 1,197 127,842 Amounts reclassified from AOCI 3,984 (19) 4,247 8,212 2,382 10,594 Net current period OCI (2,475) (19) 137,351 134,857 3,579 138,436 Balance, December 31, 2020 (2,546) 6 307,790 305,250 (85,064) 220,186 OCI before reclassifications (7,159) — (119,598) (126,757) 17,093 (109,664) Amounts reclassified from AOCI 5,418 (9) (3,022) 2,387 2,190 4,577 Net current period OCI (1,741) (9) (122,620) (124,370) 19,283 (105,087) Balance, December 31, 2021 $ (4,287) (3) 185,170 180,880 (65,781) 115,099 1 Represents change in unrealized loss on securities with credit loss recognized in earnings. The reclassifications out of AOCI are as follows: ($ in thousands) Year ended December 31, 2021 Year ended December 31, 2020 Affected Line Item in the Consolidated Statements of Income HTM related Unrealized gains on HTM disposals $ (14) (16) Net realized and unrealized investment gains (losses) Amortization of net unrealized gains on HTM securities 3 (8) Net investment income earned (11) (24) Income before federal income tax 2 5 Total federal income tax expense (9) (19) Net income Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities (3,825) 5,376 Net realized and unrealized investment gains (losses) (3,825) 5,376 Income before federal income tax 803 (1,129) Total federal income tax expense (3,022) 4,247 Net income Credit loss related Credit loss expense 6,858 5,042 Net realized and unrealized investment gains (losses) 6,858 5,042 Income before federal income tax (1,440) (1,058) Total federal income tax expense 5,418 3,984 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 638 647 Loss and loss expense incurred 2,134 2,368 Other insurance expenses Total defined benefit pension and post-retirement life 2,772 3,015 Income before federal income tax (582) (633) Total federal income tax expense 2,190 2,382 Net income Total reclassifications for the period $ 4,577 10,594 Net income |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and estimated fair values of our financial liabilities as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,917 63,719 49,914 66,148 6.70% Senior Notes 99,520 127,574 99,499 127,886 5.375% Senior Notes 294,330 395,652 294,241 383,669 1.61% Borrowings from FHLBNY — — 25,000 25,182 1.56% Borrowings from FHLBNY — — 25,000 25,198 3.03% Borrowings from FHLBI 60,000 64,126 60,000 67,513 Subtotal long-term debt 503,767 651,071 553,654 695,596 Unamortized debt issuance costs (3,167) (3,419) Finance lease obligations 5,450 508 Total long-term debt $ 506,050 $ 550,743 For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" of this Form 10-K. The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at December 31, 2021 and 2020: December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 130,458 60,615 69,843 — Foreign government 15,860 — 15,860 — Obligations of states and political subdivisions 1,189,308 — 1,181,563 7,745 Corporate securities 2,573,603 — 2,459,476 114,127 CLO and other ABS 1,350,814 — 1,225,905 124,909 RMBS 776,252 — 776,007 245 CMBS 673,681 — 669,425 4,256 Total AFS fixed income securities 6,709,976 60,615 6,398,079 251,282 Equity securities: Common stock 1 333,449 249,846 — — Preferred stock 2,088 2,088 — — Total equity securities 335,537 251,934 — — Short-term investments 447,863 442,723 5,140 — Total assets measured at fair value $ 7,493,376 755,272 6,403,219 251,282 December 31, 2020 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 116,140 40,960 75,180 — Foreign government 18,366 — 18,366 — Obligations of states and political subdivisions 1,247,137 — 1,244,243 2,894 Corporate securities 2,328,052 — 2,257,352 70,700 CLO and other ABS 1,026,551 — 970,176 56,375 RMBS 1,051,788 — 1,051,788 — CMBS 667,894 — 667,894 — Total AFS fixed income securities 6,455,928 40,960 6,284,999 129,969 Equity securities: Common stock 1 308,632 261,846 — — Preferred stock 1,735 1,735 — — Total equity securities 310,367 263,581 — — Short-term investments 409,852 405,400 4,452 — Total assets measured at fair value $ 7,176,147 709,941 6,289,451 129,969 1 Investments amounting to $83.6 million and $46.8 million at December 31, 2021 and December 31, 2020, respectively, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. The following tables provide a summary of the changes in the fair value of securities measured using Level 3 inputs and related quantitative information for the years indicated: 2021 ($ in thousands) Obligations of states and political subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Total Fair value, December 31, 2020 2,894 70,700 56,375 — — 129,969 Total net (losses) gains for the period included in: OCI (239) 1,636 (520) — (196) 681 Net realized and unrealized (losses) gains (11) (50) (214) — 5 (270) Net investment income earned — 27 16 — 19 62 Purchases — 64,813 76,731 249 98 141,891 Sales — — — — — — Issuances — — — — — — Settlements — (544) (5,161) (4) (52) (5,761) Transfers into Level 3 5,101 981 11,344 — 4,382 21,808 Transfers out of Level 3 — (23,436) (13,662) — — (37,098) Fair value, December 31, 2021 $ 7,745 114,127 $ 124,909 245 4,256 251,282 Change in unrealized (losses) gains for the period included in earnings for assets held at period end (11) (50) (214) — 5 (270) Change in unrealized (losses) gains for the period included in OCI for assets held at period end (239) 1,636 (520) — (196) 681 2020 ($ in thousands) Obligations of states and political subdivisions Corporate Securities CLO and Other ABS Total Fair value, December 31, 2019 $ — 17,051 17,034 34,085 Total net (losses) gains for the period included in: OCI 4 (785) 1,883 1,102 Net realized and unrealized gains (losses) — (1,046) (237) (1,283) Net investment income earned — 21 6 27 Purchases — 46,150 25,785 71,935 Sales — — — — Issuances — — — — Settlements — (283) (2,638) (2,921) Transfers into Level 3 2,890 9,592 31,520 44,002 Transfers out of Level 3 — — (16,978) (16,978) Fair value, December 31, 2020 $ 2,894 70,700 56,375 129,969 Change in unrealized gains (losses) for the period included in earnings for assets held at period end — (1,046) (237) (1,283) Change in unrealized gains (losses) for the period included in OCI for assets held at period end 4 (785) 1,883 1,102 The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurements of Level 3 assets at December 31, 2021 and 2020: December 31, 2021 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 54,135 Discounted Cash Flow Illiquidity Spread 0.3% - 3.0% (1.2)% CLO and other ABS 34,903 Discounted Cash Flow Illiquidity Spread 0.7%- 8.0% (2.1)% Total internal valuations 89,038 Other 1 162,244 Total Level 3 securities $ 251,282 December 31, 2020 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 15,907 Discounted Cash Flow Illiquidity Spread 1.8% - 1.8% (1.8)% CLO and other ABS 27,005 Discounted Cash Flow Illiquidity Spread 1.2% - 3.1% (1.8)% Total internal valuations 42,912 Other 1 87,057 Total Level 3 securities $ 129,969 1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency as to the inputs used to develop the valuations. The quantitative details of these unobservable inputs is neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement. The following tables provide quantitative information regarding our financial assets and liabilities that were not measured, but were disclosed at fair value at December 31, 2021 and 2020: December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets HTM: Obligations of states and political subdivisions $ 3,576 — 3,576 — Corporate securities 25,884 — 25,884 — Total HTM fixed income securities $ 29,460 — 29,460 — CMLs $ 97,598 — — 97,598 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 63,719 — 63,719 — 6.70% Senior Notes 127,574 — 127,574 — 5.375% Senior Notes 395,652 — 395,652 — 3.03% Borrowings from FHLBI 64,126 — 64,126 — Total long-term debt $ 651,071 — 651,071 — December 31, 2020 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets HTM: Obligations of states and political subdivisions $ 4,795 — 4,795 — Corporate securities 13,206 — 13,206 — Total HTM fixed income securities $ 18,001 — 18,001 — CML $ 47,289 — — 47,289 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 66,148 66,148 6.70% Senior Notes 127,886 127,886 5.375% Senior Notes 383,669 383,669 1.61% Borrowings from FHLBNY 25,182 — 25,182 — 1.56% Borrowings from FHLBNY 25,198 — 25,198 — 3.03% Borrowings from FHLBI 67,513 — 67,513 — Total long-term debt $ 695,596 — 695,596 — |
Allowance for Credit Losses on
Allowance for Credit Losses on Premiums Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Premium Receivable, Allowance for Credit Loss | Allowance for Credit Losses on Premiums Receivable The following table provides a roll forward of the ACL on our premiums receivable balance for 2021 and 2020: ($ in thousands) December 31, 2021 December 31, 2020 Balance at beginning of year $ 21,000 6,400 Cumulative effect adjustment 1 — 1,058 Balance at beginning of year, as adjusted $ 21,000 7,458 Current period change for expected credit losses 1,291 16,751 Write-offs charged against the allowance for credit losses (9,343) (3,754) Recoveries 652 545 ACL, end of year $ 13,600 21,000 1 Represents the impact of our adoption of ASU 2016-13, Financial Instruments - Credit Losses . |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance Our Financial Statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance entities have underwritten. Ceded reinsurance involves transferring certain insurance risks (along with the related written and earned premiums) that we have underwritten to other insurance companies that agree to share these risks. The primary purpose of ceded reinsurance is to protect the Insurance Subsidiaries from potential losses in excess of the amount that we are prepared to accept. Our major treaties covering property, property catastrophe, and casualty business are excess of loss contracts. In addition, we have an intercompany quota share (proportional) pooling arrangement and other minor reinsurance treaties. As a Standard Commercial Lines and E&S Lines writer, we are subject to the Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA"), which was extended by Congress to December 31, 2027. TRIPRA requires private insurers and the U. S. government to share the risk of loss on future acts of terrorism certified by the U.S. Secretary of the Treasury. Under TRIPRA, each participating insurer is responsible for paying a deductible of specified losses before federal assistance is available. This deductible is based on a percentage of the prior year’s applicable Standard Commercial Lines and E&S Lines premiums. In 2022, our deductible, before tax, is approximately $419 million. For losses above the deductible, the federal government will pay 80% of losses to an industry limit of $100 billion, and the insurer retains 20%. The Insurance Subsidiaries remain liable to policyholders to the extent that any reinsurer becomes unable to meet their contractual obligations. In addition to this direct counterparty credit risk, we have indirect counterparty credit risk as our reinsurers often enter into their own reinsurance programs, or retrocessions, as part of managing their exposure to large losses and improving their financial strength ratings. The credit quality of our reinsurers is also impacted by other factors, such as their reserve adequacy, investment portfolio, regulatory capital position, catastrophe aggregations, and risk management expertise. We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of December 31, 2021 and 2020: December 31, 2021 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 38,601 $ 9 $ 38,610 A+ 339,857 1,520 341,377 A 95,675 1,227 96,902 A- 3,209 145 3,354 B++ — — — B+ — — — Total rated reinsurers $ 477,342 $ 2,901 $ 480,243 Non-rated reinsurers Federal and state pools $ 116,378 $ — $ 116,378 Other than federal and state pools 4,597 450 5,047 Total non-rated reinsurers $ 120,975 $ 450 $ 121,425 Total reinsurance recoverable, gross $ 598,317 $ 3,351 $ 601,668 Less: ACL (1,600) Total reinsurance recoverable, net $ 600,068 December 31, 2020 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 37,464 $ 102 $ 37,566 A+ 354,846 2,452 357,298 A 105,652 415 106,067 A- 2,139 — 2,139 B++ 56 324 380 B+ — — — Total rated reinsurers $ 500,157 $ 3,293 $ 503,450 Non-rated reinsurers Federal and state pools $ 82,575 $ — $ 82,575 Other than federal and state pools 2,676 568 3,244 Total non-rated reinsurers $ 85,251 $ 568 $ 85,819 Total reinsurance recoverable, gross $ 585,408 $ 3,861 $ 589,269 Less: ACL (1,777) Total reinsurance recoverable, net $ 587,492 The following table provides a rollforward of the allowance for credit losses on our reinsurance recoverable balance for 2021 and 2020: ($ in thousands) December 31, 2021 December 31, 2020 Balance at beginning of year $ 1,777 $ 4,400 Cumulative effect adjustment — (2,903) Balance at beginning of year, as adjusted $ 1,777 $ 1,497 Current period change for expected credit losses (177) 280 Write-offs charged against the allowance for credit losses — — Recoveries — — ACL, end of year $ 1,600 $ 1,777 The following table represents our total reinsurance balances segregated by reinsurer to illustrate our concentration of risk throughout our reinsurance portfolio: As of December 31, 2021 As of December 31, 2020 ($ in thousands) Reinsurance Balances % of Reinsurance Balance Reinsurance Balances % of Reinsurance Balance Total reinsurance recoverables, net of allowance for credit losses $ 600,068 $ 587,492 Total prepaid reinsurance premiums 183,007 170,531 Total reinsurance balance 783,075 758,023 Federal and state pools 1 : NFIP 223,845 29 % 178,532 25 % New Jersey Unsatisfied Claim Judgment Fund 49,738 6 52,053 6 Other 2,385 — 1,625 — Total federal and state pools 275,968 35 232,210 31 Remaining reinsurance balance $ 507,107 65 $ 525,813 69 Munich Re Group (AM Best rated "A+") $ 108,381 14 $ 117,028 15 Hannover Ruckversicherungs AG (AM Best rated "A+") 107,110 14 115,251 15 AXIS Reinsurance Company (AM Best rated "A") 70,814 9 78,617 10 Swiss Re Group (AM Best rated "A+") 29,186 4 33,249 4 Transatlantic Reinsurance Company (AM Best rated “A+”) 26,490 3 24,374 3 All other reinsurers 166,726 21 159,071 21 Total reinsurers 508,707 65 % 527,590 69 % Less: ACL (1,600) (1,777) Reinsurers, net of ACL 507,107 525,813 Less: collateral 2 (128,699) (130,169) Reinsurers, net of collateral $ 378,408 $ 395,644 1 Considered to have minimal risk of default. 2 Includes letters of credit, trust funds, and funds held against reinsurance recoverables. Under our reinsurance arrangements, which are prospective in nature, reinsurance premiums ceded are recorded as prepaid reinsurance and amortized over the remaining contract period in proportion to the reinsurance protection provided, or recorded periodically, as per the terms of the contract, in a direct relationship to the gross premium recording. Reinsurance recoveries are recognized as gross losses are incurred. The following table contains a listing of direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred: ($ in thousands) 2021 2020 2019 Premiums written: Direct $ 3,656,537 3,204,512 3,084,451 Assumed 22,664 24,288 24,339 Ceded (489,488) (455,708) (429,366) Net $ 3,189,713 2,773,092 2,679,424 Premiums earned: Direct $ 3,472,715 3,108,687 2,993,157 Assumed 21,550 25,010 24,399 Ceded (477,012) (451,883) (420,385) Net $ 3,017,253 2,681,814 2,597,171 Loss and loss expense incurred: Direct $ 2,096,512 1,822,034 1,714,880 Assumed 13,813 17,201 22,879 Ceded (296,341) (203,412) (186,268) Net $ 1,813,984 1,635,823 1,551,491 Direct premiums written ("DPW") increased 14% in 2021 compared to 2020, and increased 4% in 2020 compared to 2019. The increase in our DPW growth rate was attributable to the following items (i) overall renewal pure price increases, (ii) strong retention, and (iii) new business growth. In addition, our strong growth in DPW in 2021 benefited from exposure growth driven by strong economic activity in the U.S., which resulted in our customers increasing their sales, payrolls, and exposure units, all of which favorably impacted our DPW. This increase included three percentage points from the $75 million return audit and endorsement premium accrual that was recorded in the first quarter of 2020 and a $19.7 million premium credit to our personal and commercial automobile policyholders in the second quarter of 2020. The return audit and endorsement premium accrual reflected lower exposure levels, which determine the premium we charge, attributable to the economic impacts of the COVID-19 pandemic and the anticipated decline in sales and payroll exposures on the general liability and workers compensation lines of business in 2020. The increase in direct premiums earned in 2021 compared to 2020 was elevated by the items discussed above for the DPW impacts. Ceded premiums written, ceded premiums earned, and ceded loss and loss expenses incurred related to our participation in the NFIP, to which we cede 100% of our NFIP flood premiums, losses, and loss expenses, were as follows: Ceded to NFIP ($ in thousands) 2021 2020 2019 Ceded premiums written $ (284,311) (274,042) (266,925) Ceded premiums earned (274,384) (271,598) (259,119) Ceded loss and loss expense incurred (215,224) (78,993) (71,676) |
Reserve for Loss and Loss Expen
Reserve for Loss and Loss Expense | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Loss and Loss Expense | Reserve for Loss and Loss Expense (a) The table below provides a roll forward of reserves for loss and loss expense for beginning and ending reserve balances: ($ in thousands) 2021 2020 2019 Gross reserves for loss and loss expense, at beginning of year $ 4,260,355 4,067,163 3,893,868 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year 1 554,269 547,066 537,388 Net reserves for loss and loss expense, at beginning of year 3,706,086 3,520,097 3,356,480 Incurred loss and loss expense for claims occurring in the: Current year 1,896,837 1,708,755 1,601,780 Prior years (82,853) (72,932) (50,289) Total incurred loss and loss expense 1,813,984 1,635,823 1,551,491 Paid loss and loss expense for claims occurring in the: Current year 676,331 642,586 579,527 Prior years 841,477 807,248 805,443 Total paid loss and loss expense 1,517,808 1,449,834 1,384,970 Net reserves for loss and loss expense, at end of year 4,002,262 3,706,086 3,523,001 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of year 578,641 554,269 544,162 Gross reserves for loss and loss expense at end of year $ 4,580,903 4,260,355 4,067,163 1 2020 includes an adjustment of $2.9 million related to our adoption of ASU 2016-13, Financial Instruments - Credit Losses. Our net loss and loss expense reserves increased by $296.2 million in 2021, $183.1 million in 2020, and $166.5 million in 2019. The loss and loss expense reserves are net of anticipated recoveries for salvage and subrogation claims, which amounted to $87.0 million for 2021, $80.9 million for 2020, and $76.7 million for 2019. The increase in net loss and loss expense reserves in 2021 was primarily driven by increases in exposure due to premium growth. This increase in our net loss and loss expense reserves was partially offset by favorable prior year loss reserve development. In 2021, we experienced overall net favorable prior year loss reserve development of $82.9 million, compared to $72.9 million in 2020 and $50.3 million in 2019. The following table summarizes the prior year reserve development by line of business: (Favorable)/Unfavorable Prior Year Development ($ in millions) 2021 2020 2019 General Liability $ (29.0) (35.0) (5.0) Commercial Automobile 13.3 7.1 0.7 Workers Compensation (58.0) (60.0) (68.0) Businessowners' Policies (0.4) 3.9 1.9 Commercial Property (2.6) 9.2 5.1 Homeowners 1.8 7.7 7.5 Personal Automobile (0.2) (1.8) 4.4 E&S Casualty Lines (7.0) — 2.0 E&S Property Lines (0.8) (4.0) 1.0 Other — — 0.1 Total $ (82.9) (72.9) (50.3) The Insurance Subsidiaries had $82.9 million of favorable prior accident year reserve development during 2021, which included $81.0 million of net favorable casualty reserve development and $1.9 million of favorable property reserve development. The net favorable casualty reserve development was largely driven by the workers compensation and general liability lines of business. Workers compensation was impacted by continued favorable medical trends in accident years 2019 and prior, and general liability development was attributable to lower loss severities in accident years 2018 and prior. In addition, our E&S casualty lines experienced favorable reserve development of $7.0 million in 2021. Partially offsetting this net favorable reserve development was $15.0 million of unfavorable casualty reserve development in the commercial auto line of business ($13.3 million net of property reserve development), driven by unfavorable reserve development on loss severities in accident years 2016 through 2019. The Insurance Subsidiaries had $72.9 million of favorable prior accident year reserve development during 2020, which included $85.0 million of net favorable casualty reserve development and $12.1 million of unfavorable property reserve development. The net favorable casualty reserve development was largely driven by the workers compensation and general liability lines of business. Workers compensation was impacted by continued favorable medical trends in accident years 2018 and prior, and general liability development was attributable to lower loss severities in accident years 2017 and prior. Partially offsetting this net favorable reserve development was $10.0 million of unfavorable casualty reserve development in the commercial auto line of business ($7.1 million net of property reserve development), driven by unfavorable reserve development on loss severities in accident years 2016 through 2019, and higher than expected frequencies in accident year 2019. The Insurance Subsidiaries had $50.3 million of favorable prior accident year reserve development during 2019, which included $61.0 million of net favorable casualty reserve development and $10.7 million of unfavorable property reserve development. The net favorable casualty reserve development was largely driven by the workers compensation line of business, reflecting continued favorable medical trends in accident years 2017 and prior. (b) We have exposure to abuse or molestation claims within our general liability line of business, primarily through insurance policies that we issue to schools, religious institutions, daycares, and other social services. We also have exposure to abuse or molestation claims from recently enacted state laws that extend the statute of limitations or permit windows to be opened for abuse or molestation claims and lawsuits that were previously barred by statutes of limitations. The emergence of these claims is slow and highly unpredictable. There are significant uncertainties in estimating our exposure to abuse or molestation claims (for both case and IBNR reserves) resulting from (i) lack of relevant historical data, (ii) the delayed and inconsistent reporting patterns associated with these claims, (iii) the obligation of an insurer to defend a claim, (iv) the extent to which a party can prove the existence of coverage, and (v) uncertainty as to the number and identity of claimants. It is possible, as a result, that we may receive claims decades after the allegations occurred from coverages provided by us, including predecessor companies, that will require complex claims coverage determinations, potential litigation, and the need to collect from reinsurers under older reinsurance agreements. (c) Reserves established for liability insurance include exposure to asbestos and environmental claims. These claims have arisen primarily from insured exposures in municipal government, small non-manufacturing commercial risk, and homeowners policies. The emergence of these claims is slow and highly unpredictable. There are significant uncertainties in estimating our exposure to asbestos and environmental claims (for both case and IBNR reserves) resulting from (i) lack of relevant historical data, (ii) the delayed and inconsistent reporting patterns associated with these claims, and (iii) uncertainty as to the number and identity of claimants and complex legal and coverage issues. Legal issues that arise in asbestos and environmental cases include federal or state venue, choice of law, causation, admissibility of evidence, allocation of damages and contribution among joint defendants, successor and predecessor liability, and whether direct action against insurers can be maintained. Coverage issues that arise in asbestos and environmental cases include the interpretation and application of policy exclusions, the determination and calculation of policy limits, the determination of the ultimate amount of a loss, the extent to which a loss is covered by a policy, if at all, the obligation of an insurer to defend a claim, and the extent to which a party can prove the existence of coverage. Courts have reached different and sometimes inconsistent conclusions on these legal and coverage issues. Traditional accident year loss development methods cannot be applied because past loss history is not necessarily indicative of future behavior. Instead, we review the experience by calendar year and rely on alternative metrics, such as paid and incurred survival ratios. As a result, reserves for asbestos and environmental require a high degree of judgment. Because of the significant uncertainty in the estimate, we do not calculate an asbestos and environmental loss range. The following table details our loss and loss expense reserves for various asbestos and environmental claims showing gross and net of reinsurance: 2021 ($ in millions) Gross Net Asbestos $ 6.1 4.9 Landfill sites 12.1 7.6 Underground storage tanks 9.6 8.6 Total $ 27.8 21.1 Historically, our asbestos and environmental claims have been significantly lower in volume than many other Standard Commercial Lines carriers since, prior to the introduction of the absolute pollution exclusion endorsement in the mid-1980’s, we primarily wrote Standard Personal Lines, and therefore, our exposure to asbestos and environmental claims has been limited. The following table provides a roll forward of asbestos and environmental incurred loss and loss expense and related reserves thereon showing gross and net of reinsurance: 2021 2020 2019 ($ in thousands) Gross Net Gross Net Gross Net Asbestos Reserves for loss and loss expense at beginning of year $ 6,254 5,023 6,288 5,057 7,328 6,097 Incurred loss and loss expense 51 51 320 320 (375) (375) Less: loss and loss expense paid (190) (190) (354) (354) (665) (665) Reserves for loss and loss expense at the end of year $ 6,115 4,884 6,254 5,023 6,288 5,057 Environmental Reserves for loss and loss expense at beginning of year $ 22,276 16,398 22,413 16,532 22,692 16,686 Incurred loss and loss expense (613) (14) (447) (474) 723 609 Less: loss and loss expense paid (5) (193) 310 340 (1,002) (763) Reserves for loss and loss expense at the end of year $ 21,658 16,191 22,276 16,398 22,413 16,532 Total Asbestos and Environmental Claims Reserves for loss and loss expense at beginning of year $ 28,530 21,421 28,701 21,589 30,020 22,783 Incurred loss and loss expense (562) 37 (127) (154) 348 234 Less: loss and loss expense paid (195) (383) (44) (14) (1,667) (1,428) Reserves for loss and loss expense at the end of year $ 27,773 21,075 28,530 21,421 28,701 21,589 (d) The following is information about incurred and paid claims development as of December 31, 2021, net of reinsurance, as well as cumulative claim frequency and the associated IBNR liabilities. During the experience period we implemented a series of underwriting and claims-related initiatives, including claims management changes. These initiatives focused on general underwriting and claims improvements occurring naturally through our portfolio and may impact some relationships in the tables below. As a result, several historical patterns have changed and may no longer be appropriate to use as the sole basis for projections. All Lines (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 1,065,437 1,071,290 1,020,655 998,028 973,089 973,644 973,411 968,536 962,091 962,678 36,108 104,515 2013 1,044,142 1,062,045 1,047,230 1,021,007 1,002,316 987,763 984,858 973,739 957,958 40,736 91,756 2014 1,107,513 1,133,798 1,146,990 1,124,014 1,104,218 1,100,208 1,089,529 1,094,367 48,550 95,610 2015 1,114,081 1,130,513 1,144,830 1,138,313 1,119,441 1,108,860 1,103,592 56,165 94,874 2016 1,188,608 1,203,634 1,227,142 1,199,734 1,180,829 1,171,273 90,598 95,559 2017 1,270,110 1,313,372 1,313,585 1,288,526 1,268,941 122,313 99,424 2018 1,413,800 1,461,603 1,457,415 1,441,303 222,464 106,569 2019 1,483,945 1,523,041 1,526,566 383,970 103,271 2020 1,591,972 1,587,607 562,065 93,515 2021 1,784,661 932,590 89,801 Total 12,898,946 All Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 378,067 555,819 651,544 743,742 810,135 856,195 879,372 898,269 905,816 913,478 2013 335,956 518,872 644,475 748,758 833,823 872,331 891,841 904,825 911,657 2014 405,898 614,075 736,154 855,959 936,425 981,868 1,002,157 1,020,961 2015 376,641 581,203 725,385 845,868 929,222 967,857 1,000,509 2016 387,272 617,958 764,331 892,390 983,852 1,025,264 2017 433,440 678,453 829,134 954,792 1,050,258 2018 511,271 779,466 942,893 1,083,556 2019 510,091 781,462 949,996 2020 572,302 831,976 2021 609,889 Total 9,397,544 All outstanding liabilities before 2012, net of reinsurance 372,496 Liabilities for loss and loss expenses, net of reinsurance 3,873,898 General Liability (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 238,979 245,561 215,083 194,144 175,305 175,268 180,659 182,085 178,285 179,197 12,796 10,052 2013 250,609 251,421 239,776 225,709 210,785 203,831 202,697 195,697 192,782 15,661 10,433 2014 244,312 249,946 257,132 239,333 234,082 237,125 229,679 230,247 21,413 10,677 2015 254,720 245,710 246,990 233,249 219,204 214,176 211,768 25,873 10,532 2016 277,214 272,048 277,986 263,245 252,733 246,643 41,647 10,763 2017 293,747 293,128 301,384 289,883 278,607 67,475 11,219 2018 317,934 336,326 345,224 332,013 126,438 11,641 2019 347,150 356,363 358,301 196,836 11,264 2020 361,554 360,302 252,458 9,076 2021 422,748 356,223 8,260 Total 2,812,608 General Liability (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 13,030 35,241 56,580 89,008 109,448 130,866 144,451 156,186 158,397 162,516 2013 12,789 35,113 72,127 104,587 139,114 153,628 163,764 169,847 172,983 2014 14,901 46,825 79,972 121,969 154,957 179,192 187,352 198,772 2015 14,665 39,978 78,668 116,804 144,216 157,071 173,697 2016 15,684 46,549 89,431 133,757 164,136 181,770 2017 17,366 49,470 92,355 131,980 167,002 2018 19,531 60,784 108,421 155,538 2019 18,097 58,284 100,206 2020 21,858 58,699 2021 28,069 Total 1,399,252 All outstanding liabilities before 2012, net of reinsurance 102,433 Liabilities for loss and loss expenses, net of reinsurance 1,515,789 Workers Compensation (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 203,864 208,036 199,360 195,197 188,596 187,359 183,314 178,774 177,658 177,706 20,697 11,628 2013 199,794 194,318 187,658 173,160 166,662 162,787 159,767 157,645 153,436 20,638 11,384 2014 199,346 187,065 182,579 172,515 164,420 160,646 159,604 161,021 21,285 10,495 2015 193,729 194,639 183,604 179,642 176,242 172,572 170,577 20,748 10,554 2016 196,774 184,946 176,248 166,009 156,540 155,210 24,850 10,585 2017 195,202 184,306 175,853 162,672 154,159 25,096 10,809 2018 193,894 193,818 181,151 173,428 34,218 11,129 2019 188,625 188,596 174,912 44,549 10,307 2020 168,643 168,594 61,878 7,495 2021 185,198 111,451 8,089 Total 1,674,241 Workers Compensation (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 40,911 86,909 108,211 122,755 132,052 139,477 143,281 146,739 148,750 151,273 2013 36,829 74,568 96,376 109,739 118,669 124,130 126,822 129,224 130,467 2014 35,924 78,944 100,876 113,626 119,392 124,077 127,858 130,726 2015 33,857 77,320 98,195 112,601 120,097 124,046 129,019 2016 34,525 78,531 98,037 109,166 115,159 119,800 2017 40,375 82,216 100,645 110,645 116,426 2018 41,122 84,780 105,903 119,904 2019 37,826 77,878 100,812 2020 29,559 68,277 2021 32,918 Total 1,099,622 All outstanding liabilities before 2012, net of reinsurance 241,987 Liabilities for loss and loss expenses, net of reinsurance 816,606 Commercial Automobile (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 179,551 191,947 183,527 184,289 184,367 186,128 184,633 185,357 184,477 184,411 467 24,431 2013 188,289 205,282 209,197 207,994 210,410 207,975 209,602 208,040 207,554 595 26,053 2014 200,534 212,725 216,824 219,925 218,172 217,334 216,461 214,992 875 28,079 2015 220,994 240,958 253,074 259,495 260,565 261,386 262,054 1,826 29,837 2016 255,187 274,367 285,302 285,304 290,359 291,674 3,226 31,754 2017 301,274 329,389 324,291 322,197 326,461 10,110 33,066 2018 347,908 352,487 345,547 350,310 23,671 35,714 2019 385,212 398,346 404,854 63,122 36,079 2020 381,654 381,163 121,558 30,095 2021 483,831 232,070 34,461 Total 3,107,304 Commercial Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 73,316 105,371 127,235 148,669 168,114 176,656 179,501 181,353 183,098 183,365 2013 76,469 109,893 140,015 169,850 189,626 200,750 202,622 205,064 206,162 2014 80,810 117,169 148,884 180,701 202,821 209,655 212,481 213,689 2015 91,347 132,260 175,866 211,515 238,142 249,905 255,600 2016 106,022 155,720 200,701 233,939 264,858 277,242 2017 117,287 178,823 220,422 262,349 296,600 2018 134,867 193,788 243,713 291,725 2019 149,538 221,590 283,410 2020 139,016 198,034 2021 187,200 Total 2,393,027 All outstanding liabilities before 2012, net of reinsurance 3,427 Liabilities for loss and loss expenses, net of reinsurance 717,704 Businessowners' Policies (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 54,342 48,029 46,303 44,172 44,077 43,747 43,418 43,717 43,444 43,534 198 5,545 2013 49,617 42,618 41,005 40,624 41,369 39,709 39,699 39,358 38,930 120 3,483 2014 55,962 60,949 62,548 59,806 58,517 58,093 57,302 57,483 746 4,067 2015 52,871 53,768 57,245 55,925 54,454 52,325 52,200 801 3,967 2016 52,335 53,792 54,993 53,835 53,367 53,147 1,010 3,851 2017 46,624 48,698 51,524 48,067 43,606 2,642 3,892 2018 55,024 57,202 62,427 60,393 7,655 4,256 2019 53,531 59,466 64,667 11,556 3,616 2020 71,836 73,680 11,225 5,364 2021 66,312 21,947 3,078 Total 553,952 Businessowners' Policies (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 22,199 31,833 35,089 37,215 38,766 40,627 41,326 41,356 42,075 42,061 2013 17,412 26,592 30,845 34,760 37,993 38,464 39,085 39,212 39,440 2014 28,914 40,584 44,911 49,460 52,940 55,458 55,708 55,729 2015 24,189 36,014 42,710 46,571 49,073 49,839 50,005 2016 24,655 36,848 39,973 45,308 48,786 50,536 2017 21,865 31,337 36,950 40,359 39,940 2018 29,995 39,791 44,316 48,144 2019 27,718 41,587 46,113 2020 43,376 57,210 2021 34,412 Total 463,590 All outstanding liabilities before 2012, net of reinsurance 9,139 Liabilities for loss and loss expenses, net of reinsurance 99,501 Commercial Property (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 118,464 114,224 115,375 116,658 117,102 117,170 117,225 117,220 117,200 117,277 4 8,519 2013 88,101 90,639 90,103 90,005 90,436 90,278 90,218 90,486 90,461 3 5,715 2014 141,192 136,249 136,820 138,751 138,155 136,212 136,237 136,151 10 6,517 2015 110,270 109,513 111,750 111,566 112,496 112,582 112,937 12 6,407 2016 121,927 126,185 125,937 124,487 123,567 123,005 23 6,743 2017 138,773 149,106 149,044 153,664 154,119 54 6,904 2018 183,177 190,834 192,558 194,016 98 8,289 2019 173,826 177,075 179,574 530 7,300 2020 232,060 225,278 4,314 10,116 2021 246,319 36,186 7,153 Total 1,579,137 Commercial Property (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 81,528 108,834 111,503 114,699 116,291 116,625 116,671 116,674 116,673 116,755 2013 60,244 87,874 90,446 90,350 90,840 90,696 90,646 90,917 90,891 2014 101,131 132,909 136,634 137,883 137,418 136,008 135,928 136,141 2015 79,048 106,182 109,829 110,994 110,969 112,117 112,410 2016 83,966 118,789 122,930 123,828 123,601 122,909 2017 99,047 142,338 148,589 152,018 153,750 2018 135,416 184,813 192,698 193,487 2019 130,891 172,768 177,825 2020 164,613 215,107 2021 161,757 Total 1,481,032 All outstanding liabilities before 2012, net of reinsurance 99 Liabilities for loss and loss expenses, net of reinsurance 98,204 Personal Automobile (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 113,771 114,921 109,832 109,324 110,294 110,300 109,795 109,701 109,634 109,546 5 22,333 2013 108,417 109,620 106,225 106,703 107,759 107,680 107,916 107,803 107,754 72 22,376 2014 102,250 109,325 106,757 107,452 106,821 107,104 107,106 107,566 79 22,509 2015 96,387 99,698 100,214 99,570 98,718 98,588 98,596 109 20,865 2016 92,727 98,032 100,202 101,140 99,544 99,858 357 19,826 2017 101,880 105,139 103,653 103,260 103,557 447 20,744 2018 111,594 113,569 112,030 112,418 2,100 22,682 2019 114,043 115,688 115,993 5,649 22,845 2020 95,625 94,532 17,790 17,501 2021 108,244 28,461 18,931 Total 1,058,064 Personal Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 63,704 82,729 94,842 102,977 107,890 109,355 109,447 109,482 109,554 109,539 2013 61,384 80,861 92,637 100,528 105,131 106,679 106,876 107,419 107,423 2014 62,519 83,739 92,589 99,173 104,055 105,709 106,478 107,108 2015 58,725 76,470 87,163 92,102 95,997 97,275 97,761 2016 57,961 76,823 86,752 94,372 98,080 98,977 2017 62,854 82,730 91,479 97,628 100,521 2018 69,721 89,628 99,982 107,026 2019 69,699 92,162 102,930 2020 53,407 68,691 2021 65,325 Total 965,301 All outstanding liabilities before 2012, net of reinsurance 5,713 Liabilities for loss and loss expenses, net of reinsurance 98,476 Homeowners (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 87,260 82,744 86,560 86,667 86,271 86,330 86,483 86,567 86,519 86,533 35 16,944 2013 73,670 72,528 71,494 72,145 71,714 72,148 72,318 71,948 71,955 38 7,750 2014 80,111 82,461 83,637 83,844 83,539 83,824 83,525 83,830 32 8,775 2015 76,637 76,400 76,559 74,723 74,978 74,673 74,682 478 7,750 2016 60,105 60,931 62,391 61,723 61,735 60,855 465 6,895 2017 59,167 67,978 70,365 70,064 68,938 570 7,386 2018 62,961 68,526 69,832 68,931 1,289 7,607 2019 64,306 72,772 73,816 3,027 7,001 2020 109,033 112,523 4,829 9,791 2021 82,425 15,963 6,298 Total 784,488 Homeowners (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 69,056 79,584 82,720 84,250 85,196 85,562 85,642 85,897 85,899 85,918 2013 50,664 65,528 67,838 69,775 71,776 72,197 72,433 72,446 72,447 2014 61,561 76,007 79,751 81,664 82,583 82,836 82,831 83,321 2015 52,589 70,078 72,202 72,927 74,079 74,052 74,096 2016 42,252 57,333 59,546 60,082 61,187 60,449 2017 45,466 63,290 67,193 67,767 68,078 2018 49,430 64,137 65,348 66,634 2019 49,680 67,631 69,911 2020 83,838 105,690 2021 59,054 Total 745,598 All outstanding liabilities before 2012, net of reinsurance 5,438 Liabilities for loss and loss expenses, net of reinsurance 44,328 E&S Casualty Lines (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 42,367 $ 42,621 43,175 46,149 46,165 45,988 46,444 44,622 44,348 44,083 1,911 2,064 2013 55,468 60,309 67,099 69,112 67,647 68,972 68,451 68,029 60,349 3,637 2,310 2014 55,316 63,505 69,929 71,719 71,206 71,153 70,846 74,270 4,115 2,131 2015 75,498 76,432 82,404 90,488 90,355 90,126 87,662 6,293 2,875 2016 94,451 96,416 104,655 105,120 104,730 102,476 19,208 2,968 2017 91,438 95,783 99,866 99,395 99,960 16,217 2,797 2018 98,324 103,004 103,184 104,983 25,673 2,762 2019 117,087 118,298 117,736 56,323 2,553 2020 103,872 103,137 71,650 1,595 2021 128,099 111,132 1,223 Total 922,755 E&S Casualty Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 3,722 $ 7,914 16,430 25,064 32,343 36,278 38,298 39,832 40,615 41,299 2013 2,715 9,470 21,980 35,200 46,108 51,142 54,974 55,988 57,152 2014 2,353 12,234 25,571 43,877 53,780 60,092 64,698 66,661 2015 3,036 13,057 29,389 50,712 64,529 71,421 75,844 2016 3,720 16,195 33,950 56,581 69,448 75,004 2017 5,057 14,672 34,179 53,238 68,266 2018 5,509 21,337 39,174 57,962 2019 4,422 17,812 35,844 2020 3,695 13,064 2021 4,326 Total 495,422 All outstanding liabilities before 2012, net of reinsurance 2,843 Liabilities for loss and loss expenses, net of reinsurance 430,176 (e) The reconciliation of the net incurred and paid claims development tables to the liability for loss and loss expenses in the consolidated statement of financial position is as follows: (in thousands) December 31, 2021 Net outstanding liabilities: Standard Commercial Lines General liability $ 1,515,789 Workers compensation 816,606 Commercial automobile 717,704 Businessowners' policies 99,501 Commercial property 98,204 Other Standard Commercial Lines 22,866 Total Standard Commercial Lines net outstanding liabilities 3,270,670 Standard Personal Lines Personal automobile 98,476 Homeowners 44,328 Other Standard Personal Lines 12,261 Total Standard Personal Lines net outstanding liabilities 155,065 E&S Lines Casualty lines 430,176 Property lines 17,987 Total E&S Lines net outstanding liabilities 448,163 Total liabilities for unpaid loss and loss expenses, net of reinsurance 3,873,898 Reinsurance recoverable on unpaid claims: Standard Commercial Lines General liability 213,253 Workers compensation 196,670 Commercial automobile 15,480 Businessowners' policies 6,828 Commercial property 22,277 Other Standard Commercial Lines 2,136 Total Standard Commercial Lines reinsurance recoverable on unpaid loss 456,644 Standard Personal Lines Personal automobile 40,941 Homeowners 2,392 Other Standard Personal Lines 64,975 Total Standard Personal Lines reinsurance recoverable on unpaid loss 108,308 E&S Lines Casualty lines 11,672 Property lines 2,017 Total E&S Lines reinsurance recoverable on unpaid loss 13,689 Total reinsurance recoverable on unpaid loss 578,641 Unallocated loss expenses 128,364 Total gross liability for unpaid loss and loss expenses $ 4,580,903 (f) The table below reflects the historical average annual percentage payout of incurred claims by age. For example, the general liability line of business averages payout of 6.4% of its ultimate losses in the first year, 11.9% in the second year, and so forth. The following is supplementary information about average historical claims duration as of December 31, 2021: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 General liability 6.4% 11.9 15.6 17.6 14.4 9.8 6.6 5.0 1.9 1.6 Workers compensation 21.8 25.9 13.6 8.4 4.5 2.9 2.3 3.1 1.7 0.8 Commercial automobile 37.2 16.7 14.7 13.0 10.0 4.5 1.7 1.0 0.5 0.1 Businessowners’ policies 49.2 20.8 8.0 8.7 5.9 3.1 1.2 0.1 0.1 0.1 Commercial property 69.4 25.8 3.1 1.0 0.4 — — — — — Personal automobile 59.0 18.1 10.3 6.4 3.7 1.4 0.3 0.4 0.1 0.1 Homeowners 71.5 21.0 3.4 1.8 1.6 0.1 0.2 0.2 0.2 — E&S Lines - casualty 3.8 11.2 16.7 19.0 14.8 7.9 5.7 3.5 3.0 2.0 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The table below provides a summary of our outstanding debt at December 31, 2021 and 2020: Outstanding Debt 2021 Carry Value Issuance Date Maturity Date Interest Rate Original Amount Unamortized Issuance Costs Debt Discount December 31, 2021 December 31, 2020 ($ in thousands) Description Long term (1) Senior Notes 3/1/2019 3/1/2049 5.375 % 300,000 $ 2,733 5,670 291,597 291,307 (2) FHLBI 12/16/2016 12/16/2026 3.03 % 60,000 — — 60,000 60,000 (3) FHLBNY 8/15/2016 8/16/2021 1.56 % 25,000 — — — 25,000 (3) FHLBNY 7/21/2016 7/21/2021 1.61 % 25,000 — — — 25,000 (4) Senior Notes 11/3/2005 11/1/2035 6.70 % 100,000 287 480 99,233 99,180 (5) Senior Notes 11/16/2004 11/15/2034 7.25 % 50,000 147 83 49,770 49,748 Finance lease obligations 5,450 508 Total long-term debt $ 3,167 6,233 506,050 550,743 On December 20, 2019, the Parent entered into a Credit Agreement (the “Line of Credit”) among the Parent, the lenders named therein (the “Lenders”), and Bank of Montreal, Chicago Branch, as Administrative Agent. Under the Line of Credit, the Lenders have agreed to provide the Parent with a $50 million revolving credit facility, which can be increased to $125 million with the consent of the Lenders. The Line of Credit will mature on December 20, 2022 and has an interest rate, which varies and is based on, among other factors, the Parent’s debt ratings. Our Line of Credit contains representations, warranties, and covenants that are customary for credit facilities of this type, including, without limitation, financial covenants under which we are obligated to maintain a minimum consolidated net worth, a maximum ratio of consolidated debt to total capitalization, and covenants limiting our ability to: (i) merge or liquidate; (ii) incur debt or liens; (iii) dispose of assets; (iv) make investments and acquisitions; and (v) engage in transactions with affiliates. The table below outlines information regarding certain covenants in the Line of Credit: Required as of Actual as of December 31, 2021 December 31, 2021 Consolidated net worth 1 Not less than $1.8 billion $2.9 billion Debt to total capitalization ratio 1 Not to exceed 35% 15.0% 1 Calculated in accordance with the Line of Credit. In addition to the above requirements, the Line of Credit contains a cross-default provision that provides that the Line of Credit will be in default if we fail to comply with any condition, covenant, or agreement (including payment of principal and interest when due on any debt with an aggregate principal amount of at least $20 million), which causes or permits the acceleration of principal. Additionally, the Line of Credit limits borrowings from the FHLBI and the FHLBNY to 10% of the respective member company's admitted assets for the previous year. Long-term Debt Activity (1) In the first quarter of 2019, we issued $300 million of 5.375% Senior Notes due 2049 at a discount of $5.9 million which, when coupled with debt issuance costs of approximately $3.3 million, resulted in net proceeds from the offering of $290.8 million. The 5.375% Senior Notes pay interest on March 1 and September 1 of each year. The first payment was made on September 1, 2019. A portion of the proceeds from this debt issuance was used to fully redeem the $185 million aggregate principal amount of our 5.875% Senior Notes due 2043, with the remaining $106 million being used for general corporate purposes. The 5.875% Senior Notes had pre-tax debt retirement costs of $4.2 million, or $3.3 million after tax, which was recorded in Interest expense on the Consolidated Statements of Income in the first quarter of 2019. There are no financial debt covenants to which we are required to comply in regards to the 5.375% Senior Notes. (2) In the first quarter of 2009, SICSC and SICSE, which are collectively referred to as the "Indiana Subsidiaries" as they are domiciled in Indiana, joined, and invested in, the FHLBI, which provides them with access to additional liquidity. The Indiana Subsidiaries’ aggregate investment in the FHLBI was $5.7 million at December 31, 2021 and December 31, 2020. Our investment provides us the ability to borrow approximately 20 times the total amount of the FHLBI common stock purchased with additional collateral, at comparatively low borrowing rates. The proceeds from the FHLBI borrowing on December 16, 2016 of $60 million were used to repay a $45 million borrowing from the FHLBI that was outstanding at the time, with the remaining $15 million used for general corporate purposes. All borrowings from the FHLBI require security. There are no financial debt covenants to which we are required to comply with in regards to these borrowings. For information on investments that are pledged as collateral for these borrowings, see Note 5. "Investments" above. (3) In the fourth quarter of 2015, SICA and Selective Insurance Company of New York ("SICNY") joined, and invested in, the FHLBNY, which provides them with access to additional liquidity. The aggregate investment for both subsidiaries was $0.8 million at December 31, 2021 and $3.1 million at December 31, 2020. Our investment provides us the ability to borrow approximately 20 times the total amount of the FHLBNY common stock purchased with additional collateral, at comparatively low borrowing rates. In 2016, SICA borrowed the following amounts from the FHLBNY: (i) $25 million in August 2016 at an interest rate of 1.56%, which was repaid on August 16, 2021; and (ii) $25 million in July 2016 at an interest rate of 1.61%, which was repaid on July 21, 2021. (4) In November 2005, we issued $100 million of 6.70% Senior Notes due 2035. These notes were issued at a discount of $0.7 million resulting in an effective yield of 6.754%. Net proceeds of approximately $50 million were used to fund an irrevocable trust that subsequently funded certain payment obligations in respect of our outstanding debt. The remainder of the proceeds was used for general corporate purposes. The agreements covering these notes contain a standard default cross-acceleration provision that provides the 6.70% Senior Notes will enter a state of default upon the failure to pay principal when due or upon any event or condition that results in an acceleration of principal of any other debt instrument in excess of $10 million that we have outstanding concurrently with the 6.70% Senior Notes. There are no financial debt covenants to which we are required to comply in regards to these notes. (5) In November 2004, we issued $50 million of 7.25% Senior Notes due 2034. These notes were issued at a discount of $0.1 million, resulting in an effective yield of 7.27%. We contributed $25 million of the bond proceeds to the Insurance Subsidiaries as capital. The remainder of the proceeds was used for general corporate purposes. The agreements covering these notes contain a standard default cross-acceleration provision that provides the 7.25% Senior Notes will enter a state of default upon the failure to pay principal when due or upon any event or condition that results in an acceleration of principal of any other debt instrument in excess of $10 million that we have outstanding concurrently with the 7.25% Senior Notes. There are no financial debt covenants to which we are required to comply in regards to these notes. