Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 15, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2015, $5,335,472; 2014, $5,235,523) | $ 5,356,477 | $ 5,293,411 |
Fixed maturities - available for sale, at fair value | 2,102 | 1,509 |
Equity securities - available for sale, at market value (cost: 2015, $0; 2014, $15) | 16 | |
Equity securities - available for sale, at fair value | 1,215,377 | 1,299,037 |
Short-term investments | 563,536 | 564,364 |
Other invested assets (cost: 2015, $450,154; 2014, $435,010) | 450,154 | 435,010 |
Other invested assets, at fair value | 1,773,214 | 1,655,311 |
Cash | 155,429 | 323,975 |
Total investments and cash | 9,516,289 | 9,572,633 |
Note receivable - affiliated | 250,000 | 250,000 |
Accrued investment income | 41,727 | 45,386 |
Premiums receivable | 1,129,656 | 1,086,203 |
Reinsurance receivables - unaffiliated | 716,982 | 659,303 |
Reinsurance receivables - affiliated | 3,742,105 | 3,372,715 |
Funds held by reinsureds | 176,712 | 182,159 |
Deferred acquisition costs | 92,651 | 109,262 |
Prepaid reinsurance premiums | 772,686 | 809,083 |
Other assets | 261,805 | 235,576 |
TOTAL ASSETS | 16,700,613 | 16,322,320 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 7,940,720 | 7,843,856 |
Unearned premium reserve | 1,349,799 | 1,442,122 |
Funds held under reinsurance treaties | 101,531 | 101,743 |
Losses in the course of payment | 125,592 | 178,521 |
Commission reserves | 51,873 | 63,110 |
Other net payable to reinsurers | 1,225,260 | 1,028,549 |
4.868% Senior notes due 6/1/2044 | 400,000 | 400,000 |
6.6% Long term notes due 5/1/2067 | 238,368 | 238,364 |
Accrued interest on debt and borrowings | 3,537 | 3,537 |
Income taxes | 68,024 | 46,835 |
Unsettled securities payable | 15,040 | 41,092 |
Other liabilities | 249,658 | 361,874 |
Total liabilities | $ 11,769,402 | $ 11,749,603 |
Commitments and Contingencies (Note 15) | ||
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 | $ 374,789 | $ 362,293 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($33,458) at 2015 and $2,434 at 2014 | (62,136) | 4,519 |
Retained earnings | 4,618,558 | 4,205,905 |
Total stockholder's equity | 4,931,211 | 4,572,717 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 16,700,613 | $ 16,322,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed maturities - available for sale, amortized cost | $ 5,335,472 | $ 5,235,523 |
Equity securities - available for sale, cost | 0 | 15 |
Other invested assets, cost | $ 450,154 | $ 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) | $ (33,458) | $ 2,434 |
Long Term Subordinated Debt [Member] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | 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 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES: | |||
Premiums earned | $ 2,143,760 | $ 2,113,726 | $ 2,006,361 |
Net investment income | 273,253 | 290,310 | $ 296,996 |
Net realized capital gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | $ (78,833) | $ (38,912) | |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | |||
Realized gain on sale of subsidiary | $ 94,704 | ||
Other net realized capital gains (losses) | 34,464 | $ 245,591 | $ 723,149 |
Total net realized capital gains (losses) | 50,335 | 206,679 | 723,149 |
Other income (expense) | 29,256 | (22,278) | (7,714) |
Total revenues | 2,496,604 | 2,588,437 | 3,018,792 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 1,319,561 | 1,354,093 | 1,272,156 |
Commission, brokerage, taxes and fees | 315,069 | 339,402 | 293,922 |
Other underwriting expenses | 214,819 | 192,032 | 193,499 |
Corporate expenses | 7,179 | 7,252 | 8,262 |
Interest, fee and bond issue cost amortization expense | 35,434 | 37,970 | 45,452 |
Total claims and expenses | 1,892,062 | 1,930,749 | 1,813,291 |
INCOME (LOSS) BEFORE TAXES | 604,542 | 657,688 | 1,205,501 |
Income tax expense (benefit) | 191,889 | 203,562 | 407,238 |
NET INCOME (LOSS) | 412,653 | 454,126 | 798,263 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (23,157) | (44,902) | (99,241) |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | (817) | 27,073 | (2,465) |
Total URA(D) on securities arising during the period | (23,974) | (17,829) | (101,706) |
Foreign currency translation adjustments | (54,578) | (29,210) | (19,128) |
Benefit plan actuarial net gain (loss) for the period | 5,681 | (39,110) | 17,837 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 6,216 | 3,020 | 5,778 |
Total benefit plan net gain (loss) for the period | 11,897 | (36,090) | 23,615 |
Total other comprehensive income (loss), net of tax | (66,655) | (83,129) | (97,219) |
COMPREHENSIVE INCOME (LOSS) | $ 345,998 | $ 370,997 | $ 701,044 |
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, 2012 | 1,000 | ||||
Balance, beginning of period at Dec. 31, 2012 | $ 340,223 | $ 184,867 | $ 2,953,516 | ||
Share-based compensation plans | 10,828 | ||||
Net increase (decrease) during the period | (97,219) | $ (97,219) | |||
Net income (loss) | 798,263 | 798,263 | |||
Balance, end of period, shares at Dec. 31, 2013 | 1,000 | ||||
Balance, end of period at Dec. 31, 2013 | 351,051 | 87,648 | 3,751,779 | 4,190,478 | |
Share-based compensation plans | 11,242 | ||||
Net increase (decrease) during the period | (83,129) | (83,129) | |||
Net income (loss) | 454,126 | $ 454,126 | |||
Balance, end of period, shares at Dec. 31, 2014 | 1,000 | 1,000 | |||
Balance, end of period at Dec. 31, 2014 | 362,293 | 4,519 | 4,205,905 | $ 4,572,717 | |
Share-based compensation plans | 12,496 | ||||
Net increase (decrease) during the period | (66,655) | (66,655) | |||
Net income (loss) | 412,653 | $ 412,653 | |||
Balance, end of period, shares at Dec. 31, 2015 | 1,000 | 1,000 | |||
Balance, end of period at Dec. 31, 2015 | $ 374,789 | $ (62,136) | $ 4,618,558 | $ 4,931,211 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 412,653 | $ 454,126 | $ 798,263 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (49,602) | 83,362 | (175,854) |
Decrease (increase) in funds held by reinsureds, net | 4,737 | 2,236 | (12,075) |
Decrease (increase) in reinsurance receivables | (465,761) | (460,635) | 25,665 |
Decrease (increase) in income taxes | 57,487 | 68,206 | 351,573 |
Decrease (increase) in prepaid reinsurance premiums | 30,985 | (138,010) | (118,173) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 184,845 | 248,053 | (439,560) |
Increase (decrease) in unearned premiums | (82,494) | 130,519 | 228,097 |
Increase (decrease) in other net payable to reinsurers | 204,526 | 5,130 | 127,252 |
Increase (decrease) in losses in course of payment | (51,416) | (171,071) | 171,829 |
Change in equity adjustments in limited partnerships | (18,144) | (28,249) | (35,721) |
Distribution of limited partnership income | 45,235 | 41,064 | 24,133 |
Change in other assets and liabilities, net | 7,499 | 81,388 | 25,049 |
Non-cash compensation expense | 8,025 | 7,911 | 7,983 |
Amortization of bond premium (accrual of bond discount) | 18,160 | 19,086 | 25,599 |
Amortization of underwriting discount on senior notes | 4 | 46 | 54 |
Net realized capital (gains) losses | (50,335) | (206,679) | (723,149) |
Net cash provided by (used in) operating activities | 256,404 | 136,483 | 280,965 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 902,932 | 1,071,296 | 1,099,850 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | 875 | 7,213 | |
Proceeds from fixed maturities sold - available for sale, at market value | 544,955 | 1,080,276 | 598,342 |
Proceeds from fixed maturities sold - available for sale, at fair value | 1,824 | 36,467 | 21,572 |
Proceeds from equity securities sold - available for sale, at market value | 16 | ||
Proceeds from equity securities sold - available for sale, at fair value | 567,069 | 528,958 | 612,516 |
Proceeds from sale of subsidiary (net of cash disposed) | 3,934 | ||
Distributions from other invested assets | 51,494 | 72,323 | 64,483 |
Cost of fixed maturities acquired - available for sale, at market value | (1,811,463) | (2,406,162) | (1,611,791) |
Cost of fixed maturities acquired - available for sale, at fair value | (2,436) | (24,097) | (6,196) |
Cost of equity securities acquired - available for sale, at fair value | (530,538) | (416,375) | (439,115) |
Cost of other invested assets acquired | (93,728) | (134,373) | (17,926) |
Net change in short-term investments | (6,145) | 189,139 | (292,751) |
Net cost of lending for long term note - affiliated | (250,000) | ||
Net change in unsettled securities transactions | (23,447) | (4,157) | (3,057) |
Net cash provided by (used in) investing activities | (395,533) | (255,830) | 33,140 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Tax benefit from share-based compensation | 4,472 | 3,331 | 2,845 |
Net cost of junior subordinated debt securities redemption | (329,897) | ||
Net proceeds from issuance of senior notes | 400,000 | ||
Net cost of senior notes maturing | (250,000) | ||
Net cash provided by (used in) financing activities | 4,472 | 153,331 | (327,052) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (33,889) | (26,816) | (17,966) |
Net increase (decrease) in cash | (168,546) | 7,168 | (30,913) |
Cash, beginning of period | 323,975 | 316,807 | 347,720 |
Cash, end of period | 155,429 | 323,975 | 316,807 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | 131,632 | 133,057 | 51,045 |
Interest paid | 35,217 | $ 38,861 | $ 37,725 |
Non-cash transaction: | |||
Exchange of common shares of parent company, held as other invested assets at fair value, for preferred shares of an affiliated company, held as other invested assets at fair value | $ 1,773,214 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Business and Basis of Presentation. Everest Reinsurance Holdings, Inc. ("Holdings"), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited ("Holdings Ireland"), which is a direct subsidiary of Everest Re Group, Ltd. ("Group"), through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, "Company" means Holdings and its subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company ("Everest Re"), Everest National Insurance Company ("Everest National"), Everest Indemnity Insurance Company ("Everest Indemnity"), Everest Security Insurance Company ("Everest Security"), Heartland Crop Insurance, Inc. ("Heartland"), Everest International Assurance, Ltd. ("Everest Assurance"), Specialty Insurance Group, Inc. ("Specialty"), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC ("Specialty RPG"), Mt. Whitney Securities, Inc., Everest Reinsurance Company – Escritório de Representação No Brasil Ltda. ("Everest Brazil"), Mt. McKinley Managers, L.L.C. and Mt. McKinley Insurance Company ("Mt. McKinley"). All amounts are reported in U.S. dollars. 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. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2015 presentation. B. Investments. Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in stockholder's equity, net of income taxes in "accumulated other comprehensive income (loss)" in the consolidated balance sheets. Fixed maturity, equity securities and other invested assets carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities-available for sale, at market value through stockholders' equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency. The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities. For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Other invested assets, at fair value, at December 31, 2015 were comprised of convertible preferred stocks of Everest Preferred International Holdings, Ltd. ("Preferred Holdings"), an affiliated entity. At December 31, 2014, the other invested assets were comprised of common shares of the Company's ultimate parent, Everest Re Group, Ltd. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. The fair value of the Preferred Holdings convertible preferred stocks represented the December 21, 2015 value of Group's common shares that were exchanged for the preferred stocks. For other non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. 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 to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships and rabbi trusts. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management's assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2015 2014 Reinsurance recoverable and premium receivables $ 22,511 $ 29,153 D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company's reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Deferred acquisition costs $ 315,069 $ 339,402 $ 293,922 E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses ("LAE") is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported ("IBNR") based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental ("A&E") exposures, which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company's loss and LAE reserves represent management's best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. F. Premium Revenues . Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Written premiums related to crop insurance are earned on a seasonal pattern, which is based upon the planting and harvesting periods of each crop season. Unearned premium reserves are established relative to the unexpired contract period. Such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. G. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10 H. Income Taxes. The Company and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign branches of subsidiaries file local tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. I. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in stockholders' equity, net of deferred taxes. The business units' base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in stockholder's equity. J. Segmentation. The Company, through its subsidiaries, operates in three segments: U.S. Reinsurance, International and Insurance. See also Note 17. K. Retroactive Reinsurance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially determined expected payout period. Any future loss is recognized immediately and charged against earnings. L. Application of Recently Issued Accounting Standard Changes. Disclosures about Short-Duration Contracts. Debt Issuance Costs. Consolidation. Treatment of Insurance Contract Acquisition Costs. 7,215 5,818 1,397 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments | 2. 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 December 31, 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 $ 329,281 $ 2,422 $ (718 ) $ 330,985 $ - Obligations of U.S. states and political subdivisions 669,945 34,020 (890 ) 703,075 - Corporate securities 2,011,997 27,286 (70,725 ) 1,968,558 (86 ) Asset-backed securities 145,755 290 (1,063 ) 144,982 - Mortgage-backed securities Commercial 61,527 1,430 (511 ) 62,446 - Agency residential 714,907 3,994 (6,603 ) 712,298 - Non-agency residential 126 24 - 150 - Foreign government securities 447,244 24,255 (8,425 ) 463,074 - Foreign corporate securities 954,690 27,616 (11,397 ) 970,909 17 Total fixed maturity securities $ 5,335,472 $ 121,337 $ (100,332 ) $ 5,356,477 $ (69 ) 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) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. 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 December 31, 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 $ 330,029 $ 330,509 $ 385,721 $ 384,022 Due after one year through five years 2,617,079 2,618,056 2,387,533 2,369,917 Due after five years through ten years 870,266 856,230 1,025,221 1,029,077 Due after ten years 595,783 631,806 689,140 757,872 Asset-backed securities 145,755 144,982 94,470 94,823 Mortgage-backed securities Commercial 61,527 62,446 57,027 59,268 Agency residential 714,907 712,298 596,140 598,117 Non-agency residential 126 150 271 315 Total fixed maturity securities $ 5,335,472 $ 5,356,477 $ 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: Years Ended December 31, (Dollars in thousands) 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 $ (46,548 ) $ (17,697 ) Fixed maturity securities, other-than-temporary impairment 9,666 (9,735 ) Equity securities (1 ) 3 Change in unrealized appreciation (depreciation), pre-tax (36,883 ) (27,429 ) Deferred tax benefit (expense) 16,292 6,193 Deferred tax benefit (expense), other-than-temporary impairment (3,383 ) 3,407 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (23,974 ) $ (17,829 ) 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 December 31, 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 $ 216,352 $ (712 ) $ 692 $ (6 ) $ 217,044 $ (718 ) Obligations of U.S. states and political subdivisions 6,434 (84 ) 4,917 (806 ) 11,351 (890 ) Corporate securities 866,715 (49,034 ) 307,215 (21,691 ) 1,173,930 (70,725 ) Asset-backed securities 102,506 (791 ) 28,048 (272 ) 130,554 (1,063 ) Mortgage-backed securities Commercial 26,483 (511 ) - - 26,483 (511 ) Agency residential 320,285 (3,094 ) 150,095 (3,509 ) 470,380 (6,603 ) Non-agency residential - - - - - - Foreign government securities 61,498 (2,182 ) 77,911 (6,243 ) 139,409 (8,425 ) Foreign corporate securities 324,904 (6,289 ) 76,951 (5,108 ) 401,855 (11,397 ) Total fixed maturity securities $ 1,925,177 $ (62,697 ) $ 645,829 $ (37,635 ) $ 2,571,006 $ (100,332 ) Equity securities - - - - - - Total $ 1,925,177 $ (62,697 ) $ 645,829 $ (37,635 ) $ 2,571,006 $ (100,332 ) Duration of Unrealized Loss at December 31, 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 $ 21,780 $ (1,577 ) $ 12,212 $ (1,171 ) $ 33,992 $ (2,748 ) Due in one year through five years 1,023,437 (23,255 ) 347,203 (21,582 ) 1,370,640 (44,837 ) Due in five years through ten years 394,978 (31,423 ) 99,335 (10,131 ) 494,313 (41,554 ) Due after ten years 35,708 (2,046 ) 8,936 (970 ) 44,644 (3,016 ) Asset-backed securities 102,506 (791 ) 28,048 (272 ) 130,554 (1,063 ) Mortgage-backed securities 346,768 (3,605 ) 150,095 (3,509 ) 496,863 (7,114 ) Total fixed maturity securities $ 1,925,177 $ (62,697 ) $ 645,829 $ (37,635 ) $ 2,571,006 $ (100,332 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2015 were $ 2,571,006 100,332 0.07 62,697 35,978 6,090 37,635 14,807 6,959 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, as of December 31, 2015, were comprised of preferred shares held in Preferred Holdings, an affiliated company. As of December 31, 2014, other invested assets, at fair value, were comprised of shares held in the Parent company. The components of net investment income are presented in the tables below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Fixed maturities $ 188,300 $ 207,861 $ 210,416 Equity securities 34,418 34,112 36,274 Short-term investments and cash 964 1,190 1,090 Other invested assets Limited partnerships 19,613 29,653 36,737 Dividends from Parent's shares 38,880 31,104 21,287 Other 1,804 3,620 7,328 Gross investment income before adjustments 283,979 307,540 313,132 Funds held interest income (expense) 5,611 5,429 6,925 Interest income from Parent 4,300 - - Gross investment income 293,890 312,969 320,057 Investment expenses (20,637 ) (22,658 ) (23,061 ) Net investment income $ 273,253 $ 290,310 $ 296,996 (Some amounts may not reconcile due to rounding.) 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 $ 321,999 The components of net realized capital gains (losses) are presented in the tables below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Fixed maturity securities, market value: Other-than-temporary impairments $ (78,833 ) $ (38,912 ) $ - Gains (losses) from sales (36,299 ) (2,711 ) 3,792 Fixed maturity securities, fair value: Gain (losses) from sales 25 (3,137 ) 201 Gains (losses) from fair value adjustments (44 ) (1,498 ) 307 Equity securities, market value: Gains (losses) from sales 1 - - Equity securities, fair value: Gains (losses) from sales (8,010 ) (385 ) 31,566 Gains (losses) from fair value adjustments (39,119 ) 113,065 240,927 Other invested assets, fair value: Gains (losses) from exchange 88,354 - - Gains (losses) from fair value adjustments 29,549 140,259 446,341 Gain on sale of subsidiary 94,704 - - Short-term investment gains (losses) 7 (2 ) 15 Total net realized capital gains (losses) $ 50,335 $ 206,679 $ 723,149 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 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: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Proceeds from sales of fixed maturity securities $ 546,779 $ 1,116,743 $ 619,914 Gross gains from sales 10,935 14,782 14,914 Gross losses from sales (47,209 ) (20,630 ) (10,921 ) Proceeds from sales of equity securities $ 567,085 $ 528,958 $ 612,516 Gross gains from sales 26,136 17,921 40,191 Gross losses from sales (34,146 ) (18,306 ) (8,925 ) Securities with a carrying value amount of $ 1,398,874 |
Reserves For Losses And LAE
Reserves For Losses And LAE | 12 Months Ended |
Dec. 31, 2015 | |
Reserves For Losses And LAE [Abstract] | |
