Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 15, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2016, $5,910,494; 2015, $5,335,472) | $ 5,970,496 | $ 5,356,477 |
Fixed maturities - available for sale, at fair value | 2,102 | |
Equity securities - available for sale, at fair value | 887,800 | 1,215,377 |
Short-term investments | 306,286 | 563,536 |
Other invested assets (cost: 2016, $613,680; 2015, $450,154) | 613,740 | 450,154 |
Other invested assets, at fair value | 1,766,626 | 1,773,214 |
Cash | 297,794 | 155,429 |
Total investments and cash | 9,842,742 | 9,516,289 |
Note receivable - affiliated | 250,000 | 250,000 |
Accrued investment income | 45,323 | 41,727 |
Premiums receivable | 1,128,639 | 1,129,656 |
Reinsurance receivables - unaffiliated | 887,657 | 716,982 |
Reinsurance receivables - affiliated | 3,686,130 | 3,742,105 |
Funds held by reinsureds | 190,421 | 176,712 |
Deferred acquisition costs | 73,924 | 92,651 |
Prepaid reinsurance premiums | 781,384 | 772,686 |
Other assets | 202,519 | 256,395 |
TOTAL ASSETS | 17,088,739 | 16,695,203 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 8,331,288 | 7,940,720 |
Unearned premium reserve | 1,312,386 | 1,349,799 |
Funds held under reinsurance treaties | 110,836 | 101,531 |
Losses in the course of payment | 82,915 | 125,592 |
Commission reserves | 52,037 | 51,873 |
Other net payable to reinsurers | 860,391 | 1,225,260 |
4.868% Senior notes due 6/1/2044 | 396,714 | 396,594 |
6.6% Long term notes due 5/1/2067 | 236,462 | 236,364 |
Accrued interest on debt and borrowings | 3,537 | 3,537 |
Income taxes | 142,143 | 68,024 |
Unsettled securities payable | 27,121 | 15,040 |
Other liabilities | 267,349 | 249,658 |
Total liabilities | 11,823,179 | 11,763,992 |
Commitments and Contingencies (Note 15) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2016 and 2015) | ||
Additional paid-in capital | 387,567 | 374,789 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($19,549) at 2016 and ($33,458) at 2015 | (36,315) | (62,136) |
Retained earnings | 4,914,308 | 4,618,558 |
Total stockholder's equity | 5,265,560 | 4,931,211 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 17,088,739 | $ 16,695,203 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed maturities - available for sale, amortized cost | $ 5,910,494 | $ 5,335,472 |
Other invested assets, cost | $ 613,680 | $ 450,154 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (19,549) | $ (33,458) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Premiums earned | $ 2,094,049 | $ 2,143,760 | $ 2,113,726 |
Net investment income | 264,807 | 273,253 | 290,310 |
Net realized capital gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | (25,679) | (78,833) | (38,912) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | |||
Realized gain (loss) on sale of subsidiary | (28,032) | 94,704 | |
Other net realized capital gains (losses) | 24,770 | 34,464 | 245,591 |
Total net realized capital gains (losses) | (28,941) | 50,335 | 206,679 |
Other income (expense) | (10,542) | 29,256 | (22,278) |
Total revenues | 2,319,373 | 2,496,604 | 2,588,437 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 1,350,280 | 1,319,561 | 1,354,093 |
Commission, brokerage, taxes and fees | 289,982 | 315,069 | 339,402 |
Other underwriting expenses | 244,966 | 214,819 | 192,032 |
Corporate expenses | 8,277 | 7,179 | 7,252 |
Interest, fee and bond issue cost amortization expense | 35,435 | 35,434 | 37,970 |
Total claims and expenses | 1,928,940 | 1,892,062 | 1,930,749 |
INCOME (LOSS) BEFORE TAXES | 390,433 | 604,542 | 657,688 |
Income tax expense (benefit) | 94,683 | 191,889 | 203,562 |
NET INCOME (LOSS) | 295,750 | 412,653 | 454,126 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 4,114 | (23,157) | (44,902) |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 21,273 | (817) | 27,073 |
Total URA(D) on securities arising during the period | 25,387 | (23,974) | (17,829) |
Foreign currency translation adjustments | 2,849 | (54,578) | (29,210) |
Benefit plan actuarial net gain (loss) for the period | (7,488) | 5,681 | (39,110) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,073 | 6,216 | 3,020 |
Total benefit plan net gain (loss) for the period | (2,415) | 11,897 | (36,090) |
Total other comprehensive income (loss), net of tax | 25,821 | (66,655) | (83,129) |
COMPREHENSIVE INCOME (LOSS) | $ 321,571 | $ 345,998 | $ 370,997 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Total |
Balance, beginning of period, shares at Dec. 31, 2013 | 1,000 | ||||
Balance, beginning of period at Dec. 31, 2013 | $ 351,051 | $ 87,648 | $ 3,751,779 | ||
Share-based compensation plans | 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 | ||||
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 | |
Share-based compensation plans | 12,778 | ||||
Net increase (decrease) during the period | 25,821 | 25,821 | |||
Net income (loss) | 295,750 | $ 295,750 | |||
Balance, end of period, shares at Dec. 31, 2016 | 1,000 | 1,000 | |||
Balance, end of period at Dec. 31, 2016 | $ 387,567 | $ (36,315) | $ 4,914,308 | $ 5,265,560 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 295,750 | $ 412,653 | $ 454,126 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | 1,140 | (49,602) | 83,362 |
Decrease (increase) in funds held by reinsureds, net | (4,445) | 4,737 | 2,236 |
Decrease (increase) in reinsurance receivables | (112,797) | (465,761) | (460,635) |
Decrease (increase) in income taxes | 60,325 | 57,487 | 68,206 |
Decrease (increase) in prepaid reinsurance premiums | (8,083) | 30,985 | (138,010) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 384,628 | 184,845 | 248,053 |
Increase (decrease) in unearned premiums | (38,271) | (82,494) | 130,519 |
Increase (decrease) in other net payable to reinsurers | (364,242) | 204,526 | 5,130 |
Increase (decrease) in losses in course of payment | (42,643) | (51,416) | (171,071) |
Change in equity adjustments in limited partnerships | (24,486) | (18,144) | (28,249) |
Distribution of limited partnership income | 32,613 | 45,235 | 41,064 |
Change in other assets and liabilities, net | 16,090 | 7,499 | 81,388 |
Non-cash compensation expense | 9,481 | 8,025 | 7,911 |
Amortization of bond premium (accrual of bond discount) | 18,051 | 18,160 | 19,086 |
Amortization of underwriting discount on senior notes | 4 | 4 | 46 |
Net realized capital (gains) losses | 28,941 | (50,335) | (206,679) |
Net cash provided by (used in) operating activities | 252,056 | 256,404 | 136,483 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 781,744 | 902,932 | 1,071,296 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | 875 | ||
Proceeds from fixed maturities sold - available for sale, at market value | 704,191 | 544,955 | 1,080,276 |
Proceeds from fixed maturities sold - available for sale, at fair value | 5,837 | 1,824 | 36,467 |
Proceeds from equity securities sold - available for sale, at market value | 16 | ||
Proceeds from equity securities sold - available for sale, at fair value | 695,039 | 567,069 | 528,958 |
Proceeds from sale of subsidiary (net of cash disposed) | 47,721 | 3,934 | |
Distributions from other invested assets | 1,756,484 | 51,494 | 72,323 |
Cost of fixed maturities acquired - available for sale, at market value | (2,110,113) | (1,811,463) | (2,406,162) |
Cost of fixed maturities acquired - available for sale, at fair value | (3,940) | (2,436) | (24,097) |
Cost of equity securities acquired - available for sale, at fair value | (324,407) | (530,538) | (416,375) |
Cost of other invested assets acquired | (1,928,119) | (93,728) | (134,373) |
Net change in short-term investments | 257,792 | (6,145) | 189,139 |
Net cost of lending for long term note - affiliated | (250,000) | ||
Net change in unsettled securities transactions | 10,474 | (23,447) | (4,157) |
Net cash provided by (used in) investing activities | (107,297) | (395,533) | (255,830) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Tax benefit from share-based compensation | 3,298 | 4,472 | 3,331 |
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 | 3,298 | 4,472 | 153,331 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (5,692) | (33,889) | (26,816) |
Net increase (decrease) in cash | 142,365 | (168,546) | 7,168 |
Cash, beginning of period | 155,429 | 323,975 | 316,807 |
Cash, end of period | 297,794 | 155,429 | 323,975 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | 31,018 | 131,632 | 133,057 |
Interest paid | $ 35,217 | 35,217 | $ 38,861 |
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, 2016 | |
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"), Everest Reinsurance Company Escritï - rio de Representai -o No Brasil Ltda. ("Everest Brazil"), Mt. Whitney Securities, Inc., Everest Denali Insurance Company ("Everest Denali"), Everest Premier Insurance Company ("Everest Premier"), Everest Specialty Underwriters Services, LLC, 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. McKinley Managers, L.L.C. and Mt. McKinley Insurance Company ("Mt. McKinley"). All amounts are reported in U.S. dollars. During the third quarter of 2016, the Company established Delaware domiciled property and casualty insurance subsidiaries, Everest Premier and Everest Denali, which will be used in the continued expansion of the Insurance operations. Effective August 24, 2016, the Company sold its wholly-owned subsidiary, Heartland, a managing agent for crop insurance, to CGB Diversified Services, Inc. ("CGB"). The operating results of Heartland through August 24, 2016 are included within the Company's financial statements. Effective July 13, 2015, the Company sold all of the outstanding shares of capital stock of a wholly-owned subsidiary entity, 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 2016 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. 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. For some 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 other non-publicly traded securities, an investment manager's valuation committee will estimate fair value, which is reviewed by the Company for reasonableness. 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 includes limited partnerships, a private placement liquidity sweep facility and rabbi trusts. Cash contributions to and cash distributions from the sweep facility are reported gross in cash flows from investing activities in the consolidated statements of Cash Flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. ("Preferred Holdings"), an affiliated entity. The fair value of the Preferred Holdings convertible preferred stock at December 31, 2016 was determined using a pricing model and at December 31, 2015 represented the original exchange value for Group's common shares, which occurred on December 21, 2015. 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) 2016 2015 Reinsurance recoverable and premium receivables $ 23,011 $ 22,511 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) 2016 2015 2014 Deferred acquisition costs $ 289,982 $ 315,069 $ 339,402 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 subsidiaries and 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. Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. Debt Issuance Costs. Consolidation. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 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 $ 693,005 $ 2,509 $ (4,434 ) $ 691,080 $ - Obligations of U.S. states and political subdivisions 723,938 18,016 (11,970 ) 729,984 - Corporate securities 2,119,324 50,665 (15,786 ) 2,154,203 4,868 Asset-backed securities 136,826 330 (129 ) 137,027 - Mortgage-backed securities Commercial 75,435 510 (452 ) 75,493 - Agency residential 721,772 2,365 (8,993 ) 715,144 - Non-agency residential 76 12 - 88 - Foreign government securities 495,572 22,088 (10,383 ) 507,277 - Foreign corporate securities 944,546 30,015 (14,361 ) 960,200 175 Total fixed maturity securities $ 5,910,494 $ 126,510 $ (66,508 ) $ 5,970,496 $ 5,043 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 ) (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, 2016 At December 31, 2015 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities � available for sale Due in one year or less $ 394,401 $ 392,824 $ 330,029 $ 330,509 Due after one year through five years 2,925,786 2,955,325 2,617,079 2,618,056 Due after five years through ten years 879,762 894,166 870,266 856,230 Due after ten years 776,436 800,429 595,783 631,806 Asset-backed securities 136,826 137,027 145,755 144,982 Mortgage-backed securities Commercial 75,435 75,493 61,527 62,446 Agency residential 721,772 715,144 714,907 712,298 Non-agency residential 76 88 126 150 Total fixed maturity securities $ 5,910,494 $ 5,970,496 $ 5,335,472 $ 5,356,477 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) 2016 2015 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 33,883 $ (46,548 ) Fixed maturity securities, other-than-temporary impairment 5,113 9,666 Equity securities - (1 ) Other invested assets 60 - Change in unrealized appreciation (depreciation), pre-tax 39,056 (36,883 ) Deferred tax benefit (expense) (11,880 ) 16,292 Deferred tax benefit (expense), other-than-temporary impairment (1,789 ) (3,383 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 25,387 $ (23,974 ) 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 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, 2016 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 $ 469,571 $ (4,434 ) $ - $ - $ 469,571 $ (4,434 ) Obligations of U.S. states and political subdivisions 221,088 (11,486 ) 564 (484 ) 221,652 (11,970 ) Corporate securities 431,757 (10,121 ) 118,172 (5,665 ) 549,929 (15,786 ) Asset-backed securities 35,065 (122 ) 5,745 (7 ) 40,810 (129 ) Mortgage-backed securities Commercial 27,230 (391 ) 3,060 (61 ) 30,290 (452 ) Agency residential 487,000 (6,320 ) 90,740 (2,673 ) 577,740 (8,993 ) Non-agency residential - - - - - - Foreign government securities 218,171 (2,713 ) 61,542 (7,670 ) 279,713 (10,383 ) Foreign corporate securities 264,939 (4,950 ) 75,489 (9,411 ) 340,428 (14,361 ) Total fixed maturity securities $ 2,154,821 $ (40,537 ) $ 355,312 $ (25,971 ) $ 2,510,133 $ (66,508 ) Duration of Unrealized Loss at December 31, 2016 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 $ 111,926 $ (322 ) $ 21,691 $ (3,625 ) $ 133,617 $ (3,947 ) Due in one year through five years 1,015,066 (10,567 ) 190,960 (16,511 ) 1,206,026 (27,078 ) Due in five years through ten years 243,082 (10,369 ) 41,371 (2,961 ) 284,453 (13,330 ) Due after ten years 235,452 (12,446 ) 1,745 (133 ) 237,197 (12,579 ) Asset-backed securities 35,065 (122 ) 5,745 (7 ) 40,810 (129 ) Mortgage-backed securities 514,230 (6,711 ) 93,800 (2,734 ) 608,030 (9,445 ) Total fixed maturity securities $ 2,154,821 $ (40,537 ) $ 355,312 $ (25,971 ) $ 2,510,133 $ (66,508 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2016 were $ 2,510,133 66,508 1.0 40,537 36,646 25,971 22,882 no 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, 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 ) 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 components of net investment income are presented in the tables below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturities $ 182,132 $ 188,300 $ 207,861 Equity securities 32,317 34,418 34,112 Short-term investments and cash 1,234 964 1,190 Other invested assets Limited partnerships 25,194 19,613 29,653 Dividends from Parent's shares - 38,880 31,104 Dividends from preferred shares of affiliate 31,032 - - Other 1,017 1,804 3,620 Gross investment income before adjustments 272,926 283,979 307,540 Funds held interest income (expense) 6,073 5,611 5,429 Interest income from Parent 4,300 4,300 - Gross investment income 283,299 293,890 312,969 Investment expenses (18,492 ) (20,637 ) (22,658 ) Net investment income $ 264,807 $ 273,253 $ 290,310 (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 $ 316,059 The Company's other invested assets at December 31, 2016 included $ 57,126 Other invested assets, at fair value, as of December 31, 2016, were comprised of preferred shares held in Preferred Holdings, an affiliated company. 