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We evaluate the results of our four reportable segments as follows: • Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated based on before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholders dividends, policy acquisition costs, and other underwriting expenses), return on equity ("ROE") contribution, and combined ratios. • Our Investments segment is primarily evaluated after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses, which are not included in non-GAAP operating income, are also included in our Investment segment results. In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets. Our combined insurance operations are subject to certain geographic concentrations, particularly in the Eastern region of the country. In 2021, approximately 18% of NPW were related to insurance policies written in New Jersey. We also had a goodwill balance of $7.8 million at both December 31, 2021 and 2020 on our Consolidated Balance Sheet that relates to our Standard Commercial Lines reporting unit. The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments: Revenue by Segment Years ended December 31, ($ in thousands) 2021 2020 2019 Standard Commercial Lines: Net premiums earned: Commercial property $ 436,412 388,120 353,834 Workers compensation 306,428 278,062 311,370 General liability 807,158 694,019 669,895 Commercial automobile 724,398 615,181 554,256 Businessowners’ policies 110,622 110,210 105,252 Bonds 35,762 36,742 35,726 Other 23,105 20,850 19,281 Miscellaneous income 16,056 15,512 10,889 Total Standard Commercial Lines revenue 2,459,941 2,158,696 2,060,503 Standard Personal Lines: Net premiums earned: Personal automobile 163,007 165,020 172,606 Homeowners 122,526 125,405 127,543 Other 8,026 8,715 7,590 Miscellaneous income 1,667 2,058 1,466 Total Standard Personal Lines revenue 295,226 301,198 309,205 E&S Lines: Net premiums earned: Casualty lines 197,779 174,408 182,864 Property lines 82,030 65,082 56,954 Total E&S Lines revenue 279,809 239,490 239,818 Investments: Net investment income 326,589 227,107 222,543 Net realized and unrealized investment gains (losses) 17,599 (4,217) 14,422 Total Investments revenues 344,188 222,890 236,965 Total revenues $ 3,379,164 2,922,274 2,846,491 Income Before and After Federal Income Tax Years ended December 31, ($ in thousands) 2021 2020 2019 Standard Commercial Lines: Underwriting income, before federal income tax $ 198,596 151,731 145,990 Underwriting income, after federal income tax 156,891 119,867 115,332 Combined ratio 91.9 % 92.9 % 92.9 % ROE contribution 5.9 % 5.1 5.8 Standard Personal Lines: Underwriting income (loss), before federal income tax 3,966 (15,508) 8,260 Underwriting income (loss), after federal income tax 3,133 (12,251) 6,525 Combined ratio 98.6 % 105.2 % 97.3 % ROE contribution 0.1 % (0.5) 0.3 E&S Lines: Underwriting income (loss), before federal income tax 16,030 126 9,743 Underwriting income (loss), after federal income tax 12,664 100 7,697 Combined ratio 94.3 % 99.9 % 95.9 % ROE contribution 0.5 % — 0.4 Investments: Net investment income earned $ 326,589 227,107 222,543 Net realized and unrealized investment gains (losses) 17,599 (4,217) 14,422 Total investment segment income, before federal income tax 344,188 222,890 236,965 Tax on investment segment income 67,284 41,609 45,301 Total investment segment income, after federal income tax $ 276,904 181,281 191,664 ROE contribution of after-tax net investment income earned 9.9 % 7.8 9.6 Reconciliation of Segment Results to Income Before Federal Income Tax Years ended December 31, ($ in thousands) 2021 2020 2019 Underwriting income (loss) Standard Commercial Lines $ 198,596 151,731 145,990 Standard Personal Lines 3,966 (15,508) 8,260 E&S Lines 16,030 126 9,743 Investment income 344,188 222,890 236,965 Total all segments 562,780 359,239 400,958 Interest expense (29,165) (30,839) (33,668) Corporate expenses (28,305) (25,412) (30,900) Income, before federal income tax $ 505,310 302,988 336,390 Preferred stock dividends (9,353) — — Income available to common stockholders, before federal income tax $ 495,957 $ 302,988 $ 336,390 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share The following table provides a reconciliation of the numerators and denominators of basic and diluted earnings per share ("EPS"): 2021 Income Shares Per Share ($ in thousands, except per share amounts) (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 394,484 60,183 $ 6.55 Effect of dilutive securities: Stock compensation plans — 484 Diluted EPS: Net income available to common stockholders $ 394,484 60,667 $ 6.50 2020 Income Shares Per Share ($ in thousands, except per share amounts) (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 246,355 59,862 $ 4.12 Effect of dilutive securities: Stock compensation plans — 431 Diluted EPS: Net income available to common stockholders $ 246,355 60,293 $ 4.09 2019 Income Shares Per Share ($ in thousands, except per share amounts) (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 271,623 59,421 $ 4.57 Effect of dilutive securities: Stock compensation plans — 583 Diluted EPS: Net income available to common stockholders $ 271,623 60,004 $ 4.53 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | Federal Income Taxes (a) A reconciliation of federal income tax on income at the corporate rate (21.0%) to the effective tax rate is as follows: ($ in thousands) 2021 2020 2019 Tax at statutory rate $ 106,115 63,627 70,642 Tax-advantaged interest (4,514) (4,730) (4,909) Dividends received deduction (558) (514) (443) Executive compensation 2,469 2,246 2,985 Stock-based compensation (693) (1,846) (3,253) Other (1,346) (2,150) (255) Federal income tax expense 101,473 56,633 64,767 Income before federal income tax, less preferred stock dividends 495,957 302,988 336,390 Effective tax rate 20.5 % 18.7 % 19.3 % (b) The tax effects of the significant temporary differences that gave rise to deferred tax assets and liabilities were as follows: ($ in thousands) 2021 2020 Deferred tax assets: Net loss reserve discounting $ 60,227 54,240 Net unearned premiums 68,086 60,842 Employee benefits 2,787 8,943 Long-term incentive compensation plans 5,904 5,472 Temporary investment write-downs 4,314 6,037 Other 2,245 7,195 Total deferred tax assets 143,563 142,729 Deferred tax liabilities: Deferred policy acquisition costs 68,652 60,601 Unrealized gains on investment securities 48,082 81,142 Other investment-related items, net 27,044 14,760 Accelerated depreciation and amortization 13,198 13,322 Total deferred tax liabilities 156,976 169,825 Net deferred federal income tax liability $ (13,413) (27,096) After considering all evidence, both positive and negative, with respect to our federal tax loss carryback availability, expected levels of pre-tax financial statement income, and federal taxable income, we believe it is more likely than not that the existing deductible temporary differences will reverse during periods in which we generate net federal taxable income or have adequate federal carryback availability. As a result, we had no valuation allowance recognized for federal deferred tax assets at December 31, 2021 or 2020. We did not have unrecognized tax expense or benefit as of December 31, 2021. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans (a) Selective Insurance Retirement Savings Plan (“Retirement Savings Plan”) and the Selective Insurance Company of America Deferred Compensation Plan ("Deferred Compensation Plan") SICA offers a voluntary defined contribution 401(k) plan that is available to most of our employees and is a tax-qualified retirement plan subject to ERISA. In addition, SICA offers a Deferred Compensation Plan to a group of management or highly compensated employees as a method of recognizing and retaining such employees. Expenses recorded for these plans were $19.2 million in 2021, $18.6 million in 2020, and $17.3 million in 2019. (b) Retirement Income Plan SICA maintains a defined benefit pension plan, the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). This qualified, noncontributory plan is closed to new entrants and existing participants ceased accruing benefits after March 31, 2016. The following tables provide details on the Pension Plan for 2021 and 2020: December 31, Pension Plan ($ in thousands) 2021 2020 Change in Benefit Obligation: Benefit obligation, beginning of year $ 425,161 391,021 Interest cost 8,593 11,312 Actuarial (gains) losses (12,844) 35,276 Benefits paid (13,152) (12,448) Benefit obligation, end of year $ 407,758 425,161 Change in Fair Value of Assets: Fair value of assets, beginning of year $ 432,716 385,087 Actual return on plan assets, net of expenses 30,741 60,077 Benefits paid (13,152) (12,448) Fair value of assets, end of year $ 450,305 432,716 Funded status $ 42,547 7,555 Amounts Recognized in the Consolidated Balance Sheet: Net pension assets, end of year $ 42,547 7,555 Amounts Recognized in AOCI: Net actuarial loss $ 78,304 101,414 Other Information as of December 31: Accumulated benefit obligation $ 407,758 425,161 Weighted-Average Liability Assumptions as of December 31: Discount rate 2.98 % 2.68 When determining the most appropriate discount rate to be used in the valuation at December 31, 2021, we consider, among other factors, our expected payout patterns of the Pension Plan's obligations as well as our investment strategy. We ultimately select the rate that we believe best represents our estimate of the inherent interest rate at which our pension benefits can be effectively settled. The approach we utilize discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. Our discount rate increased 30 basis points, to 2.98% as of December 31, 2021, from 2.68% as of December 31, 2020, which drove the decrease in the benefit obligation for the period. Pension Plan ($ in thousands) 2021 2020 2019 Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income: Net Periodic Benefit Cost (Benefit): Interest cost $ 8,593 11,312 13,506 Expected return on plan assets (22,976) (21,907) (21,114) Amortization of unrecognized actuarial loss 2,501 2,817 2,575 Total net periodic pension cost (benefit) 1 $ (11,882) (7,778) (5,033) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net actuarial (gain) loss $ (20,609) (2,894) 11,643 Reversal of amortization of net actuarial loss (2,501) (2,817) (2,575) Total recognized in other comprehensive income $ (23,110) (5,711) 9,068 Total recognized in net periodic benefit cost and other comprehensive income $ (34,992) (13,489) 4,035 1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. Pension Plan 2021 2020 2019 Weighted-Average Expense Assumptions for the years ended December 31: Discount rate 2.68 % 3.33 4.46 Interest rate 2.06 % 2.95 % 4.12 % Expected return on plan assets 5.40 5.80 6.50 Pension Plan Assets Assets of the Pension Plan are invested to adequately support the liability associated with the Pension Plan's defined benefit obligation. Our return objective is to exceed the returns of the plan's policy benchmark, which is the return the plan would have earned if the assets were invested according to the target asset class weightings and earned index returns shown below. In 2022, we will continue to phase in adjustments to the asset allocation to steadily close the gap between the duration of the assets and the duration of the liabilities, provided certain improved funding targets are achieved. Over time, the target and actual asset allocations may change based on the funded status of the Pension Plan and market return expectations. The Pension Plan’s target ranges, as well as the actual weighted average asset allocation by strategy, at December 31 were as follows: 2021 2020 Target Percentage Actual Percentage Actual Percentage Minimum Maximum Return seeking assets 1 50 % 70 % 66 % 64 % Liability hedging assets 70 % 80 % 33 % 35 % Short-term investments - - 1 % 1 % Total 100 % 100 % 100 % 100 % 1 Includes limited partnerships. The use of derivative instruments is permitted under certain circumstances for the Pension Plan portfolio, but may not be used for unrelated speculative purposes or to create exposures that are not permitted in the Pension Plan's investment guidelines. We currently invest in a U.S. Treasury overlay derivative strategy, within the funds in our liability hedging assets, to manage the interest rate duration mismatch between the assets and liabilities of the Pension Plan to help insulate the funded status of the plan. Considering the impact of this derivative overlay, the liability hedging assets provide for an approximate 79% hedge against the projected benefit obligation. The Pension Plan had no investments in the Parent’s common stock as of December 31, 2021 or 2020. For information regarding investments in funds of our related parties, refer to Note 18. "Related Party Transactions" below. The techniques used to determine the fair value of the Pension Plan's invested assets that appear on the following page are as follows: • The investments in the equities and liability hedging funds include collective investment funds and fund of funds that utilize a market approach wherein the published prices in the active market for identical assets are used. These investments are traded at their net asset value per share. These investments are classified as Level 1 in the fair value hierarchy. • The investments in private limited partnerships are valued utilizing net asset value as a practical expedient for fair value. These investments are not classified in the fair value hierarchy. • Short-term investments are recorded at fair value. Given that these investments are listed on active exchanges, coupled with their liquid nature, these investments are classified as Level 1 in the fair value hierarchy. • The deposit administration contract is recorded at cost, which approximates fair value. Given the liquid nature of the underlying investments in overnight cash deposits and other short-term duration products, we have determined that a correlation exists between the deposit administration contract and other short-term investments, such as money market funds. As such, this investment is classified as Level 2 in the fair value hierarchy. For discussion regarding the levels within the fair value hierarchy, see Note 2. "Summary of Significant Accounting Policies." In addition, refer to Note 5. "Investments" for discussion regarding the limited partnership investment strategies, excluding the secondary private equity and direct lending strategies as these investments are currently not part of the Pension Plan's investment portfolio. The following tables provide quantitative disclosures of the Pension Plan’s invested assets that are measured at fair value on a recurring basis: December 31, 2021 Fair Value Measurements at 12/31/21 Using ($ in thousands) Assets Measured at Fair Value At 12/31/21 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 144,634 144,634 — — Diversified credit 66,165 66,165 — — Real assets 89,590 89,590 — — Total equities 300,389 300,389 — — Limited partnerships (at net asset value) 1 : Real assets 47 — — — Private equity 413 — — — Total limited partnerships 460 — — — Total return seeking assets 300,849 300,389 — — Liability hedging assets: Fixed income 86,183 86,183 — — U.S. Treasury overlay 65,304 65,304 — — Total liability hedging assets 151,487 151,487 — — Cash and short-term investments: Short-term investments 1,744 1,744 — — Deposit administration contracts 2,422 — 2,422 — Total cash and short-term investments 4,166 1,744 2,422 — Total invested assets $ 456,502 453,620 2,422 — December 31, 2020 Fair Value Measurements at 12/31/20 Using ($ in thousands) Assets Measured at Fair Value At 12/31/20 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 142,320 142,320 — — Diversified credit 73,762 73,762 — — Real assets 61,585 61,585 — — Total equities 277,667 277,667 — — Limited partnerships (at net asset value) 1 : Real assets 73 — — — Private equity 400 — — — Private credit 29 — — — Total limited partnerships 502 — — — Total return seeking assets 278,169 277,667 — — Liability hedging assets: Fixed income 99,490 99,490 — — U.S. Treasury overlay 52,756 52,756 — — Total liability hedging assets 152,246 152,246 — — Cash and short-term investments: Short-term investments 3,273 3,273 — — Deposit administration contracts 2,073 — 2,073 — Total cash and short-term investments 5,346 3,273 2,073 — Total invested assets $ 435,761 433,186 2,073 — 1 In accordance with the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , certain investments that are measured at fair value using the net asset value per share (or its practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets. Contributions We presently do not anticipate contributing to the Pension Plan in 2022, as we have no minimum required contribution amounts. Benefit Payments ($ in thousands) Pension Plan Benefits Expected to be Paid in Future Fiscal Years: 2022 $ 14,900 2023 16,099 2024 17,232 2025 18,296 2026 19,394 2026-2030 108,742 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Share-Based Payments Active Plans As of December 31, 2021, the following four plans were available for the issuance of share-based payment awards: • The 2014 Omnibus Stock Plan, As Amended and Restated Effective as of May 2, 2018 (the "Stock Plan"); • The Cash Incentive Plan, As Amended and Restated as of May 1, 2014 (the "Cash Plan"); • The Employee Stock Purchase Plan, As Amended and Restated as of July 1, 2021 ("ESPP"); and • The Amended and Restated Stock Purchase Plan for Independent Insurance Agencies (2010), Amended and Restated as of November 1, 2020 (the "Agent Plan"). The following table provides information regarding the approval of these plans: Plan Approvals Stock Plan Approved effective as of May 1, 2014 by stockholders on April 23, 2014. Cash Plan Approved effective April 1, 2005 by stockholders on April 27, 2005. ESPP Approved effective July 1, 2009 by stockholders on April 29, 2009. Agent Plan Approved by stockholders on April 26, 2006. The types of awards that can be issued under each of these plans are as follows: Plan Types of Share-Based Payments Issued Stock Plan Qualified and nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), stock grants, and other awards valued in whole or in part by reference to the Parent's common stock. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. Dividend equivalent units ("DEUs") are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. The requisite service period for grants to employees under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. Cash Plan Cash incentive units (“CIUs”). The initial dollar value of each CIU will be adjusted to reflect the percentage increase or decrease in the total shareholder return on the Parent's common stock over a specified performance period. In addition, for certain grants, the number of CIUs granted will be increased or decreased to reflect our performance on specified performance indicators compared to targeted peer companies. The requisite service period for grants under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. ESPP Enables employees to purchase shares of the Parent’s common stock. The purchase price is the lower of: (i) 85% of the closing market price at the time the option is granted; or (ii) 85% of the closing price at the time the option is exercised. Shares are generally issued on June 30 and December 31 of each year. Agent Plan Quarterly offerings to purchase the Parent's common stock at a 10% discount with a one-year restricted period during which the shares purchased cannot be sold or transferred. Only our independent retail insurance agencies and wholesale general agencies, and certain eligible persons associated with the agencies, are eligible to participate in this plan. Shares authorized and available for issuance as of December 31, 2021 are as follows: Authorized Available for Issuance Awards Outstanding Stock Plan 4,750,000 2,713,667 660,697 ESPP 5,500,000 1,184,849 — Agent Plan 3,000,000 1,608,234 — Retired Plans The following plans are closed for the issuance of new awards, although awards outstanding continue in effect according to the terms of the applicable award agreements: December 31, 2021 Types of Share-Based Payments Issued Reserve Shares Awards Outstanding 1 Plan 2005 Omnibus Stock Plan ("2005 Stock Plan") Qualified and nonqualified stock options, SARs, restricted stock, RSUs, phantom stock, stock bonuses, and other awards in such amounts and with such terms and conditions as it determined, subject to the provisions of the 2005 Stock Plan. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. DEUs are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. 1,958,306 32,906 Parent's Stock Compensation Plan for Non-employee Directors Directors could elect to receive a portion of their annual compensation in shares of the Parent's common stock. 44,468 44,468 1 Awards outstanding under the 2005 Stock Plan represent shares deferred by our non-employee directors. RSU Transactions A summary of the RSU transactions under our share-based payment plans is as follows: Number Weighted Average Unvested RSU awards at December 31, 2020 667,674 $ 61.02 Granted in 2021 249,293 64.03 Vested in 2021 (258,477) 57.10 Forfeited in 2021 (16,854) 62.61 Unvested RSU awards at December 31, 2021 641,636 $ 63.73 As of December 31, 2021, total unrecognized compensation expense related to unvested RSU awards granted under our Stock Plan was $10.1 million. That expense is expected to be recognized over a weighted-average period of 1.7 years. The total intrinsic value of RSUs vested was $17.2 million for 2021, $20.6 million for 2020, and $22.0 million for 2019. In connection with vested RSUs, the total value of the DEUs that vested was $0.6 million in 2021, $0.7 million in 2020, and $0.8 million in 2019. Option Transactions As of December 31, 2021 and 2020, we had no stock options outstanding under our 2005 Stock Plan. The total intrinsic value of options exercised was $1.3 million in 2020 and $5.2 million in 2019. CIU Transactions The liability recorded in connection with our Cash Plan was $11.0 million as of December 31, 2021, and $8.2 million as of December 31, 2020. The remaining cost associated with the CIUs is expected to be recognized over a weighted average period of 1.2 years. The CIU payments made in connection with the CIU vestings were $2.2 million in 2021, $2.3 million in 2020, and $18.4 million in 2019. There were structural changes to our Cash Plan in early 2017, and as a result, payments in 2021 and 2020 were comparatively lower than 2019. ESPP and Agent Plan Transactions A summary of ESPP and Agent Plan share issuances is as follows: 2021 2020 2019 ESPP Issuances 72,239 99,141 72,952 Agent Plan Issuances 50,999 69,238 47,888 Fair Value Measurements The grant date fair value of RSUs is based on the market price of our common stock on the grant date, adjusted for the present value of our expected dividend payments. The expense recognized for share-based awards is based on the number of shares or units expected to be issued at the end of the performance period and the grant date fair value. The grant date fair value of each option award is estimated using the Black Scholes option valuation model ("Black Scholes"). The following are the significant assumptions used in applying Black Scholes: (i) the risk-free interest rate, which is the implied yield currently available on U.S. Treasury zero-coupon issues with an equal remaining term; (ii) the expected term, which is based on historical experience of similar awards; (iii) the dividend yield, which is determined by dividing the expected per share dividend during the coming year by the grant date stock price; and (iv) the expected volatility, which is based on the volatility of the Parent's stock price over a historical period comparable to the expected term. In applying Black Scholes, we use the weighted average assumptions illustrated in the following table: ESPP 2021 2020 2019 Risk-free interest rate 0.07 % 0.76 2.33 Expected term 6 months 6 months 6 months Dividend yield 1.4 % 1.6 1.2 Expected volatility 28 % 37 26 The weighted-average fair value per share of options and stock, including RSUs granted under the Parent's stock plans, during 2021, 2020, and 2019 was as follows: 2021 2020 2019 RSUs $ 64.03 62.91 63.60 ESPP: Six month option 4.69 4.82 4.32 Discount of grant date market value 10.98 8.61 9.99 Total ESPP 15.67 13.43 14.31 Agent Plan: Discount of grant date market value 7.57 5.73 7.00 The fair value of the CIU liability is remeasured at each reporting period through the settlement date of the awards, which is three years from the date of grant, based on an amount expected to be paid. A Monte Carlo simulation is performed to approximate the projected fair value of the CIUs that, in accordance with the CIU agreements established under the Cash Plan, is adjusted to reflect our performance on specified indicators compared to targeted peer companies. Expense Recognition The following table provides share-based compensation expense in 2021, 2020, and 2019: ($ in millions) 2021 2020 2019 Share-based compensation expense, pre-tax $ 22.3 19.8 24.5 Income tax benefit, including the benefit related to stock grants that vested during the year (5.1) (5.7) (8.2) Share-based compensation expense, after-tax $ 17.2 14.1 16.3 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity Text Block | Preferred Stock We have 5,000,000 shares of preferred stock authorized, with no par value, of which (i) 300,000 shares are designated Series A junior preferred stock, which have not been issued, and (ii) 8,000 shares were issued as Series B in 2020 as discussed below. On December 2, 2020, we issued 8.0 million depository shares, each representing a 1/1,000th interest in a share of our perpetual 4.60% Non-Cumulative Preferred Stock, Series B, without par value, with a liquidation preference of $25,000 per share (equivalent to $25.00 per depository share) (“Preferred Stock”), for net proceeds of $194.6 million. Dividends are recorded when declared and, if declared are payable quarterly in arrears on the 15th day of March, June, September, and December. If a dividend is not declared and paid or made payable on all outstanding shares of the Preferred Stock for the latest completed dividend period, no dividends may be declared or paid on our common stock and we may not purchase, redeem, or otherwise acquire our outstanding common stock. The Preferred Stock is redeemable at our option in whole or in part, from time to time, on or after December 15, 2025 at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the then current dividend period. Prior to December 15, 2025, the Preferred Stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of (a) a rating agency event at a redemption price equal to $25,500 per share of Preferred Stock (equivalent to $25.50 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a rating agency changes its criteria used to assign equity credit to securities like the Preferred Stock; or (b) a regulatory capital event at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a capital regulator such as a state insurance regulator changes or proposes to change capital adequacy rules. Share Repurchase Program On December 2, 2020, we announced that our Board authorized a $100 million share repurchase program, which has no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. The timing and amount of any share repurchases under the authorization is determined by management at its discretion based on market conditions and other considerations. As of December 31, 2021, 52,781 shares were repurchased under the share repurchase program at a total cost of $3.4 million. These repurchases were all completed in the first quarter of 2021, and we did not repurchase any shares under our share repurchase program during the remainder of 2021. We have $96.6 million of remaining capacity under our share repurchase program. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions William M. Rue, a Director of the Parent, is Chairman of, and owns more than 10% of the equity of Rue Holding Company, which owns 100% of Chas. E. Rue & Son, Inc., t/a Rue Insurance, a general independent retail insurance agency ("Rue Insurance"). Rue Insurance is an appointed distribution partner of the Insurance Subsidiaries on terms and conditions similar to those of our other distribution partners, which includes the right to participate in the Agent Plan. Mr. Rue’s son is President, and an employee, of Rue Insurance, and owns more than 10% of the equity of Rue Holding Company. Mr. Rue’s daughter is an employee of Rue Insurance and owns less than 10% of the equity of Rue Holding Company. Our relationship with Rue Insurance has existed since 1928. Rue Insurance placed insurance policies with the Insurance Subsidiaries for its customers and itself. Direct premiums written associated with these policies were $12.8 million in 2021, and $11.0 million in both 2020 and 2019. In return, the Insurance Subsidiaries paid standard market commissions, including supplemental commissions, to Rue Insurance of $2.0 million in 2021, $1.8 million in 2020, and $2.0 million in 2019. Amounts due to Rue Insurance at December 31, 2021 and December 31, 2020 were $0.7 million and $0.2 million, respectively. All contracts and transactions with Rue Insurance were consummated in the ordinary course of business on an arm's-length basis. In 2005, we established a private foundation, now named The Selective Insurance Group Foundation (the "Foundation"), under Section 501(c)(3) of the Internal Revenue Code. The Board of the Foundation is comprised of some of the Parent's officers. We made $1.3 million of contributions to the Foundation in both 2021 and 2019, and $0.5 million in 2020. BlackRock, Inc., a leading publicly-traded investment management firm (“BlackRock”), has purchased our common shares in the ordinary course of its investment business and has previously filed Schedules 13G/A with the SEC. On January 27, 2022, BlackRock filed a Schedule 13G/A reporting beneficial ownership as of December 31, 2021, of 11.4% of our common stock. In connection with purchasing our common shares, BlackRock filed the necessary filings with insurance regulatory authorities. On the basis of those filings, BlackRock is deemed not to be a controlling person for the purposes of applicable insurance law. We are required to disclose related party information for our transactions with BlackRock. BlackRock is highly regulated, serves its clients as a fiduciary, and has a diverse platform of active (alpha) and index (beta) investment strategies across asset classes that enables it to tailor investment outcomes and asset allocation solutions for clients. BlackRock also offers the BlackRock Solutions ® investment and risk management technology platform, Aladdin ® , risk analytics, advisory, and technology services and solutions to a broad base of institutional and wealth management investors. We incurred expenses related to BlackRock for services rendered of $1.8 million in 2021, $2.0 million in 2020, and $2.2 million in 2019. Amounts payable for such services were $0.5 million at December 31, 2021, $1.3 million at December 31, 2020, and $1.1 million at December 31, 2019. As part of our overall investment diversification, we invest in various BlackRock funds from time to time. These funds accounted for less than 1% of our invested assets at December 31, 2021 and December 31, 2020, and are predominately reflected in "Equity securities" on our Consolidated Balance Sheet. During 2021, with regard to BlackRock funds, we (i) purchased $16.5 million in securities, (ii) sold $32.5 million, (iii) recognized net realized and unrealized losses of $0.6 million, and (iv) recorded $0.9 million in income. During 2020, we purchased (i) $62.2 million in securities, (ii) recognized net unrealized losses of $0.2 million, and (iii) recorded $0.4 million in income. We did not make any sales of BlackRock funds in 2020. During 2019, we purchased $21.7 million in securities, (ii) sold $59.5 million, (iii) recognized net realized and unrealized gains of $5.7 million, and (iv) recorded $0.8 million in income. There were no amounts payable on the settlement of these investment transactions at December 31, 2021 and December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee Disclosure [Text Block] | Leases We have various operating leases for office space, equipment, and fleet vehicles. In addition, we have various finance leases for computer hardware. Such lease agreements, which expire at various dates through 2032, are generally renewed or replaced by similar leases. The components of lease expense for the year ended December 31, 2021 and 2020 were as follows: ($ in thousands) 2021 2020 Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 7,935 9,498 Finance lease cost: Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income 1,765 550 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income 35 15 Total finance lease cost 1,800 565 Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income 291 758 Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 832 2,011 The following table provides supplemental information regarding our operating and finance leases. December 31, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 7 8 years Finance leases 2 2 Weighted-average discount rate Operating leases 2.1 2.3 % Finance leases 0.8 1.6 Operating and finance lease asset and liability balances are included within the following line items on the Consolidated Balance Sheets: ($ in thousands) December 31, 2021 December 31, 2020 Operating leases Other assets $ 35,644 40,215 Other liabilities 37,296 41,674 Finance leases Property and equipment - at cost, net of accumulated depreciation and amortization 5,446 502 Long-term debt $ 5,450 508 At December 31, 2021, the maturities of our lease liabilities were as follows: ($ in thousands) Finance Leases Operating Leases Total Year ended December 31, 2022 $ 2,350 7,235 9,585 2023 2,255 6,610 8,865 2024 795 5,992 6,787 2025 64 5,902 5,966 2026 41 5,967 6,008 Thereafter — 24,356 24,356 Total lease payments 5,505 56,062 61,567 Less: imputed interest 55 2,726 2,781 Less: leases that have not yet commenced — 16,040 16,040 Total lease liabilities $ 5,450 37,296 42,746 At December 31, 2020, the maturities of our lease liabilities for capital and operating leases were as follows: ($ in thousands) Finance Leases Operating Leases Total Year ended December 31, 2021 $ 330 8,372 8,702 2022 127 6,788 6,915 2023 56 5,411 5,467 2024 — 4,690 4,690 2025 — 3,572 3,572 Thereafter — 16,234 16,234 Total lease payments 513 45,067 45,580 Less: imputed interest 5 3,393 3,398 Less: leases that have not yet commenced — — — Total lease liabilities $ 508 41,674 42,182 Refer to Note 4 "Statements of Cash Flows" in this Form 10-K for supplemental cash and non-cash transactions included in the measurement of operating and finance lease liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies(a) We purchase annuities from life insurance companies to fulfill obligations under claim settlements that provide for periodic future payments to claimants. As of December 31, 2021, we had purchased such annuities with a present value of $31.6 million for settlement of claims on a structured basis for which we are contingently liable. To our knowledge, there are no material defaults from any of the issuers of such annuities. (b) As of December 31, 2021, we have made commitments that may require us to invest additional amounts into our investment portfolio, which are as follows: ($ in millions) Amount of Obligation Year of Expiration of Obligation Alternative and other investments $ 215.0 2036 Non-publicly traded collateralized loan obligations in our fixed income securities portfolio 59.8 2030 Non-publicly traded common stock within our equity portfolio 4.2 2027 CMLs 5.5 2023 Privately-placed corporate securities 4.3 Less than 1 year Total $ 288.8 There is no certainty that any such additional investment will be required. We expect to have the capacity to repay or refinance these obligations as they come due. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Litigation | Litigation As of December 31, 2021, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our Insurance Subsidiaries as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity through the establishment of unpaid loss and loss expense reserves. In ordinary course claims litigation, we expect that any potential ultimate liability, after consideration of provisions made for potential losses and costs of defense, will not be material to our consolidated financial condition, results of operations, or cash flows. All of our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. It also is our practice to include in, or attach to, all standard lines commercial property and businessowners' policies an exclusion that states that all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion also is the subject of first-party coverage litigation against some insurers, including us. We cannot predict the outcome of litigation over these two coverage issues, including interpretation of provisions similar or identical to those in our insurance policies. From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some of which assert claims for substantial amounts. Plaintiffs may style these actions as putative class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper reimbursement of medical providers paid under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in the handling of insurance claims. We believe that we have valid defenses to these allegations and we account for such activity through the establishment of unpaid loss and loss expense reserves. In these other legal actions, we expect that any potential ultimate liability, after consideration of provisions made for estimated losses, will not be material to our consolidated financial condition. Nonetheless, litigation outcomes are inherently unpredictable and, because the amounts sought in certain of these actions are large or indeterminate, it is possible that any adverse outcomes could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. |
Statutory Financial Information
Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Statutory Financial Information, Capital Requirments, and Retrictions on Dividends and Transfers of Funds | Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds (a) Statutory Financial Information The Insurance Subsidiaries prepare their statutory financial statements in accordance with accounting principles prescribed or permitted by the various state insurance departments of domicile. Prescribed statutory accounting principles include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (“NAIC"). Permitted statutory accounting principles encompass all accounting principles that are not prescribed; such principles differ from state to state, may differ from company to company within a state and may change in the future. The Insurance Subsidiaries do not utilize any permitted statutory accounting principles that affect the determination of statutory surplus, statutory net income, or risk-based capital (“RBC”). As of December 31, 2021, the various state insurance departments of domicile have adopted the March 2021 version of the NAIC Accounting Practices and Procedures manual in its entirety, as a component of prescribed or permitted practices. The following table provides statutory data for each of our Insurance Subsidiaries: State of Domicile Unassigned Surplus Statutory Surplus Statutory Net Income ($ in millions) 2021 2020 2021 2020 2021 2020 2019 SICA New Jersey $ 673.1 574.2 838.3 739.4 134.7 81.8 113.9 Selective Way Insurance Company ("SWIC") New Jersey 436.4 374.0 492.4 430.0 74.5 54.0 59.2 SICSC Indiana 166.3 148.6 200.6 182.8 24.2 20.8 23.9 SICSE Indiana 132.7 115.9 160.3 143.5 19.4 16.8 18.5 SICNY New York 127.0 111.7 154.7 139.4 18.6 15.3 17.0 Selective Insurance Company of New England ("SICNE") New Jersey 34.5 30.0 65.6 61.2 7.5 6.8 7.8 Selective Auto Insurance Company of New Jersey ("SAICNJ") New Jersey 90.4 70.0 135.2 114.9 16.7 12.9 14.9 Mesa Underwriters Specialty Insurance Company ("MUSIC") New Jersey 47.4 34.4 116.9 103.9 13.9 11.4 13.2 Selective Casualty Insurance Company ("SCIC") New Jersey 83.4 71.1 159.9 147.5 20.6 16.2 16.8 Selective Fire and Casualty Insurance Company ("SFCIC") New Jersey 34.2 29.2 67.1 62.1 8.2 6.4 7.5 Total $ 1,825.4 1,559.1 2,391.0 2,124.7 338.3 242.4 292.7 (b) Capital Requirements The Insurance Subsidiaries are required to maintain certain minimum amounts of statutory surplus to satisfy the requirements of their various state insurance departments of domicile. RBC requirements for property and casualty insurance companies are designed to assess capital adequacy and to raise the level of protection that statutory surplus provides for policyholders. The Insurance Subsidiaries' combined total adjusted capital exceeded the required level of capital as defined by the NAIC based on their 2021 statutory financial statements. In addition to statutory capital requirements, we are impacted by various rating agency requirements related to certain rating levels. These required capital levels may be higher than statutory requirements. (c) Restrictions on Dividends and Transfers of Funds Our ability to declare and pay dividends on the Parent's common stock is dependent on liquidity at the Parent coupled with the ability of the Insurance Subsidiaries to declare and pay dividends, if necessary, and/or the availability of other sources of liquidity to the Parent. In addition to regulatory restrictions on the availability of dividends that our Insurance Subsidiaries can pay to the Parent, the maximum amount of dividends the Parent can pay our shareholders is limited by certain New Jersey corporate law provisions that limit dividends if either: (i) the Parent would be unable to pay its debts as they became due in the usual course of business; or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to shareholders also are impacted by (i) covenants in its Line of Credit that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends to be declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period. As of December 31, 2021, the Parent had an aggregate of $527.1 million in investments and cash available to fund future dividends and interest payments. These amounts are not subject to any regulatory restrictions other than the standard state insolvency restrictions noted above, whereas our consolidated retained earnings of $2.6 billion are predominately restricted due to regulations applicable to our Insurance Subsidiaries. In 2022, the Insurance Subsidiaries have the ability to provide for $322.0 million in annual dividends to the Parent; however, as regulated entities, these dividends are subject to certain restrictions, which are further discussed below. The Parent also has other potential sources of liquidity, such as: (i) borrowings from our Indiana Subsidiaries; (ii) debt issuances; (iii) common and preferred stock issuances; and (iv) borrowings under our Line of Credit. Borrowings from our Indiana Subsidiaries are governed by approved intercompany lending agreements with the Parent that provide for additional capacity of $109.9 million as of December 31, 2021, based on restrictions in these agreements that limit borrowings to 10% of the admitted assets of the Indiana Subsidiaries. For additional restrictions on the Parent's debt, see Note 11. "Indebtedness" in this Form 10-K. Insurance Subsidiaries Dividend Restrictions As noted above, the restriction on our net assets and retained earnings is predominantly driven by our Insurance Subsidiaries' ability to pay dividends to the Parent under applicable laws and regulations. Under the insurance laws of the domiciliary states of the Insurance Subsidiaries, New Jersey, Indiana, and New York, an insurer can potentially make an ordinary dividend payment if its statutory surplus following such dividend is reasonable in relation to its outstanding liabilities, is adequate to its financial needs, and the dividend does not exceed the insurer's unassigned surplus. In general, New Jersey defines an ordinary dividend as a dividend whose fair market value, together with other dividends made within the preceding 12 months, is less than the greater of 10% of the insurer's statutory surplus as of the preceding December 31, or the insurer's net income (excluding capital gains) for the 12-month period ending on the preceding December 31. Indiana's ordinary dividend calculation is consistent with New Jersey's, except that it does not exclude capital gains from net income. In general, New York defines an ordinary dividend as a dividend whose fair market value, together with other dividends made within the preceding 12 months, is less than the lesser of 10% of the insurer's statutory surplus, or 100% of adjusted net investment income. New Jersey and Indiana require notice of the declaration of any ordinary dividend distribution. During the notice period, the relevant state regulatory authority may disallow all or part of the proposed dividend if it determines that the dividend is not appropriate given the above considerations. New York does not require notice of ordinary dividends. Dividend payments exceeding ordinary dividends are referred to as extraordinary dividends and require review and approval by the applicable domiciliary insurance regulatory authority prior to payment. The table below provides the following information: (i) quantitative data regarding all Insurance Subsidiaries' dividends paid to the Parent in 2021, which was used for debt service, shareholder dividends, and general operating purposes; and (ii) the maximum ordinary dividends that can be paid to the Parent by the Insurance Subsidiaries in 2022, based on the 2021 statutory financial statements. Dividends Twelve Months ended December 31, 2021 2022 ($ in millions) State of Domicile Ordinary Dividends Paid Maximum Ordinary Dividends SICA New Jersey $ 66.0 $ 124.4 SWIC New Jersey 27.5 72.8 SICSC Indiana 10.0 24.2 SICSE Indiana 8.8 19.4 SICNY New York 4.0 15.5 SICNE New Jersey 3.0 7.5 SAICNJ New Jersey 0.7 16.8 MUSIC New Jersey 6.1 13.7 SCIC New Jersey 10.4 19.5 SFCIC New Jersey 3.5 8.2 Total $ 140.0 $ 322.0 |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments- Other than Investments in Related Parties | Types of investment ($ in thousands) Amortized Cost or Cost Fair Value Carrying Amount Fixed income securities: Held-to-maturity: Obligations of states and political subdivisions $ 3,442 3,576 3,440 Public utilities 1,345 1,368 1,352 All other corporate securities 24,067 24,516 23,993 Total fixed income securities, held-to-maturity 28,854 29,460 28,785 Available-for-sale: U.S. government and government agencies 127,974 130,458 130,458 Foreign government 15,420 15,860 15,860 Obligations of states and political subdivisions 1,121,422 1,189,308 1,189,308 Public utilities 119,980 122,329 122,329 All other corporate securities 2,358,369 2,451,274 2,451,274 Collateralized loan obligation securities and other asset-backed securities 1,343,687 1,350,814 1,350,814 Residential mortgage-backed securities 756,280 776,252 776,252 Commercial mortgage-backed securities 647,621 673,681 673,681 Total fixed income securities, available-for-sale 6,490,753 6,709,976 6,709,976 Equity securities: Common stock: Banks, trusts and insurance companies 45,537 44,086 44,086 Industrial, miscellaneous and all other 261,343 289,363 289,363 Nonredeemable preferred stock 1,960 2,088 2,088 Total equity securities 308,840 335,537 335,537 Commercial mortgage loans 95,795 95,795 Short-term investments 447,862 447,863 Other investments 409,032 409,032 Total investments $ 7,781,136 8,026,988 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Schedule II - Parent Corporatio