Reserves For Losses And LAE | 3. RESERVES FOR LOSSES AND LAE Reserves for losses and LAE. Activity in the reserve for losses and LAE is summarized for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 2013 Gross reserves at January 1 $ 7,843,856 $ 7,653,229 $ 8,143,055 Less reinsurance recoverables (3,702,782 ) (3,427,385 ) (3,444,970 ) Net reserves at January 1 4,141,074 4,225,844 4,698,085 Incurred related to: Current year 1,326,015 1,314,887 1,227,525 Prior years (6,454 ) 39,206 44,631 Total incurred losses and LAE 1,319,561 1,354,093 1,272,156 Paid related to: Current year 357,819 452,662 464,914 Prior years 946,337 926,819 1,209,941 Total paid losses and LAE 1,304,156 1,379,481 1,674,855 Foreign exchange/translation adjustment (90,832 ) (59,382 ) (69,542 ) Net reserves at December 31 4,065,647 4,141,074 4,225,844 Plus reinsurance recoverables 3,875,073 3,702,782 3,427,385 Gross reserves at December 31 $ 7,940,720 $ 7,843,856 $ 7,653,229 Prior years' reserves decreased by $ 6,454 39,206 44,631 86,540 80,086 The increase for 2014 was attributable to an increase of $ 87,362 11,352 59,509 The increase for 2013 was attributable to a $ 71,838 27,207 The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company's reserves include an estimate of the Company's ultimate liability for A&E claims. The Company's A&E liabilities emanate from Mt. McKinley, a direct subsidiary of the Company, direct insurance business and Everest Re's assumed reinsurance business. All of the contracts of insurance and reinsurance under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company's reserves for its A&E losses. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 2013 Gross basis: Beginning of period reserves $ 476,205 $ 402,461 $ 442,821 Incurred losses 40,000 142,233 5,598 Paid losses (83,088 ) (68,490 ) (45,958 ) End of period reserves $ 433,117 $ 476,205 $ 402,461 Net basis: Beginning of period reserves $ 304,286 $ 269,370 $ 305,469 Incurred losses 30,879 87,362 3,965 Paid losses (58,625 ) (52,446 ) (40,064 ) End of period reserves $ 276,540 $ 304,286 $ 269,370 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 Reinsurance Receivables. 4,459,087 4,032,018 3,643,252 81.7 5 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 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 two 3,593 The Company internally manages a small public equity portfolio which had a fair value at December 31, 2015 and December 31, 2014 of $ 131,219 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. In limited circumstances when broker prices are not available for private placements the Company will value the securities using comparable market information. 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, was categorized as Level 3 at December 31, 2015 since it represented a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company's parent, which were valued on a public securities exchange on December 21, 2015. The fair value of the stock at December 31, 2015 represented this exchange value. The other invested assets, at fair value, at December 31, 2014, was 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) December 31, 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 $ 330,985 $ - $ 330,985 $ - Obligations of U.S. States and political subdivisions 703,075 - 703,075 - Corporate securities 1,968,558 - 1,964,625 3,933 Asset-backed securities 144,982 - 144,982 - Mortgage-backed securities Commercial 62,446 - 62,446 - Agency residential 712,298 - 712,298 - Non-agency residential 150 - 150 - Foreign government securities 463,074 - 463,074 - Foreign corporate securities 970,909 - 969,316 1,593 Total fixed maturities, market value 5,356,477 - 5,350,951 5,526 Fixed maturities, fair value 2,102 - 2,102 - Equity securities, market value - - - - Equity securities, fair value 1,215,377 1,153,310 62,067 - Other invested assets, fair value 1,773,214 - - 1,773,214 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 table presents the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: December 31, 2015 December 31, 2014 Corporate Asset-backed Foreign Corporate Asset-backed Foreign Non-agency (Dollars in thousands) Securities Securities CMBS Corporate Total Securities Securities CMBS Corporate RMBS Total Beginning balance $ - $ - $ 8,597 $ 7,166 $ 15,763 $ - $ 3,533 $ - $ 481 $ 4 $ 4,018 Total gains or (losses) (realized/unrealized) Included in earnings 6 - - (9,480 ) (9,474 ) - 1,291 - 73 2 1,366 Included in other comprehensive income (loss) (52 ) - - 3,908 3,856 42 (192 ) (426 ) (5,208 ) (3 ) (5,787 ) Purchases, issuances and settlements 3,625 - - - 3,625 1,274 16,744 9,023 3,135 (3 ) 30,173 Transfers in and/or (out) of Level 3 354 - (8,597 ) (1 ) (8,244 ) (1,316 ) (21,376 ) - 8,685 - (14,007 ) Ending balance $ 3,933 $ - $ - $ 1,593 $ 5,526 $ - $ - $ 8,597 $ 7,166 $ - $ 15,763 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 $ - $ - $ - $ 9,721 $ 9,721 $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers from level 3, fair value measurements using significant unobservable inputs, of $ 8,244 14,007 The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 Other invested assets, fair value: Beginning balance $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings - - Included in other comprehensive income (loss) - - Purchases, issuances and settlements 1,773,214 - Transfers in and/or (out) of Level 3 - - Ending balance $ 1,773,214 $ - 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.) |
Credit Facility-Expired
Credit Facility-Expired | 12 Months Ended |
Dec. 31, 2015 | |
Credit Facility-Expired [Abstract] | |
Credit Facility-Expired | 5. CREDIT FACILITY - EXPIRED Effective August 15, 2011, the Company entered into a three 150,000 The following table presents the costs incurred in connection with the Holdings Credit Facility for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Credit facility fees incurred $ - $ 97 $ 299 |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2015 | |
Senior Notes [Abstract] | |
Senior Notes | 6. 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. December 31, 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 $ 381,204 $ 400,000 $ 404,892 5.40 10/12/2004 10/15/2014 250,000 - - - - On June 5, 2014, Holdings issued $ 400,000 30 4.868 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: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest expense incurred $ 19,472 $ 21,818 $ 13,551 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 7. 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 December 31, 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 $ 238,368 $ 208,978 $ 238,364 $ 246,312 During the fixed rate interest period from May 3, 2007 May 14, 2017 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 4.868 On March 19, 2009 161,441 Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest expense incurred $ 15,749 $ 15,749 $ 15,748 |
Reinsurance And Trust Agreement
Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance And Trust Agreements [Abstract] | |
Reinsurance And Trust Agreements | 8. 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 December 31, 2015, the total amount on deposit in the trust account was $ 347,105 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 On December 1, 2015 the Company entered into two 300,000 325,000 Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 625,000 |
Operating Lease Agreements
Operating Lease Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Operating Lease Agreements [Abstract] | |
Operating Lease Agreements | 9. OPERATING LEASE AGREEMENTS The future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2015, for all of the Company's operating leases with remaining non-cancelable terms in excess of one year are as follows: (Dollars in thousands) 2016 $ 13,239 2017 12,889 2018 13,111 2019 12,929 2020 12,594 Thereafter 16,511 Net commitments $ 81,273 All of these leases, the expiration terms of which range from 2018 to 2027, are for the rental of office space. Rental expense was $ 14,145 13,028 12,405 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 10. INCOME TAXES All of the income of Holdings U.S. subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of foreign branches of the Company's insurance operating companies is subject to various income taxes. The provision for income taxes in the Consolidated Statement of Operations and Comprehensive Income (Loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity. The significant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Current tax expense (benefit): U.S. $ 52,347 $ 104,327 $ 86,345 Foreign 30,373 33,171 7,909 Total current tax expense (benefit) 82,720 137,498 94,254 Total deferred U.S. tax expense (benefit) 109,169 66,064 312,984 Total income tax expense (benefit) $ 191,889 $ 203,562 $ 407,238 A reconciliation of the total income tax provision using the statutory U.S. Federal Income tax rate to the Company's total income tax provision is as follows for the period indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Expected income tax provision at the U.S. statutory tax rate $ 211,588 $ 230,190 $ 421,924 Increase (reduction) in taxes resulting from: Tax exempt income (10,004 ) (12,231 ) (15,038 ) Dividend received deduction (4,851 ) (5,428 ) (7,328 ) Proration 2,160 1,835 2,274 Other, net (7,005 ) (10,804 ) 5,406 Total income tax provision $ 191,889 $ 203,562 $ 407,238 (Some amounts may not reconcile due to rounding.) The Company has no reserve for uncertain tax positions. The Company's U.S. Corporation Income Tax Returns from 2009 and subsequent are open to IRS audit. Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets are as follows for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Loss reserve $ 169,771 $ 153,978 Unearned premium reserve 40,624 44,582 Net unrecognized losses on benefit plans 33,971 40,377 Investment impairments 23,481 13,841 Benefit plan liabilities 18,747 9,873 Foreign tax credits 11,836 64,902 Alternative minimum tax credits 7,604 44,954 Uncollectible reinsurance reserve 5,534 5,237 Deferred expenses 3,182 3,076 Deferred gain on reinsurance - 35,231 Other assets 13,402 17,357 Total deferred tax assets 328,152 433,408 Deferred tax liabilities: Net fair value income 401,305 403,731 Deferred acquisition costs 33,227 38,636 Gain on tender of debt 16,437 21,916 Net unrealized investment gains 6,811 25,516 Bond market discount 2,674 3,043 Other liabilities 13,569 13,158 Total deferred tax liabilities 474,023 506,000 Net deferred tax assets/(liabilities) $ (145,871 ) $ (72,592 ) For U.S. income tax purposes at December 31, 2015, the Company has foreign tax credit carry forwards of $ 11,836 7,604 The Company has recorded tax benefits related to share-based compensation deductions for dividends on restricted stock, vestings of restricted stock and exercised stock options in 2015 and 2014, respectively, of $ 4,469 3,333 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance [Abstract] | |
Reinsurance | 11. REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company may hold partial collateral, including letters of credit, trust accounts and funds held, under these agreements. See also Note 1C, Note 3 and Note 8. Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Written premiums: Direct $ 1,511,217 $ 1,179,034 $ 1,240,761 Assumed 3,484,414 3,786,260 3,196,707 Ceded (2,902,348 ) (2,858,320 ) (2,320,091 ) Net written premiums $ 2,093,283 $ 2,106,974 $ 2,117,377 Premiums earned: Direct $ 1,439,795 $ 1,148,297 $ 1,183,542 Assumed 3,637,484 3,685,784 3,024,825 Ceded (2,933,519 ) (2,720,355 ) (2,202,006 ) Net premiums earned $ 2,143,760 $ 2,113,726 $ 2,006,361 Incurred losses and LAE: Direct $ 1,235,012 $ 1,073,485 $ 1,153,004 Assumed 1,728,661 1,855,057 1,473,297 Ceded (1,644,112 ) (1,574,449 ) (1,354,145 ) Net incurred losses and LAE $ 1,319,561 $ 1,354,093 $ 1,272,156 The Company engages in reinsurance transactions with Bermuda Re, Everest International Reinsurance, Ltd. ("Everest International"), Mt. Logan Re, Ltd. ("Mt. Logan Re") and Everest Insurance Company of Canada ("Everest Canada"), which are affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms. 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 $ 0 $ 0 01/01/2003-12/31/2003 Everest Re 25.0 % Bermuda Re property / casualty business 0 0 01/01/2004-12/31/2005 Everest Re 22.5 % Bermuda Re property / casualty business 0 0 Everest Re 2.5 % Everest International property / casualty business 0 0 01/01/2006-12/31/2006 Everest Re 18.0 % Bermuda Re property business 125,000 (1) 0 Everest Re 2.0 % Everest International property business 0 0 01/01/2006-12/31/2007 Everest Re 31.5 % Bermuda Re casualty business 0 0 Everest Re 3.5 % Everest International casualty business 0 0 01/01/2007-12/31/2007 Everest Re 22.5 % Bermuda Re property business 130,000 (1) 0 Everest Re 2.5 % Everest International property business 0 0 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 0 0 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 0 0 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 0 0 01/01/2007-12/31/2009 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 0 0 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) 0 01/01/2011- 12/31 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) 0 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 0 0 (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. 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: Bermuda Re Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Ceded written premiums $ 2,283,815 $ 2,273,222 $ 2,097,812 Ceded earned premiums 2,316,096 2,208,084 1,986,421 Ceded losses and LAE (a) 1,293,997 1,196,118 1,148,841 Everest International Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Ceded written premiums $ 395 $ 286 $ 691 Ceded earned premiums 522 563 1,105 Ceded losses and LAE 673 (2,356 ) (3,180 ) Everest Canada Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Assumed written premiums $ 39,819 $ 37,436 $ 20,419 Assumed earned premiums 35,988 25,925 17,447 Assumed losses and LAE 20,345 15,401 12,014 (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. Mt. Logan Re Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Ceded written premiums $ 209,162 $ 122,203 $ 19,066 Ceded earned premiums 201,416 122,979 18,001 Ceded losses and LAE 40,753 28,844 4,171 Assumed written premiums 15,421 13,889 1,735 Assumed earned premiums 15,421 13,889 1,735 Assumed losses and LAE - - - |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 12. COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (43,777 ) $ 14,337 $ (29,440 ) $ (59,318 ) $ 20,744 $ (38,574 ) $ (152,280 ) $ 53,298 $ (98,982 ) URA(D) on securities - OTTI 9,666 (3,383 ) 6,283 (9,735 ) 3,407 (6,328 ) (399 ) 140 (259 ) Reclassification of net realized losses (gains) included in net income (loss) (2,772 ) 1,955 (817 ) 41,624 (14,551 ) 27,073 (3,792 ) 1,327 (2,465 ) Foreign currency translation adjustments (83,966 ) 29,388 (54,578 ) (44,938 ) 15,728 (29,210 ) (29,428 ) 10,300 (19,128 ) Benefit plan actuarial net gain (loss) 8,740 (3,059 ) 5,681 (60,169 ) 21,059 (39,110 ) 27,442 (9,605 ) 17,837 Reclassification of amortization of net gain (loss) included in net income (loss) 9,563 (3,347 ) 6,216 4,647 (1,627 ) 3,020 8,889 (3,111 ) 5,778 Total other comprehensive income (loss) $ (102,546 ) $ 35,891 $ (66,655 ) $ (127,890 ) $ 44,761 $ (83,129 ) $ (149,568 ) $ 52,349 $ (97,219 ) (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Years Ended December 31, Affected line item within the statements of AOCI component 2015 2014 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (2,772 ) $ 41,624 Other net realized capital gains (losses) 1,955 (14,551 ) Income tax expense (benefit) $ (817 ) $ 27,073 Net income (loss) Benefit plan net gain (loss) $ 9,563 $ 4,647 Other underwriting expenses (3,347 ) (1,627 ) Income tax expense (benefit) $ 6,216 $ 3,020 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: Years Ended 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 (30,257 ) (11,501 ) Current period change in URA (D) of investments - non-credit OTTI 6,283 (6,328 ) Ending balance of URA (D) on securities 13,654 37,628 Beginning balance of foreign currency translation adjustments 41,877 71,087 Current period change in foreign currency translation adjustments (54,578 ) (29,210 ) Ending balance of foreign currency translation adjustments (12,701 ) 41,877 Beginning balance of benefit plan net gain (loss) (74,986 ) (38,896 ) Current period change in benefit plan net gain (loss) 11,897 (36,090 ) Ending balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Ending balance of accumulated other comprehensive income (loss) $ (62,136 ) $ 4,519 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans. The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company's non-qualified defined benefit pension plan, affected in October 1995, provides compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Although not required to make contributions under IRS regulations, the following table summarizes the Company's contributions to the defined benefit pension plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Company contributions $ 5,949 $ 16,484 $ 22,536 The following table summarizes the Company's pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Pension expense $ 22,682 $ 18,543 $ 19,348 The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 Change in projected benefit obligation: Benefit obligation at beginning of year $ 270,065 $ 214,059 Service cost 12,511 10,015 Interest cost 10,759 10,474 Actuarial (gain) / loss (18,595 ) 55,107 Benefits paid (20,718 ) (19,588 ) Projected benefit obligation at end of year 254,022 270,065 Change in plan assets: Fair value of plan assets at beginning of year 157,090 152,446 Actual return on plan assets (7,234 ) 7,747 Actual contributions during the year 5,949 16,484 Benefits paid (20,718 ) (19,588 ) Fair value of plan assets at end of year 135,087 157,090 Funded status at end of year $ (118,936 ) $ (112,976 ) (Some amounts may not reconcile due to rounding.) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (1,869 ) (5,469 ) Other liabilities (due beyond one year) (117,067 ) (107,507 ) Net amount recognized in the consolidated balance sheets $ (118,936 ) $ (112,976 ) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Prior service cost $ - $ (21 ) Accumulated income (loss) (91,920 ) (102,671 ) Accumulated other comprehensive income (loss) $ (91,920 ) $ (102,692 ) (Some amounts may not reconcile due to rounding.) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 Other comprehensive income (loss) at December 31, prior year $ (102,692 ) $ (53,387 ) Net gain (loss) arising during period (259 ) (58,647 ) Recognition of amortizations in net periodic benefit cost: Prior service cost 21 49 Actuarial loss 11,011 9,294 Other comprehensive income (loss) at December 31, current year $ (91,920 ) $ (102,692 ) Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Service cost $ 12,511 $ 10,015 $ 11,182 Interest cost 10,759 10,474 8,511 Expected return on assets (11,620 ) (11,288 ) (8,495 ) Amortization of actuarial loss from earlier periods 9,243 4,341 8,101 Amortization of unrecognized prior service cost 21 49 49 Settlement 1,768 4,953 - Net periodic benefit cost $ 22,682 $ 18,543 $ 19,348 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year (10,773 ) 49,305 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 11,909 $ 67,847 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year are $ 0 8,055 0 The weighted average discount rates used to determine net periodic benefit cost for 2015, 2014 and 2013 were 4.00 5.00 4.00 4.0 7.50 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2015, 2014 and 2013 were 4.38 4.00 5.00 The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Qualified Plan $ 188,702 $ 200,205 Non-qualified Plan 17,756 19,167 Total $ 206,458 $ 219,371 The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Qualified Plan Projected benefit obligation $ 229,719 $ 243,525 Fair value of plan assets 135,087 157,090 Non-qualified Plan Projected benefit obligation $ 24,303 $ 26,540 Fair value of plan assets - - The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Qualified Plan Accumulated benefit obligation $ 188,702 $ 200,205 Fair value of plan assets 135,087 157,090 Non-qualified Plan Accumulated benefit obligation $ 17,756 $ 19,167 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2016 $ 6,709 2017 7,779 2018 9,607 2019 12,139 2020 10,660 Next 5 years 67,416 Plan assets consist of shares in investment trusts with approximately 80 17 3 70 30 The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods 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, 2015 (Level 1) (Level 2) (Level 3) Assets: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 4,034 4,034 - - Mutual funds, fair value Fixed income (b) 22,537 22,537 - - Equities (c) 86,505 86,505 - - Multi-strategy equity fund, fair value (d) 10,673 - - 10,673 Private equity limited partnerships (e) 11,338 - - 11,338 Total $ 135,087 $ 113,076 $ - $ 22,011 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50 50 (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90 10 (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. (e) This category consists of private equity limited partnerships. 