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) 2016 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (25,679 ) $ (78,833 ) $ (38,912 ) Gains (losses) from sales (6,981 ) (36,299 ) (2,711 ) Fixed maturity securities, fair value: Gains (losses) from sales (1,586 ) 25 (3,137 ) Gains (losses) from fair value adjustments 1,381 (44 ) (1,498 ) Equity securities, market value: Gains (losses) from sales - 1 - Equity securities, fair value: Gains (losses) from sales (12,561 ) (8,010 ) (385 ) Gains (losses) from fair value adjustments 51,077 (39,119 ) 113,065 Other invested assets 18 - - Other invested assets, fair value: Gains (losses) from exchange - 88,354 - Gains (losses) from fair value adjustments (6,588 ) 29,549 140,259 Gains (losses) on sale of subsidiary (28,032 ) 94,704 - Short-term investment gains (losses) 10 7 (2 ) Total net realized capital gains (losses) $ (28,941 ) $ 50,335 $ 206,679 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. Effective August 24, 2016, the Company sold Heartland, its crop Managing General Agent to CGB. The Company has recognized a pre-tax loss on the sale of Heartland of $ 28,032 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 table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Proceeds from sales of fixed maturity securities $ 710,028 $ 546,779 $ 1,116,743 Gross gains from sales 18,907 10,935 14,782 Gross losses from sales (27,474 ) (47,209 ) (20,630 ) Proceeds from sales of equity securities $ 695,039 $ 567,085 $ 528,958 Gross gains from sales 16,223 26,136 17,921 Gross losses from sales (28,784 ) (34,146 ) (18,306 ) Securities with a carrying value amount of $ 1,415,085 |
Reserves For Losses And LAE
Reserves For Losses And LAE | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Gross reserves at January 1 $ 7,940,720 $ 7,843,856 $ 7,653,229 Less reinsurance recoverables (3,875,073 ) (3,702,782 ) (3,427,385 ) Net reserves at January 1 4,065,647 4,141,074 4,225,844 Incurred related to: Current year 1,441,962 1,326,015 1,314,887 Prior years (91,682 ) (6,454 ) 39,206 Total incurred losses and LAE 1,350,280 1,319,561 1,354,093 Paid related to: Current year 400,489 357,819 452,662 Prior years 892,207 946,337 926,819 Total paid losses and LAE 1,292,696 1,304,156 1,379,481 Foreign exchange/translation adjustment 8,266 (90,832 ) (59,382 ) Net reserves at December 31 4,131,497 4,065,647 4,141,074 Plus reinsurance recoverables 4,199,791 3,875,073 3,702,782 Gross reserves at December 31 $ 8,331,288 $ 7,940,720 $ 7,843,856 Incurred prior years' reserves decreased by $ 91,682 6,454 39,206 187,909 45,668 21,566 6,261 15,305 96,227 The decrease for 2015 was attributable to $ 86,540 80,086 The increase for 2014 was attributable to an increase of $ 87,362 11,352 59,509 The following is information about incurred and paid claims development as of December 31, 2016, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on reported claims included within the net incurred claims amounts. Each of the Company's financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2015 is presented as supplementary information. These tables present five years of incurred and paid claims development as it is impracticable to retrospectively create the tables for ten years. For the reinsurance groups, for the years prior to 2012, the total of IBNR plus expected development on reported claims was not prepared on an accident year basis. The Company calculated these IBNR amounts in the aggregate for each business unit in total as of prior year end points in time. While business written in the United States would have been allocated to accident year for regulatory reporting purposes, business written outside of the United States would not have been similarly allocated. Attempting to allocate the non-U.S. business IBNR reserves to accident year currently for older year end valuations would require making assumptions and estimates which may not be in line with assumptions that would have been made at the time. A similar situation applies to insurance where the accumulation of the business lines reported in the regulatory filings are not consistent with the breakout of the tables presented below. As a result of not being able to present the information prior to 2012, prospectively an additional year will be added to the tables each reporting year until a ten year table is presented. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts. The following tables present the incurred loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. U.S. Reinsurance – Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 249,427 $ 211,113 $ 139,581 $ 139,137 $ 145,577 37,168 N/A 2013 117,039 183,581 181,005 186,086 77,332 N/A 2014 197,453 189,580 193,693 112,260 N/A 2015 155,854 178,324 132,688 N/A 2016 171,551 150,094 N/A $ 875,232 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 2,371 $ 11,455 $ 24,593 $ 54,376 $ 76,026 2013 4,645 15,589 43,205 73,793 2014 7,102 21,782 47,847 2015 7,881 21,851 2016 7,433 $ 226,950 All outstanding liabilities prior to 2012, net of reinsurance 869,493 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,517,775 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 3.4% 6.9% 12.7% 18.2% 14.9% U.S. Reinsurance – Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 581,047 $ 468,914 $ 374,436 $ 371,698 $ 362,664 1,782 N/A 2013 281,153 303,058 278,774 247,991 5,341 N/A 2014 327,032 297,400 238,264 18,179 N/A 2015 324,705 259,346 41,130 N/A 2016 423,729 188,254 N/A $ 1,531,994 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 129,689 $ 228,584 $ 285,761 $ 310,382 $ 322,765 2013 119,578 165,294 199,072 213,544 2014 110,081 163,982 189,854 2015 113,186 166,844 2016 156,865 $ 1,049,872 All outstanding liabilities prior to 2012, net of reinsurance 54,326 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 536,448 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 41.1% 22.8% 13.8% 6.4% 3.4% International – Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 118,149 $ 53,561 $ 32,933 $ 41,248 $ 43,426 6,971 N/A 2013 56,371 38,279 40,297 52,698 17,310 N/A 2014 55,684 46,674 66,391 32,996 N/A 2015 53,475 72,931 48,397 N/A 2016 72,155 57,621 N/A $ 307,600 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 7,036 $ 10,522 $ 16,375 $ 19,764 $ 22,979 2013 5,805 13,659 17,675 21,404 2014 8,149 14,701 20,853 2015 8,322 17,994 2016 10,513 $ 93,742 All outstanding liabilities prior to 2012, net of reinsurance 69,124 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 282,982 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 12.9% 11.7% 9.9% 7.4% 7.4% International – Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 270,799 $ 253,946 $ 206,031 $ 209,972 $ 204,343 30 N/A 2013 180,751 178,018 170,909 158,426 1,483 N/A 2014 319,985 262,394 203,087 31,751 N/A 2015 261,465 173,501 16,201 N/A 2016 179,737 54,787 N/A $ 919,094 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 82,008 $ 140,733 $ 173,327 $ 183,819 $ 188,178 2013 47,180 99,809 120,790 135,518 2014 58,722 107,116 137,474 2015 56,211 109,416 2016 52,857 $ 623,444 All outstanding liabilities prior to 2012, net of reinsurance 100,482 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 396,133 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 32.3% 28.8% 14.8% 7.0% 2.1% Insurance – Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 211,633 $ 174,642 $ 185,025 $ 184,456 $ 188,066 22,750 15,638 2013 255,726 227,745 230,312 224,374 57,553 21,168 2014 237,459 238,424 240,318 69,505 24,829 2015 258,299 258,331 137,267 25,939 2016 353,447 269,444 23,463 $ 1,264,535 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,671 $ 55,184 $ 84,322 $ 116,511 $ 133,140 2013 17,106 68,516 101,543 129,619 2014 20,357 71,833 114,055 2015 19,916 67,846 2016 24,681 $ 469,341 All outstanding liabilities prior to 2012, net of reinsurance 373,822 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,169,016 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 7.7% 20.9% 16.0% 14.6% 8.8% Insurance – Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,245 $ 46,862 $ 43,478 $ 44,807 $ 44,235 23 N/A 2013 63,807 56,751 51,988 52,696 1 N/A 2014 67,972 69,718 67,314 477 N/A 2015 80,203 75,707 1,950 N/A 2016 150,924 46,592 N/A $ 390,876 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,853 $ 44,352 $ 42,807 $ 44,459 $ 44,169 2013 35,162 54,060 52,417 52,680 2014 40,218 66,316 66,476 2015 45,264 70,156 2016 71,647 $ 305,129 All outstanding liabilities prior to 2012, net of reinsurance 146 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 85,893 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 56.1% 36.4% -1.8% 2.0% -0.7% Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2016 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 1,517,775 U.S. Reinsurance Property 536,448 International Casualty 282,982 International Property 396,133 Insurance Casualty 1,169,016 Insurance Property 85,893 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 3,988,248 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 958,001 U.S. Reinsurance Property 731,331 International Casualty 456,106 International Property 567,074 Insurance Casualty 1,398,275 Insurance Property 89,005 Total reinsurance recoverable on unpaid claims 4,199,791 Insurance lines other than short-duration - Unallocated claims adjustment expenses 110,022 Other 33,227 143,249 Total gross liability for unpaid claims and claim adjustment expense $ 8,331,288 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company's best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income (gain or loss) will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company's insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company's records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest's Underwriting, Claim, Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 150 The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the Company's best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are "rolled-forward" for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted. 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 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) 2016 2015 2014 Gross basis: Beginning of period reserves $ 433,117 $ 476,205 $ 402,461 Incurred losses 73,336 40,000 142,233 Paid losses (65,342 ) (83,088 ) (68,490 ) End of period reserves $ 441,111 $ 433,117 $ 476,205 Net basis: Beginning of period reserves $ 276,540 $ 304,286 $ 269,370 Incurred losses 45,668 30,879 87,362 Paid losses (47,798 ) (58,625 ) (52,446 ) End of period reserves $ 274,409 $ 276,540 $ 304,286 (Some amounts may not reconcile due to rounding.) 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. 4,573,787 4,459,087 3,651,720 79.8 5 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
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 forty-two private placement securities, the investment manager's valuation committee valued the forty-two 86,536 two two 3,593 The Company internally manages a public equity portfolio which had a fair value at December 31, 2016 and December 31, 2015 of $ 133,755 131,219 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. 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, 2016 and 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 preferred stock at December 31, 2016 was determined using a pricing model and the value at December 31, 2015 was the exchange value. 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, 2016 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 691,080 $ - $ 691,080 $ - Obligations of U.S. States and political subdivisions 729,984 - 729,984 - Corporate securities 2,154,203 - 2,089,006 65,197 Asset-backed securities 137,027 - 137,027 - Mortgage-backed securities Commercial 75,493 - 75,493 - Agency residential 715,144 - 715,144 - Non-agency residential 88 - 88 - Foreign government securities 507,277 - 507,277 - Foreign corporate securities 960,200 - 957,662 2,538 Total fixed maturities, market value 5,970,496 - 5,902,761 67,735 Fixed maturities, fair value - - - - Equity securities, fair value 887,800 827,237 60,563 - Other invested assets, fair value 1,766,626 - - 1,766,626 In addition, $ 18,801 There were no December 31, 2016 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, fair value 1,215,377 1,153,310 62,067 - Other invested assets, fair value 1,773,214 - - 1,773,214 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, 2016 December 31, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities CMBS Corporate Total Securities CMBS Corporate Total Beginning balance $ 3,933 $ - $ 1,593 $ 5,526 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings 100 - (1,193 ) (1,093 ) 6 - (9,480 ) (9,474 ) Included in other comprehensive income (loss) 41 15 - 56 (52 ) - 3,908 3,856 Purchases, issuances and settlements 63,054 (40 ) 2,138 65,152 3,625 - - 3,625 Transfers in and/or (out) of Level 3 (1,931 ) 25 - (1,906 ) 354 (8,597 ) (1 ) (8,244 ) Ending balance $ 65,197 $ - $ 2,538 $ 67,735 $ 3,933 $ - $ 1,593 $ 5,526 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 to/(from) level 3, fair value measurements using significant unobservable inputs were ($ 1,906 8,244 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) 2016 2015 Other invested assets, fair value: Beginning balance $ 1,773,214 $ - Total gains or (losses) (realized/unrealized) Included in earnings (6,588 ) - Included in other comprehensive income (loss) - - Purchases, issuances and settlements - 1,773,214 Transfers in and/or (out) of Level 3 - - Ending balance $ 1,766,626 $ 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, 2016 | |
