Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EVEREST REINSURANCE HOLDINGS INC | |
Entity Central Index Key | 914,748 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2015, $5,327,880; 2014, $5,235,523) | $ 5,384,362 | $ 5,293,411 |
Fixed maturities - available for sale, at fair value | 1,509 | |
Equity securities - available for sale, at market value (cost: 2015, $0; 2014, $15) | 16 | |
Equity securities - available for sale, at fair value | 1,199,347 | 1,299,037 |
Short-term investments | 382,233 | 564,364 |
Other invested assets (cost: 2015, $427,980; 2014, $435,010) | 427,980 | 435,010 |
Other invested assets, at fair value | 1,684,860 | 1,655,311 |
Cash | 276,132 | 323,975 |
Total investments and cash | 9,354,914 | 9,572,633 |
Note receivable - affiliated | 250,000 | 250,000 |
Accrued investment income | 48,522 | 45,386 |
Premiums receivable | 1,306,646 | 1,086,203 |
Reinsurance receivables - unaffiliated | 712,958 | 659,303 |
Reinsurance receivables - affiliated | 3,459,615 | 3,372,715 |
Funds held by reinsureds | 181,146 | 182,159 |
Deferred acquisition costs | 89,267 | 109,262 |
Prepaid reinsurance premiums | 849,228 | 809,083 |
Other assets | 298,322 | 235,576 |
TOTAL ASSETS | 16,550,618 | 16,322,320 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 7,878,119 | 7,843,856 |
Unearned premium reserve | 1,468,945 | 1,442,122 |
Funds held under reinsurance treaties | 101,842 | 101,743 |
Losses in the course of payment | 310,398 | 178,521 |
Commission reserves | 52,936 | 63,110 |
Other net payable to reinsurers | 971,929 | 1,028,549 |
4.868% Senior notes due 6/1/2014 | 400,000 | 400,000 |
6.6% Long term notes due 5/1/2067 | 238,367 | 238,364 |
Accrued interest on debt and borrowings | 12,341 | 3,537 |
Income taxes | 24,378 | 46,835 |
Unsettled securities payable | 39,309 | 41,092 |
Other liabilities | 264,795 | 361,874 |
Total liabilities | $ 11,763,359 | $ 11,749,603 |
Commitments and Contingencies (Note 6) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2015 and 2014) | ||
Additional paid-in capital | $ 372,566 | $ 362,293 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($19,525) at 2015 and $2,434 at 2014 | (36,263) | 4,519 |
Retained earnings | 4,450,956 | 4,205,905 |
Total stockholder's equity | 4,787,259 | 4,572,717 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 16,550,618 | $ 16,322,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fixed maturities - available for sale, amortized cost | $ 5,327,880 | $ 5,235,523 |
Equity securities - available for sale, cost | 0 | 15 |
Other invested assets, cost | $ 427,980 | $ 435,010 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (19,525) | $ 2,434 |
Long Term Subordinated Debt [Member] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES: | ||||
Premiums earned | $ 546,050 | $ 569,597 | $ 1,588,536 | $ 1,560,778 |
Net investment income | 63,363 | $ 83,446 | 206,869 | 215,869 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | $ (10,502) | $ (43,433) | $ (199) | |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Realized gain on sale of subsidiary | $ 94,704 | $ 94,704 | ||
Other net realized capital gains (losses) | (111,193) | $ (160) | (100,445) | $ 121,103 |
Total net realized capital gains (losses) | (121,695) | (160) | (49,174) | 120,904 |
Other income (expense) | 10,828 | (3,739) | 38,950 | (15,576) |
Total revenues | 498,546 | 649,144 | 1,785,181 | 1,881,975 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 370,754 | 380,580 | 1,002,513 | 980,143 |
Commission, brokerage, taxes and fees | 72,151 | 79,168 | 241,635 | 240,584 |
Other underwriting expenses | 56,953 | 50,623 | 157,069 | 137,032 |
Corporate expenses | 1,637 | 4,620 | 5,031 | 5,398 |
Interest, fee and bond issue cost amortization expense | 8,859 | 12,292 | 26,576 | 28,539 |
Total claims and expenses | 510,354 | 527,283 | 1,432,824 | 1,391,696 |
INCOME (LOSS) BEFORE TAXES | (11,808) | 121,861 | 352,357 | 490,279 |
Income tax expense (benefit) | (7,149) | 21,720 | 107,306 | 145,498 |
NET INCOME (LOSS) | (4,659) | 100,141 | 245,051 | 344,781 |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (29,878) | (26,221) | (49,866) | 13,678 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 11,625 | (696) | 48,951 | 1,459 |
Total URA(D) on securities arising during the period | (18,253) | (26,917) | (915) | 15,137 |
Foreign currency translation adjustments | $ (27,473) | $ (7,472) | $ (44,636) | $ (8,587) |
Benefit plan actuarial net gain (loss) for the period | ||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | $ 1,556 | $ 825 | $ 4,769 | $ 2,366 |
Total benefit plan net gain (loss) for the period | 1,556 | 825 | 4,769 | 2,366 |
Total other comprehensive income (loss), Net of tax | (44,170) | (33,564) | (40,782) | 8,916 |
COMPREHENSIVE INCOME (LOSS) | $ (48,829) | $ 66,577 | $ 204,269 | $ 353,697 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Total |
Balance, beginning of period, shares at Dec. 31, 2013 | 1,000 | ||||
Balance, beginning of period at Dec. 31, 2013 | $ 351,051 | $ 87,648 | $ 3,751,779 | ||
Share-based compensation plans | 8,939 | ||||
Net increase (decrease) during the period | 8,916 | $ 8,916 | |||
Net income (loss) | 344,781 | 344,781 | |||
Balance, end of period, shares at Sep. 30, 2014 | 1,000 | ||||
Balance, end of period at Sep. 30, 2014 | 359,990 | 96,564 | 4,096,560 | 4,553,114 | |
Balance, beginning of period, shares at Jun. 30, 2014 | 1,000 | ||||
Balance, beginning of period at Jun. 30, 2014 | 357,537 | 130,128 | 3,996,419 | ||
Share-based compensation plans | 2,453 | ||||
Net increase (decrease) during the period | (33,564) | (33,564) | |||
Net income (loss) | 100,141 | 100,141 | |||
Balance, end of period, shares at Sep. 30, 2014 | 1,000 | ||||
Balance, end of period at Sep. 30, 2014 | 359,990 | 96,564 | 4,096,560 | $ 4,553,114 | |
Balance, beginning of period, shares at Dec. 31, 2014 | 1,000 | 1,000 | |||
Balance, beginning of period at Dec. 31, 2014 | 362,293 | 4,519 | 4,205,905 | $ 4,572,717 | |
Share-based compensation plans | 10,273 | ||||
Net increase (decrease) during the period | (40,782) | (40,782) | |||
Net income (loss) | 245,051 | $ 245,051 | |||
Balance, end of period, shares at Sep. 30, 2015 | 1,000 | 1,000 | |||
Balance, end of period at Sep. 30, 2015 | 372,566 | (36,263) | 4,450,956 | $ 4,787,259 | |
Balance, beginning of period, shares at Jun. 30, 2015 | 1,000 | ||||
Balance, beginning of period at Jun. 30, 2015 | 369,284 | 7,907 | 4,455,615 | ||
Share-based compensation plans | 3,282 | ||||
Net increase (decrease) during the period | (44,170) | (44,170) | |||
Net income (loss) | (4,659) | $ (4,659) | |||
Balance, end of period, shares at Sep. 30, 2015 | 1,000 | 1,000 | |||
Balance, end of period at Sep. 30, 2015 | $ 372,566 | $ (36,263) | $ 4,450,956 | $ 4,787,259 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 245,051 | $ 344,781 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (225,922) | (237,390) |
Decrease (increase) in funds held by reinsureds, net | 589 | 762 |
Decrease (increase) in reinsurance receivables | (169,328) | (778,374) |
Decrease (increase) in income taxes | (212) | 12,264 |
Decrease (increase) in prepaid reinsurance premiums | (44,177) | (198,306) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 107,006 | 150,411 |
Increase (decrease) in unearned premiums | 34,627 | 241,650 |
Increase (decrease) in other net payable to reinsurers | (50,813) | 353,468 |
Increase (decrease) in losses in course of payment | 133,244 | 164,072 |
Change in equity adjustments in limited partnerships | (16,409) | (17,643) |
Distribution of limited partnership income | 36,883 | 32,548 |
Change in other assets and liabilities, net | (2,719) | (2,744) |
Non-cash compensation expense | 6,303 | 5,700 |
Amortization of bond premium (accrual of bond discount) | 13,978 | 14,502 |
Amortization of underwriting discount on senior notes | 3 | 43 |
Net realized capital (gains) losses | 49,174 | (120,904) |
Net cash provided by (used in) operating activities | 117,278 | (35,160) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 696,268 | 829,363 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | 875 | |
Proceeds from fixed maturities sold - available for sale, at market value | 418,284 | 547,682 |
Proceeds from fixed maturities sold - available for sale, at fair value | 1,824 | 23,855 |
Proceeds from equity securities sold - available for sale, at market value | 16 | |
Proceeds from equity securities sold - available for sale, at fair value | 442,276 | 404,627 |
Proceeds from sale of subsidiary (net of cash disposed) | 3,934 | |
Distributions from other invested assets | 36,130 | 41,854 |
Cost of fixed maturities acquired - available for sale, at market value | (1,403,187) | (2,008,937) |
Cost of fixed maturities acquired - available for sale, at fair value | (234) | (23,684) |
Cost of equity securities acquired - available for sale, at fair value | (442,306) | (237,749) |
Cost of other invested assets acquired | (49,575) | (76,717) |
Net change in short-term investments | 176,876 | 97,262 |
Net change in unsettled securities transactions | (12,069) | (9,474) |
Net cash provided by (used in) investing activities | (131,763) | (411,043) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Tax benefit from share-based compensation | 3,970 | 3,239 |
Net proceeds from issuance of senior notes | 400,000 | |
Net cash provided by (used in) financing activities | 3,970 | 403,239 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (37,328) | 1,575 |
Net increase (decrease) in cash | (47,843) | (41,389) |
Cash, beginning of period | 323,975 | 316,807 |
Cash, end of period | 276,132 | 275,418 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | 104,727 | 129,608 |
Interest paid | $ 17,608 | $ 14,719 |
General
General | 9 Months Ended |
Sep. 30, 2015 | |
General [Abstract] | |
General | 1. GENERAL As used in this document, "Holdings" means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited ("Holdings Ireland"); "Group" means Everest Re Group, Ltd. (Holdings Ireland's parent); "Bermuda Re" means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; "Everest Re" means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires); "Mt. Logan Re" means Mt. Logan Re Ltd., a subsidiary of Group; and the "Company" means Holdings and its subsidiaries. Effective July 13, 2015, the Company sold all of the outstanding shares of capital stock of a wholly-owned subsidiary entity, Mt. McKinley Insurance Company ("Mt. McKinley"), to Clearwater Insurance Company. The operating results of Mt. McKinley through July 13, 2015 are included within the Company's financial statements. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company for the three and nine months ended September 30, 2015 and 2014 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), has been omitted since it is not required for interim reporting purposes. The December 31, 2014 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2015 and 2014 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2014, 2013 and 2012 included in the Company's most recent Form 10-K filing. All intercompany accounts and transactions have been eliminated. Application of Recently Issued Accounting Standard Changes No accounting standards or guidance have been issued recently that would have a material impact on the Company's financial statements or financial reporting process. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, equity security investments, carried at market value and other-than-temporary impairments ("OTTI") in accumulated other comprehensive income ("AOCI") are as follows for the periods indicated: At September 30, 2015 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 222,879 $ 4,634 $ (69 ) $ 227,444 $ - Obligations of U.S. states and political subdivisions 683,715 32,088 (1,524 ) 714,279 - Corporate securities 2,012,649 35,136 (48,623 ) 1,999,162 6 Asset-backed securities 132,004 689 (232 ) 132,461 - Mortgage-backed securities Commercial 62,616 1,960 (55 ) 64,521 - Agency residential 720,508 7,833 (2,306 ) 726,035 - Non-agency residential 141 27 - 168 - Foreign government securities 448,501 25,864 (9,658 ) 464,707 - Foreign corporate securities 1,044,867 33,424 (22,706 ) 1,055,585 16 Total fixed maturity securities $ 5,327,880 $ 141,655 $ (85,173 ) $ 5,384,362 $ 22 Equity securities $ - $ - $ - $ - $ - At December 31, 2014 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 135,724 $ 1,416 $ (304 ) $ 136,836 $ - Obligations of U.S. states and political subdivisions 783,129 41,969 (626 ) 824,472 - Corporate securities 1,992,200 39,954 (53,219 ) 1,978,935 (9,735 ) Asset-backed securities 94,470 727 (374 ) 94,823 - Mortgage-backed securities Commercial 57,027 2,292 (51 ) 59,268 - Agency residential 596,140 6,697 (4,720 ) 598,117 - Non-agency residential 271 44 - 315 - Foreign government securities 515,016 27,415 (5,344 ) 537,087 - Foreign corporate securities 1,061,546 27,832 (25,820 ) 1,063,558 - Total fixed maturity securities $ 5,235,523 $ 148,346 $ (90,458 ) $ 5,293,411 $ (9,735 ) Equity securities $ 15 $ 1 $ - $ 16 $ - (a) The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At September 30, 2015 At December 31, 2014 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 345,345 $ 345,322 $ 385,721 $ 384,022 Due after one year through five years 2,495,023 2,506,790 2,387,533 2,369,917 Due after five years through ten years 970,585 971,624 1,025,221 1,029,077 Due after ten years 601,658 637,441 689,140 757,872 Asset-backed securities 132,004 132,461 94,470 94,823 Mortgage-backed securities Commercial 62,616 64,521 57,027 59,268 Agency residential 720,508 726,035 596,140 598,117 Non-agency residential 141 168 271 315 Total fixed maturity securities $ 5,327,880 $ 5,384,362 $ 5,235,523 $ 5,293,411 The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods as indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (28,103 ) $ (41,410 ) $ (11,164 ) $ 23,285 Fixed maturity securities, other-than-temporary impairment 22 - 9,757 - Equity securities - 1 (1 ) 3 Change in unrealized appreciation (depreciation), pre-tax (28,081 ) (41,409 ) (1,408 ) 23,288 Deferred tax benefit (expense) 9,835 14,492 3,907 (8,151 ) Deferred tax benefit (expense), other-than-temporary impairment (7 ) - (3,414 ) - Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (18,253 ) $ (26,917 ) $ (915 ) $ 15,137 The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80 The majority of the Company's equity securities available for sale at market value are primarily comprised of mutual fund investments whose underlying securities consist of fixed maturity securities. When a fund's value reflects an unrealized loss, the Company assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company considers the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determines that the declines are temporary and it has the ability and intent to continue to hold the investments, then the declines are recorded as unrealized losses in accumulated other comprehensive income (loss). If declines are deemed to be other-than-temporary, then the carrying value of the investment is written down to fair value and recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company's asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at September 30, 2015 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 201 $ (1 ) $ 1,844 $ (68 ) $ 2,045 $ (69 ) Obligations of U.S. states and political subdivisions 20,162 (316 ) 35,460 (1,208 ) 55,622 (1,524 ) Corporate securities 647,568 (34,098 ) 291,894 (14,525 ) 939,462 (48,623 ) Asset-backed securities 49,224 (203 ) 8,601 (29 ) 57,825 (232 ) Mortgage-backed securities Commercial 6,003 (55 ) - - 6,003 (55 ) Agency residential 97,964 (762 ) 157,863 (1,544 ) 255,827 (2,306 ) Non-agency residential - - - - - - Foreign government securities 115,876 (3,827 ) 66,812 (5,831 ) 182,688 (9,658 ) Foreign corporate securities 286,978 (18,810 ) 72,392 (3,896 ) 359,370 (22,706 ) Total fixed maturity securities $ 1,223,976 $ (58,072 ) $ 634,866 $ (27,101 ) $ 1,858,842 $ (85,173 ) Equity securities - - - - - - Total $ 1,223,976 $ (58,072 ) $ 634,866 $ (27,101 ) $ 1,858,842 $ (85,173 ) Duration of Unrealized Loss at September 30, 2015 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 36,780 $ (1,633 ) $ 17,019 $ (1,710 ) $ 53,799 $ (3,343 ) Due in one year through five years 594,454 (29,341 ) 304,349 (15,213 ) 898,803 (44,554 ) Due in five years through ten years 382,520 (23,273 ) 109,012 (7,616 ) 491,532 (30,889 ) Due after ten years 57,031 (2,805 ) 38,022 (989 ) 95,053 (3,794 ) Asset-backed securities 49,224 (203 ) 8,601 (29 ) 57,825 (232 ) Mortgage-backed securities 103,967 (817 ) 157,863 (1,544 ) 261,830 (2,361 ) Total fixed maturity securities $ 1,223,976 $ (58,072 ) $ 634,866 $ (27,101 ) $ 1,858,842 $ (85,173 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at September 30, 2015 were $ 1,858,842 85,173 0.3 58,072 36,358 11,313 27,101 13,322 5,056 The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2014 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 13,187 $ (20 ) $ 26,897 $ (284 ) $ 40,084 $ (304 ) Obligations of U.S. states and political subdivisions 20,428 (242 ) 18,199 (384 ) 38,627 (626 ) Corporate securities 830,928 (48,891 ) 171,207 (4,328 ) 1,002,135 (53,219 ) Asset-backed securities 62,451 (374 ) - - 62,451 (374 ) Mortgage-backed securities Commercial 11,742 (51 ) - - 11,742 (51 ) Agency residential 24,230 (59 ) 267,824 (4,661 ) 292,054 (4,720 ) Non-agency residential - - - - - - Foreign government securities 45,521 (913 ) 53,086 (4,431 ) 98,607 (5,344 ) Foreign corporate securities 228,733 (21,704 ) 117,713 (4,116 ) 346,446 (25,820 ) Total fixed maturity securities $ 1,237,220 $ (72,254 ) $ 654,926 $ (18,204 ) $ 1,892,146 $ (90,458 ) Equity securities - - - - - - Total $ 1,237,220 $ (72,254 ) $ 654,926 $ (18,204 ) $ 1,892,146 $ (90,458 ) Duration of Unrealized Loss at December 31, 2014 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 12,858 $ (550 ) $ 53,528 $ (4,224 ) $ 66,386 $ (4,774 ) Due in one year through five years 622,137 (51,262 ) 243,192 (6,306 ) 865,329 (57,568 ) Due in five years through ten years 467,187 (18,958 ) 66,630 (2,018 ) 533,817 (20,976 ) Due after ten years 36,615 (1,000 ) 23,752 (995 ) 60,367 (1,995 ) Asset-backed securities 62,451 (374 ) - - 62,451 (374 ) Mortgage-backed securities 35,972 (110 ) 267,824 (4,661 ) 303,796 (4,771 ) Total fixed maturity securities $ 1,237,220 $ (72,254 ) $ 654,926 $ (18,204 ) $ 1,892,146 $ (90,458 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2014 were $ 1,892,146 90,458 0.3 72,254 53,772 7,298 18,204 16,680 Other invested assets, at fair value, are comprised of common shares of the Company's ultimate parent, Group. At September 30, 2015, the Company held 9,719,971 18 The components of net investment income are presented in the tables below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturities $ 46,414 $ 52,515 $ 140,829 $ 157,515 Equity securities 8,004 7,966 26,638 26,083 Short-term investments and cash 220 196 705 841 Other invested assets Limited partnerships 3,021 19,254 17,676 18,862 Dividends from Parent's shares 9,234 7,290 27,702 21,870 Other (242 ) 869 1,366 3,220 Gross investment income before adjustments 66,651 88,090 214,916 228,391 Funds held interest income (expense) 940 970 4,326 4,262 Interest income from Parent 1,075 - 3,225 - Gross investment income 68,666 89,060 222,467 232,653 Investment expenses (5,303 ) (5,614 ) (15,598 ) (16,784 ) Net investment income $ 63,363 $ 83,446 $ 206,869 $ 215,869 The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. The Company had contractual commitments to invest up to an additional $ 245,663 The components of net realized capital gains (losses) are presented in the tables below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (10,502 ) $ - $ (43,433 ) $ (199 ) Gains (losses) from sales (6,636 ) 1,070 (30,362 ) (1,855 ) Fixed maturity securities, fair value: Gains (losses) from sales (17 ) 82 25 1,022 Gains (losses) from fair value adjustments - (938 ) 56 (938 ) Equity securities, market value: Gains (losses) from sales - - 1 - Equity securities, fair value: Gains (losses) from sales (13,656 ) (2,589 ) (14,010 ) (2,204 ) Gains (losses) from fair value adjustments (101,322 ) (12,559 ) (85,710 ) 65,399 Other invested assets, fair value: Gains (losses) from fair value adjustments (84,272 ) 14,775 29,549 59,681 Gain on sale of subsidiary 94,704 - 94,704 - Short-term investment gains (losses) 6 (1 ) 6 (2 ) Total net realized capital gains (losses) $ (121,695 ) $ (160 ) $ (49,174 ) $ 120,904 The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. On July 13, 2015, the Company sold Mt. McKinley, a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company. The purchase price of $ 20,156 94,704 The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the tables below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Proceeds from sales of fixed maturity securities $ 130,284 $ 222,915 $ 420,108 $ 571,537 Gross gains from sales 1,401 4,408 9,039 10,698 Gross losses from sales (8,054 ) (3,256 ) (39,376 ) (11,531 ) Proceeds from sales of equity securities $ 138,799 $ 111,684 $ 442,292 $ 404,627 Gross gains from sales 5,241 1,697 17,655 12,019 Gross losses from sales (18,896 ) (4,286 ) (31,664 ) (14,223 ) |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value | 4. FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company's fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Due to the unavailability of prices for one 6,125 no The Company internally manages a small public equity portfolio which had a fair value at September 30, 2015 and December 31, 2014 of $ 114,519 96,890 Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by nationally recognized sources. All categories of fixed maturity securities listed in the tables below are generally categorized as level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The fixed maturities with fair values categorized as level 3 result when prices are not available from the nationally recognized pricing services. The asset managers will then obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. Historically, most of the level 3 fixed maturities have resulted from new issuances and the third party prices services have not yet included the issuance in their data base. Generally, in subsequent measurement periods, the issuances will be included in the data base and the fair value will transfer to level 2. The composition and valuation inputs for the presented fixed maturities categories are as follows: · U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; · Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; · Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; · Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; · Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; · Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source. Other invested assets, at fair value, are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are shares of the Company's parent, which are actively traded on an exchange and the price is based on a quoted price. The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) September 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 227,444 $ - $ 227,444 $ - Obligations of U.S. States and political subdivisions 714,279 - 714,279 - Corporate securities 1,999,162 - 1,993,887 5,275 Asset-backed securities 132,461 - 132,461 - Mortgage-backed securities Commercial 64,521 - 64,521 - Agency residential 726,035 - 726,035 - Non-agency residential 168 - 168 - Foreign government securities 464,707 - 464,707 - Foreign corporate securities 1,055,585 - 1,049,460 6,125 Total fixed maturities, market value 5,384,362 - 5,372,962 11,400 Fixed maturities, fair value - - - - Equity securities, market value - - - - Equity securities, fair value 1,199,347 1,109,801 89,546 - Other invested assets, fair value 1,684,860 1,684,860 - - There were no The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2014 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 136,836 $ - $ 136,836 $ - Obligations of U.S. States and political subdivisions 824,472 - 824,472 - Corporate securities 1,978,935 - 1,978,935 - Asset-backed securities 94,823 - 94,823 - Mortgage-backed securities Commercial 59,268 - 50,671 8,597 Agency residential 598,117 - 598,117 - Non-agency residential 315 - 315 - Foreign government securities 537,087 - 537,087 - Foreign corporate securities 1,063,558 - 1,056,392 7,166 Total fixed maturities, market value 5,293,411 - 5,277,648 15,763 Fixed maturities, fair value 1,509 - 1,509 - Equity securities, market value 16 16 - - Equity securities, fair value 1,299,037 1,188,613 110,424 - Other invested assets, fair value 1,655,311 1,655,311 - - The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities CMBS Corporate Total Beginning balance $ 1,958 $ 7,837 $ 9,795 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings (6 ) 62 56 (2 ) - 177 175 Included in other comprehensive income (loss) (93 ) (1,287 ) (1,380 ) (95 ) - (1,216 ) (1,311 ) Purchases, issuances and settlements 1,723 - 1,723 3,651 - - 3,651 Transfers in and/or (out) of Level 3 1,693 (487 ) 1,206 1,721 (8,597 ) (2 ) (6,878 ) Ending balance $ 5,275 $ 6,125 $ 11,400 $ 5,275 $ - $ 6,125 $ 11,400 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Corporate Asset-backed Foreign Non-agency Corporate Asset-backed Foreign Non-agency (Dollars in thousands) Securities Securities Corporate RMBS Total Securities Securities Corporate RMBS Total Beginning balance $ - $ 2,528 $ - $ 4 $ 2,532 $ - $ 3,533 $ 481 $ 4 $ 4,018 Total gains or (losses) (realized/unrealized) Included in earnings - 1,235 - 2 1,237 - 1,291 18 3 1,312 Included in other comprehensive income (loss) 42 (284 ) (50 ) (3 ) (295 ) 42 (191 ) (70 ) (3 ) (222 ) Purchases, issuances and settlements 1,274 17,898 3,614 (3 ) 22,783 1,274 16,744 3,135 (4 ) 21,149 Transfers in and/or (out) of Level 3 - (1,101 ) - - (1,101 ) - (1,101 ) - - (1,101 ) Ending balance $ 1,316 $ 20,276 $ 3,564 $ - $ 25,156 $ 1,316 $ 20,276 $ 3,564 $ - $ 25,156 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers from level 3, fair value measurements using significant unobservable inputs, of $ 6,878 1,101 |
Capital Transactions
Capital Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Capital Transactions [Abstract] | |
Capital Transactions | 5. CAPITAL TRANSACTIONS On July 9, 2014, the Company renewed its shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (the "SEC"), as a Well Known Seasoned Issuer. This shelf registration statement can be used by Group to register common shares, preferred shares, debt securities, warrants, share purchase contracts and share purchase units; by Holdings to register debt securities and by Everest Re Capital Trust III ("Capital Trust III") to register trust preferred securities. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Contingencies [Abstract] | |
Contingencies | 6. CONTINGENCIES In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company's rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. The Company has entered into separate annuity agreements with The Prudential Insurance of America ("The Prudential") and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contact. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: At September 30, At December 31, (Dollars in thousands) 2015 2014 The Prudential $ 142,661 $ 142,653 Unaffiliated life insurance company 32,414 31,964 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 7. OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (45,240 ) $ 15,347 $ (29,893 ) $ (84,958 ) $ 28,749 $ (56,209 ) URA(D) on securities - OTTI 22 (7 ) 15 9,757 (3,414 ) 6,343 Reclassification of net realized losses (gains) included in net income (loss) 17,137 (5,512 ) 11,625 73,793 (24,842 ) 48,951 Foreign currency translation adjustments (42,266 ) 14,793 (27,473 ) (68,670 ) 24,034 (44,636 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 2,393 (837 ) 1,556 7,336 (2,567 ) 4,769 Total other comprehensive income (loss) $ (67,954 ) $ 23,784 $ (44,170 ) $ (62,742 ) $ 21,960 $ (40,782 ) (Some amounts may not reconcile due to rounding) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (40,339 ) $ 14,118 $ (26,221 ) $ 21,234 $ (7,556 ) $ 13,678 URA(D) on securities - OTTI - - - - - - Reclassification of net realized losses (gains) included in net income (loss) (1,070 ) 374 (696 ) 2,054 (595 ) 1,459 Foreign currency translation adjustments (11,496 ) 4,024 (7,472 ) (13,211 ) 4,624 (8,587 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 1,269 (444 ) 825 3,640 (1,274 ) 2,366 Total other comprehensive income (loss) $ (51,636 ) $ 18,072 $ (33,564 ) $ 13,717 $ (4,801 ) $ 8,916 (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2015 2014 2015 2014 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 17,137 $ (1,070 ) $ 73,793 $ 2,054 Other net realized capital gains (losses) (5,512 ) 374 (24,842 ) (595 ) Income tax expense (benefit) $ 11,625 $ (696 ) $ 48,951 $ 1,459 Net income (loss) Benefit plan net gain (loss) $ 2,393 $ 1,269 $ 7,336 $ 3,640 Other underwriting expenses (837 ) (444 ) (2,567 ) (1,274 ) Income tax expense (benefit) $ 1,556 $ 825 $ 4,769 $ 2,366 Net income (loss) (Some amounts may not reconcile due to rounding) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2015 2014 Beginning balance of URA (D) on securities $ 37,628 $ 55,457 Current period change in URA (D) of investments - temporary (7,258 ) (11,501 ) Current period change in URA (D) of investments - non-credit OTTI 6,343 (6,328 ) Ending balance of URA (D) on securities 36,713 37,628 Beginning balance of foreign currency translation adjustments 41,877 71,087 Current period change in foreign currency translation adjustments (44,636 ) (29,210 ) Ending balance of foreign currency translation adjustments (2,759 ) 41,877 Beginning balance of benefit plan net gain (loss) (74,986 ) (38,896 ) Current period change in benefit plan net gain (loss) 4,769 (36,090 ) Ending balance of benefit plan net gain (loss) (70,217 ) (74,986 ) Ending balance of accumulated other comprehensive income (loss) $ (36,263 ) $ 4,519 |