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: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 14,328 14,328 - - Mutual funds, fair value Fixed income (b) 23,948 23,948 - - Equities (c) 96,762 96,762 - - Multi-strategy equity fund, fair value (d) 10,629 - - 10,629 Private equity limited partnerships (e) 11,423 - - 11,423 Total $ 157,090 $ 135,037 $ - $ 22,053 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50 50 (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90 10 (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. (e) This category consists of private equity limited partnerships. The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturity investments, for the period indicated: Year Ended December 31, (Dollars in thousands) 2015 2014 Assets: Balance, beginning of period $ 22,053 $ 19,921 Actual return on plan assets: Realized gains (losses) relating to assets sold during the period 84 75 Unrealized gains (losses) relating to assets still held at the reporting date 601 331 Purchases and capital contributions 1,719 3,390 Investment income earned on assets - - Sales and capital distributions (2,445 ) (1,664 ) Transfers in and/or (out) of Level 3 - - Balance, end of period $ 22,011 $ 22,053 The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date $ 517 $ 256 (Some amounts may not reconcile due to rounding.) The Company does not expect to make any contributions to the qualified plan in 2016. Defined Contribution Plans. The Company also maintains both qualified and non-qualified defined contribution plans ("Savings Plan" and "Non-Qualified Savings Plan", respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3 3 8 100 The following table presents the Company's incurred expenses related to these plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Incurred expenses $ 5,468 $ 4,676 $ 3,903 In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each non-U.S. office (Brazil, Canada and Singapore) maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. The contributions as a percentage of salary for the branch offices range from 6.1 9.7 Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Incurred expenses $ 447 $ 479 $ 462 Post-Retirement Plan. The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependants), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee's service. The following medical cost trend rates were used to determine net cost and benefit obligations: a healthcare inflation rate for pre-Medicare claims of 7.0 4.5 6.2 4.5 Changes in the assumed healthcare cost trend can have a significant effect on the amounts reported for the healthcare plans. A one percent change in the rate would have the following effects on: Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 706 $ (537 ) b. Effect on accumulated post-retirement benefit obligation 6,504 (5,064 ) The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Post-retirement benefit expenses $ 3,280 $ 3,196 $ 3,801 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Change in projected benefit obligation: Benefit obligation at beginning of year $ 36,506 $ 27,594 Service cost 1,794 1,619 Interest cost 1,187 1,320 Actuarial loss (7,231 ) 6,475 Benefits paid (568 ) (502 ) Benefit obligation at end of year 31,687 36,506 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 568 502 Benefits paid (568 ) (502 ) Fair value of plan assets at end of year - - Funded status at end of year $ (31,687 ) $ (36,506 ) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Other liabilities (due within one year) $ (654 ) $ (639 ) Other liabilities (due beyond one year) (31,033 ) (35,867 ) Net amount recognized in the consolidated balance sheets $ (31,687 ) $ (36,506 ) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2015 2014 Accumulated income (loss) $ (5,139 ) $ (12,670 ) Accumulated other comprehensive income (loss) $ (5,139 ) $ (12,670 ) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 Other comprehensive income (loss) at December 31, prior year $ (12,670 ) $ (6,452 ) Net gain (loss) arising during period 7,231 (6,475 ) Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) 300 257 Other comprehensive income (loss) at December 31, current year $ (5,139 ) $ (12,670 ) Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Service cost $ 1,794 $ 1,619 $ 1,899 Interest cost 1,187 1,320 1,164 Net loss recognition 300 257 739 Net periodic cost $ 3,280 $ 3,196 $ 3,801 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (7,531 ) 6,218 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (4,251 ) $ 9,414 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $ 0 193 0 The weighted average discount rates used to determine net periodic benefit cost for 2015, 2014 and 2013 were 4.00 5.00 4.00 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2015, 2014 and 2013 were 4.38 4.00 5.00 The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2016 $ 654 2017 717 2018 844 2019 972 2020 1,141 Next 5 years 8,157 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Holdings' primary operating subsidiary, Everest Re, is regulated by Delaware law and is subject to the Risk-Based Capital Model ("RBC") developed by the National Association of Insurance Commissioners ("NAIC"). This model represents the aggregate regulatory restrictions on net assets and statutory capital and surplus. Dividend Restrictions. Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10 498,455 Statutory Financial Information. Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ 3,210,891 2,892,999 498,455 357,298 540,020 There are certain regulatory and contractual restrictions on the ability of Holdings' operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings' direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Restrictions. In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200 The regulatory targeted capital and the actual statutory capital for Everest Re is as follows: Everest Re (1) At December 31, (Dollars in thousands) 2015 2014 Regulatory targeted capital $ 1,355,668 $ 1,209,601 Actual capital $ 3,210,891 $ 2,892,999 (1) Regulatory targeted capital represents 200 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Contingencies [Abstract] | |
Contingencies | 15. 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 December 31, (Dollars in thousands) 2015 2014 The Prudential $ 142,427 $ 142,653 Unaffiliated life insurance company $ 33,062 $ 31,964 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 16. RELATED-PARTY TRANSACTIONS Parent Group entered into a $ 250,000 December 31, 2023 1.72 th 4,300 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 Through December, 2015, Holdings had purchased and held 9,719,971 In December, 2015, Holdings transferred the 9,719,971 1,773,214 1,773.214 1,000 1.75 Holdings reported both its Parent Shares and preferred shares in Preferred Holdings, 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 the Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Dividends received $ 38,880 $ 31,104 $ 21,287 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. Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Expenses incurred $ 81,122 $ 77,322 $ 84,675 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. 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 mainly 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 periods indicated: U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Gross written premiums $ 2,147,893 $ 2,154,529 $ 1,826,044 Net written premiums 899,918 977,858 909,557 Premiums earned $ 951,457 $ 988,315 $ 842,341 Incurred losses and LAE 413,292 545,862 424,184 Commission and brokerage 198,983 201,912 159,747 Other underwriting expenses 50,089 45,583 47,177 Underwriting gain (loss) $ 289,093 $ 194,958 $ 211,233 International Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Gross written premiums $ 1,373,978 $ 1,630,381 $ 1,370,615 Net written premiums 562,691 612,243 610,084 Premiums earned $ 581,216 $ 600,964 $ 591,695 Incurred losses and LAE 394,819 358,038 315,923 Commission and brokerage 121,158 119,655 114,331 Other underwriting expenses 34,303 34,603 33,910 Underwriting gain (loss) $ 30,936 $ 88,668 $ 127,531 Insurance Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Gross written premiums $ 1,473,760 $ 1,180,384 $ 1,240,809 Net written premiums 630,674 516,873 597,736 Premiums earned $ 611,087 $ 524,447 $ 572,325 Incurred losses and LAE 511,450 450,193 532,049 Commission and brokerage (5,072 ) 17,835 19,844 Other underwriting expenses 130,427 111,846 112,412 Underwriting gain (loss) $ (25,718 ) $ (55,427 ) $ (91,980 ) 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: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Underwriting gain (loss) $ 294,311 $ 228,199 $ 246,784 Net investment income 273,253 290,310 296,996 Net realized capital gains (losses) 50,335 206,679 723,149 Corporate expense (7,179 ) (7,252 ) (8,262 ) Interest, fee and bond issue cost amortization expense (35,434 ) (37,970 ) (45,452 ) Other income (expense) 29,256 (22,278 ) (7,714 ) Income (loss) before taxes $ 604,542 $ 657,688 $ 1,205,501 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: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Canada gross written premiums $ 114,859 $ 159,451 $ 169,148 No other country represented more than 5 Approximately 16.3 17.6 19.6 |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Dispositions [Abstract] | |
Dispositions | 18. 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 20. UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2015 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,226,763 $ 1,089,441 $ 1,448,711 $ 1,230,716 Net written premiums 508,427 472,464 599,073 513,319 Premiums earned 521,062 521,424 546,050 555,224 Net investment income 72,581 70,925 63,363 66,384 Net realized capital gains (losses) 21,296 51,225 (121,695 ) 99,509 Total claims and underwriting expenses 453,954 447,405 499,858 448,232 Net income (loss) 115,944 133,766 (4,659 ) 167,602 2014 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,084,455 $ 1,224,820 $ 1,453,394 $ 1,202,625 Net written premiums 499,704 492,727 611,916 502,627 Premiums earned 470,445 520,736 569,597 552,948 Net investment income 63,787 68,636 83,446 74,441 Net realized capital gains (losses) (4,050 ) 125,114 (160 ) 85,775 Total claims and underwriting expenses 393,391 453,997 510,371 527,768 Net income (loss) 86,466 158,174 100,141 109,345 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I – SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES DECEMBER 31, 2015 Column A Column B Column C Column D Amount Shown in Market Balance (Dollars in thousands) Cost Value Sheet Fixed maturities-available for sale Bonds: U.S. government and government agencies $ 329,281 $ 330,985 $ 330,985 State, municipalities and political subdivisions 669,945 703,075 703,075 Foreign government securities 447,244 463,074 463,074 Foreign corporate securities 954,690 970,909 970,909 Public utilities 62,451 62,695 62,695 All other corporate bonds 2,071,915 2,026,648 2,026,648 Mortgage - backed securities Commercial 61,527 62,446 62,446 Agency residential 714,907 712,298 712,298 Non-agency residential 126 150 150 Redeemable preferred stock 23,386 24,197 24,197 Total fixed maturities-available for sale 5,335,472 5,356,477 5,356,477 Fixed maturities - available for sale, at fair value (1) 2,202 2,102 2,102 Equity securities - available for sale, at market value - - - Equity securities - available for sale, at fair value (1) 1,006,535 1,215,377 1,215,377 Short-term investments 563,536 563,536 563,536 Other invested assets 450,154 450,154 450,154 Other invested assets, at fair value (1) 1,773,214 1,773,214 1,773,214 Cash 155,429 155,429 155,429 Total investments and cash $ 9,286,542 $ 9,516,289 $ 9,516,289 (1) Original cost does not reflect adjustments, which have been realized through the statements of operations and comprehensive income. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS At December 31, (Dollars and share amounts in thousands, except par value per share) 2015 2014 ASSETS: Fixed maturities - available for sale, at market value $ 65,441 $ 9,040 (amortized cost: 2015, $66,016; 2014, $9,008) Equity securities - available for sale, at fair value 131,219 96,890 Other invested assets 3,047 3,047 Other invested assets, at fair value 1,773,214 1,655,311 Short-term investments 37,802 92,390 Cash 6,232 6,206 Total investments and cash 2,016,955 1,862,884 Investment in subsidiaries, at equity in the underlying net assets 3,534,552 3,276,082 Note receivable - affiliated 250,000 250,000 Accrued investment income 438 92 Advances to affiliates 109,775 130,018 Other assets 18,097 18,340 TOTAL ASSETS $ 5,929,817 $ 5,537,416 LIABILITIES: 4.868% Senior notes due 6/1/2044 $ 400,000 $ 400,000 6.6% Long term notes due 5/1/2067 238,368 238,364 Accrued interest on debt and borrowings 3,537 3,537 Income taxes 354,312 317,991 Due to affiliates 1,049 932 Other liabilities 1,340 3,875 Total liabilities 998,606 964,699 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 374,789 362,293 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($33,458) at 2015 and $2,434 at 2014 (62,136 ) 4,519 Retained earnings 4,618,558 4,205,905 Total stockholder's equity 4,931,211 4,572,717 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 5,929,817 $ 5,537,416 See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, (Dollars in thousands) 2015 2014 2013 REVENUES: Net investment income $ 40,441 $ 32,774 $ 23,451 Net investment income - Affiliated 4,300 - - Net realized capital gains (losses) 119,075 149,932 467,999 Realized gain of sale of subsidiary 94,704 - - Other income (expense) (263 ) (309 ) (420 ) Net income (loss) of subsidiaries 274,625 364,869 511,976 Total revenues 532,882 547,266 1,003,006 EXPENSES: Interest expense 35,434 37,970 45,452 Corporate expense 5,251 5,070 6,065 Total expenses 40,685 43,040 51,517 INCOME (LOSS) BEFORE TAXES 492,197 504,226 951,489 Income tax expense (benefit) 79,544 50,100 153,226 NET INCOME (LOSS) $ 412,653 $ 454,126 $ 798,263 Other comprehensive income (loss), net of tax : Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (23,157 ) (44,902 ) (99,241 ) Less: reclassification adjustment for realized losses (gains) included in net income (loss) (817 ) 27,073 (2,465 ) Total URA(D) on securities arising during the period (23,974 ) (17,829 ) (101,706 ) Foreign currency translation adjustments (54,578 ) (29,210 ) (19,128 ) Benefit plan actuarial net gain (loss) for the period 5,681 (39,110 ) 17,837 Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 6,216 3,020 5,778 Total benefit plan net gain (loss) for the period 11,897 (36,090 ) 23,615 Total other comprehensive income (loss), net of tax (66,655 ) (83,129 ) (97,219 ) COMPREHENSIVE INCOME (LOSS) $ 345,998 $ 370,997 $ 701,044 See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (Dollars in thousands) 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 412,653 $ 454,126 $ 798,263 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) deficit of subsidiaries (274,625 ) (364,869 ) (511,976 ) Dividends received from subsidiaries - 155,000 359,000 Decrease (increase) in advances to affiliates 20,243 (66,019 ) (26,298 ) Decrease (increase) in income taxes 1,082 191,840 104,724 Change in other assets and liabilities, net (6,876 ) (48,486 ) 46,916 Amortization of bond premium (accrual of bond discount) 259 139 280 Amortization of underwriting discount on senior notes 4 46 54 Net realized capital losses (gains) (119,075 ) (149,932 ) (467,999 ) Net cash provided by (used in) operating activities 33,665 171,845 302,964 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (2,837 ) (1,342 ) (1,102 ) Proceeds from fixed maturities matured/called - available for sale, at market value 2,972 1,631 1,993 Proceeds from fixed maturities sold - available for sale, at market value - 300,049 - Proceeds from equity maturities sold - available for sale, at fair value 43,402 14,655 24,750 Proceeds from other invested assets sold - - 9,897 Proceeds from sale of subdisidiary (net of cash disposed) 3,934 - - Cost of fixed maturities acquired - available for sale, at market value (60,240 ) (300,007 ) - Cost of equity securities acquired - available for sale, at fair value (76,559 ) (13,575 ) (29,537 ) Net change in short-term investments 54,588 (67,209 ) 20,802 Net cost of lending for long term note - affiliated - (250,000 ) - Net change in unsettled securities transaction 1,101 - - Net cash provided by (used in) investing activities (33,639 ) (315,798 ) 26,803 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of senior notes - 400,000 - Net cost of junior subordinated notes redemption - - (329,897 ) Net cost of senior notes maturing - (250,000 ) - Net cash provided by (used in) financing activities - 150,000 (329,897 ) Net increase (decrease) in cash 26 6,047 (130 ) Cash, beginning of period 6,206 159 289 Cash, end of period $ 6,232 $ 6,206 $ 159 Non-cash financing transaction: Non-cash contribution from parent $ 12,497 $ 11,242 $ 10,828 Non-cash contribution to subsidiaries (12,497 ) (11,242 ) (10,828 ) NON-CASH TRANSACTION: Exchange of common shares of parent company, held as other invested assets at fair value, $ 1,773,214 $ - $ - for preferred shares of an affiliated company, held as other invested assets at fair value See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL INFORMATION 1) The accompanying condensed financial information should be read in conjunction with the Consolidated Financial Statements and related Notes of Everest Reinsurance Holdings, Inc. and its Subsidiaries. 2) The Senior Notes and Long-Term Subordinated Notes presented in Notes 6 and 7 are direct obligations of the Registrant. 3) Everest Re Group, Ltd., the parent company, entered into a $ 250,000 December 31, 2023 1.72 th 4) In December, 2015, Holdings transferred the 9,719,971 1,773,214 1,773.214 1,000 1.75 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2015 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III – SUPPLEMENTARY INSURANCE INFORMATION Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Geographic Area for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of Deferred Other Net Acquisition Adjustment Premium Premiums Investment Adjustment Acquisition Operating Written (Dollars in thousands) Costs Expenses Reserves Earned Income Expenses Costs Expenses Premium December 31, 2015 Domestic $ 68,055 $ 6,033,374 $ 1,059,530 $ 1,562,544 $ 239,072 $ 924,742 $ 193,911 $ 180,516 $ 1,530,592 International 24,596 1,907,346 290,269 581,216 34,181 394,819 121,158 34,303 562,691 Total $ 92,651 $ 7,940,720 $ 1,349,799 $ 2,143,760 $ 273,253 $ 1,319,561 $ 315,069 $ 214,819 $ 2,093,283 December 31, 2014 Domestic $ 79,674 $ 6,005,952 $ 1,078,384 $ 1,512,762 $ 250,048 $ 996,055 $ 219,747 $ 157,429 $ 1,494,731 International 29,588 1,837,904 363,738 600,964 40,262 358,038 119,655 34,603 612,243 Total $ 109,262 $ 7,843,856 $ 1,442,122 $ 2,113,726 $ 290,310 $ 1,354,093 $ 339,402 $ 192,032 $ 2,106,974 December 31, 2013 Domestic $ 85,098 $ 5,908,051 $ 1,041,653 $ 1,414,666 $ 252,671 $ 956,233 $ 179,591 $ 159,589 $ 1,507,293 International 26,926 1,745,178 275,494 591,695 44,325 315,923 114,331 33,910 610,084 Total $ 112,024 $ 7,653,229 $ 1,317,147 $ 2,006,361 $ 296,996 $ 1,272,156 $ 293,922 $ 193,499 $ 2,117,377 |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2015 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV – REINSURANCE Column A Column B Column C Column D Column E Column F Ceded to Assumed Gross Other from Other Net Assumed (Dollars in thousands) Amount Companies Companies Amount to Net December 31, 2015 Total property and liability insurance premiums earned $ 1,439,795 $ 2,933,519 $ 3,637,484 $ 2,143,760 169.7 % December 31, 2014 Total property and liability insurance premiums earned $ 1,148,297 $ 2,720,355 $ 3,685,784 $ 2,113,726 174.4 % December 31, 2013 Total property and liability insurance premiums earned $ 1,183,542 $ 2,202,006 $ 3,024,825 $ 2,006,361 150.8 % |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Business and Basis of Presentation. Everest Reinsurance Holdings, Inc. ("Holdings"), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited ("Holdings Ireland"), which is a direct subsidiary of Everest Re Group, Ltd. ("Group"), through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, "Company" means Holdings and its subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company ("Everest Re"), Everest National Insurance Company ("Everest National"), Everest Indemnity Insurance Company ("Everest Indemnity"), Everest Security Insurance Company ("Everest Security"), Heartland Crop Insurance, Inc. ("Heartland"), Everest International Assurance, Ltd. ("Everest Assurance"), Specialty Insurance Group, Inc. ("Specialty"), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC ("Specialty RPG"), Mt. Whitney Securities, Inc., Everest Reinsurance Company – Escritório de Representação No Brasil Ltda. ("Everest Brazil"), Mt. McKinley Managers, L.L.C. and Mt. McKinley Insurance Company ("Mt. McKinley"). All amounts are reported in U.S. dollars. 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. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2015 presentation. |
Investments | B. Investments. Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in stockholder's equity, net of income taxes in "accumulated other comprehensive income (loss)" in the consolidated balance sheets. Fixed maturity, equity securities and other invested assets carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities-available for sale, at market value through stockholders' equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency. The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities. For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Other invested assets, at fair value, at December 31, 2015 were comprised of convertible preferred stocks of Everest Preferred International Holdings, Ltd. ("Preferred Holdings"), an affiliated entity. At December 31, 2014, the other invested assets were comprised of common shares of the Company's ultimate parent, Everest Re Group, Ltd. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. The fair value of the Preferred Holdings convertible preferred stocks represented the December 21, 2015 value of Group's common shares that were exchanged for the preferred stocks. For other non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. 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 to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships and rabbi trusts. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. |
Uncollectible Receivable Balances | C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management's assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2015 2014 Reinsurance recoverable and premium receivables $ 22,511 $ 29,153 |
Deferred Acquisition Costs | D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company's reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Deferred acquisition costs $ 315,069 $ 339,402 $ 293,922 |
Reserve for Losses and Loss Adjustment Expenses | E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses ("LAE") is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported ("IBNR") based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental ("A&E") exposures, which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company's loss and LAE reserves represent management's best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. |
Premium Revenues | F. Premium Revenues . Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Written premiums related to crop insurance are earned on a seasonal pattern, which is based upon the planting and harvesting periods of each crop season. Unearned premium reserves are established relative to the unexpired contract period. Such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. |