Credit Facility-Expired [Abstract] | |
Credit Facility-Expired | 5. CREDIT FACILITY - EXPIRED Effective August 15, 2011, the Company entered into a three 150,000 August 15, 2014 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) 2016 2015 2014 Credit facility fees incurred $ - $ - $ 97 |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 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 $ 396,714 $ 383,612 $ 396,594 $ 381,204 5.40 10/12/2004 10/15/2014 250,000 - - - - On June 5, 2014, Holdings issued $ 400,000 30 4.868 June 1, 2044 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Interest expense incurred $ 19,472 $ 19,472 $ 21,818 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 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 $ 236,462 $ 204,636 $ 236,364 $ 208,978 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6 May 15, 2017 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) 2016 2015 2014 Interest expense incurred $ 15,749 $ 15,749 $ 15,749 |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8. COLLATERALIZED 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, 2016, the total amount on deposit in the trust account was $ 351,221 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 $ 450,000 500,000 625,000 |
Operating Lease Agreements
Operating Lease Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Agreements [Abstract] | |
Operating Lease Agreements | 9. OPERATING LEASE AGREEMENTS The future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2016, for all of the Company's operating leases with remaining non-cancelable terms in excess of one year are as follows: (Dollars in thousands) 2017 $ 13,559 2018 14,227 2019 14,028 2020 13,624 2021 4,984 Thereafter 16,451 Net commitments $ 76,874 (Some amounts may not reconcile due to rounding.) All of these leases, the expiration terms of which range from 2018 to 2027, are for the rental of office space. Rental expense was $ 14,841 14,145 13,028 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 10. INCOME TAXES All of the income of Holdings U.S. subsidiaries, including its foreign branches, is subject to the applicable federal, foreign, state and local income taxes on corporations. The provision for income taxes in the Consolidated Statement of Operations and Comprehensive Income (Loss) has been determined by applying the respective tax laws to the income of each entity. The significant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Current tax expense (benefit): U.S. $ 13,340 $ 52,347 $ 104,327 Foreign 12,682 30,373 33,171 Total current tax expense (benefit) 26,022 82,720 137,498 Total deferred U.S. tax expense (benefit) 68,661 109,169 66,064 Total income tax expense (benefit) $ 94,683 $ 191,889 $ 203,562 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) 2016 2015 2014 Expected income tax provision at the U.S. statutory tax rate $ 136,650 $ 211,588 $ 230,190 Increase (reduction) in taxes resulting from: Tax exempt income (9,078 ) (10,004 ) (12,231 ) Dividend received deduction (4,335 ) (4,851 ) (5,428 ) Proration 1,931 2,160 1,835 Tax audit settlement (19,204 ) - - Other, net (11,281 ) (7,005 ) (10,804 ) Total income tax provision $ 94,683 $ 191,889 $ 203,562 (Some amounts may not reconcile due to rounding.) During 2016, the Internal Revenue Service ("IRS") completed its audit of the Company for the 2009 through 2013 tax years and issued a final Revenue Agent Report ("RAR"). The RAR reflected that the IRS owed the Company a net refund for the five 44,241 3,396 34,234 5,000 The Company has no reserve for uncertain tax positions. 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 U.S. tax laws. The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Deferred tax assets: Loss reserve $ 104,547 $ 169,771 Unearned premium reserve 37,573 40,624 Net unrecognized losses on benefit plans 35,271 33,971 Unrealized foreign currency losses 28,111 - Benefit plan liabilities 14,576 18,747 Uncollectible reinsurance reserve 5,534 5,534 Investment impairments 3,093 23,481 Deferred expenses 2,884 3,182 Foreign tax credits - 11,836 Alternative minimum tax credits - 7,604 Other assets 10,845 11,502 Total deferred tax assets 242,434 326,252 Deferred tax liabilities: Net fair value income 398,270 401,305 Deferred acquisition costs 26,652 33,227 Net unrealized investment gains 20,626 6,811 Partnership Investments 11,269 6,034 Gain on tender of debt 10,958 16,437 Bond market discount 1,092 2,674 Unrealized foreign currency gains - 2,216 Other liabilities 2,008 3,419 Total deferred tax liabilities 470,875 472,123 Net deferred tax assets/(liabilities) $ (228,441 ) $ (145,871 ) (Some amounts may not reconcile due to rounding.) At December 31, 2016, the Company has no FTCs or AMT credit carry forwards. Management believes that it is more likely than not that the Company will realize all of its deferred tax assets. Accordingly, no valuation allowance has been recorded for the periods presented. The Company has recorded tax benefits related to share-based compensation deductions for dividends on restricted stock, vesting of restricted stock and exercised stock options in 2016 and 2015, respectively, of $ 3,291 4,469 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
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 to the policyholders. 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 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) 2016 2015 2014 Written premiums: Direct $ 1,699,204 $ 1,511,217 $ 1,179,034 Assumed 3,364,524 3,484,414 3,786,260 Ceded (3,015,606 ) (2,902,348 ) (2,858,320 ) Net written premiums $ 2,048,122 $ 2,093,283 $ 2,106,974 Premiums earned: Direct $ 1,608,783 $ 1,439,795 $ 1,148,297 Assumed 3,492,598 3,637,484 3,685,784 Ceded (3,007,332 ) (2,933,519 ) (2,720,355 ) Net premiums earned $ 2,094,049 $ 2,143,760 $ 2,113,726 Incurred losses and LAE: Direct $ 1,415,933 $ 1,235,012 $ 1,073,485 Assumed 1,674,342 1,728,661 1,855,057 Ceded (1,739,995 ) (1,644,112 ) (1,574,449 ) Net incurred losses and LAE $ 1,350,280 $ 1,319,561 $ 1,354,093 The Company engages in reinsurance transactions with Bermuda Re, Everest International Reinsurance, Ltd. ("Everest International"), Mt. Logan Re, Ltd. ("Mt. Logan Re"), Everest Insurance Company of Canada ("Everest Canada") and Lloyd's Syndicate 2786, 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 01/01/2010-12/31/2010 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 01/01/2015-12/31/2016 Everest Re 50.0% Bermuda Re property / casualty business 162,500 325,000 01/01/2017 Everest Re 60.0% Bermuda Re property / casualty business 219,000 438,000 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0% Bermuda Re property business 350,000 (1) - 01/01/2011-12/31/2011 Everest Re- Canadian Branch 60.0% Bermuda Re property business 350,000 (1) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0% Bermuda Re property / casualty business 206,250 (1) 412,500 (1) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0% Bermuda Re property / casualty business 150,000 (1) 412,500 (1) 01/01/2014 Everest Re- Canadian Branch 75.0% Bermuda Re property / casualty business 262,500 (1) 412,500 (1) 01/01/2012 Everest Canada 80.0% Everest Re- Canadian Branch property business - - (1) Amounts shown are Canadian dollars. 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 and Lloyd's syndicate 2786 for the periods indicated: Bermuda Re Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Ceded written premiums $ 2,324,314 $ 2,283,815 $ 2,273,222 Ceded earned premiums 2,353,801 2,316,096 2,208,084 Ceded losses and LAE (a) 1,307,722 1,293,997 1,196,118 Everest International Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Ceded written premiums $ 98 $ 395 $ 286 Ceded earned premiums 110 522 563 Ceded losses and LAE 3,467 673 (2,356 ) Everest Canada Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Assumed written premiums $ 53,653 $ 39,819 $ 37,436 Assumed earned premiums 49,156 35,988 25,925 Assumed losses and LAE 38,568 20,345 15,401 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Assumed written premiums $ 18,994 $ - $ - Assumed earned premiums 5,038 - - Assumed losses and LAE 4,938 - - (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 segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Ceded written premiums $ 160,091 $ 209,162 $ 122,203 Ceded earned premiums 155,010 201,416 122,979 Ceded losses and LAE 38,739 40,753 28,844 Assumed written premiums 14,563 15,421 13,889 Assumed earned premiums 14,563 15,421 13,889 Assumed losses and LAE - - - |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss) [Abstract] | |
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, 2016 2015 2014 (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 $ 1,302 $ (512 ) $ 790 $ (43,777 ) $ 14,337 $ (29,440 ) $ (59,318 ) $ 20,744 $ (38,574 ) URA(D) on securities - OTTI 5,113 (1,789 ) 3,324 9,666 (3,383 ) 6,283 (9,735 ) 3,407 (6,328 ) Reclassification of net realized losses (gains) included in net income (loss) 32,642 (11,369 ) 21,273 (2,772 ) 1,955 (817 ) 41,624 (14,551 ) 27,073 Foreign currency translation adjustments 4,388 (1,539 ) 2,849 (83,966 ) 29,388 (54,578 ) (44,938 ) 15,728 (29,210 ) Benefit plan actuarial net gain (loss) (11,520 ) 4,032 (7,488 ) 8,740 (3,059 ) 5,681 (60,169 ) 21,059 (39,110 ) Reclassification of amortization of net gain (loss) included in net income (loss) 7,805 (2,732 ) 5,073 9,563 (3,347 ) 6,216 4,647 (1,627 ) 3,020 Total other comprehensive income (loss) $ 39,730 $ (13,909 ) $ 25,821 $ (102,546 ) $ 35,891 $ (66,655 ) $ (127,890 ) $ 44,761 $ (83,129 ) (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 2016 2015 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 32,642 $ (2,772 ) Other net realized capital gains (losses) (11,369 ) 1,955 Income tax expense (benefit) $ 21,273 $ (817 ) Net income (loss) Benefit plan net gain (loss) $ 7,805 $ 9,563 Other underwriting expenses (2,732 ) (3,347 ) Income tax expense (benefit) $ 5,073 $ 6,216 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) 2016 2015 Beginning balance of URA (D) on securities $ 13,654 $ 37,628 Current period change in URA (D) of investments - temporary 22,063 (30,257 ) Current period change in URA (D) of investments - non-credit OTTI 3,324 6,283 Ending balance of URA (D) on securities 39,041 13,654 Beginning balance of foreign currency translation adjustments (12,701 ) 41,877 Current period change in foreign currency translation adjustments 2,849 (54,578 ) Ending balance of foreign currency translation adjustments (9,852 ) (12,701 ) Beginning balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Current period change in benefit plan net gain (loss) (2,415 ) 11,897 Ending balance of benefit plan net gain (loss) (65,504 ) (63,089 ) Ending balance of accumulated other comprehensive income (loss) $ (36,315 ) $ (62,136 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Company contributions $ 30,821 $ 5,949 $ 16,484 The following table summarizes the Company's pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Pension expense $ 17,188 $ 22,682 $ 18,543 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) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 254,022 $ 270,065 Service cost 10,924 12,511 Interest cost 9,485 10,759 Actuarial (gain)/loss 12,155 (18,595 ) Benefits paid (4,733 ) (20,718 ) Projected benefit obligation at end of year 281,853 254,022 Change in plan assets: Fair value of plan assets at beginning of year 135,087 157,090 Actual return on plan assets 10,331 (7,234 ) Actual contributions during the year 30,821 5,949 Benefits paid (4,733 ) (20,718 ) Fair value of plan assets at end of year 171,506 135,087 Funded status at end of year $ (110,348 ) $ (118,936 ) (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) 2016 2015 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (2,371 ) (1,869 ) Other liabilities (due beyond one year) (107,977 ) (117,067 ) Net amount recognized in the consolidated balance sheets $ (110,348 ) $ (118,936 ) 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) 2016 2015 Prior service cost $ - $ - Accumulated income (loss) (96,965 ) (91,920 ) Accumulated other comprehensive income (loss) $ (96,965 ) $ (91,920 ) (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) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (91,920 ) $ (102,692 ) Net gain (loss) arising during period (12,982 ) (259 ) Recognition of amortizations in net periodic benefit cost: Prior service cost - 21 Actuarial loss 7,937 11,011 Other comprehensive income (loss) at December 31, current year $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 10,924 $ 12,511 $ 10,015 Interest cost 9,485 10,759 10,474 Expected return on assets (11,158 ) (11,620 ) (11,288 ) Amortization of actuarial loss from earlier periods 7,937 9,243 4,341 Amortization of unrecognized prior service cost - 21 49 Settlement - 1,768 4,953 Net periodic benefit cost $ 17,188 $ 22,682 $ 18,543 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 5,045 (10,773 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 22,233 $ 11,909 (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 8,758 0 The weighted average discount rates used to determine net periodic benefit cost for 2016, 2015 and 2014 were 4.38 4.00 5.00 4.00 7.50 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2016, 2015 and 2014 were 4.16 4.38 4.00 The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Qualified Plan $ 211,720 $ 188,702 Non-qualified Plan 21,123 17,756 Total $ 232,843 $ 206,458 (Some amounts may not reconcile due to rounding.) 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) 2016 2015 Qualified Plan Projected benefit obligation $ 254,320 $ 229,719 Fair value of plan assets 171,506 135,087 Non-qualified Plan Projected benefit obligation $ 27,534 $ 24,303 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) 2016 2015 Qualified Plan Accumulated benefit obligation $ 211,720 $ 188,702 Fair value of plan assets 171,506 135,087 Non-qualified Plan Accumulated benefit obligation $ 21,123 $ 17,756 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2017 $ 7,926 2018 10,069 2019 12,993 2020 10,732 2021 12,936 Next 5 years 72,113 Plan assets consist of shares in investment trusts with 78 13 7 2 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, 2016 (Level 1) (Level 2) (Level 3) Assets: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 3,665 3,665 - - Mutual funds, fair value Fixed income (b) 21,445 21,445 - - Equities (c) 122,213 122,213 - - Multi-strategy equity fund, fair value (d) 11,274 - - 11,274 Total $ 158,597 $ 147,323 $ - $ 11,274 (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. 