Schedule II - Parent Corporation Finanical Statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II- Parent Corporation Financial Statements | SCHEDULE II SELECTIVE INSURANCE GROUP, INC. (Parent Corporation) Balance Sheets December 31, ($ in thousands, except share amounts) 2021 2020 Assets: Fixed income securities, available-for-sale - at fair value (allowance for credit losses: $542 – 2021; $22 – 2020; amortized cost: $317,703 – 2021; $272,256 – 2020 $ 325,014 290,428 Equity securities 136,362 159,524 Short-term investments 56,042 36,425 Other investments 9,241 3,392 Cash 455 394 Investment in subsidiaries 2,954,725 2,754,012 Current federal income tax 7,208 11,040 Deferred federal income tax 4,487 2,218 Other assets 9,178 1,959 Total assets $ 3,502,712 3,259,392 Liabilities: Long-term debt $ 440,600 440,235 Intercompany notes payable 57,980 59,611 Accrued long-term stock compensation 10,965 8,238 Other liabilities 10,282 12,419 Total liabilities $ 519,827 520,503 Stockholders’ Equity: Preferred stock of $0 par value per share: Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2021 and 2020 $ 200,000 200,000 Common stock of $2 par value per share: Authorized shares: 360,000,000 Issued: 104,450,916 – 2021; 104,032,912 – 2020 208,902 208,066 Additional paid-in capital 464,347 438,985 Retained earnings 2,603,472 2,271,537 Accumulated other comprehensive income 115,099 220,186 Treasury stock – at cost (shares: 44,266,534 – 2021; 44,127,109 – 2020) (608,935) (599,885) Total stockholders’ equity 2,982,885 2,738,889 Total liabilities and stockholders’ equity $ 3,502,712 3,259,392 See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K. SCHEDULE II (continued) SELECTIVE INSURANCE GROUP, INC. (Parent Corporation) Statements of Income Year ended December 31, ($ in thousands) 2021 2020 2019 Revenues: Dividends from subsidiaries $ 140,018 104,992 110,004 Net investment income earned 15,454 7,579 7,301 Net realized and unrealized investment gains 1,898 1,756 207 Total revenues 157,370 114,327 117,512 Expenses: Interest expense 28,988 29,220 33,426 Other expenses 28,305 25,412 30,900 Total expenses 57,293 54,632 64,326 Income before federal income tax 100,077 59,695 53,186 Federal income tax (benefit) expense: Current (6,552) (10,987) (16,080) Deferred 12 473 3,606 Total federal income tax benefit (6,540) (10,514) (12,474) Net income before equity in undistributed income of subsidiaries 106,617 70,209 65,660 Equity in undistributed income of subsidiaries, net of tax 297,220 176,146 205,963 Net income $ 403,837 246,355 271,623 Preferred stock dividends 9,353 — — Net income available to common stockholders $ 394,484 246,355 271,623 See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K. SCHEDULE II (continued) SELECTIVE INSURANCE GROUP, INC. (Parent Corporation) Statements of Cash Flows Year ended December 31, ($ in thousands) 2021 2020 2019 Operating Activities: Net income $ 403,837 246,355 271,623 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiaries, net of tax (297,220) (176,146) (205,963) Stock-based compensation expense 15,893 16,227 19,077 Net realized and unrealized investment gains (1,898) (1,756) (207) Undistributed (income) losses of equity method investments (1,859) 672 — Amortization – other 1,076 1,080 4,614 Changes in assets and liabilities: Increase (decrease) in accrued long-term stock compensation 2,727 (366) (12,970) Decrease in net federal income taxes 3,843 5,549 1,651 Increase in other assets (7,251) (317) (533) (Decrease) increase in other liabilities (1,742) (390) 3,919 Net cash provided by operating activities 117,406 90,908 81,211 Investing Activities: Purchase of fixed income securities, available-for-sale (113,829) (89,726) (153,482) Purchase of equity securities (5,676) (157,411) (10,824) Purchase of short-term investments (330,843) (523,961) (1,116,766) Purchase of other investments (4,949) (4,065) — Redemption and maturities of fixed income securities, available-for-sale 51,524 26,877 10,579 Sale of fixed income securities, available-for-sale 15,713 23,276 20,189 Sale of equity securities 31,204 — 10,828 Sale of short-term investments 311,225 523,813 1,116,253 Proceeds from other investments 959 — — Capital contribution to subsidiaries — (30,000) — Net cash used in investing activities (44,672) (231,197) (123,223) Financing Activities: Dividends to preferred stockholders (9,353) — — Dividends to common stockholders (60,136) (54,486) (47,675) Acquisition of treasury stock (9,050) (7,053) (8,164) Proceeds from borrowings — 50,000 290,757 Repayment of borrowings — (50,000) (185,000) Net proceeds from stock purchase and compensation plans 7,976 8,411 8,243 Preferred stock issued, net of issuance costs (479) 195,063 — Principal payment on borrowings from subsidiaries (1,631) (1,552) (16,354) Net cash (used in) provided by financing activities (72,673) 140,383 41,807 Net increase (decrease) in cash 61 94 (205) Cash, beginning of year 394 300 505 Cash, end of year $ 455 394 300 See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III- Supplementary Insurance Information | ($ in thousands) Deferred Reserve Unearned premiums Net Net investment income 1 Loss Amortization Other operating expenses 2 Net Standard Commercial Lines Segment $ 279,850 3,832,151 1,346,809 2,443,885 — 1,426,768 539,606 278,915 2,593,018 Standard Personal Lines Segment 12,911 270,066 317,276 293,559 — 212,116 25,918 51,559 292,265 E&S Lines Segment 34,154 478,686 139,122 279,809 — 175,100 60,945 27,734 304,430 Investments Segment — — — — 344,188 — — — — Total $ 326,915 4,580,903 1,803,207 3,017,253 344,188 1,813,984 626,469 358,208 3,189,713 1 Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. 2 “Other operating expenses” of $358,208 reconciles to the Consolidated Statements of Income as follows: Other insurance expenses $ 375,931 Other income (17,723) Total $ 358,208 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. Year ended December 31, 2020 ($ in thousands) Deferred Reserve Unearned premiums Net Net investment income 1 Loss Amortization Other operating expenses 2 Net Standard Commercial Lines Segment $ 246,494 3,596,340 1,196,243 2,143,184 — 1,245,627 474,322 271,504 2,230,636 Standard Personal Lines Segment 13,803 228,348 308,183 299,140 — 233,260 30,694 50,694 295,166 E&S Lines Segment 28,281 435,667 113,845 239,490 — 156,936 55,255 27,173 247,290 Investments Segment — — — — 222,890 — — — — Total $ 288,578 4,260,355 1,618,271 2,681,814 222,890 1,635,823 560,271 349,371 2,773,092 1 Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. 2 “Other operating expenses” of $349,371 reconciles to the Consolidated Statements of Income as follows: Other insurance expenses $ 366,941 Other income (17,570) Total $ 349,371 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. Year ended December 31, 2019 ($ in thousands) Deferred Reserve Unearned premiums Net Net investment income 1 Loss Amortization Other operating expenses 2 Net Standard Commercial Lines Segment $ 226,464 3,436,363 1,108,009 2,049,614 — 1,187,856 445,661 270,107 2,137,071 Standard Personal Lines Segment 16,848 224,200 309,125 307,739 — 211,300 34,477 53,702 304,592 E&S Lines Segment 27,874 406,600 106,033 239,818 — 152,335 55,835 21,905 237,761 Investments Segment — — — — 236,965 — — — — Total $ 271,186 4,067,163 1,523,167 2,597,171 236,965 1,551,491 535,973 345,714 2,679,424 1 Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. 2 “Other operating expenses” of $345,714 reconciles to the Consolidated Statements of Income as follows: Other insurance expenses $ 358,069 Other income (12,355) Total $ 345,714 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | ($ thousands) Direct Amount Assumed from Other Companies Ceded to Other Companies Net Amount % of Amount Assumed to Net 2021 Premiums earned: Accident and health insurance $ 2 — 2 — — Property and liability insurance 3,472,713 21,550 477,010 3,017,253 1 % Total premiums earned 3,472,715 21,550 477,012 3,017,253 1 % 2020 Premiums earned: Accident and health insurance $ 13 — 13 — — Property and liability insurance 3,108,674 25,010 451,870 2,681,814 1 % Total premiums earned 3,108,687 25,010 451,883 2,681,814 1 % 2019 Premiums earned: Accident and health insurance $ 17 — 17 — — Property and liability insurance 2,993,140 24,399 420,368 2,597,171 1 % Total premiums earned 2,993,157 24,399 420,385 2,597,171 1 % See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Schedule V - Allowance for Unco
Schedule V - Allowance for Uncollectible Premiums and Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Allowance for Uncollectible Premiums and Other Receivables | ($ in thousands) 2021 2020 2019 Balance, January $ 22,777 10,800 13,900 Cumulative effect adjustment — (1,845) — Balance at the beginning of the period, as adjusted 22,777 8,955 13,900 Additions 1,766 17,576 2,730 Deductions (9,343) (3,754) (5,830) Balance, December 31 $ 15,200 22,777 10,800 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of ConsolidationThe accompanying consolidated financial statements (“Financial Statements”) include the accounts of the Parent and its subsidiaries, and have been prepared in conformity with: (i) United States ("U.S.") generally accepted accounting principles ("GAAP"); and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All significant intercompany accounts and transactions are eliminated in consolidation. |
Use of Estimates | Use of EstimatesThe preparation of our Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
Investments | Investments Portfolio Composition and Presentation in the Consolidated Balance Sheet Our investment portfolio is primarily comprised of fixed income investments. We also hold commercial mortgage loans ("CMLs"), equity securities, short-term investments, and other investments. A description of our portfolio holdings, and the related presentation in our Consolidated Balance Sheet, is provided below. Fixed Income Investments Our fixed income investments include our fixed income securities portfolio and our CML portfolio. Fixed Income Securities We hold the following types of securities in our fixed income securities portfolio: • U.S. government and government agency obligations; • Foreign government obligations; • Obligations of states and political subdivisions, including special revenue and general obligation bonds; • Corporate securities, which may include investment grade and below investment grade bonds, bank loan investments, redeemable preferred stock, and non-redeemable preferred stock with certain debt-like characteristics; • Collateralized loan obligations ("CLOs") and other asset-backed securities ("ABS"); • Residential mortgage-backed securities ("RMBS"); and • Commercial mortgage-backed securities ("CMBS"). We have designated substantially all of the holdings in our fixed income securities as available-for-sale ("AFS"). These securities are reported at fair value in our Consolidated Balance Sheet. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss) ("AOCI"). The amortized cost of fixed income securities is adjusted for the amortization of premiums and the accretion of discounts over the expected life of the security using the effective yield method. Callable debt securities held at a premium are amortized to the earliest call date. Premiums and discounts arising from the purchase of RMBS, CMBS, CLO and other ABS are amortized over the expected life of the security based on future principal payments, giving additional consideration to prepayments. These prepayments are estimated based on historical and projected cash flows. Prepayment assumptions are reviewed quarterly and adjusted to reflect actual prepayments and changes in expectations. Future amortization of any premium and/or discount is adjusted to reflect the revised assumptions. Accrued interest on our fixed income securities is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. If accrued interest is due but not paid within 90 days, we reverse the delinquent amount and record this reversal through earnings as a component of “Net investment income earned” on our Consolidated Statement of Income. CMLs CMLs are loans secured by commercial property, such as an office building, multi-family apartment complex, industrial warehouse, or shopping center. We may acquire investments in CMLs through (i) direct originations under a loan syndication arrangement or (ii) a marketplace purchase. We record our investment in CMLs on the settlement date of the loan. Our CMLs are classified as held-for-investment and reported at amortized cost, net of any allowance for credit losses ("ACL"), on our Consolidated Balance Sheet. Interest is recorded using the effective yield method and accrued interest on our CMLs is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. Other Portfolio Holdings Equity securities may include common and non-redeemable preferred stocks. Equity securities with readily determinable fair values are reported at fair value. Equity securities without readily determinable fair values are reported at net asset value ("NAV") as a practical expedient. Short-term investments may include money market instruments, savings accounts, commercial paper, and fixed income securities purchased with a maturity of less than one year. We may also enter into reverse repurchase agreements that are included in short-term investments. These repurchase agreements are fully collateralized by high-quality, readily-marketable instruments that support the principal amount. At maturity, we receive principal and interest income on these agreements. Short-term investments are generally reported at fair value. Other investments are primarily comprised of alternative investments, which are limited partnership investments in private equity, private credit, and real estate strategies. These alternative investments are accounted for using the equity method, with income typically recognized on a one-quarter lag. Because these alternative investments are recorded under the equity method of accounting, with the underlying holdings carried at fair value, the valuation and income recognized on these investments may be impacted by volatility in the financial markets. In addition to our alternative investments, our other investment portfolio includes Federal Home Loan Bank stock (“FHLB Stock”) and tax credit investments. The FHLB Stock is reported at cost. Accounting for our tax credit investments is dependent on the type of credit we have purchased, as follows: • Federal low income housing tax credits are accounted for under the proportional amortization method; and • All other tax credits in our investment portfolio are accounted for using the equity method. For federal tax credits accounted for under the equity method, we use the deferral method for recognizing the benefit of the tax credit with the related deferred revenue being recognized in our Consolidated Income Statement as a component of "Federal income tax expense" proportionately over the life of the investment. We categorize distributions from our investments accounted for using the equity method on our Consolidated Statement of Cash Flows using the cumulative earnings approach. Under this approach, distributions received are classified as cash flows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash flow from investing activities. We evaluate the alternative investments and tax credit investments included in our other investments portfolio to determine whether those investments are variable interest entities ("VIEs") and if so, whether consolidation is required. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lack sufficient funds to finance its own activities without financial support provided by other entities. We consider several significant factors in determining if our investments are VIEs and if we are the primary beneficiary, including whether we have (i) the power to direct activities of the VIE, (ii) the ability to remove the decision maker of the VIE, (iii) the ability to participate in making decisions that are significant to the VIE, and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. We have reviewed our alternative and tax credit investments and have concluded that they are VIEs, but that we are not the primary beneficiary and therefore, consolidation is not required. Presentation in the Consolidated Statement of Income Net Investment Income Earned Net investment income earned on our Consolidated Statement of Income includes the following: • Interest income, as well as amortization and accretion, on fixed income securities; • Interest income on CMLs; • Dividend income on equity securities; • Interest income on our short-term investments; and • Income recognized on our alternative and other investments accounted for under the equity method of accounting, except for federal tax credits, as discussed below. Income related to federal tax credits (either low income housing tax credits or other federal credits) is recorded in our Consolidated Statement of Income as a component of “Federal income tax expense” proportionately over the life of the investment. Net Realized and Unrealized Investment (Losses) Gains Net realized and unrealized investment gains (losses) on our Consolidated Statement of Income include the following: • Realized gains and losses on the disposal of holdings in our investment portfolio, which are determined on the basis of the cost of the specific investments sold; • Changes in unrealized gains or losses on our equity securities; • Losses on investments for which we have the intent to sell, which are discussed further below; and • Net credit loss expense or benefit resulting from changes in the ACL related to our investment portfolio, which is also discussed further below. Losses on securities for which we have the intent to sell and ACL on AFS Fixed Income Securities and Short-Term Investments We review our fixed income securities in an unrealized loss position to determine (i) if we have the intent to sell the security, or (ii) if it is more likely than not we will be required to sell the security before its anticipated recovery. If we determine that we have the intent or likely requirement to sell the security, we write down its amortized cost to its fair value. In writing down amortized cost, any amount previously recorded as an ACL is reversed and any incremental reduction in amortized cost is recorded directly to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. When fixed income securities are in an unrealized loss position and we do not record any losses on securities for which we intend to sell, we record an ACL for the portion of the unrealized loss due to an expected credit loss. We estimate expected credit losses on fixed income securities by performing a discounted cash flow (“DCF”). The ACL is equal to the excess of amortized cost over the greater of: (i) our estimate of the present value of expected future cash flows, or (ii) fair value. The ACL is recorded as a contra-asset reflected in the carrying value of the investment on the Consolidated Balance Sheet. The initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. Any remaining unrealized loss is the non-credit amount and is recorded in AOCI. The ACL cannot exceed the unrealized loss of an AFS security and therefore it may fluctuate with changes in the fair value of the security. The ACL is written off against the amortized cost basis in the period in which it is determined uncollectible. Our DCF analyses calculate the present value of expected future cash flows using various models specific to the major security types in our portfolio. These models use security-specific information, as well as reasonable and forecasted macroeconomic data, to determine possible expected credit loss scenarios based on projected changes in the economy. The forecasted economic data incorporated into the models is based on the Federal Reserve Board’s annual supervisory stress test review on certain large banks and financial institutions. We also have the ability to incorporate internally-developed forecast information into the models as we deem appropriate. The discount rate used in a DCF is one of the following: • The current yield in effect at the reporting date to accrete the beneficial interest for RMBS, CMBS, CLO and other ABS that were not of high credit quality at acquisition; • The effective interest rate in effect as of the reporting date for non-fixed rate securities; and • The effective interest rate implicit in the security at the date of acquisition for all other securities. DCFs may include, but are not necessarily limited to: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as the historical performance of the underlying collateral, including net operating income generated by underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. We do not record a valuation allowance on the accrued interest balance associated with our fixed income securities as we reverse delinquent amounts on a timely basis. We consider a fixed income security to be past due at the time any principal or interest payments become 90 days delinquent. ACL on CMLs We evaluate our CMLs on a quarterly basis for expected credit losses. If we hold a CML with a specific credit concern, we record an individual ACL on that loan. For all other CMLs, we record an ACL on the pool of loans based on lifetime expected credit losses. The ACL is recorded as a contra-asset reflected in the carrying value of our CMLs on the Consolidated Balance Sheet. Our initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. We utilize a forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios apply reasonable and forecasted macroeconomic data such as unemployment and inflation to project property-specific operating income and capitalization rates that are used to estimate the value of the future operating income stream. This information, coupled with historical data about mortgage loan performance, is used to project the probability of default, the amount of loss given a default, and the resulting lifetime expected loss. Losses on securities for which we have the intent to sell and Credit Losses on Other Investments If we determine that we intend to sell a holding in our investment portfolio and the expected proceeds are less than the recorded value of the investment, we will record a loss on those securities we intend to sell in earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. Additionally, we review our alternative investment portfolio for potential credit losses through quarterly fund reports and conversations with the general partners of the alternative investments concerning the following: • The current investment strategy; • Changes made or future changes to be made to the investment strategy; • Emerging issues that may affect the success of the strategy; and • The appropriateness of the valuation methodology used regarding the underlying investments. Our evaluation for potential credit loss on tax credits and FHLB Stock include a qualitative assessment of credit indicators, which include, but are not limited to, the following: • An adverse development of the expected receipt of remaining tax credits and other tax benefits; and • A significant deterioration in the financial condition or liquidity of the Federal Home Loan Bank. If we do not intend to sell a security, and we expect a credit loss on a holding in our other investments portfolio, we record a charge to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. |
Fair Value of Financial Instruments | Fair Values of Financial Instruments Assets The fair values of our investments are generated using various valuation techniques and are placed into the fair value hierarchy considering the following: (i) the highest priority is given to quoted prices in active markets for identical assets (Level 1); (ii) the next highest priority is given to quoted prices in markets that are not active or inputs that are observable either directly or indirectly, including quoted prices for similar assets in markets that are not active and other inputs that can be derived principally from, or corroborated by, observable market data for substantially the full term of the assets (Level 2); and (iii) the lowest priority is given to unobservable inputs supported by little or no market activity and that reflect our assumptions about the exit price, including assumptions that market participants would use in pricing the asset (Level 3). An asset’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The techniques used to value our financial assets are as follows: Level 1 Pricing Security Type Methodology Equity Securities; U.S. Treasury Notes Equity and U.S. Treasury Note prices are received from an independent pricing service that are based on observable market transactions. We validate these prices against a second external pricing service, and if established market value comparison thresholds are breached, further analysis is performed to determine the price to be used. Short-Term Investments Short-term investments are recorded at fair value. Given the liquid nature of our short-term investments, we generally validate their fair value by way of active trades within approximately one week of the financial statement close. Level 2 Pricing We utilize a market approach for our Level 2 securities, using primarily matrix pricing models prepared by external pricing services. Matrix pricing models use mathematical techniques to value fixed income securities by relying on the securities' relationship to other benchmark quoted securities, and not relying exclusively on quoted prices for specific securities, as the specific securities are not always frequently traded. As a matter of policy, we consistently use one pricing service as our primary source and secondary pricing services if prices are not available from the primary pricing service. Fixed income security pricing is reviewed for reasonableness by (i) comparing our pricing to other third-party pricing services as well as benchmark indexed pricing, (ii) comparing fair value fluctuations between months for reasonableness, (iii) reviewing stale prices, and (iv) internally reviewing prices for reasonableness if a price from another third-party source is not available. If further analysis is needed, a challenge is sent to the pricing service for review and confirmation of the price. Further information on our Level 2 asset pricing is included in the following table: Security Type Methodology Corporate Securities including preferred stocks classified as Fixed Income Securities, and U.S. Government and Government Agencies Evaluations include obtaining relevant trade data, benchmark quotes and spreads, and incorporating this information into either spread-based or price-based evaluations as determined by the observed market data. Spread-based evaluations include: (i) creating a range of spreads for relevant maturities of each issuer based on the new issue market, secondary trading, and dealer quotes; and (ii) incorporating option adjusted spreads for issues that have early redemption features. Based on the findings in (i) and (ii) above, final spreads are derived and added to benchmark curves. Price-based evaluations include matching each issue to its best-known market maker and contacting firms that transact in these securities. Obligations of States and Political Subdivisions Evaluations are based on yield curves that are developed based on factors such as: (i) benchmarks to issues with interest rates near prevailing market rates; (ii) established trading spreads over widely-accepted market benchmarks; (iii) yields on new issues; and (iv) market information from third-party sources such as reportable trades, broker-dealers, or issuers. RMBS, CMBS, CLO and other ABS Evaluations are based on a DCF, including: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as historical performance of the underlying collateral, including net operating income generated by the underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and loan level collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche-specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. Foreign Government Evaluations are performed using a DCF model and by incorporating observed market yields of benchmarks as inputs, adjusting for varied maturities. Level 3 Pricing Security Type Methodology CMLs Evaluations are performed by a third-party and are based on matrix pricing. For fixed rate loans, the matrix process uses a yield build up approach to create a pricing yield, with components for base yield, credit quality spread, property type spread, and a weighted average life spread. Floating rate loans are priced with a target quality spread over the swap curve. In addition to our CML portfolio, certain securities in our AFS fixed income portfolio are priced using unobservable inputs. These valuations are primarily based on broker quotes, or they are received from other third-party sources, for which there is a lack of transparency as to the inputs used to generate the valuation. The quantitative detail of these unobservable inputs is neither provided to us, nor reasonably available to us. Liabilities The techniques used to value our notes payable are as follows: Level 2 Pricing Security Type Methodology 7.25% Senior Notes; 6.70% Senior Notes; Based on matrix pricing models prepared by external pricing services. Borrowings from Federal Home Loan Banks Evaluations are performed using a DCF model based on current borrowing rates provided by the Federal Home Loan Banks that are consistent with the remaining term of the borrowing. |
Allowance for Uncollectible Accounts | Allowance for Credit Losses on Premiums Receivable We estimate an ACL on our outstanding premiums receivable balance at each reporting date. In determining this allowance, we use a method that considers the aging of the receivable, based on the effective year of the related policy, along with our historical receivable loss experience. We also contemplate expected macroeconomic conditions over the expected collection period, which are short-term in nature because the majority of the balances are collected within two years of policy issuance. Changes in our ACL are charged to earnings as credit loss expense or benefit, which is a component of "Other insurance expenses" on our Consolidated Statements of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the receivable. We charge write-offs against the allowance when we determine the account to be uncollectible after considering information obtained from our collection efforts. |
Share-Based Compensation | Share-Based CompensationShare-based compensation consists of all share-based payment transactions in which an entity acquires goods or services by issuing (or offering to issue) its shares, share units, share options, or other equity instruments. The cost resulting from all share-based payment transactions are recognized in the Financial Statements based on the fair value of both equity and liability awards. The fair value is measured at grant date for equity awards, whereas the fair value for liability awards are remeasured at each reporting period. The fair value of both equity and liability awards is recognized over the requisite service period. The requisite service period is typically the lesser of the vesting period or the period of time from the grant date to the date of retirement eligibility. The expense recognized for share-based awards, which, in some cases, contain performance criteria, is based on the number of shares or units expected to be issued at the end of the performance period. We repurchase the Parent’s stock from our employees in connection with tax withholding obligations, as permitted under our stock-based compensation plans. This activity is disclosed in our Consolidated Statement of Stockholders' Equity. |
Reinsurance | ReinsuranceThe “Reinsurance recoverable” balance on our Consolidated Balance Sheet represents our estimate of amounts that will be recovered from reinsurers under our various treaties. Generally, amounts recoverable from reinsurers are recognized as assets at the same time and in a manner consistent with the paid and unpaid losses associated with the reinsured policies. We would consider a recoverable balance from a reinsurer to be past due if payment is not received by the first day following the invoice due date. We require collateral to secure reinsurance recoverable balances primarily from our reinsurance carriers that are not authorized, otherwise approved, or certified to do business in one or more of our ten insurance subsidiaries' domiciliary states. Our ten insurance subsidiaries are collectively referred to as the "Insurance Subsidiaries." The collateral received is typically in the form of a letter of credit, trust funds, or funds withheld against reinsurance recoverables.We estimate an ACL on our outstanding reinsurance recoverable balance at each reporting date. Credit risk is mitigated to the extent we have obtained collateral. As part of our estimation of the ACL, we reduce the recoverable balance by the amount of the collateral. We then pool the uncollateralized balances by similar risk characteristics, including the financial strength rating of the reinsurer, and use a probability-of-default methodology to calculate the allowance. Historical default rates are sourced from AM Best Company ("AM Best") and are coupled with severity assumptions in developing a baseline scenario. We then stress this scenario by incorporating forecasts of industry catastrophe losses and economic factors sourced through third-party data providers. In developing our best estimate of the allowance for credit losses, we consider our outlook as to the probability of each of these scenarios occurring.Changes in our ACL are charged to earnings as credit loss expense, which is a component of “Loss and loss expense incurred” on our Consolidated Statement of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the recoverable balance. We charge write-offs against the ACL when we determine the recoverable balance to be uncollectible after considering information obtained from our efforts to collect amounts due or through a review of the financial condition of the reinsurer. |
Property and Equipment | Property and Equipment Property and equipment used in operations, including certain costs incurred to develop or obtain computer software for internal use, are capitalized and recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The following estimated useful lives can be considered as general guidelines: Asset Category Years Computer hardware 3 Computer software 3 to 5 Software licenses 3 to 5 Internally developed software 5 Furniture and fixtures 10 Buildings and improvements 5 to 40 |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs Deferred policy acquisition costs are limited to costs directly related to the successful acquisition of insurance contracts. Costs meeting this definition typically include, among other things, sales commissions paid to our distribution partners, premium taxes, and the portion of employee salaries and benefits directly related to time spent on acquired contracts. These costs are deferred and amortized over the life of the contracts. Accounting guidance requires a premium deficiency analysis to be performed at the level an entity acquires, services, and measures the profitability of its insurance contracts. We currently perform three premium deficiency analyses for our insurance operations, consistent with our reportable segments of Standard Commercial Lines, Standard Personal Lines, and E&S Lines. A combined ratio of over 100% does not necessarily indicate a premium deficiency, as any year's combined ratio includes a portion of underwriting expenses that are expensed at policy inception and therefore are not covered by the remaining unearned premium. In addition, investment income is not contemplated in the combined ratio calculation. |
Goodwill | GoodwillGoodwill results from business acquisitions where the cost of assets and liabilities acquired exceeds the fair value of those assets and liabilities. A quantitative goodwill impairment analysis is performed if our quarterly qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Goodwill is allocated to the reporting units for purposes of these analyses. Based on our analysis at December 31, 2021, goodwill was not impaired. |
Reserve for Loss and Loss Expense | Reserve for Loss and Loss ExpenseReserves for loss and loss expense includes case reserves on reported claims and reserves known as incurred but not reported ("IBNR") reserves. Case reserves are estimated on each individual claim, and based on claim-specific facts and circumstances known at the time. The case reserves may be adjusted upward or downward as the specific facts and circumstances change. IBNR reserves are established at more aggregated levels and include provisions for (i) claims not yet reported, (ii) future development on reported claims, (iii) previously closed claims that could be reopened in the future, and (iv) anticipated salvage and subrogation recoveries. We evaluate our reserves quarterly, through our comprehensive reserve review process and adjustments to recorded reserves are made accordingly. The primary input in evaluating reserve levels is the quarterly reserve review prepared by our internal actuaries, which provides comprehensive loss and loss expense projections. Our reviews are based primarily on our own loss experience, organized by line of business. Where sufficient statistical credibility exists, we may further segment the experience by coverage within line, or by geographic area. Generally accepted actuarial methodologies are applied to these reserve groups to produce ultimate loss and loss expense projections. Typically, we organize our experience by accident year and age, which lends itself to the application of various loss development methods. These methods rely on historical claims reporting and payment patterns to project ultimate loss or expense for open accident years. Consideration is also given to the prior loss estimate, particularly for longer-tailed lines of business, and the current accident year. For the current accident year, this expectation comes from our detailed actuarial planning process. The initial estimate is adjusted over time as actual experience emerges. These methods require numerous assumptions, such as the selection of loss and loss expense development factors and the weight applied to each individual projection method, among others. Therefore, no single method can be interpreted as definitive. Instead, ultimate loss and loss expenses are selected based on the various methods, considering the strengths and weaknesses of each as it applies to the specific line of business and accident year. Certain liabilities, by their nature, do not lend themselves to loss development methods. Examples include property catastrophes (low frequency/high severity, unique events), latent claims (where losses are incurred over an extended period of time), and unallocated loss expenses (loss expenses that cannot be attributed to a specific claim). Alternate development techniques are used for these liabilities, some of which are primarily exposure-based methods. These methods include individual claims reviews, calendar year counts and averages, aggregate benchmark measures, such as paid and incurred “survival ratios,” and others. These approaches often require additional assumptions and a greater amount of professional judgment. The result of the reserve review is a set of ultimate loss and loss expense estimates by line of business, including the current and prior accident years. The selected ultimate losses are separated into their components of claim frequency and severity, along with their associated trends, to provide additional insight. While these ultimate loss and loss expense estimates serve as the primary basis for determining the recorded IBNR reserves, other internal and external factors are considered in our overall reserve review. Internal factors include (i) changes to our underwriting and claims practices, (ii) supplemental data on claims reporting and settlement trends, (iii) exposure estimates for reported claims, (iv) potential large or complex claims, and (v) additional trends observed by claims personnel or defense counsel. External factors considered include (i) legislative and regulatory enactments, (ii) judicial trends and decisions, (iii) social trends, including the impacts of social inflation, and (iv) trends in general economic conditions, including the effects of inflation on medical costs, raw materials, and labor. The combination of IBNR estimates and case reserve estimates on individual claims results in our total reserves for loss and loss expense. These reserves are expected to be sufficient for settling loss and loss expense obligations under our policies on unpaid claims, including changes in the (i) volume of business written, (ii) claims frequency and severity, (iii) mix of business, (iv) claims processing, and (v) other items that management expects to affect our ultimate settlement of loss and loss expense. However, our loss and loss expense reserves are estimates of future events, the outcomes of which are not yet known. As with all estimates, they carry inherent uncertainty, which may be driven by internal factors, such as changes to our claims or underwriting operations, or external factors, such as changes in legislative, judicial, economic, or social trends. Actual outcomes are further impacted by inherent randomness, such as the actual number of accidents/incidents, or the occurrence or non-occurrence of a single large event. Because of these uncertainties, it is possible that actual outcomes will differ materially from the reserves established. While this risk cannot be eliminated, we review our reserves quarterly based on the information available at that time, and make adjustments to our ultimate loss and loss expense estimates accordingly. These changes in our ultimate loss and loss expense estimates are reflected in the Consolidated Statements of Income for the period in which such estimates are changed. Changes in the liability estimate could be material to the results of operations in future periods. Loss reserves are estimates, and as such, we also consider a range of possible loss and loss expense reserve estimates. This range is determined at the beginning of each year, using prior year-end data, and reflects the fact that there is no single precise method for estimating the required reserves, due to the many factors that may influence the amounts ultimately paid. We do not discount to present value that portion of our loss and loss expense reserves expected to be paid in future periods. Our loss and loss expense reserves implicitly include anticipated recoveries for salvage and subrogation claims. Claims are counted at the occurrence, line of business, and policy level. For example, if a single occurrence (e.g. an automobile accident) leads to a claim under an automobile and an associated umbrella policy, they are each counted separately. Conversely, multiple claimants under the same occurrence/line/policy would contribute only a single count. The claim counts provided are on a reported basis. A claim is considered reported when a reserve is established or a payment is made. Therefore, claims closed without payment are included in the count as long as there was an associated case reserve at some point in its life cycle. |