Prepaid Reinsurance Premiums | G. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10 |
Income Taxes | H. Income Taxes. The Company and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign branches of subsidiaries file local tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. |
Foreign Currency | I. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in stockholders' equity, net of deferred taxes. The business units' base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in stockholder's equity. |
Segmentation | J. Segmentation. The Company, through its subsidiaries, operates in three segments: U.S. Reinsurance, International and Insurance. See also Note 17. |
Retroactive Reinsurance | K. Retroactive Reinsurance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially determined expected payout period. Any future loss is recognized immediately and charged against earnings. |
Application of Recently Issued Accounting Standard Changes | L. Application of Recently Issued Accounting Standard Changes. Disclosures about Short-Duration Contracts. Debt Issuance Costs. Consolidation. Treatment of Insurance Contract Acquisition Costs. 7,215 5,818 1,397 |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2015 2014 Reinsurance recoverable and premium receivables $ 22,511 $ 29,153 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Deferred acquisition costs $ 315,069 $ 339,402 $ 293,922 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 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 $ 329,281 $ 2,422 $ (718 ) $ 330,985 $ - Obligations of U.S. states and political subdivisions 669,945 34,020 (890 ) 703,075 - Corporate securities 2,011,997 27,286 (70,725 ) 1,968,558 (86 ) Asset-backed securities 145,755 290 (1,063 ) 144,982 - Mortgage-backed securities Commercial 61,527 1,430 (511 ) 62,446 - Agency residential 714,907 3,994 (6,603 ) 712,298 - Non-agency residential 126 24 - 150 - Foreign government securities 447,244 24,255 (8,425 ) 463,074 - Foreign corporate securities 954,690 27,616 (11,397 ) 970,909 17 Total fixed maturity securities $ 5,335,472 $ 121,337 $ (100,332 ) $ 5,356,477 $ (69 ) 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) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 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 $ 330,029 $ 330,509 $ 385,721 $ 384,022 Due after one year through five years 2,617,079 2,618,056 2,387,533 2,369,917 Due after five years through ten years 870,266 856,230 1,025,221 1,029,077 Due after ten years 595,783 631,806 689,140 757,872 Asset-backed securities 145,755 144,982 94,470 94,823 Mortgage-backed securities Commercial 61,527 62,446 57,027 59,268 Agency residential 714,907 712,298 596,140 598,117 Non-agency residential 126 150 271 315 Total fixed maturity securities $ 5,335,472 $ 5,356,477 $ 5,235,523 $ 5,293,411 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 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 $ (46,548 ) $ (17,697 ) Fixed maturity securities, other-than-temporary impairment 9,666 (9,735 ) Equity securities (1 ) 3 Change in unrealized appreciation (depreciation), pre-tax (36,883 ) (27,429 ) Deferred tax benefit (expense) 16,292 6,193 Deferred tax benefit (expense), other-than-temporary impairment (3,383 ) 3,407 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (23,974 ) $ (17,829 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at December 31, 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 $ 216,352 $ (712 ) $ 692 $ (6 ) $ 217,044 $ (718 ) Obligations of U.S. states and political subdivisions 6,434 (84 ) 4,917 (806 ) 11,351 (890 ) Corporate securities 866,715 (49,034 ) 307,215 (21,691 ) 1,173,930 (70,725 ) Asset-backed securities 102,506 (791 ) 28,048 (272 ) 130,554 (1,063 ) Mortgage-backed securities Commercial 26,483 (511 ) - - 26,483 (511 ) Agency residential 320,285 (3,094 ) 150,095 (3,509 ) 470,380 (6,603 ) Non-agency residential - - - - - - Foreign government securities 61,498 (2,182 ) 77,911 (6,243 ) 139,409 (8,425 ) Foreign corporate securities 324,904 (6,289 ) 76,951 (5,108 ) 401,855 (11,397 ) Total fixed maturity securities $ 1,925,177 $ (62,697 ) $ 645,829 $ (37,635 ) $ 2,571,006 $ (100,332 ) Equity securities - - - - - - Total $ 1,925,177 $ (62,697 ) $ 645,829 $ (37,635 ) $ 2,571,006 $ (100,332 ) 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 December 31, 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 $ 21,780 $ (1,577 ) $ 12,212 $ (1,171 ) $ 33,992 $ (2,748 ) Due in one year through five years 1,023,437 (23,255 ) 347,203 (21,582 ) 1,370,640 (44,837 ) Due in five years through ten years 394,978 (31,423 ) 99,335 (10,131 ) 494,313 (41,554 ) Due after ten years 35,708 (2,046 ) 8,936 (970 ) 44,644 (3,016 ) Asset-backed securities 102,506 (791 ) 28,048 (272 ) 130,554 (1,063 ) Mortgage-backed securities 346,768 (3,605 ) 150,095 (3,509 ) 496,863 (7,114 ) Total fixed maturity securities $ 1,925,177 $ (62,697 ) $ 645,829 $ (37,635 ) $ 2,571,006 $ (100,332 ) 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 | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Fixed maturities $ 188,300 $ 207,861 $ 210,416 Equity securities 34,418 34,112 36,274 Short-term investments and cash 964 1,190 1,090 Other invested assets Limited partnerships 19,613 29,653 36,737 Dividends from Parent's shares 38,880 31,104 21,287 Other 1,804 3,620 7,328 Gross investment income before adjustments 283,979 307,540 313,132 Funds held interest income (expense) 5,611 5,429 6,925 Interest income from Parent 4,300 - - Gross investment income 293,890 312,969 320,057 Investment expenses (20,637 ) (22,658 ) (23,061 ) Net investment income $ 273,253 $ 290,310 $ 296,996 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Fixed maturity securities, market value: Other-than-temporary impairments $ (78,833 ) $ (38,912 ) $ - Gains (losses) from sales (36,299 ) (2,711 ) 3,792 Fixed maturity securities, fair value: Gain (losses) from sales 25 (3,137 ) 201 Gains (losses) from fair value adjustments (44 ) (1,498 ) 307 Equity securities, market value: Gains (losses) from sales 1 - - Equity securities, fair value: Gains (losses) from sales (8,010 ) (385 ) 31,566 Gains (losses) from fair value adjustments (39,119 ) 113,065 240,927 Other invested assets, fair value: Gains (losses) from exchange 88,354 - - Gains (losses) from fair value adjustments 29,549 140,259 446,341 Gain on sale of subsidiary 94,704 - - Short-term investment gains (losses) 7 (2 ) 15 Total net realized capital gains (losses) $ 50,335 $ 206,679 $ 723,149 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Proceeds from sales of fixed maturity securities $ 546,779 $ 1,116,743 $ 619,914 Gross gains from sales 10,935 14,782 14,914 Gross losses from sales (47,209 ) (20,630 ) (10,921 ) Proceeds from sales of equity securities $ 567,085 $ 528,958 $ 612,516 Gross gains from sales 26,136 17,921 40,191 Gross losses from sales (34,146 ) (18,306 ) (8,925 ) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in thousands) 2015 2014 2013 Gross reserves at January 1 $ 7,843,856 $ 7,653,229 $ 8,143,055 Less reinsurance recoverables (3,702,782 ) (3,427,385 ) (3,444,970 ) Net reserves at January 1 4,141,074 4,225,844 4,698,085 Incurred related to: Current year 1,326,015 1,314,887 1,227,525 Prior years (6,454 ) 39,206 44,631 Total incurred losses and LAE 1,319,561 1,354,093 1,272,156 Paid related to: Current year 357,819 452,662 464,914 Prior years 946,337 926,819 1,209,941 Total paid losses and LAE 1,304,156 1,379,481 1,674,855 Foreign exchange/translation adjustment (90,832 ) (59,382 ) (69,542 ) Net reserves at December 31 4,065,647 4,141,074 4,225,844 Plus reinsurance recoverables 3,875,073 3,702,782 3,427,385 Gross reserves at December 31 $ 7,940,720 $ 7,843,856 $ 7,653,229 |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in thousands) 2015 2014 2013 Gross basis: Beginning of period reserves $ 476,205 $ 402,461 $ 442,821 Incurred losses 40,000 142,233 5,598 Paid losses (83,088 ) (68,490 ) (45,958 ) End of period reserves $ 433,117 $ 476,205 $ 402,461 Net basis: Beginning of period reserves $ 304,286 $ 269,370 $ 305,469 Incurred losses 30,879 87,362 3,965 Paid losses (58,625 ) (52,446 ) (40,064 ) End of period reserves $ 276,540 $ 304,286 $ 269,370 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 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 $ 330,985 $ - $ 330,985 $ - Obligations of U.S. States and political subdivisions 703,075 - 703,075 - Corporate securities 1,968,558 - 1,964,625 3,933 Asset-backed securities 144,982 - 144,982 - Mortgage-backed securities Commercial 62,446 - 62,446 - Agency residential 712,298 - 712,298 - Non-agency residential 150 - 150 - Foreign government securities 463,074 - 463,074 - Foreign corporate securities 970,909 - 969,316 1,593 Total fixed maturities, market value 5,356,477 - 5,350,951 5,526 Fixed maturities, fair value 2,102 - 2,102 - Equity securities, market value - - - - Equity securities, fair value 1,215,377 1,153,310 62,067 - Other invested assets, fair value 1,773,214 - - 1,773,214 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 | December 31, 2015 December 31, 2014 Corporate Asset-backed Foreign Corporate Asset-backed Foreign Non-agency (Dollars in thousands) Securities Securities CMBS Corporate Total Securities Securities CMBS Corporate RMBS Total Beginning balance $ - $ - $ 8,597 $ 7,166 $ 15,763 $ - $ 3,533 $ - $ 481 $ 4 $ 4,018 Total gains or (losses) (realized/unrealized) Included in earnings 6 - - (9,480 ) (9,474 ) - 1,291 - 73 2 1,366 Included in other comprehensive income (loss) (52 ) - - 3,908 3,856 42 (192 ) (426 ) (5,208 ) (3 ) (5,787 ) Purchases, issuances and settlements 3,625 - - - 3,625 1,274 16,744 9,023 3,135 (3 ) 30,173 Transfers in and/or (out) of Level 3 354 - (8,597 ) (1 ) (8,244 ) (1,316 ) (21,376 ) - 8,685 - (14,007 ) Ending balance $ 3,933 $ - $ - $ 1,593 $ 5,526 $ - $ - $ 8,597 $ 7,166 $ - $ 15,763 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 $ - $ - $ - $ 9,721 $ 9,721 $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts | Years Ended December 31, (Dollars in thousands) 2015 2014 Other invested assets, fair value: Beginning balance $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings - - Included in other comprehensive income (loss) - - Purchases, issuances and settlements 1,773,214 - Transfers in and/or (out) of Level 3 - - Ending balance $ 1,773,214 $ - 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.) |
Credit Facility-Expired (Tables
Credit Facility-Expired (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Credit Facility-Expired [Abstract] | |
Summary Of Costs Incurred In Connection With Credit Facilities | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Credit facility fees incurred $ - $ 97 $ 299 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 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 $ 381,204 $ 400,000 $ 404,892 5.40 10/12/2004 10/15/2014 250,000 - - - - |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest expense incurred $ 19,472 $ 21,818 $ 13,551 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date December 31, 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 $ 238,368 $ 208,978 $ 238,364 $ 246,312 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest expense incurred $ 15,749 $ 15,749 $ 15,748 |
Operating Lease Agreements (Tab
Operating Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Lease Agreements [Abstract] | |
Future Minimum Rental Commitments | (Dollars in thousands) 2016 $ 13,239 2017 12,889 2018 13,111 2019 12,929 2020 12,594 Thereafter 16,511 Net commitments $ 81,273 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Current tax expense (benefit): U.S. $ 52,347 $ 104,327 $ 86,345 Foreign 30,373 33,171 7,909 Total current tax expense (benefit) 82,720 137,498 94,254 Total deferred U.S. tax expense (benefit) 109,169 66,064 312,984 Total income tax expense (benefit) $ 191,889 $ 203,562 $ 407,238 |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Expected income tax provision at the U.S. statutory tax rate $ 211,588 $ 230,190 $ 421,924 Increase (reduction) in taxes resulting from: Tax exempt income (10,004 ) (12,231 ) (15,038 ) Dividend received deduction (4,851 ) (5,428 ) (7,328 ) Proration 2,160 1,835 2,274 Other, net (7,005 ) (10,804 ) 5,406 Total income tax provision $ 191,889 $ 203,562 $ 407,238 (Some amounts may not reconcile due to rounding.) |
Net Deferred Income Tax Assets | At December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Loss reserve $ 169,771 $ 153,978 Unearned premium reserve 40,624 44,582 Net unrecognized losses on benefit plans 33,971 40,377 Investment impairments 23,481 13,841 Benefit plan liabilities 18,747 9,873 Foreign tax credits 11,836 64,902 Alternative minimum tax credits 7,604 44,954 Uncollectible reinsurance reserve 5,534 5,237 Deferred expenses 3,182 3,076 Deferred gain on reinsurance - 35,231 Other assets 13,402 17,357 Total deferred tax assets 328,152 433,408 Deferred tax liabilities: Net fair value income 401,305 403,731 Deferred acquisition costs 33,227 38,636 Gain on tender of debt 16,437 21,916 Net unrealized investment gains 6,811 25,516 Bond market discount 2,674 3,043 Other liabilities 13,569 13,158 Total deferred tax liabilities 474,023 506,000 Net deferred tax assets/(liabilities) $ (145,871 ) $ (72,592 ) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Written premiums: Direct $ 1,511,217 $ 1,179,034 $ 1,240,761 Assumed 3,484,414 3,786,260 3,196,707 Ceded (2,902,348 ) (2,858,320 ) (2,320,091 ) Net written premiums $ 2,093,283 $ 2,106,974 $ 2,117,377 Premiums earned: Direct $ 1,439,795 $ 1,148,297 $ 1,183,542 Assumed 3,637,484 3,685,784 3,024,825 Ceded (2,933,519 ) (2,720,355 ) (2,202,006 ) Net premiums earned $ 2,143,760 $ 2,113,726 $ 2,006,361 Incurred losses and LAE: Direct $ 1,235,012 $ 1,073,485 $ 1,153,004 Assumed 1,728,661 1,855,057 1,473,297 Ceded (1,644,112 ) (1,574,449 ) (1,354,145 ) Net incurred losses and LAE $ 1,319,561 $ 1,354,093 $ 1,272,156 |
Affiliated Quota Share Reinsurance Agreements 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 $ 0 $ 0 01/01/2003-12/31/2003 Everest Re 25.0 % Bermuda Re property / casualty business 0 0 01/01/2004-12/31/2005 Everest Re 22.5 % Bermuda Re property / casualty business 0 0 Everest Re 2.5 % Everest International property / casualty business 0 0 01/01/2006-12/31/2006 Everest Re 18.0 % Bermuda Re property business 125,000 (1) 0 Everest Re 2.0 % Everest International property business 0 0 01/01/2006-12/31/2007 Everest Re 31.5 % Bermuda Re casualty business 0 0 Everest Re 3.5 % Everest International casualty business 0 0 01/01/2007-12/31/2007 Everest Re 22.5 % Bermuda Re property business 130,000 (1) 0 Everest Re 2.5 % Everest International property business 0 0 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 0 0 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 0 0 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 0 0 01/01/2007-12/31/2009 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 0 0 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) 0 01/01/2011- 12/31 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (3) 0 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 0 0 (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 | 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 | Bermuda Re Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Ceded written premiums $ 2,283,815 $ 2,273,222 $ 2,097,812 Ceded earned premiums 2,316,096 2,208,084 1,986,421 Ceded losses and LAE (a) 1,293,997 1,196,118 1,148,841 Everest International Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Ceded written premiums $ 395 $ 286 $ 691 Ceded earned premiums 522 563 1,105 Ceded losses and LAE 673 (2,356 ) (3,180 ) Everest Canada Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Assumed written premiums $ 39,819 $ 37,436 $ 20,419 Assumed earned premiums 35,988 25,925 17,447 Assumed losses and LAE 20,345 15,401 12,014 (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. Mt. Logan Re Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Ceded written premiums $ 209,162 $ 122,203 $ 19,066 Ceded earned premiums 201,416 122,979 18,001 Ceded losses and LAE 40,753 28,844 4,171 Assumed written premiums 15,421 13,889 1,735 Assumed earned premiums 15,421 13,889 1,735 Assumed losses and LAE - - - |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (43,777 ) $ 14,337 $ (29,440 ) $ (59,318 ) $ 20,744 $ (38,574 ) $ (152,280 ) $ 53,298 $ (98,982 ) URA(D) on securities - OTTI 9,666 (3,383 ) 6,283 (9,735 ) 3,407 (6,328 ) (399 ) 140 (259 ) Reclassification of net realized losses (gains) included in net income (loss) (2,772 ) 1,955 (817 ) 41,624 (14,551 ) 27,073 (3,792 ) 1,327 (2,465 ) Foreign currency translation adjustments (83,966 ) 29,388 (54,578 ) (44,938 ) 15,728 (29,210 ) (29,428 ) 10,300 (19,128 ) Benefit plan actuarial net gain (loss) 8,740 (3,059 ) 5,681 (60,169 ) 21,059 (39,110 ) 27,442 (9,605 ) 17,837 Reclassification of amortization of net gain (loss) included in net income (loss) 9,563 (3,347 ) 6,216 4,647 (1,627 ) 3,020 8,889 (3,111 ) 5,778 Total other comprehensive income (loss) $ (102,546 ) $ 35,891 $ (66,655 ) $ (127,890 ) $ 44,761 $ (83,129 ) $ (149,568 ) $ 52,349 $ (97,219 ) (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Years Ended December 31, Affected line item within the statements of AOCI component 2015 2014 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (2,772 ) $ 41,624 Other net realized capital gains (losses) 1,955 (14,551 ) Income tax expense (benefit) $ (817 ) $ 27,073 Net income (loss) Benefit plan net gain (loss) $ 9,563 $ 4,647 Other underwriting expenses (3,347 ) (1,627 ) Income tax expense (benefit) $ 6,216 $ 3,020 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 | Years Ended 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 (30,257 ) (11,501 ) Current period change in URA (D) of investments - non-credit OTTI 6,283 (6,328 ) Ending balance of URA (D) on securities 13,654 37,628 Beginning balance of foreign currency translation adjustments 41,877 71,087 Current period change in foreign currency translation adjustments (54,578 ) (29,210 ) Ending balance of foreign currency translation adjustments (12,701 ) 41,877 Beginning balance of benefit plan net gain (loss) (74,986 ) (38,896 ) Current period change in benefit plan net gain (loss) 11,897 (36,090 ) Ending balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Ending balance of accumulated other comprehensive income (loss) $ (62,136 ) $ 4,519 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Company contributions $ 5,949 $ 16,484 $ 22,536 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Pension expense $ 22,682 $ 18,543 $ 19,348 |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2015 2014 Qualified Plan $ 188,702 $ 200,205 Non-qualified Plan 17,756 19,167 Total $ 206,458 $ 219,371 |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2015 2014 Qualified Plan Projected benefit obligation $ 229,719 $ 243,525 Fair value of plan assets 135,087 157,090 Non-qualified Plan Projected benefit obligation $ 24,303 $ 26,540 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2015 2014 Qualified Plan Accumulated benefit obligation $ 188,702 $ 200,205 Fair value of plan assets 135,087 157,090 Non-qualified Plan Accumulated benefit obligation $ 17,756 $ 19,167 Fair value of plan assets - - |
Fair Value Measurement Levels For Qualified Plan Assets | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2015 (Level 1) (Level 2) (Level 3) Assets: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 4,034 4,034 - - Mutual funds, fair value Fixed income (b) 22,537 22,537 - - Equities (c) 86,505 86,505 - - Multi-strategy equity fund, fair value (d) 10,673 - - 10,673 Private equity limited partnerships (e) 11,338 - - 11,338 Total $ 135,087 $ 113,076 $ - $ 22,011 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. (e) This category consists of private equity limited partnerships. 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: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 14,328 14,328 - - Mutual funds, fair value Fixed income (b) 23,948 23,948 - - Equities (c) 96,762 96,762 - - Multi-strategy equity fund, fair value (d) 10,629 - - 10,629 Private equity limited partnerships (e) 11,423 - - 11,423 Total $ 157,090 $ 135,037 $ - $ 22,053 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. (e) This category consists of private equity limited partnerships. |
Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments | Year Ended December 31, (Dollars in thousands) 2015 2014 Assets: Balance, beginning of period $ 22,053 $ 19,921 Actual return on plan assets: Realized gains (losses) relating to assets sold during the period 84 75 Unrealized gains (losses) relating to assets still held at the reporting date 601 331 Purchases and capital contributions 1,719 3,390 Investment income earned on assets - - Sales and capital distributions (2,445 ) (1,664 ) Transfers in and/or (out) of Level 3 - - Balance, end of period $ 22,011 $ 22,053 The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date $ 517 $ 256 (Some amounts may not reconcile due to rounding.) |
Incurred Expenses Related To Defined Contribution Plans For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Incurred expenses $ 5,468 $ 4,676 $ 3,903 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Incurred expenses $ 447 $ 479 $ 462 |
Changes In The Assumed Healthcare Cost Trend | Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 706 $ (537 ) b. Effect on accumulated post-retirement benefit obligation 6,504 (5,064 ) |