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 Total $ 123,749 $ 113,076 $ - $ 10,673 (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. In addition, $ 12,909 11,338 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) 2016 2015 Assets: Balance, beginning of period $ 10,673 $ 10,629 Actual return on plan assets: Realized gains (losses) relating to assets sold during the period 28 9 Unrealized gains (losses) relating to assets still held at the reporting date 517 12 Purchases and capital contributions - 161 Investment income earned on assets 189 - Sales and capital distributions (134 ) (138 ) Transfers in and/or (out) of Level 3 - - Balance, end of period $ 11,274 $ 10,673 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 $ 489 $ 3 (Some amounts may not reconcile due to rounding.) The Company does not expect to make any contributions to the qualified plan in 2017. The Company contributed $30,000 thousand to the qualified pension benefit plan for the year ended December 31, 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) 2016 2015 2014 Incurred expenses $ 6,058 $ 5,468 $ 4,676 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 6.2 10.1 Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Incurred expenses $ 494 $ 447 $ 479 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 periodic cost: a healthcare inflation rate for pre-Medicare claims of 6.7 4.5 6.2 4.5 The following medical cost trend rates were used to determine benefit obligations: a healthcare inflation rate for pre-Medicare claims of 7.5 4.5 7.5 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 $ 541 $ (419 ) b. Effect on accumulated post-retirement benefit obligation 6,622 (5,158 ) The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Post-retirement benefit expenses $ 2,293 $ 3,280 $ 3,196 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 31,687 $ 36,506 Service cost 1,418 1,794 Interest cost 1,007 1,187 Amendments (794 ) - Actuarial (gain)/loss (668 ) (7,231 ) Benefits paid (579 ) (568 ) Benefit obligation at end of year 32,071 31,687 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 579 568 Benefits paid (579 ) (568 ) Fair value of plan assets at end of year - - Funded status at end of year $ (32,071 ) $ (31,687 ) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Other liabilities (due within one year) $ (614 ) $ (654 ) Other liabilities (due beyond one year) (31,457 ) (31,033 ) Net amount recognized in the consolidated balance sheets $ (32,071 ) $ (31,687 ) (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) 2016 2015 Accumulated income (loss) $ (4,471 ) $ (5,139 ) Accumulated prior service credit (cost) 662 $ - Accumulated other comprehensive income (loss) $ (3,809 ) $ (5,139 ) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (5,139 ) $ (12,670 ) Net gain (loss) arising during period 668 7,231 Prior Service credit (cost) arising during period 794 - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - 300 Prior service cost (132 ) - Other comprehensive income (loss) at December 31, current year $ (3,809 ) $ (5,139 ) Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 1,418 $ 1,794 $ 1,619 Interest cost 1,007 1,187 1,320 Net loss recognition (132 ) 300 257 Net periodic cost $ 2,293 $ 3,280 $ 3,196 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (1,330 ) (7,531 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 963 $ (4,251 ) (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 $ 0 132 131 The weighted average discount rates used to determine net periodic benefit cost for 2016, 2015 and 2014 were 4.38 4.00 5.00 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2016, 2015 and 2014 were 4.16 4.38 4.00 The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2017 $ 614 2018 706 2019 824 2020 951 2021 1,071 Next 5 years 7,804 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
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) 10 523,547 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 $ 3,635,121 3,210,891 523,547 498,455 357,298 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) 2016 2015 Regulatory targeted capital $ 1,411,440 $ 1,355,668 Actual capital $ 3,635,121 $ 3,210,891 (1) Regulatory targeted capital represents 200 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. COMMITMENTS AND 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) 2016 2015 The Prudential $ 146,507 $ 142,427 Unaffiliated life insurance company $ 33,860 $ 33,062 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 16. RELATED-PARTY TRANSACTIONS Parent Group entered into a $ 250,000 December 31, 2023 1.72 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 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 preferred shares of Preferred Holdings and 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) 2016 2015 2014 Dividends received on Parent shares $ - $ 38,880 $ 31,104 Dividends received on preferred stock of affiliate 31,032 - - 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) 2016 2015 2014 Expenses incurred $ 84,823 $ 81,122 $ 77,322 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
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 brokers, surplus lines brokers and general agents 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 loss adjustment expenses ("LAE") incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results 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) 2016 2015 2014 Gross written premiums $ 2,125,792 $ 2,147,893 $ 2,154,529 Net written premiums 930,178 899,918 977,858 Premiums earned $ 990,055 $ 951,457 $ 988,315 Incurred losses and LAE 554,100 413,292 545,862 Commission and brokerage 189,495 198,983 201,912 Other underwriting expenses 54,107 50,089 45,583 Underwriting gain (loss) $ 192,353 $ 289,093 $ 194,958 International Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,269,125 $ 1,373,978 $ 1,630,381 Net written premiums 497,645 562,691 612,243 Premiums earned $ 510,915 $ 581,216 $ 600,964 Incurred losses and LAE 207,605 394,819 358,038 Commission and brokerage 111,514 121,158 119,655 Other underwriting expenses 34,254 34,303 34,603 Underwriting gain (loss) $ 157,542 $ 30,936 $ 88,668 Insurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,668,811 $ 1,473,760 $ 1,180,384 Net written premiums 620,299 630,674 516,873 Premiums earned $ 593,079 $ 611,087 $ 524,447 Incurred losses and LAE 588,575 511,450 450,193 Commission and brokerage (11,027 ) (5,072 ) 17,835 Other underwriting expenses 156,605 130,427 111,846 Underwriting gain (loss) $ (141,074 ) $ (25,718 ) $ (55,427 ) 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) 2016 2015 2014 Underwriting gain (loss) $ 208,821 $ 294,311 $ 228,199 Net investment income 264,807 273,253 290,310 Net realized capital gains (losses) (28,941 ) 50,335 206,679 Corporate expense (8,277 ) (7,179 ) (7,252 ) Interest, fee and bond issue cost amortization expense (35,435 ) (35,434 ) (37,970 ) Other income (expense) (10,542 ) 29,256 (22,278 ) Income (loss) before taxes $ 390,433 $ 604,542 $ 657,688 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) 2016 2015 2014 Canada gross written premiums $ 124,612 $ 114,859 $ 159,451 No other country represented more than 5 Approximately 15.3 16.3 17.6 |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Dispositions [Abstract] | |
Dispositions | 18. DISPOSITIONS On August 24 th 49,000 12,942 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, 2016 | |
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, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 20. UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2016 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,129,904 $ 1,177,791 $ 1,505,923 $ 1,250,110 Net written premiums 464,070 441,255 622,616 520,181 Premiums earned 481,925 488,855 556,653 566,616 Net investment income 58,445 73,872 64,570 67,920 Net realized capital gains (losses) (66,377 ) 29,165 (50,063 ) 58,334 Total claims and underwriting expenses 424,111 468,992 451,315 540,810 Net income (loss) 38,926 68,350 74,798 113,676 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 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 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 $ 693,005 $ 691,080 $ 691,080 State, municipalities and political subdivisions 723,938 729,984 729,984 Foreign government securities 495,572 507,277 507,277 Foreign corporate securities 944,546 960,200 960,200 Public utilities 66,716 67,356 67,356 All other corporate bonds 2,169,636 2,203,823 2,203,823 Mortgage - backed securities Commercial 75,435 75,493 75,493 Agency residential 721,772 715,144 715,144 Non-agency residential 76 88 88 Redeemable preferred stock 19,798 20,051 20,051 Total fixed maturities-available for sale 5,910,494 5,970,496 5,970,496 Equity securities - available for sale, at fair value (1) 681,141 887,800 887,800 Short-term investments 306,286 306,286 306,286 Other invested assets 613,680 613,740 613,740 Other invested assets, at fair value (1) 1,773,214 1,766,626 1,766,626 Cash 297,794 297,794 297,794 Total investments and cash $ 9,582,610 $ 9,842,742 $ 9,842,742 (Some amounts may not reconcile due to rounding.) (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, 2016 | |
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) 2016 2015 ASSETS: Fixed maturities - available for sale, at market value $ 98,143 $ 65,441 (amortized cost: 2016, $99,391; 2015, $66,016) Equity securities - available for sale, at fair value 133,755 131,219 Other invested assets 31,113 3,047 Other invested assets, at fair value 1,766,626 1,773,214 Short-term investments 13,013 37,802 Cash 10,222 6,232 Total investments and cash 2,052,872 2,016,955 Investment in subsidiaries, at equity in the underlying net assets 3,898,271 3,534,552 Note receivable - affiliated 250,000 250,000 Accrued investment income 4,938 438 Advances to affiliates 218 109,775 Other assets 17,618 12,687 TOTAL ASSETS $ 6,223,917 $ 5,924,407 LIABILITIES: 4.868% Senior notes due 6/1/2044 $ 396,714 $ 396,594 6.6% Long term notes due 5/1/2067 236,462 236,364 Accrued interest on debt and borrowings 3,537 3,537 Income taxes 309,816 354,312 Due to affiliates 9,705 1,049 Other liabilities 2,123 1,340 Total liabilities 958,357 993,196 STOCKHOLDER'S EQUITY: Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2016 and 2015) - - Additional paid-in capital 387,567 374,789 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($19,549) at 2016 and ($33,458) at 2015 (36,315 ) (62,136 ) Retained earnings 4,914,308 4,618,558 Total stockholder's equity 5,265,560 4,931,211 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 6,223,917 $ 5,924,407 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) 2016 2015 2014 REVENUES: Net investment income $ 33,748 $ 40,441 $ 32,774 Net investment income - Affiliated 4,300 4,300 - Net realized capital gains (losses) (12,635 ) 119,075 149,932 Realized gain of sale of subsidiary (28,032 ) 94,704 - Other income (expense) (268 ) (263 ) (309 ) Net income (loss) of subsidiaries 282,957 274,625 364,869 Total revenues 280,070 532,882 547,266 EXPENSES: Interest expense 35,435 35,434 37,970 Corporate expense 6,713 5,251 5,070 Total expenses 42,148 40,685 43,040 INCOME (LOSS) BEFORE TAXES 237,922 492,197 504,226 Income tax expense (benefit) (57,828 ) 79,544 50,100 NET INCOME (LOSS) $ 295,750 $ 412,653 $ 454,126 Other comprehensive income (loss), net of tax : Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 4,114 (23,157 ) (44,902 ) Less: reclassification adjustment for realized losses (gains) included in net income (loss) 21,273 (817 ) 27,073 Total URA(D) on securities arising during the period 25,387 (23,974 ) (17,829 ) Foreign currency translation adjustments 2,849 (54,578 ) (29,210 ) Benefit plan actuarial net gain (loss) for the period (7,488 ) 5,681 (39,110 ) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 5,073 6,216 3,020 Total benefit plan net gain (loss) for the period (2,415 ) 11,897 (36,090 ) Total other comprehensive income (loss), net of tax 25,821 (66,655 ) (83,129 ) COMPREHENSIVE INCOME (LOSS) $ 321,571 $ 345,998 $ 370,997 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) 2016 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 295,750 $ 412,653 $ 454,126 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) deficit of subsidiaries (282,957 ) (274,625 ) (364,869 ) Dividends received from subsidiaries - - 155,000 Decrease (increase) in advances to affiliates - 20,243 (66,019 ) Decrease (increase) in income taxes (44,260 ) 1,082 191,840 Change in equity adjustments in limited partnerships (220 ) - - Change in other assets and liabilities, net (2,191 ) (6,876 ) (48,486 ) Amortization of bond premium (accrual of bond discount) 400 259 139 Amortization of underwriting discount on senior notes 4 4 46 Net realized capital losses (gains) 40,667 (119,075 ) (149,932 ) Net cash provided by (used in) operating activities 7,193 33,665 171,845 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (4,815 ) (2,837 ) (1,342 ) Proceeds from fixed maturities matured/called - available for sale, at market value 5,244 2,972 1,631 Proceeds from fixed maturities sold - available for sale, at market value - - 300,049 Proceeds from equity maturities sold - available for sale, at fair value 23,777 43,402 14,655 Proceeds from sale of subdisidiary (net of cash disposed) 47,721 3,934 - Distributions from other invested assets 93,959 - - Cost of fixed maturities acquired - available for sale, at market value (39,214 ) (60,240 ) (300,007 ) Cost of equity securities acquired - available for sale, at fair value (32,361 ) (76,559 ) (13,575 ) Cost of other invest assets acquired (121,806 ) - - Net change in short-term investments 24,789 54,588 (67,209 ) Net cost of lending for long term note - affiliated - - (250,000 ) Net change in unsettled securities transaction (497 ) 1,101 - Net cash provided by (used in) investing activities (3,203 ) (33,639 ) (315,798 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of senior notes - - 400,000 Net cost of senior notes maturing - - (250,000 ) Net cash provided by (used in) financing activities - - 150,000 Net increase (decrease) in cash 3,990 26 6,047 Cash, beginning of period 6,232 6,206 159 Cash, end of period $ 10,222 $ 6,232 $ 6,206 Non-cash financing transaction: Non-cash contribution from parent $ 12,778 $ 12,497 $ 11,242 Non-cash contribution to subsidiaries (12,778 ) (12,497 ) (11,242 ) NON-CASH TRANSACTION (2015): 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 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, 2016 | |