Revenue Recognition | Revenue RecognitionPremiums written are recognized as revenue over the period that coverage is provided using the semi-monthly pro-rata method. Unearned premiums and prepaid reinsurance premiums represent that portion of premiums written that are applicable to the unexpired terms of policies in force.The Insurance Subsidiaries' net premiums written (“NPW”) include direct insurance policy writings, plus reinsurance assumed, less reinsurance ceded. The estimated premium on the workers compensation and general liability lines is referred to as audit premium. We estimate this premium, as it is anticipated to be either billed or returned on policies subsequent to expiration based on exposure levels (i.e. payroll or sales) when it is reasonably possible to do so based on historical trends adjusted for the uncertainty of future economic conditions. If we determine it is not reasonably possible to estimate this premium, we do not do so. |
Dividends to Policyholders | Dividends to PolicyholdersWe establish reserves for dividends to policyholders on certain policies, most significantly workers compensation policies. These dividends are based on the policyholders' loss experience. Dividend reserves are established based on past experience, adjusted for the effects of current developments and anticipated trends. The expense for these dividends is recognized over a period that begins at policy inception and ends with the payment of the dividend. We report these dividends within "Other insurance expenses" on the Consolidated Statement of Income. We do not issue policies that entitle the policyholder to participate in the statutory earnings or surplus of our Insurance Subsidiaries. |
Federal Income Tax | Federal Income TaxWe use the asset and liability method of accounting for income taxes. Current federal income taxes are recognized for the estimated taxes payable or refundable on tax returns for the current year. Deferred federal income taxes arise from the recognition of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. We consider all evidence, both positive and negative, with respect to our federal tax loss carryback availability, expected levels of pre-tax financial statement income, and federal taxable income, when evaluating whether the temporary differences will be realized. In projecting future taxable income, we begin with budgeted pre-tax income adjusted for estimated non-taxable items. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we use to manage our businesses. A valuation allowance is established when it is more likely than not that some portion of the deferred tax asset will not be realized. A liability for uncertain tax positions is recorded when it is more likely than not that a tax position will not be sustained upon examination by taxing authorities. The effect of a change in tax rates is recognized in the period of enactment. If we were to be levied interest and penalties by the Internal Revenue Service, these amounts would be recognized as a component of “Total federal income tax expense” on the Consolidated Statement of Income. |
Leases | LeasesWe have various operating leases for office space, equipment, and fleet vehicles. In addition, we have various finance leases for computer hardware. We determine if an arrangement is a lease on the commencement date of the contract. Lease assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. The lease asset and liability are measured by the present value of the future minimum lease payments over the lease term. Our fleet vehicle leases include a residual value guarantee; however, the residual value guarantee is not probable of being owed. Therefore, there is no impact to the lease liability or lease asset. To measure the present value, we use the discount rate in the contract. If the discount rate is not readily determinable, our incremental borrowing rate is used. The lease asset is then adjusted to exclude lease incentives. We recognize variable lease payments in the periods in which the obligations for those payments are incurred. In calculating a lease liability, we include options to extend or terminate the lease if it is reasonably certain that we will exercise such option. Lease expense is calculated using the straight-line method. In addition, we have adopted accounting policy elections to: (i) aggregate lease and non-lease components into a single lease component; and (ii) expense short-term leases on a straight-line basis over the lease term. |
Pension | Pension Our pension obligations and related costs are calculated using actuarial methods, within the framework of GAAP. Our pension benefit obligation is determined as the actuarial present value of the vested benefits to which employees are currently entitled, based on the average life expectancy of the employees. Our funding policy provides that payments to our pension trust shall be equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"), plus additional amounts that the Board of Directors (the "Board") of Selective Insurance Company of America (“SICA”) may approve from time to time. Two key assumptions, the benefit obligation discount rate and the expected return on plan assets, are important elements of expense and/or liability measurement. We evaluate these key assumptions annually unless facts indicate that a more frequent review is required. The discount rate enables us to state expected future cash flows at their present value on the measurement date. The purpose of the discount rate is to determine the interest rates inherent in the price at which pension benefits could be effectively settled. Our discount rate selection is based on high-quality, long-term corporate bonds. To determine the expected long-term rate of return on the plan assets, we consider the current and expected asset allocation, as well as historical and expected returns on each plan asset class. Other assumptions involve demographic factors such as retirement age and mortality. A portion of our plan assets is allocated to a liability hedging strategy through which we have an expectation that our plan assets will move in tandem with a portion of the plan liabilities, helping to mitigate funding ratio volatility. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Estimated Useful Life for Property and Equipment | Asset Category Years Computer hardware 3 Computer software 3 to 5 Software licenses 3 to 5 Internally developed software 5 Furniture and fixtures 10 Buildings and improvements 5 to 40 |
Statements of Cash Flow (Tables
Statements of Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | ($ in thousands) 2021 2020 2019 Cash paid during the period for: Interest $ 28,930 30,464 25,089 Federal income tax 100,000 47,000 55,825 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 7,935 9,498 8,138 Operating cash flows from financing leases 35 15 16 Financing cash flows from finance leases 1,768 550 977 Non-cash items: Corporate actions related to fixed income securities, AFS 1 56,365 55,446 61,369 Corporate actions related to fixed income securities, held-to-maturity ("HTM") 1 — 2,589 — Corporate actions related to equity securities 1 30,666 10,890 14,250 Conversion of AFS fixed income securities to equity securities 15,139 — — Assets acquired under finance lease arrangements 6,709 324 824 Assets acquired under operating lease arrangements 3,272 22,390 13,808 Non-cash purchase of property and equipment 472 590 89 |
Schedule of Cash and Cash Equivalents | ($ in thousands) December 31, 2021 December 31, 2020 Cash $ 455 394 Restricted cash 44,608 14,837 Total cash and restricted cash shown in the Statements of Cash Flows $ 45,063 15,231 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment [Line Items] | |
Schedule of Unrealized Gains (Losses) On Investments | ($ in thousands) 2021 2020 2019 AFS securities: Fixed income securities $ 228,947 386,380 215,634 Total AFS securities 228,947 386,380 215,634 HTM securities: Fixed income securities (4) 7 31 Total HTM securities (4) 7 31 Short-term securities 20 6 23 Total net unrealized gains 228,963 386,393 215,688 Deferred income tax (48,082) (81,142) (45,294) Net unrealized gains, net of deferred income tax 180,881 305,251 170,394 Increase (decrease) in net unrealized gains in OCI, net of deferred income tax $ (124,370) 134,857 168,505 |
Schedule of Available For Sale Securities | December 31, 2021 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value AFS fixed income securities: U.S. government and government agencies $ 127,974 — 3,629 (1,145) 130,458 Foreign government 15,420 (46) 609 (123) 15,860 Obligations of states and political subdivisions 1,121,422 (137) 68,258 (235) 1,189,308 Corporate securities 2,478,348 (6,682) 106,890 (4,953) 2,573,603 CLO and other ABS 1,343,687 (939) 14,350 (6,284) 1,350,814 RMBS 756,280 (1,909) 24,813 (2,932) 776,252 CMBS 647,622 (11) 27,752 (1,682) 673,681 Total AFS fixed income securities $ 6,490,753 (9,724) 246,301 (17,354) 6,709,976 December 31, 2020 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value AFS fixed income securities: U.S. government and government agencies $ 110,038 — 6,239 (137) 116,140 Foreign government 16,801 (1) 1,569 (3) 18,366 Obligations of states and political subdivisions 1,159,588 (4) 87,564 (11) 1,247,137 Corporate securities 2,152,203 (2,782) 180,971 (2,340) 2,328,052 CLO and other ABS 1,014,820 (592) 20,166 (7,843) 1,026,551 RMBS 999,485 (561) 53,065 (201) 1,051,788 CMBS 620,582 (29) 48,348 (1,007) 667,894 Total AFS fixed income securities $ 6,073,517 $ (3,969) 397,922 (11,542) 6,455,928 |
Schedule of debt securities, available-for-sale, allowance for credit losses | 2021 Beginning Balance Current Provisions for Securities without Prior Allowance Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign Government $ 1 46 (1) — — 46 Obligations of states and political subdivisons 4 122 11 — — 137 Corporate Securities 2,782 5,785 (992) (723) (170) 6,682 CLO and other ABS 592 579 (211) (21) — 939 RMBS 561 1,593 (63) (182) — 1,909 CMBS 29 10 (28) — — 11 Total AFS fixed income securities $ 3,969 8,135 (1,284) (926) (170) 9,724 2020 Beginning Balance Current Provisions for Securities without Prior Allowance Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign Government $ — 19 — (18) — 1 Obligations of states and political subdivisons — 4 — — — 4 Corporate Securities — 3,645 — (781) (82) 2,782 CLO and other ABS — 722 — (113) (17) 592 RMBS — 623 — (62) — 561 CMBS — 29 — — — 29 Total AFS fixed income securities $ — 5,042 — (974) (99) 3,969 |
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time | December 31, 2021 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized AFS fixed income securities: U.S. government and government agencies $ 34,857 (746) 7,827 (399) 42,684 (1,145) Foreign government 2,000 (84) 1,061 (39) 3,061 (123) Obligations of states and political subdivisions 25,837 (235) — — 25,837 (235) Corporate securities 300,549 (4,903) 2,520 (50) 303,069 (4,953) CLO and other ABS 663,976 (4,934) 53,368 (1,350) 717,344 (6,284) RMBS 236,010 (2,931) 20 (1) 236,030 (2,932) CMBS 112,899 (1,016) 20,326 (666) 133,225 (1,682) Total AFS fixed income securities $ 1,376,128 (14,849) 85,122 (2,505) 1,461,250 (17,354) December 31, 2020 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized AFS fixed income securities: U.S. government and government agencies $ 11,519 (137) — — 11,519 (137) Foreign government 1,122 (3) — — 1,122 (3) Obligations of states and political subdivisions 2,223 (11) — — 2,223 (11) Corporate securities 65,187 (2,152) 2,400 (188) 67,587 (2,340) CLO and other ABS 261,746 (2,995) 165,661 (4,848) 427,407 (7,843) RMBS 18,227 (194) 1,181 (7) 19,408 (201) CMBS 55,482 (616) 16,093 (391) 71,575 (1,007) Total AFS fixed income securities $ 415,506 (6,108) 185,335 (5,434) 600,841 (11,542) |
Schedule of Investments Classified by Contractual Maturity Date | AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 500,579 1,384 1,401 Due after one year through five years 3,182,282 11,811 12,493 Due after five years through 10 years 2,316,389 15,590 15,566 Due after 10 years 710,726 — — Total fixed income securities $ 6,709,976 28,785 29,460 |
Schedule of Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy | Other Investments December 31, 2021 December 31, 2020 ($ in thousands) Carrying Remaining Maximum Exposure to Loss 1 Carrying Remaining Maximum 1 Alternative Investments Private equity $ 273,070 99,734 372,804 157,276 100,905 258,181 Private credit 63,138 92,674 155,812 54,017 98,330 152,347 Real assets 23,524 22,579 46,103 19,659 16,493 36,152 Total alternative investments 359,732 214,987 574,719 230,952 215,728 446,680 Other securities 49,300 — 49,300 35,370 — 35,370 Total other investments $ 409,032 214,987 624,019 266,322 215,728 482,050 |
Schedule of Aggregated Summarized Balance Sheet Financial Information For Partnerships In Our Alternative Investment Portfolio | Balance Sheet Information December 31, ($ in millions) 2021 2020 Investments $ 107,347 55,145 Total assets 112,232 58,819 Total liabilities 12,371 6,744 Total partners’ capital 99,861 52,075 |
Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio | Income Statement Information 12 months ended September 30, ($ in millions) 2021 2020 2019 Net investment (loss) income $ 653 (26) (8) Realized gains 6,121 1,452 695 Net change in unrealized appreciation 26,877 4,898 5,543 Net income before tax $ 33,651 6,324 6,230 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income 117.7 26.5 17.9 |
Schedule Of Securities Pledged As Collateral | ($ in millions) FHLBI Collateral FHLBNY Collateral State and Regulatory Deposits Total U.S. government and government agencies $ — — 22.3 22.3 Obligations of states and political subdivisions — — 4.0 4.0 RMBS 62.4 40.4 — 102.8 CMBS 6.3 14.1 — 20.4 Total pledged as collateral $ 68.7 54.5 26.3 149.5 |
Schedule of Components of Pre-Tax Net Investment Income Earned | ($ in thousands) 2021 2020 2019 Fixed income securities $ 209,709 203,926 203,255 CMLs 2,743 844 — Equity securities 15,920 9,286 6,996 Short-term investments 260 1,821 6,653 Other investments 118,060 26,922 18,778 Investment expenses (20,103) (15,692) (13,139) Net investment income earned $ 326,589 227,107 222,543 |
Schedule of realized and unrealized gains (losses) on securities | ($ in thousands) 2021 2020 2019 Gross gains on sales $ 15,284 18,893 31,910 Gross losses on sales (8,140) (9,745) (5,195) Net realized gains on disposals 7,144 9,148 26,715 Net unrealized gains (losses) on equity securities 17,881 7,939 (8,649) Net credit loss (expense) on fixed maturities, AFS (6,858) (5,042) Net credit loss (expense) benefit on fixed maturities, HTM (49) 4 Losses on securities for which we have the intent to sell (519) (16,266) Net other-than-temporary-impairment ("OTTI") losses recognized in earnings (3,644) Net realized and unrealized gains (losses) $ 17,599 (4,217) 14,422 |
Unrealized Gain (Loss) on Equity Securities | ($ in thousands) 2021 2020 2019 Unrealized gains (losses) recognized in income on equity securities: On securities remaining in our portfolio at end of period $ 16,473 7,936 1,219 On securities sold in period 1,408 3 (9,868) Total unrealized gains (losses) recognized in income on equity securities $ 17,881 7,939 (8,649) |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Components of Comprehensive Income-Gross and Net of Tax | 2021 ($ in thousands) Gross Tax Net Net income $ 505,310 101,473 403,837 Components of OCI: Unrealized (losses) gains on investment securities : Unrealized holding losses during the year (151,391) (31,793) (119,598) Unrealized losses on securities with credit loss recognized in earnings (9,061) (1,902) (7,159) Amounts reclassified into net income: HTM securities (11) (2) (9) Net realized gains on disposals and losses on intent-to-sell AFS securities (3,825) (803) (3,022) Credit loss expense 6,858 1,440 5,418 Total unrealized losses on investment securities (157,430) (33,060) (124,370) Defined benefit pension and post-retirement plans: Net actuarial gain 21,636 4,543 17,093 Amounts reclassified into net income: Net actuarial loss 2,772 582 2,190 Total defined benefit pension and post-retirement plans 24,408 5,125 19,283 Other comprehensive loss (133,022) (27,935) (105,087) Comprehensive income $ 372,288 73,538 298,750 2020 ($ in thousands) Gross Tax Net Net income $ 302,988 56,633 246,355 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the year 168,487 35,383 133,104 Unrealized losses on securities with credit loss recognized in earnings (8,176) (1,717) (6,459) Amounts reclassified into net income: HTM securities (24) (5) (19) Net realized losses on disposals and losses on intent-to-sell AFS securities 5,376 1,129 4,247 Credit loss expense 5,042 1,058 3,984 Total unrealized gains on investment securities 170,705 35,848 134,857 Defined benefit pension and post-retirement plans: Net actuarial gain 1,515 318 1,197 Amounts reclassified into net income: Net actuarial loss 3,015 633 2,382 Total defined benefit pension and post-retirement plans 4,530 951 3,579 Other comprehensive income 175,235 36,799 138,436 Comprehensive income $ 478,223 93,432 384,791 2019 ($ in thousands) Gross Tax Net Net income $ 336,390 64,767 271,623 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains during the year 212,683 44,662 168,021 Amounts reclassified into net income: HTM securities (58) (12) (46) Realized losses on disposals and OTTI of AFS securities 671 141 530 Total unrealized gains on investment securities 213,296 44,791 168,505 Defined benefit pension and post-retirement plans: Net actuarial loss (13,795) (2,897) (10,898) Amounts reclassified into net income: Net actuarial loss 2,657 558 2,099 Total defined benefit pension and post-retirement plans (11,138) (2,339) (8,799) Other comprehensive income 202,158 42,452 159,706 Comprehensive income $ 538,548 107,219 431,329 |
Schedule of Components of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-retirement Plans ($ in thousands) Credit Loss Related 1 HTM Related All Other Investments Subtotal Total AOCI Balance, December 31, 2019 $ (71) 25 170,439 170,393 (88,643) 81,750 OCI before reclassifications (6,459) — 133,104 126,645 1,197 127,842 Amounts reclassified from AOCI 3,984 (19) 4,247 8,212 2,382 10,594 Net current period OCI (2,475) (19) 137,351 134,857 3,579 138,436 Balance, December 31, 2020 (2,546) 6 307,790 305,250 (85,064) 220,186 OCI before reclassifications (7,159) — (119,598) (126,757) 17,093 (109,664) Amounts reclassified from AOCI 5,418 (9) (3,022) 2,387 2,190 4,577 Net current period OCI (1,741) (9) (122,620) (124,370) 19,283 (105,087) Balance, December 31, 2021 $ (4,287) (3) 185,170 180,880 (65,781) 115,099 |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | ($ in thousands) Year ended December 31, 2021 Year ended December 31, 2020 Affected Line Item in the Consolidated Statements of Income HTM related Unrealized gains on HTM disposals $ (14) (16) Net realized and unrealized investment gains (losses) Amortization of net unrealized gains on HTM securities 3 (8) Net investment income earned (11) (24) Income before federal income tax 2 5 Total federal income tax expense (9) (19) Net income Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities (3,825) 5,376 Net realized and unrealized investment gains (losses) (3,825) 5,376 Income before federal income tax 803 (1,129) Total federal income tax expense (3,022) 4,247 Net income Credit loss related Credit loss expense 6,858 5,042 Net realized and unrealized investment gains (losses) 6,858 5,042 Income before federal income tax (1,440) (1,058) Total federal income tax expense 5,418 3,984 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 638 647 Loss and loss expense incurred 2,134 2,368 Other insurance expenses Total defined benefit pension and post-retirement life 2,772 3,015 Income before federal income tax (582) (633) Total federal income tax expense 2,190 2,382 Net income Total reclassifications for the period $ 4,577 10,594 Net income |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | December 31, 2021 December 31, 2020 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,917 63,719 49,914 66,148 6.70% Senior Notes 99,520 127,574 99,499 127,886 5.375% Senior Notes 294,330 395,652 294,241 383,669 1.61% Borrowings from FHLBNY — — 25,000 25,182 1.56% Borrowings from FHLBNY — — 25,000 25,198 3.03% Borrowings from FHLBI 60,000 64,126 60,000 67,513 Subtotal long-term debt 503,767 651,071 553,654 695,596 Unamortized debt issuance costs (3,167) (3,419) Finance lease obligations 5,450 508 Total long-term debt $ 506,050 $ 550,743 |
Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value | December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 130,458 60,615 69,843 — Foreign government 15,860 — 15,860 — Obligations of states and political subdivisions 1,189,308 — 1,181,563 7,745 Corporate securities 2,573,603 — 2,459,476 114,127 CLO and other ABS 1,350,814 — 1,225,905 124,909 RMBS 776,252 — 776,007 245 CMBS 673,681 — 669,425 4,256 Total AFS fixed income securities 6,709,976 60,615 6,398,079 251,282 Equity securities: Common stock 1 333,449 249,846 — — Preferred stock 2,088 2,088 — — Total equity securities 335,537 251,934 — — Short-term investments 447,863 442,723 5,140 — Total assets measured at fair value $ 7,493,376 755,272 6,403,219 251,282 December 31, 2020 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 116,140 40,960 75,180 — Foreign government 18,366 — 18,366 — Obligations of states and political subdivisions 1,247,137 — 1,244,243 2,894 Corporate securities 2,328,052 — 2,257,352 70,700 CLO and other ABS 1,026,551 — 970,176 56,375 RMBS 1,051,788 — 1,051,788 — CMBS 667,894 — 667,894 — Total AFS fixed income securities 6,455,928 40,960 6,284,999 129,969 Equity securities: Common stock 1 308,632 261,846 — — Preferred stock 1,735 1,735 — — Total equity securities 310,367 263,581 — — Short-term investments 409,852 405,400 4,452 — Total assets measured at fair value $ 7,176,147 709,941 6,289,451 129,969 1 Investments amounting to $83.6 million and $46.8 million at December 31, 2021 and December 31, 2020, respectively, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs | 2021 ($ in thousands) Obligations of states and political subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Total Fair value, December 31, 2020 2,894 70,700 56,375 — — 129,969 Total net (losses) gains for the period included in: OCI (239) 1,636 (520) — (196) 681 Net realized and unrealized (losses) gains (11) (50) (214) — 5 (270) Net investment income earned — 27 16 — 19 62 Purchases — 64,813 76,731 249 98 141,891 Sales — — — — — — Issuances — — — — — — Settlements — (544) (5,161) (4) (52) (5,761) Transfers into Level 3 5,101 981 11,344 — 4,382 21,808 Transfers out of Level 3 — (23,436) (13,662) — — (37,098) Fair value, December 31, 2021 $ 7,745 114,127 $ 124,909 245 4,256 251,282 Change in unrealized (losses) gains for the period included in earnings for assets held at period end (11) (50) (214) — 5 (270) Change in unrealized (losses) gains for the period included in OCI for assets held at period end (239) 1,636 (520) — (196) 681 2020 ($ in thousands) Obligations of states and political subdivisions Corporate Securities CLO and Other ABS Total Fair value, December 31, 2019 $ — 17,051 17,034 34,085 Total net (losses) gains for the period included in: OCI 4 (785) 1,883 1,102 Net realized and unrealized gains (losses) — (1,046) (237) (1,283) Net investment income earned — 21 6 27 Purchases — 46,150 25,785 71,935 Sales — — — — Issuances — — — — Settlements — (283) (2,638) (2,921) Transfers into Level 3 2,890 9,592 31,520 44,002 Transfers out of Level 3 — — (16,978) (16,978) Fair value, December 31, 2020 $ 2,894 70,700 56,375 129,969 Change in unrealized gains (losses) for the period included in earnings for assets held at period end — (1,046) (237) (1,283) Change in unrealized gains (losses) for the period included in OCI for assets held at period end 4 (785) 1,883 1,102 |
Fair Value Measurement Inputs and Valuation Techniques | December 31, 2021 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 54,135 Discounted Cash Flow Illiquidity Spread 0.3% - 3.0% (1.2)% CLO and other ABS 34,903 Discounted Cash Flow Illiquidity Spread 0.7%- 8.0% (2.1)% Total internal valuations 89,038 Other 1 162,244 Total Level 3 securities $ 251,282 December 31, 2020 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Internal valuations: Corporate securities $ 15,907 Discounted Cash Flow Illiquidity Spread 1.8% - 1.8% (1.8)% CLO and other ABS 27,005 Discounted Cash Flow Illiquidity Spread 1.2% - 3.1% (1.8)% Total internal valuations 42,912 Other 1 87,057 Total Level 3 securities $ 129,969 1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency as to the inputs used to develop the valuations. The quantitative details of these unobservable inputs is neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. |
Schedule of Quantitative Information of our Financial Assets and Liabilities that were Disclosed at Fair Value | December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets HTM: Obligations of states and political subdivisions $ 3,576 — 3,576 — Corporate securities 25,884 — 25,884 — Total HTM fixed income securities $ 29,460 — 29,460 — CMLs $ 97,598 — — 97,598 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 63,719 — 63,719 — 6.70% Senior Notes 127,574 — 127,574 — 5.375% Senior Notes 395,652 — 395,652 — 3.03% Borrowings from FHLBI 64,126 — 64,126 — Total long-term debt $ 651,071 — 651,071 — December 31, 2020 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets HTM: Obligations of states and political subdivisions $ 4,795 — 4,795 — Corporate securities 13,206 — 13,206 — Total HTM fixed income securities $ 18,001 — 18,001 — CML $ 47,289 — — 47,289 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 66,148 66,148 6.70% Senior Notes 127,886 127,886 5.375% Senior Notes 383,669 383,669 1.61% Borrowings from FHLBNY 25,182 — 25,182 — 1.56% Borrowings from FHLBNY 25,198 — 25,198 — 3.03% Borrowings from FHLBI 67,513 — 67,513 — Total long-term debt $ 695,596 — 695,596 — |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Premiums Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Premium Receivable, Allowance for Credit Loss | ($ in thousands) December 31, 2021 December 31, 2020 Balance at beginning of year $ 21,000 6,400 Cumulative effect adjustment 1 — 1,058 Balance at beginning of year, as adjusted $ 21,000 7,458 Current period change for expected credit losses 1,291 16,751 Write-offs charged against the allowance for credit losses (9,343) (3,754) Recoveries 652 545 ACL, end of year $ 13,600 21,000 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable, Credit Quality Indicator | December 31, 2021 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 38,601 $ 9 $ 38,610 A+ 339,857 1,520 341,377 A 95,675 1,227 96,902 A- 3,209 145 3,354 B++ — — — B+ — — — Total rated reinsurers $ 477,342 $ 2,901 $ 480,243 Non-rated reinsurers Federal and state pools $ 116,378 $ — $ 116,378 Other than federal and state pools 4,597 450 5,047 Total non-rated reinsurers $ 120,975 $ 450 $ 121,425 Total reinsurance recoverable, gross $ 598,317 $ 3,351 $ 601,668 Less: ACL (1,600) Total reinsurance recoverable, net $ 600,068 December 31, 2020 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 37,464 $ 102 $ 37,566 A+ 354,846 2,452 357,298 A 105,652 415 106,067 A- 2,139 — 2,139 B++ 56 324 380 B+ — — — Total rated reinsurers $ 500,157 $ 3,293 $ 503,450 Non-rated reinsurers Federal and state pools $ 82,575 $ — $ 82,575 Other than federal and state pools 2,676 568 3,244 Total non-rated reinsurers $ 85,251 $ 568 $ 85,819 Total reinsurance recoverable, gross $ 585,408 $ 3,861 $ 589,269 Less: ACL (1,777) Total reinsurance recoverable, net $ 587,492 |
Reinsurance Recoverable, Allowance for Credit Loss | ($ in thousands) December 31, 2021 December 31, 2020 Balance at beginning of year $ 1,777 $ 4,400 Cumulative effect adjustment — (2,903) Balance at beginning of year, as adjusted $ 1,777 $ 1,497 Current period change for expected credit losses (177) 280 Write-offs charged against the allowance for credit losses — — Recoveries — — ACL, end of year $ 1,600 $ 1,777 |
Schedule of Total Reinsurance Balances Segregated By Reinsurer | As of December 31, 2021 As of December 31, 2020 ($ in thousands) Reinsurance Balances % of Reinsurance Balance Reinsurance Balances % of Reinsurance Balance Total reinsurance recoverables, net of allowance for credit losses $ 600,068 $ 587,492 Total prepaid reinsurance premiums 183,007 170,531 Total reinsurance balance 783,075 758,023 Federal and state pools 1 : NFIP 223,845 29 % 178,532 25 % New Jersey Unsatisfied Claim Judgment Fund 49,738 6 52,053 6 Other 2,385 — 1,625 — Total federal and state pools 275,968 35 232,210 31 Remaining reinsurance balance $ 507,107 65 $ 525,813 69 Munich Re Group (AM Best rated "A+") $ 108,381 14 $ 117,028 15 Hannover Ruckversicherungs AG (AM Best rated "A+") 107,110 14 115,251 15 AXIS Reinsurance Company (AM Best rated "A") 70,814 9 78,617 10 Swiss Re Group (AM Best rated "A+") 29,186 4 33,249 4 Transatlantic Reinsurance Company (AM Best rated “A+”) 26,490 3 24,374 3 All other reinsurers 166,726 21 159,071 21 Total reinsurers 508,707 65 % 527,590 69 % Less: ACL (1,600) (1,777) Reinsurers, net of ACL 507,107 525,813 Less: collateral 2 (128,699) (130,169) Reinsurers, net of collateral $ 378,408 $ 395,644 1 Considered to have minimal risk of default. 2 Includes letters of credit, trust funds, and funds held against reinsurance recoverables. |
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | ($ in thousands) 2021 2020 2019 Premiums written: Direct $ 3,656,537 3,204,512 3,084,451 Assumed 22,664 24,288 24,339 Ceded (489,488) (455,708) (429,366) Net $ 3,189,713 2,773,092 2,679,424 Premiums earned: Direct $ 3,472,715 3,108,687 2,993,157 Assumed 21,550 25,010 24,399 Ceded (477,012) (451,883) (420,385) Net $ 3,017,253 2,681,814 2,597,171 Loss and loss expense incurred: Direct $ 2,096,512 1,822,034 1,714,880 Assumed 13,813 17,201 22,879 Ceded (296,341) (203,412) (186,268) Net $ 1,813,984 1,635,823 1,551,491 |
Schedule of Ceded Premiums and Losses Related to Flood Operations | Ceded to NFIP ($ in thousands) 2021 2020 2019 Ceded premiums written $ (284,311) (274,042) (266,925) Ceded premiums earned (274,384) (271,598) (259,119) Ceded loss and loss expense incurred (215,224) (78,993) (71,676) |
Reserve for Loss and Loss Exp_2
Reserve for Loss and Loss Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Roll Forward of Reserve for Loss and Loss Expense | ($ in thousands) 2021 2020 2019 Gross reserves for loss and loss expense, at beginning of year $ 4,260,355 4,067,163 3,893,868 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year 1 554,269 547,066 537,388 Net reserves for loss and loss expense, at beginning of year 3,706,086 3,520,097 3,356,480 Incurred loss and loss expense for claims occurring in the: Current year 1,896,837 1,708,755 1,601,780 Prior years (82,853) (72,932) (50,289) Total incurred loss and loss expense 1,813,984 1,635,823 1,551,491 Paid loss and loss expense for claims occurring in the: Current year 676,331 642,586 579,527 Prior years 841,477 807,248 805,443 Total paid loss and loss expense 1,517,808 1,449,834 1,384,970 Net reserves for loss and loss expense, at end of year 4,002,262 3,706,086 3,523,001 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of year 578,641 554,269 544,162 Gross reserves for loss and loss expense at end of year $ 4,580,903 4,260,355 4,067,163 |
Schedule of (Favorable)/ Unfavorable Prior Year Development | (Favorable)/Unfavorable Prior Year Development ($ in millions) 2021 2020 2019 General Liability $ (29.0) (35.0) (5.0) Commercial Automobile 13.3 7.1 0.7 Workers Compensation (58.0) (60.0) (68.0) Businessowners' Policies (0.4) 3.9 1.9 Commercial Property (2.6) 9.2 5.1 Homeowners 1.8 7.7 7.5 Personal Automobile (0.2) (1.8) 4.4 E&S Casualty Lines (7.0) — 2.0 E&S Property Lines (0.8) (4.0) 1.0 Other — — 0.1 Total $ (82.9) (72.9) (50.3) |
Schedule of Exposure to Various Asbestos and Environmental Claims | 2021 ($ in millions) Gross Net Asbestos $ 6.1 4.9 Landfill sites 12.1 7.6 Underground storage tanks 9.6 8.6 Total $ 27.8 21.1 |
Schedule of Roll Forward of Gross and Net Asbestos and Environmental Incurred Losses and Loss Expenses and Related Reserves | 2021 2020 2019 ($ in thousands) Gross Net Gross Net Gross Net Asbestos Reserves for loss and loss expense at beginning of year $ 6,254 5,023 6,288 5,057 7,328 6,097 Incurred loss and loss expense 51 51 320 320 (375) (375) Less: loss and loss expense paid (190) (190) (354) (354) (665) (665) Reserves for loss and loss expense at the end of year $ 6,115 4,884 6,254 5,023 6,288 5,057 Environmental Reserves for loss and loss expense at beginning of year $ 22,276 16,398 22,413 16,532 22,692 16,686 Incurred loss and loss expense (613) (14) (447) (474) 723 609 Less: loss and loss expense paid (5) (193) 310 340 (1,002) (763) Reserves for loss and loss expense at the end of year $ 21,658 16,191 22,276 16,398 22,413 16,532 Total Asbestos and Environmental Claims Reserves for loss and loss expense at beginning of year $ 28,530 21,421 28,701 21,589 30,020 22,783 Incurred loss and loss expense (562) 37 (127) (154) 348 234 Less: loss and loss expense paid (195) (383) (44) (14) (1,667) (1,428) Reserves for loss and loss expense at the end of year $ 27,773 21,075 28,530 21,421 28,701 21,589 |
Schedule of Short-duration Insurance Contracts, Claims Development | All Lines (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 1,065,437 1,071,290 1,020,655 998,028 973,089 973,644 973,411 968,536 962,091 962,678 36,108 104,515 2013 1,044,142 1,062,045 1,047,230 1,021,007 1,002,316 987,763 984,858 973,739 957,958 40,736 91,756 2014 1,107,513 1,133,798 1,146,990 1,124,014 1,104,218 1,100,208 1,089,529 1,094,367 48,550 95,610 2015 1,114,081 1,130,513 1,144,830 1,138,313 1,119,441 1,108,860 1,103,592 56,165 94,874 2016 1,188,608 1,203,634 1,227,142 1,199,734 1,180,829 1,171,273 90,598 95,559 2017 1,270,110 1,313,372 1,313,585 1,288,526 1,268,941 122,313 99,424 2018 1,413,800 1,461,603 1,457,415 1,441,303 222,464 106,569 2019 1,483,945 1,523,041 1,526,566 383,970 103,271 2020 1,591,972 1,587,607 562,065 93,515 2021 1,784,661 932,590 89,801 Total 12,898,946 All Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 378,067 555,819 651,544 743,742 810,135 856,195 879,372 898,269 905,816 913,478 2013 335,956 518,872 644,475 748,758 833,823 872,331 891,841 904,825 911,657 2014 405,898 614,075 736,154 855,959 936,425 981,868 1,002,157 1,020,961 2015 376,641 581,203 725,385 845,868 929,222 967,857 1,000,509 2016 387,272 617,958 764,331 892,390 983,852 1,025,264 2017 433,440 678,453 829,134 954,792 1,050,258 2018 511,271 779,466 942,893 1,083,556 2019 510,091 781,462 949,996 2020 572,302 831,976 2021 609,889 Total 9,397,544 All outstanding liabilities before 2012, net of reinsurance 372,496 Liabilities for loss and loss expenses, net of reinsurance 3,873,898 General Liability (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 238,979 245,561 215,083 194,144 175,305 175,268 180,659 182,085 178,285 179,197 12,796 10,052 2013 250,609 251,421 239,776 225,709 210,785 203,831 202,697 195,697 192,782 15,661 10,433 2014 244,312 249,946 257,132 239,333 234,082 237,125 229,679 230,247 21,413 10,677 2015 254,720 245,710 246,990 233,249 219,204 214,176 211,768 25,873 10,532 2016 277,214 272,048 277,986 263,245 252,733 246,643 41,647 10,763 2017 293,747 293,128 301,384 289,883 278,607 67,475 11,219 2018 317,934 336,326 345,224 332,013 126,438 11,641 2019 347,150 356,363 358,301 196,836 11,264 2020 361,554 360,302 252,458 9,076 2021 422,748 356,223 8,260 Total 2,812,608 General Liability (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 13,030 35,241 56,580 89,008 109,448 130,866 144,451 156,186 158,397 162,516 2013 12,789 35,113 72,127 104,587 139,114 153,628 163,764 169,847 172,983 2014 14,901 46,825 79,972 121,969 154,957 179,192 187,352 198,772 2015 14,665 39,978 78,668 116,804 144,216 157,071 173,697 2016 15,684 46,549 89,431 133,757 164,136 181,770 2017 17,366 49,470 92,355 131,980 167,002 2018 19,531 60,784 108,421 155,538 2019 18,097 58,284 100,206 2020 21,858 58,699 2021 28,069 Total 1,399,252 All outstanding liabilities before 2012, net of reinsurance 102,433 Liabilities for loss and loss expenses, net of reinsurance 1,515,789 Workers Compensation (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 203,864 208,036 199,360 195,197 188,596 187,359 183,314 178,774 177,658 177,706 20,697 11,628 2013 199,794 194,318 187,658 173,160 166,662 162,787 159,767 157,645 153,436 20,638 11,384 2014 199,346 187,065 182,579 172,515 164,420 160,646 159,604 161,021 21,285 10,495 2015 193,729 194,639 183,604 179,642 176,242 172,572 170,577 20,748 10,554 2016 196,774 184,946 176,248 166,009 156,540 155,210 24,850 10,585 2017 195,202 184,306 175,853 162,672 154,159 25,096 10,809 2018 193,894 193,818 181,151 173,428 34,218 11,129 2019 188,625 188,596 174,912 44,549 10,307 2020 168,643 168,594 61,878 7,495 2021 185,198 111,451 8,089 Total 1,674,241 Workers Compensation (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 40,911 86,909 108,211 122,755 132,052 139,477 143,281 146,739 148,750 151,273 2013 36,829 74,568 96,376 109,739 118,669 124,130 126,822 129,224 130,467 2014 35,924 78,944 100,876 113,626 119,392 124,077 127,858 130,726 2015 33,857 77,320 98,195 112,601 120,097 124,046 129,019 2016 34,525 78,531 98,037 109,166 115,159 119,800 2017 40,375 82,216 100,645 110,645 116,426 2018 41,122 84,780 105,903 119,904 2019 37,826 77,878 100,812 2020 29,559 68,277 2021 32,918 Total 1,099,622 All outstanding liabilities before 2012, net of reinsurance 241,987 Liabilities for loss and loss expenses, net of reinsurance 816,606 Commercial Automobile (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 179,551 191,947 183,527 184,289 184,367 186,128 184,633 185,357 184,477 184,411 467 24,431 2013 188,289 205,282 209,197 207,994 210,410 207,975 209,602 208,040 207,554 595 26,053 2014 200,534 212,725 216,824 219,925 218,172 217,334 216,461 214,992 875 28,079 2015 220,994 240,958 253,074 259,495 260,565 261,386 262,054 1,826 29,837 2016 255,187 274,367 285,302 285,304 290,359 291,674 3,226 31,754 2017 301,274 329,389 324,291 322,197 326,461 10,110 33,066 2018 347,908 352,487 345,547 350,310 23,671 35,714 2019 385,212 398,346 404,854 63,122 36,079 2020 381,654 381,163 121,558 30,095 2021 483,831 232,070 34,461 Total 3,107,304 Commercial Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 73,316 105,371 127,235 148,669 168,114 176,656 179,501 181,353 183,098 183,365 2013 76,469 109,893 140,015 169,850 189,626 200,750 202,622 205,064 206,162 2014 80,810 117,169 148,884 180,701 202,821 209,655 212,481 213,689 2015 91,347 132,260 175,866 211,515 238,142 249,905 255,600 2016 106,022 155,720 200,701 233,939 264,858 277,242 2017 117,287 178,823 220,422 262,349 296,600 2018 134,867 193,788 243,713 291,725 2019 149,538 221,590 283,410 2020 139,016 198,034 2021 187,200 Total 2,393,027 All outstanding liabilities before 2012, net of reinsurance 3,427 Liabilities for loss and loss expenses, net of reinsurance 717,704 Businessowners' Policies (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 54,342 48,029 46,303 44,172 44,077 43,747 43,418 43,717 43,444 43,534 198 5,545 2013 49,617 42,618 41,005 40,624 41,369 39,709 39,699 39,358 38,930 120 3,483 2014 55,962 60,949 62,548 59,806 58,517 58,093 57,302 57,483 746 4,067 2015 52,871 53,768 57,245 55,925 54,454 52,325 52,200 801 3,967 2016 52,335 53,792 54,993 53,835 53,367 53,147 1,010 3,851 2017 46,624 48,698 51,524 48,067 43,606 2,642 3,892 2018 55,024 57,202 62,427 60,393 7,655 4,256 2019 53,531 59,466 64,667 11,556 3,616 2020 71,836 73,680 11,225 5,364 2021 66,312 21,947 3,078 Total 553,952 Businessowners' Policies (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 22,199 31,833 35,089 37,215 38,766 40,627 41,326 41,356 42,075 42,061 2013 17,412 26,592 30,845 34,760 37,993 38,464 39,085 39,212 39,440 2014 28,914 40,584 44,911 49,460 52,940 55,458 55,708 55,729 2015 24,189 36,014 42,710 46,571 49,073 49,839 50,005 2016 24,655 36,848 39,973 45,308 48,786 50,536 2017 21,865 31,337 36,950 40,359 39,940 2018 29,995 39,791 44,316 48,144 2019 27,718 41,587 46,113 2020 43,376 57,210 2021 34,412 Total 463,590 All outstanding liabilities before 2012, net of reinsurance 9,139 Liabilities for loss and loss expenses, net of reinsurance 99,501 Commercial Property (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 118,464 114,224 115,375 116,658 117,102 117,170 117,225 117,220 117,200 117,277 4 8,519 2013 88,101 90,639 90,103 90,005 90,436 90,278 90,218 90,486 90,461 3 5,715 2014 141,192 136,249 136,820 138,751 138,155 136,212 136,237 136,151 10 6,517 2015 110,270 109,513 111,750 111,566 112,496 112,582 112,937 12 6,407 2016 121,927 126,185 125,937 124,487 123,567 123,005 23 6,743 2017 138,773 149,106 149,044 153,664 154,119 54 6,904 2018 183,177 190,834 192,558 194,016 98 8,289 2019 173,826 177,075 179,574 530 7,300 2020 232,060 225,278 4,314 10,116 2021 246,319 36,186 7,153 Total 1,579,137 Commercial Property (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 81,528 108,834 111,503 114,699 116,291 116,625 116,671 116,674 116,673 116,755 2013 60,244 87,874 90,446 90,350 90,840 90,696 90,646 90,917 90,891 2014 101,131 132,909 136,634 137,883 137,418 136,008 135,928 136,141 2015 79,048 106,182 109,829 110,994 110,969 112,117 112,410 2016 83,966 118,789 122,930 123,828 123,601 122,909 2017 99,047 142,338 148,589 152,018 153,750 2018 135,416 184,813 192,698 193,487 2019 130,891 172,768 177,825 2020 164,613 215,107 2021 161,757 Total 1,481,032 All outstanding liabilities before 2012, net of reinsurance 99 Liabilities for loss and loss expenses, net of reinsurance 98,204 Personal Automobile (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 113,771 114,921 109,832 109,324 110,294 110,300 109,795 109,701 109,634 109,546 5 22,333 2013 108,417 109,620 106,225 106,703 107,759 107,680 107,916 107,803 107,754 72 22,376 2014 102,250 109,325 106,757 107,452 106,821 107,104 107,106 107,566 79 22,509 2015 96,387 99,698 100,214 99,570 98,718 98,588 98,596 109 20,865 2016 92,727 98,032 100,202 101,140 99,544 99,858 357 19,826 2017 101,880 105,139 103,653 103,260 103,557 447 20,744 2018 111,594 113,569 112,030 112,418 2,100 22,682 2019 114,043 115,688 115,993 5,649 22,845 2020 95,625 94,532 17,790 17,501 2021 108,244 28,461 18,931 Total 1,058,064 Personal Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 63,704 82,729 94,842 102,977 107,890 109,355 109,447 109,482 109,554 109,539 2013 61,384 80,861 92,637 100,528 105,131 106,679 106,876 107,419 107,423 2014 62,519 83,739 92,589 99,173 104,055 105,709 106,478 107,108 2015 58,725 76,470 87,163 92,102 95,997 97,275 97,761 2016 57,961 76,823 86,752 94,372 98,080 98,977 2017 62,854 82,730 91,479 97,628 100,521 2018 69,721 89,628 99,982 107,026 2019 69,699 92,162 102,930 2020 53,407 68,691 2021 65,325 Total 965,301 All outstanding liabilities before 2012, net of reinsurance 5,713 Liabilities for loss and loss expenses, net of reinsurance 98,476 Homeowners (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 87,260 82,744 86,560 86,667 86,271 86,330 86,483 86,567 86,519 86,533 35 16,944 2013 73,670 72,528 71,494 72,145 71,714 72,148 72,318 71,948 71,955 38 7,750 2014 80,111 82,461 83,637 83,844 83,539 83,824 83,525 83,830 32 8,775 2015 76,637 76,400 76,559 74,723 74,978 74,673 74,682 478 7,750 2016 60,105 60,931 62,391 61,723 61,735 60,855 465 6,895 2017 59,167 67,978 70,365 70,064 68,938 570 7,386 2018 62,961 68,526 69,832 68,931 1,289 7,607 2019 64,306 72,772 73,816 3,027 7,001 2020 109,033 112,523 4,829 9,791 2021 82,425 15,963 6,298 Total 784,488 Homeowners (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 69,056 79,584 82,720 84,250 85,196 85,562 85,642 85,897 85,899 85,918 2013 50,664 65,528 67,838 69,775 71,776 72,197 72,433 72,446 72,447 2014 61,561 76,007 79,751 81,664 82,583 82,836 82,831 83,321 2015 52,589 70,078 72,202 72,927 74,079 74,052 74,096 2016 42,252 57,333 59,546 60,082 61,187 60,449 2017 45,466 63,290 67,193 67,767 68,078 2018 49,430 64,137 65,348 66,634 2019 49,680 67,631 69,911 2020 83,838 105,690 2021 59,054 Total 745,598 All outstanding liabilities before 2012, net of reinsurance 5,438 Liabilities for loss and loss expenses, net of reinsurance 44,328 E&S Casualty Lines (in thousands, except for claim counts) Incurred Loss and Allocated Loss Expenses, Net of Reinsurance As of December 31, 2021 Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 42,367 $ 42,621 43,175 46,149 46,165 45,988 46,444 44,622 44,348 44,083 1,911 2,064 2013 55,468 60,309 67,099 69,112 67,647 68,972 68,451 68,029 60,349 3,637 2,310 2014 55,316 63,505 69,929 71,719 71,206 71,153 70,846 74,270 4,115 2,131 2015 75,498 76,432 82,404 90,488 90,355 90,126 87,662 6,293 2,875 2016 94,451 96,416 104,655 105,120 104,730 102,476 19,208 2,968 2017 91,438 95,783 99,866 99,395 99,960 16,217 2,797 2018 98,324 103,004 103,184 104,983 25,673 2,762 2019 117,087 118,298 117,736 56,323 2,553 2020 103,872 103,137 71,650 1,595 2021 128,099 111,132 1,223 Total 922,755 E&S Casualty Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Unaudited 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 3,722 $ 7,914 16,430 25,064 32,343 36,278 38,298 39,832 40,615 41,299 2013 2,715 9,470 21,980 35,200 46,108 51,142 54,974 55,988 57,152 2014 2,353 12,234 25,571 43,877 53,780 60,092 64,698 66,661 2015 3,036 13,057 29,389 50,712 64,529 71,421 75,844 2016 3,720 16,195 33,950 56,581 69,448 75,004 2017 5,057 14,672 34,179 53,238 68,266 2018 5,509 21,337 39,174 57,962 2019 4,422 17,812 35,844 2020 3,695 13,064 2021 4,326 Total 495,422 All outstanding liabilities before 2012, net of reinsurance 2,843 Liabilities for loss and loss expenses, net of reinsurance 430,176 |