Credit Facility-Expired
Credit Facility-Expired | 9 Months Ended |
Sep. 30, 2015 | |
Credit Facility-Expired [Abstract] | |
Credit Facility-Expired | 8. CREDIT FACILITY - EXPIRED Effective August 15, 2011, the Company entered into a three 150,000 |
Reinsurance And Trust Agreement
Reinsurance And Trust Agreements | 9 Months Ended |
Sep. 30, 2015 | |
Reinsurance And Trust Agreements [Abstract] | |
Reinsurance And Trust Agreements | 9. REINSURANCE AND TRUST AGREEMENTS A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re's investments as collateral, as security for assumed losses payable to a non-affiliated ceding company. At September 30, 2015, the total amount on deposit in the trust account was $ 306,214 On April 24, 2014, the Company entered into two 250,000 200,000 On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro Re to provide the Company with catastrophe reinsurance coverage. This agreement is a multi-year reinsurance contract which covers specified earthquake events. The agreement provides up to $ 500,000 Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors. On April, 24, 2014, Kilimanjaro issued $ 450,000 500,000 |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2015 | |
Senior Notes [Abstract] | |
Senior Notes | 10. SENIOR NOTES The table below displays Holdings' outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. September 30, 2015 December 31, 2014 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868 06/05/2014 06/01/2044 $ 400,000 $ 400,000 $ 388,768 $ 400,000 $ 404,892 5.40% Senior notes 10/12/2004 10/15/2014 250,000 - - - - On June 5, 2014, Holdings issued $ 400,000 30 June 1, 2044 250,000 5.40 October 15, 2014 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 4,868 $ 8,256 $ 14,604 $ 16,385 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 9 Months Ended |
Sep. 30, 2015 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 11. LONG TERM SUBORDINATED NOTES The table below displays Holdings' outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date September 30, 2015 December 31, 2014 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value 6.6 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 238,367 $ 218,281 $ 238,364 $ 246,312 During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6 interest will be based on the 3 month LIBOR plus 238.5 Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100 0.25 0.50 100 5.40 October 15, 2014 4.868 June 1, 2044 On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60 161,441 Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 3,937 $ 3,937 $ 11,811 $ 11,811 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. SEGMENT REPORTING The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health ("A&H") business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S. The International operation writes non-U.S. property and casualty reinsurance through Everest Re's branches in Canada, Singapore and through offices in Brazil, Miami and New Jersey. The Insurance operation writes property and casualty insurance directly and through general agents, brokers and surplus lines brokers within the U.S. These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. Underwriting results are measured using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the period indicated: Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 601,570 $ 679,904 $ 1,615,276 $ 1,663,320 Net written premiums 247,352 304,442 672,753 771,054 Premiums earned $ 235,275 $ 275,521 $ 726,113 $ 739,977 Incurred losses and LAE 109,137 125,475 337,065 371,135 Commission and brokerage 48,881 51,231 141,948 144,747 Other underwriting expenses 13,718 12,119 37,054 33,054 Underwriting gain (loss) $ 63,539 $ 86,696 $ 210,046 $ 191,041 Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 374,138 $ 419,457 $ 1,019,406 $ 1,214,343 Net written premiums 147,991 157,932 417,071 446,599 Premiums earned $ 135,130 $ 145,662 $ 433,751 $ 438,394 Incurred losses and LAE 128,454 113,703 339,926 286,166 Commission and brokerage 27,936 23,767 93,178 80,348 Other underwriting expenses 9,128 8,759 25,292 24,689 Underwriting gain (loss) $ (30,388 ) $ (567 ) $ (24,645 ) $ 47,191 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 473,003 $ 354,033 $ 1,130,233 $ 885,006 Net written premiums 203,730 149,542 490,140 386,694 Premiums earned $ 175,645 $ 148,414 $ 428,672 $ 382,407 Incurred losses and LAE 133,163 141,402 325,522 322,842 Commission and brokerage (4,666 ) 4,170 6,509 15,489 Other underwriting expenses 34,107 29,745 94,723 79,289 Underwriting gain (loss) $ 13,041 $ (26,903 ) $ 1,918 $ (35,213 ) The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Underwriting gain (loss) $ 46,192 $ 59,226 $ 187,319 $ 203,019 Net investment income 63,363 83,446 206,869 215,869 Net realized capital gains (losses) (121,695 ) (160 ) (49,174 ) 120,904 Corporate expense (1,637 ) (4,620 ) (5,031 ) (5,398 ) Interest, fee and bond issue cost amortization expense (8,859 ) (12,292 ) (26,576 ) (28,539 ) Other income (expense) 10,828 (3,739 ) 38,950 (15,576 ) Income (loss) before taxes $ (11,808 ) $ 121,861 $ 352,357 $ 490,279 The Company produces business in the U.S. and internationally. The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Canada gross written premiums $ 31,903 $ 41,644 $ 85,575 $ 116,133 No other country represented more than 5 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 13. RELATED-PARTY TRANSACTIONS Parent Group entered into a $ 250,000 December 31, 2023 1.72 th Group's Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group's common shares through open market transactions, privately negotiated transactions or both. The table below represents the amendments to the share repurchase program for the common shares approved for repurchase. Common Shares Authorized for Amendment Date Repurchase (Dollars in thousands) 09/21/2004 5,000,000 07/21/2008 5,000,000 02/24/2010 5,000,000 02/22/2012 5,000,000 05/15/2013 5,000,000 11/19/2014 5,000,000 30,000,000 As of September 30, 2015, Holdings held 9,719,971 (Dollars in thousands) Total purchase price $ 835,371 Holdings reports these purchases as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on these common shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Dividends received $ 9,234 $ 7,290 $ 27,702 $ 21,870 Affiliated Companies Everest Global Services, Inc. ("Global Services"), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings' consolidated structure. Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others. The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Expenses incurred $ 20,359 $ 22,149 $ 58,555 $ 55,668 Affiliates The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: (Dollars in thousands) Percent Assuming Single Aggregate Coverage Period Ceding Company Ceded Company Type of Business Occurrence Limit Limit 01/01/2002-12/31/2002 Everest Re 20.0 % Bermuda Re property / casualty business $ - $ - 01/01/2003-12/31/2003 Everest Re 25.0 % Bermuda Re property / casualty business - - 01/01/2004-12/31/2005 Everest Re 22.5 % Bermuda Re property / casualty business - - Everest Re 2.5 % Everest International property / casualty business - - 01/01/2006-12/31/2006 Everest Re 18.0 % Bermuda Re property business 125,000 (1) - Everest Re 2.0 % Everest International property business - - 01/01/2006-12/31/2007 Everest Re 31.5 % Bermuda Re casualty business - - Everest Re 3.5 % Everest International casualty business - - 01/01/2007-12/31/2007 Everest Re 22.5 % Bermuda Re property business 130,000 (1) - Everest Re 2.5 % Everest International property business - - 01/01/2008-12/31/2008 Everest Re 36.0 % Bermuda Re property / casualty business 130,000 (1) 275,000 (2) Everest Re 4.0 % Everest International property / casualty business - - 01/01/2009-12/31/2009 Everest Re 36.0 % Bermuda Re property / casualty business 150,000 (1) 325,000 (2) Everest Re 8.0 % Everest International property / casualty business - - 01/01/2010-12/31/2010 Everest Re 44.0 % Bermuda Re property / casualty business 150,000 325,000 01/01/2011-12/31/2011 Everest Re 50.0 % Bermuda Re property / casualty business 150,000 300,000 01/01/2012-12/31/2014 Everest Re 50.0 % Bermuda Re property / casualty business 100,000 200,000 01/01/2015 Everest Re 50.0 % Bermuda Re property / casualty business 162,500 325,000 01/01/2003-12/31/2006 Everest Re- Canadian Branch 50.0 % Bermuda Re property business - - 01/01/2007-12/31/2009 Everest Re- Canadian Branch 60.0 % Bermuda Re property business - - 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) - 01/01/2011- 12/31 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 206,250 (3) 412,500 (3) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 150,000 (3) 412,500 (3) 01/01/2014 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 262,500 (3) 412,500 (3) 01/01/2012 Everest Canada 80.0 % Everest Re- Canadian Branch property business - - (1) The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International. (2) The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International. (3) Amounts shown are Canadian dollars. For premiums earned and losses incurred for the period January 1, 2002 through December 31, 2002, Everest Re, Everest National Insurance Company and Everest Security Insurance Company entered into an Excess of Loss Reinsurance Agreement with Bermuda Re, covering workers' compensation losses occurring on and after January 1, 2002, as respect to new, renewal and in force policies effective on that date through December 31, 2002. This agreement was commuted as of September 30, 2013. The table below represents Bermuda Re's liability limits for any losses per one occurrence. Liability Limits (Dollars in thousands) Exceeding Not to Exceed Losses per one occurrence $ 100,000 $ 150,000 The table below represents loss portfolio transfer reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate. (Dollars in thousands) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 09/19/2000 Mt. McKinley Bermuda Re 100 % All years 10/01/2001 Everest Re (Belgium Branch) Bermuda Re 100 % All years 10/01/2008 Everest Re Bermuda Re $ 747,022 01/01/2002-12/31/2007 On July 13, 2015, the Company sold Mt. McKinley to Clearwater Insurance Company, a Delaware domiciled insurance company. As of that date, Mt. McKinley is no longer deemed an affiliated company or related party. The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada for the periods indicated: Three Months Ended Nine Months Ended Bermuda Re September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Ceded written premiums $ 646,001 $ 664,316 $ 1,713,502 $ 1,706,390 Ceded earned premiums 591,656 598,641 1,708,807 1,613,741 Ceded losses and LAE (a) 343,660 344,513 984,371 879,336 Three Months Ended Nine Months Ended Everest International September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Ceded written premiums $ 168 $ 131 $ 313 $ 219 Ceded earned premiums 208 176 441 450 Ceded losses and LAE (724 ) (321 ) 156 1,823 Three Months Ended Nine Months Ended Everest Canada September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Assumed written premiums $ 11,046 $ 10,425 $ 29,533 $ 25,650 Assumed earned premiums 9,174 7,106 26,498 17,062 Assumed losses and LAE 4,041 4,104 15,062 10,487 (a) Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, amortization of deferred gain on retroactive reinsurance is reflected in other income on the consolidated statements of operations and comprehensive income (loss). Upon the sale of Mt. McKinley, the value of the remaining deferred gain on retroactive reinsurance was included in the calculation of the realized gain on sale of subsidiary. Everest Re sold net assets of its UK branch to Bermuda Re and provided Bermuda Re with a reserve indemnity agreement allowing for indemnity payments of up to 90 25.0 Effective February 27, 2013, Group established a new subsidiary, Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Effective July 1, 2013, Mt. Logan Re established separate segregated accounts for its business activity, which will invest in a diversified set of catastrophe exposures. The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re and assumed by the Company from Mt. Logan Re. Three Months Ended Nine Months Ended Mt. Logan Re September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Ceded written premiums $ 68,078 $ 44,728 $ 162,640 $ 93,322 Ceded earned premiums 55,234 38,458 141,668 78,975 Ceded losses and LAE 17,071 3,113 38,542 17,904 Assumed written premiums 4,230 578 11,626 10,497 Assumed earned premiums 4,230 5,786 11,626 10,497 Assumed losses and LAE - - - - |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2015 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 14. RETIREMENT BENEFITS The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 3,203 $ 2,460 $ 9,398 $ 7,381 Interest cost 2,758 2,542 7,926 7,625 Expected return on plan assets (2,904 ) (2,822 ) (8,710 ) (8,468 ) Amortization of prior service cost 4 13 15 38 Amortization of net (income) loss 2,312 1,173 6,824 3,356 FAS 88 settlement charge - 5,269 - 5,269 Net periodic benefit cost $ 5,373 $ 8,635 $ 15,453 $ 15,201 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 498 $ 407 $ 1,498 $ 1,221 Interest cost 329 342 987 1,026 Amortization of net (income) loss 76 82 497 246 Net periodic benefit cost $ 903 $ 831 $ 2,982 $ 2,493 The Company did not |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore. The Company's non-U.S. branches are subject to income taxation at varying rates in their respective domiciles. For interim reporting periods, the company is generally required to use the annualized effective tax rate ("AETR") method, as prescribed by ASC 740-270, Interim Reporting, to calculate its income tax provision. Under this method, the AETR is applied to the interim year-to-date pre-tax income to determine the income tax expense or benefit for the year-to-date period. The income tax expense or benefit for a quarter represents the difference between the year-to-date income tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company's annual pre-tax income and AETR. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Dispositions [Abstract] | |