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, 2016 Domestic $ 49,604 $ 6,489,232 $ 1,054,832 $ 1,583,134 $ 231,748 $ 1,142,675 $ 178,468 $ 210,712 $ 1,550,477 International 24,320 1,842,056 257,553 510,915 33,059 207,605 111,514 34,254 497,645 Total $ 73,924 $ 8,331,288 $ 1,312,386 $ 2,094,049 $ 264,807 $ 1,350,280 $ 289,982 $ 244,966 $ 2,048,122 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 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Total property and liability insurance premiums earned $ 1,608,783 $ 3,007,332 $ 3,492,598 $ 2,094,049 166.8 % 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 % |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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"), Everest Reinsurance Company Escritï - rio de Representai -o No Brasil Ltda. ("Everest Brazil"), Mt. Whitney Securities, Inc., Everest Denali Insurance Company ("Everest Denali"), Everest Premier Insurance Company ("Everest Premier"), Everest Specialty Underwriters Services, LLC, 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. McKinley Managers, L.L.C. and Mt. McKinley Insurance Company ("Mt. McKinley"). All amounts are reported in U.S. dollars. During the third quarter of 2016, the Company established Delaware domiciled property and casualty insurance subsidiaries, Everest Premier and Everest Denali, which will be used in the continued expansion of the Insurance operations. Effective August 24, 2016, the Company sold its wholly-owned subsidiary, Heartland, a managing agent for crop insurance, to CGB Diversified Services, Inc. ("CGB"). The operating results of Heartland through August 24, 2016 are included within the Company's financial statements. Effective July 13, 2015, the Company sold all of the outstanding shares of capital stock of a wholly-owned subsidiary entity, 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 2016 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. 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. For some 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 other non-publicly traded securities, an investment manager's valuation committee will estimate fair value, which is reviewed by the Company for reasonableness. 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 includes limited partnerships, a private placement liquidity sweep facility and rabbi trusts. Cash contributions to and cash distributions from the sweep facility are reported gross in cash flows from investing activities in the consolidated statements of Cash Flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. ("Preferred Holdings"), an affiliated entity. The fair value of the Preferred Holdings convertible preferred stock at December 31, 2016 was determined using a pricing model and at December 31, 2015 represented the original exchange value for Group's common shares, which occurred on December 21, 2015. |
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) 2016 2015 Reinsurance recoverable and premium receivables $ 23,011 $ 22,511 |
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) 2016 2015 2014 Deferred acquisition costs $ 289,982 $ 315,069 $ 339,402 |
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 subsidiaries and 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. Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. Debt Issuance Costs. Consolidation. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2016 2015 Reinsurance recoverable and premium receivables $ 23,011 $ 22,511 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Deferred acquisition costs $ 289,982 $ 315,069 $ 339,402 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 2016 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 $ 693,005 $ 2,509 $ (4,434 ) $ 691,080 $ - Obligations of U.S. states and political subdivisions 723,938 18,016 (11,970 ) 729,984 - Corporate securities 2,119,324 50,665 (15,786 ) 2,154,203 4,868 Asset-backed securities 136,826 330 (129 ) 137,027 - Mortgage-backed securities Commercial 75,435 510 (452 ) 75,493 - Agency residential 721,772 2,365 (8,993 ) 715,144 - Non-agency residential 76 12 - 88 - Foreign government securities 495,572 22,088 (10,383 ) 507,277 - Foreign corporate securities 944,546 30,015 (14,361 ) 960,200 175 Total fixed maturity securities $ 5,910,494 $ 126,510 $ (66,508 ) $ 5,970,496 $ 5,043 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 ) (a) |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 2016 At December 31, 2015 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities � available for sale Due in one year or less $ 394,401 $ 392,824 $ 330,029 $ 330,509 Due after one year through five years 2,925,786 2,955,325 2,617,079 2,618,056 Due after five years through ten years 879,762 894,166 870,266 856,230 Due after ten years 776,436 800,429 595,783 631,806 Asset-backed securities 136,826 137,027 145,755 144,982 Mortgage-backed securities Commercial 75,435 75,493 61,527 62,446 Agency residential 721,772 715,144 714,907 712,298 Non-agency residential 76 88 126 150 Total fixed maturity securities $ 5,910,494 $ 5,970,496 $ 5,335,472 $ 5,356,477 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 2016 2015 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 33,883 $ (46,548 ) Fixed maturity securities, other-than-temporary impairment 5,113 9,666 Equity securities - (1 ) Other invested assets 60 - Change in unrealized appreciation (depreciation), pre-tax 39,056 (36,883 ) Deferred tax benefit (expense) (11,880 ) 16,292 Deferred tax benefit (expense), other-than-temporary impairment (1,789 ) (3,383 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 25,387 $ (23,974 ) |
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, 2016 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 $ 469,571 $ (4,434 ) $ - $ - $ 469,571 $ (4,434 ) Obligations of U.S. states and political subdivisions 221,088 (11,486 ) 564 (484 ) 221,652 (11,970 ) Corporate securities 431,757 (10,121 ) 118,172 (5,665 ) 549,929 (15,786 ) Asset-backed securities 35,065 (122 ) 5,745 (7 ) 40,810 (129 ) Mortgage-backed securities Commercial 27,230 (391 ) 3,060 (61 ) 30,290 (452 ) Agency residential 487,000 (6,320 ) 90,740 (2,673 ) 577,740 (8,993 ) Non-agency residential - - - - - - Foreign government securities 218,171 (2,713 ) 61,542 (7,670 ) 279,713 (10,383 ) Foreign corporate securities 264,939 (4,950 ) 75,489 (9,411 ) 340,428 (14,361 ) Total fixed maturity securities $ 2,154,821 $ (40,537 ) $ 355,312 $ (25,971 ) $ 2,510,133 $ (66,508 ) 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 ) |
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, 2016 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 $ 111,926 $ (322 ) $ 21,691 $ (3,625 ) $ 133,617 $ (3,947 ) Due in one year through five years 1,015,066 (10,567 ) 190,960 (16,511 ) 1,206,026 (27,078 ) Due in five years through ten years 243,082 (10,369 ) 41,371 (2,961 ) 284,453 (13,330 ) Due after ten years 235,452 (12,446 ) 1,745 (133 ) 237,197 (12,579 ) Asset-backed securities 35,065 (122 ) 5,745 (7 ) 40,810 (129 ) Mortgage-backed securities 514,230 (6,711 ) 93,800 (2,734 ) 608,030 (9,445 ) Total fixed maturity securities $ 2,154,821 $ (40,537 ) $ 355,312 $ (25,971 ) $ 2,510,133 $ (66,508 ) 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 ) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturities $ 182,132 $ 188,300 $ 207,861 Equity securities 32,317 34,418 34,112 Short-term investments and cash 1,234 964 1,190 Other invested assets Limited partnerships 25,194 19,613 29,653 Dividends from Parent's shares - 38,880 31,104 Dividends from preferred shares of affiliate 31,032 - - Other 1,017 1,804 3,620 Gross investment income before adjustments 272,926 283,979 307,540 Funds held interest income (expense) 6,073 5,611 5,429 Interest income from Parent 4,300 4,300 - Gross investment income 283,299 293,890 312,969 Investment expenses (18,492 ) (20,637 ) (22,658 ) Net investment income $ 264,807 $ 273,253 $ 290,310 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (25,679 ) $ (78,833 ) $ (38,912 ) Gains (losses) from sales (6,981 ) (36,299 ) (2,711 ) Fixed maturity securities, fair value: Gains (losses) from sales (1,586 ) 25 (3,137 ) Gains (losses) from fair value adjustments 1,381 (44 ) (1,498 ) Equity securities, market value: Gains (losses) from sales - 1 - Equity securities, fair value: Gains (losses) from sales (12,561 ) (8,010 ) (385 ) Gains (losses) from fair value adjustments 51,077 (39,119 ) 113,065 Other invested assets 18 - - Other invested assets, fair value: Gains (losses) from exchange - 88,354 - Gains (losses) from fair value adjustments (6,588 ) 29,549 140,259 Gains (losses) on sale of subsidiary (28,032 ) 94,704 - Short-term investment gains (losses) 10 7 (2 ) Total net realized capital gains (losses) $ (28,941 ) $ 50,335 $ 206,679 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Proceeds from sales of fixed maturity securities $ 710,028 $ 546,779 $ 1,116,743 Gross gains from sales 18,907 10,935 14,782 Gross losses from sales (27,474 ) (47,209 ) (20,630 ) Proceeds from sales of equity securities $ 695,039 $ 567,085 $ 528,958 Gross gains from sales 16,223 26,136 17,921 Gross losses from sales (28,784 ) (34,146 ) (18,306 ) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in thousands) 2016 2015 2014 Gross reserves at January 1 $ 7,940,720 $ 7,843,856 $ 7,653,229 Less reinsurance recoverables (3,875,073 ) (3,702,782 ) (3,427,385 ) Net reserves at January 1 4,065,647 4,141,074 4,225,844 Incurred related to: Current year 1,441,962 1,326,015 1,314,887 Prior years (91,682 ) (6,454 ) 39,206 Total incurred losses and LAE 1,350,280 1,319,561 1,354,093 Paid related to: Current year 400,489 357,819 452,662 Prior years 892,207 946,337 926,819 Total paid losses and LAE 1,292,696 1,304,156 1,379,481 Foreign exchange/translation adjustment 8,266 (90,832 ) (59,382 ) Net reserves at December 31 4,131,497 4,065,647 4,141,074 Plus reinsurance recoverables 4,199,791 3,875,073 3,702,782 Gross reserves at December 31 $ 8,331,288 $ 7,940,720 $ 7,843,856 |
Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | U.S. Reinsurance - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 249,427 $ 211,113 $ 139,581 $ 139,137 $ 145,577 37,168 N/A 2013 117,039 183,581 181,005 186,086 77,332 N/A 2014 197,453 189,580 193,693 112,260 N/A 2015 155,854 178,324 132,688 N/A 2016 171,551 150,094 N/A $ 875,232 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 2,371 $ 11,455 $ 24,593 $ 54,376 $ 76,026 2013 4,645 15,589 43,205 73,793 2014 7,102 21,782 47,847 2015 7,881 21,851 2016 7,433 $ 226,950 All outstanding liabilities prior to 2012, net of reinsurance 869,493 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,517,775 (Some amounts may not reconcile due to rounding.) U.S. Reinsurance - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 581,047 $ 468,914 $ 374,436 $ 371,698 $ 362,664 1,782 N/A 2013 281,153 303,058 278,774 247,991 5,341 N/A 2014 327,032 297,400 238,264 18,179 N/A 2015 324,705 259,346 41,130 N/A 2016 423,729 188,254 N/A $ 1,531,994 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 129,689 $ 228,584 $ 285,761 $ 310,382 $ 322,765 2013 119,578 165,294 199,072 213,544 2014 110,081 163,982 189,854 2015 113,186 166,844 2016 156,865 $ 1,049,872 All outstanding liabilities prior to 2012, net of reinsurance 54,326 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 536,448 (Some amounts may not reconcile due to rounding.) International - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 118,149 $ 53,561 $ 32,933 $ 41,248 $ 43,426 6,971 N/A 2013 56,371 38,279 40,297 52,698 17,310 N/A 2014 55,684 46,674 66,391 32,996 N/A 2015 53,475 72,931 48,397 N/A 2016 72,155 57,621 N/A $ 307,600 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 7,036 $ 10,522 $ 16,375 $ 19,764 $ 22,979 2013 5,805 13,659 17,675 21,404 2014 8,149 14,701 20,853 2015 8,322 17,994 2016 10,513 $ 93,742 All outstanding liabilities prior to 2012, net of reinsurance 69,124 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 282,982 (Some amounts may not reconcile due to rounding.) International - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 270,799 $ 253,946 $ 206,031 $ 209,972 $ 204,343 30 N/A 2013 180,751 178,018 170,909 158,426 1,483 N/A 2014 319,985 262,394 203,087 31,751 N/A 2015 261,465 173,501 16,201 N/A 2016 179,737 54,787 N/A $ 919,094 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 82,008 $ 140,733 $ 173,327 $ 183,819 $ 188,178 2013 47,180 99,809 120,790 135,518 2014 58,722 107,116 137,474 2015 56,211 109,416 2016 52,857 $ 623,444 All outstanding liabilities prior to 2012, net of reinsurance 100,482 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 396,133 (Some amounts may not reconcile due to rounding.) Insurance - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 211,633 $ 174,642 $ 185,025 $ 184,456 $ 188,066 22,750 15,638 2013 255,726 227,745 230,312 224,374 57,553 21,168 2014 237,459 238,424 240,318 69,505 24,829 2015 258,299 258,331 137,267 25,939 2016 353,447 269,444 23,463 $ 1,264,535 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,671 $ 55,184 $ 84,322 $ 116,511 $ 133,140 2013 17,106 68,516 101,543 129,619 2014 20,357 71,833 114,055 2015 19,916 67,846 2016 24,681 $ 469,341 All outstanding liabilities prior to 2012, net of reinsurance 373,822 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,169,016 (Some amounts may not reconcile due to rounding.) Insurance - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,245 $ 46,862 $ 43,478 $ 44,807 $ 44,235 23 N/A 2013 63,807 56,751 51,988 52,696 1 N/A 2014 67,972 69,718 67,314 477 N/A 2015 80,203 75,707 1,950 N/A 2016 150,924 46,592 N/A $ 390,876 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,853 $ 44,352 $ 42,807 $ 44,459 $ 44,169 2013 35,162 54,060 52,417 52,680 2014 40,218 66,316 66,476 2015 45,264 70,156 2016 71,647 $ 305,129 All outstanding liabilities prior to 2012, net of reinsurance 146 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 85,893 (Some amounts may not reconcile due to rounding.) |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | U.S. Reinsurance - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 3.4% 6.9% 12.7% 18.2% 14.9% U.S. Reinsurance - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 41.1% 22.8% 13.8% 6.4% 3.4% International - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 12.9% 11.7% 9.9% 7.4% 7.4% International - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 32.3% 28.8% 14.8% 7.0% 2.1% Insurance - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 7.7% 20.9% 16.0% 14.6% 8.8% Insurance - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 56.1% 36.4% -1.8% 2.0% -0.7% |