Schedule of Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | (in thousands) December 31, 2021 Net outstanding liabilities: Standard Commercial Lines General liability $ 1,515,789 Workers compensation 816,606 Commercial automobile 717,704 Businessowners' policies 99,501 Commercial property 98,204 Other Standard Commercial Lines 22,866 Total Standard Commercial Lines net outstanding liabilities 3,270,670 Standard Personal Lines Personal automobile 98,476 Homeowners 44,328 Other Standard Personal Lines 12,261 Total Standard Personal Lines net outstanding liabilities 155,065 E&S Lines Casualty lines 430,176 Property lines 17,987 Total E&S Lines net outstanding liabilities 448,163 Total liabilities for unpaid loss and loss expenses, net of reinsurance 3,873,898 Reinsurance recoverable on unpaid claims: Standard Commercial Lines General liability 213,253 Workers compensation 196,670 Commercial automobile 15,480 Businessowners' policies 6,828 Commercial property 22,277 Other Standard Commercial Lines 2,136 Total Standard Commercial Lines reinsurance recoverable on unpaid loss 456,644 Standard Personal Lines Personal automobile 40,941 Homeowners 2,392 Other Standard Personal Lines 64,975 Total Standard Personal Lines reinsurance recoverable on unpaid loss 108,308 E&S Lines Casualty lines 11,672 Property lines 2,017 Total E&S Lines reinsurance recoverable on unpaid loss 13,689 Total reinsurance recoverable on unpaid loss 578,641 Unallocated loss expenses 128,364 Total gross liability for unpaid loss and loss expenses $ 4,580,903 |
Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 General liability 6.4% 11.9 15.6 17.6 14.4 9.8 6.6 5.0 1.9 1.6 Workers compensation 21.8 25.9 13.6 8.4 4.5 2.9 2.3 3.1 1.7 0.8 Commercial automobile 37.2 16.7 14.7 13.0 10.0 4.5 1.7 1.0 0.5 0.1 Businessowners’ policies 49.2 20.8 8.0 8.7 5.9 3.1 1.2 0.1 0.1 0.1 Commercial property 69.4 25.8 3.1 1.0 0.4 — — — — — Personal automobile 59.0 18.1 10.3 6.4 3.7 1.4 0.3 0.4 0.1 0.1 Homeowners 71.5 21.0 3.4 1.8 1.6 0.1 0.2 0.2 0.2 — E&S Lines - casualty 3.8 11.2 16.7 19.0 14.8 7.9 5.7 3.5 3.0 2.0 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Line of Credit Covenant Requirements | Required as of Actual as of December 31, 2021 December 31, 2021 Consolidated net worth 1 Not less than $1.8 billion $2.9 billion Debt to total capitalization ratio 1 Not to exceed 35% 15.0% |
Schedule of Long-term Debt Instruments | Outstanding Debt 2021 Carry Value Issuance Date Maturity Date Interest Rate Original Amount Unamortized Issuance Costs Debt Discount December 31, 2021 December 31, 2020 ($ in thousands) Description Long term (1) Senior Notes 3/1/2019 3/1/2049 5.375 % 300,000 $ 2,733 5,670 291,597 291,307 (2) FHLBI 12/16/2016 12/16/2026 3.03 % 60,000 — — 60,000 60,000 (3) FHLBNY 8/15/2016 8/16/2021 1.56 % 25,000 — — — 25,000 (3) FHLBNY 7/21/2016 7/21/2021 1.61 % 25,000 — — — 25,000 (4) Senior Notes 11/3/2005 11/1/2035 6.70 % 100,000 287 480 99,233 99,180 (5) Senior Notes 11/16/2004 11/15/2034 7.25 % 50,000 147 83 49,770 49,748 Finance lease obligations 5,450 508 Total long-term debt $ 3,167 6,233 506,050 550,743 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from Continuing Operations By Segment | Revenue by Segment Years ended December 31, ($ in thousands) 2021 2020 2019 Standard Commercial Lines: Net premiums earned: Commercial property $ 436,412 388,120 353,834 Workers compensation 306,428 278,062 311,370 General liability 807,158 694,019 669,895 Commercial automobile 724,398 615,181 554,256 Businessowners’ policies 110,622 110,210 105,252 Bonds 35,762 36,742 35,726 Other 23,105 20,850 19,281 Miscellaneous income 16,056 15,512 10,889 Total Standard Commercial Lines revenue 2,459,941 2,158,696 2,060,503 Standard Personal Lines: Net premiums earned: Personal automobile 163,007 165,020 172,606 Homeowners 122,526 125,405 127,543 Other 8,026 8,715 7,590 Miscellaneous income 1,667 2,058 1,466 Total Standard Personal Lines revenue 295,226 301,198 309,205 E&S Lines: Net premiums earned: Casualty lines 197,779 174,408 182,864 Property lines 82,030 65,082 56,954 Total E&S Lines revenue 279,809 239,490 239,818 Investments: Net investment income 326,589 227,107 222,543 Net realized and unrealized investment gains (losses) 17,599 (4,217) 14,422 Total Investments revenues 344,188 222,890 236,965 Total revenues $ 3,379,164 2,922,274 2,846,491 |
Schedule of Income from Continuing Operations before and after Federal Income Tax | Income Before and After Federal Income Tax Years ended December 31, ($ in thousands) 2021 2020 2019 Standard Commercial Lines: Underwriting income, before federal income tax $ 198,596 151,731 145,990 Underwriting income, after federal income tax 156,891 119,867 115,332 Combined ratio 91.9 % 92.9 % 92.9 % ROE contribution 5.9 % 5.1 5.8 Standard Personal Lines: Underwriting income (loss), before federal income tax 3,966 (15,508) 8,260 Underwriting income (loss), after federal income tax 3,133 (12,251) 6,525 Combined ratio 98.6 % 105.2 % 97.3 % ROE contribution 0.1 % (0.5) 0.3 E&S Lines: Underwriting income (loss), before federal income tax 16,030 126 9,743 Underwriting income (loss), after federal income tax 12,664 100 7,697 Combined ratio 94.3 % 99.9 % 95.9 % ROE contribution 0.5 % — 0.4 Investments: Net investment income earned $ 326,589 227,107 222,543 Net realized and unrealized investment gains (losses) 17,599 (4,217) 14,422 Total investment segment income, before federal income tax 344,188 222,890 236,965 Tax on investment segment income 67,284 41,609 45,301 Total investment segment income, after federal income tax $ 276,904 181,281 191,664 ROE contribution of after-tax net investment income earned 9.9 % 7.8 9.6 |
Schedule of Reconciliation of Segment Results to Income From Continuing Operations, Before Federal Income Tax | Reconciliation of Segment Results to Income Before Federal Income Tax Years ended December 31, ($ in thousands) 2021 2020 2019 Underwriting income (loss) Standard Commercial Lines $ 198,596 151,731 145,990 Standard Personal Lines 3,966 (15,508) 8,260 E&S Lines 16,030 126 9,743 Investment income 344,188 222,890 236,965 Total all segments 562,780 359,239 400,958 Interest expense (29,165) (30,839) (33,668) Corporate expenses (28,305) (25,412) (30,900) Income, before federal income tax $ 505,310 302,988 336,390 Preferred stock dividends (9,353) — — Income available to common stockholders, before federal income tax $ 495,957 $ 302,988 $ 336,390 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Earnings Per Share | 2021 Income Shares Per Share ($ in thousands, except per share amounts) (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 394,484 60,183 $ 6.55 Effect of dilutive securities: Stock compensation plans — 484 Diluted EPS: Net income available to common stockholders $ 394,484 60,667 $ 6.50 2020 Income Shares Per Share ($ in thousands, except per share amounts) (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 246,355 59,862 $ 4.12 Effect of dilutive securities: Stock compensation plans — 431 Diluted EPS: Net income available to common stockholders $ 246,355 60,293 $ 4.09 2019 Income Shares Per Share ($ in thousands, except per share amounts) (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 271,623 59,421 $ 4.57 Effect of dilutive securities: Stock compensation plans — 583 Diluted EPS: Net income available to common stockholders $ 271,623 60,004 $ 4.53 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Federal Income Tax on Income at the Corporate Rate to the Effective Tax Rate | ($ in thousands) 2021 2020 2019 Tax at statutory rate $ 106,115 63,627 70,642 Tax-advantaged interest (4,514) (4,730) (4,909) Dividends received deduction (558) (514) (443) Executive compensation 2,469 2,246 2,985 Stock-based compensation (693) (1,846) (3,253) Other (1,346) (2,150) (255) Federal income tax expense 101,473 56,633 64,767 Income before federal income tax, less preferred stock dividends 495,957 302,988 336,390 Effective tax rate 20.5 % 18.7 % 19.3 % |
Schedule of Deferred Tax Assets and Liabilities | ($ in thousands) 2021 2020 Deferred tax assets: Net loss reserve discounting $ 60,227 54,240 Net unearned premiums 68,086 60,842 Employee benefits 2,787 8,943 Long-term incentive compensation plans 5,904 5,472 Temporary investment write-downs 4,314 6,037 Other 2,245 7,195 Total deferred tax assets 143,563 142,729 Deferred tax liabilities: Deferred policy acquisition costs 68,652 60,601 Unrealized gains on investment securities 48,082 81,142 Other investment-related items, net 27,044 14,760 Accelerated depreciation and amortization 13,198 13,322 Total deferred tax liabilities 156,976 169,825 Net deferred federal income tax liability $ (13,413) (27,096) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Funded Status Of Retirement Income Plan And Retirement Life Plan | December 31, Pension Plan ($ in thousands) 2021 2020 Change in Benefit Obligation: Benefit obligation, beginning of year $ 425,161 391,021 Interest cost 8,593 11,312 Actuarial (gains) losses (12,844) 35,276 Benefits paid (13,152) (12,448) Benefit obligation, end of year $ 407,758 425,161 Change in Fair Value of Assets: Fair value of assets, beginning of year $ 432,716 385,087 Actual return on plan assets, net of expenses 30,741 60,077 Benefits paid (13,152) (12,448) Fair value of assets, end of year $ 450,305 432,716 Funded status $ 42,547 7,555 |
Schedule of Amounts Recognized in Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheet: Net pension assets, end of year $ 42,547 7,555 |
Schedule of Amounts recognized in Accumulated Other than Comprehensive Income | Amounts Recognized in AOCI: Net actuarial loss $ 78,304 101,414 |
Schedule of Other Information as of December 31 | Other Information as of December 31: Accumulated benefit obligation $ 407,758 425,161 |
Schedule of Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income | Pension Plan ($ in thousands) 2021 2020 2019 Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income: Net Periodic Benefit Cost (Benefit): Interest cost $ 8,593 11,312 13,506 Expected return on plan assets (22,976) (21,907) (21,114) Amortization of unrecognized actuarial loss 2,501 2,817 2,575 Total net periodic pension cost (benefit) 1 $ (11,882) (7,778) (5,033) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net actuarial (gain) loss $ (20,609) (2,894) 11,643 Reversal of amortization of net actuarial loss (2,501) (2,817) (2,575) Total recognized in other comprehensive income $ (23,110) (5,711) 9,068 Total recognized in net periodic benefit cost and other comprehensive income $ (34,992) (13,489) 4,035 |
Schedule Of Weighted- Average Expense and Liability Assumptions | Weighted-Average Liability Assumptions as of December 31: Discount rate 2.98 % 2.68 Pension Plan 2021 2020 2019 Weighted-Average Expense Assumptions for the years ended December 31: Discount rate 2.68 % 3.33 4.46 Interest rate 2.06 % 2.95 % 4.12 % Expected return on plan assets 5.40 5.80 6.50 |
Schedule of Allocation of Plan Assets | 2021 2020 Target Percentage Actual Percentage Actual Percentage Minimum Maximum Return seeking assets 1 50 % 70 % 66 % 64 % Liability hedging assets 70 % 80 % 33 % 35 % Short-term investments - - 1 % 1 % Total 100 % 100 % 100 % 100 % |
Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value | December 31, 2021 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 130,458 60,615 69,843 — Foreign government 15,860 — 15,860 — Obligations of states and political subdivisions 1,189,308 — 1,181,563 7,745 Corporate securities 2,573,603 — 2,459,476 114,127 CLO and other ABS 1,350,814 — 1,225,905 124,909 RMBS 776,252 — 776,007 245 CMBS 673,681 — 669,425 4,256 Total AFS fixed income securities 6,709,976 60,615 6,398,079 251,282 Equity securities: Common stock 1 333,449 249,846 — — Preferred stock 2,088 2,088 — — Total equity securities 335,537 251,934 — — Short-term investments 447,863 442,723 5,140 — Total assets measured at fair value $ 7,493,376 755,272 6,403,219 251,282 December 31, 2020 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 116,140 40,960 75,180 — Foreign government 18,366 — 18,366 — Obligations of states and political subdivisions 1,247,137 — 1,244,243 2,894 Corporate securities 2,328,052 — 2,257,352 70,700 CLO and other ABS 1,026,551 — 970,176 56,375 RMBS 1,051,788 — 1,051,788 — CMBS 667,894 — 667,894 — Total AFS fixed income securities 6,455,928 40,960 6,284,999 129,969 Equity securities: Common stock 1 308,632 261,846 — — Preferred stock 1,735 1,735 — — Total equity securities 310,367 263,581 — — Short-term investments 409,852 405,400 4,452 — Total assets measured at fair value $ 7,176,147 709,941 6,289,451 129,969 1 Investments amounting to $83.6 million and $46.8 million at December 31, 2021 and December 31, 2020, respectively, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Schedule of Expected Benefit Payments | Payments ($ in thousands) Pension Plan Benefits Expected to be Paid in Future Fiscal Years: 2022 $ 14,900 2023 16,099 2024 17,232 2025 18,296 2026 19,394 2026-2030 108,742 |
Retirement Income Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Quantitative Disclosures of our Financial Assets that were Measured at Fair Value | December 31, 2021 Fair Value Measurements at 12/31/21 Using ($ in thousands) Assets Measured at Fair Value At 12/31/21 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 144,634 144,634 — — Diversified credit 66,165 66,165 — — Real assets 89,590 89,590 — — Total equities 300,389 300,389 — — Limited partnerships (at net asset value) 1 : Real assets 47 — — — Private equity 413 — — — Total limited partnerships 460 — — — Total return seeking assets 300,849 300,389 — — Liability hedging assets: Fixed income 86,183 86,183 — — U.S. Treasury overlay 65,304 65,304 — — Total liability hedging assets 151,487 151,487 — — Cash and short-term investments: Short-term investments 1,744 1,744 — — Deposit administration contracts 2,422 — 2,422 — Total cash and short-term investments 4,166 1,744 2,422 — Total invested assets $ 456,502 453,620 2,422 — December 31, 2020 Fair Value Measurements at 12/31/20 Using ($ in thousands) Assets Measured at Fair Value At 12/31/20 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 142,320 142,320 — — Diversified credit 73,762 73,762 — — Real assets 61,585 61,585 — — Total equities 277,667 277,667 — — Limited partnerships (at net asset value) 1 : Real assets 73 — — — Private equity 400 — — — Private credit 29 — — — Total limited partnerships 502 — — — Total return seeking assets 278,169 277,667 — — Liability hedging assets: Fixed income 99,490 99,490 — — U.S. Treasury overlay 52,756 52,756 — — Total liability hedging assets 152,246 152,246 — — Cash and short-term investments: Short-term investments 3,273 3,273 — — Deposit administration contracts 2,073 — 2,073 — Total cash and short-term investments 5,346 3,273 2,073 — Total invested assets $ 435,761 433,186 2,073 — 1 In accordance with the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , certain investments that are measured at fair value using the net asset value per share (or its practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule Of Share-Based Compensation Plan Approval | Plan Approvals Stock Plan Approved effective as of May 1, 2014 by stockholders on April 23, 2014. Cash Plan Approved effective April 1, 2005 by stockholders on April 27, 2005. ESPP Approved effective July 1, 2009 by stockholders on April 29, 2009. Agent Plan Approved by stockholders on April 26, 2006. |
Schedule of Types of Share-Based Payments Issued | Plan Types of Share-Based Payments Issued Stock Plan Qualified and nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), stock grants, and other awards valued in whole or in part by reference to the Parent's common stock. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. Dividend equivalent units ("DEUs") are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. The requisite service period for grants to employees under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. Cash Plan Cash incentive units (“CIUs”). The initial dollar value of each CIU will be adjusted to reflect the percentage increase or decrease in the total shareholder return on the Parent's common stock over a specified performance period. In addition, for certain grants, the number of CIUs granted will be increased or decreased to reflect our performance on specified performance indicators compared to targeted peer companies. The requisite service period for grants under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. ESPP Enables employees to purchase shares of the Parent’s common stock. The purchase price is the lower of: (i) 85% of the closing market price at the time the option is granted; or (ii) 85% of the closing price at the time the option is exercised. Shares are generally issued on June 30 and December 31 of each year. Agent Plan Quarterly offerings to purchase the Parent's common stock at a 10% discount with a one-year restricted period during which the shares purchased cannot be sold or transferred. Only our independent retail insurance agencies and wholesale general agencies, and certain eligible persons associated with the agencies, are eligible to participate in this plan. |
Schedule of Share-Based Compensation Shares Authorized and Available for Issuance | Authorized Available for Issuance Awards Outstanding Stock Plan 4,750,000 2,713,667 660,697 ESPP 5,500,000 1,184,849 — Agent Plan 3,000,000 1,608,234 — |
Schedule of Share-Based Compensation Retired Plans | December 31, 2021 Types of Share-Based Payments Issued Reserve Shares Awards Outstanding 1 Plan 2005 Omnibus Stock Plan ("2005 Stock Plan") Qualified and nonqualified stock options, SARs, restricted stock, RSUs, phantom stock, stock bonuses, and other awards in such amounts and with such terms and conditions as it determined, subject to the provisions of the 2005 Stock Plan. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. DEUs are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. 1,958,306 32,906 Parent's Stock Compensation Plan for Non-employee Directors Directors could elect to receive a portion of their annual compensation in shares of the Parent's common stock. 44,468 44,468 1 Awards outstanding under the 2005 Stock Plan represent shares deferred by our non-employee directors. |
Schedule of Summary of Restricted Stock Units Transactions under Share-Based Payment Plans | Number Weighted Average Unvested RSU awards at December 31, 2020 667,674 $ 61.02 Granted in 2021 249,293 64.03 Vested in 2021 (258,477) 57.10 Forfeited in 2021 (16,854) 62.61 Unvested RSU awards at December 31, 2021 641,636 $ 63.73 |
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted | 2021 2020 2019 ESPP Issuances 72,239 99,141 72,952 Agent Plan Issuances 50,999 69,238 47,888 |
Schedule of Weighted Average Assumptions for Employee Stock Purchase Plan | ESPP 2021 2020 2019 Risk-free interest rate 0.07 % 0.76 2.33 Expected term 6 months 6 months 6 months Dividend yield 1.4 % 1.6 1.2 Expected volatility 28 % 37 26 |
Schedule of Weighted-Average Fair Value of Options and Stock Per Share | 2021 2020 2019 RSUs $ 64.03 62.91 63.60 ESPP: Six month option 4.69 4.82 4.32 Discount of grant date market value 10.98 8.61 9.99 Total ESPP 15.67 13.43 14.31 Agent Plan: Discount of grant date market value 7.57 5.73 7.00 |
Schedule of Compensation Cost for Share-based Payment Arrangements | ($ in millions) 2021 2020 2019 Share-based compensation expense, pre-tax $ 22.3 19.8 24.5 Income tax benefit, including the benefit related to stock grants that vested during the year (5.1) (5.7) (8.2) Share-based compensation expense, after-tax $ 17.2 14.1 16.3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | ($ in thousands) 2021 2020 Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 7,935 9,498 Finance lease cost: Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income 1,765 550 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income 35 15 Total finance lease cost 1,800 565 Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income 291 758 Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 832 2,011 |
Supplemental Lease Information | December 31, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 7 8 years Finance leases 2 2 Weighted-average discount rate Operating leases 2.1 2.3 % Finance leases 0.8 1.6 |
Lease Assets and Liabilities | ($ in thousands) December 31, 2021 December 31, 2020 Operating leases Other assets $ 35,644 40,215 Other liabilities 37,296 41,674 Finance leases Property and equipment - at cost, net of accumulated depreciation and amortization 5,446 502 Long-term debt $ 5,450 508 |
Maturities of Lease Liabilities | ($ in thousands) Finance Leases Operating Leases Total Year ended December 31, 2022 $ 2,350 7,235 9,585 2023 2,255 6,610 8,865 2024 795 5,992 6,787 2025 64 5,902 5,966 2026 41 5,967 6,008 Thereafter — 24,356 24,356 Total lease payments 5,505 56,062 61,567 Less: imputed interest 55 2,726 2,781 Less: leases that have not yet commenced — 16,040 16,040 Total lease liabilities $ 5,450 37,296 42,746 At December 31, 2020, the maturities of our lease liabilities for capital and operating leases were as follows: ($ in thousands) Finance Leases Operating Leases Total Year ended December 31, 2021 $ 330 8,372 8,702 2022 127 6,788 6,915 2023 56 5,411 5,467 2024 — 4,690 4,690 2025 — 3,572 3,572 Thereafter — 16,234 16,234 Total lease payments 513 45,067 45,580 Less: imputed interest 5 3,393 3,398 Less: leases that have not yet commenced — — — Total lease liabilities $ 508 41,674 42,182 |
Commitments and Contingencies I
Commitments and Contingencies Investments Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | ($ in millions) Amount of Obligation Year of Expiration of Obligation Alternative and other investments $ 215.0 2036 Non-publicly traded collateralized loan obligations in our fixed income securities portfolio 59.8 2030 Non-publicly traded common stock within our equity portfolio 4.2 2027 CMLs 5.5 2023 Privately-placed corporate securities 4.3 Less than 1 year Total $ 288.8 |
Statutory Financial Informati_2
Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Schedule of Insurance Subsidiaries Statutory Surplus Data | State of Domicile Unassigned Surplus Statutory Surplus Statutory Net Income ($ in millions) 2021 2020 2021 2020 2021 2020 2019 SICA New Jersey $ 673.1 574.2 838.3 739.4 134.7 81.8 113.9 Selective Way Insurance Company ("SWIC") New Jersey 436.4 374.0 492.4 430.0 74.5 54.0 59.2 SICSC Indiana 166.3 148.6 200.6 182.8 24.2 20.8 23.9 SICSE Indiana 132.7 115.9 160.3 143.5 19.4 16.8 18.5 SICNY New York 127.0 111.7 154.7 139.4 18.6 15.3 17.0 Selective Insurance Company of New England ("SICNE") New Jersey 34.5 30.0 65.6 61.2 7.5 6.8 7.8 Selective Auto Insurance Company of New Jersey ("SAICNJ") New Jersey 90.4 70.0 135.2 114.9 16.7 12.9 14.9 Mesa Underwriters Specialty Insurance Company ("MUSIC") New Jersey 47.4 34.4 116.9 103.9 13.9 11.4 13.2 Selective Casualty Insurance Company ("SCIC") New Jersey 83.4 71.1 159.9 147.5 20.6 16.2 16.8 Selective Fire and Casualty Insurance Company ("SFCIC") New Jersey 34.2 29.2 67.1 62.1 8.2 6.4 7.5 Total $ 1,825.4 1,559.1 2,391.0 2,124.7 338.3 242.4 292.7 |
Schedule of Insurance Subsidiaries Dividend Paid To Parent | Dividends Twelve Months ended December 31, 2021 2022 ($ in millions) State of Domicile Ordinary Dividends Paid Maximum Ordinary Dividends SICA New Jersey $ 66.0 $ 124.4 SWIC New Jersey 27.5 72.8 SICSC Indiana 10.0 24.2 SICSE Indiana 8.8 19.4 SICNY New York 4.0 15.5 SICNE New Jersey 3.0 7.5 SAICNJ New Jersey 0.7 16.8 MUSIC New Jersey 6.1 13.7 SCIC New Jersey 10.4 19.5 SFCIC New Jersey 3.5 8.2 Total $ 140.0 $ 322.0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation expense | $ 24.3 | $ 21.5 | $ 18.7 | |||
Investment yields before tax assumed in premium deficiency assessment | 4.30% | 3.00% | 3.50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer hardware [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 |
Internally developed software [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Furniture and fixtures [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 |
Maximum [Member] | Computer software [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Maximum [Member] | Software licenses [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Maximum [Member] | Building and improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 40 |
Minimum [Member] | Computer software [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 |
Minimum [Member] | Software licenses [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 |
Minimum [Member] | Building and improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Statements of Cash Flow (Cash F
Statements of Cash Flow (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest | $ 28,930 | $ 30,464 | $ 25,089 |
Federal income tax | 100,000 | 47,000 | 55,825 |
Operating cash flows from operating leases | 7,935 | 9,498 | 8,138 |
Operating cash flows from financing leases | 35 | 15 | 16 |
Financing cash flows from financing leases | 1,768 | 550 | 977 |
Assets acquired under finance lease arrangements | 6,709 | 324 | 824 |
Assets acquired under operating lease arrangements | 3,272 | 22,390 | 13,808 |
Non-cash purchase of property and equipment | 472 | 590 | 89 |
Available-for-sale Securities [Member] | |||
Corporate actions related to securities | 56,365 | 55,446 | 61,369 |
Held-to-maturity Securities [Member] | |||
Corporate actions related to securities | 0 | 2,589 | 0 |
Equity Securities [Member] | |||
Corporate actions related to securities | 30,666 | 10,890 | 14,250 |
Conversion of AFS fixed income securities to equity securities | $ 15,139 | $ 0 | $ 0 |
Statements of Cash Flow Stateme
Statements of Cash Flow Statements of Cash Flow (Cash and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash | $ 455 | $ 394 | ||
Restricted cash | 44,608 | 14,837 | ||
Total cash and restricted cash shown in the Statements of Cash Flows | $ 45,063 | $ 15,231 | $ 7,975 | $ 16,919 |
Investments (Unrealized Gains o
Investments (Unrealized Gains on Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net unrealized gains | $ 228,963 | $ 386,393 | $ 215,688 | |
Deferred income tax expense | (48,082) | (81,142) | (45,294) | |
Net unrealized gains, net of deferred income tax | 180,881 | 305,251 | 170,394 | |
Total stockholders’ equity | 2,982,885 | 2,738,889 | 2,194,936 | |
Increase (decrease) in net unrealized gains in OCI, net of deferred income tax | (124,370) | (134,857) | (168,505) | |
Available-for-sale Securities [Member] | ||||
Net unrealized gains | 228,947 | 386,380 | 215,634 | |
Total HTM Securities [Member] | ||||
Net unrealized gains | (4) | 7 | 31 | |
Short-term Investments [Member] | ||||
Net unrealized gains | 20 | 6 | 23 | |
Retained Earnings [Member] | ||||
Total stockholders’ equity | $ 2,603,472 | $ 2,271,537 | $ 2,080,529 | $ 1,858,414 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | $ (3,969) | $ 0 |
Accrued investment income | 48,247 | 45,004 |
Current provision for securities without prior allowance | 8,135 | 5,042 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (1,284) | 0 |
Reduction for securities sold | (926) | (974) |
Reduction for securities identified as intent (or requirement) to sell during the period | (170) | (99) |
Debt Securities, Available-for-sale, Fair Value | 6,709,976 | 6,455,928 |
Allowance for credit losses, ending balance at December 31, 2020 | (9,724) | (3,969) |
Fixed income securities, Available-For-Sale, Amortized Cost | 6,490,753 | 6,073,517 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 246,301 | 397,922 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 17,354 | 11,542 |
Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued investment income | 46,300 | 43,800 |
U.S. Government and Government Agencies [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | 0 | |
Debt Securities, Available-for-sale, Fair Value | 130,458 | 116,140 |
Allowance for credit losses, ending balance at December 31, 2020 | 0 | 0 |
Fixed income securities, Available-For-Sale, Amortized Cost | 127,974 | 110,038 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,629 | 6,239 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,145 | 137 |
Foreign Government [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | (1) | 0 |
Current provision for securities without prior allowance | 46 | 19 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (1) | 0 |
Reduction for securities sold | 0 | (18) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Debt Securities, Available-for-sale, Fair Value | 15,860 | 18,366 |
Allowance for credit losses, ending balance at December 31, 2020 | (46) | (1) |
Fixed income securities, Available-For-Sale, Amortized Cost | 15,420 | 16,801 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 609 | 1,569 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 123 | 3 |
Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | (4) | 0 |
Current provision for securities without prior allowance | 122 | 4 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 11 | 0 |
Reduction for securities sold | 0 | 0 |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Debt Securities, Available-for-sale, Fair Value | 1,189,308 | 1,247,137 |
Allowance for credit losses, ending balance at December 31, 2020 | (137) | (4) |
Fixed income securities, Available-For-Sale, Amortized Cost | 1,121,422 | 1,159,588 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 68,258 | 87,564 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 235 | 11 |
Corporate Securities [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | (2,782) | 0 |
Current provision for securities without prior allowance | 5,785 | 3,645 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (992) | 0 |
Reduction for securities sold | (723) | (781) |
Reduction for securities identified as intent (or requirement) to sell during the period | (170) | (82) |
Debt Securities, Available-for-sale, Fair Value | 2,573,603 | 2,328,052 |
Allowance for credit losses, ending balance at December 31, 2020 | (6,682) | (2,782) |
Fixed income securities, Available-For-Sale, Amortized Cost | 2,478,348 | 2,152,203 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 106,890 | 180,971 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4,953 | 2,340 |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | (592) | 0 |
Current provision for securities without prior allowance | 579 | 722 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (211) | 0 |
Reduction for securities sold | (21) | (113) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | (17) |
Debt Securities, Available-for-sale, Fair Value | 1,350,814 | 1,026,551 |
Allowance for credit losses, ending balance at December 31, 2020 | (939) | (592) |
Fixed income securities, Available-For-Sale, Amortized Cost | 1,343,687 | 1,014,820 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 14,350 | 20,166 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 6,284 | 7,843 |
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | (561) | 0 |
Current provision for securities without prior allowance | 1,593 | 623 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (63) | 0 |
Reduction for securities sold | (182) | (62) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Debt Securities, Available-for-sale, Fair Value | 776,252 | 1,051,788 |
Allowance for credit losses, ending balance at December 31, 2020 | (1,909) | (561) |
Fixed income securities, Available-For-Sale, Amortized Cost | 756,280 | 999,485 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 24,813 | 53,065 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,932 | 201 |
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses, Period beginning balance | (29) | 0 |
Current provision for securities without prior allowance | 10 | 29 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (28) | 0 |
Reduction for securities sold | 0 | 0 |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Debt Securities, Available-for-sale, Fair Value | 673,681 | 667,894 |
Allowance for credit losses, ending balance at December 31, 2020 | (11) | (29) |
Fixed income securities, Available-For-Sale, Amortized Cost | 647,622 | 620,582 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 27,752 | 48,348 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,682 | $ 1,007 |
Investments (Number of Securiti
Investments (Number of Securities in an Unrealized Unrecognized Loss Position) (Details) - Available-for-sale Securities [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,376,128 | $ 415,506 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 14,849 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 85,122 | 185,335 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6,108 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,505 | 5,434 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,461,250 | 600,841 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 17,354 | 11,542 |
U.S. Government and Government Agencies [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 34,857 | 11,519 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 746 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,827 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 137 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 399 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 42,684 | 11,519 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,145 | 137 |
Foreign Government [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,000 | 1,122 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 84 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,061 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 39 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,061 | 1,122 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 123 | 3 |
Obligations of States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 25,837 | 2,223 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 235 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 11 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 25,837 | 2,223 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 235 | 11 |
Corporate Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 300,549 | 65,187 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,903 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,520 | 2,400 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,152 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 50 | 188 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 303,069 | 67,587 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,953 | 2,340 |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 663,976 | 261,746 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,934 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 53,368 | 165,661 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,995 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,350 | 4,848 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 717,344 | 427,407 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 6,284 | 7,843 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 236,010 | 18,227 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,931 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 20 | 1,181 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 194 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 236,030 | 19,408 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 2,932 | 201 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 112,899 | 55,482 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,016 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 20,326 | 16,093 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 616 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 666 | 391 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 133,225 | 71,575 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 1,682 | $ 1,007 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
AFS due in one year or less fair value | $ 500,579 | |
AFS due after one year through five years fair value | 3,182,282 | |
AFS due after five years through 10 years fair value | 2,316,389 | |
AFS due after 10 years fair value | 710,726 | |
Fixed income securities, available-for-sale securities | 6,709,976 | $ 6,455,928 |
HTM due in one year or less carrying value | 1,384 | |
HTM due after one year through five years carrying value | 11,811 | |
HTM due after five years through 10 years carrying value | 15,590 | |
HTM due after 10 years carrying value | 0 | |
Total HTM fixed income securities carrying value | 28,785 | 16,824 |
HTM due in one year or less fair value | 1,401 | |
HTM due after one year through five years fair value | 12,493 | |
HTM due after five years through 10 years fair value | 15,566 | |
HTM due after 10 years fair value | 0 | |
Total HTM fixed income securities fair value | $ 29,460 | $ 18,001 |
Investments (Other Investment P
Investments (Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Carrying Value | $ 409,032 | $ 266,322 | |
Private Equity [Member] | |||
Carrying Value | 273,070 | 157,276 | |
Remaining Commitment | 99,734 | 100,905 | |
Maximum Exposure to Loss | [1] | 372,804 | 258,181 |
Private Credit Funds [Member] | |||
Carrying Value | 63,138 | 54,017 | |
Remaining Commitment | 92,674 | 98,330 | |
Maximum Exposure to Loss | [1] | 155,812 | 152,347 |
Real Assets [Member] | |||
Carrying Value | 23,524 | 19,659 | |
Remaining Commitment | 22,579 | 16,493 | |
Maximum Exposure to Loss | [1] | 46,103 | 36,152 |
Alternative Investments [Member] | |||
Carrying Value | 359,732 | 230,952 | |
Remaining Commitment | 214,987 | 215,728 | |
Maximum Exposure to Loss | [1] | 574,719 | 446,680 |
Other Securities [Member] | |||
Carrying Value | 49,300 | 35,370 | |
Remaining Commitment | 0 | 0 | |
Maximum Exposure to Loss | [1] | 49,300 | 35,370 |
Other Investment Portfolio [Member] | |||
Carrying Value | 409,032 | 266,322 | |
Remaining Commitment | 214,987 | 215,728 | |
Maximum Exposure to Loss | [1] | $ 624,019 | $ 482,050 |
[1] | In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider this significant and therefore do not include in this table. |
Investments (Aggregated Balance
Investments (Aggregated Balance Sheet Summarized Financial Information for Partnerships in our Alternative Investment Portfolio) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 30, 2020 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Assets | $ 112,232 | $ 58,819 |
Equity Method Investment, Nonconsolidated Investee, Other | ||
Partner's capital | 99,861 | 52,075 |
Investments Accounted For Under The Equity Method [Member] | ||
Investments | 107,347 | 55,145 |
Liabilities | $ 12,371 | $ 6,744 |
Investments (Aggregated Income
Investments (Aggregated Income Statement Summarized Financial Information for Partnerships in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Net investment income earned | $ 326,589 | $ 227,107 | $ 222,543 | |||
Investments Accounted For Under The Equity Method [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net investment (loss) income | $ 653,000 | $ (26,000) | $ (8,000) | |||
Realized gains | 6,121,000 | 1,452,000 | 695,000 | |||
Net change in unrealized appreciation | 26,877,000 | 4,898,000 | 5,543,000 | |||
Net Income before tax | 33,651,000 | 6,324,000 | 6,230,000 | |||
Alternative Investments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net investment income earned | $ 117,700 | $ 26,500 | $ 17,900 |
Investments (Credit Concentrati
Investments (Credit Concentration Risk) (Details) | Dec. 31, 2021 |
Investments [Abstract] | |
Maximum exposure to credit concentration risk of the Company's stockholder's equity other than certain U.S. government agencies | 10.00% |
Investments (Investments Pledge
Investments (Investments Pledged as Collateral) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Assets Held by Insurance Regulators | $ 26.3 |
Securities pledged as collateral for reinsurance obligations | 149.5 |
U.S. Government and Government Agencies [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Assets Held by Insurance Regulators | 22.3 |
Securities pledged as collateral for reinsurance obligations | 22.3 |
Obligations of States and Political Subdivisions [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 0 |
Assets Held by Insurance Regulators | 4 |
Securities pledged as collateral for reinsurance obligations | 4 |
Residential Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Assets Held by Insurance Regulators | 0 |
Securities pledged as collateral for reinsurance obligations | 102.8 |
Commercial Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Assets Held by Insurance Regulators | 0 |
Securities pledged as collateral for reinsurance obligations | 20.4 |
Federal Home Loan Bank of New York [Member] | Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 54.5 |
Federal Home Loan Bank of New York [Member] | U.S. Government and Government Agencies [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 0 |
Federal Home Loan Bank of New York [Member] | Residential Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 40.4 |
Federal Home Loan Bank of New York [Member] | Commercial Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 14.1 |
Federal Home Loan Bank of Indianapolis [Member] | Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 68.7 |
Federal Home Loan Bank of Indianapolis [Member] | U.S. Government and Government Agencies [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 0 |
Federal Home Loan Bank of Indianapolis [Member] | Obligations of States and Political Subdivisions [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 0 |
Federal Home Loan Bank of Indianapolis [Member] | Residential Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 62.4 |
Federal Home Loan Bank of Indianapolis [Member] | Commercial Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 6.3 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | |||
Net investment income earned | $ 326,589 | $ 227,107 | $ 222,543 |
Fixed Income Securities [Member] | |||
Statement [Line Items] | |||
Net investment income earned | 209,709 | 203,926 | 203,255 |
Commercial Mortgage Loans [Member] | |||
Statement [Line Items] | |||
Net investment income earned | 2,743 | 844 | 0 |
Equity Securities [Member] | |||
Statement [Line Items] | |||
Net investment income earned | 15,920 | 9,286 | 6,996 |
Short-term Investments [Member] | |||
Statement [Line Items] | |||
Net investment income earned | 260 | 1,821 | 6,653 |
Other Investment Portfolio [Member] | |||
Statement [Line Items] | |||
Net investment income earned | 118,060 | 26,922 | 18,778 |
Investment Expenses [Member] | |||
Statement [Line Items] | |||
Net investment income earned | $ (20,103) | $ (15,692) | $ (13,139) |
Investments Realized and Unreal
Investments Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Gross gains on sales | $ 15,284 | $ 18,893 | $ 31,910 |
Gross losses on sales | (8,140) | (9,745) | (5,195) |
Net realized investment gains (losses) on disposals | 7,144 | 9,148 | 26,715 |
Net unrealized losses on equity securities | 17,881 | 7,939 | (8,649) |
Losses on securities for which we have the intent to sell | (519) | (16,266) | |
OTTI Losses Gross | (3,644) | ||
Net realized and unrealized investment gains (losses) | 17,599 | (4,217) | 14,422 |
Sale of equity securities | 99,235 | 1,320 | $ 137,294 |
Losses on securities for which we have the intent to sell | (519) | (16,266) | |
Available-for-sale Securities [Member] | |||
Credit loss expense on investment portfolio | (6,858) | (5,042) | |
Held-to-maturity Securities [Member] | |||
Credit loss expense on investment portfolio | $ (49) | $ 4 |
Investments (Components of Net
Investments (Components of Net Realized and Unrealized Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Unrealized Gain (Loss) on Investments recognized in income on equity securities remaining in our portfolio at end of period | $ 16,473 | $ 7,936 | $ 1,219 |
Unrealized gains (losses) recognized in income on equity securities that were sold in the respective period | 1,408 | 3 | (9,868) |
Total unrealized (losses) recognized in income on equity securities | 17,881 | 7,939 | (8,649) |
Sale of fixed income securities, available-for-sale | 502,911 | 487,087 | $ 594,743 |
Losses on securities for which we have the intent to sell | $ 519 | $ 16,266 |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income before federal income tax | $ 505,310 | $ 302,988 | $ 336,390 |
Income Tax Expense (Benefit) | 101,473 | 56,633 | 64,767 |
Net income | 403,837 | 246,355 | 271,623 |
Unrealized holding (losses) gains during the period, Gross | 151,391 | 168,487 | 212,683 |
Unrealized holding (losses) gains during the period, Tax | 31,793 | 35,383 | 44,662 |
Unrealized holding (losses) gains arising during period, Net | 119,598 | 133,104 | 168,021 |
Unrealized losses on securities with credit loss recognized in earnings; Gross | (9,061) | (8,176) | |
Unrealized losses on securities with credit loss recognized in earnings; Tax | (1,902) | (1,717) | |
Unrealized losses on securities with credit loss recognized in earnings | (7,159) | (6,459) | 0 |
Amortization Of Net Unrealized Gains Losses On Held To Maturity Transferred From Available For Sale Before Tax | (11) | (24) | (58) |
Amounts reclassified into net income: HTM securities, Tax | (2) | (5) | (12) |
Amount reclassified into net income: HTM securities, Net | (9) | (19) | (46) |
Net realized losses (gains) on disposals and losses on intent-to-sell of AFS securities, Gross | (3,825) | 5,376 | 671 |
Net realized losses (gains) on disposals and losses on intent-to-sell of AFS securities, Tax | (803) | 1,129 | 141 |
Net realized losses (gains) on disposals and losses on intent-to-sell of AFS securities | (3,022) | 4,247 | 530 |
Credit loss expense, Gross | 6,858 | 5,042 | |
Credit loss expense, Tax | 1,440 | 1,058 | |
Credit loss expense, Net | 5,418 | 3,984 | |
Net unrealized gains (losses), Gross | (157,430) | 170,705 | 213,296 |
Net unrealized gains (losses), Tax | (33,060) | 35,848 | 44,791 |
Total unrealized (losses) gains on investment securities | 124,370 | 134,857 | 168,505 |
Net actuarial gain (loss), Gross | 21,636 | 1,515 | (13,795) |
Net actuarial gain (loss), Tax | 4,543 | 318 | (2,897) |
Net actuarial (loss), Net | (17,093) | 1,197 | 10,898 |
Amount reclassified into net income: Net actuarial loss, Gross | 2,772 | 3,015 | 2,657 |