Dispositions | 16. DISPOSITIONS On July 13, 2015, the Company closed its agreement to sell all of the outstanding shares of capital stock of Mt. McKinley, a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company. The purchase price of $ 20,156 94,704 The transaction met the criteria for Held for Sale accounting. In accordance with the guidance, the table below details the assets and liabilities associated with the business classified as Held for Sale at the time of closing. (Dollars in thousands) Investments and cash $ 16,223 Reinsurance recoverables 142,057 Deferred tax asset 35,451 Total assets held for sale $ 193,731 Reserve for losses and loss adjustment expenses $ 137,704 Deferred gain on retroactive reinsurance 94,704 Other liabilities 130 Total liabilities held for sale $ 232,538 Net liabilities held for sale $ (38,807 ) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS The Company has entered into two two 625,000 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At September 30, 2015 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 222,879 $ 4,634 $ (69 ) $ 227,444 $ - Obligations of U.S. states and political subdivisions 683,715 32,088 (1,524 ) 714,279 - Corporate securities 2,012,649 35,136 (48,623 ) 1,999,162 6 Asset-backed securities 132,004 689 (232 ) 132,461 - Mortgage-backed securities Commercial 62,616 1,960 (55 ) 64,521 - Agency residential 720,508 7,833 (2,306 ) 726,035 - Non-agency residential 141 27 - 168 - Foreign government securities 448,501 25,864 (9,658 ) 464,707 - Foreign corporate securities 1,044,867 33,424 (22,706 ) 1,055,585 16 Total fixed maturity securities $ 5,327,880 $ 141,655 $ (85,173 ) $ 5,384,362 $ 22 Equity securities $ - $ - $ - $ - $ - At December 31, 2014 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 135,724 $ 1,416 $ (304 ) $ 136,836 $ - Obligations of U.S. states and political subdivisions 783,129 41,969 (626 ) 824,472 - Corporate securities 1,992,200 39,954 (53,219 ) 1,978,935 (9,735 ) Asset-backed securities 94,470 727 (374 ) 94,823 - Mortgage-backed securities Commercial 57,027 2,292 (51 ) 59,268 - Agency residential 596,140 6,697 (4,720 ) 598,117 - Non-agency residential 271 44 - 315 - Foreign government securities 515,016 27,415 (5,344 ) 537,087 - Foreign corporate securities 1,061,546 27,832 (25,820 ) 1,063,558 - Total fixed maturity securities $ 5,235,523 $ 148,346 $ (90,458 ) $ 5,293,411 $ (9,735 ) Equity securities $ 15 $ 1 $ - $ 16 $ - (a) |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2015 At December 31, 2014 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 345,345 $ 345,322 $ 385,721 $ 384,022 Due after one year through five years 2,495,023 2,506,790 2,387,533 2,369,917 Due after five years through ten years 970,585 971,624 1,025,221 1,029,077 Due after ten years 601,658 637,441 689,140 757,872 Asset-backed securities 132,004 132,461 94,470 94,823 Mortgage-backed securities Commercial 62,616 64,521 57,027 59,268 Agency residential 720,508 726,035 596,140 598,117 Non-agency residential 141 168 271 315 Total fixed maturity securities $ 5,327,880 $ 5,384,362 $ 5,235,523 $ 5,293,411 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (28,103 ) $ (41,410 ) $ (11,164 ) $ 23,285 Fixed maturity securities, other-than-temporary impairment 22 - 9,757 - Equity securities - 1 (1 ) 3 Change in unrealized appreciation (depreciation), pre-tax (28,081 ) (41,409 ) (1,408 ) 23,288 Deferred tax benefit (expense) 9,835 14,492 3,907 (8,151 ) Deferred tax benefit (expense), other-than-temporary impairment (7 ) - (3,414 ) - Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (18,253 ) $ (26,917 ) $ (915 ) $ 15,137 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2015 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 201 $ (1 ) $ 1,844 $ (68 ) $ 2,045 $ (69 ) Obligations of U.S. states and political subdivisions 20,162 (316 ) 35,460 (1,208 ) 55,622 (1,524 ) Corporate securities 647,568 (34,098 ) 291,894 (14,525 ) 939,462 (48,623 ) Asset-backed securities 49,224 (203 ) 8,601 (29 ) 57,825 (232 ) Mortgage-backed securities Commercial 6,003 (55 ) - - 6,003 (55 ) Agency residential 97,964 (762 ) 157,863 (1,544 ) 255,827 (2,306 ) Non-agency residential - - - - - - Foreign government securities 115,876 (3,827 ) 66,812 (5,831 ) 182,688 (9,658 ) Foreign corporate securities 286,978 (18,810 ) 72,392 (3,896 ) 359,370 (22,706 ) Total fixed maturity securities $ 1,223,976 $ (58,072 ) $ 634,866 $ (27,101 ) $ 1,858,842 $ (85,173 ) Equity securities - - - - - - Total $ 1,223,976 $ (58,072 ) $ 634,866 $ (27,101 ) $ 1,858,842 $ (85,173 ) Duration of Unrealized Loss at December 31, 2014 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 13,187 $ (20 ) $ 26,897 $ (284 ) $ 40,084 $ (304 ) Obligations of U.S. states and political subdivisions 20,428 (242 ) 18,199 (384 ) 38,627 (626 ) Corporate securities 830,928 (48,891 ) 171,207 (4,328 ) 1,002,135 (53,219 ) Asset-backed securities 62,451 (374 ) - - 62,451 (374 ) Mortgage-backed securities Commercial 11,742 (51 ) - - 11,742 (51 ) Agency residential 24,230 (59 ) 267,824 (4,661 ) 292,054 (4,720 ) Non-agency residential - - - - - - Foreign government securities 45,521 (913 ) 53,086 (4,431 ) 98,607 (5,344 ) Foreign corporate securities 228,733 (21,704 ) 117,713 (4,116 ) 346,446 (25,820 ) Total fixed maturity securities $ 1,237,220 $ (72,254 ) $ 654,926 $ (18,204 ) $ 1,892,146 $ (90,458 ) Equity securities - - - - - - Total $ 1,237,220 $ (72,254 ) $ 654,926 $ (18,204 ) $ 1,892,146 $ (90,458 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2015 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 36,780 $ (1,633 ) $ 17,019 $ (1,710 ) $ 53,799 $ (3,343 ) Due in one year through five years 594,454 (29,341 ) 304,349 (15,213 ) 898,803 (44,554 ) Due in five years through ten years 382,520 (23,273 ) 109,012 (7,616 ) 491,532 (30,889 ) Due after ten years 57,031 (2,805 ) 38,022 (989 ) 95,053 (3,794 ) Asset-backed securities 49,224 (203 ) 8,601 (29 ) 57,825 (232 ) Mortgage-backed securities 103,967 (817 ) 157,863 (1,544 ) 261,830 (2,361 ) Total fixed maturity securities $ 1,223,976 $ (58,072 ) $ 634,866 $ (27,101 ) $ 1,858,842 $ (85,173 ) Duration of Unrealized Loss at December 31, 2014 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 12,858 $ (550 ) $ 53,528 $ (4,224 ) $ 66,386 $ (4,774 ) Due in one year through five years 622,137 (51,262 ) 243,192 (6,306 ) 865,329 (57,568 ) Due in five years through ten years 467,187 (18,958 ) 66,630 (2,018 ) 533,817 (20,976 ) Due after ten years 36,615 (1,000 ) 23,752 (995 ) 60,367 (1,995 ) Asset-backed securities 62,451 (374 ) - - 62,451 (374 ) Mortgage-backed securities 35,972 (110 ) 267,824 (4,661 ) 303,796 (4,771 ) Total fixed maturity securities $ 1,237,220 $ (72,254 ) $ 654,926 $ (18,204 ) $ 1,892,146 $ (90,458 ) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturities $ 46,414 $ 52,515 $ 140,829 $ 157,515 Equity securities 8,004 7,966 26,638 26,083 Short-term investments and cash 220 196 705 841 Other invested assets Limited partnerships 3,021 19,254 17,676 18,862 Dividends from Parent's shares 9,234 7,290 27,702 21,870 Other (242 ) 869 1,366 3,220 Gross investment income before adjustments 66,651 88,090 214,916 228,391 Funds held interest income (expense) 940 970 4,326 4,262 Interest income from Parent 1,075 - 3,225 - Gross investment income 68,666 89,060 222,467 232,653 Investment expenses (5,303 ) (5,614 ) (15,598 ) (16,784 ) Net investment income $ 63,363 $ 83,446 $ 206,869 $ 215,869 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (10,502 ) $ - $ (43,433 ) $ (199 ) Gains (losses) from sales (6,636 ) 1,070 (30,362 ) (1,855 ) Fixed maturity securities, fair value: Gains (losses) from sales (17 ) 82 25 1,022 Gains (losses) from fair value adjustments - (938 ) 56 (938 ) Equity securities, market value: Gains (losses) from sales - - 1 - Equity securities, fair value: Gains (losses) from sales (13,656 ) (2,589 ) (14,010 ) (2,204 ) Gains (losses) from fair value adjustments (101,322 ) (12,559 ) (85,710 ) 65,399 Other invested assets, fair value: Gains (losses) from fair value adjustments (84,272 ) 14,775 29,549 59,681 Gain on sale of subsidiary 94,704 - 94,704 - Short-term investment gains (losses) 6 (1 ) 6 (2 ) Total net realized capital gains (losses) $ (121,695 ) $ (160 ) $ (49,174 ) $ 120,904 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Proceeds from sales of fixed maturity securities $ 130,284 $ 222,915 $ 420,108 $ 571,537 Gross gains from sales 1,401 4,408 9,039 10,698 Gross losses from sales (8,054 ) (3,256 ) (39,376 ) (11,531 ) Proceeds from sales of equity securities $ 138,799 $ 111,684 $ 442,292 $ 404,627 Gross gains from sales 5,241 1,697 17,655 12,019 Gross losses from sales (18,896 ) (4,286 ) (31,664 ) (14,223 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) September 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 227,444 $ - $ 227,444 $ - Obligations of U.S. States and political subdivisions 714,279 - 714,279 - Corporate securities 1,999,162 - 1,993,887 5,275 Asset-backed securities 132,461 - 132,461 - Mortgage-backed securities Commercial 64,521 - 64,521 - Agency residential 726,035 - 726,035 - Non-agency residential 168 - 168 - Foreign government securities 464,707 - 464,707 - Foreign corporate securities 1,055,585 - 1,049,460 6,125 Total fixed maturities, market value 5,384,362 - 5,372,962 11,400 Fixed maturities, fair value - - - - Equity securities, market value - - - - Equity securities, fair value 1,199,347 1,109,801 89,546 - Other invested assets, fair value 1,684,860 1,684,860 - - Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2014 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 136,836 $ - $ 136,836 $ - Obligations of U.S. States and political subdivisions 824,472 - 824,472 - Corporate securities 1,978,935 - 1,978,935 - Asset-backed securities 94,823 - 94,823 - Mortgage-backed securities Commercial 59,268 - 50,671 8,597 Agency residential 598,117 - 598,117 - Non-agency residential 315 - 315 - Foreign government securities 537,087 - 537,087 - Foreign corporate securities 1,063,558 - 1,056,392 7,166 Total fixed maturities, market value 5,293,411 - 5,277,648 15,763 Fixed maturities, fair value 1,509 - 1,509 - Equity securities, market value 16 16 - - Equity securities, fair value 1,299,037 1,188,613 110,424 - Other invested assets, fair value 1,655,311 1,655,311 - - |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities CMBS Corporate Total Beginning balance $ 1,958 $ 7,837 $ 9,795 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings (6 ) 62 56 (2 ) - 177 175 Included in other comprehensive income (loss) (93 ) (1,287 ) (1,380 ) (95 ) - (1,216 ) (1,311 ) Purchases, issuances and settlements 1,723 - 1,723 3,651 - - 3,651 Transfers in and/or (out) of Level 3 1,693 (487 ) 1,206 1,721 (8,597 ) (2 ) (6,878 ) Ending balance $ 5,275 $ 6,125 $ 11,400 $ 5,275 $ - $ 6,125 $ 11,400 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Corporate Asset-backed Foreign Non-agency Corporate Asset-backed Foreign Non-agency (Dollars in thousands) Securities Securities Corporate RMBS Total Securities Securities Corporate RMBS Total Beginning balance $ - $ 2,528 $ - $ 4 $ 2,532 $ - $ 3,533 $ 481 $ 4 $ 4,018 Total gains or (losses) (realized/unrealized) Included in earnings - 1,235 - 2 1,237 - 1,291 18 3 1,312 Included in other comprehensive income (loss) 42 (284 ) (50 ) (3 ) (295 ) 42 (191 ) (70 ) (3 ) (222 ) Purchases, issuances and settlements 1,274 17,898 3,614 (3 ) 22,783 1,274 16,744 3,135 (4 ) 21,149 Transfers in and/or (out) of Level 3 - (1,101 ) - - (1,101 ) - (1,101 ) - - (1,101 ) Ending balance $ 1,316 $ 20,276 $ 3,564 $ - $ 25,156 $ 1,316 $ 20,276 $ 3,564 $ - $ 25,156 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At September 30, At December 31, (Dollars in thousands) 2015 2014 The Prudential $ 142,661 $ 142,653 Unaffiliated life insurance company 32,414 31,964 |
Other Comprehensive Income (L27