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2016 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 1,517,775 U.S. Reinsurance Property 536,448 International Casualty 282,982 International Property 396,133 Insurance Casualty 1,169,016 Insurance Property 85,893 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 3,988,248 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 958,001 U.S. Reinsurance Property 731,331 International Casualty 456,106 International Property 567,074 Insurance Casualty 1,398,275 Insurance Property 89,005 Total reinsurance recoverable on unpaid claims 4,199,791 Insurance lines other than short-duration - Unallocated claims adjustment expenses 110,022 Other 33,227 143,249 Total gross liability for unpaid claims and claim adjustment expense $ 8,331,288 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in thousands) 2016 2015 2014 Gross basis: Beginning of period reserves $ 433,117 $ 476,205 $ 402,461 Incurred losses 73,336 40,000 142,233 Paid losses (65,342 ) (83,088 ) (68,490 ) End of period reserves $ 441,111 $ 433,117 $ 476,205 Net basis: Beginning of period reserves $ 276,540 $ 304,286 $ 269,370 Incurred losses 45,668 30,879 87,362 Paid losses (47,798 ) (58,625 ) (52,446 ) End of period reserves $ 274,409 $ 276,540 $ 304,286 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 691,080 $ - $ 691,080 $ - Obligations of U.S. States and political subdivisions 729,984 - 729,984 - Corporate securities 2,154,203 - 2,089,006 65,197 Asset-backed securities 137,027 - 137,027 - Mortgage-backed securities Commercial 75,493 - 75,493 - Agency residential 715,144 - 715,144 - Non-agency residential 88 - 88 - Foreign government securities 507,277 - 507,277 - Foreign corporate securities 960,200 - 957,662 2,538 Total fixed maturities, market value 5,970,496 - 5,902,761 67,735 Fixed maturities, fair value - - - - Equity securities, fair value 887,800 827,237 60,563 - Other invested assets, fair value 1,766,626 - - 1,766,626 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, fair value 1,215,377 1,153,310 62,067 - Other invested assets, fair value 1,773,214 - - 1,773,214 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | December 31, 2016 December 31, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities CMBS Corporate Total Securities CMBS Corporate Total Beginning balance $ 3,933 $ - $ 1,593 $ 5,526 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings 100 - (1,193 ) (1,093 ) 6 - (9,480 ) (9,474 ) Included in other comprehensive income (loss) 41 15 - 56 (52 ) - 3,908 3,856 Purchases, issuances and settlements 63,054 (40 ) 2,138 65,152 3,625 - - 3,625 Transfers in and/or (out) of Level 3 (1,931 ) 25 - (1,906 ) 354 (8,597 ) (1 ) (8,244 ) Ending balance $ 65,197 $ - $ 2,538 $ 67,735 $ 3,933 $ - $ 1,593 $ 5,526 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) 2016 2015 Other invested assets, fair value: Beginning balance $ 1,773,214 $ - Total gains or (losses) (realized/unrealized) Included in earnings (6,588 ) - Included in other comprehensive income (loss) - - Purchases, issuances and settlements - 1,773,214 Transfers in and/or (out) of Level 3 - - Ending balance $ 1,766,626 $ 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, 2016 | |
Credit Facility-Expired [Abstract] | |
Summary Of Costs Incurred In Connection With Credit Facilities | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Credit facility fees incurred $ - $ - $ 97 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2016 December 31, 2015 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 $ 396,714 $ 383,612 $ 396,594 $ 381,204 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) 2016 2015 2014 Interest expense incurred $ 19,472 $ 19,472 $ 21,818 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date December 31, 2016 December 31, 2015 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 $ 236,462 $ 204,636 $ 236,364 $ 208,978 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Interest expense incurred $ 15,749 $ 15,749 $ 15,749 |
Operating Lease Agreements (Tab
Operating Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Agreements [Abstract] | |
Future Minimum Rental Commitments | (Dollars in thousands) 2017 $ 13,559 2018 14,227 2019 14,028 2020 13,624 2021 4,984 Thereafter 16,451 Net commitments $ 76,874 (Some amounts may not reconcile due to rounding.) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Current tax expense (benefit): U.S. $ 13,340 $ 52,347 $ 104,327 Foreign 12,682 30,373 33,171 Total current tax expense (benefit) 26,022 82,720 137,498 Total deferred U.S. tax expense (benefit) 68,661 109,169 66,064 Total income tax expense (benefit) $ 94,683 $ 191,889 $ 203,562 |
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) 2016 2015 2014 Expected income tax provision at the U.S. statutory tax rate $ 136,650 $ 211,588 $ 230,190 Increase (reduction) in taxes resulting from: Tax exempt income (9,078 ) (10,004 ) (12,231 ) Dividend received deduction (4,335 ) (4,851 ) (5,428 ) Proration 1,931 2,160 1,835 Tax audit settlement (19,204 ) - - Other, net (11,281 ) (7,005 ) (10,804 ) Total income tax provision $ 94,683 $ 191,889 $ 203,562 (Some amounts may not reconcile due to rounding.) |
Net Deferred Income Tax Assets | At December 31, (Dollars in thousands) 2016 2015 Deferred tax assets: Loss reserve $ 104,547 $ 169,771 Unearned premium reserve 37,573 40,624 Net unrecognized losses on benefit plans 35,271 33,971 Unrealized foreign currency losses 28,111 - Benefit plan liabilities 14,576 18,747 Uncollectible reinsurance reserve 5,534 5,534 Investment impairments 3,093 23,481 Deferred expenses 2,884 3,182 Foreign tax credits - 11,836 Alternative minimum tax credits - 7,604 Other assets 10,845 11,502 Total deferred tax assets 242,434 326,252 Deferred tax liabilities: Net fair value income 398,270 401,305 Deferred acquisition costs 26,652 33,227 Net unrealized investment gains 20,626 6,811 Partnership Investments 11,269 6,034 Gain on tender of debt 10,958 16,437 Bond market discount 1,092 2,674 Unrealized foreign currency gains - 2,216 Other liabilities 2,008 3,419 Total deferred tax liabilities 470,875 472,123 Net deferred tax assets/(liabilities) $ (228,441 ) $ (145,871 ) (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Written premiums: Direct $ 1,699,204 $ 1,511,217 $ 1,179,034 Assumed 3,364,524 3,484,414 3,786,260 Ceded (3,015,606 ) (2,902,348 ) (2,858,320 ) Net written premiums $ 2,048,122 $ 2,093,283 $ 2,106,974 Premiums earned: Direct $ 1,608,783 $ 1,439,795 $ 1,148,297 Assumed 3,492,598 3,637,484 3,685,784 Ceded (3,007,332 ) (2,933,519 ) (2,720,355 ) Net premiums earned $ 2,094,049 $ 2,143,760 $ 2,113,726 Incurred losses and LAE: Direct $ 1,415,933 $ 1,235,012 $ 1,073,485 Assumed 1,674,342 1,728,661 1,855,057 Ceded (1,739,995 ) (1,644,112 ) (1,574,449 ) Net incurred losses and LAE $ 1,350,280 $ 1,319,561 $ 1,354,093 |
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 01/01/2010-12/31/2010 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 01/01/2015-12/31/2016 Everest Re 50.0% Bermuda Re property / casualty business 162,500 325,000 01/01/2017 Everest Re 60.0% Bermuda Re property / casualty business 219,000 438,000 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0% Bermuda Re property business 350,000 (1) - 01/01/2011-12/31/2011 Everest Re- Canadian Branch 60.0% Bermuda Re property business 350,000 (1) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0% Bermuda Re property / casualty business 206,250 (1) 412,500 (1) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0% Bermuda Re property / casualty business 150,000 (1) 412,500 (1) 01/01/2014 Everest Re- Canadian Branch 75.0% Bermuda Re property / casualty business 262,500 (1) 412,500 (1) 01/01/2012 Everest Canada 80.0% Everest Re- Canadian Branch property business - - (1) |
Schedule Of 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) 2016 2015 2014 Ceded written premiums $ 2,324,314 $ 2,283,815 $ 2,273,222 Ceded earned premiums 2,353,801 2,316,096 2,208,084 Ceded losses and LAE (a) 1,307,722 1,293,997 1,196,118 Everest International Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Ceded written premiums $ 98 $ 395 $ 286 Ceded earned premiums 110 522 563 Ceded losses and LAE 3,467 673 (2,356 ) Everest Canada Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Assumed written premiums $ 53,653 $ 39,819 $ 37,436 Assumed earned premiums 49,156 35,988 25,925 Assumed losses and LAE 38,568 20,345 15,401 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Assumed written premiums $ 18,994 $ - $ - Assumed earned premiums 5,038 - - Assumed losses and LAE 4,938 - - (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 Segregated Accounts Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Ceded written premiums $ 160,091 $ 209,162 $ 122,203 Ceded earned premiums 155,010 201,416 122,979 Ceded losses and LAE 38,739 40,753 28,844 Assumed written premiums 14,563 15,421 13,889 Assumed earned premiums 14,563 15,421 13,889 Assumed losses and LAE - - - |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2016 2015 2014 (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 $ 1,302 $ (512 ) $ 790 $ (43,777 ) $ 14,337 $ (29,440 ) $ (59,318 ) $ 20,744 $ (38,574 ) URA(D) on securities - OTTI 5,113 (1,789 ) 3,324 9,666 (3,383 ) 6,283 (9,735 ) 3,407 (6,328 ) Reclassification of net realized losses (gains) included in net income (loss) 32,642 (11,369 ) 21,273 (2,772 ) 1,955 (817 ) 41,624 (14,551 ) 27,073 Foreign currency translation adjustments 4,388 (1,539 ) 2,849 (83,966 ) 29,388 (54,578 ) (44,938 ) 15,728 (29,210 ) Benefit plan actuarial net gain (loss) (11,520 ) 4,032 (7,488 ) 8,740 (3,059 ) 5,681 (60,169 ) 21,059 (39,110 ) Reclassification of amortization of net gain (loss) included in net income (loss) 7,805 (2,732 ) 5,073 9,563 (3,347 ) 6,216 4,647 (1,627 ) 3,020 Total other comprehensive income (loss) $ 39,730 $ (13,909 ) $ 25,821 $ (102,546 ) $ 35,891 $ (66,655 ) $ (127,890 ) $ 44,761 $ (83,129 ) (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 2016 2015 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 32,642 $ (2,772 ) Other net realized capital gains (losses) (11,369 ) 1,955 Income tax expense (benefit) $ 21,273 $ (817 ) Net income (loss) Benefit plan net gain (loss) $ 7,805 $ 9,563 Other underwriting expenses (2,732 ) (3,347 ) Income tax expense (benefit) $ 5,073 $ 6,216 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) 2016 2015 Beginning balance of URA (D) on securities $ 13,654 $ 37,628 Current period change in URA (D) of investments - temporary 22,063 (30,257 ) Current period change in URA (D) of investments - non-credit OTTI 3,324 6,283 Ending balance of URA (D) on securities 39,041 13,654 Beginning balance of foreign currency translation adjustments (12,701 ) 41,877 Current period change in foreign currency translation adjustments 2,849 (54,578 ) Ending balance of foreign currency translation adjustments (9,852 ) (12,701 ) Beginning balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Current period change in benefit plan net gain (loss) (2,415 ) 11,897 Ending balance of benefit plan net gain (loss) (65,504 ) (63,089 ) Ending balance of accumulated other comprehensive income (loss) $ (36,315 ) $ (62,136 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Company contributions $ 30,821 $ 5,949 $ 16,484 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Pension expense $ 17,188 $ 22,682 $ 18,543 |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2016 2015 Qualified Plan $ 211,720 $ 188,702 Non-qualified Plan 21,123 17,756 Total $ 232,843 $ 206,458 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2016 2015 Qualified Plan Projected benefit obligation $ 254,320 $ 229,719 Fair value of plan assets 171,506 135,087 Non-qualified Plan Projected benefit obligation $ 27,534 $ 24,303 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2016 2015 Qualified Plan Accumulated benefit obligation $ 211,720 $ 188,702 Fair value of plan assets 171,506 135,087 Non-qualified Plan Accumulated benefit obligation $ 21,123 $ 17,756 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, 2016 (Level 1) (Level 2) (Level 3) Assets: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 3,665 3,665 - - Mutual funds, fair value Fixed income (b) 21,445 21,445 - - Equities (c) 122,213 122,213 - - Multi-strategy equity fund, fair value (d) 11,274 - - 11,274 Total $ 158,597 $ 147,323 $ - $ 11,274 (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. 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 Total $ 123,749 $ 113,076 $ - $ 10,673 (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. |
Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments | Year Ended December 31, (Dollars in thousands) 2016 2015 Assets: Balance, beginning of period $ 10,673 $ 10,629 Actual return on plan assets: Realized gains (losses) relating to assets sold during the period 28 9 Unrealized gains (losses) relating to assets still held at the reporting date 517 12 Purchases and capital contributions - 161 Investment income earned on assets 189 - Sales and capital distributions (134 ) (138 ) Transfers in and/or (out) of Level 3 - - Balance, end of period $ 11,274 $ 10,673 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 $ 489 $ 3 (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) 2016 2015 2014 Incurred expenses $ 6,058 $ 5,468 $ 4,676 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Incurred expenses $ 494 $ 447 $ 479 |
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 $ 541 $ (419 ) b. Effect on accumulated post-retirement benefit obligation 6,622 (5,158 ) |