Amount reclassified into Net Income: Net actuarial loss, Tax | 582 | 633 | 558 |
Amount reclassified into net income: Net actuarial loss, Net | 2,190 | 2,382 | 2,099 |
Defined pension and other post-retirement benefit plans, Gross | 24,408 | 4,530 | (11,138) |
Defined pension and other post-retirement benefit plans, Tax | 5,125 | 951 | (2,339) |
Total defined benefit pension and post-retirement plans | 19,283 | 3,579 | (8,799) |
Other Comprehensive Income (Loss), Gross | (133,022) | 175,235 | 202,158 |
Other Comprehensive Income (Loss), Tax | (27,935) | 36,799 | 42,452 |
Other comprehensive (loss) income | (105,087) | 138,436 | 159,706 |
Comprehensive Income, Before Tax | 372,288 | 478,223 | 538,548 |
Comprehensive Income, Tax | 73,538 | 93,432 | 107,219 |
Comprehensive income | $ 298,750 | $ 384,791 | $ 431,329 |
Comprehensive Income (Compone_2
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance December, | $ 220,186 | ||
Amount reclassified from AOCI, HTM | (9) | $ (19) | $ (46) |
OCI before reclassifications, Defined Benefit Pension and Post Retirement Plans | 17,093 | (1,197) | (10,898) |
Amounts reclassified from AOCI,All other | (3,022) | 4,247 | 530 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 19,283 | 3,579 | (8,799) |
Other comprehensive (loss) income | (105,087) | 138,436 | 159,706 |
Balance December, | 115,099 | 220,186 | |
Accumulated Other-than-Temporary Impairment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance December, | (2,546) | (71) | |
Amounts reclassified into net income: Credit loss related | 5,418 | 3,984 | |
Other comprehensive (loss) income | (1,741) | (2,475) | |
Balance December, | (4,287) | (2,546) | (71) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
OCI before reclassifications | (7,159) | (6,459) | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2018 | (88,643) | ||
Balance December, | (85,064) | ||
OCI before reclassifications, Defined Benefit Pension and Post Retirement Plans | 17,093 | 1,197 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 2,190 | 2,382 | |
Balance December, | (65,781) | (85,064) | |
Accumulated other comprehensive (loss) income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2018 | 81,750 | ||
Balance December, | 220,186 | ||
OCI before reclassifications | (109,664) | 127,842 | |
Amount reclassified from AOCI | 4,577 | 10,594 | |
Other comprehensive (loss) income | (105,087) | 138,436 | 159,706 |
Balance December, | 115,099 | 220,186 | |
Held-to-maturity Securities [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2018 | 25 | ||
Balance December, | 6 | ||
OCI before reclassifications | 0 | 0 | |
Other comprehensive (loss) income | (9) | (19) | |
Balance December, | (3) | 6 | |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2018 | 170,439 | ||
Balance December, | 307,790 | ||
OCI before reclassifications | (119,598) | 133,104 | |
Amounts reclassified from AOCI,All other | (3,022) | 4,247 | |
Other comprehensive (loss) income | (122,620) | 137,351 | |
Balance December, | 185,170 | 307,790 | |
Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2018 | $ 170,393 | ||
Balance December, | 305,250 | ||
OCI before reclassifications | (126,757) | 126,645 | |
Amount reclassified from AOCI | 2,387 | 8,212 | |
Other comprehensive (loss) income | (124,370) | 134,857 | |
Balance December, | $ 180,880 | $ 305,250 |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net realized and unrealized investment gains (losses) | $ 17,599 | $ (4,217) | $ 14,422 |
Net investment income | 326,589 | 227,107 | 222,543 |
Income before federal income tax | 505,310 | 302,988 | 336,390 |
Income Tax Expense (Benefit) | 101,473 | 56,633 | 64,767 |
Net income | 403,837 | 246,355 | 271,623 |
Loss and loss expense incurred | 1,813,984 | 1,635,823 | 1,551,491 |
Policy acquisition costs | 375,931 | 366,941 | 358,069 |
Total defined benefit pension and post-retirement plans | 19,283 | 3,579 | $ (8,799) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net income | 4,577 | 10,594 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Income Plan [Member] | |||
Income before federal income tax | 2,772 | 3,015 | |
Income Tax Expense (Benefit) | (582) | (633) | |
Net income | 2,190 | 2,382 | |
Loss and loss expense incurred | 638 | 647 | |
Policy acquisition costs | 2,134 | 2,368 | |
Held-to-maturity Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net realized and unrealized investment gains (losses) | (14) | (16) | |
Net investment income | 3 | (8) | |
Income before federal income tax | (11) | (24) | |
Income Tax Expense (Benefit) | 2 | (5) | |
Net income | (9) | (19) | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, without Allowance for Credit Loss, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net realized and unrealized investment gains (losses) | (3,825) | 5,376 | |
Income before federal income tax | (3,825) | 5,376 | |
Income Tax Expense (Benefit) | 803 | (1,129) | |
Net income | (3,022) | 4,247 | |
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net realized and unrealized investment gains (losses) | 6,858 | 5,042 | |
Income before federal income tax | 6,858 | 5,042 | |
Income Tax Expense (Benefit) | (1,440) | 1,058 | |
Net income | $ 5,418 | $ 3,984 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed Income Securities, Available-for-sale, at fair value | $ 6,709,976 | $ 6,455,928 |
Equity securities | 335,537 | 310,367 |
Short-term investments | 447,863 | 409,852 |
Long-term debt | 506,050 | 550,743 |
Unamortized Debt Issuance Costs | (3,167) | |
Finance Lease, Liability | 5,450 | 508 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Long-term Debt, Fair Value | 63,719 | 66,148 |
Unamortized Debt Issuance Costs | (147) | |
Six Point Seventy Percent Senior Notes [Member] | ||
Long-term Debt, Fair Value | 127,574 | 127,886 |
Unamortized Debt Issuance Costs | (287) | |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Long-term Debt, Fair Value | 395,652 | 383,669 |
Unamortized Debt Issuance Costs | (2,733) | |
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | ||
Long-term Debt, Fair Value | 25,182 | |
Unamortized Debt Issuance Costs | 0 | |
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | ||
Long-term Debt, Fair Value | 25,198 | |
Unamortized Debt Issuance Costs | 0 | |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Long-term Debt, Fair Value | 64,126 | 67,513 |
Unamortized Debt Issuance Costs | 0 | |
Finance lease obligation [Member] | ||
Finance Lease, Liability | 5,450 | 508 |
Carrying Amount [Member] | ||
Long-term debt | 506,050 | 550,743 |
Carrying Amount [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Long-term debt | 49,917 | 49,914 |
Carrying Amount [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Long-term debt | 99,520 | 99,499 |
Carrying Amount [Member] | Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Long-term debt | 294,330 | 294,241 |
Carrying Amount [Member] | One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | ||
Long-term debt | 0 | 25,000 |
Carrying Amount [Member] | One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | ||
Long-term debt | 0 | 25,000 |
Carrying Amount [Member] | Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Long-term debt | 60,000 | 60,000 |
Carrying Amount [Member] | Long Term Debt Excluding Issuance Costs [Member] | ||
Long-term debt | 503,767 | 553,654 |
Carrying Amount [Member] | Unamortized Debt Issuance Costs [Member] | ||
Unamortized Debt Issuance Costs | (3,167) | (3,419) |
Carrying Amount [Member] | Finance lease obligation [Member] | ||
Finance Lease, Liability | 5,450 | 508 |
Fair Value [Member] | ||
Long-term Debt, Fair Value | 651,071 | 695,596 |
Fair Value [Member] | Seven Point Twenty Five Percent Senior Notes [Member] | ||
Long-term Debt, Fair Value | 63,719 | 66,148 |
Fair Value [Member] | Six Point Seventy Percent Senior Notes [Member] | ||
Long-term Debt, Fair Value | 127,574 | 127,886 |
Fair Value [Member] | Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Long-term Debt, Fair Value | 395,652 | 383,669 |
Fair Value [Member] | One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | ||
Long-term Debt, Fair Value | 0 | 25,182 |
Fair Value [Member] | One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | ||
Long-term Debt, Fair Value | 0 | 25,198 |
Fair Value [Member] | Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Long-term Debt, Fair Value | $ 64,126 | $ 67,513 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Disclosures at Fair Value Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments Net Asset Value | $ 83,600 | $ 46,800 | ||
Fixed Income Securities, Available-for-sale, at fair value | 6,709,976 | 6,455,928 | ||
Equity securities | 335,537 | 310,367 | ||
Short-term investments | 447,863 | 409,852 | ||
Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (270) | |||
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 6,709,976 | 6,455,928 | ||
Equity securities | 335,537 | 310,367 | ||
Short-term investments | 447,863 | 409,852 | ||
Total Assets | 7,493,376 | 7,176,147 | ||
U.S. Government and Government Agencies and Authorities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 130,458 | 116,140 | ||
Foreign Government [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 15,860 | 18,366 | ||
Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 5,101 | 2,890 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Total net (losses) gains for the period included in OCI | (239) | 4 | ||
Period change unrealized gains (losses) in earnings | (11) | 0 | ||
Period change unrealized gains (losses) in OCI | (239) | 4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,745 | 2,894 | $ 0 | |
Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 0 | 0 | ||
Obligations of States and Political Subdivisions [Member] | Available-for-sale Securities [Member] | Gain (Loss) on Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (11) | 0 | ||
Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 1,189,308 | 1,247,137 | ||
Corporate Securities [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 27 | |||
Purchases | 64,813 | 46,150 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (544) | (283) | ||
Transfers into Level 3 | 981 | 9,592 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 23,436 | 0 | ||
Total net (losses) gains for the period included in OCI | 1,636 | (785) | ||
Period change unrealized gains (losses) in earnings | (50) | (1,046) | ||
Period change unrealized gains (losses) in OCI | 1,636 | (785) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 114,127 | 70,700 | 17,051 | |
Corporate Securities [Member] | Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (50) | 21 | ||
Corporate Securities [Member] | Available-for-sale Securities [Member] | Gain (Loss) on Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (1,046) | |||
Corporate Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 2,573,603 | 2,328,052 | ||
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 16 | |||
Purchases | 76,731 | 25,785 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (5,161) | (2,638) | ||
Transfers into Level 3 | 11,344 | 31,520 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 13,662 | (16,978) | ||
Total net (losses) gains for the period included in OCI | (520) | 1,883 | ||
Period change unrealized gains (losses) in earnings | (214) | (237) | ||
Period change unrealized gains (losses) in OCI | (520) | 1,883 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 124,909 | 56,375 | 17,034 | |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (214) | 6 | ||
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Available-for-sale Securities [Member] | Gain (Loss) on Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (237) | |||
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 1,350,814 | 1,026,551 | ||
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 0 | |||
Purchases | 249 | |||
Sales | 0 | |||
Issuances | 0 | |||
Settlements | (4) | |||
Transfers into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Total net (losses) gains for the period included in OCI | 0 | |||
Period change unrealized gains (losses) in earnings | 0 | |||
Period change unrealized gains (losses) in OCI | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 245 | 0 | ||
Residential Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 0 | |||
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 776,252 | 667,894 | ||
Commercial Mortgage-backed Securities (CMBS) [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 19 | |||
Purchases | 98 | |||
Sales | 0 | |||
Issuances | 0 | |||
Settlements | (52) | |||
Transfers into Level 3 | 4,382 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Total net (losses) gains for the period included in OCI | (196) | |||
Period change unrealized gains (losses) in earnings | 5 | |||
Period change unrealized gains (losses) in OCI | (196) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,256 | 0 | ||
Commercial Mortgage-backed Securities (CMBS) [Member] | Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 5 | |||
Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 673,681 | 1,051,788 | ||
Common Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | [1] | 333,449 | 308,632 | |
Nonredeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 2,088 | 1,735 | ||
Investments [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Purchases | 141,891 | 71,935 | ||
Sales | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | (5,761) | (2,921) | ||
Transfers into Level 3 | 21,808 | 44,002 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 37,098 | (16,978) | ||
Total net (losses) gains for the period included in OCI | 681 | 1,102 | ||
Period change unrealized gains (losses) in earnings | (270) | (1,283) | ||
Period change unrealized gains (losses) in OCI | 681 | 1,102 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 251,282 | 129,969 | $ 34,085 | |
Investments [Member] | Available-for-sale Securities [Member] | Net Investment Income Earned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | 62 | 27 | ||
Investments [Member] | Available-for-sale Securities [Member] | Gain (Loss) on Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total net (losses) gains for the period included in net income | (1,283) | |||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 60,615 | 40,960 | ||
Equity securities | 251,934 | 263,581 | ||
Short-term investments | 442,723 | 405,400 | ||
Total Assets | 755,272 | 709,941 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. Government and Government Agencies and Authorities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 60,615 | 40,960 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | [1] | 249,846 | 261,846 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Nonredeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 2,088 | 1,735 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 6,398,079 | 6,284,999 | ||
Equity securities | 0 | 0 | ||
Short-term investments | 5,140 | 4,452 | ||
Total Assets | 6,403,219 | 6,289,451 | ||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Government Agencies and Authorities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 69,843 | 75,180 | ||
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 15,860 | 18,366 | ||
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 1,181,563 | 1,244,243 | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 2,459,476 | 2,257,352 | ||
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 1,225,905 | 970,176 | ||
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 776,007 | 667,894 | ||
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 669,425 | 1,051,788 | ||
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | [1] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonredeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 251,282 | 129,969 | ||
Equity securities | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Total Assets | 251,282 | 129,969 | ||
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government and Government Agencies and Authorities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 7,745 | 2,894 | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 114,127 | 70,700 | ||
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 124,909 | 56,375 | ||
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 245 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed Income Securities, Available-for-sale, at fair value | 4,256 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | [1] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonredeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | $ 0 | $ 0 | ||
[1] | Investments amounting to $83.6 million and $46.8 million at December 31, 2021 and December 31, 2020, respectively, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Corporate Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 114,127 | $ 70,700 | $ 17,051 |
Corporate Securities [Member] | Valuation Technique, Discounted Cash Flow | Available-for-sale Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure | 54,135 | 15,907 | |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Available-for-sale Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 124,909 | 56,375 | 17,034 |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Valuation Technique, Discounted Cash Flow | Available-for-sale Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure | 34,903 | 27,005 | |
Investments [Member] | Available-for-sale Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Assets, Fair Value Disclosure | 162,244 | 87,057 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 251,282 | 129,969 | $ 34,085 |
Investments [Member] | Valuation Technique, Discounted Cash Flow | Available-for-sale Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure | $ 89,038 | $ 42,912 | |
Minimum [Member] | Corporate Securities [Member] | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.003 | 0.018 | |
Minimum [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.007 | 0.012 | |
Maximum [Member] | Corporate Securities [Member] | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.030 | 0.018 | |
Maximum [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.080 | 0.031 | |
Weighted Average | Corporate Securities [Member] | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | (0.012) | (0.018) | |
Weighted Average | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Measurement Input, Credit Spread | Valuation Technique, Discounted Cash Flow | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt Securities, Available-for-sale, Measurement Input | (0.021) | (0.018) |
Fair Value Measurements (Quan_2
Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | $ 29,460 | $ 18,001 |
Commercial mortgage loan, fair value | 97,598 | 47,289 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Commercial mortgage loan, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 29,460 | 18,001 |
Long-term Debt, Fair Value | 651,071 | 695,596 |
Commercial mortgage loan, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Commercial mortgage loan, fair value | 97,598 | 47,289 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 3,576 | 4,795 |
Obligations of States and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 3,576 | 4,795 |
Obligations of States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 0 | 0 |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 25,884 | 13,206 |
Corporate Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 0 | 0 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 25,884 | 13,206 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total HTM fixed income securities fair value | 0 | 0 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 63,719 | 66,148 |
Seven Point Twenty Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 63,719 | 66,148 |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 127,574 | 127,886 |
Six Point Seventy Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Six Point Seventy Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 127,574 | 127,886 |
Six Point Seventy Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 395,652 | 383,669 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 395,652 | 383,669 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 25,182 | |
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 25,182 | |
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 25,198 | |
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 25,198 | |
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 64,126 | 67,513 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 64,126 | 67,513 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 0 | 0 |
Long-term Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 651,071 | $ 695,596 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Premiums Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, net of write-offs | $ 13,500 | |||
Premium Receivable, Allowance for Credit Loss | 13,600 | $ 21,000 | $ 6,400 | |
Premiums Receivable [Member] | ||||
Premiums Receivable, Allowance for Credit Loss [Line Items] | ||||
Recoveries | 652 | 545 | ||
Write-offs charged against the allowance for credit losses | (9,343) | (3,754) | ||
Current period provision for expected credit losses | 1,291 | 16,751 | ||
Premium Receivable, Allowance for Credit Loss | $ 13,600 | 21,000 | 7,458 | |
Premiums Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||||
Premiums Receivable, Allowance for Credit Loss [Line Items] | ||||
Premium Receivable, Allowance for Credit Loss | $ 0 | [1] | $ 1,058 | |
[1] | Represents the impact of our adoption of ASU 2016-13, Financial Instruments - Credit Losses . |
Reinsurance Recoverable, Credit
Reinsurance Recoverable, Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables on Unpaid Losses, Gross | $ 601,668 | $ 589,269 | |
Reinsurance Recoverable, Allowance for Credit Loss | (1,600) | (1,777) | $ (4,400) |
Reinsurance Recoverables, net of allowance for credit losses | 600,068 | 587,492 | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 598,317 | 585,408 | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 3,351 | 3,861 | |
Total federal and state pools [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 116,378 | 82,575 | |
Total federal and state pools [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 116,378 | 82,575 | |
Total federal and state pools [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Other Federal And State Pools [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 5,047 | 3,244 | |
Other Federal And State Pools [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 4,597 | 2,676 | |
Other Federal And State Pools [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 450 | 568 | |
Total Non Rated Reinsurer [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 121,425 | 85,819 | |
Total Non Rated Reinsurer [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 120,975 | 85,251 | |
Total Non Rated Reinsurer [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 450 | 568 | |
AM Best, A++ Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 38,610 | 37,566 | |
AM Best, A++ Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 38,601 | 37,464 | |
AM Best, A++ Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 9 | 102 | |
AM Best, A+ Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 341,377 | 357,298 | |
AM Best, A+ Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 339,857 | 354,846 | |
AM Best, A+ Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 1,520 | 2,452 | |
AM Best, A Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 96,902 | 106,067 | |
AM Best, A Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 95,675 | 105,652 | |
AM Best, A Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 1,227 | 415 | |
AM Best, A- Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 3,354 | 2,139 | |
AM Best, A- Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 3,209 | 2,139 | |
AM Best, A- Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 145 | 0 | |
AM Best, B++ Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 380 | |
AM Best, B++ Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 56 | |
AM Best, B++ Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 324 | |
AM Best, B+ Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
AM Best, B+ Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
AM Best, B+ Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
AM Best Rated Reinsurer [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 480,243 | 503,450 | |
AM Best Rated Reinsurer [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 477,342 | 500,157 | |
AM Best Rated Reinsurer [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | $ 2,901 | $ 3,293 |
Reinsurance Allowance for Credi
Reinsurance Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | $ 1,777 | $ 4,400 |
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance | 1,600 | 1,777 |
Current period provision for expected credit losses | (177) | 280 |
Write-offs charged against the allowance for credit losses | 0 | 0 |
Recoveries | 0 | 0 |
Current period provision for expected credit losses | (177) | 280 |
Write-offs charged against the allowance for credit losses | 0 | 0 |
Recoveries | 0 | 0 |
Accounting Standards Update 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | 1,777 | 1,497 |
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance | 1,777 | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance | $ 0 | (2,903) |
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance | $ 0 |
Reinsurance (Total Reinsurance
Reinsurance (Total Reinsurance Balances Segregated By Reinsurer) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Terrorism Risk Insurance Program Companys Estimated Deductible | $ 419,000 | |||
Terrorism Risk Insurance Program Reimbursed Percentage Maximum | 80.00% | |||
Terrorism Risk Insurance Program Annual Cap | $ 100,000,000 | |||
Terrorism Risk Insurance Program Insurer Retainer | 20.00% | |||
Total prepaid reinsurance premiums | $ 183,007 | $ 170,531 | ||
Total reinsurance balance | 783,075 | 758,023 | ||
Less: collateral | [1] | (128,699) | (130,169) | |
Reinsurance Recoverable, Allowance for Credit Loss | (1,600) | (1,777) | $ (4,400) | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | 600,068 | 587,492 | ||
National Flood Insurance Program [Member] | ||||
Total reinsurance balance | [2] | $ 223,845 | $ 178,532 | |
% of Net Unsecured Reinsurance | [2] | 29.00% | 25.00% | |
NJ Unsatisfied Claim Judgment Fund [Member] | ||||
Total reinsurance balance | [2] | $ 49,738 | $ 52,053 | |
% of Net Unsecured Reinsurance | [2] | 6.00% | 6.00% | |
Other Federal And State Pools [Member] | ||||
Total reinsurance balance | [2] | $ 2,385 | $ 1,625 | |
% of Net Unsecured Reinsurance | [2] | 0.00% | 0.00% | |
Total Federal And State Pools [Member] | ||||
Total reinsurance balance | [2] | $ 275,968 | $ 232,210 | |
% of Net Unsecured Reinsurance | [2] | 35.00% | 31.00% | |
Remaining Unsecured Reinsurance [Member] | ||||
Total reinsurance balance | $ 508,707 | $ 527,590 | ||
% of Net Unsecured Reinsurance | 65.00% | 69.00% | ||
Remaining Reinsurance, after Allowance for Credit Loss | $ 507,107 | $ 525,813 | ||
Munich Re Group [Member] | ||||
Total reinsurance balance | $ 108,381 | $ 117,028 | ||
% of Net Unsecured Reinsurance | 14.00% | 15.00% | ||
Hanover Ruckversicherungs AG [Member] | ||||
Total reinsurance balance | $ 107,110 | $ 115,251 | ||
% of Net Unsecured Reinsurance | 14.00% | 15.00% | ||
AXIS Reinsurance Company [Member] | ||||
Total reinsurance balance | $ 70,814 | $ 78,617 | ||
% of Net Unsecured Reinsurance | 9.00% | 10.00% | ||
Swiss Re Group [Member] | ||||
Total reinsurance balance | $ 29,186 | $ 33,249 | ||
% of Net Unsecured Reinsurance | 4.00% | 4.00% | ||
Transatlantic Reinsurance Company [Member] | ||||
Total reinsurance balance | $ 26,490 | $ 24,374 | ||
% of Net Unsecured Reinsurance | 3.00% | 3.00% | ||
All Other Reinsurers [Member] | ||||
Total reinsurance balance | $ 166,726 | $ 159,071 | ||
% of Net Unsecured Reinsurance | 21.00% | 21.00% | ||
Remaining Unsecured Reinsurance, Net of Collateral [Member] | ||||
Total reinsurance balance | $ 378,408 | $ 395,644 | ||
[1] | Includes letters of credit, trust funds, and funds held against reinsurance recoverables. | |||
[2] | Considered to have minimal risk of default. |
Reinsurance (List of direct, as
Reinsurance (List of direct, assumed and ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums Written: | |||
Direct premiums written | $ 3,656,537 | $ 3,204,512 | $ 3,084,451 |
Assumed | 22,664 | 24,288 | 24,339 |
Ceded premiums written | (489,488) | (455,708) | (429,366) |
Net | 3,189,713 | 2,773,092 | 2,679,424 |
Direct premiums written | 3,656,537 | 3,204,512 | 3,084,451 |
Premiums Earned: | |||
Direct | 3,472,715 | 3,108,687 | 2,993,157 |
Assumed | 21,550 | 25,010 | 24,399 |
Ceded premiums earned | (477,012) | (451,883) | (420,385) |
Total Net Premiums Earned | 3,017,253 | 2,681,814 | 2,597,171 |
Loss and loss expense incurred: | |||
Direct | 2,096,512 | 1,822,034 | 1,714,880 |
Assumed | 13,813 | 17,201 | 22,879 |
Ceded loss and loss expense | (296,341) | (203,412) | (186,268) |
Net | $ 1,813,984 | $ 1,635,823 | $ 1,551,491 |
Increase in DPW from Prior Year | 14.00% | 4.00% | |
Return audit and midterm endorsement premium [Member] | COVID-19 [Member] | |||
Premiums Written: | |||
Direct premiums written | $ 75,000 | ||
Direct premiums written | 75,000 | ||
Commercial & Personal Automobile [Member] | COVID-19 [Member] | |||
Premiums Written: | |||
Direct premiums written | 19,700 | ||
Direct premiums written | $ 19,700 |
Reinsurance (Ceded Premiums and
Reinsurance (Ceded Premiums and Losses Related to Flood Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Percentage of NFIP claims ceded to the federal government | 100.00% | ||
Ceded premiums written | $ (489,488) | $ (455,708) | $ (429,366) |
Ceded premiums earned | (477,012) | (451,883) | (420,385) |
Ceded loss and loss expense | (296,341) | (203,412) | (186,268) |
National Flood Insurance Program [Member] | |||
Ceded premiums written | (284,311) | (274,042) | (266,925) |
Ceded premiums earned | (274,384) | (271,598) | (259,119) |
Ceded loss and loss expense | $ (215,224) | $ (78,993) | $ (71,676) |
Reserve for Loss and Loss Exp_3
Reserve for Loss and Loss Expense (Rollforward of Reserve for Loss and Loss Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |||
Gross reserve for loss and loss expense, at beginning of year | $ 4,260,355 | $ 4,067,163 | $ 3,893,868 | |||
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year | 554,269 | [1] | 544,162 | 537,388 | ||
Net reserves for loss and loss expense, at beginning of year | 3,706,086 | 3,523,001 | 3,356,480 | |||
Incurred loss and loss expense for claims occurring in the current year | 1,896,837 | 1,708,755 | 1,601,780 | |||
Prior Year Claims and Claims Adjustment Expense | (82,853) | (72,932) | ||||
Total incurred loss and loss expense | 1,813,984 | 1,635,823 | 1,551,491 | |||
Paid loss and loss expense for claims occurring in current year | 676,331 | 642,586 | 579,527 | |||
Paid loss and loss expense for claims occurring in prior years | 841,477 | 807,248 | 805,443 | |||
Total paid loss and loss expense | 1,517,808 | 1,449,834 | 1,384,970 | |||
Net reserves for loss and loss expense, at end of year | 4,002,262 | 3,706,086 | 3,523,001 | |||
Add: reinsurance recoverable on unpaid loss and loss expense, at end of year | 578,641 | 554,269 | [1] | 544,162 | ||
Gross reserve for loss and loss expense, at end of year | 4,580,903 | 4,260,355 | 4,067,163 | |||
Increase of net loss and loss expense reserves | 296,200 | 183,100 | 166,500 | |||
Anticipated recoveries for salvage and subrogation claims | 87,000 | 80,900 | 76,700 | |||
Accounting Standards Update 2016-13 [Member] | ||||||
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year | 547,066 | |||||
Net reserves for loss and loss expense, at beginning of year | $ 3,520,097 | |||||
Net reserves for loss and loss expense, at end of year | 3,520,097 | |||||
Add: reinsurance recoverable on unpaid loss and loss expense, at end of year | 547,066 | |||||
Equity Impact on Cumulative Effect Adjustment | $ 0 | |||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||||||
Prior Year Claims and Claims Adjustment Expense | $ 50,289 | |||||
Equity Impact on Cumulative Effect Adjustment | $ 2,900 | |||||
[1] | ncludes an adjustment of $2.9 million related to our adoption of ASU 2016-13, Financial Instruments - Credit Losses. |
Reserve for Loss and Loss Exp_4
Reserve for Loss and Loss Expense (Reserve Loss Development) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Favorable or adverse loss development | $ (82,853) | $ (72,932) | |
Favorable or unfavorable loss development [Member] | |||
Favorable or adverse loss development | (82,900) | (72,900) | $ (50,300) |
Favorable or unfavorable loss development [Member] | Casualty Insurance Product Line [Member] | |||
Favorable or adverse loss development | (81,000) | (85,000) | (61,000) |
Favorable or unfavorable loss development [Member] | Casualty Insurance Product Line [Member] | Commercial Automobile [Member] | |||
Favorable or adverse loss development | 15,000 | 10,000 | |
Favorable or unfavorable loss development [Member] | Property Insurance [Member] | |||
Favorable or adverse loss development | 1,900 | 12,100 | 10,700 |
Favorable or unfavorable loss development [Member] | Property Insurance [Member] | Commercial Automobile [Member] | |||
Favorable or adverse loss development | 13,300 | 7,100 | |
Favorable or unfavorable loss development [Member] | General Liability [Member] | |||
Favorable or adverse loss development | (29,000) | (35,000) | (5,000) |
Favorable or unfavorable loss development [Member] | Commercial Automobile [Member] | |||
Favorable or adverse loss development | 13,300 | 7,100 | 700 |
Favorable or unfavorable loss development [Member] | Workers Compensation [Member] | |||
Favorable or adverse loss development | (58,000) | (60,000) | (68,000) |
Favorable or unfavorable loss development [Member] | Business Owners' Policies [Member] | |||
Favorable or adverse loss development | (400) | 3,900 | 1,900 |
Favorable or unfavorable loss development [Member] | Commercial Property [Member] | |||
Favorable or adverse loss development | (2,600) | 9,200 | 5,100 |
Favorable or unfavorable loss development [Member] | Homeowners [Member] | |||
Favorable or adverse loss development | 1,800 | 7,700 | 7,500 |
Favorable or unfavorable loss development [Member] | Personal Automobile [Member] | |||
Favorable or adverse loss development | (200) | (1,800) | 4,400 |
Favorable or unfavorable loss development [Member] | E&S Casualty Lines [Member] | |||
Favorable or adverse loss development | (7,000) | 0 | 2,000 |
Favorable or unfavorable loss development [Member] | E&S Property Lines [Member] | |||
Favorable or adverse loss development | (800) | (4,000) | 1,000 |
Favorable or unfavorable loss development [Member] | Insurance, Other [Member] | |||
Favorable or adverse loss development | $ 0 | $ 0 | $ 100 |
Reserve for Loss and Loss Exp_5
Reserve for Loss and Loss Expense (Exposure to Environmental Claims) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | $ 27,773 | $ 28,530 | $ 28,701 | $ 30,020 |
Liability for Asbestos and Environmental Claims, Net | 21,075 | $ 21,421 | $ 21,589 | $ 22,783 |
Net outstanding liabilities | 12,898,946 | |||
Asbestos Claim [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | 6,100 | |||
Liability for Asbestos and Environmental Claims, Net | 4,900 | |||
Landfill Sites Related Claims [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | 12,100 | |||
Liability for Asbestos and Environmental Claims, Net | 7,600 | |||
Leaking Underground Storage Tanks Claims [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | 9,600 | |||
Liability for Asbestos and Environmental Claims, Net | $ 8,600 |
Reserve for Loss and Loss Exp_6
Reserve for Loss and Loss Expense (Roll Forward of Gross and Net Asbestos and Net Environmental Incurred Losses and Loss Expenses and Related Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reserve for loss and loss expense at beginning of year, gross | $ 28,530 | $ 28,701 | $ 30,020 |
Incurred loss and loss expense, Gross | (562) | (127) | 348 |
Less: loss and loss expense paid, Gross | (195) | (44) | (1,667) |
Reserve for loss and loss expense at the end of year, gross | 27,773 | 28,530 | 28,701 |
Reserve for loss and loss expense at beginning of year, net | 21,421 | 21,589 | 22,783 |
Incurred loss and loss expense, Net | 37 | (154) | 234 |
Less: loss and loss expense paid, Net | (383) | (14) | (1,428) |
Reserve for loss and loss expense at the end of year, net | 21,075 | 21,421 | 21,589 |
Asbestos [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reserve for loss and loss expense at beginning of year, gross | 6,254 | 6,288 | 7,328 |
Incurred loss and loss expense, Gross | 51 | 320 | (375) |
Less: loss and loss expense paid, Gross | (190) | (354) | (665) |
Reserve for loss and loss expense at the end of year, gross | 6,115 | 6,254 | 6,288 |
Reserve for loss and loss expense at beginning of year, net | 5,023 | 5,057 | 6,097 |
Incurred loss and loss expense, Net | 51 | 320 | (375) |
Less: loss and loss expense paid, Net | (190) | (354) | (665) |
Reserve for loss and loss expense at the end of year, net | 4,884 | 5,023 | 5,057 |
Enviromental [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reserve for loss and loss expense at beginning of year, gross | 22,276 | 22,413 | 22,692 |
Incurred loss and loss expense, Gross | (613) | (447) | 723 |
Less: loss and loss expense paid, Gross | (5) | 310 | (1,002) |
Reserve for loss and loss expense at the end of year, gross | 21,658 | 22,276 | 22,413 |
Reserve for loss and loss expense at beginning of year, net | 16,398 | 16,532 | 16,686 |
Incurred loss and loss expense, Net | (14) | (474) | 609 |
Less: loss and loss expense paid, Net | (193) | 340 | (763) |
Reserve for loss and loss expense at the end of year, net | $ 16,191 | $ 16,398 | $ 16,532 |
Reserve for Loss and Loss Exp_7
Reserve for Loss and Loss Expense (Claims Development) (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | $ 12,898,946 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 9,397,544 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 3,873,898 | |||||||||
Reserve for loss and loss expense | 4,580,903 | $ 4,260,355 | ||||||||
Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 372,496 | |||||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 962,678 | 962,091 | $ 968,536 | $ 973,411 | $ 973,644 | $ 973,089 | $ 998,028 | $ 1,020,655 | $ 1,071,290 | $ 1,065,437 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 36,108 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 104,515 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 913,478 | 905,816 | 898,269 | 879,372 | 856,195 | 810,135 | 743,742 | 651,544 | 555,819 | 378,067 |
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 957,958 | 973,739 | 984,858 | 987,763 | 1,002,316 | 1,021,007 | 1,047,230 | 1,062,045 | 1,044,142 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 40,736 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 91,756 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 911,657 | 904,825 | 891,841 | 872,331 | 833,823 | 748,758 | 644,475 | 518,872 | 335,956 | |
Short-duration Insurance Contracts, Accident Year 2014[Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,094,367 | 1,089,529 | 1,100,208 | 1,104,218 | 1,124,014 | 1,146,990 | 1,133,798 | 1,107,513 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 48,550 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 95,610 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,020,961 | 1,002,157 | 981,868 | 936,425 | 855,959 | 736,154 | 614,075 | 405,898 | ||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,103,592 | 1,108,860 | 1,119,441 | 1,138,313 | 1,144,830 | 1,130,513 | 1,114,081 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 56,165 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 94,874 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,000,509 | 967,857 | 929,222 | 845,868 | 725,385 | 581,203 | 376,641 | |||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,171,273 | 1,180,829 | 1,199,734 | 1,227,142 | 1,203,634 | 1,188,608 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 90,598 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 95,559 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,025,264 | 983,852 | 892,390 | 764,331 | 617,958 | 387,272 | ||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,268,941 | 1,288,526 | 1,313,585 | 1,313,372 | 1,270,110 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 122,313 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 99,424 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,050,258 | 954,792 | 829,134 | 678,453 | 433,440 | |||||
Short-duration Insurance Contract, Accident Year 2018 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,441,303 | 1,457,415 | 1,461,603 | 1,413,800 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 222,464 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 106,569 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,083,556 | 942,893 | 779,466 | 511,271 | ||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,526,566 | 1,523,041 | 1,483,945 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 383,970 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 103,271 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 949,996 | 781,462 | 510,091 | |||||||
Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,587,607 | 1,591,972 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 562,065 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 93,515 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 831,976 | 572,302 | ||||||||
Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,784,661 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 932,590 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 89,801 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 609,889 | |||||||||
Standard Commercial Lines [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 2,812,608 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,399,252 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 1,515,789 | |||||||||
Standard Commercial Lines [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,674,241 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,099,622 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 816,606 | |||||||||
Standard Commercial Lines [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 3,107,304 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 2,393,027 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 717,704 | |||||||||
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 553,952 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 463,590 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 99,501 | |||||||||