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (45,240 ) $ 15,347 $ (29,893 ) $ (84,958 ) $ 28,749 $ (56,209 ) URA(D) on securities - OTTI 22 (7 ) 15 9,757 (3,414 ) 6,343 Reclassification of net realized losses (gains) included in net income (loss) 17,137 (5,512 ) 11,625 73,793 (24,842 ) 48,951 Foreign currency translation adjustments (42,266 ) 14,793 (27,473 ) (68,670 ) 24,034 (44,636 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 2,393 (837 ) 1,556 7,336 (2,567 ) 4,769 Total other comprehensive income (loss) $ (67,954 ) $ 23,784 $ (44,170 ) $ (62,742 ) $ 21,960 $ (40,782 ) (Some amounts may not reconcile due to rounding) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (40,339 ) $ 14,118 $ (26,221 ) $ 21,234 $ (7,556 ) $ 13,678 URA(D) on securities - OTTI - - - - - - Reclassification of net realized losses (gains) included in net income (loss) (1,070 ) 374 (696 ) 2,054 (595 ) 1,459 Foreign currency translation adjustments (11,496 ) 4,024 (7,472 ) (13,211 ) 4,624 (8,587 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 1,269 (444 ) 825 3,640 (1,274 ) 2,366 Total other comprehensive income (loss) $ (51,636 ) $ 18,072 $ (33,564 ) $ 13,717 $ (4,801 ) $ 8,916 (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2015 2014 2015 2014 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 17,137 $ (1,070 ) $ 73,793 $ 2,054 Other net realized capital gains (losses) (5,512 ) 374 (24,842 ) (595 ) Income tax expense (benefit) $ 11,625 $ (696 ) $ 48,951 $ 1,459 Net income (loss) Benefit plan net gain (loss) $ 2,393 $ 1,269 $ 7,336 $ 3,640 Other underwriting expenses (837 ) (444 ) (2,567 ) (1,274 ) Income tax expense (benefit) $ 1,556 $ 825 $ 4,769 $ 2,366 Net income (loss) (Some amounts may not reconcile due to rounding) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2015 2014 Beginning balance of URA (D) on securities $ 37,628 $ 55,457 Current period change in URA (D) of investments - temporary (7,258 ) (11,501 ) Current period change in URA (D) of investments - non-credit OTTI 6,343 (6,328 ) Ending balance of URA (D) on securities 36,713 37,628 Beginning balance of foreign currency translation adjustments 41,877 71,087 Current period change in foreign currency translation adjustments (44,636 ) (29,210 ) Ending balance of foreign currency translation adjustments (2,759 ) 41,877 Beginning balance of benefit plan net gain (loss) (74,986 ) (38,896 ) Current period change in benefit plan net gain (loss) 4,769 (36,090 ) Ending balance of benefit plan net gain (loss) (70,217 ) (74,986 ) Ending balance of accumulated other comprehensive income (loss) $ (36,263 ) $ 4,519 |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2015 December 31, 2014 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868 06/05/2014 06/01/2044 $ 400,000 $ 400,000 $ 388,768 $ 400,000 $ 404,892 5.40% Senior notes 10/12/2004 10/15/2014 250,000 - - - - |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 4,868 $ 8,256 $ 14,604 $ 16,385 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date September 30, 2015 December 31, 2014 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value 6.6 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 238,367 $ 218,281 $ 238,364 $ 246,312 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 3,937 $ 3,937 $ 11,811 $ 11,811 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 601,570 $ 679,904 $ 1,615,276 $ 1,663,320 Net written premiums 247,352 304,442 672,753 771,054 Premiums earned $ 235,275 $ 275,521 $ 726,113 $ 739,977 Incurred losses and LAE 109,137 125,475 337,065 371,135 Commission and brokerage 48,881 51,231 141,948 144,747 Other underwriting expenses 13,718 12,119 37,054 33,054 Underwriting gain (loss) $ 63,539 $ 86,696 $ 210,046 $ 191,041 Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 374,138 $ 419,457 $ 1,019,406 $ 1,214,343 Net written premiums 147,991 157,932 417,071 446,599 Premiums earned $ 135,130 $ 145,662 $ 433,751 $ 438,394 Incurred losses and LAE 128,454 113,703 339,926 286,166 Commission and brokerage 27,936 23,767 93,178 80,348 Other underwriting expenses 9,128 8,759 25,292 24,689 Underwriting gain (loss) $ (30,388 ) $ (567 ) $ (24,645 ) $ 47,191 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 473,003 $ 354,033 $ 1,130,233 $ 885,006 Net written premiums 203,730 149,542 490,140 386,694 Premiums earned $ 175,645 $ 148,414 $ 428,672 $ 382,407 Incurred losses and LAE 133,163 141,402 325,522 322,842 Commission and brokerage (4,666 ) 4,170 6,509 15,489 Other underwriting expenses 34,107 29,745 94,723 79,289 Underwriting gain (loss) $ 13,041 $ (26,903 ) $ 1,918 $ (35,213 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Underwriting gain (loss) $ 46,192 $ 59,226 $ 187,319 $ 203,019 Net investment income 63,363 83,446 206,869 215,869 Net realized capital gains (losses) (121,695 ) (160 ) (49,174 ) 120,904 Corporate expense (1,637 ) (4,620 ) (5,031 ) (5,398 ) Interest, fee and bond issue cost amortization expense (8,859 ) (12,292 ) (26,576 ) (28,539 ) Other income (expense) 10,828 (3,739 ) 38,950 (15,576 ) Income (loss) before taxes $ (11,808 ) $ 121,861 $ 352,357 $ 490,279 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Canada gross written premiums $ 31,903 $ 41,644 $ 85,575 $ 116,133 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related-Party Transactions [Abstract] | |
Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase | Common Shares Authorized for Amendment Date Repurchase (Dollars in thousands) 09/21/2004 5,000,000 07/21/2008 5,000,000 02/24/2010 5,000,000 02/22/2012 5,000,000 05/15/2013 5,000,000 11/19/2014 5,000,000 30,000,000 |
Purchase Price For Common Shares | (Dollars in thousands) Total purchase price $ 835,371 |
Dividends Received On Common Shares Reported As Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Dividends received $ 9,234 $ 7,290 $ 27,702 $ 21,870 |
Expenses Incurred By Holdings From Services Provided By Affiliated Company | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Expenses incurred $ 20,359 $ 22,149 $ 58,555 $ 55,668 |
Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period | Percent Assuming Single Aggregate Coverage Period Ceding Company Ceded Company Type of Business Occurrence Limit Limit 01/01/2002-12/31/2002 Everest Re 20.0 % Bermuda Re property / casualty business $ - $ - 01/01/2003-12/31/2003 Everest Re 25.0 % Bermuda Re property / casualty business - - 01/01/2004-12/31/2005 Everest Re 22.5 % Bermuda Re property / casualty business - - Everest Re 2.5 % Everest International property / casualty business - - 01/01/2006-12/31/2006 Everest Re 18.0 % Bermuda Re property business 125,000 (1) - Everest Re 2.0 % Everest International property business - - 01/01/2006-12/31/2007 Everest Re 31.5 % Bermuda Re casualty business - - Everest Re 3.5 % Everest International casualty business - - 01/01/2007-12/31/2007 Everest Re 22.5 % Bermuda Re property business 130,000 (1) - Everest Re 2.5 % Everest International property business - - 01/01/2008-12/31/2008 Everest Re 36.0 % Bermuda Re property / casualty business 130,000 (1) 275,000 (2) Everest Re 4.0 % Everest International property / casualty business - - 01/01/2009-12/31/2009 Everest Re 36.0 % Bermuda Re property / casualty business 150,000 (1) 325,000 (2) Everest Re 8.0 % Everest International property / casualty business - - 01/01/2010-12/31/2010 Everest Re 44.0 % Bermuda Re property / casualty business 150,000 325,000 01/01/2011-12/31/2011 Everest Re 50.0 % Bermuda Re property / casualty business 150,000 300,000 01/01/2012-12/31/2014 Everest Re 50.0 % Bermuda Re property / casualty business 100,000 200,000 01/01/2015 Everest Re 50.0 % Bermuda Re property / casualty business 162,500 325,000 01/01/2003-12/31/2006 Everest Re- Canadian Branch 50.0 % Bermuda Re property business - - 01/01/2007-12/31/2009 Everest Re- Canadian Branch 60.0 % Bermuda Re property business - - 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) - 01/01/2011- 12/31 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 206,250 (3) 412,500 (3) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 150,000 (3) 412,500 (3) 01/01/2014 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 262,500 (3) 412,500 (3) 01/01/2012 Everest Canada 80.0 % Everest Re- Canadian Branch property business - - (1) The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International. (2) The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International. (3) Amounts shown are Canadian dollars. |
Liability Limits For Any Losses Per One Occurrence | Liability Limits (Dollars in thousands) Exceeding Not to Exceed Losses per one occurrence $ 100,000 $ 150,000 |
Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate | (Dollars in thousands) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 09/19/2000 Mt. McKinley Bermuda Re 100 % All years 10/01/2001 Everest Re (Belgium Branch) Bermuda Re 100 % All years 10/01/2008 Everest Re Bermuda Re $ 747,022 01/01/2002-12/31/2007 |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Nine Months Ended Bermuda Re September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Ceded written premiums $ 646,001 $ 664,316 $ 1,713,502 $ 1,706,390 Ceded earned premiums 591,656 598,641 1,708,807 1,613,741 Ceded losses and LAE (a) 343,660 344,513 984,371 879,336 Three Months Ended Nine Months Ended Everest International September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Ceded written premiums $ 168 $ 131 $ 313 $ 219 Ceded earned premiums 208 176 441 450 Ceded losses and LAE (724 ) (321 ) 156 1,823 Three Months Ended Nine Months Ended Everest Canada September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Assumed written premiums $ 11,046 $ 10,425 $ 29,533 $ 25,650 Assumed earned premiums 9,174 7,106 26,498 17,062 Assumed losses and LAE 4,041 4,104 15,062 10,487 Three Months Ended Nine Months Ended Mt. Logan Re September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Ceded written premiums $ 68,078 $ 44,728 $ 162,640 $ 93,322 Ceded earned premiums 55,234 38,458 141,668 78,975 Ceded losses and LAE 17,071 3,113 38,542 17,904 Assumed written premiums 4,230 578 11,626 10,497 Assumed earned premiums 4,230 5,786 11,626 10,497 Assumed losses and LAE - - - - (a) Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, amortization of deferred gain on retroactive reinsurance is reflected in other income on the consolidated statements of operations and comprehensive income (loss). Upon the sale of Mt. McKinley, the value of the remaining deferred gain on retroactive reinsurance was included in the calculation of the realized gain on sale of subsidiary. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Retirement Benefits [Abstract] | |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 3,203 $ 2,460 $ 9,398 $ 7,381 Interest cost 2,758 2,542 7,926 7,625 Expected return on plan assets (2,904 ) (2,822 ) (8,710 ) (8,468 ) Amortization of prior service cost 4 13 15 38 Amortization of net (income) loss 2,312 1,173 6,824 3,356 FAS 88 settlement charge - 5,269 - 5,269 Net periodic benefit cost $ 5,373 $ 8,635 $ 15,453 $ 15,201 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 498 $ 407 $ 1,498 $ 1,221 Interest cost 329 342 987 1,026 Amortization of net (income) loss 76 82 497 246 Net periodic benefit cost $ 903 $ 831 $ 2,982 $ 2,493 |
Dispositions (Tables)
Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Dispositions [Abstract] | |
Assets and Liabilities classified as Held for Sale | (Dollars in thousands) Investments and cash $ 16,223 Reinsurance recoverables 142,057 Deferred tax asset 35,451 Total assets held for sale $ 193,731 Reserve for losses and loss adjustment expenses $ 137,704 Deferred gain on retroactive reinsurance 94,704 Other liabilities 130 Total liabilities held for sale $ 232,538 Net liabilities held for sale $ (38,807 ) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Jul. 13, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 80.00% | |||
Aggregate market value of investments in unrealized loss position | $ 1,858,842 | $ 1,858,842 | $ 1,892,146 | |
Gross unrealized losses on investments in unrealized loss position | 85,173 | 85,173 | 90,458 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 58,072 | 58,072 | 72,254 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 27,101 | 27,101 | $ 18,204 | |
Additional contractual commitments | $ 245,663 | $ 245,663 | ||
Other invested assets, at fair value, shares | 9,719,971 | 9,719,971 | ||
Percentage of shares representing the total outstanding shares | 18.00% | 18.00% | ||
Gain on sale of subsidiary | $ 94,704 | $ 94,704 | ||
Sales Revenue, Net [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.30% | 0.30% | ||
Minimum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Limited partnership financial reporting lag time, months | 1 month | |||
Maximum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Limited partnership financial reporting lag time, months | 3 months | |||
Mt. Mckinley Insurance Company [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
purchase price | $ 20,156 | |||
Gain on sale of subsidiary | $ 94,704 | |||
Investment Grade [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 16,680 | |||
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Aggregate market value of investments in unrealized loss position | 1,858,842 | $ 1,858,842 | 1,892,146 | |
Gross unrealized losses on investments in unrealized loss position | 85,173 | 85,173 | 90,458 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 58,072 | 58,072 | 72,254 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 27,101 | 27,101 | 18,204 | |
Energy Sector [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 36,358 | 36,358 | 53,772 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 5,056 | 5,056 | ||
Foreign Exchange Losses [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 11,313 | 11,313 | $ 7,298 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 13,322 | $ 13,322 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 5,327,880 | $ 5,235,523 |
Unrealized Appreciation | 141,655 | 148,346 |
Unrealized Depreciation | (85,173) | (90,458) |
Market Value | 5,384,362 | 5,293,411 |
OTTI in AOCI | 22 | (9,735) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 222,879 | 135,724 |
Unrealized Appreciation | 4,634 | 1,416 |
Unrealized Depreciation | (69) | (304) |
Market Value | 227,444 | 136,836 |
Obligations of US States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 683,715 | 783,129 |
Unrealized Appreciation | 32,088 | 41,969 |
Unrealized Depreciation | (1,524) | (626) |
Market Value | 714,279 | 824,472 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,012,649 | 1,992,200 |
Unrealized Appreciation | 35,136 | 39,954 |
Unrealized Depreciation | (48,623) | (53,219) |
Market Value | 1,999,162 | 1,978,935 |
OTTI in AOCI | 6 | (9,735) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 132,004 | 94,470 |
Unrealized Appreciation | 689 | 727 |
Unrealized Depreciation | (232) | (374) |
Market Value | 132,461 | 94,823 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 62,616 | 57,027 |
Unrealized Appreciation | 1,960 | 2,292 |
Unrealized Depreciation | (55) | (51) |
Market Value | 64,521 | 59,268 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 720,508 | 596,140 |
Unrealized Appreciation | 7,833 | 6,697 |
Unrealized Depreciation | (2,306) | (4,720) |
Market Value | 726,035 | 598,117 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 141 | 271 |