Post-Retirement Benefit Expenses | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Post-retirement benefit expenses $ 2,293 $ 3,280 $ 3,196 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 254,022 $ 270,065 Service cost 10,924 12,511 Interest cost 9,485 10,759 Actuarial (gain)/loss 12,155 (18,595 ) Benefits paid (4,733 ) (20,718 ) Projected benefit obligation at end of year 281,853 254,022 Change in plan assets: Fair value of plan assets at beginning of year 135,087 157,090 Actual return on plan assets 10,331 (7,234 ) Actual contributions during the year 30,821 5,949 Benefits paid (4,733 ) (20,718 ) Fair value of plan assets at end of year 171,506 135,087 Funded status at end of year $ (110,348 ) $ (118,936 ) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2016 2015 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (2,371 ) (1,869 ) Other liabilities (due beyond one year) (107,977 ) (117,067 ) Net amount recognized in the consolidated balance sheets $ (110,348 ) $ (118,936 ) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2016 2015 Prior service cost $ - $ - Accumulated income (loss) (96,965 ) (91,920 ) Accumulated other comprehensive income (loss) $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (91,920 ) $ (102,692 ) Net gain (loss) arising during period (12,982 ) (259 ) Recognition of amortizations in net periodic benefit cost: Prior service cost - 21 Actuarial loss 7,937 11,011 Other comprehensive income (loss) at December 31, current year $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 10,924 $ 12,511 $ 10,015 Interest cost 9,485 10,759 10,474 Expected return on assets (11,158 ) (11,620 ) (11,288 ) Amortization of actuarial loss from earlier periods 7,937 9,243 4,341 Amortization of unrecognized prior service cost - 21 49 Settlement - 1,768 4,953 Net periodic benefit cost $ 17,188 $ 22,682 $ 18,543 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 5,045 (10,773 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 22,233 $ 11,909 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2017 $ 7,926 2018 10,069 2019 12,993 2020 10,732 2021 12,936 Next 5 years 72,113 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 31,687 $ 36,506 Service cost 1,418 1,794 Interest cost 1,007 1,187 Amendments (794 ) - Actuarial (gain)/loss (668 ) (7,231 ) Benefits paid (579 ) (568 ) Benefit obligation at end of year 32,071 31,687 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 579 568 Benefits paid (579 ) (568 ) Fair value of plan assets at end of year - - Funded status at end of year $ (32,071 ) $ (31,687 ) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2016 2015 Other liabilities (due within one year) $ (614 ) $ (654 ) Other liabilities (due beyond one year) (31,457 ) (31,033 ) Net amount recognized in the consolidated balance sheets $ (32,071 ) $ (31,687 ) (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) 2016 2015 Accumulated income (loss) $ (4,471 ) $ (5,139 ) Accumulated prior service credit (cost) 662 $ - Accumulated other comprehensive income (loss) $ (3,809 ) $ (5,139 ) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (5,139 ) $ (12,670 ) Net gain (loss) arising during period 668 7,231 Prior Service credit (cost) arising during period 794 - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - 300 Prior service cost (132 ) - Other comprehensive income (loss) at December 31, current year $ (3,809 ) $ (5,139 ) |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 1,418 $ 1,794 $ 1,619 Interest cost 1,007 1,187 1,320 Net loss recognition (132 ) 300 257 Net periodic cost $ 2,293 $ 3,280 $ 3,196 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (1,330 ) (7,531 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 963 $ (4,251 ) (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2017 $ 614 2018 706 2019 824 2020 951 2021 1,071 Next 5 years 7,804 |
Dividend Restrictions And Sta44
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And Actual Statutory Capital | Everest Re (1) At December 31, (Dollars in thousands) 2016 2015 Regulatory targeted capital $ 1,411,440 $ 1,355,668 Actual capital $ 3,635,121 $ 3,210,891 (1) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At December 31, (Dollars in thousands) 2016 2015 The Prudential $ 146,507 $ 142,427 Unaffiliated life insurance company $ 33,860 $ 33,062 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Dividends received on Parent shares $ - $ 38,880 $ 31,104 Dividends received on preferred stock of affiliate 31,032 - - |
Expenses Incurred By Holdings From Services Provided By Affiliated Company | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Expenses incurred $ 84,823 $ 81,122 $ 77,322 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 2,125,792 $ 2,147,893 $ 2,154,529 Net written premiums 930,178 899,918 977,858 Premiums earned $ 990,055 $ 951,457 $ 988,315 Incurred losses and LAE 554,100 413,292 545,862 Commission and brokerage 189,495 198,983 201,912 Other underwriting expenses 54,107 50,089 45,583 Underwriting gain (loss) $ 192,353 $ 289,093 $ 194,958 International Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,269,125 $ 1,373,978 $ 1,630,381 Net written premiums 497,645 562,691 612,243 Premiums earned $ 510,915 $ 581,216 $ 600,964 Incurred losses and LAE 207,605 394,819 358,038 Commission and brokerage 111,514 121,158 119,655 Other underwriting expenses 34,254 34,303 34,603 Underwriting gain (loss) $ 157,542 $ 30,936 $ 88,668 Insurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,668,811 $ 1,473,760 $ 1,180,384 Net written premiums 620,299 630,674 516,873 Premiums earned $ 593,079 $ 611,087 $ 524,447 Incurred losses and LAE 588,575 511,450 450,193 Commission and brokerage (11,027 ) (5,072 ) 17,835 Other underwriting expenses 156,605 130,427 111,846 Underwriting gain (loss) $ (141,074 ) $ (25,718 ) $ (55,427 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Underwriting gain (loss) $ 208,821 $ 294,311 $ 228,199 Net investment income 264,807 273,253 290,310 Net realized capital gains (losses) (28,941 ) 50,335 206,679 Corporate expense (8,277 ) (7,179 ) (7,252 ) Interest, fee and bond issue cost amortization expense (35,435 ) (35,434 ) (37,970 ) Other income (expense) (10,542 ) 29,256 (22,278 ) Income (loss) before taxes $ 390,433 $ 604,542 $ 657,688 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Canada gross written premiums $ 124,612 $ 114,859 $ 159,451 |
Unaudited Quarterly Financial48
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2016 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,129,904 $ 1,177,791 $ 1,505,923 $ 1,250,110 Net written premiums 464,070 441,255 622,616 520,181 Premiums earned 481,925 488,855 556,653 566,616 Net investment income 58,445 73,872 64,570 67,920 Net realized capital gains (losses) (66,377 ) 29,165 (50,063 ) 58,334 Total claims and underwriting expenses 424,111 468,992 451,315 540,810 Net income (loss) 38,926 68,350 74,798 113,676 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 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Minimum Percent Of Prepaid Reinsurance Premiums For Any Foreign Reinsurers That Were Collateralized | 10.00% | ||
Expensed deferrable acquisition costs | $ 289,982 | $ 315,069 | $ 339,402 |
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, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance recoverable and premium receivables | $ 23,011 | $ 22,511 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 289,982 | $ 315,069 | $ 339,402 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Aug. 24, 2016 | Jul. 13, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 2,510,133 | $ 2,571,006 | ||
Gross unrealized losses on investments in unrealized loss position | 66,508 | 100,332 | ||
Additional contractual commitments | 316,059 | |||
Other invested assets | 613,740 | 450,154 | ||
Gain (losses) on sale of subsidiary | (28,032) | $ 94,704 | ||
Securities with a carrying value | $ 1,415,085 | |||
Sales Revenue, Net [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 1.00% | 0.07% | ||
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] | ||||
Other invested assets | $ 31,113 | $ 3,047 | ||
Gain (losses) on sale of subsidiary | (28,032) | 94,704 | ||
Mt. Mckinley Insurance Company [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain (losses) on sale of subsidiary | $ 94,704 | |||
Purchase price | $ 20,156 | |||
Heartland [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain (losses) on sale of subsidiary | $ 12,942 | (28,032) | ||
Purchase price | $ 49,000 | |||
Investment Grade [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 36,646 | |||
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Aggregate market value of investments in unrealized loss position | 2,510,133 | 2,571,006 | ||
Gross unrealized losses on investments in unrealized loss position | 66,508 | 100,332 | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 40,537 | 62,697 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 25,971 | 37,635 | ||
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 | |||
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 | |||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 22,882 | $ 14,807 | ||
Sub-prime and Alt-A Loans [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross unrealized losses on investments in unrealized loss position | 0 | |||
Private Placement Liquidiy Sweep [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other invested assets | $ 57,126 |
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, 2016 | Dec. 31, 2015 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 5,910,494 | $ 5,335,472 | |
Unrealized Appreciation | 126,510 | 121,337 | |
Unrealized Depreciation | (66,508) | (100,332) | |
Market Value | 5,970,496 | 5,356,477 | |
OTTI in AOCI | [1] | 5,043 | (69) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 693,005 | 329,281 | |
Unrealized Appreciation | 2,509 | 2,422 | |
Unrealized Depreciation | (4,434) | (718) | |
Market Value | 691,080 | 330,985 | |
Obligations of U.S. States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 723,938 | 669,945 | |
Unrealized Appreciation | 18,016 | 34,020 | |
Unrealized Depreciation | (11,970) | (890) | |
Market Value | 729,984 | 703,075 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,119,324 | 2,011,997 | |
Unrealized Appreciation | 50,665 | 27,286 | |
Unrealized Depreciation | (15,786) | (70,725) | |
Market Value | 2,154,203 | 1,968,558 | |
OTTI in AOCI | [1] | 4,868 | (86) |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 136,826 | 145,755 | |
Unrealized Appreciation | 330 | 290 | |
Unrealized Depreciation | (129) | (1,063) | |
Market Value | 137,027 | 144,982 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 75,435 | 61,527 | |
Unrealized Appreciation | 510 | 1,430 | |
Unrealized Depreciation | (452) | (511) | |
Market Value | 75,493 | 62,446 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 721,772 | 714,907 | |
Unrealized Appreciation | 2,365 | 3,994 | |
Unrealized Depreciation | (8,993) | (6,603) | |
Market Value | 715,144 | 712,298 | |
Non-agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 76 | 126 | |
Unrealized Appreciation | 12 | 24 | |
Market Value | 88 | 150 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 495,572 | 447,244 | |
Unrealized Appreciation | 22,088 | 24,255 | |
Unrealized Depreciation | (10,383) | (8,425) | |
Market Value | 507,277 | 463,074 | |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 944,546 | 954,690 | |
Unrealized Appreciation | 30,015 | 27,616 | |
Unrealized Depreciation | (14,361) | (11,397) | |
Market Value | 960,200 | 970,909 | |
OTTI in AOCI | [1] | $ 175 | $ 17 |
[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, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 5,910,494 | $ 5,335,472 |
Fixed maturity securities - available for sale, at market value | 5,970,496 | 5,356,477 |
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 | 394,401 | 330,029 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,925,786 | 2,617,079 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 879,762 | 870,266 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 776,436 | 595,783 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 392,824 | 330,509 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,955,325 | 2,618,056 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 894,166 | 856,230 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 800,429 | 631,806 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 136,826 | 145,755 |
Fixed maturity securities - available for sale, at market value | 137,027 | 144,982 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 75,435 | 61,527 |
Fixed maturity securities - available for sale, at market value | 75,493 | 62,446 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 721,772 | 714,907 |
Fixed maturity securities - available for sale, at market value | 715,144 | 712,298 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 76 | 126 |
Fixed maturity securities - available for sale, at market value | $ 88 | $ 150 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ 39,056 | $ (36,883) | |
Deferred tax benefit (expense) | (11,880) | 16,292 | |
Deferred tax benefit (expense), other-than-temporary impairment | (1,789) | (3,383) | |
Total URA(D) on securities arising during the period | 25,387 | (23,974) | $ (17,829) |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 33,883 | (46,548) | |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 5,113 | 9,666 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (1) | ||
Other Invested Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ 60 |
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, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 2,510,133 | $ 2,571,006 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (66,508) | (100,332) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 2,154,821 | 1,925,177 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (40,537) | (62,697) |
Available for sale securities, Greater than 12 months, Market Value | 355,312 | 645,829 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (25,971) | (37,635) |
Available-for-sale Securities, Market Value, Total | 2,510,133 | 2,571,006 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (66,508) | (100,332) |
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 | 469,571 | 216,352 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4,434) | (712) |
Available for sale securities, Greater than 12 months, Market Value | 692 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6) | |
Available-for-sale Securities, Market Value, Total | 469,571 | 217,044 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (4,434) | (718) |
Obligations of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 221,088 | 6,434 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (11,486) | (84) |
Available for sale securities, Greater than 12 months, Market Value | 564 | 4,917 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (484) | (806) |