Post-Retirement Benefit Expenses | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Post-retirement benefit expenses $ 3,280 $ 3,196 $ 3,801 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2015 2014 Change in projected benefit obligation: Benefit obligation at beginning of year $ 270,065 $ 214,059 Service cost 12,511 10,015 Interest cost 10,759 10,474 Actuarial (gain) / loss (18,595 ) 55,107 Benefits paid (20,718 ) (19,588 ) Projected benefit obligation at end of year 254,022 270,065 Change in plan assets: Fair value of plan assets at beginning of year 157,090 152,446 Actual return on plan assets (7,234 ) 7,747 Actual contributions during the year 5,949 16,484 Benefits paid (20,718 ) (19,588 ) Fair value of plan assets at end of year 135,087 157,090 Funded status at end of year $ (118,936 ) $ (112,976 ) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2015 2014 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (1,869 ) (5,469 ) Other liabilities (due beyond one year) (117,067 ) (107,507 ) Net amount recognized in the consolidated balance sheets $ (118,936 ) $ (112,976 ) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2015 2014 Prior service cost $ - $ (21 ) Accumulated income (loss) (91,920 ) (102,671 ) Accumulated other comprehensive income (loss) $ (91,920 ) $ (102,692 ) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2015 2014 Other comprehensive income (loss) at December 31, prior year $ (102,692 ) $ (53,387 ) Net gain (loss) arising during period (259 ) (58,647 ) Recognition of amortizations in net periodic benefit cost: Prior service cost 21 49 Actuarial loss 11,011 9,294 Other comprehensive income (loss) at December 31, current year $ (91,920 ) $ (102,692 ) |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Service cost $ 12,511 $ 10,015 $ 11,182 Interest cost 10,759 10,474 8,511 Expected return on assets (11,620 ) (11,288 ) (8,495 ) Amortization of actuarial loss from earlier periods 9,243 4,341 8,101 Amortization of unrecognized prior service cost 21 49 49 Settlement 1,768 4,953 - Net periodic benefit cost $ 22,682 $ 18,543 $ 19,348 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year (10,773 ) 49,305 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 11,909 $ 67,847 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2016 $ 6,709 2017 7,779 2018 9,607 2019 12,139 2020 10,660 Next 5 years 67,416 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2015 2014 Change in projected benefit obligation: Benefit obligation at beginning of year $ 36,506 $ 27,594 Service cost 1,794 1,619 Interest cost 1,187 1,320 Actuarial loss (7,231 ) 6,475 Benefits paid (568 ) (502 ) Benefit obligation at end of year 31,687 36,506 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 568 502 Benefits paid (568 ) (502 ) Fair value of plan assets at end of year - - Funded status at end of year $ (31,687 ) $ (36,506 ) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2015 2014 Other liabilities (due within one year) $ (654 ) $ (639 ) Other liabilities (due beyond one year) (31,033 ) (35,867 ) Net amount recognized in the consolidated balance sheets $ (31,687 ) $ (36,506 ) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2015 2014 Accumulated income (loss) $ (5,139 ) $ (12,670 ) Accumulated other comprehensive income (loss) $ (5,139 ) $ (12,670 ) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2015 2014 Other comprehensive income (loss) at December 31, prior year $ (12,670 ) $ (6,452 ) Net gain (loss) arising during period 7,231 (6,475 ) Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) 300 257 Other comprehensive income (loss) at December 31, current year $ (5,139 ) $ (12,670 ) |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Service cost $ 1,794 $ 1,619 $ 1,899 Interest cost 1,187 1,320 1,164 Net loss recognition 300 257 739 Net periodic cost $ 3,280 $ 3,196 $ 3,801 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (7,531 ) 6,218 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (4,251 ) $ 9,414 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2016 $ 654 2017 717 2018 844 2019 972 2020 1,141 Next 5 years 8,157 |
Dividend Restrictions And Sta44
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And Actual Statutory Capital | Everest Re (1) At December 31, (Dollars in thousands) 2015 2014 Regulatory targeted capital $ 1,355,668 $ 1,209,601 Actual capital $ 3,210,891 $ 2,892,999 (1) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At December 31, (Dollars in thousands) 2015 2014 The Prudential $ 142,427 $ 142,653 Unaffiliated life insurance company $ 33,062 $ 31,964 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 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 |
Dividends Received On Common Shares Reported As Net Investment Income | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Dividends received $ 38,880 $ 31,104 $ 21,287 |
Expenses Incurred By Holdings From Services Provided By Affiliated Company | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Expenses incurred $ 81,122 $ 77,322 $ 84,675 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Gross written premiums $ 2,147,893 $ 2,154,529 $ 1,826,044 Net written premiums 899,918 977,858 909,557 Premiums earned $ 951,457 $ 988,315 $ 842,341 Incurred losses and LAE 413,292 545,862 424,184 Commission and brokerage 198,983 201,912 159,747 Other underwriting expenses 50,089 45,583 47,177 Underwriting gain (loss) $ 289,093 $ 194,958 $ 211,233 International Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Gross written premiums $ 1,373,978 $ 1,630,381 $ 1,370,615 Net written premiums 562,691 612,243 610,084 Premiums earned $ 581,216 $ 600,964 $ 591,695 Incurred losses and LAE 394,819 358,038 315,923 Commission and brokerage 121,158 119,655 114,331 Other underwriting expenses 34,303 34,603 33,910 Underwriting gain (loss) $ 30,936 $ 88,668 $ 127,531 Insurance Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Gross written premiums $ 1,473,760 $ 1,180,384 $ 1,240,809 Net written premiums 630,674 516,873 597,736 Premiums earned $ 611,087 $ 524,447 $ 572,325 Incurred losses and LAE 511,450 450,193 532,049 Commission and brokerage (5,072 ) 17,835 19,844 Other underwriting expenses 130,427 111,846 112,412 Underwriting gain (loss) $ (25,718 ) $ (55,427 ) $ (91,980 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Underwriting gain (loss) $ 294,311 $ 228,199 $ 246,784 Net investment income 273,253 290,310 296,996 Net realized capital gains (losses) 50,335 206,679 723,149 Corporate expense (7,179 ) (7,252 ) (8,262 ) Interest, fee and bond issue cost amortization expense (35,434 ) (37,970 ) (45,452 ) Other income (expense) 29,256 (22,278 ) (7,714 ) Income (loss) before taxes $ 604,542 $ 657,688 $ 1,205,501 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Canada gross written premiums $ 114,859 $ 159,451 $ 169,148 |
Unaudited Quarterly Financial48
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2015 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,226,763 $ 1,089,441 $ 1,448,711 $ 1,230,716 Net written premiums 508,427 472,464 599,073 513,319 Premiums earned 521,062 521,424 546,050 555,224 Net investment income 72,581 70,925 63,363 66,384 Net realized capital gains (losses) 21,296 51,225 (121,695 ) 99,509 Total claims and underwriting expenses 453,954 447,405 499,858 448,232 Net income (loss) 115,944 133,766 (4,659 ) 167,602 2014 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,084,455 $ 1,224,820 $ 1,453,394 $ 1,202,625 Net written premiums 499,704 492,727 611,916 502,627 Premiums earned 470,445 520,736 569,597 552,948 Net investment income 63,787 68,636 83,446 74,441 Net realized capital gains (losses) (4,050 ) 125,114 (160 ) 85,775 Total claims and underwriting expenses 393,391 453,997 510,371 527,768 Net income (loss) 86,466 158,174 100,141 109,345 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum Percent Of Prepaid Reinsurance Premiums For Any Foreign Reinsurers That Were Collateralized | 10.00% | |||
Expensed deferrable acquisition costs | $ 315,069 | $ 339,402 | $ 293,922 | |
Implementation Of New Accounting Guidance Previously Deferred Acquisition Costs [Member] | ||||
Expensed deferrable acquisition costs | $ 7,215 | $ 1,397 | $ 5,818 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance Recoverable And Premium Receivables | $ 22,511 | $ 29,153 |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Schedule Of Deferred Acquisition Costs Amortized To Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 315,069 | $ 339,402 | $ 293,922 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Jul. 13, 2015 | Dec. 31, 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 | $ 2,571,006 | $ 1,892,146 | |
Gross unrealized losses on investments in unrealized loss position | 100,332 | 90,458 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 62,697 | 72,254 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 37,635 | $ 18,204 | |
Additional contractual commitments | 321,999 | ||
Securities with a carrying value | 1,398,874 | ||
Realized gain on sale of subsidiary | $ 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 | 0.07% | 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 | ||
Maximum [Member] | Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 5.00% | ||
Parent Company [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Realized gain on sale of subsidiary | $ 94,704 | ||
Mt. Mckinley Insurance Company [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
purchase price | $ 20,156 | ||
Realized 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 | 2,571,006 | 1,892,146 | |
Gross unrealized losses on investments in unrealized loss position | 100,332 | 90,458 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 62,697 | 72,254 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 37,635 | 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 | 35,978 | 53,772 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 6,959 | ||
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 | 6,090 | $ 7,298 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 14,807 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 5,335,472 | $ 5,235,523 | |
Unrealized Appreciation | 121,337 | 148,346 | |
Unrealized Depreciation | (100,332) | (90,458) | |
Market Value | 5,356,477 | 5,293,411 | |
OTTI in AOCI | [1] | (69) | (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 | 329,281 | 135,724 | |
Unrealized Appreciation | 2,422 | 1,416 | |
Unrealized Depreciation | (718) | (304) | |
Market Value | 330,985 | 136,836 | |
Obligations of US States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 669,945 | 783,129 | |
Unrealized Appreciation | 34,020 | 41,969 | |
Unrealized Depreciation | (890) | (626) | |
Market Value | 703,075 | 824,472 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,011,997 | 1,992,200 | |
Unrealized Appreciation | 27,286 | 39,954 | |
Unrealized Depreciation | (70,725) | (53,219) | |
Market Value | 1,968,558 | 1,978,935 | |
OTTI in AOCI | [1] | (86) | (9,735) |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 145,755 | 94,470 | |
Unrealized Appreciation | 290 | 727 | |
Unrealized Depreciation | (1,063) | (374) | |
Market Value | 144,982 | 94,823 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 61,527 | 57,027 | |
Unrealized Appreciation | 1,430 | 2,292 | |
Unrealized Depreciation | (511) | (51) | |
Market Value | 62,446 | 59,268 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 714,907 | 596,140 | |
Unrealized Appreciation | 3,994 | 6,697 | |
Unrealized Depreciation | (6,603) | (4,720) | |
Market Value | 712,298 | 598,117 | |
Non-agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 126 | 271 | |
Unrealized Appreciation | 24 | 44 | |
Market Value | 150 | 315 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 447,244 | 515,016 | |
Unrealized Appreciation | 24,255 | 27,415 | |
Unrealized Depreciation | (8,425) | (5,344) | |
Market Value | 463,074 | 537,087 | |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 954,690 | 1,061,546 | |
Unrealized Appreciation | 27,616 | 27,832 | |
Unrealized Depreciation | (11,397) | (25,820) | |
Market Value | 970,909 | 1,063,558 | |
OTTI in AOCI | [1] | $ 17 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 15 | ||
Unrealized Appreciation | 1 | ||
Market Value | $ 16 | ||
[1] | Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 5,335,472 | $ 5,235,523 |
Fixed maturity securities - available for sale, at market value | 5,356,477 | 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 | 330,029 | 385,721 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,617,079 | 2,387,533 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 870,266 | 1,025,221 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 595,783 | 689,140 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 330,509 | 384,022 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,618,056 | 2,369,917 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 856,230 | 1,029,077 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 631,806 | 757,872 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 145,755 | 94,470 |
Fixed maturity securities - available for sale, at market value | 144,982 | 94,823 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 61,527 | 57,027 |
Fixed maturity securities - available for sale, at market value | 62,446 | 59,268 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 714,907 | 596,140 |
Fixed maturity securities - available for sale, at market value | 712,298 | 598,117 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 126 | 271 |
Fixed maturity securities - available for sale, at market value | $ 150 | $ 315 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (36,883) | $ (27,429) | |
Deferred tax benefit (expense) | 16,292 | 6,193 | |
Deferred tax benefit (expense), other-than-temporary impairment | (3,383) | 3,407 | |
Total URA(D) on securities arising during the period | (23,974) | (17,829) | $ (101,706) |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | (46,548) | (17,697) | |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 9,666 | (9,735) | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (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 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | $ 1,925,177 | $ 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (62,697) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 645,829 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (37,635) | (18,204) |
Available-for-sale Securities, Market Value, Total | 2,571,006 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (100,332) | (90,458) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,925,177 | 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (62,697) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 645,829 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (37,635) | (18,204) |
Available-for-sale Securities, Market Value, Total | 2,571,006 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (100,332) | (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 | 216,352 | 13,187 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (712) | (20) |
Available for sale securities, Greater than 12 months, Market Value | 692 | 26,897 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6) | (284) |
Available-for-sale Securities, Market Value, Total | 217,044 | 40,084 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (718) | (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 | 6,434 | 20,428 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (84) | (242) |
Available for sale securities, Greater than 12 months, Market Value | 4,917 | 18,199 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (806) | (384) |
Available-for-sale Securities, Market Value, Total | 11,351 | 38,627 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (890) | (626) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 866,715 | 830,928 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (49,034) | (48,891) |
Available for sale securities, Greater than 12 months, Market Value | 307,215 | 171,207 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (21,691) | (4,328) |
Available-for-sale Securities, Market Value, Total | 1,173,930 | 1,002,135 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (70,725) | (53,219) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 102,506 | 62,451 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (791) | $ (374) |
Available for sale securities, Greater than 12 months, Market Value | 28,048 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (272) | |
Available-for-sale Securities, Market Value, Total | 130,554 | $ 62,451 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,063) | (374) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 26,483 | 11,742 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (511) | $ (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 | 26,483 | $ 11,742 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (511) | (51) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 320,285 | 24,230 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,094) | (59) |
Available for sale securities, Greater than 12 months, Market Value | 150,095 | 267,824 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3,509) | (4,661) |
Available-for-sale Securities, Market Value, Total | 470,380 | 292,054 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (6,603) | (4,720) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 61,498 | 45,521 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,182) | (913) |
Available for sale securities, Greater than 12 months, Market Value | 77,911 | 53,086 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,243) | (4,431) |
Available-for-sale Securities, Market Value, Total | 139,409 | 98,607 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (8,425) | (5,344) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 324,904 | 228,733 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,289) | (21,704) |
Available for sale securities, Greater than 12 months, Market Value | 76,951 | 117,713 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (5,108) | (4,116) |
Available-for-sale Securities, Market Value, Total | 401,855 | 346,446 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (11,397) | $ (25,820) |
Investments (Summary Of Aggre57
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | $ 1,925,177 | $ 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (62,697) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 645,829 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (37,635) | (18,204) |
Available-for-sale Securities, Market Value, Total | 2,571,006 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (100,332) | (90,458) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,925,177 | 1,237,220 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (62,697) | (72,254) |
Available for sale securities, Greater than 12 months, Market Value | 645,829 | 654,926 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (37,635) | (18,204) |
Available-for-sale Securities, Market Value, Total | 2,571,006 | 1,892,146 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (100,332) | (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 | 21,780 | 12,858 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,577) | (550) |
Available for sale securities, Greater than 12 months, Market Value | 12,212 | 53,528 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,171) | (4,224) |
Available-for-sale Securities, Market Value, Total | 33,992 | 66,386 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (2,748) | (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 | 1,023,437 | 622,137 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (23,255) | (51,262) |
Available for sale securities, Greater than 12 months, Market Value | 347,203 | 243,192 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (21,582) | (6,306) |
Available-for-sale Securities, Market Value, Total | 1,370,640 | 865,329 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (44,837) | (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 | 394,978 | 467,187 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (31,423) | (18,958) |
Available for sale securities, Greater than 12 months, Market Value | 99,335 | 66,630 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (10,131) | (2,018) |
Available-for-sale Securities, Market Value, Total | 494,313 | 533,817 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (41,554) | (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 | 35,708 | 36,615 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,046) | (1,000) |
Available for sale securities, Greater than 12 months, Market Value | 8,936 | 23,752 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (970) | (995) |
Available-for-sale Securities, Market Value, Total | 44,644 | 60,367 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,016) | (1,995) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 102,506 | 62,451 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (791) | $ (374) |
Available for sale securities, Greater than 12 months, Market Value | 28,048 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (272) | |
Available-for-sale Securities, Market Value, Total | 130,554 | $ 62,451 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,063) | (374) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 346,768 | 35,972 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,605) | (110) |
Available for sale securities, Greater than 12 months, Market Value | 150,095 | 267,824 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3,509) | (4,661) |
Available-for-sale Securities, Market Value, Total | 496,863 | 303,796 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (7,114) | $ (4,771) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | $ 283,979 | $ 307,540 | $ 313,132 |
Funds held interest income (expense) | 5,611 | 5,429 | 6,925 |
Interest income from Parent | 4,300 | ||
Gross investment income | 293,890 | 312,969 | 320,057 |
Investment expenses | (20,637) | (22,658) | (23,061) |
Net investment income | 273,253 | 290,310 | 296,996 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 188,300 | 207,861 | 210,416 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 34,418 | 34,112 | 36,274 |
Short-Term Investments And Cash [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 964 | 1,190 | 1,090 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 19,613 | 29,653 | 36,737 |