Unrealized Appreciation | 27 | 44 |
Market Value | 168 | 315 |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 448,501 | 515,016 |
Unrealized Appreciation | 25,864 | 27,415 |
Unrealized Depreciation | (9,658) | (5,344) |
Market Value | 464,707 | 537,087 |
Foreign Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,044,867 | 1,061,546 |
Unrealized Appreciation | 33,424 | 27,832 |
Unrealized Depreciation | (22,706) | (25,820) |
Market Value | 1,055,585 | 1,063,558 |
OTTI in AOCI | $ 16 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15 | |
Unrealized Appreciation | 1 | |
Market Value | $ 16 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 5,327,880 | $ 5,235,523 |
Fixed maturity securities - available for sale, at market value | 5,384,362 | 5,293,411 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost | 345,345 | 385,721 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,495,023 | 2,387,533 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 970,585 | 1,025,221 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 601,658 | 689,140 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 345,322 | 384,022 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,506,790 | 2,369,917 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 971,624 | 1,029,077 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 637,441 | 757,872 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 132,004 | 94,470 |
Fixed maturity securities - available for sale, at market value | 132,461 | 94,823 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 62,616 | 57,027 |
Fixed maturity securities - available for sale, at market value | 64,521 | 59,268 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 720,508 | 596,140 |
Fixed maturity securities - available for sale, at market value | 726,035 | 598,117 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 141 | 271 |
Fixed maturity securities - available for sale, at market value | $ 168 | $ 315 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (28,081) | $ (41,409) | $ (1,408) | $ 23,288 |
Deferred tax benefit (expense) | 9,835 | 14,492 | 3,907 | (8,151) |
Deferred tax benefit (expense), other-than-temporary impairment | (7) | (3,414) | ||
Total URA(D) on securities arising during the period | (18,253) | (26,917) | (915) | 15,137 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (28,103) | (41,410) | (11,164) | 23,285 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 22 | 9,757 | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 1 | $ (1) | $ 3 |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | $ 1,223,976 | $ 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (58,072) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 634,866 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (27,101) | (18,204) |
Available-for-sale Securities, Market Value, Total | 1,858,842 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (85,173) | (90,458) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,223,976 | 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (58,072) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 634,866 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (27,101) | (18,204) |
Available-for-sale Securities, Market Value, Total | 1,858,842 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (85,173) | (90,458) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 201 | 13,187 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1) | (20) |
Available for sale securities, Greater than 12 months, Market Value | 1,844 | 26,897 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (68) | (284) |
Available-for-sale Securities, Market Value, Total | 2,045 | 40,084 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (69) | (304) |
Obligations of US States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 20,162 | 20,428 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (316) | (242) |
Available for sale securities, Greater than 12 months, Market Value | 35,460 | 18,199 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,208) | (384) |
Available-for-sale Securities, Market Value, Total | 55,622 | 38,627 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,524) | (626) |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 647,568 | 830,928 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (34,098) | (48,891) |
Available for sale securities, Greater than 12 months, Market Value | 291,894 | 171,207 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (14,525) | (4,328) |
Available-for-sale Securities, Market Value, Total | 939,462 | 1,002,135 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (48,623) | (53,219) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 49,224 | 62,451 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (203) | $ (374) |
Available for sale securities, Greater than 12 months, Market Value | 8,601 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (29) | |
Available-for-sale Securities, Market Value, Total | 57,825 | $ 62,451 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (232) | (374) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 6,003 | 11,742 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (55) | $ (51) |
Available for sale securities, Greater than 12 months, Market Value | ||
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | ||
Available-for-sale Securities, Market Value, Total | 6,003 | $ 11,742 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (55) | (51) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 97,964 | 24,230 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (762) | (59) |
Available for sale securities, Greater than 12 months, Market Value | 157,863 | 267,824 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,544) | (4,661) |
Available-for-sale Securities, Market Value, Total | 255,827 | 292,054 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (2,306) | (4,720) |
Foreign Government Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 115,876 | 45,521 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,827) | (913) |
Available for sale securities, Greater than 12 months, Market Value | 66,812 | 53,086 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (5,831) | (4,431) |
Available-for-sale Securities, Market Value, Total | 182,688 | 98,607 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (9,658) | (5,344) |
Foreign Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 286,978 | 228,733 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (18,810) | (21,704) |
Available for sale securities, Greater than 12 months, Market Value | 72,392 | 117,713 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3,896) | (4,116) |
Available-for-sale Securities, Market Value, Total | 359,370 | 346,446 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (22,706) | $ (25,820) |
Investments (Summary Of Aggre39
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | $ 1,223,976 | $ 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (58,072) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 634,866 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (27,101) | (18,204) |
Available-for-sale Securities, Market Value, Total | 1,858,842 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (85,173) | (90,458) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,223,976 | 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (58,072) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 634,866 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (27,101) | (18,204) |
Available-for-sale Securities, Market Value, Total | 1,858,842 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (85,173) | (90,458) |
Due In One Year Or Less [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 36,780 | 12,858 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,633) | (550) |
Available for sale securities, Greater than 12 months, Market Value | 17,019 | 53,528 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,710) | (4,224) |
Available-for-sale Securities, Market Value, Total | 53,799 | 66,386 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,343) | (4,774) |
Due In One Year Through Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 594,454 | 622,137 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (29,341) | (51,262) |
Available for sale securities, Greater than 12 months, Market Value | 304,349 | 243,192 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (15,213) | (6,306) |
Available-for-sale Securities, Market Value, Total | 898,803 | 865,329 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (44,554) | (57,568) |
Due In Five Years Through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 382,520 | 467,187 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (23,273) | (18,958) |
Available for sale securities, Greater than 12 months, Market Value | 109,012 | 66,630 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,616) | (2,018) |
Available-for-sale Securities, Market Value, Total | 491,532 | 533,817 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (30,889) | (20,976) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 57,031 | 36,615 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,805) | (1,000) |
Available for sale securities, Greater than 12 months, Market Value | 38,022 | 23,752 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (989) | (995) |
Available-for-sale Securities, Market Value, Total | 95,053 | 60,367 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,794) | (1,995) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 49,224 | 62,451 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (203) | $ (374) |
Available for sale securities, Greater than 12 months, Market Value | 8,601 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (29) | |
Available-for-sale Securities, Market Value, Total | 57,825 | $ 62,451 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (232) | (374) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 103,967 | 35,972 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (817) | (110) |
Available for sale securities, Greater than 12 months, Market Value | 157,863 | 267,824 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,544) | (4,661) |
Available-for-sale Securities, Market Value, Total | 261,830 | 303,796 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (2,361) | $ (4,771) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | $ 66,651 | $ 88,090 | $ 214,916 | $ 228,391 |
Funds held interest income (expense) | 940 | 970 | 4,326 | 4,262 |
Interest income from Parent | 1,075 | 3,225 | ||
Gross investment income | 68,666 | 89,060 | 222,467 | 232,653 |
Investment expenses | (5,303) | (5,614) | (15,598) | (16,784) |
Net investment income | 63,363 | 83,446 | 206,869 | 215,869 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 46,414 | 52,515 | 140,829 | 157,515 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 8,004 | 7,966 | 26,638 | 26,083 |
Short-Term Investments And Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 220 | 196 | 705 | 841 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 3,021 | 19,254 | 17,676 | 18,862 |
Dividends From Parent's Shares [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 9,234 | 7,290 | 27,702 | 21,870 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | $ (242) | $ 869 | $ 1,366 | $ 3,220 |
Investments (Summary Of Compo41
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (10,502) | $ (43,433) | $ (199) | |
Gain on sale of subsidiary | 94,704 | 94,704 | ||
Total net realized capital gains (losses) | (121,695) | $ (160) | (49,174) | 120,904 |
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | (10,502) | (43,433) | (199) | |
Gains (losses) from sales | (6,636) | $ 1,070 | (30,362) | (1,855) |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (17) | 82 | 25 | 1,022 |
Gains (losses) from fair value adjustments | (938) | 56 | (938) | |
Equity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 1 | |||
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (13,656) | (2,589) | (14,010) | (2,204) |
Gains (losses) from fair value adjustments | (101,322) | (12,559) | (85,710) | 65,399 |
Other Invested Assets [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from fair value adjustments | (84,272) | 14,775 | 29,549 | 59,681 |
Short-Term Investments And Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | $ 6 | $ (1) | $ 6 | $ (2) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 130,284 | $ 222,915 | $ 420,108 | $ 571,537 |
Gross gains from sales | 1,401 | 4,408 | 9,039 | 10,698 |
Gross losses from sales | (8,054) | (3,256) | (39,376) | (11,531) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 138,799 | 111,684 | 442,292 | 404,627 |
Gross gains from sales | 5,241 | 1,697 | 17,655 | 12,019 |
Gross losses from sales | $ (18,896) | $ (4,286) | $ (31,664) | $ (14,223) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of public equity portfolio | $ 114,519 | $ 114,519 | $ 96,890 | ||
Transfers between Level 1 and Level 2 | 0 | 0 | |||
Transfers from level 3 | (1,206) | $ 1,101 | 6,878 | $ 1,101 | |
Available For Sale Securities Debt Securities Market Value | 5,384,362 | $ 5,384,362 | $ 5,293,411 | ||
Private Placement [Member] | Unavailability Of Prices [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of securities | security | 1 | ||||
Available For Sale Securities Debt Securities Market Value | $ 6,125 | $ 6,125 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value)(Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 5,384,362 | $ 5,293,411 |
Fixed maturities - available for sale, at fair value | 1,509 | |
Equity securities - available for sale, at market value | 16 | |
Equity securities - available for sale, at fair value | 1,199,347 | 1,299,037 |
Other invested assets, at fair value | 1,684,860 | 1,655,311 |
Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities - available for sale, at market value | 16 | |
Equity securities - available for sale, at fair value | 1,109,801 | 1,188,613 |
Other invested assets, at fair value | 1,684,860 | 1,655,311 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 5,372,962 | 5,277,648 |
Fixed maturities - available for sale, at fair value | 1,509 | |