Standard Commercial Lines [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,579,137 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,481,032 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 98,204 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 102,433 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 241,987 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 3,427 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 9,139 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 99 | |||||||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2012 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 179,197 | 178,285 | 182,085 | 180,659 | 175,268 | 175,305 | 194,144 | 215,083 | 245,561 | 238,979 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 12,796 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,052 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 162,516 | 158,397 | 156,186 | 144,451 | 130,866 | 109,448 | 89,008 | 56,580 | 35,241 | 13,030 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2012 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 177,706 | 177,658 | 178,774 | 183,314 | 187,359 | 188,596 | 195,197 | 199,360 | 208,036 | 203,864 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 20,697 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,628,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 151,273 | 148,750 | 146,739 | 143,281 | 139,477 | 132,052 | 122,755 | 108,211 | 86,909 | 40,911 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2012 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 184,411 | 184,477 | 185,357 | 184,633 | 186,128 | 184,367 | 184,289 | 183,527 | 191,947 | 179,551 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 467 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 24,431,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 183,365 | 183,098 | 181,353 | 179,501 | 176,656 | 168,114 | 148,669 | 127,235 | 105,371 | 73,316 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2012 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 43,534 | 43,444 | 43,717 | 43,418 | 43,747 | 44,077 | 44,172 | 46,303 | 48,029 | 54,342 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 198 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 5,545,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 42,061 | 42,075 | 41,356 | 41,326 | 40,627 | 38,766 | 37,215 | 35,089 | 31,833 | 22,199 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2012 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 117,277 | 117,200 | 117,220 | 117,225 | 117,170 | 117,102 | 116,658 | 115,375 | 114,224 | 118,464 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 4 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,519,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 116,755 | 116,673 | 116,674 | 116,671 | 116,625 | 116,291 | 114,699 | 111,503 | 108,834 | 81,528 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2013 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 192,782 | 195,697 | 202,697 | 203,831 | 210,785 | 225,709 | 239,776 | 251,421 | 250,609 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 15,661 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,433 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 172,983 | 169,847 | 163,764 | 153,628 | 139,114 | 104,587 | 72,127 | 35,113 | 12,789 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 153,436 | 157,645 | 159,767 | 162,787 | 166,662 | 173,160 | 187,658 | 194,318 | 199,794 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 20,638 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,384,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 130,467 | 129,224 | 126,822 | 124,130 | 118,669 | 109,739 | 96,376 | 74,568 | 36,829 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 207,554 | 208,040 | 209,602 | 207,975 | 210,410 | 207,994 | 209,197 | 205,282 | 188,289 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 595 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 26,053,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 206,162 | 205,064 | 202,622 | 200,750 | 189,626 | 169,850 | 140,015 | 109,893 | 76,469 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 38,930 | 39,358 | 39,699 | 39,709 | 41,369 | 40,624 | 41,005 | 42,618 | 49,617 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 120 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,483,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 39,440 | 39,212 | 39,085 | 38,464 | 37,993 | 34,760 | 30,845 | 26,592 | 17,412 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 90,461 | 90,486 | 90,218 | 90,278 | 90,436 | 90,005 | 90,103 | 90,639 | 88,101 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 3 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 5,715,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 90,891 | 90,917 | 90,646 | 90,696 | 90,840 | 90,350 | 90,446 | 87,874 | 60,244 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 230,247 | 229,679 | 237,125 | 234,082 | 239,333 | 257,132 | 249,946 | 244,312 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 21,413 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,677 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 198,772 | 187,352 | 179,192 | 154,957 | 121,969 | 79,972 | 46,825 | 14,901 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 161,021 | 159,604 | 160,646 | 164,420 | 172,515 | 182,579 | 187,065 | 199,346 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 21,285 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,495,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 130,726 | 127,858 | 124,077 | 119,392 | 113,626 | 100,876 | 78,944 | 35,924 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 214,992 | 216,461 | 217,334 | 218,172 | 219,925 | 216,824 | 212,725 | 200,534 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 875 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 28,079,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 213,689 | 212,481 | 209,655 | 202,821 | 180,701 | 148,884 | 117,169 | 80,810 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 57,483 | 57,302 | 58,093 | 58,517 | 59,806 | 62,548 | 60,949 | 55,962 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 746 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 4,067,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 55,729 | 55,708 | 55,458 | 52,940 | 49,460 | 44,911 | 40,584 | 28,914 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 136,151 | 136,237 | 136,212 | 138,155 | 138,751 | 136,820 | 136,249 | 141,192 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 10 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,517,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 136,141 | 135,928 | 136,008 | 137,418 | 137,883 | 136,634 | 132,909 | 101,131 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 211,768 | 214,176 | 219,204 | 233,249 | 246,990 | 245,710 | 254,720 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 25,873 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,532 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 173,697 | 157,071 | 144,216 | 116,804 | 78,668 | 39,978 | 14,665 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 170,577 | 172,572 | 176,242 | 179,642 | 183,604 | 194,639 | 193,729 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 20,748 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,554,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 129,019 | 124,046 | 120,097 | 112,601 | 98,195 | 77,320 | 33,857 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 262,054 | 261,386 | 260,565 | 259,495 | 253,074 | 240,958 | 220,994 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,826 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 29,837,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 255,600 | 249,905 | 238,142 | 211,515 | 175,866 | 132,260 | 91,347 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 52,200 | 52,325 | 54,454 | 55,925 | 57,245 | 53,768 | 52,871 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 801 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,967,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 50,005 | 49,839 | 49,073 | 46,571 | 42,710 | 36,014 | 24,189 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 112,937 | 112,582 | 112,496 | 111,566 | 111,750 | 109,513 | 110,270 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 12 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,407,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 112,410 | 112,117 | 110,969 | 110,994 | 109,829 | 106,182 | 79,048 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 246,643 | 252,733 | 263,245 | 277,986 | 272,048 | 277,214 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 41,647 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,763 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 181,770 | 164,136 | 133,757 | 89,431 | 46,549 | 15,684 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 155,210 | 156,540 | 166,009 | 176,248 | 184,946 | 196,774 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 24,850 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,585,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 119,800 | 115,159 | 109,166 | 98,037 | 78,531 | 34,525 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 291,674 | 290,359 | 285,304 | 285,302 | 274,367 | 255,187 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 3,226 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 31,754,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 277,242 | 264,858 | 233,939 | 200,701 | 155,720 | 106,022 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 53,147 | 53,367 | 53,835 | 54,993 | 53,792 | 52,335 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,010 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,851,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 50,536 | 48,786 | 45,308 | 39,973 | 36,848 | 24,655 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 123,005 | 123,567 | 124,487 | 125,937 | 126,185 | 121,927 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 23 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,743,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 122,909 | 123,601 | 123,828 | 122,930 | 118,789 | 83,966 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 278,607 | 289,883 | 301,384 | 293,128 | 293,747 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 67,475 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,219 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 167,002 | 131,980 | 92,355 | 49,470 | 17,366 | |||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 154,159 | 162,672 | 175,853 | 184,306 | 195,202 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 25,096 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,809,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 116,426 | 110,645 | 100,645 | 82,216 | 40,375 | |||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 326,461 | 322,197 | 324,291 | 329,389 | 301,274 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 10,110 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 33,066,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 296,600 | 262,349 | 220,422 | 178,823 | 117,287 | |||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 43,606 | 48,067 | 51,524 | 48,698 | 46,624 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 2,642 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,892,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 39,940 | 40,359 | 36,950 | 31,337 | 21,865 | |||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 154,119 | 153,664 | 149,044 | 149,106 | 138,773 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 54 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,904,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 153,750 | 152,018 | 148,589 | 142,338 | 99,047 | |||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 332,013 | 345,224 | 336,326 | 317,934 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 126,438 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,641 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 155,538 | 108,421 | 60,784 | 19,531 | ||||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 173,428 | 181,151 | 193,818 | 193,894 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 34,218 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,129,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 119,904 | 105,903 | 84,780 | 41,122 | ||||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 350,310 | 345,547 | 352,487 | 347,908 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 23,671 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 35,714,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 291,725 | 243,713 | 193,788 | 134,867 | ||||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 60,393 | 62,427 | 57,202 | 55,024 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 7,655 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 4,256,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 48,144 | 44,316 | 39,791 | 29,995 | ||||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 194,016 | 192,558 | 190,834 | 183,177 | ||||||
Short-duration Insurance, Contracts Incurred But Not Reported (IBNR) Claims Liability, Net | $ 98 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,289,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 193,487 | 192,698 | 184,813 | 135,416 | ||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 358,301 | 356,363 | 347,150 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 196,836 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,264 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 100,206 | 58,284 | 18,097 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 174,912 | 188,596 | 188,625 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 44,549 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,307,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 100,812 | 77,878 | 37,826 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 404,854 | 398,346 | 385,212 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 63,122 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 36,079,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 283,410 | 221,590 | 149,538 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 64,667 | 59,466 | 53,531 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 11,556 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,616,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 46,113 | 41,587 | 27,718 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 179,574 | 177,075 | 173,826 | |||||||
Short-duration Insurance, Contracts Incurred But Not Reported (IBNR) Claims Liability, Net | $ 530 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,300,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 177,825 | 172,768 | 130,891 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 360,302 | 361,554 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 252,458 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 9,076 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 58,699 | 21,858 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 168,594 | 168,643 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 61,878 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,495,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 68,277 | 29,559 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 381,163 | 381,654 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 121,558 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 30,095,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 198,034 | 139,016 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 73,680 | 71,836 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 11,225 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 5,364,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 57,210 | 43,376 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 225,278 | 232,060 | ||||||||
Short-duration Insurance, Contracts Incurred But Not Reported (IBNR) Claims Liability, Net | $ 4,314 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,116,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 215,107 | 164,613 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 422,748 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 356,223 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,260 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 28,069 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 185,198 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 111,451 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,089,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 32,918 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 483,831 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 232,070 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 34,461,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 187,200 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 66,312 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 21,947 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,078,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 34,412 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 246,319 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 36,186 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,153,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 161,757 | |||||||||
Standard Personal Lines | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,058,064 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 965,301 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 98,476 | |||||||||
Standard Personal Lines | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 784,488 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 745,598 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 44,328 | |||||||||
Standard Personal Lines | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 5,713 | |||||||||
Standard Personal Lines | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 5,438 | |||||||||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2012 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 109,546 | 109,634 | 109,701 | 109,795 | 110,300 | 110,294 | 109,324 | 109,832 | 114,921 | 113,771 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 5 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,333,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 109,539 | 109,554 | 109,482 | 109,447 | 109,355 | 107,890 | 102,977 | 94,842 | 82,729 | 63,704 |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2012 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 86,533 | 86,519 | 86,567 | 86,483 | 86,330 | 86,271 | 86,667 | 86,560 | 82,744 | 87,260 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 35 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 16,944,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 85,918 | 85,899 | 85,897 | 85,642 | 85,562 | 85,196 | 84,250 | 82,720 | 79,584 | 69,056 |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 107,754 | 107,803 | 107,916 | 107,680 | 107,759 | 106,703 | 106,225 | 109,620 | 108,417 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 72 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,376,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 107,423 | 107,419 | 106,876 | 106,679 | 105,131 | 100,528 | 92,637 | 80,861 | 61,384 | |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2013 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 71,955 | 71,948 | 72,318 | 72,148 | 71,714 | 72,145 | 71,494 | 72,528 | 73,670 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 38 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,750,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 72,447 | 72,446 | 72,433 | 72,197 | 71,776 | 69,775 | 67,838 | 65,528 | 50,664 | |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2014[Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 107,566 | 107,106 | 107,104 | 106,821 | 107,452 | 106,757 | 109,325 | 102,250 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 79 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,509,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 107,108 | 106,478 | 105,709 | 104,055 | 99,173 | 92,589 | 83,739 | 62,519 | ||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2014[Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 83,830 | 83,525 | 83,824 | 83,539 | 83,844 | 83,637 | 82,461 | 80,111 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 32 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,775,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 83,321 | 82,831 | 82,836 | 82,583 | 81,664 | 79,751 | 76,007 | 61,561 | ||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 98,596 | 98,588 | 98,718 | 99,570 | 100,214 | 99,698 | 96,387 | |||
Short-duration Insurance, Contracts Incurred But Not Reported (IBNR) Claims Liability, Net | $ 109 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 20,865,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 97,761 | 97,275 | 95,997 | 92,102 | 87,163 | 76,470 | 58,725 | |||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 74,682 | 74,673 | 74,978 | 74,723 | 76,559 | 76,400 | 76,637 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 478 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,750,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 74,096 | 74,052 | 74,079 | 72,927 | 72,202 | 70,078 | 52,589 | |||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 99,858 | 99,544 | 101,140 | 100,202 | 98,032 | 92,727 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 357 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 19,826,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 98,977 | 98,080 | 94,372 | 86,752 | 76,823 | 57,961 | ||||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 60,855 | 61,735 | 61,723 | 62,391 | 60,931 | 60,105 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 465 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,895,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 60,449 | 61,187 | 60,082 | 59,546 | 57,333 | 42,252 | ||||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 103,557 | 103,260 | 103,653 | 105,139 | 101,880 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 447 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 20,744,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 100,521 | 97,628 | 91,479 | 82,730 | 62,854 | |||||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 68,938 | 70,064 | 70,365 | 67,978 | 59,167 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 570 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,386,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 68,078 | 67,767 | 67,193 | 63,290 | 45,466 | |||||
Standard Personal Lines | Short-duration Insurance Contract, Accident Year 2018 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 112,418 | 112,030 | 113,569 | 111,594 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 2,100 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,682,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 107,026 | 99,982 | 89,628 | 69,721 | ||||||
Standard Personal Lines | Short-duration Insurance Contract, Accident Year 2018 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 68,931 | 69,832 | 68,526 | 62,961 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,289 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,607,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 66,634 | 65,348 | 64,137 | 49,430 | ||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 115,993 | 115,688 | 114,043 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 5,649 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,845,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 102,930 | 92,162 | 69,699 | |||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 73,816 | 72,772 | 64,306 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 3,027 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,001,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 69,911 | 67,631 | 49,680 | |||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2020 | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 94,532 | 95,625 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 17,790 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 17,501,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 68,691 | 53,407 | ||||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2020 | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 112,523 | 109,033 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 4,829 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 9,791,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 105,690 | 83,838 | ||||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2021 | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 108,244 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 28,461 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 18,931,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 65,325 | |||||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2021 | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 82,425 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 15,963 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,298,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 59,054 | |||||||||
E&S Lines [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 922,755 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 495,422 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 430,176 | |||||||||
E&S Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2012 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 2,843 | |||||||||
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2012 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 44,083 | 44,348 | 44,622 | 46,444 | 45,988 | 46,165 | 46,149 | 43,175 | 42,621 | 42,367 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,911 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,064,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 41,299 | 40,615 | 39,832 | 38,298 | 36,278 | 32,343 | 25,064 | 16,430 | 7,914 | $ 3,722 |
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2013 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 60,349 | 68,029 | 68,451 | 68,972 | 67,647 | 69,112 | 67,099 | 60,309 | 55,468 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 3,637 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,310,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 57,152 | 55,988 | 54,974 | 51,142 | 46,108 | 35,200 | 21,980 | 9,470 | $ 2,715 | |
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 74,270 | 70,846 | 71,153 | 71,206 | 71,719 | 69,929 | 63,505 | 55,316 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 4,115 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,131,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 66,661 | 64,698 | 60,092 | 53,780 | 43,877 | 25,571 | 12,234 | $ 2,353 | ||
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 87,662 | 90,126 | 90,355 | 90,488 | 82,404 | 76,432 | 75,498 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 6,293 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,875,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 75,844 | 71,421 | 64,529 | 50,712 | 29,389 | 13,057 | $ 3,036 | |||
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 102,476 | 104,730 | 105,120 | 104,655 | 96,416 | 94,451 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 19,208 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,968,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 75,004 | 69,448 | 56,581 | 33,950 | 16,195 | $ 3,720 | ||||
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 99,960 | 99,395 | 99,866 | 95,783 | 91,438 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16,217 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,797,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 68,266 | 53,238 | 34,179 | 14,672 | $ 5,057 | |||||
E&S Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 104,983 | 103,184 | 103,004 | 98,324 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 25,673 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,762,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 57,962 | 39,174 | 21,337 | $ 5,509 | ||||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 117,736 | 118,298 | 117,087 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 56,323 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,553,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 35,844 | 17,812 | $ 4,422 | |||||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 103,137 | 103,872 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 71,650 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,595,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 13,064 | $ 3,695 | ||||||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 128,099 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 111,132 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,223,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 4,326 |
Reserve for Loss and Loss Exp_8
Reserve for Loss and Loss Expense (Reconciliation of Claims Development to Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | $ 3,873,898 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 578,641 | $ 554,269 | [1] | $ 544,162 | $ 537,388 |
Unallocated loss expenses | 128,364 | ||||
Gross liability for unpaid loss and loss expenses | 4,580,903 | $ 4,260,355 | $ 4,067,163 | $ 3,893,868 | |
Standard Commercial Lines [Member] | General Liability [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 1,515,789 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 213,253 | ||||
Standard Commercial Lines [Member] | Workers Compensation [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 816,606 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 196,670 | ||||
Standard Commercial Lines [Member] | Commercial Automobile [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 717,704 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 15,480 | ||||
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 99,501 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 6,828 | ||||
Standard Commercial Lines [Member] | Commercial Property [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 98,204 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 22,277 | ||||
Standard Commercial Lines [Member] | Other Commercial [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 22,866 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 2,136 | ||||
Standard Commercial Lines [Member] | Total Standard Commercial Lines [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 3,270,670 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 456,644 | ||||
Standard Personal Lines | Personal Automobile [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 98,476 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 40,941 | ||||
Standard Personal Lines | Homeowners [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 44,328 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 2,392 | ||||
Standard Personal Lines | Other Personal [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 12,261 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 64,975 | ||||
Standard Personal Lines | Standard Personal Lines | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 155,065 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 108,308 | ||||
E&S Lines [Member] | General Liability [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 430,176 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 11,672 | ||||
E&S Lines [Member] | Total E&S Lines [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 448,163 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 13,689 | ||||
E&S Lines [Member] | Standard Commercial Lines [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 17,987 | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 2,017 | ||||
[1] | ncludes an adjustment of $2.9 million related to our adoption of ASU 2016-13, Financial Instruments - Credit Losses. |
Reserve for Loss and Loss Exp_9
Reserve for Loss and Loss Expense (Historical Claims Duration) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Net outstanding liabilities | $ 12,898,946 |
Standard Commercial Lines [Member] | General Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 6.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 11.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 15.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 17.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 14.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 9.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 6.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 5.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 1.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 1.60% |
Standard Commercial Lines [Member] | Workers Compensation [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 21.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 25.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 4.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 2.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 2.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 3.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 1.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.80% |
Standard Commercial Lines [Member] | Commercial Automobile [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 37.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 16.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 13.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 10.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 4.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 1.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 49.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 20.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 8.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 5.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 3.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
Standard Commercial Lines [Member] | Commercial Property [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 69.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 25.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 3.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Standard Personal Lines | Personal Automobile [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 59.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 18.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 10.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 6.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 3.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
Standard Personal Lines | Homeowners [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 71.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 21.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 3.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 1.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
E&S Lines [Member] | General Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 3.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 11.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 16.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 19.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 14.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 7.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 5.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 3.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 3.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 2.00% |
Indebtedness Indebtedness (Sche
Indebtedness Indebtedness (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Debt Instruments [Line Items] | ||
Long-term debt | $ 506,050 | $ 550,743 |
Unamortized Debt Issuance Costs | 3,167 | |
Unamortized Debt Discount | 6,233 | |
Finance Lease, Liability | $ 5,450 | 508 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 5.375% | |
Long-term Debt, Gross | $ 300,000 | |
Unamortized Debt Issuance Costs | 2,733 | |
Unamortized Debt Discount | 5,670 | |
Long-term Debt | $ 291,597 | 291,307 |
Five Point Eight Hundred Seventy Five Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 5.875% | |
Long-term Debt, Gross | $ 185,000 | |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 3.03% | |
Long-term Debt, Gross | $ 60,000 | |
Unamortized Debt Issuance Costs | 0 | |
Unamortized Debt Discount | 0 | |
Long-term Debt | $ 60,000 | 60,000 |
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 1.56% | |
Long-term Debt, Gross | $ 25,000 | |
Unamortized Debt Issuance Costs | 0 | |
Unamortized Debt Discount | 0 | |
Long-term Debt | $ 0 | 25,000 |
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 1.61% | |
Long-term Debt, Gross | $ 25,000 | |
Unamortized Debt Issuance Costs | 0 | |
Unamortized Debt Discount | 0 | |
Long-term Debt | $ 0 | 25,000 |
Six Point Seventy Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 6.70% | |
Long-term Debt, Gross | $ 100,000 | |
Unamortized Debt Issuance Costs | 287 | |
Unamortized Debt Discount | 480 | |
Long-term Debt | $ 99,233 | 99,180 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 7.25% | |
Long-term Debt, Gross | $ 50,000 | |
Unamortized Debt Issuance Costs | 147 | |
Unamortized Debt Discount | 83 | |
Long-term Debt | 49,770 | 49,748 |
Finance lease obligation [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Finance Lease, Liability | $ 5,450 | $ 508 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2005 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2004 | |
Maximum borrowing percentage | 10.00% | |||
Borrowing threshold of FHLBI | 20 | |||
Debt Issuance Costs, Gross | $ 3,300 | |||
Long-term debt | 506,050 | $ 550,743 | ||
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||||
Long-term Debt, Gross | $ 300,000 | |||
Interest Rate | 5.375% | |||
Discount for notes issued | $ 5,900 | |||
Net proceeds from the issuance | 290,800 | |||
Five Point Eight Hundred Seventy Five Percent Senior Notes [Member] | ||||
Long-term Debt, Gross | $ 185,000 | |||
Interest Rate | 5.875% | |||
Debt Retirement Costs Before Tax | $ 4,200 | |||
Debt Retirement Costs Net of Tax | 3,300 | |||
Proceeds From Debt Issuance After Redemption | 106,000 | |||
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||||
Long-term Debt, Gross | $ 60,000 | |||
Interest Rate | 3.03% | |||
Federal Home Loan Bank Advances | 45,000 | |||
Net proceeds from the issuance | 15,000 | |||
Six Point Seventy Percent Senior Notes due 2035 [Member] | ||||
Long-term Debt, Gross | $ 100,000 | |||
Interest Rate | 6.70% | |||
Acceleration of principal | $ 10,000 | |||
Discount for notes issued | $ 700 | |||
Effective yield | 6.754% | |||
Net proceeds from the issuance | $ 50,000 | |||
Seven Point Twenty Five Percent Senior Notes due 2034 [Member] | ||||
Long-term Debt, Gross | $ 50,000 | |||
Interest Rate | 7.25% | |||
Acceleration of principal | $ 10,000 | |||
Discount for notes issued | $ 100 | |||
Effective yield | 7.27% | |||
Bond proceeds to Insurance Subsidiaries as capital | $ 25,000 | |||
Line of Credit expires Dec.20, 2022 [Member] | ||||
Line of credit borrowing capacity | 50,000 | |||
Line of credit, maximum borrowing capacity | 125,000 | |||
Acceleration of principal | $ 20,000 | |||
Maximum borrowing percentage | 10.00% | |||
One Point Sixty One Percent Borrowing From Federal Home Loan Bank Due July 21, 2021 [Member] | ||||
Long-term Debt, Gross | $ 25,000 | |||
Interest Rate | 1.61% | |||
One Point Fifty Six Percent Borrowing From Federal Home Loan Bank Due August 16, 2021 [Member] | ||||
Long-term Debt, Gross | $ 25,000 | |||
Interest Rate | 1.56% | |||
Federal Home Loan Bank of Indianapolis [Member] | ||||
Aggregate investment in FHLBI | $ 5,700 | 5,700 | ||
Federal Home Loan Bank of New York [Member] | ||||
Aggregate investment in FHLBI | $ 800 | $ 3,100 |
Indebtedness (Covenants in the
Indebtedness (Covenants in the Line of Credit) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Consolidated Net Worth Requirement | $ 1,800,000 |
Consolidated Net Worth, Actual | $ 2,900,000 |
Debt-to-capitalization ratio, required | 35.00% |
Debt-to-capitalization ratio, actual | 15.00% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting [Abstract] | ||
Number of Operating Segments | 4 | |
Goodwill | $ 7,849 | $ 7,849 |
Percentage of net premiums written related to insurance policies written in New Jersey | 18.00% |
Segment Information (Revenue Fr
Segment Information (Revenue From Continuing Operations by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Net premiums earned | $ 3,017,253 | $ 2,681,814 | $ 2,597,171 |
Other income | 17,723 | 17,570 | 12,355 |
Net investment income | 326,589 | 227,107 | 222,543 |
Net realized and unrealized investment gains (losses) | 17,599 | (4,217) | 14,422 |
Total investment revenues | 344,188 | 222,890 | 236,965 |
Total revenues | 3,379,164 | 2,922,274 | 2,846,491 |
Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Other income | 16,056 | 15,512 | 10,889 |
Total revenues | 2,459,941 | 2,158,696 | 2,060,503 |
Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Other income | 1,667 | 2,058 | 1,466 |
Total revenues | 295,226 | 301,198 | 309,205 |
E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 279,809 | 239,490 | 239,818 |
Commercial Automobile [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 436,412 | 388,120 | 353,834 |
Workers Compensation [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 306,428 | 278,062 | 311,370 |
General Liability [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 807,158 | 694,019 | 669,895 |
Commercial Property [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 724,398 | 615,181 | 554,256 |
Business Owners' Policies [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 110,622 | 110,210 | 105,252 |
Bonds Segment [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 35,762 | 36,742 | 35,726 |
Other Commercial [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 23,105 | 20,850 | 19,281 |
Personal Automobile [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 163,007 | 165,020 | 172,606 |
Homeowners [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 122,526 | 125,405 | 127,543 |
Other Personal [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 8,026 | 8,715 | 7,590 |
Casualty Insurance Product Line [Member] | E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 197,779 | 174,408 | 182,864 |
Property Insurance [Member] | E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | $ 82,030 | $ 65,082 | $ 56,954 |
Segment Information (Income Fro
Segment Information (Income From Continuing Operations, Before and After Federal Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net investment income | $ 326,589 | $ 227,107 | $ 222,543 |
Net realized and unrealized investment gains (losses) | 17,599 | (4,217) | 14,422 |
Tax on investment income | 67,284 | 41,609 | 45,301 |
Total investment income, after federal income tax | 276,904 | 181,281 | 191,664 |
Total investment revenues | 344,188 | 222,890 | 236,965 |
Standard Commercial Lines [Member] | |||
Underwriting gain (loss), before federal income tax | 198,596 | 151,731 | 145,990 |
Underwriting gain (loss), after federal income tax | $ 156,891 | $ 119,867 | $ 115,332 |
Combined Ratio | 91.90% | 92.90% | 92.90% |
Return on Equity | 5.90% | 5.10% | 5.80% |
Standard Personal Lines | |||
Underwriting gain (loss), before federal income tax | $ 3,966 | $ (15,508) | $ 8,260 |
Underwriting gain (loss), after federal income tax | $ 3,133 | $ (12,251) | $ 6,525 |
Combined Ratio | 98.60% | 105.20% | 97.30% |
Return on Equity | 0.10% | (0.50%) | 0.30% |
E&S Lines [Member] | |||
Underwriting gain (loss), before federal income tax | $ 16,030 | $ 126 | $ 9,743 |
Underwriting gain (loss), after federal income tax | $ 12,664 | $ 100 | $ 7,697 |
Combined Ratio | 94.30% | 99.90% | 95.90% |
Return on Equity | 0.50% | 0.00% | 0.40% |
Investments SIGI | |||
Return on Equity | 9.90% | 7.80% | 9.60% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Results to Income from Continuing Operations, before Federal Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total investment revenues | $ 344,188 | $ 222,890 | $ 236,965 |
Interest expense | (29,165) | (30,839) | (33,668) |
Corporate expenses | (28,305) | (25,412) | (30,900) |
Income before federal income tax | 505,310 | 302,988 | 336,390 |
Preferred Stock Dividends, Income Statement Impact | (9,353) | 0 | 0 |
Income available to common stockholders, before tax | 495,957 | 302,988 | 336,390 |
Standard Commercial Lines [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Underwriting gain (loss), before federal income tax | 198,596 | 151,731 | 145,990 |
Standard Personal Lines | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Underwriting gain (loss), before federal income tax | 3,966 | (15,508) | 8,260 |
E&S Lines [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Underwriting gain (loss), before federal income tax | 16,030 | 126 | 9,743 |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total all segments | $ 562,780 | $ 359,239 | $ 400,958 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic EPS: [Abstract] | |||
Net income, basic shares | 60,183 | 59,862 | 59,421 |
Basic net income per share | $ 6.55 | $ 4.12 | $ 4.57 |
Effect of dilutive securities: [Abstract] | |||
Stock compensation plans, shares | 484 | 431 | 583 |
Earnings Per Share, Diluted [Abstract] | |||
Shares net income, Diluted | 60,667 | 60,293 | 60,004 |
Diluted net income per share | $ 6.50 | $ 4.09 | $ 4.53 |
Net Income available to common stockholders | $ 394,484 | $ 246,355 | $ 271,623 |
Federal Income Taxes (Reconcili
Federal Income Taxes (Reconciliation of Federal Income Tax on Income at the Corporate Rate to the Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax at statutory rate | $ 106,115 | $ 63,627 | $ 70,642 |
Tax-advantaged interest | (4,514) | (4,730) | (4,909) |
Dividends received deduction | (558) | (514) | (443) |
Federal Income Tax Expense Benefit Related to Executive Compensation | 2,469 | 2,246 | 2,985 |
Federal Income Tax Expense (Benefit) Related to Stock-based Compensation | (693) | (1,846) | (3,253) |
Other | (1,346) | (2,150) | (255) |
Total federal income tax expense | 101,473 | 56,633 | 64,767 |
Income available to common stockholders, before tax | $ 495,957 | $ 302,988 | $ 336,390 |
Effective Income Tax Rate Reconciliation, Percent | 20.50% | 18.70% | 19.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Federal Income Taxes (Deferred
Federal Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net loss reserve discounting | $ 60,227 | $ 54,240 |
Net unearned premiums | 68,086 | 60,842 |
Employee benefits | 2,787 | 8,943 |
Long-term incentive compensation plans | 5,904 | 5,472 |
Temporary investment write-downs | 4,314 | 6,037 |
Other | 2,245 | 7,195 |
Total deferred tax assets | 143,563 | 142,729 |
Deferred policy acquisition costs | 68,652 | 60,601 |
Unrealized gains on investment securities | 48,082 | 81,142 |
Other investment-related items, net | 27,044 | 14,760 |
Accelerated depreciation and amortization | 13,198 | 13,322 |
Deferred Tax Liabilities, Total | 156,976 | 169,825 |
Deferred Income Tax Liabilities, Net | (13,413) | (27,096) |
Deferred tax liability | ||
Deferred Income Tax Liabilities, Net | $ (13,413) | $ (27,096) |
Retirement Plans (Retirement Sa
Retirement Plans (Retirement Savings Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Savings Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 19.2 | $ 18.6 | $ 17.3 |
Retirement Plans (Funded Status
Retirement Plans (Funded Status of Retirement Income Plan and Retirement Life Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Retirement Income Plan [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.98% | 2.68% | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | [1] | $ (11,882) | $ (7,778) | $ (5,033) |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning of year | 425,161 | 391,021 | ||
Interest cost | 8,593 | 11,312 | 13,506 | |
Actuarial losses (gains) | (12,844) | 35,276 | ||
Benefits paid fair value | (13,152) | (12,448) | ||
Benefit obligation, end of year | 407,758 | 425,161 | 391,021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of assets, beginning of year | 432,716 | 385,087 | ||
Actual return on plan assets, net of expenses | 30,741 | 60,077 | ||
Fair value of assets, end of year | 450,305 | 432,716 | 385,087 | |
Funded status | 42,547 | 7,555 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Net pension asset (liability), end of year | 42,547 | 7,555 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||||
Net actuarial loss | 78,304 | 101,414 | ||
Weighted-Average Liability Asumptions | ||||
Accumulated benefit obligation | 407,758 | 425,161 | ||
Retirement Life Plan [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Contributions by the employer to funded plans | $ 19,200 | $ 18,600 | $ 17,300 | |
[1] | The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net actuarial loss (gain) | $ (21,636) | $ (1,515) | $ 13,795 | |
Reversal of amortization of net actuarial loss | $ (2,772) | $ (3,015) | (2,657) | |
Retirement Income Plan [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.98% | 2.68% | ||
Interest cost | $ 8,593 | $ 11,312 | 13,506 | |
Expected return on plan assets | (22,976) | (21,907) | (21,114) | |
Amortization of unrecognized actuarial loss | 2,501 | 2,817 | 2,575 | |
Total net periodic cost | [1] | (11,882) | (7,778) | (5,033) |
Net actuarial loss (gain) | (20,609) | (2,894) | 11,643 | |
Reversal of amortization of net actuarial loss | (2,501) | (2,817) | (2,575) | |
Total recognized in other comprehensive income | (23,110) | (5,711) | 9,068 | |
Total recognized in net periodic benefit cost and OCI | $ (34,992) | $ (13,489) | $ 4,035 | |
[1] | The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. |
Retirement Plans (Weighted-Aver
Retirement Plans (Weighted-Average Expense Assumptions) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discount rate | 2.06% | 2.95% | 4.12% |
Change in Defined Benefit Plan Discount Rate | $ 30 | ||
Retirement Income Plan [Member] | |||
Discount rate | 2.68% | 3.33% | 4.46% |
Expected return on plan assets | 5.40% | 5.80% | 6.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.98% | 2.68% |
Retirement Plans (Plan's Alloca
Retirement Plans (Plan's Allocated Target Ranges and Actual Weighted Average Asset Allocation by Investment Categories) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Percent Hedge Against Projected Benefit Obligation | 79.00% | ||