Dividends From Parent's Shares [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 38,880 | 31,104 | 21,287 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | $ 1,804 | $ 3,620 | $ 7,328 |
Investments (Summary Of Compo59
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (78,833) | $ (38,912) | |||||||||
Gain on sale of subsidiary | 94,704 | ||||||||||
Total net realized capital gains (losses) | $ 99,509 | $ (121,695) | $ 51,225 | $ 21,296 | $ 85,775 | $ (160) | $ 125,114 | $ (4,050) | 50,335 | 206,679 | $ 723,149 |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | (78,833) | (38,912) | |||||||||
Gains (losses) from sales | (36,299) | (2,711) | $ 3,792 | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 25 | (3,137) | 201 | ||||||||
Gains (losses) from fair value adjustments | (44) | (1,498) | 307 | ||||||||
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 | (8,010) | (385) | 31,566 | ||||||||
Gains (losses) from fair value adjustments | (39,119) | 113,065 | 240,927 | ||||||||
Other Invested Assets [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from exchange | 88,354 | ||||||||||
Gains (losses) from fair value adjustments | 29,549 | 140,259 | 446,341 | ||||||||
Gain on sale of subsidiary | 94,704 | ||||||||||
Short-Term Investments And Cash [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | $ 7 | $ (2) | $ 15 |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 546,779 | $ 1,116,743 | $ 619,914 |
Gross gains from sales | 10,935 | 14,782 | 14,914 |
Gross losses from sales | (47,209) | (20,630) | (10,921) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 567,085 | 528,958 | 612,516 |
Gross gains from sales | 26,136 | 17,921 | 40,191 |
Gross losses from sales | $ (34,146) | $ (18,306) | $ (8,925) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) - USD ($) $ in Thousands | Jul. 13, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reserves For Losses And LAE [Line Items] | |||||
Increase (decrease) in reinsurance business | $ (6,454) | $ 39,206 | $ 44,631 | ||
Increase (decrease) in insurance business | 86,540 | 71,838 | |||
Reinsurance receivable, affiliated and unaffiliated, total | 4,459,087 | 4,032,018 | |||
Reinsurance receivable | $ 3,742,105 | 3,372,715 | |||
Retrocession percent | 5.00% | ||||
Number of past years, contracts have been received | 3 years | ||||
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | ||||
Partially offset, related to development on A&E reserves | (27,207) | ||||
Case reserve established by the Company on direct excess insurance claims | $ 7,940,720 | 7,843,856 | $ 7,653,229 | $ 8,143,055 | |
Gross asbestos loss reserves | 87,362 | ||||
Gain on sale of subsidiary | 94,704 | ||||
Construction Liability, Umbrella, and Workers Compensation Reserves [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Partially offset, related to development on A&E reserves | 80,086 | ||||
Bermuda Re [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Reinsurance receivable | $ 3,643,252 | ||||
Reinsurance receivable percent | 81.70% | ||||
Mt. Mckinley Insurance Company [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
purchase price | $ 20,156 | ||||
Gain on sale of subsidiary | $ 94,704 | ||||
U.S. Reinsurance [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Partially offset, related to development on A&E reserves | 59,509 | ||||
Insurance [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Partially offset, related to development on A&E reserves | $ 11,352 |
Reserves For Losses And LAE (Su
Reserves For Losses And LAE (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reserves For Losses And LAE [Abstract] | ||||
Gross reserves at January 1 | $ 7,843,856 | $ 7,653,229 | $ 8,143,055 | |
Less reinsurance recoverable | (3,875,073) | (3,702,782) | (3,427,385) | $ (3,444,970) |
Net reserves at January 1 | 4,141,074 | 4,225,844 | 4,698,085 | |
Incurred related to: Current year | 1,326,015 | 1,314,887 | 1,227,525 | |
Incurred related to: Prior years | (6,454) | 39,206 | 44,631 | |
Total incurred losses and LAE | 1,319,561 | 1,354,093 | 1,272,156 | |
Paid related to: Current year | 357,819 | 452,662 | 464,914 | |
Paid related to: Prior years | 946,337 | 926,819 | 1,209,941 | |
Total paid losses and LAE | 1,304,156 | 1,379,481 | 1,674,855 | |
Foreign exchange/translation adjustment | (90,832) | (59,382) | (69,542) | |
Net reserves at December 31 | 4,065,647 | 4,141,074 | 4,225,844 | |
Plus reinsurance recoverable | 3,875,073 | 3,702,782 | 3,427,385 | |
Gross reserves at December 31 | $ 7,940,720 | $ 7,843,856 | $ 7,653,229 |
Reserves For Losses And LAE (63
Reserves For Losses And LAE (Summary Of Incurred Losses With Respect To A&E Reserves On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reserves For Losses And LAE [Abstract] | |||
Gross basis: Beginning of period reserves | $ 476,205 | $ 402,461 | $ 442,821 |
Gross basis: Incurred losses | 40,000 | 142,233 | 5,598 |
Gross basis: Paid losses | (83,088) | (68,490) | (45,958) |
Gross basis: End of period reserves | 433,117 | 476,205 | 402,461 |
Net basis: Beginning of period reserves | 304,286 | 269,370 | 305,469 |
Net basis: Incurred losses | 30,879 | 87,362 | 3,965 |
Net basis: Paid losses | (58,625) | (52,446) | (40,064) |
Net basis: End of period reserves | $ 276,540 | $ 304,286 | $ 269,370 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of public equity portfolio | $ 131,219 | $ 96,890 |
Transfers between Level 1 and Level 2 | 0 | |
Transfers from level 3 | 8,244 | 14,007 |
Available For Sale Securities Debt Securities Market Value | 5,356,477 | 5,293,411 |
Parent Company [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available For Sale Securities Debt Securities Market Value | $ 65,441 | $ 9,040 |
Private Placement [Member] | Unavailability Of Prices [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of securities | security | 2 | |
Available For Sale Securities Debt Securities Market Value | $ 3,593 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value)(Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 5,356,477 | $ 5,293,411 |
Fixed maturities - available for sale, at fair value | 2,102 | 1,509 |
Equity securities - available for sale, at market value | 16 | |
Equity securities - available for sale, at fair value | 1,215,377 | 1,299,037 |
Other invested assets, at fair value | $ 1,773,214 | $ 1,655,311 |
Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Fixed maturities - available for sale, at fair value | ||
Equity securities - available for sale, at market value | $ 16 | |
Equity securities - available for sale, at fair value | $ 1,153,310 | 1,188,613 |
Other invested assets, at fair value | 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 | $ 5,350,951 | 5,277,648 |
Fixed maturities - available for sale, at fair value | 2,102 | 1,509 |
Equity securities - available for sale, at fair value | 62,067 | 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 | $ 5,526 | $ 15,763 |
Fixed maturities - available for sale, at fair value | ||
Equity securities - available for sale, at market value | ||
Equity securities - available for sale, at fair value | ||
Other invested assets, at fair value | $ 1,773,214 | |
Parent Company [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 65,441 | $ 9,040 |
Equity securities - available for sale, at fair value | 131,219 | 96,890 |
Other invested assets, at fair value | 1,773,214 | 1,655,311 |
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 | $ 330,985 | $ 136,836 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
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 | $ 330,985 | $ 136,836 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [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 | ||
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 | $ 703,075 | $ 824,472 |
Obligations of US States and Political Subdivisions [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
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 | $ 703,075 | $ 824,472 |
Obligations of US States and Political Subdivisions [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 | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 1,968,558 | $ 1,978,935 |
Corporate Securities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Corporate 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 | $ 1,964,625 | $ 1,978,935 |
Corporate 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 | 3,933 | |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 144,982 | $ 94,823 |
Asset-backed Securities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
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 | $ 144,982 | $ 94,823 |
Asset-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 | ||
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 62,446 | $ 59,268 |
Commercial Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
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 | $ 62,446 | $ 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 | $ 712,298 | $ 598,117 |
Agency Residential [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
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 | $ 712,298 | $ 598,117 |
Agency Residential [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 | ||
Non-agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 150 | $ 315 |
Non-agency Residential [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
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 | $ 150 | $ 315 |
Non-agency Residential [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 | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 463,074 | $ 537,087 |
Foreign Government Securities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Foreign Government 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 | $ 463,074 | $ 537,087 |
Foreign Government 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 | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 970,909 | $ 1,063,558 |
Foreign Corporate Securities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Foreign Corporate 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 | $ 969,316 | $ 1,056,392 |
Foreign Corporate 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 | $ 1,593 | $ 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 | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 15,763 | $ 4,018 |
Total gains or (losses) (realized/unrealized), Included in earnings | (9,474) | 1,366 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 3,856 | (5,787) |
Purchases, issuances and settlements | 3,625 | 30,173 |
Transfers in and/or (out) of Level 3 | (8,244) | (14,007) |
Ending balance | 5,526 | $ 15,763 |
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 | 9,721 | |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total gains or (losses) (realized/unrealized), Included in earnings | 6 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (52) | $ 42 |
Purchases, issuances and settlements | 3,625 | 1,274 |
Transfers in and/or (out) of Level 3 | 354 | $ (1,316) |
Ending balance | $ 3,933 | |
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 | $ 3,533 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 1,291 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (192) | |
Purchases, issuances and settlements | 16,744 | |
Transfers in and/or (out) of Level 3 | $ (21,376) | |
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 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | $ (426) | |
Purchases, issuances and settlements | 9,023 | |
Transfers in and/or (out) of Level 3 | $ (8,597) | |
Ending balance | $ 8,597 | |
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 | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 7,166 | $ 481 |
Total gains or (losses) (realized/unrealized), Included in earnings | (9,480) | 73 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 3,908 | (5,208) |
Purchases, issuances and settlements | 3,135 | |
Transfers in and/or (out) of Level 3 | (1) | 8,685 |
Ending balance | 1,593 | $ 7,166 |
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 | $ 9,721 | |
Non-agency Residential [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 4 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 2 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (3) | |
Purchases, issuances and settlements | $ (3) | |
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 |
Fair Value (Fair Value Measur67
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value [Abstract] | ||
Beginning Balance | ||
Total gains or (losses) (realized/unrealized) Included in earnings | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | $ 1,773,214 | |
Transfers in and/or (out) of Level 3 | ||
Ending Balance | $ 1,773,214 | |
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 |
Credit Facility-Expired (Narrat
Credit Facility-Expired (Narrative) (Details) - Total Citibank Holdings Credit Facility [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |
Line of credit facility, term of credit facility | 3 years |
Line of credit facility, commitment | $ 150,000 |
Credit Facility-Expired (Summar
Credit Facility-Expired (Summary Of Costs Incurred In Connection With Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Credit Facility-Expired [Abstract] | ||
Credit facility fees incurred | $ 97 | $ 299 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | |
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% | 5.40% |
Maturity date | Oct. 15, 2014 | |
Senior Notes [Member] | Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | |
Parent Company [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date Due | Jun. 1, 2044 | Jun. 1, 2044 |
Senior Notes 5.4% [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | 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 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 400,000,000 | $ 400,000,000 |
Market value | $ 381,204,000 | $ 404,892,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Senior Notes [Abstract] | |||
Interest expense incurred | $ 19,472 | $ 21,818 | $ 13,551 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Floating rate terms | interest will be based on the 3 month LIBOR plus 238.5 | |
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 | |
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 | |
Parent Company [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Parent Company [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 |
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Period, Beginning Date | May 3, 2007 | |
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Period, Ending Date | May 14, 2017 | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
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% | 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 | |
Subordinated Notes 6.6% [Member] | ||
Debt Instrument [Line Items] | ||
Commencement date for cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes | Mar. 19, 2009 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 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 | |
Maturity date | May 1, 2067 | |
Consolidated Balance Sheet Amount | $ 238,368,000 | $ 238,364,000 |
Market value | $ 208,978,000 | $ 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 | |
Parent Company [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Maturity date | May 1, 2067 | May 1, 2067 |
Long Term Subordinated Notes 75
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 15,749 | $ 15,749 | $ 15,748 |
Reinsurance And Trust Agreeme76
Reinsurance And Trust Agreements (Details) $ in Thousands | Dec. 01, 2015USD ($)item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Effects of Reinsurance [Line Items] | ||||||
Amount on deposit in trust accounts | $ 347,105 | |||||
Reinsurance coverage amount | 2,902,348 | $ 2,858,320 | $ 2,320,091 | |||
Kilimanjaro Re Limited [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Number of collateralized reinsurance agreements | item | 2 | 2 | ||||
Catastrophe reinsurance bonds, funded amount | $ 450,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 500,000 | $ 625,000 | ||||
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 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 300,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 325,000 |
Operating Lease Agreements (Nar
Operating Lease Agreements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Lease Agreements [Abstract] | |||
Rent expense | $ 14,145 | $ 13,028 | $ 12,405 |
Operating Lease Agreements (Fut
Operating Lease Agreements (Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Lease Agreements [Abstract] | |
2,016 | $ 13,239 |
2,017 | 12,889 |
2,018 | 13,111 |
2,019 | 12,929 |
2,020 | 12,594 |
Thereafter | 16,511 |
Net commitments | $ 81,273 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Foreign tax credits | $ 11,836 | $ 64,902 |
Alternative minimum tax credits | 7,604 | 44,954 |
Tax benefits related to share-based compensation | $ 4,469 | $ 3,333 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S. | $ 52,347 | $ 104,327 | $ 86,345 |
Foreign | 30,373 | 33,171 | 7,909 |
Total current tax expense (benefit) | 82,720 | 137,498 | 94,254 |
Total deferred U.S. tax expense (benefit) | 109,169 | 66,064 | 312,984 |
Total income tax provision | $ 191,889 | $ 203,562 | $ 407,238 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Expected income tax provision at the U.S. statutory tax rate | $ 211,588 | $ 230,190 | $ 421,924 |
Increase (reduction) in tax resulting from: Tax exempt income | (10,004) | (12,231) | (15,038) |
Increase (reduction) in tax resulting from: Dividend received deduction | (4,851) | (5,428) | (7,328) |
Increase (reduction) in tax resulting from: Proration | 2,160 | 1,835 | 2,274 |
Increase (reduction) iin taxes resulting from: Other | (7,005) | (10,804) | 5,406 |
Total income tax provision | $ 191,889 | $ 203,562 | $ 407,238 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Loss reserve | $ 169,771 | $ 153,978 |
Unearned premium reserve | 40,624 | 44,582 |
Net unrecognized losses on benefit plans | 33,971 | 40,377 |
Investment impairments | 23,481 | 13,841 |
Benefit plan liabilities | 18,747 | 9,873 |
Foreign tax credits | 11,836 | 64,902 |
Alternative minimum tax credits | 7,604 | 44,954 |
Uncollectible reinsurance reserve | 5,534 | 5,237 |
Deferred expenses | 3,182 | 3,076 |
Deferred gain on reinsurance | 35,231 | |
Other assets | 13,402 | 17,357 |
Total deferred tax assets | 328,152 | 433,408 |
Net fair value income | 401,305 | 403,731 |
Deferred acquisition costs | 33,227 | 38,636 |
Gain on tender of debt | 16,437 | 21,916 |
Net unrealized investment gains | 6,811 | 25,516 |
Bond market discount | 2,674 | 3,043 |
Other liabilities | 13,569 | 13,158 |
Total deferred tax liabilities | 474,023 | 506,000 |
Net deferred tax assets/(liabilities) | $ (145,871) | $ (72,592) |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2015GBP (£) | |
Reinsurance [Abstract] | |
Reserve Indemnity Agreement, Percent | 90.00% |
Reserve Indemnity Agreement, Amount | £ 25 |
Reinsurance (Premiums Written A
Reinsurance (Premiums Written And Earned And Incurred Losses And LAE)(Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance [Abstract] | |||||||||||
Written premiums : Direct | $ 1,511,217 | $ 1,179,034 | $ 1,240,761 | ||||||||
Written premiums: Assumed | 3,484,414 | 3,786,260 | 3,196,707 | ||||||||
Written premiums: Ceded | (2,902,348) | (2,858,320) | (2,320,091) | ||||||||
Net written premium | $ 513,319 | $ 599,073 | $ 472,464 | $ 508,427 | $ 502,627 | $ 611,916 | $ 492,727 | $ 499,704 | 2,093,283 | 2,106,974 | 2,117,377 |
Premiums earned: Direct | 1,439,795 | 1,148,297 | 1,183,542 | ||||||||
Premiums earned: Assumed | 3,637,484 | 3,685,784 | 3,024,825 | ||||||||
Premium earned: Ceded | (2,933,519) | (2,720,355) | (2,202,006) | ||||||||
Net premiums earned | 2,143,760 | 2,113,726 | 2,006,361 | ||||||||
Incurred losses and LAE: Direct | 1,235,012 | 1,073,485 | 1,153,004 | ||||||||
Incurred losses and LAE: Assumed | 1,728,661 | 1,855,057 | 1,473,297 | ||||||||
Incurred losses and LAE: Ceded | (1,644,112) | (1,574,449) | (1,354,145) | ||||||||
Incurred losses and loss adjustment expenses | $ 1,319,561 | $ 1,354,093 | $ 1,272,156 |
Reinsurance (Affiliated Quota S
Reinsurance (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 12 months ended Dec. 31, 2015 CAD in Thousands, $ in Thousands | CAD | USD ($) | |
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Aggregate Limit | $ 0 | ||
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 | |
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
Single Occurrence Limit | $ 0 | ||
Aggregate Limit | $ 0 | ||
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 | |
[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 |
Reinsurance (Liability Limits F
Reinsurance (Liability Limits For Any Losses Per One Occurrence) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reinsurance [Abstract] | |
Liability Limits, Losses per one occurrence, Exceeding | $ 100,000 |
Liability Limits, Losses per one occurrence, Not to Exceed | $ 150,000 |
Reinsurance (Loss Portfolio Tra
Reinsurance (Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 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 |
Reinsurance (Premiums And Losse
Reinsurance (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | $ 2,902,348 | $ 2,858,320 | $ 2,320,091 | |
Assumed written premiums | 3,484,414 | 3,786,260 | 3,196,707 | |
Bermuda Re [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 2,283,815 | 2,273,222 | 2,097,812 | |
Ceded earned premiums | 2,316,096 | 2,208,084 | 1,986,421 | |
Ceded losses and LAE | [1] | 1,293,997 | 1,196,118 | 1,148,841 |
Everest International [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 395 | 286 | 691 | |
Ceded earned premiums | 522 | 563 | 1,105 | |
Ceded losses and LAE | 673 | (2,356) | (3,180) | |
Everest Canada [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed written premiums | 39,819 | 37,436 | 20,419 | |