Equity securities - available for sale, at fair value | 89,546 | 110,424 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 11,400 | 15,763 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 227,444 | 136,836 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 227,444 | 136,836 |
Obligations of US States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 714,279 | 824,472 |
Obligations of US States and Political Subdivisions [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 714,279 | 824,472 |
Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 1,999,162 | 1,978,935 |
Corporate Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 1,993,887 | 1,978,935 |
Corporate Debt Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 5,275 | |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 132,461 | 94,823 |
Asset-backed Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 132,461 | 94,823 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 64,521 | 59,268 |
Commercial Mortgage-Backed Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 64,521 | 50,671 |
Commercial Mortgage-Backed Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 8,597 | |
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 726,035 | 598,117 |
Agency Residential [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 726,035 | 598,117 |
Non-agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 168 | 315 |
Non-agency Residential [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 168 | 315 |
Foreign Government Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 464,707 | 537,087 |
Foreign Government Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 464,707 | 537,087 |
Foreign Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 1,055,585 | 1,063,558 |
Foreign Corporate Debt Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 1,049,460 | 1,056,392 |
Foreign Corporate Debt Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 6,125 | $ 7,166 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 9,795 | $ 2,532 | $ 15,763 | $ 4,018 |
Total gains or (losses) (realized/unrealized), Included in earnings | 56 | 1,237 | 175 | 1,312 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (1,380) | (295) | (1,311) | (222) |
Purchases, issuances and settlements | 1,723 | 22,783 | 3,651 | 21,149 |
Transfers in and/or (out) of Level 3 | 1,206 | (1,101) | (6,878) | (1,101) |
Ending balance | 11,400 | $ 25,156 | 11,400 | $ 25,156 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Corporate Debt Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 1,958 | |||
Total gains or (losses) (realized/unrealized), Included in earnings | (6) | (2) | ||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (93) | $ 42 | (95) | $ 42 |
Purchases, issuances and settlements | 1,723 | 1,274 | 3,651 | 1,274 |
Transfers in and/or (out) of Level 3 | 1,693 | 1,721 | ||
Ending balance | 5,275 | $ 1,316 | 5,275 | $ 1,316 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Asset-backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 2,528 | $ 3,533 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | 1,235 | 1,291 | ||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (284) | (191) | ||
Purchases, issuances and settlements | 17,898 | 16,744 | ||
Transfers in and/or (out) of Level 3 | (1,101) | (1,101) | ||
Ending balance | $ 20,276 | $ 20,276 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Commercial Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 8,597 | |||
Transfers in and/or (out) of Level 3 | (8,597) | |||
Foreign Corporate Debt Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 7,837 | 7,166 | $ 481 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 62 | 177 | 18 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (1,287) | $ (50) | (1,216) | (70) |
Purchases, issuances and settlements | 3,614 | 3,135 | ||
Transfers in and/or (out) of Level 3 | (487) | (2) | ||
Ending balance | $ 6,125 | $ 3,564 | $ 6,125 | $ 3,564 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Non-agency Residential [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 4 | $ 4 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | 2 | 3 | ||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (3) | (3) | ||
Purchases, issuances and settlements | $ (3) | $ (4) | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 142,661 | $ 142,653 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 32,414 | $ 31,964 |
Other Comprehensive Income (L47
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Comprehensive Income (Loss) [Abstract] | ||||
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Before Tax | $ (45,240) | $ (40,339) | $ (84,958) | $ 21,234 |
URA(D) on securities - OTTI, Before Tax | 22 | 9,757 | ||
Reclassification of net realized losses (gains) included in net income (loss), Before Tax | 17,137 | (1,070) | 73,793 | 2,054 |
Foreign currency translation adjustments, Before Tax | (42,266) | (11,496) | (68,670) | (13,211) |
Reclassification of amortization of net gain (loss) included in net income (loss), Before Tax | 2,393 | 1,269 | 7,336 | 3,640 |
Total other comprehensive income (loss), Before Tax | (67,954) | (51,636) | (62,742) | 13,717 |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Tax Effect | 15,347 | 14,118 | 28,749 | (7,556) |
URA(D) on securities - OTTI, Tax Effect | (7) | (3,414) | ||
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | (5,512) | 374 | (24,842) | (595) |
Foreign currency translation adjustments, Tax Effect | 14,793 | 4,024 | 24,034 | 4,624 |
Reclassification of amortization of net gain (loss) included in net income (loss), Tax Effect | (837) | (444) | (2,567) | (1,274) |
Total other comprehensive income (loss), Tax Effect | 23,784 | 18,072 | 21,960 | (4,801) |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Net of Tax | (29,893) | (26,221) | (56,209) | 13,678 |
URA(D) of securities - OTTI, Net of Tax | 15 | 6,343 | ||
Reclassification of net realized losses (gains) included in net income (loss), Net of Tax | 11,625 | (696) | 48,951 | 1,459 |
Foreign currency translation adjustments, Net of Tax | $ (27,473) | $ (7,472) | $ (44,636) | $ (8,587) |
Benefit plan actuarial net gain (loss), Net of Tax | ||||
Reclassification of amortization of net gain (loss) included in net income (loss), Net of Tax | $ 1,556 | $ 825 | $ 4,769 | $ 2,366 |
Total other comprehensive income (loss), Net of tax | $ (44,170) | $ (33,564) | $ (40,782) | $ 8,916 |
Other Comprehensive Income (L48
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ (111,193) | $ (160) | $ (100,445) | $ 121,103 |
Other underwriting expenses | (56,953) | (50,623) | (157,069) | (137,032) |
Income tax expense (benefit) | 7,149 | (21,720) | (107,306) | (145,498) |
NET INCOME (LOSS) | (4,659) | 100,141 | 245,051 | 344,781 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | 17,137 | (1,070) | 73,793 | 2,054 |
Income tax expense (benefit) | (5,512) | 374 | (24,842) | (595) |
NET INCOME (LOSS) | 11,625 | (696) | 48,951 | 1,459 |
Benefit Plan Liability [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other underwriting expenses | 2,393 | 1,269 | 7,336 | 3,640 |
Income tax expense (benefit) | (837) | (444) | (2,567) | (1,274) |
NET INCOME (LOSS) | $ 1,556 | $ 825 | $ 4,769 | $ 2,366 |
Other Comprehensive Income (L49
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss) [Abstract] | |||||
Beginning balance of URA (D) on securities | $ 37,628 | $ 55,457 | $ 55,457 | ||
Current period change in URA (D) of investments - temporary | (7,258) | (11,501) | |||
Current period change in URA (D) of investments - non-credit OTTI | 6,343 | (6,328) | |||
Ending balance of URA (D) on securities | $ 36,713 | 36,713 | 37,628 | ||
Beginning balance of foreign currency translation adjustments | 41,877 | 71,087 | 71,087 | ||
Current period change in foreign currency translation adjustments | (44,636) | (29,210) | |||
Ending balance of foreign currency translation adjustments | (2,759) | (2,759) | 41,877 | ||
Beginning balance of benefit plan net gain (loss) | (74,986) | (38,896) | (38,896) | ||
Current period change in benefit plan net gain (loss) | 1,556 | $ 825 | 4,769 | $ 2,366 | (36,090) |
Ending balance of benefit plan net gain (loss) | (70,217) | (70,217) | (74,986) | ||
Ending balance of accumulated other comprehensive income (loss) | $ (36,263) | $ (36,263) | $ 4,519 |
Credit Facility-Expired (Narrat
Credit Facility-Expired (Narrative) (Details) - Total Citibank Holdings Credit Facility [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Line of Credit Facility [Line Items] | |
Line of credit facility, term of credit facility | 3 years |
Line of credit facility, commitment | $ 150,000 |
Reinsurance And Trust Agreeme51
Reinsurance And Trust Agreements (Details) $ in Thousands | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Sep. 30, 2015USD ($) |
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 306,214 | ||
Kilimanjaro Re Limited [Member] | |||
Effects of Reinsurance [Line Items] | |||
Number of collateralized reinsurance agreements | item | 2 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance coverage amount | $ 500,000 | ||
Catastrophe reinsurance bonds, funded amount | $ 500,000 | $ 450,000 | |
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeastern United States [Member] | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance coverage amount | 250,000 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeast, Mid-Atlantic And Northeast United States And Puerto Rico [Member] | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance coverage amount | $ 200,000 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 1.72% | |
Maturity date | Dec. 31, 2023 | |
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Jun. 5, 2014 | |
Principal amounts | $ 400,000,000 | |
Debt maturity term | 30 years | |
Debt instrument, stated interest rate | 4.868% | 4.868% |
Maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Senior Notes [Member] | Senior Notes 5.4% [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Oct. 12, 2004 | |
Principal amounts | $ 250,000,000 | |
Debt instrument, stated interest rate | 5.40% | |
Maturity date | Oct. 15, 2014 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Parent Company [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 1.72% | |
Date due | Dec. 31, 2023 | |
Senior Notes 5.4% [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Date issued | Oct. 12, 2004 | |
Date due | Oct. 15, 2014 | |
Principal amounts | $ 250,000,000 | |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | Jun. 1, 2044 |
Principal amounts | $ 400,000,000 | |
Consolidated balance sheet amount | 400,000,000 | $ 400,000,000 |
Market value | $ 388,768,000 | $ 404,892,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 8,256 | $ 14,604 | $ 16,385 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Percentage of principal amount required for redemption | 100.00% | |
Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Percentage of principal amount required for redemption | 100.00% | |
Outstanding debt reduction | $ 161,441 | |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Long Term Subordinated Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Applicable spread on treasury rate | 0.25% | |
Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Applicable spread on treasury rate | 0.50% | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 1.72% | |
Debt instrument, maturity date | Dec. 31, 2023 | |
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Floating Rate Interest Period [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate terms | interest will be based on the 3 month LIBOR plus 238.5 | |
Floating Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Senior Notes 5.4% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Debt instrument, maturity date | Oct. 15, 2014 | |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Date issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | $ 400,000,000 |
Maturity date | May 1, 2067 | May 1, 2067 |
Consolidated balance sheet amount | $ 238,367,000 | $ 238,364,000 |
Market value | $ 218,281,000 | $ 246,312,000 |
Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Long Term Subordinated Debt [Member] | Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2067 | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 1.72% | |
Maturity date | Dec. 31, 2023 |
Long Term Subordinated Notes 57
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 3,937 | $ 3,937 | $ 11,811 | $ 11,811 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting [Abstract] | ||
Percentage threshold of company revenue not exceeded by any other country | 5.00% | 5.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 546,050 | $ 569,597 | $ 1,588,536 | $ 1,560,778 |
Incurred losses and LAE | 370,754 | 380,580 | 1,002,513 | 980,143 |
Commission and brokerage | 72,151 | 79,168 | 241,635 | 240,584 |
Other underwriting expenses | 56,953 | 50,623 | 157,069 | 137,032 |
Underwriting gain (loss) | 46,192 | 59,226 | 187,319 | 203,019 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 601,570 | 679,904 | 1,615,276 | 1,663,320 |
Net written premiums | 247,352 | 304,442 | 672,753 | 771,054 |
Premiums earned | 235,275 | 275,521 | 726,113 | 739,977 |
Incurred losses and LAE | 109,137 | 125,475 | 337,065 | 371,135 |
Commission and brokerage | 48,881 | 51,231 | 141,948 | 144,747 |
Other underwriting expenses | 13,718 | 12,119 | 37,054 | 33,054 |
Underwriting gain (loss) | 63,539 | 86,696 | 210,046 | 191,041 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 374,138 | 419,457 | 1,019,406 | 1,214,343 |
Net written premiums | 147,991 | 157,932 | 417,071 | 446,599 |
Premiums earned | 135,130 | 145,662 | 433,751 | 438,394 |
Incurred losses and LAE | 128,454 | 113,703 | 339,926 | 286,166 |
Commission and brokerage | 27,936 | 23,767 | 93,178 | 80,348 |
Other underwriting expenses | 9,128 | 8,759 | 25,292 | 24,689 |
Underwriting gain (loss) | (30,388) | (567) | (24,645) | 47,191 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 473,003 | 354,033 | 1,130,233 | 885,006 |
Net written premiums | 203,730 | 149,542 | 490,140 | 386,694 |
Premiums earned | 175,645 | 148,414 | 428,672 | 382,407 |
Incurred losses and LAE | 133,163 | 141,402 | 325,522 | 322,842 |
Commission and brokerage | (4,666) | 4,170 | 6,509 | 15,489 |
Other underwriting expenses | 34,107 | 29,745 | 94,723 | 79,289 |
Underwriting gain (loss) | $ 13,041 | $ (26,903) | $ 1,918 | $ (35,213) |