Actual percentage | 100.00% | 100.00% | |
Return Seeking Assets [Member] | |||
Actual percentage | [1] | 66.00% | 64.00% |
Liability Hedging Assets [Member] | |||
Actual percentage | 33.00% | 35.00% | |
Short-term Investments [Member] | |||
Actual percentage | 1.00% | 1.00% | |
Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Minimum [Member] | Return Seeking Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 50 | ||
Minimum [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 70 | ||
Minimum [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | - | ||
Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Maximum [Member] | Return Seeking Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 70 | ||
Maximum [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 80 | ||
Maximum [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | - | ||
[1] | Includes limited partnerships. |
Retirement Plans (Quantitative
Retirement Plans (Quantitative Disclosures of Retirement Income Plan's Invested Assets that are Measured at Fair Value on a Recurring Basis) (Details) - Retirement Income Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | $ 450,305 | $ 432,716 | $ 385,087 | |
Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 456,502 | 435,761 | ||
Total Equities [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 300,389 | 277,667 | ||
Return Seeking Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 300,849 | 278,169 | ||
Liability Hedging Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 151,487 | 152,246 | ||
Cash And Short Term Investments [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 4,166 | 5,346 | ||
Alternative Investments [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 460 | 502 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 453,620 | 433,186 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Total Equities [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 300,389 | 277,667 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Return Seeking Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 300,389 | 277,667 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Liability Hedging Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 151,487 | 152,246 | ||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash And Short Term Investments [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 1,744 | 3,273 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 2,422 | 2,073 | ||
Significant Other Observable Inputs (Level 2) [Member] | Total Equities [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Return Seeking Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Liability Hedging Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash And Short Term Investments [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 2,422 | 2,073 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Total Equities [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Return Seeking Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Liability Hedging Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash And Short Term Investments [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Global Equity [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 144,634 | 142,320 | ||
Global Equity [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 144,634 | 142,320 | ||
Global Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Global Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Diversified Credit [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 66,165 | 73,762 | ||
Diversified Credit [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 66,165 | 73,762 | ||
Diversified Credit [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Diversified Credit [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Real Assets Equity [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 89,590 | 61,585 | ||
Real Assets Equity [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 89,590 | 61,585 | ||
Real Assets Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Real Assets Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Real Assets [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 47 | 73 | |
Real Assets [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Real Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Real Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Private Equity Funds [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 413 | 400 | |
Private Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Private Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Private Credit Funds [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 29 | ||
Private Credit Funds [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | ||
Private Credit Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | ||
Private Credit Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | ||
Alternative Investments [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Alternative Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Alternative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | [1] | 0 | 0 | |
Fixed Income Securities [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 86,183 | 99,490 | ||
Fixed Income Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 86,183 | 99,490 | ||
Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Fixed Income Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
US Treasury Securities [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 65,304 | 52,756 | ||
US Treasury Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 65,304 | 52,756 | ||
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Short-term Investments [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 1,744 | 3,273 | ||
Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 1,744 | 3,273 | ||
Short-term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Deposit Administration Contracts [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 2,422 | 2,073 | ||
Deposit Administration Contracts [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 0 | 0 | ||
Deposit Administration Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | 2,422 | 2,073 | ||
Deposit Administration Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Assets | $ 0 | $ 0 | ||
[1] | In accordance with the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , certain investments that are measured at fair value using the net asset value per share (or its practical expedient) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets. |
Retirement Plans (Benefit Payme
Retirement Plans (Benefit Payments) (Details) - Retirement Income Plan [Member] $ in Thousands | Dec. 31, 2021USD ($) |
2021 | $ 14,900 |
2022 | 16,099 |
2023 | 17,232 |
2024 | 18,296 |
2025 | 19,394 |
2026 - 2030 | $ 108,742 |
Share-Based Payments (Summary o
Share-Based Payments (Summary of Shares Available for Issuance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend Equivalent Units [Member] | |||
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |||
Total intrinsic value of shares vested | $ 0.6 | $ 0.7 | $ 0.8 |
Omnibus Stock Plan 2014 [Member] | |||
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,750,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,713,667 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 660,697 | ||
Employee Stock [Member] | |||
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,184,849 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 | ||
Agent Stock Purchase Plan [Member] | |||
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,608,234 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 |
Shared-Based Payments (Summary
Shared-Based Payments (Summary of Retired Plans) (Details) | Dec. 31, 2021shares | |
Omnibus Stock Plan [Member] | ||
Schedule of Share-Based Compensation Retired Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,958,306 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 32,906 | [1] |
Stock Compensation Plan For Non Employee Directors [Member] | ||
Schedule of Share-Based Compensation Retired Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 44,468 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 44,468 | [1] |
[1] | Awards outstanding under the 2005 Stock Plan represent shares deferred by our non-employee directors. |
Share-Based Payments (Summary_2
Share-Based Payments (Summary of the Restricted Stock Unit Transactions under Share-Based Payment Plans) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Incentive Plan [Member] | |||
Weighted average remaining expense life | 1 year 2 months 12 days | ||
Share Based Compensation Liability Awards Amount Of Liability | $ 11 | $ 8.2 | |
Cash incentive unit payments made | $ 2.2 | $ 2.3 | $ 18.4 |
Restricted Stock Units (RSUs) [Member] | |||
Unvested RSU awards at December 31, 2020, number of shares | 667,674 | ||
Granted in 2021, number of shares | 249,293 | ||
Vested in 2021, number of shares | (258,477) | ||
Forfeited in 2021, number of shares | (16,854) | ||
Unvested RSU awards at December 31, 2021, number of shares | 641,636 | 667,674 | |
Unvested RSU awards at December 31, 2020, weighted average grant date fair value | $ 61.02 | ||
Granted in 2021, weighted average grant date market value | 64.03 | $ 62.91 | $ 63.60 |
Vested in 2021, weighted average grant date value | 57.10 | ||
Forfeited in 2021, weighted average grant date fair value | 62.61 | ||
Unvested RSU awards at December 31, 2021, weighted average grant date fair value | $ 63.73 | $ 61.02 | |
Total unrecognized compensation cost related to unvested RSU awards | $ 10.1 | ||
Weighted average remaining expense life | 1 year 8 months 12 days | ||
Total intrinsic value of shares vested | $ 17.2 | $ 20.6 | $ 22 |
Dividend Equivalent Units [Member] | |||
Total intrinsic value of shares vested | $ 0.6 | $ 0.7 | $ 0.8 |
Share-Based Payments (Summary_3
Share-Based Payments (Summary of Stock Option Transactions under Share-Based Payment Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total intrinsic value of options exercised | $ 1.3 | $ 5.2 |
Shared-Based Payments (Summar_2
Shared-Based Payments (Summary of ESPP and ASPP Shares Issued) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted [Line Items] | |||
Stock Issued During Period Shares | 395,018 | 519,863 | 613,678 |
Employee Stock [Member] | |||
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted [Line Items] | |||
Stock Issued During Period Shares | 72,239 | 99,141 | 72,952 |
Agent Stock Purchase Plan [Member] | |||
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted [Line Items] | |||
Stock Issued During Period Shares | 50,999 | 69,238 | 47,888 |
Share-Based Payments (Weighted
Share-Based Payments (Weighted Average Assumptions for Employee Stock Purchase Plan and Other Options) (Details) - Employee Stock Purchase Plan [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Risk-free interest rate | 0.07% | 0.76% | 2.33% |
Expected term | 6 months | 6 months | 6 months |
Dividend yield | 1.40% | 1.60% | 1.20% |
Expected volatility | 28.00% | 37.00% | 26.00% |
Share-Based Payments (Weighted-
Share-Based Payments (Weighted-Average Fair Value of Options and Stock Per Share) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units (RSUs) [Member] | |||
Stock, weighted average grant date fair value | $ 64.03 | $ 62.91 | $ 63.60 |
Employee Stock Purchase Plan [Member] | |||
Options, weighted average grant date fair value | 4.69 | 4.82 | 4.32 |
Discount of grant date market value | 10.98 | 8.61 | 9.99 |
Total ESPP | 15.67 | 13.43 | 14.31 |
Agent Stock Purchase Plan [Member] | |||
Stock, weighted average grant date fair value | $ 7.57 | $ 5.73 | $ 7 |
Shared-Based Payments (Summar_3
Shared-Based Payments (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Share-Based Compensation Expenses [Abstract] | |||
Share-based compensation expense, pre-tax | $ 22.3 | $ 19.8 | $ 24.5 |
Income tax benefit, including the benefit related to stock grants that vested during the year | (5.1) | (5.7) | (8.2) |
Share-based Compensation Expense, Net of Tax | $ 17.2 | $ 14.1 | $ 16.3 |
Preferred Stock Text Block List
Preferred Stock Text Block List (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Preferred Stock Shares Issued | 8,000,000 | ||
Preferred Stock, Liquidation Preference, Value | $ 25 | ||
Preferred stock issued, net of issuance costs | $ (479) | $ 195,063 | $ 0 |
Equity Text Block | Preferred Stock We have 5,000,000 shares of preferred stock authorized, with no par value, of which (i) 300,000 shares are designated Series A junior preferred stock, which have not been issued, and (ii) 8,000 shares were issued as Series B in 2020 as discussed below. On December 2, 2020, we issued 8.0 million depository shares, each representing a 1/1,000th interest in a share of our perpetual 4.60% Non-Cumulative Preferred Stock, Series B, without par value, with a liquidation preference of $25,000 per share (equivalent to $25.00 per depository share) (“Preferred Stock”), for net proceeds of $194.6 million. Dividends are recorded when declared and, if declared are payable quarterly in arrears on the 15th day of March, June, September, and December. If a dividend is not declared and paid or made payable on all outstanding shares of the Preferred Stock for the latest completed dividend period, no dividends may be declared or paid on our common stock and we may not purchase, redeem, or otherwise acquire our outstanding common stock. The Preferred Stock is redeemable at our option in whole or in part, from time to time, on or after December 15, 2025 at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the then current dividend period. Prior to December 15, 2025, the Preferred Stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of (a) a rating agency event at a redemption price equal to $25,500 per share of Preferred Stock (equivalent to $25.50 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a rating agency changes its criteria used to assign equity credit to securities like the Preferred Stock; or (b) a regulatory capital event at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a capital regulator such as a state insurance regulator changes or proposes to change capital adequacy rules. Share Repurchase Program On December 2, 2020, we announced that our Board authorized a $100 million share repurchase program, which has no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. The timing and amount of any share repurchases under the authorization is determined by management at its discretion based on market conditions and other considerations. As of December 31, 2021, 52,781 shares were repurchased under the share repurchase program at a total cost of $3.4 million. These repurchases were all completed in the first quarter of 2021, and we did not repurchase any shares under our share repurchase program during the remainder of 2021. We have $96.6 million of remaining capacity under our share repurchase program. | ||
Rating Agency Event [Member] | |||
Class of Stock [Line Items] | |||
Depositary Share Price | $ 25.50 | ||
Preferred Stock, Redemption Price Per Share | 25,500 | ||
Regulatory Capital Event [Member] | |||
Class of Stock [Line Items] | |||
Depositary Share Price | 25 | ||
Preferred Stock, Redemption Price Per Share | $ 25,000 | ||
Proceeds from preferred stock offering; less issuance costs [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock issued, net of issuance costs | $ 194,600 | ||
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued | 8,000 | ||
Series A [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 300,000 | 300,000 | |
Series B [Member] | |||
Class of Stock [Line Items] | |||
Depositary Share Price | $ 25 | ||
Preferred Stock, Dividend Rate, Percentage | 4.60% |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Treasury Stock[Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Treasury Stock, Shares, Acquired | 52,781 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | $ 3,400 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 96,600 | ||
Equity Text Block | Preferred Stock We have 5,000,000 shares of preferred stock authorized, with no par value, of which (i) 300,000 shares are designated Series A junior preferred stock, which have not been issued, and (ii) 8,000 shares were issued as Series B in 2020 as discussed below. On December 2, 2020, we issued 8.0 million depository shares, each representing a 1/1,000th interest in a share of our perpetual 4.60% Non-Cumulative Preferred Stock, Series B, without par value, with a liquidation preference of $25,000 per share (equivalent to $25.00 per depository share) (“Preferred Stock”), for net proceeds of $194.6 million. Dividends are recorded when declared and, if declared are payable quarterly in arrears on the 15th day of March, June, September, and December. If a dividend is not declared and paid or made payable on all outstanding shares of the Preferred Stock for the latest completed dividend period, no dividends may be declared or paid on our common stock and we may not purchase, redeem, or otherwise acquire our outstanding common stock. The Preferred Stock is redeemable at our option in whole or in part, from time to time, on or after December 15, 2025 at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the then current dividend period. Prior to December 15, 2025, the Preferred Stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of (a) a rating agency event at a redemption price equal to $25,500 per share of Preferred Stock (equivalent to $25.50 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a rating agency changes its criteria used to assign equity credit to securities like the Preferred Stock; or (b) a regulatory capital event at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a capital regulator such as a state insurance regulator changes or proposes to change capital adequacy rules. Share Repurchase Program On December 2, 2020, we announced that our Board authorized a $100 million share repurchase program, which has no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. The timing and amount of any share repurchases under the authorization is determined by management at its discretion based on market conditions and other considerations. As of December 31, 2021, 52,781 shares were repurchased under the share repurchase program at a total cost of $3.4 million. These repurchases were all completed in the first quarter of 2021, and we did not repurchase any shares under our share repurchase program during the remainder of 2021. We have $96.6 million of remaining capacity under our share repurchase program. |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments | $ 8,026,988 | $ 7,505,599 | |
Direct premiums written | 3,656,537 | 3,204,512 | $ 3,084,451 |
Contributions to the Selective Insurance Group Foundation | 1,300 | 500 | 1,300 |
Costs and Expenses, Related Party - BlackRock | 1,800 | 2,000 | 2,200 |
Due to Related Parties | $ 500 | 1,300 | |
Related Party Insurance Agency [Member] | |||
Equity ownership percentage of director of parent of general independent retail insurance agency | 10.00% | ||
Equity Ownership Percentage Of Son Of Director Of Parent | 10.00% | ||
Direct premiums written | $ 12,800 | 12,800 | 11,000 |
Commissions paid to Rue Insurance | 2,000 | 1,800 | 2,000 |
Due to Related Parties, Current | $ 700 | 200 | |
BlackRock Inc [Member] | |||
Percentage Common Stock Owned by Related Party | 11.40% | ||
Related Party Transaction, Purchases from Related Party | $ 16,500 | 62,200 | 21,700 |
Sale of Related Party Investments | 32,500 | ||
Net realized and unrealized gain (loss) | (600) | 200 | (5,700) |
Investment Income (Loss), Net | 900 | 400 | |
Retirement Income Plan [Member] | BlackRock Inc [Member] | |||
Investments | 209,900 | 191,800 | |
Related Party Transaction, Purchases from Related Party | 18,000 | 56,700 | 19,700 |
Sale of Related Party Investments | 18,100 | 44,900 | 44,100 |
Investment Income (Loss), Net | $ 18,200 | $ 35,800 | $ 36,700 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Expense [Line Items] | ||
Operating lease cost | $ 7,935 | $ 9,498 |
Finance lease cost: Amortization of assets | 1,765 | 550 |
Finance lease cost: Interest on lease liabilities | 35 | 15 |
Total finance lease cost | 1,800 | 565 |
Variable lease cost | 291 | 758 |
Short-term lease cost | $ 832 | $ 2,011 |
Leases Supplemental Lease Infor
Leases Supplemental Lease Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Lease Information [Line Items] | ||
Weighted average remaining lease term, operating leases | 7 years | 8 years |
Weighted average remaining lease term, finance leases | 2 years | 2 years |
Weighted average discount rate, operating leases | 2.10% | 2.30% |
Weighted average discount rate, finance leases | 0.80% | 1.60% |
Leases Lease Assets and Liabili
Leases Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lease Assets and Liabilities [Abstract] | ||
Operating leases, Other assets | $ 35,644 | $ 40,215 |
Finance leases, Property and equipment - at cost, net of accumulated depreciation and amortization | 5,446 | 502 |
Finance lease, Long-term debt | $ 5,450 | $ 508 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt (Note 11) | Long-term debt (Note 11) |
Other Liabilities [Member] | ||
Lease Assets and Liabilities [Abstract] | ||
Operating leases, Other liabilities | $ 37,296 | $ 41,674 |
Operating Lease, Liability | $ 37,296 | $ 41,674 |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Lease Liability, Due Year One | $ 2,350 | $ 330 |
Finance Lease Liability, Due Year Two | 2,255 | 127 |
Finance Lease Liability, Due Year Three | 795 | 56 |
Finance Lease Liability, Due Year Four | 64 | 0 |
Finance Lease Liability, Due Year Five | 41 | 0 |
Total finance leases due thereafter | 0 | 0 |
Finance Lease Liability, total payments | 5,505 | 513 |
Finance Lease imputed interest | 55 | 5 |
Finance Lease Liability Not Yet Commenced | 0 | 0 |
Finance Lease, Liability | 5,450 | 508 |
Operating Lease Liability, Due Year One | 7,235 | 8,372 |
Operating Lease Liability, Due Year Two | 6,610 | 6,788 |
Operating Lease Liability, Due Year Three | 5,992 | 5,411 |
Operating Lease Liability, Due Year Four | 5,902 | 4,690 |
Operating Lease Liability, Due Year Five | 5,967 | 3,572 |
Total operating lease due thereafter | 24,356 | 16,234 |
Operating Lease Liability, total payments | 56,062 | 45,067 |
Operating Lease imputed interest | 2,726 | 3,393 |
Operating Lease Liability Not Yet Commenced | 16,040 | 0 |
Total Lease Liability, Due Year One | 9,585 | 8,702 |
Total Lease Liability, Due Year Two | 8,865 | 6,915 |
Total Lease Liability, Due Year Three | 6,787 | 5,467 |
Total Lease Liability, Due Year Four | 5,966 | 4,690 |
Total Lease Liability, Due Year Five | 6,008 | 3,572 |
Total Lease Due Thereafter | 24,356 | 16,234 |
Total Lease Liability, total payments | 61,567 | 45,580 |
Total imputed interest | 2,781 | 3,398 |
Total lease liability not yet commenced | 16,040 | 0 |
Total lease liability | 42,746 | 42,182 |
Other Liabilities [Member] | ||
Operating Lease, Liability | 37,296 | 41,674 |
Operating Lease, Liability | $ 37,296 | $ 41,674 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Total contractually obligated investments | |
Contractual Obligation Additional Investment in Alternative or Other Investments | $ 288,800 |
Alternative and Other Investments | |
Contractual Obligation Additional Investment in Alternative or Other Investments | 215,000 |
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio | |
Contractual Obligation | 59,800 |
Non-publicly traded common stock within our equity portfolio | |
Contractual Obligation | 4,200 |
Commercial Mortgage Loans SIGI | |
Contractual Obligation | 5,500 |
Privately placed corporate securities | |
Contractual Obligation | $ 4,300 |
Commitments and Contingencies S
Commitments and Contingencies Stuctured Settlement Annuity (Details) $ in Millions | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Amount Of Annuities | $ 31.6 |
Statutory Financial Informati_3
Statutory Financial Information, Capital Requirements and Restrictions on Dividends and Transfers of Funds (Statutory Financial Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory unassigned surplus | $ 1,825.4 | $ 1,559.1 | |
Statutory surplus | 2,391 | 2,124.7 | |
Statutory net income | 338.3 | 242.4 | $ 292.7 |
Selective Insurace Company of America (SICA) [Member] | |||
Statutory unassigned surplus | 673.1 | 574.2 | |
Statutory surplus | 838.3 | 739.4 | |
Statutory net income | 134.7 | 81.8 | 113.9 |
Selective Way Insurance Company (SWIC) [Member] | |||
Statutory unassigned surplus | 436.4 | 374 | |
Statutory surplus | 492.4 | 430 | |
Statutory net income | 74.5 | 54 | 59.2 |
Selective Insurance Company of South Carolina (SICSC) [Member] | |||
Statutory unassigned surplus | 166.3 | 148.6 | |
Statutory surplus | 200.6 | 182.8 | |
Statutory net income | 24.2 | 20.8 | 23.9 |
Selective Insurance Company of the Southeast (SICSE) [Member] | |||
Statutory unassigned surplus | 132.7 | 115.9 | |
Statutory surplus | 160.3 | 143.5 | |
Statutory net income | 19.4 | 16.8 | 18.5 |
Selective Insurance Company of New York (SICNY) [Member] | |||
Statutory unassigned surplus | 127 | 111.7 | |
Statutory surplus | 154.7 | 139.4 | |
Statutory net income | 18.6 | 15.3 | 17 |
Selective Insurance Company of New England (SICNE) [Member] | |||
Statutory unassigned surplus | 34.5 | 30 | |
Statutory surplus | 65.6 | 61.2 | |
Statutory net income | 7.5 | 6.8 | 7.8 |
Selective Auto Insurance Company of New Jersey (SAICNJ) [Member] | |||
Statutory unassigned surplus | 90.4 | 70 | |
Statutory surplus | 135.2 | 114.9 | |
Statutory net income | 16.7 | 12.9 | 14.9 |
Mesa Underwriting Specialty Insurance Company (MUSIC) [Member] | |||
Statutory unassigned surplus | 47.4 | 34.4 | |
Statutory surplus | 116.9 | 103.9 | |
Statutory net income | 13.9 | 11.4 | 13.2 |
Selective Casualty Insurance Company (SCIC) [Member] | |||
Statutory unassigned surplus | 83.4 | 71.1 | |
Statutory surplus | 159.9 | 147.5 | |
Statutory net income | 20.6 | 16.2 | 16.8 |
Selective Fire and Casualty Insurance Company (SFCIC) [Member] | |||
Statutory unassigned surplus | 34.2 | 29.2 | |
Statutory surplus | 67.1 | 62.1 | |
Statutory net income | $ 8.2 | $ 6.4 | $ 7.5 |
Statutory Financial Informati_4
Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds (Dividends) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings | $ 2,603,472 | $ 2,271,537 |
Ordinary dividends paid | 140,000 | |
Insurance subsidiaries ability to provide annual dividends | $ 322,000 | |
Maximum borrowing percentage | 10.00% | |
New Jersey Dividend Restriction | 10.00% | |
New York Dividend Restriction on Insurer's Statutory Surplus | 10.00% | |
New York Dividend Restriction on Adjusted Net Investment Income | 100.00% | |
Selective Insurace Company of America (SICA) [Member] | ||
Ordinary dividends paid | $ 66,000 | |
Insurance subsidiaries ability to provide annual dividends | 124,400 | |
Selective Way Insurance Company (SWIC) [Member] | ||
Ordinary dividends paid | 27,500 | |
Insurance subsidiaries ability to provide annual dividends | 72,800 | |
Selective Insurance Company of South Carolina (SICSC) [Member] | ||
Ordinary dividends paid | 10,000 | |
Insurance subsidiaries ability to provide annual dividends | 24,200 | |
Selective Insurance Company of the Southeast (SICSE) [Member] | ||
Ordinary dividends paid | 8,800 | |
Insurance subsidiaries ability to provide annual dividends | 19,400 | |
Selective Insurance Company of New York (SICNY) [Member] | ||
Ordinary dividends paid | 4,000 | |
Insurance subsidiaries ability to provide annual dividends | 15,500 | |
Selective Insurance Company of New England (SICNE) [Member] | ||
Ordinary dividends paid | 3,000 | |
Insurance subsidiaries ability to provide annual dividends | 7,500 | |
Selective Auto Insurance Company of New Jersey (SAICNJ) [Member] | ||
Ordinary dividends paid | 700 | |
Insurance subsidiaries ability to provide annual dividends | 16,800 | |
Mesa Underwriting Specialty Insurance Company (MUSIC) [Member] | ||
Ordinary dividends paid | 6,100 | |
Insurance subsidiaries ability to provide annual dividends | 13,700 | |
Selective Casualty Insurance Company (SCIC) [Member] | ||
Ordinary dividends paid | 10,400 | |
Insurance subsidiaries ability to provide annual dividends | 19,500 | |
Selective Fire and Casualty Insurance Company (SFCIC) [Member] | ||
Ordinary dividends paid | 3,500 | |
Insurance subsidiaries ability to provide annual dividends | 8,200 | |
Parent Company [Member] | ||
Investments and Cash Available to fund future dividend and interest payments | 527,100 | |
Retained Earnings | 2,600,000 | |
Additional Borrowing Capacity for Parent | $ 109,900 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Amortized Cost or Cost | $ 7,781,136 |
Carrying Amount | 8,026,988 |
Short-term Investments [Member] | |
Amortized Cost or Cost | 447,862 |
Carrying Amount | 447,863 |
Other Investments [Member] | |
Amortized Cost or Cost | 409,032 |
Carrying Amount | 409,032 |
Held-to-maturity Securities [Member] | Obligations of States and Political Subdivisions [Member] | |
Amortized Cost or Cost | 3,442 |
Fair Value | 3,576 |
Carrying Amount | 3,440 |
Held-to-maturity Securities [Member] | Public Utilities | |
Amortized Cost or Cost | 1,345 |
Fair Value | 1,368 |
Carrying Amount | 1,352 |
Held-to-maturity Securities [Member] | All other corporate securities | |
Amortized Cost or Cost | 24,067 |
Fair Value | 24,516 |
Carrying Amount | 23,993 |
Held-to-maturity Securities [Member] | Fixed Income Securities [Member] | |
Amortized Cost or Cost | 28,854 |
Fair Value | 29,460 |
Carrying Amount | 28,785 |
AFS Fixed Income Securities [Member] | US Government Agencies Debt Securities [Member] | |
Amortized Cost or Cost | 127,974 |
Fair Value | 130,458 |
Carrying Amount | 130,458 |
AFS Fixed Income Securities [Member] | Foreign Government | |
Amortized Cost or Cost | 15,420 |
Fair Value | 15,860 |
Carrying Amount | 15,860 |
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | |
Amortized Cost or Cost | 1,121,422 |
Fair Value | 1,189,308 |
Carrying Amount | 1,189,308 |
AFS Fixed Income Securities [Member] | Public Utilities | |
Amortized Cost or Cost | 119,980 |
Fair Value | 122,329 |
Carrying Amount | 122,329 |
AFS Fixed Income Securities [Member] | All other corporate securities | |
Amortized Cost or Cost | 2,358,369 |
Fair Value | 2,451,274 |
Carrying Amount | 2,451,274 |
AFS Fixed Income Securities [Member] | CLO and Other ABS | |
Amortized Cost or Cost | 1,343,687 |
Fair Value | 1,350,814 |
Carrying Amount | 1,350,814 |
AFS Fixed Income Securities [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | |
Amortized Cost or Cost | 756,280 |
Fair Value | 776,252 |
Carrying Amount | 776,252 |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities [Member] | |
Amortized Cost or Cost | 647,621 |
Fair Value | 673,681 |
Carrying Amount | 673,681 |
AFS Fixed Income Securities [Member] | Fixed Income Securities [Member] | |
Amortized Cost or Cost | 6,490,753 |
Fair Value | 6,709,976 |
Carrying Amount | 6,709,976 |
Equity Securities [Member] | Banks, trusts, and insurance companies | |
Amortized Cost or Cost | 45,537 |
Fair Value | 44,086 |
Carrying Amount | 44,086 |
Equity Securities [Member] | Industrial, miscellaneous and all other | |
Amortized Cost or Cost | 261,343 |
Fair Value | 289,363 |
Carrying Amount | 289,363 |
Equity Securities [Member] | Preferred Stock [Member] | |
Amortized Cost or Cost | 1,960 |
Fair Value | 2,088 |
Carrying Amount | 2,088 |
Equity Securities [Member] | Equity Securities [Member] | |
Amortized Cost or Cost | 308,840 |
Fair Value | 335,537 |
Carrying Amount | 335,537 |
Commercial Mortgage Loans [Member] | |
Amortized Cost or Cost | 95,795 |
Carrying Amount | $ 95,795 |
Parent Corporation Balance Shee
Parent Corporation Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Fixed Income Securities, Available-for-sale, at fair value | $ 6,709,976 | $ 6,455,928 | ||
Equity securities | 335,537 | 310,367 | ||
Short-term investments | 447,863 | 409,852 | ||
Other investments | 409,032 | 266,322 | ||
Cash | 455 | 394 | ||
Current federal income tax | 772 | 0 | ||
Other assets | 195,240 | 153,919 | ||
Total assets | 10,461,389 | 9,687,913 | ||
Liabilities: | ||||
Long-term debt | 506,050 | 550,743 | ||
Other liabilities | 453,874 | 363,670 | ||
Total liabilities | 7,478,504 | 6,949,024 | ||
Stockholders’ Equity: | ||||
Preferred stock of $0 par value per share (Note 17): Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2021; no shares issued or outstanding - 2020 | 200,000 | 200,000 | ||
Common stock of $2 par value per share Authorized shares: 360,000,000 Issued: 104,450,916 - 2021; 104,032,912 - 2020 | 208,902 | 208,066 | ||
Additional paid-in capital | 464,347 | 438,985 | ||
Retained earnings | 2,603,472 | 2,271,537 | ||
Accumulated other comprehensive income | 115,099 | 220,186 | ||
Treasury Stock, at cost | (608,935) | (599,885) | ||
Total stockholders’ equity | 2,982,885 | 2,738,889 | $ 2,194,936 | |
Total liabilities and stockholders’ equity | 10,461,389 | 9,687,913 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Fixed Income Securities, Available-for-sale, at fair value | 325,014 | 290,428 | ||
Equity securities | 136,362 | 159,524 | ||
Short-term investments | 56,042 | 36,425 | ||
Other investments | 9,241 | 3,392 | ||
Cash | 455 | 394 | $ 300 | $ 505 |
Investment in subsidiaries | 2,954,725 | 2,754,012 | ||
Current federal income tax | 7,208 | 11,040 | ||
Deferred federal income tax | 4,487 | 2,218 | ||
Other assets | 9,178 | 1,959 | ||
Total assets | 3,502,712 | 3,259,392 | ||
Liabilities: | ||||
Long-term debt | 440,600 | 440,235 | ||
Intercompany notes payable | 57,980 | 59,611 | ||
Accrued long-term stock compensation | 10,965 | 8,238 | ||
Other liabilities | 10,282 | 12,419 | ||
Total liabilities | 519,827 | 520,503 | ||
Stockholders’ Equity: | ||||
Preferred stock of $0 par value per share (Note 17): Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2021; no shares issued or outstanding - 2020 | 200,000 | 200,000 | ||
Common stock of $2 par value per share Authorized shares: 360,000,000 Issued: 104,450,916 - 2021; 104,032,912 - 2020 | 208,902 | 208,066 | ||
Additional paid-in capital | 464,347 | 438,985 | ||
Retained earnings | 2,603,472 | 2,271,537 | ||
Accumulated other comprehensive income | 115,099 | 220,186 | ||
Treasury Stock, at cost | (608,935) | (599,885) | ||
Total stockholders’ equity | 2,982,885 | 2,738,889 | ||
Total liabilities and stockholders’ equity | $ 3,502,712 | $ 3,259,392 |
Parent Corporation Balance Sh_2
Parent Corporation Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | $ (9,724) | $ (3,969) | $ 0 |
Fixed income securities, Available-For-Sale, Amortized Cost | $ 6,490,753 | $ 6,073,517 | |
Series B [Member] | |||
Preferred Stock, Liquidation Preference (in dollars per share) | $ 25,000 | ||
Treasury Stock, Common | |||
Treasury Stock, Shares | 44,266,534 | 44,127,109 | |
Common Stock [Member] | |||
Common Stock, Par or Stated Value (in dollars per share) | $ 2 | $ 2 | |
Common Stock, Shares Authorized | 360,000,000 | 360,000,000 | |
Common Stock, Shares, Issued | 104,450,916 | 104,032,912 | |
Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value (in dollars per share) | $ 0 | $ 0 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued | 8,000 | ||
Parent Company [Member] | |||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | $ 542 | ||
Fixed income securities, Available-For-Sale, Amortized Cost | $ 317,703 |
Parent Corporation Statements o
Parent Corporation Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Net investment income earned | $ 326,589 | $ 227,107 | $ 222,543 |
Total revenues | 3,379,164 | 2,922,274 | 2,846,491 |
Expenses: | |||
Interest expense | 29,165 | 30,839 | 33,668 |
Total expenses | 2,873,854 | 2,619,286 | 2,510,101 |
Income before federal income tax | 505,310 | 302,988 | 336,390 |
Federal income tax (benefit) expense: | |||
Current | 87,335 | 60,059 | 60,640 |
Deferred | 14,138 | (3,426) | 4,127 |
Total federal income tax benefit | 101,473 | 56,633 | 64,767 |
Net income | 403,837 | 246,355 | 271,623 |
Preferred stock dividends | 9,353 | 0 | 0 |
Net Income available to common stockholders | 394,484 | 246,355 | 271,623 |
Parent Company [Member] | |||
Revenues: | |||
Dividends from subsidaries | 140,018 | 104,992 | 110,004 |
Net investment income earned | 15,454 | 7,579 | 7,301 |
Net realized and unrealized investment gains | 1,898 | 1,756 | 207 |
Total revenues | 157,370 | 114,327 | 117,512 |
Expenses: | |||
Interest expense | 28,988 | 29,220 | 33,426 |
Other expenses | 28,305 | 25,412 | 30,900 |
Total expenses | 57,293 | 54,632 | 64,326 |
Income before federal income tax | 100,077 | 59,695 | 53,186 |
Federal income tax (benefit) expense: | |||
Current | (6,552) | (10,987) | (16,080) |
Deferred | 12 | 473 | 3,606 |
Total federal income tax benefit | (6,540) | (10,514) | (12,474) |
Net income before equity in undistributed income of subsidiaries | 106,617 | 70,209 | 65,660 |
Equity In Undistributed Income Of Continuing Subsidiaries, Net Of Tax | 297,220 | 176,146 | 205,963 |
Net income | 403,837 | 246,355 | 271,623 |
Preferred stock dividends | 9,353 | 0 | 0 |
Net Income available to common stockholders | $ 394,484 | $ 246,355 | $ 271,623 |
Parent Corporation Statements_2
Parent Corporation Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 403,837 | $ 246,355 | $ 271,623 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 15,893 | 16,227 | 19,077 |
Undistributed losses of equity method investments | (69,873) | (12,408) | (12,773) |
Amortization - other | 55,109 | 59,350 | 55,205 |
Changes in assets and liabilities: | |||
Decrease in net federal income taxes | (542) | 7,708 | 7,721 |
Increase in other assets | (33,379) | (27,927) | (39,337) |
(Decrease) increase in other liabilities | 78,121 | 27,897 | 34,998 |
Investing Activities | |||
Purchase of fixed income securities, available-for-sale | (2,165,555) | (1,723,818) | (1,856,125) |
Purchase of short-term investments | (4,345,140) | (5,762,725) | (6,087,909) |
Purchase of other investments | (85,044) | (79,598) | (64,908) |
Redemption and maturities of fixed income securities, available-for-sale | 1,217,555 | 1,019,132 | 626,686 |
Sale of fixed income securities, available-for-sale | 502,911 | 487,087 | 594,743 |
Sale of equity securities | 99,235 | 1,320 | 137,294 |
Sale of short-term investments | 4,306,684 | 5,635,463 | 6,129,885 |
Proceeds from Sale of Other Investments | 959 | 0 | 0 |
Financing Activities | |||
Dividends to preferred stockholders | (9,353) | 0 | 0 |
Dividends to common stockholders | (60,136) | (54,486) | (47,675) |
Acquisition of treasury stock | (9,050) | (7,053) | (8,164) |
Net proceeds from stock purchase and compensation plans | 7,976 | 8,411 | 8,243 |
Preferred stock issued, net of issuance costs | (479) | 195,063 | 0 |
Cash, beginning of year | 394 | ||
Cash, end of year | 455 | 394 | |
Payments to Acquire Equity Securities, FV-NI | (88,640) | (230,813) | (46,397) |
Parent Company [Member] | |||
Operating Activities | |||
Net income | 403,837 | 246,355 | 271,623 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in undistributed income of subsidiaries, net of tax | (297,220) | (176,146) | (205,963) |
Stock-based compensation expense | 15,893 | 16,227 | 19,077 |
Net realized and unrealized investment gains | (1,898) | (1,756) | (207) |
Undistributed losses of equity method investments | (1,859) | 672 | 0 |
Amortization - other | 1,076 | 1,080 | 4,614 |
Changes in assets and liabilities: | |||
Increase (decrease) in accrued long-term stock compensation | 2,727 | (366) | (12,970) |
Decrease in net federal income taxes | 3,843 | 5,549 | 1,651 |
Increase in other assets | (7,251) | (317) | (533) |
(Decrease) increase in other liabilities | (1,742) | (390) | 3,919 |
Net cash provided by operating activities | 117,406 | 90,908 | 81,211 |
Investing Activities | |||
Purchase of fixed income securities, available-for-sale | (113,829) | (89,726) | (153,482) |
Purchase of short-term investments | (330,843) | (523,961) | (1,116,766) |
Purchase of other investments | (4,949) | (4,065) | 0 |
Redemption and maturities of fixed income securities, available-for-sale | 51,524 | 26,877 | 10,579 |
Sale of fixed income securities, available-for-sale | 15,713 | 23,276 | 20,189 |
Sale of equity securities | 31,204 | 0 | 10,828 |
Sale of short-term investments | 311,225 | 523,813 | 1,116,253 |
Capital contribution to subsidiaries | 0 | (30,000) | 0 |
Net cash used in investing activities | (44,672) | (231,197) | (123,223) |
Financing Activities | |||
Dividends to preferred stockholders | (9,353) | 0 | 0 |
Dividends to common stockholders | (60,136) | (54,486) | (47,675) |
Acquisition of treasury stock | (9,050) | (7,053) | (8,164) |
Proceeds from borrowings | 0 | 50,000 | 290,757 |
Repayment of borrowings | 0 | (50,000) | (185,000) |
Net proceeds from stock purchase and compensation plans | 7,976 | 8,411 | 8,243 |
Preferred stock issued, net of issuance costs | (479) | 195,063 | 0 |
Principal payments of borrowings from subsidiaries | (1,631) | (1,552) | (16,354) |
Net cash (used in) provided by financing activities | (72,673) | 140,383 | 41,807 |
Net increase (decrease) in cash | 61 | 94 | (205) |
Cash, beginning of year | 394 | 300 | 505 |
Cash, end of year | 455 | 394 | 300 |
Payments to Acquire Equity Securities, FV-NI | $ (5,676) | $ (157,411) | $ (10,824) |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Deferred policy acquisition costs | $ 326,915 | $ 288,578 | $ 271,186 | ||||
Reserve for loss and loss expenses | 4,580,903 | 4,260,355 | 4,067,163 | ||||
Unearned premiums | 1,803,207 | 1,618,271 | 1,523,167 | ||||
Net premiums earned | 3,017,253 | 2,681,814 | 2,597,171 | ||||
Net investment income | [1] | 344,188 | 222,890 | 236,965 | |||
Loss and loss expense incurred | 1,813,984 | 1,635,823 | 1,551,491 | ||||
Amortization of deferred policy acquisition costs | 626,469 | 560,271 | 535,973 | ||||
Other operating expenses | 358,208 | [2] | 349,371 | [3] | 345,714 | [4] | |
Net premiums written | 3,189,713 | 2,773,092 | 2,679,424 | ||||
Other insurance expenses | 375,931 | 366,941 | 358,069 | ||||
Other income | 17,723 | 17,570 | 12,355 | ||||
Standard Commercial Lines [Member] | |||||||
Deferred policy acquisition costs | 279,850 | 246,494 | 226,464 | ||||
Reserve for loss and loss expenses | 3,832,151 | 3,596,340 | 3,436,363 | ||||
Unearned premiums | 1,346,809 | 1,196,243 | 1,108,009 | ||||
Net premiums earned | 2,443,885 | 2,143,184 | 2,049,614 | ||||
Net investment income | 0 | 0 | 0 | ||||
Loss and loss expense incurred | 1,426,768 | 1,245,627 | 1,187,856 | ||||
Amortization of deferred policy acquisition costs | 539,606 | 474,322 | 445,661 | ||||
Other operating expenses | 278,915 | 271,504 | 270,107 | ||||
Net premiums written | 2,593,018 | 2,230,636 | 2,137,071 | ||||
Other income | 16,056 | 15,512 | 10,889 | ||||
E&S Lines [Member] | |||||||
Deferred policy acquisition costs | 34,154 | 28,281 | 27,874 | ||||
Reserve for loss and loss expenses | 478,686 | 435,667 | 406,600 | ||||
Unearned premiums | 139,122 | 113,845 | 106,033 | ||||
Net premiums earned | 279,809 | 239,490 | 239,818 | ||||
Net investment income | 0 | 0 | 0 | ||||
Loss and loss expense incurred | 175,100 | 156,936 | 152,335 | ||||
Amortization of deferred policy acquisition costs | 60,945 | 55,255 | 55,835 | ||||
Other operating expenses | 27,734 | 27,173 | 21,905 | ||||
Net premiums written | 304,430 | 247,290 | 237,761 | ||||
Miscellaneous Income [Member] | |||||||
Other income | 17,723 | 17,570 | 12,355 | ||||
Standard Personal Lines | |||||||
Deferred policy acquisition costs | 12,911 | 13,803 | 16,848 | ||||
Reserve for loss and loss expenses | 270,066 | 228,348 | 224,200 | ||||
Unearned premiums | 317,276 | 308,183 | 309,125 | ||||
Net premiums earned | 293,559 | 299,140 | 307,739 | ||||
Net investment income | 0 | 0 | 0 | ||||
Loss and loss expense incurred | 212,116 | 233,260 | 211,300 | ||||
Amortization of deferred policy acquisition costs | 25,918 | 30,694 | 34,477 | ||||
Other operating expenses | 51,559 | 50,694 | 53,702 | ||||
Net premiums written | 292,265 | 295,166 | 304,592 | ||||
Other income | 1,667 | 2,058 | 1,466 | ||||
Investments SIGI | |||||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||||
Reserve for loss and loss expenses | 0 | 0 | 0 | ||||
Unearned premiums | 0 | 0 | 0 | ||||
Net premiums earned | 0 | 0 | 0 | ||||
Net investment income | [1] | 344,188 | 222,890 | 236,965 | |||
Loss and loss expense incurred | 0 | 0 | 0 | ||||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | ||||
Other operating expenses | 0 | 0 | 0 | ||||
Net premiums written | $ 0 | $ 0 | $ 0 | ||||
[1] | Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. | ||||||
[2] | “Other operating expenses” of $358,208 reconciles to the Consolidated Statements of Income | ||||||
[3] | “Other operating expenses” of $349,371 reconciles to the Consolidated Statements of Income | ||||||
[4] | “Other operating expenses” of $345,714 reconciles to the Consolidated Statements of Income |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Direct Amount | $ 3,472,715 | $ 3,108,687 | $ 2,993,157 |
Assumed From Other Companies | 21,550 | 25,010 | 24,399 |
Ceded to Other Companies | 477,012 | 451,883 | 420,385 |
Net premiums earned | $ 3,017,253 | $ 2,681,814 | $ 2,597,171 |
Percentage of Amount Assumed to Net | 1.00% | 1.00% | 1.00% |
Accident and Health Insurance Segment [Member] | |||
Direct Amount | $ 2 | $ 13 | $ 17 |
Assumed From Other Companies | 0 | 0 | 0 |
Ceded to Other Companies | 2 | 13 | 17 |
Net premiums earned | $ 0 | $ 0 | $ 0 |
Percentage of Amount Assumed to Net | 0.00% | 0.00% | 0.00% |
Property and liability insurance [Member] | |||
Direct Amount | $ 3,472,713 | $ 3,108,674 | $ 2,993,140 |
Assumed From Other Companies | 21,550 | 25,010 | 24,399 |
Ceded to Other Companies | 477,010 | 451,870 | 420,368 |
Net premiums earned | $ 3,017,253 | $ 2,681,814 | $ 2,597,171 |
Percentage of Amount Assumed to Net | 1.00% | 1.00% | 1.00% |
Schedule V - Allowance for Un_2
Schedule V - Allowance for Uncollectible Premiums and Other Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Balance, January 1 | $ 22,777 | $ 10,800 | $ 13,900 | |
Balance, December 31 | 15,200 | 22,777 | 10,800 | |
Additions | 1,766 | 17,576 | 2,730 | |
Deductions | (9,343) | (3,754) | (5,830) | |
Accounting Standards Update 2016-13 [Member] | ||||
Balance, January 1 | 1,845 | 0 | ||
Balance, December 31 | 1,845 | |||
Cumulative effect adjustment | $ 0 | |||
Accounting Standards Update 2016-13 [Member] | Premiums Receivable [Member] | ||||
Balance, January 1 | $ 22,777 | 8,955 | 13,900 | |
Balance, December 31 | $ 22,777 | $ 8,955 |