Assumed earned premiums | 35,988 | 25,925 | 17,447 | |
Assumed losses and LAE | 20,345 | 15,401 | 12,014 | |
Mt. Logan Re [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 209,162 | 122,203 | 19,066 | |
Ceded earned premiums | 201,416 | 122,979 | 18,001 | |
Ceded losses and LAE | 40,753 | 28,844 | 4,171 | |
Assumed written premiums | 15,421 | 13,889 | 1,735 | |
Assumed earned premiums | $ 15,421 | $ 13,889 | $ 1,735 | |
Assumed losses and LAE | ||||
[1] | 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. |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income (Loss) [Abstract] | |||
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Before Tax | $ (43,777) | $ (59,318) | $ (152,280) |
URA(D) on securities - OTTI, Before Tax | 9,666 | (9,735) | (399) |
Reclassification of net realized losses (gains) included in net income (loss), Before Tax | (2,772) | 41,624 | (3,792) |
Foreign currency translation adjustments, Before Tax | (83,966) | (44,938) | (29,428) |
Benefit plan actuarial net gain (loss), Before Tax | 8,740 | (60,169) | 27,442 |
Reclassification of amortization of net gain (loss) included in net income (loss), Before Tax | 9,563 | 4,647 | 8,889 |
Total other comprehensive income (loss), Before Tax | (102,546) | (127,890) | (149,568) |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Tax Effect | 14,337 | 20,744 | 53,298 |
URA(D) on securities - OTTI, Tax Effect | (3,383) | 3,407 | 140 |
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | 1,955 | (14,551) | 1,327 |
Foreign currency translation adjustments, Tax Effect | 29,388 | 15,728 | 10,300 |
Benefit plan actuarial net gain (loss), Tax Effect | (3,059) | 21,059 | (9,605) |
Reclassification of amortization of net gain (loss) included in net income (loss), Tax Effect | (3,347) | (1,627) | (3,111) |
Total other comprehensive income (loss), Tax Effect | 35,891 | 44,761 | 52,349 |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Net of Tax | (29,440) | (38,574) | (98,982) |
URA(D) of securities - OTTI, Net of Tax | 6,283 | (6,328) | (259) |
Reclassification of net realized losses (gains) included in net income (loss), Net of Tax | (817) | 27,073 | (2,465) |
Foreign currency translation adjustments, Net of Tax | (54,578) | (29,210) | (19,128) |
Benefit plan actuarial net gain (loss), Net of Tax | 5,681 | (39,110) | 17,837 |
Reclassification of amortization of net gain (loss) included in net income (loss), Net of Tax | 6,216 | 3,020 | 5,778 |
Total other comprehensive income (loss), net of tax | $ (66,655) | $ (83,129) | $ (97,219) |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other net realized capital gains (losses) | $ 34,464 | $ 245,591 | $ 723,149 | ||||||||
Other underwriting expenses | (214,819) | (192,032) | (193,499) | ||||||||
Income tax expense (benefit) | (191,889) | (203,562) | (407,238) | ||||||||
NET INCOME (LOSS) | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | $ 109,345 | $ 100,141 | $ 158,174 | $ 86,466 | 412,653 | 454,126 | 798,263 |
Parent Company [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | (79,544) | (50,100) | (153,226) | ||||||||
NET INCOME (LOSS) | 412,653 | 454,126 | $ 798,263 | ||||||||
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) | (2,772) | 41,624 | |||||||||
Income tax expense (benefit) | 1,955 | (14,551) | |||||||||
NET INCOME (LOSS) | (817) | 27,073 | |||||||||
Benefit Plan Liability [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other underwriting expenses | 9,563 | 4,647 | |||||||||
Income tax expense (benefit) | (3,347) | (1,627) | |||||||||
NET INCOME (LOSS) | $ 6,216 | $ 3,020 |
Comprehensive Income (Loss) (91
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income (Loss) [Abstract] | |||
Beginning balance of URA (D) on securities | $ 37,628 | $ 55,457 | |
Current period change in URA (D) of investments - temporary | (30,257) | (11,501) | |
Current period change in URA (D) of investments - non-credit OTTI | 6,283 | (6,328) | |
Ending balance of URA (D) on securities | 13,654 | 37,628 | $ 55,457 |
Beginning balance of foreign currency translation adjustments | 41,877 | 71,087 | |
Current period change in foreign currency translation adjustments | (54,578) | (29,210) | |
Ending balance of foreign currency translation adjustments | (12,701) | 41,877 | 71,087 |
Beginning balance of benefit plan net gain (loss) | (74,986) | (38,896) | |
Current period change in benefit plan net gain (loss) | 11,897 | (36,090) | 23,615 |
Ending balance of benefit plan net gain (loss) | (63,089) | (74,986) | $ (38,896) |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ (62,136) | $ 4,519 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | ||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 8,055 | ||
Amortization of unrecognized prior service cost | $ 0 | ||
Weighted average discount rate used to determine net periodic benefit cost | 4.00% | 5.00% | 4.00% |
Rate of compensation increase to determine the net periodic benefit cost | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.38% | 4.00% | 5.00% |
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3.00% | ||
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3.00% | ||
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8.00% | ||
Vested contribution after three years, percentage | 100.00% | ||
Defined contribution plans vesting period, years | 3 years | ||
Defined contribution plan employer contribution percentage for branch offices, minimum | 6.10% | ||
Defined contribution plan employer contribution percentage for branch offices, maximum | 9.70% | ||
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | ||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 193 | ||
Amortization of unrecognized prior service cost | $ 0 | ||
Weighted average discount rate used to determine net periodic benefit cost | 4.00% | 5.00% | 4.00% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.38% | 4.00% | 5.00% |
Pre-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health inflation rate | 7.00% | ||
Health inflation rate decreased | 4.50% | ||
Post-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health inflation rate | 6.20% | ||
Health inflation rate decreased | 4.50% | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 80.00% | ||
Target asset allocation percentage | 70.00% | ||
Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 17.00% | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 3.00% | ||
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 30.00% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Company contributions | $ 5,949 | $ 16,484 | $ 22,536 |
Employee Benefit Plans (Summa94
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Pension expense | $ 22,682 | $ 18,543 | $ 19,348 |
Employee Benefit Plans (Summa95
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 22,053 | $ 19,921 | |
Employer contributions | 5,949 | 16,484 | $ 22,536 |
Fair value of plan assets at end of year | 22,011 | 22,053 | 19,921 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 270,065 | 214,059 | |
Service cost | 12,511 | 10,015 | 11,182 |
Interest cost | 10,759 | 10,474 | 8,511 |
Actuarial (gain)/loss | (18,595) | 55,107 | |
Benefits paid | (20,718) | (19,588) | |
Projected benefit obligation at end of year | 254,022 | 270,065 | 214,059 |
Fair value of plan assets at beginning of year | 157,090 | 152,446 | |
Actual return on plan assets | (7,234) | 7,747 | |
Actual contributions during the year | 5,949 | 16,484 | |
Fair value of plan assets at end of year | 135,087 | 157,090 | 152,446 |
Funded status at end of year | (118,936) | (112,976) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 36,506 | 27,594 | |
Service cost | 1,794 | 1,619 | 1,899 |
Interest cost | 1,187 | 1,320 | 1,164 |
Actuarial (gain)/loss | (7,231) | 6,475 | |
Benefits paid | (568) | (502) | |
Projected benefit obligation at end of year | $ 31,687 | $ 36,506 | $ 27,594 |
Fair value of plan assets at beginning of year | |||
Employer contributions | $ 568 | $ 502 | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (31,687) | $ (36,506) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | $ (1,869) | $ (5,469) |
Other liabilities (due beyond one year) | (117,067) | (107,507) |
Net amount recognized in the consolidated balance sheets | (118,936) | (112,976) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (654) | (639) |
Other liabilities (due beyond one year) | (31,033) | (35,867) |
Net amount recognized in the consolidated balance sheets | $ (31,687) | $ (36,506) |
Employee Benefit Plans (Amoun97
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | $ (21) | ||
Accumulated income (loss) | (102,671) | $ (91,920) | |
Accumulated other comprehensive income (loss) | (102,692) | (91,920) | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive income (loss) | (102,692) | (91,920) | $ (53,387) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | (12,670) | (5,139) | |
Accumulated other comprehensive income (loss) | $ (12,670) | $ (5,139) | $ (6,452) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | $ (102,692) | |
Other comprehensive income (loss) at December 31, current year | (91,920) | $ (102,692) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (102,692) | (53,387) |
Net gain (loss) arising during period | (259) | (58,647) |
Prior service cost | 21 | 49 |
Actuarial loss (gain) | 11,011 | 9,294 |
Other comprehensive income (loss) at December 31, current year | (91,920) | (102,692) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (12,670) | (6,452) |
Net gain (loss) arising during period | 7,231 | (6,475) |
Actuarial loss (gain) | 300 | 257 |
Other comprehensive income (loss) at December 31, current year | $ (5,139) | $ (12,670) |
Employee Benefit Plans (Summa99
Employee Benefit Plans (Summary Of Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of unrecognized prior service cost | $ 0 | ||
Net periodic benefit cost | 22,682 | $ 18,543 | $ 19,348 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 12,511 | 10,015 | 11,182 |
Interest cost | 10,759 | 10,474 | 8,511 |
Expected return on assets | (11,620) | (11,288) | (8,495) |
Amortization of actuarial loss from earlier periods | 9,243 | 4,341 | 8,101 |
Amortization of unrecognized prior service cost | 21 | 49 | 49 |
Settlement | 1,768 | 4,953 | |
Net periodic benefit cost | 22,682 | 18,543 | 19,348 |
Other comprehensive income (loss) attributable to change from prior year | (10,773) | 49,305 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 11,909 | 67,847 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,794 | 1,619 | 1,899 |
Interest cost | 1,187 | 1,320 | 1,164 |
Amortization of unrecognized prior service cost | 0 | ||
Settlement | 300 | 257 | 739 |
Net periodic benefit cost | 3,280 | 3,196 | $ 3,801 |
Other comprehensive income (loss) attributable to change from prior year | (7,531) | 6,218 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (4,251) | $ 9,414 |
Employee Benefit Plans (Summ100
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 206,458 | $ 219,371 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 188,702 | 200,205 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 17,756 | $ 19,167 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 229,719 | $ 243,525 |
Fair value of plan assets | 135,087 | 157,090 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 24,303 | $ 26,540 |
Fair value of plan assets |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 188,702 | $ 200,205 |
Fair value of plan assets | 135,087 | 157,090 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 17,756 | $ 19,167 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 6,709 |
2,017 | 7,779 |
2,018 | 9,607 |
2,019 | 12,139 |
Next 5 years | 67,416 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 654 |
2,017 | 717 |
2,018 | 844 |
2,019 | 972 |
Next 5 years | $ 8,157 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash | $ 155,429 | $ 323,975 | |
Short-term investments | $ 563,536 | $ 564,364 | |
Percent of equities mutual funds in US equities | 90.00% | 90.00% | |
Percent of equities mutual funds in international equities | 10.00% | 10.00% | |
Parent Company [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash | $ 6,232 | $ 6,206 | |
Short-term investments | 37,802 | 92,390 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Short-term investments, which approximate fair value | [1] | 4,034 | 14,328 |
Multi-strategy equity fund, fair value | [2] | 10,673 | 10,629 |
Private equity limited partnerships | [3] | 11,338 | 11,423 |
Total | $ 135,087 | $ 157,090 | |
Percent of fixed income funds in US securities | 50.00% | 50.00% | |
Percent of fixed income funds in international securities | 50.00% | 50.00% | |
Pension Benefits [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Short-term investments, which approximate fair value | [1] | $ 4,034 | $ 14,328 |
Total | $ 113,076 | $ 135,037 | |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash | |||
Short-term investments, which approximate fair value | [1] | ||
Multi-strategy equity fund, fair value | [2] | ||
Private equity limited partnerships | [3] | ||
Total | |||
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multi-strategy equity fund, fair value | [2] | $ 10,673 | $ 10,629 |
Private equity limited partnerships | [3] | 11,338 | 11,423 |
Total | 22,011 | 22,053 | |
Pension Benefits [Member] | Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mutual funds, fair value | [4] | 22,537 | 23,948 |
Pension Benefits [Member] | Fixed Maturities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mutual funds, fair value | [4] | $ 22,537 | $ 23,948 |
Pension Benefits [Member] | Fixed Maturities [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mutual funds, fair value | [4] | ||
Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mutual funds, fair value | [5] | $ 86,505 | $ 96,762 |
Pension Benefits [Member] | Equity Securities [Member] | Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mutual funds, fair value | [5] | $ 86,505 | $ 96,762 |
Pension Benefits [Member] | Equity Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mutual funds, fair value | [5] | ||
[1] | This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars | ||
[2] | This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. | ||
[3] | This category consists of private equity limited partnerships. | ||
[4] | This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. | ||
[5] | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. |
Employee Benefit Plans (Fair105
Employee Benefit Plans (Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | ||
Fair value of plan assets at beginning of year | $ 22,053 | $ 19,921 |
Realized gains (losses) relating to assets sold during the period | 84 | 75 |
Unrealized gains (losses) relating to assets still held at the reporting date | 601 | 331 |
Purchases and capital contributions | 1,719 | 3,390 |
Sales and capital contributions | $ (2,445) | $ (1,664) |
Transfers in and/or (out) of Level 3 | ||
Fair value of plan assets at end of year | $ 22,011 | $ 22,053 |
The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ 517 | $ 256 |
Employee Benefit Plans (Incurre
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Incurred expenses | $ 5,468 | $ 4,676 | $ 3,903 |
Employee Benefit Plans (Incu107
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Incurred expenses | $ 447 | $ 479 | $ 462 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Employee Benefit Plans [Abstract] | |
Effect on total service and interest cost components, Percent Point Increase | $ 706 |
Effect on total service and interest cost components, Percentage Point Decrease | (537) |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 6,504 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | $ (5,064) |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Post-retirement benefit expenses | $ 3,280 | $ 3,196 | $ 3,801 |
Dividend Restrictions And St110
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |||
Dividend payment restrictions, period in months | 12 months | ||
Dividend payment restrictions, maximum percentage of statutory surplus required | 10.00% | ||
Available for payment of dividends in 2012 without need for prior regulatory approval | $ 498,455 | ||
Statutory capital and surplus | 3,210,891 | $ 2,892,999 | |
Statutory net income (loss) | $ 498,455 | $ 357,298 | $ 540,020 |
Regulatory targeted capital percent of risk based capital Model, minimum target | 200.00% |
Dividend Restrictions And St111
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Dividend Restrictions And Statutory Financial Information [Abstract] | |||
Regulatory targeted capital | [1] | $ 1,355,668 | $ 1,209,601 |
Actual capital | [1] | $ 3,210,891 | $ 2,892,999 |
Regulatory targeted capital, percent of risk-based capital model | 200.00% | ||
[1] | Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. |
Contingencies (Estimated Cost T
Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 142,427 | $ 142,653 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,062 | $ 31,964 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 |
Interest income | $ 4,300 | ||
Stock repurchase program, number of shares held | 9,719,971 | 9,719,971 | |
Stock repurchase program, value of shares held | $ 1,773,214 | $ 1,773,214 | |
Number of preferred shares | 1,773.214 | 1,773.214 | |
Preferred shares par value | $ 1,000 | $ 1,000 | |
Annual dividend rate | 1.75% | ||
Parent Company [Member] | |||
Related Party Transaction [Line Items] | |||
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 |
Debt instrument, stated interest rate | 1.72% | 1.72% | |
Maturity date | Dec. 31, 2023 | ||
Stock repurchase program, number of shares held | 9,719,971 | ||
Stock repurchase program, value of shares held | $ 1,773,214 | $ 1,773,214 | |
Number of preferred shares | 1,773.214 | 1,773.214 | |
Preferred shares par value | $ 1,000 | $ 1,000 | |
Annual dividend rate | 1.75% |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Dec. 31, 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 (Div
Related-Party Transactions (Dividends Received On Common Shares Reported As Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related-Party Transactions [Abstract] | |||
Dividends received | $ 38,880 | $ 31,104 | $ 21,287 |
Related-Party Transactions (Exp
Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related-Party Transactions [Abstract] | |||
Expenses incurred | $ 81,122 | $ 77,322 | $ 84,675 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Percentage threshold of company revenue not exceeded by any other country | 16.30% | 17.60% | 19.60% |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenues | 0.07% | 0.30% | |
Sales Revenue, Net [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenues | 5.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Written premiums : Direct | $ 1,511,217 | $ 1,179,034 | $ 1,240,761 | ||||||||
Net written premiums | $ 513,319 | $ 599,073 | $ 472,464 | $ 508,427 | $ 502,627 | $ 611,916 | $ 492,727 | $ 499,704 | 2,093,283 | 2,106,974 | 2,117,377 |
Premiums earned | $ 555,224 | $ 546,050 | $ 521,424 | $ 521,062 | $ 552,948 | $ 569,597 | $ 520,736 | $ 470,445 | 2,143,760 | 2,113,726 | 2,006,361 |
Incurred losses and LAE | 1,319,561 | 1,354,093 | 1,272,156 | ||||||||
Commission and brokerage | 315,069 | 339,402 | 293,922 | ||||||||
Other underwriting expenses | 214,819 | 192,032 | 193,499 | ||||||||
Underwriting gain (loss) | 294,311 | 228,199 | 246,784 | ||||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Written premiums : Direct | 2,147,893 | 2,154,529 | 1,826,044 | ||||||||
Net written premiums | 899,918 | 977,858 | 909,557 | ||||||||
Premiums earned | 951,457 | 988,315 | 842,341 | ||||||||
Incurred losses and LAE | 413,292 | 545,862 | 424,184 | ||||||||
Commission and brokerage | 198,983 | 201,912 | 159,747 | ||||||||
Other underwriting expenses | 50,089 | 45,583 | 47,177 | ||||||||
Underwriting gain (loss) | 289,093 | 194,958 | 211,233 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Written premiums : Direct | 1,373,978 | 1,630,381 | 1,370,615 | ||||||||
Net written premiums | 562,691 | 612,243 | 610,084 | ||||||||
Premiums earned | 581,216 | 600,964 | 591,695 | ||||||||
Incurred losses and LAE | 394,819 | 358,038 | 315,923 | ||||||||
Commission and brokerage | 121,158 | 119,655 | 114,331 | ||||||||
Other underwriting expenses | 34,303 | 34,603 | 33,910 | ||||||||
Underwriting gain (loss) | 30,936 | 88,668 | 127,531 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Written premiums : Direct | 1,473,760 | 1,180,384 | 1,240,809 | ||||||||
Net written premiums | 630,674 | 516,873 | 597,736 | ||||||||
Premiums earned | 611,087 | 524,447 | 572,325 | ||||||||
Incurred losses and LAE | 511,450 | 450,193 | 532,049 | ||||||||
Commission and brokerage | (5,072) | 17,835 | 19,844 | ||||||||
Other underwriting expenses | 130,427 | 111,846 | 112,412 | ||||||||
Underwriting gain (loss) | $ (25,718) | $ (55,427) | $ (91,980) |
Segment Reporting (Schedule 119
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||||||||||
Underwriting gain (loss) | $ 294,311 | $ 228,199 | $ 246,784 | ||||||||
Net investment income | $ 66,384 | $ 63,363 | $ 70,925 | $ 72,581 | $ 74,441 | $ 83,446 | $ 68,636 | $ 63,787 | 273,253 | 290,310 | 296,996 |
Net realized capital gains (losses) | $ 99,509 | $ (121,695) | $ 51,225 | $ 21,296 | $ 85,775 | $ (160) | $ 125,114 | $ (4,050) | 50,335 | 206,679 | 723,149 |
Corporate expense | (7,179) | (7,252) | (8,262) | ||||||||
Interest, fee and bond issue cost amortization expense | (35,434) | (37,970) | (45,452) | ||||||||
Other income (expense) | 29,256 | (22,278) | (7,714) | ||||||||
INCOME (LOSS) BEFORE TAXES | $ 604,542 | $ 657,688 | $ 1,205,501 |
Segment Reporting (Schedule 120
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Written premiums : Direct | $ 1,511,217 | $ 1,179,034 | $ 1,240,761 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Written premiums : Direct | $ 114,859 | $ 159,451 | $ 169,148 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - USD ($) $ in Thousands | Jul. 13, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Realized gain on sale of subsidiary | $ 94,704 | |