Segment Reporting (Schedule O60
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting [Abstract] | ||||
Underwriting gain (loss) | $ 46,192 | $ 59,226 | $ 187,319 | $ 203,019 |
Net investment income | 63,363 | 83,446 | 206,869 | 215,869 |
Net realized capital gains (losses) | (121,695) | (160) | (49,174) | 120,904 |
Corporate expense | (1,637) | (4,620) | (5,031) | (5,398) |
Interest, fee and bond issue cost amortization expense | (8,859) | (12,292) | (26,576) | (28,539) |
Other income (expense) | 10,828 | (3,739) | 38,950 | (15,576) |
INCOME (LOSS) BEFORE TAXES | $ (11,808) | $ 121,861 | $ 352,357 | $ 490,279 |
Segment Reporting (Schedule O61
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | $ 31,903 | $ 41,644 | $ 85,575 | $ 116,133 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) $ in Thousands, £ in Millions | 9 Months Ended | ||
Sep. 30, 2015GBP (£)shares | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||
Note receivable - affiliated | $ 250,000 | $ 250,000 | |
Stock repurchase program, number of shares held | shares | 9,719,971 | ||
Reserve indemnity agreement, percent | 90.00% | ||
Reserve indemnity agreement, amount | £ | £ 25 | ||
Parent Company [Member] | |||
Related Party Transaction [Line Items] | |||
Note receivable - affiliated | $ 250,000 | ||
Debt instrument, stated interest rate | 1.72% | ||
Maturity date | Dec. 31, 2023 |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Sep. 30, 2015shares |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 30,000,000 |
Amendment Date, 09/21/2004 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 07/21/2008 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 02/24/2010 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 02/22/2012 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 05/15/2013 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 11/19/2014 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Related-Party Transactions (Pur
Related-Party Transactions (Purchase Price For Common Shares) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Related-Party Transactions [Abstract] | |
Total purchase price | $ 835,371 |
Related-Party Transactions (Div
Related-Party Transactions (Dividends Received On Common Shares Reported As Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related-Party Transactions [Abstract] | ||||
Dividends received | $ 9,234 | $ 7,290 | $ 27,702 | $ 21,870 |
Related-Party Transactions (Exp
Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related-Party Transactions [Abstract] | ||||
Expenses incurred | $ 20,359 | $ 22,149 | $ 58,555 | $ 55,668 |
Related-Party Transactions (Aff
Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 9 months ended Sep. 30, 2015 CAD in Thousands, $ in Thousands | CAD | USD ($) | |
Everest Re [Member] | |||
Related Party Transaction [Line Items] | |||
Assuming Company | Bermuda Re | Bermuda Re | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2002-12/31/2002 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 20.00% | 20.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2003-12/31/2003 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 25.00% | 25.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2004-12/31/2005 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 22.50% | 22.50% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2006-12/31/2006 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 18.00% | 18.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property business | property business | |
Single Occurrence Limit | [1] | $ 125,000 | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2006-12/31/2007 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 31.50% | 31.50% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | casualty business | casualty business | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2007-12/31/2007 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 22.50% | 22.50% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property business | property business | |
Single Occurrence Limit | [1] | $ 130,000 | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2008-12/31/2008 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 36.00% | 36.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | [1] | $ 130,000 | |
Aggregate Limit | [2] | $ 275,000 | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2009-12/31/2009 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 36.00% | 36.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | [1] | $ 150,000 | |
Aggregate Limit | [2] | $ 325,000 | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2010-12/31/2010 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 44.00% | 44.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | $ 150,000 | ||
Aggregate Limit | $ 325,000 | ||
Everest Re [Member] | Bermuda Re [Member] | 01/01/2011 -12/31/2011 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 50.00% | 50.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | $ 150,000 | ||
Aggregate Limit | $ 300,000 | ||
Everest Re [Member] | Bermuda Re [Member] | 01/01/2012 -12/31/2014 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 50.00% | 50.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | $ 100,000 | ||
Aggregate Limit | $ 200,000 | ||
Everest Re [Member] | Bermuda Re [Member] | 01/01/2015 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 50.00% | 50.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | $ 162,500 | ||
Aggregate Limit | $ 325,000 | ||
Everest Re [Member] | Everest International [Member] | 01/01/2004-12/31/2005 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 2.50% | 2.50% | |
Assuming Company | Everest International | Everest International | |
Type of Business | property / casualty business | property / casualty business | |
Everest Re [Member] | Everest International [Member] | 01/01/2006-12/31/2006 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 2.00% | 2.00% | |
Assuming Company | Everest International | Everest International | |
Type of Business | property business | property business | |
Everest Re [Member] | Everest International [Member] | 01/01/2006-12/31/2007 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 3.50% | 3.50% | |
Assuming Company | Everest International | Everest International | |
Type of Business | casualty business | casualty business | |
Everest Re [Member] | Everest International [Member] | 01/01/2007-12/31/2007 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 2.50% | 2.50% | |
Assuming Company | Everest International | Everest International | |
Type of Business | property business | property business | |
Everest Re [Member] | Everest International [Member] | 01/01/2008-12/31/2008 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 4.00% | 4.00% | |
Assuming Company | Everest International | Everest International | |
Type of Business | property / casualty business | property / casualty business | |
Everest Re [Member] | Everest International [Member] | 01/01/2009-12/31/2009 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re | Everest Re | |
Percent Ceded | 8.00% | 8.00% | |
Assuming Company | Everest International | Everest International | |
Type of Business | property / casualty business | property / casualty business | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2010-12/31/2010 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | 60.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property business | property business | |
Single Occurrence Limit | CAD | [3] | CAD 350,000 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2011 -12/31/2011 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | 60.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property business | property business | |
Single Occurrence Limit | CAD | [3] | CAD 350,000 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2003-12/31/2006 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 50.00% | 50.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property business | property business | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2007-12/31/2009 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | 60.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property business | property business | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2012 -12/31/2012 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | 75.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | CAD | [3] | CAD 206,250 | |
Aggregate Limit | CAD | [3] | CAD 412,500 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2013 -12/31/2013 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | 75.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | CAD | [3] | CAD 150,000 | |
Aggregate Limit | CAD | [3] | CAD 412,500 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2014 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | 75.00% | |
Assuming Company | Bermuda Re | Bermuda Re | |
Type of Business | property / casualty business | property / casualty business | |
Single Occurrence Limit | CAD | [3] | CAD 262,500 | |
Aggregate Limit | CAD | [3] | CAD 412,500 | |
Everest Canada [Member] | Everest Re- Canadian Branch [Member] | 01/01/2012 [Member] | |||
Related Party Transaction [Line Items] | |||
Ceding Company | Everest Canada | Everest Canada | |
Percent Ceded | 80.00% | 80.00% | |
Assuming Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch | |
Type of Business | property business | property business | |
[1] | The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International. | ||
[2] | The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International. | ||
[3] | Amounts shown are Canadian dollars. |
Related-Party Transactions (Lia
Related-Party Transactions (Liability Limits For Any Losses Per One Occurrence) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Related-Party Transactions [Abstract] | |
Liability Limits, Losses per one occurrence, Exceeding | $ 100,000 |
Liability Limits, Losses per one occurrence, Not to Exceed | $ 150,000 |
Related-Party Transactions (Los
Related-Party Transactions (Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Mt. McKinley [Member] | |
Related Party Transaction [Line Items] | |
Effective Date | Sep. 19, 2000 |
Assuming Company | Bermuda Re |
% of Business Transfer | 100.00% |
Covered Period of Transfer | All years |
Everest Re (Belgium Branch) [Member] | |
Related Party Transaction [Line Items] | |
Effective Date | Oct. 1, 2001 |
Assuming Company | Bermuda Re |
% of Business Transfer | 100.00% |
Covered Period of Transfer | All years |
Everest Re [Member] | |
Related Party Transaction [Line Items] | |
Effective Date | Oct. 1, 2008 |
Assuming Company | Bermuda Re |
Amount of Business Transfer | $ 747,022 |
Covered Period of Transfer | 01/01/2002-12/31/2007 |
Related-Party Transactions (Pre
Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Bermuda Re [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ceded written premiums | $ 646,001 | $ 664,316 | $ 1,713,502 | $ 1,706,390 | |
Ceded earned premiums | 591,656 | 598,641 | 1,708,807 | 1,613,741 | |
Ceded losses and LAE | [1] | 343,660 | 344,513 | 984,371 | 879,336 |
Everest International [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ceded written premiums | 168 | 131 | 313 | 219 | |
Ceded earned premiums | 208 | 176 | 441 | 450 | |
Ceded losses and LAE | (724) | (321) | 156 | 1,823 | |
Everest Canada [Member] | |||||
Related Party Transaction [Line Items] | |||||
Assumed written premiums | 11,046 | 10,425 | 29,533 | 25,650 | |
Assumed earned premiums | 9,174 | 7,106 | 26,498 | 17,062 | |
Assumed losses and LAE | 4,041 | 4,104 | 15,062 | 10,487 | |
Mt. Logan Re [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ceded written premiums | 68,078 | 44,728 | 162,640 | 93,322 | |
Ceded earned premiums | 55,234 | 38,458 | 141,668 | 78,975 | |
Ceded losses and LAE | 17,071 | 3,113 | 38,542 | 17,904 | |
Assumed written premiums | 4,230 | 578 | 11,626 | 10,497 | |
Assumed earned premiums | $ 4,230 | $ 5,786 | $ 11,626 | $ 10,497 | |
Assumed losses and LAE | |||||
[1] | (a) Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, amortization of deferred gain on retroactive reinsurance is reflected in other income on the consolidated statements of operations and comprehensive income (loss). Upon the sale of Mt. McKinley, the value of the remaining deferred gain on retroactive reinsurance was included in the calculation of the realized gain on sale of subsidiary. |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 0 | $ 0 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,203 | $ 2,460 | 9,398 | 7,381 |
Interest cost | 2,758 | 2,542 | 7,926 | 7,625 |
Expected return on plan assets | (2,904) | (2,822) | (8,710) | (8,468) |
Amortization of unrecognized prior service cost | 4 | 13 | 15 | 38 |
Amortization of net (income) loss | 2,312 | 1,173 | 6,824 | 3,356 |
FAS 88 settlement charge | 5,269 | 5,269 | ||
Net periodic benefit cost | 5,373 | 8,635 | 15,453 | 15,201 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 498 | 407 | 1,498 | 1,221 |
Interest cost | 329 | 342 | 987 | 1,026 |
Amortization of net (income) loss | 76 | 82 | 497 | 246 |
Net periodic benefit cost | $ 903 | $ 831 | $ 2,982 | $ 2,493 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - Mt. Mckinley Insurance Company [Member] $ in Thousands | Jul. 13, 2015USD ($) |
Gain (Loss) on Investments [Line Items] | |
Capital Stock Value Outstanding | $ 20,156 |
Gain (Loss) on Investments | $ 94,704 |
Dispositions (Assets and Liabil
Dispositions (Assets and Liabilities classified as Held for Sale) (Details) - Mt. Mckinley Insurance Company [Member] $ in Thousands | Jul. 13, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Investments and cash | $ 16,223 |
Reinsurance recoverables | 142,057 |
Deferred tax asset | 35,451 |
Total assets held for sale | 193,731 |
Reserve for losses and loss adjustment expenses | 137,704 |
Deferred gain on retroactive reinsurance | 94,704 |
Other liabilities | 130 |
Total liabilites held for sale | 232,538 |
Net liabilities held for sale | $ (38,807) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events [Member] $ in Thousands | 1 Months Ended |
Nov. 13, 2015USD ($)item | |
Subsequent Event [Line Items] | |
Number Of Collateralized Reinsurance Agreements | 2 |
Number of classes | 2 |
Ceded Premiums Written | $ | $ 625,000 |