Parent Company [Member] | ||
Business Acquisition [Line Items] | ||
Realized gain on sale of subsidiary | $ 94,704 | |
Mt. Mckinley Insurance Company [Member] | ||
Business Acquisition [Line Items] | ||
purchase price | $ 20,156 | |
Realized gain on sale of subsidiary | $ 94,704 |
Unaudited Quarterly Financia122
Unaudited Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Gross written premiums | $ 1,230,716 | $ 1,448,711 | $ 1,089,441 | $ 1,226,763 | $ 1,202,625 | $ 1,453,394 | $ 1,224,820 | $ 1,084,455 | |||
Net written premiums | 513,319 | 599,073 | 472,464 | 508,427 | 502,627 | 611,916 | 492,727 | 499,704 | $ 2,093,283 | $ 2,106,974 | $ 2,117,377 |
Premiums earned | 555,224 | 546,050 | 521,424 | 521,062 | 552,948 | 569,597 | 520,736 | 470,445 | 2,143,760 | 2,113,726 | 2,006,361 |
Net investment income | 66,384 | 63,363 | 70,925 | 72,581 | 74,441 | 83,446 | 68,636 | 63,787 | 273,253 | 290,310 | 296,996 |
Net realized capital gains (losses) | 99,509 | (121,695) | 51,225 | 21,296 | 85,775 | (160) | 125,114 | (4,050) | 50,335 | 206,679 | 723,149 |
Total claims and underwriting expenses | 448,232 | 499,858 | 447,405 | 453,954 | 527,768 | 510,371 | 453,997 | 393,391 | 1,892,062 | 1,930,749 | 1,813,291 |
Net income (loss) | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | $ 109,345 | $ 100,141 | $ 158,174 | $ 86,466 | $ 412,653 | $ 454,126 | $ 798,263 |
Schedule I - Summary Of Inve123
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Thousands | Dec. 31, 2015USD ($) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | $ 9,286,542 | |
Total investments and cash, Market Value | 9,516,289 | |
Total investments and cash, Amount Shown In Balance Sheet | 9,516,289 | |
Fixed Maturities-Available For Sale [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 5,335,472 | |
Total investments and cash, Market Value | 5,356,477 | |
Total investments and cash, Amount Shown In Balance Sheet | 5,356,477 | |
U.S. Government And Government Agencies [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 329,281 | |
Total investments and cash, Market Value | 330,985 | |
Total investments and cash, Amount Shown In Balance Sheet | 330,985 | |
Obligations of US States and Political Subdivisions [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 669,945 | |
Total investments and cash, Market Value | 703,075 | |
Total investments and cash, Amount Shown In Balance Sheet | 703,075 | |
Foreign Government Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 447,244 | |
Total investments and cash, Market Value | 463,074 | |
Total investments and cash, Amount Shown In Balance Sheet | 463,074 | |
Foreign Corporate Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 954,690 | |
Total investments and cash, Market Value | 970,909 | |
Total investments and cash, Amount Shown In Balance Sheet | 970,909 | |
Public Utilities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 62,451 | |
Total investments and cash, Market Value | 62,695 | |
Total investments and cash, Amount Shown In Balance Sheet | 62,695 | |
All Other Corporate Bonds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 2,071,915 | |
Total investments and cash, Market Value | 2,026,648 | |
Total investments and cash, Amount Shown In Balance Sheet | 2,026,648 | |
Commercial Mortgage-Backed Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 61,527 | |
Total investments and cash, Market Value | 62,446 | |
Total investments and cash, Amount Shown In Balance Sheet | 62,446 | |
Agency Residential [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 714,907 | |
Total investments and cash, Market Value | 712,298 | |
Total investments and cash, Amount Shown In Balance Sheet | 712,298 | |
Non-agency Residential [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 126 | |
Total investments and cash, Market Value | 150 | |
Total investments and cash, Amount Shown In Balance Sheet | 150 | |
Redeemable Preferred Stock [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 23,386 | |
Total investments and cash, Market Value | 24,197 | |
Total investments and cash, Amount Shown In Balance Sheet | 24,197 | |
Fixed Maturities - Available For Sale, At Fair Value [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 2,202 | [1] |
Total investments and cash, Market Value | 2,102 | [1] |
Total investments and cash, Amount Shown In Balance Sheet | 2,102 | [1] |
Equity Securities - Available For Sale, At Fair Value [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,006,535 | [1] |
Total investments and cash, Market Value | 1,215,377 | [1] |
Total investments and cash, Amount Shown In Balance Sheet | 1,215,377 | [1] |
Short-Term Investments And Cash [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 563,536 | |
Total investments and cash, Market Value | 563,536 | |
Total investments and cash, Amount Shown In Balance Sheet | 563,536 | |
Other Invested Assets [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 450,154 | |
Total investments and cash, Market Value | 450,154 | |
Total investments and cash, Amount Shown In Balance Sheet | 450,154 | |
Other Invested Assets, At Fair Value [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,773,214 | [1] |
Total investments and cash, Market Value | 1,773,214 | [1] |
Total investments and cash, Amount Shown In Balance Sheet | 1,773,214 | [1] |
Cash [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 155,429 | |
Total investments and cash, Market Value | 155,429 | |
Total investments and cash, Amount Shown In Balance Sheet | $ 155,429 | |
[1] | Original cost does not reflect adjustments, which have been realized through the statements of operations and comprehensive income. |
Schedule II - Condensed Fina124
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 |
Stock repurchase program, number of shares held | 9,719,971 | 9,719,971 | |
Stock repurchase program, value of shares held | $ 1,773,214 | $ 1,773,214 | |
Number of preferred shares | 1,773.214 | 1,773.214 | |
Preferred shares par value | $ 1,000 | $ 1,000 | |
Annual dividend rate | 1.75% | ||
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 |
Debt instrument, stated interest rate | 1.72% | 1.72% | |
Debt instrument, maturity date | Dec. 31, 2023 | ||
Stock repurchase program, number of shares held | 9,719,971 | ||
Stock repurchase program, value of shares held | $ 1,773,214 | $ 1,773,214 | |
Number of preferred shares | 1,773.214 | 1,773.214 | |
Preferred shares par value | $ 1,000 | $ 1,000 | |
Annual dividend rate | 1.75% |
Schedule II - Condensed Fina125
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities - available for sale, at market value | $ 5,356,477 | $ 5,293,411 | |
Equity securities - available for sale, at fair value | 1,215,377 | 1,299,037 | |
Other invested assets | 450,154 | 435,010 | |
Other invested assets, at fair value | 1,773,214 | 1,655,311 | |
Short-term investments | 563,536 | 564,364 | |
Cash | 155,429 | 323,975 | |
Total investments and cash | 9,516,289 | 9,572,633 | |
Note receivable - affiliated | 250,000 | 250,000 | |
Accrued investment income | 41,727 | 45,386 | |
Other assets | 261,805 | 235,576 | |
TOTAL ASSETS | 16,700,613 | 16,322,320 | |
4.868% Senior notes due 6/1/2044 | 400,000 | 400,000 | |
6.6% Long term notes due 05/01/2067 | 238,368 | 238,364 | |
Accrued interest on debt and borrowings | 3,537 | 3,537 | |
Income taxes | 68,024 | 46,835 | |
Deferred tax liability | 145,871 | 72,592 | |
Other liabilities | 249,658 | 361,874 | |
Total liabilities | $ 11,769,402 | $ 11,749,603 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2015 and 2014) | |||
Additional paid-in capital | $ 374,789 | $ 362,293 | |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | (62,136) | 4,519 | |
Retained earnings | 4,618,558 | 4,205,905 | |
Total stockholder's equity | 4,931,211 | 4,572,717 | $ 4,190,478 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 16,700,613 | 16,322,320 | |
Fixed maturities - available for sale, at amortized cost | $ 5,335,472 | $ 5,235,523 | |
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) | $ (33,458) | $ 2,434 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities - available for sale, at market value | 65,441 | 9,040 | |
Equity securities - available for sale, at fair value | 131,219 | 96,890 | |
Other invested assets | 3,047 | 3,047 | |
Other invested assets, at fair value | 1,773,214 | 1,655,311 | |
Short-term investments | 37,802 | 92,390 | |
Cash | 6,232 | 6,206 | |
Total investments and cash | 2,016,955 | 1,862,884 | |
Investment in subsidiaries, at equity in the underlying net assets | 3,534,552 | 3,276,082 | |
Note receivable - affiliated | 250,000 | 250,000 | |
Accrued investment income | 438 | 92 | |
Advances to affiliates | 109,775 | 130,018 | |
Other assets | 18,097 | 18,340 | |
TOTAL ASSETS | 5,929,817 | 5,537,416 | |
4.868% Senior notes due 6/1/2044 | 400,000 | 400,000 | |
6.6% Long term notes due 05/01/2067 | 238,368 | 238,364 | |
Accrued interest on debt and borrowings | 3,537 | 3,537 | |
Income taxes | 354,312 | 317,991 | |
Due to affiliates | 1,049 | 932 | |
Other liabilities | 1,340 | 3,875 | |
Total liabilities | $ 998,606 | $ 964,699 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2015 and 2014) | |||
Additional paid-in capital | $ 374,789 | $ 362,293 | |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | (62,136) | 4,519 | |
Retained earnings | 4,618,558 | 4,205,905 | |
Total stockholder's equity | 4,931,211 | 4,572,717 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 5,929,817 | 5,537,416 | |
Fixed maturities - available for sale, at amortized cost | $ 66,016 | $ 9,008 | |
Debt instrument, interest rate, stated percentage | 1.72% | ||
Debt instrument, maturity date | Dec. 31, 2023 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 3,000,000 | 3,000,000 | |
Common stock, shares issued | 1,000,000 | 1,000,000 | |
Common stock, shares outstanding | 1,000,000 | 1,000,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (33,458) | $ 2,434 | |
Senior Notes [Member] | Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument, interest rate, stated percentage | 4.868% | 4.868% | |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 | |
Long Term Subordinated Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument, interest rate, stated percentage | 6.60% | 6.60% | |
Debt instrument, maturity date | May 1, 2067 | ||
Long Term Subordinated Debt [Member] | Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt instrument, interest rate, stated percentage | 6.60% | 6.60% | |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Schedule II - Condensed Fina126
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 66,384 | $ 63,363 | $ 70,925 | $ 72,581 | $ 74,441 | $ 83,446 | $ 68,636 | $ 63,787 | $ 273,253 | $ 290,310 | $ 296,996 |
Net realized capital gains (losses) | 99,509 | (121,695) | 51,225 | 21,296 | 85,775 | (160) | 125,114 | (4,050) | 50,335 | 206,679 | 723,149 |
Realized gain on sale of subsidiary | 94,704 | ||||||||||
Other income (expense) | 29,256 | (22,278) | (7,714) | ||||||||
Total revenues | 2,496,604 | 2,588,437 | 3,018,792 | ||||||||
Interest expense | 35,434 | 37,970 | 45,452 | ||||||||
Corporate expenses | 7,179 | 7,252 | 8,262 | ||||||||
Total claims and expenses | 448,232 | 499,858 | 447,405 | 453,954 | 527,768 | 510,371 | 453,997 | 393,391 | 1,892,062 | 1,930,749 | 1,813,291 |
INCOME (LOSS) BEFORE TAXES | 604,542 | 657,688 | 1,205,501 | ||||||||
Income tax expense (benefit) | 191,889 | 203,562 | 407,238 | ||||||||
NET INCOME (LOSS) | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | $ 109,345 | $ 100,141 | $ 158,174 | $ 86,466 | 412,653 | 454,126 | 798,263 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (23,157) | (44,902) | (99,241) | ||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | (817) | 27,073 | (2,465) | ||||||||
Total URA(D) on securities arising during the period | (23,974) | (17,829) | (101,706) | ||||||||
Foreign currency translation adjustments | (54,578) | (29,210) | (19,128) | ||||||||
Benefit plan actuarial net gain (loss) for the period | 5,681 | (39,110) | 17,837 | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 6,216 | 3,020 | 5,778 | ||||||||
Total benefit plan net gain (loss) for the period | 11,897 | (36,090) | 23,615 | ||||||||
Total other comprehensive income (loss), net of tax | (66,655) | (83,129) | (97,219) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 345,998 | 370,997 | 701,044 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | 40,441 | 32,774 | 23,451 | ||||||||
Net realized capital gains (losses) | 119,075 | 149,932 | 467,999 | ||||||||
Realized gain on sale of subsidiary | 94,704 | ||||||||||
Other income (expense) | (263) | (309) | (420) | ||||||||
Net income (loss) of subsidiaries | 274,625 | 364,869 | 511,976 | ||||||||
Total revenues | 532,882 | 547,266 | 1,003,006 | ||||||||
Interest expense | 35,434 | 37,970 | 45,452 | ||||||||
Corporate expenses | 5,251 | 5,070 | 6,065 | ||||||||
Total claims and expenses | 40,685 | 43,040 | 51,517 | ||||||||
INCOME (LOSS) BEFORE TAXES | 492,197 | 504,226 | 951,489 | ||||||||
Income tax expense (benefit) | 79,544 | 50,100 | 153,226 | ||||||||
NET INCOME (LOSS) | 412,653 | 454,126 | 798,263 | ||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (23,157) | (44,902) | (99,241) | ||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | (817) | 27,073 | (2,465) | ||||||||
Total URA(D) on securities arising during the period | (23,974) | (17,829) | (101,706) | ||||||||
Foreign currency translation adjustments | (54,578) | (29,210) | (19,128) | ||||||||
Benefit plan actuarial net gain (loss) for the period | 5,681 | (39,110) | 17,837 | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 6,216 | 3,020 | 5,778 | ||||||||
Total benefit plan net gain (loss) for the period | 11,897 | (36,090) | 23,615 | ||||||||
Total other comprehensive income (loss), net of tax | (66,655) | (83,129) | (97,219) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 345,998 | $ 370,997 | $ 701,044 | ||||||||
Affiliated Entity [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 4,300 |
Schedule II - Condensed Fina127
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | $ 109,345 | $ 100,141 | $ 158,174 | $ 86,466 | $ 412,653 | $ 454,126 | $ 798,263 | |
Decrease (increase) in income taxes | 57,487 | 68,206 | 351,573 | |||||||||
Change in other assets and liabilities, net | 7,499 | 81,388 | 25,049 | |||||||||
Amortization of bond premium (accrual of bond discount) | 18,160 | 19,086 | 25,599 | |||||||||
Amortization of underwriting discount on senior notes | 4 | 46 | 54 | |||||||||
Net realized capital losses (gains) | (99,509) | $ 121,695 | $ (51,225) | (21,296) | (85,775) | $ 160 | $ (125,114) | 4,050 | (50,335) | (206,679) | (723,149) | |
Net cash provided by (used in) operating activities | 256,404 | 136,483 | 280,965 | |||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 902,932 | 1,071,296 | 1,099,850 | |||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 544,955 | 1,080,276 | 598,342 | |||||||||
Proceeds from equity maturities sold - available for sale, at fair value | 567,069 | 528,958 | 612,516 | |||||||||
Proceeds from sale of subsidiary (net of cash disposed) | 3,934 | |||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (1,811,463) | (2,406,162) | (1,611,791) | |||||||||
Cost of equity securities acquired - available for sale, at fair value | (530,538) | (416,375) | (439,115) | |||||||||
Net change in short-term investments | (6,145) | 189,139 | (292,751) | |||||||||
Net cost of lending for long term note - affiliated | (250,000) | |||||||||||
Net change in unsettled securities transactions | 23,447 | 4,157 | 3,057 | |||||||||
Net cash provided by (used in) investing activities | (395,533) | (255,830) | 33,140 | |||||||||
Proceeds from issuance of senior notes | 400,000 | |||||||||||
Net cost of junior subordinated notes redemption | (329,897) | |||||||||||
Net cost of senior notes maturing | (250,000) | |||||||||||
Net cash provided by (used in) financing activities | 4,472 | 153,331 | (327,052) | |||||||||
Net increase (decrease) in cash | (168,546) | 7,168 | (30,913) | |||||||||
Cash, beginning of period | 323,975 | 316,807 | 323,975 | 316,807 | 347,720 | |||||||
Cash, end of period | $ 155,429 | 155,429 | 323,975 | 155,429 | 323,975 | 316,807 | ||||||
Exchange of common shares of parent company, held as other invested assets at fair value, for preferred shares of an affiliated company, held as other invested assets at fair value | 1,773,214 | 1,773,214 | ||||||||||
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | 412,653 | 454,126 | 798,263 | |||||||||
Equity in (earnings) deficit of subsidiaries | (274,625) | (364,869) | (511,976) | |||||||||
Dividends received from subsidiaries | 155,000 | 359,000 | ||||||||||
Decrease (increase) in advances to affiliates | 20,243 | (66,019) | (26,298) | |||||||||
Decrease (increase) in income taxes | 1,082 | 191,840 | 104,724 | |||||||||
Change in other assets and liabilities, net | (6,876) | (48,486) | 46,916 | |||||||||
Amortization of bond premium (accrual of bond discount) | 259 | 139 | 280 | |||||||||
Amortization of underwriting discount on senior notes | 4 | 46 | 54 | |||||||||
Net realized capital losses (gains) | (119,075) | (149,932) | (467,999) | |||||||||
Net cash provided by (used in) operating activities | 33,665 | 171,845 | 302,964 | |||||||||
Additional investment in subsidiaries | (2,837) | (1,342) | (1,102) | |||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 2,972 | 1,631 | 1,993 | |||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 300,049 | |||||||||||
Proceeds from equity maturities sold - available for sale, at fair value | 43,402 | 14,655 | 24,750 | |||||||||
Proceeds from other invested assets sold | 9,897 | |||||||||||
Proceeds from sale of subsidiary (net of cash disposed) | 3,934 | |||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (60,240) | (300,007) | ||||||||||
Cost of equity securities acquired - available for sale, at fair value | (76,559) | (13,575) | (29,537) | |||||||||
Net change in short-term investments | 54,588 | (67,209) | 20,802 | |||||||||
Net cost of lending for long term note - affiliated | (250,000) | |||||||||||
Net change in unsettled securities transactions | 1,101 | |||||||||||
Net cash provided by (used in) investing activities | (33,639) | (315,798) | 26,803 | |||||||||
Proceeds from issuance of senior notes | 400,000 | |||||||||||
Net cost of junior subordinated notes redemption | (329,897) | |||||||||||
Net cost of senior notes maturing | (250,000) | |||||||||||
Net cash provided by (used in) financing activities | 150,000 | (329,897) | ||||||||||
Net increase (decrease) in cash | 26 | 6,047 | (130) | |||||||||
Cash, beginning of period | $ 6,206 | $ 159 | 6,206 | 159 | 289 | |||||||
Cash, end of period | 6,232 | $ 6,232 | $ 6,206 | 6,232 | 6,206 | 159 | ||||||
Non-cash contribution from parent | 12,497 | 11,242 | 10,828 | |||||||||
Non-cash contribution to subsidiaries | (12,497) | $ (11,242) | $ (10,828) | |||||||||
Exchange of common shares of parent company, held as other invested assets at fair value, for preferred shares of an affiliated company, held as other invested assets at fair value | $ 1,773,214 | $ 1,773,214 |
Schedule III - Supplementary128
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | $ 92,651 | $ 109,262 | $ 112,024 |
Reverse for Losses and Loss Adjustment Expenses | 7,940,720 | 7,843,856 | 7,653,229 |
Unearned Premium Reserves | 1,349,799 | 1,442,122 | 1,317,147 |
Premiums Earned | 2,143,760 | 2,113,726 | 2,006,361 |
Net Investment Income | 273,253 | 290,310 | 296,996 |
Incurred Loss and Loss Adjustment Expenses | 1,319,561 | 1,354,093 | 1,272,156 |
Amortization of Deferred Acquisition Costs | 315,069 | 339,402 | 293,922 |
Other Operating Expenses | 214,819 | 192,032 | 193,499 |
Net Written Premium | 2,093,283 | 2,106,974 | 2,117,377 |
Domestic [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 68,055 | 79,674 | 85,098 |
Reverse for Losses and Loss Adjustment Expenses | 6,033,374 | 6,005,952 | 5,908,051 |
Unearned Premium Reserves | 1,059,530 | 1,078,384 | 1,041,653 |
Premiums Earned | 1,562,544 | 1,512,762 | 1,414,666 |
Net Investment Income | 239,072 | 250,048 | 252,671 |
Incurred Loss and Loss Adjustment Expenses | 924,742 | 996,055 | 956,233 |
Amortization of Deferred Acquisition Costs | 193,911 | 219,747 | 179,591 |
Other Operating Expenses | 180,516 | 157,429 | 159,589 |
Net Written Premium | 1,530,592 | 1,494,731 | 1,507,293 |
International [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 24,596 | 29,588 | 26,926 |
Reverse for Losses and Loss Adjustment Expenses | 1,907,346 | 1,837,904 | 1,745,178 |
Unearned Premium Reserves | 290,269 | 363,738 | 275,494 |
Premiums Earned | 581,216 | 600,964 | 591,695 |
Net Investment Income | 34,181 | 40,262 | 44,325 |
Incurred Loss and Loss Adjustment Expenses | 394,819 | 358,038 | 315,923 |
Amortization of Deferred Acquisition Costs | 121,158 | 119,655 | 114,331 |
Other Operating Expenses | 34,303 | 34,603 | 33,910 |
Net Written Premium | $ 562,691 | $ 612,243 | $ 610,084 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | $ 1,439,795 | $ 1,148,297 | $ 1,183,542 | ||||||||
Ceded to Other Companies | 2,933,519 | 2,720,355 | 2,202,006 | ||||||||
Assumed from Other Companies | 3,637,484 | 3,685,784 | 3,024,825 | ||||||||
Net Amount | $ 555,224 | $ 546,050 | $ 521,424 | $ 521,062 | $ 552,948 | $ 569,597 | $ 520,736 | $ 470,445 | 2,143,760 | 2,113,726 | 2,006,361 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | 1,439,795 | 1,148,297 | 1,183,542 | ||||||||
Ceded to Other Companies | 2,933,519 | 2,720,355 | 2,202,006 | ||||||||
Assumed from Other Companies | 3,637,484 | 3,685,784 | 3,024,825 | ||||||||
Net Amount | $ 2,143,760 | $ 2,113,726 | $ 2,006,361 | ||||||||
Assumed to Net | 169.70% | 174.40% | 150.80% |