Available-for-sale Securities, Market Value, Total | 221,652 | 11,351 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (11,970) | (890) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 431,757 | 866,715 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (10,121) | (49,034) |
Available for sale securities, Greater than 12 months, Market Value | 118,172 | 307,215 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (5,665) | (21,691) |
Available-for-sale Securities, Market Value, Total | 549,929 | 1,173,930 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (15,786) | (70,725) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 35,065 | 102,506 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (122) | (791) |
Available for sale securities, Greater than 12 months, Market Value | 5,745 | 28,048 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7) | (272) |
Available-for-sale Securities, Market Value, Total | 40,810 | 130,554 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (129) | (1,063) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 27,230 | 26,483 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (391) | (511) |
Available for sale securities, Greater than 12 months, Market Value | 3,060 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (61) | |
Available-for-sale Securities, Market Value, Total | 30,290 | 26,483 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (452) | (511) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 487,000 | 320,285 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,320) | (3,094) |
Available for sale securities, Greater than 12 months, Market Value | 90,740 | 150,095 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (2,673) | (3,509) |
Available-for-sale Securities, Market Value, Total | 577,740 | 470,380 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (8,993) | (6,603) |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | ||
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | ||
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 | ||
Available-for-sale Securities, Gross Unrealized Depreciation, Total | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 218,171 | 61,498 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,713) | (2,182) |
Available for sale securities, Greater than 12 months, Market Value | 61,542 | 77,911 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,670) | (6,243) |
Available-for-sale Securities, Market Value, Total | 279,713 | 139,409 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (10,383) | (8,425) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 264,939 | 324,904 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4,950) | (6,289) |
Available for sale securities, Greater than 12 months, Market Value | 75,489 | 76,951 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (9,411) | (5,108) |
Available-for-sale Securities, Market Value, Total | 340,428 | 401,855 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (14,361) | $ (11,397) |
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, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 2,510,133 | $ 2,571,006 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (66,508) | (100,332) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 2,154,821 | 1,925,177 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (40,537) | (62,697) |
Available for sale securities, Greater than 12 months, Market Value | 355,312 | 645,829 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (25,971) | (37,635) |
Available-for-sale Securities, Market Value, Total | 2,510,133 | 2,571,006 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (66,508) | (100,332) |
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 | 111,926 | 21,780 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (322) | (1,577) |
Available for sale securities, Greater than 12 months, Market Value | 21,691 | 12,212 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3,625) | (1,171) |
Available-for-sale Securities, Market Value, Total | 133,617 | 33,992 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,947) | (2,748) |
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 | 1,015,066 | 1,023,437 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (10,567) | (23,255) |
Available for sale securities, Greater than 12 months, Market Value | 190,960 | 347,203 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (16,511) | (21,582) |
Available-for-sale Securities, Market Value, Total | 1,206,026 | 1,370,640 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (27,078) | (44,837) |
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 | 243,082 | 394,978 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (10,369) | (31,423) |
Available for sale securities, Greater than 12 months, Market Value | 41,371 | 99,335 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (2,961) | (10,131) |
Available-for-sale Securities, Market Value, Total | 284,453 | 494,313 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (13,330) | (41,554) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 235,452 | 35,708 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (12,446) | (2,046) |
Available for sale securities, Greater than 12 months, Market Value | 1,745 | 8,936 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (133) | (970) |
Available-for-sale Securities, Market Value, Total | 237,197 | 44,644 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (12,579) | (3,016) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 35,065 | 102,506 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (122) | (791) |
Available for sale securities, Greater than 12 months, Market Value | 5,745 | 28,048 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7) | (272) |
Available-for-sale Securities, Market Value, Total | 40,810 | 130,554 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (129) | (1,063) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 514,230 | 346,768 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,711) | (3,605) |
Available for sale securities, Greater than 12 months, Market Value | 93,800 | 150,095 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (2,734) | (3,509) |
Available-for-sale Securities, Market Value, Total | 608,030 | 496,863 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (9,445) | $ (7,114) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | $ 272,926 | $ 283,979 | $ 307,540 |
Funds held interest income (expense) | 6,073 | 5,611 | 5,429 |
Interest income from Parent | 4,300 | 4,300 | |
Gross investment income | 283,299 | 293,890 | 312,969 |
Investment expenses | (18,492) | (20,637) | (22,658) |
Net investment income | 264,807 | 273,253 | 290,310 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 182,132 | 188,300 | 207,861 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 32,317 | 34,418 | 34,112 |
Short-Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 1,234 | 964 | 1,190 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 25,194 | 19,613 | 29,653 |
Dividends From Parent's Shares [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 38,880 | 31,104 | |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | 31,032 | ||
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustment | $ 1,017 | $ 1,804 | $ 3,620 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (25,679) | $ (78,833) | $ (38,912) | ||||||||
Other invested assets | $ 613,740 | $ 450,154 | 613,740 | 450,154 | |||||||
Gain (losses) on sale of subsidiary | (28,032) | 94,704 | |||||||||
Total net realized capital gains (losses) | 58,334 | $ (50,063) | $ 29,165 | $ (66,377) | $ 99,509 | $ (121,695) | $ 51,225 | $ 21,296 | (28,941) | 50,335 | 206,679 |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | (25,679) | (78,833) | (38,912) | ||||||||
Gains (losses) from sales | (6,981) | (36,299) | (2,711) | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (1,586) | 25 | (3,137) | ||||||||
Gains (losses) from fair value adjustments | 1,381 | (44) | (1,498) | ||||||||
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 | (12,561) | (8,010) | (385) | ||||||||
Gains (losses) from fair value adjustments | 51,077 | (39,119) | 113,065 | ||||||||
Other invested assets | $ 18 | 18 | |||||||||
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 | (6,588) | 29,549 | 140,259 | ||||||||
Gain (losses) on sale of subsidiary | (28,032) | 94,704 | |||||||||
Short-Term Investments [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | $ 10 | $ 7 | $ (2) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 710,028 | $ 546,779 | $ 1,116,743 |
Gross gains from sales | 18,907 | 10,935 | 14,782 |
Gross losses from sales | (27,474) | (47,209) | (20,630) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 695,039 | 567,085 | 528,958 |
Gross gains from sales | 16,223 | 26,136 | 17,921 |
Gross losses from sales | $ (28,784) | $ (34,146) | $ (18,306) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) $ in Thousands | Jul. 13, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Reserves For Losses And LAE [Line Items] | |||||
Increase (decrease) in reinsurance business | $ (91,682) | $ (6,454) | $ 39,206 | ||
Increase (decrease) in insurance business | 187,909 | 86,540 | 87,362 | ||
Reinsurance receivable, affiliated and unaffiliated, total | 4,573,787 | 4,459,087 | |||
Gain (losses) on sale of subsidiary | (28,032) | 94,704 | |||
Reinsurance receivable | $ 3,686,130 | 3,742,105 | |||
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 | ||||
Number of exposure groups | item | 150 | ||||
Case reserve established by the Company on direct excess insurance claims | $ 8,331,288 | 7,940,720 | 7,843,856 | $ 7,653,229 | |
Construction Liability, Umbrella, and Workers Compensation Reserves [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Partially offset, related to development on A&E reserves | 96,227 | 80,086 | |||
Explosion, Port Of Tianjin, China [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Partially offset, related to development on A&E reserves | 15,305 | ||||
Explosion, Port Of Tianjin, China [Member] | Estimated [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Increase (decrease) in reinsurance business | $ 21,566 | ||||
Explosion, Port Of Tianjin, China [Member] | Projected [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Increase (decrease) in reinsurance business | 6,261 | ||||
Bermuda Re [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Reinsurance receivable | $ 3,651,720 | ||||
Reinsurance receivable percent | 79.80% | ||||
Mt. Mckinley Insurance Company [Member] | |||||
Reserves For Losses And LAE [Line Items] | |||||
Purchase price | $ 20,156 | ||||
Gain (losses) 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 | $ 45,668 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reserves For Losses And LAE [Abstract] | ||||
Gross reserves at January 1 | $ 7,940,720 | $ 7,843,856 | $ 7,653,229 | |
Less reinsurance recoverable | (4,199,791) | (3,875,073) | (3,702,782) | $ (3,427,385) |
Net reserves at January 1 | 4,065,647 | 4,141,074 | 4,225,844 | |
Incurred related to: Current year | 1,441,962 | 1,326,015 | 1,314,887 | |
Incurred related to: Prior years | (91,682) | (6,454) | 39,206 | |
Total incurred losses and LAE | 1,350,280 | 1,319,561 | 1,354,093 | |
Paid related to: Current year | 400,489 | 357,819 | 452,662 | |
Paid related to: Prior years | 892,207 | 946,337 | 926,819 | |
Total paid losses and LAE | 1,292,696 | 1,304,156 | 1,379,481 | |
Foreign exchange/translation adjustment | 8,266 | (90,832) | (59,382) | |
Net reserves at December 31 | 4,131,497 | 4,065,647 | 4,141,074 | |
Plus reinsurance recoverable | 4,199,791 | 3,875,073 | 3,702,782 | |
Gross reserves at December 31 | $ 8,331,288 | $ 7,940,720 | $ 7,843,856 |
Reserves For Losses And LAE (In
Reserves For Losses And LAE (Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Claims Development [Line Items] | |||||
Liability for claims and claim adjustments expenses, net of reinsurance | $ 3,988,248 | ||||
Casualty Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 875,232 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 226,950 | $ 2,012 | $ 2,012 | ||
All outstanding liabilities prior to 2012, net of reinsurance | 869,493 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 1,517,775 | ||||
Casualty Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 307,600 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 93,742 | 2,012 | 2,012 | ||
All outstanding liabilities prior to 2012, net of reinsurance | 69,124 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 282,982 | ||||
Casualty Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 1,264,535 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 469,341 | 2,012 | 2,012 | ||
All outstanding liabilities prior to 2012, net of reinsurance | 373,822 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 1,169,016 | ||||
Property Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 1,531,994 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,049,872 | 2,012 | 2,012 | ||
All outstanding liabilities prior to 2012, net of reinsurance | 54,326 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 536,448 | ||||
Property Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 919,094 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 623,444 | 2,012 | 2,012 | ||
All outstanding liabilities prior to 2012, net of reinsurance | 100,482 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 396,133 | ||||
Property Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 390,876 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 305,129 | 2,012 | 2,012 | ||
All outstanding liabilities prior to 2012, net of reinsurance | 146 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 85,893 | ||||
2012 [Member] | Casualty Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 145,577 | $ 139,137 | $ 139,581 | 211,113 | 249,427 |
Total of IBNR Liabilities Plus Expected Development on Reported | 37,168 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 76,026 | 54,376 | 24,593 | 11,455 | 2,371 |
2012 [Member] | Casualty Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 43,426 | 41,248 | 32,933 | 53,561 | 118,149 |
Total of IBNR Liabilities Plus Expected Development on Reported | 6,971 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 22,979 | 19,764 | 16,375 | 10,522 | 7,036 |
2012 [Member] | Casualty Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 188,066 | 184,456 | 185,025 | 174,642 | 211,633 |
Total of IBNR Liabilities Plus Expected Development on Reported | $ 22,750 | ||||
Cumulative Number of Reported Claims | item | 15,638 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 133,140 | 116,511 | 84,322 | 55,184 | 15,671 |
2012 [Member] | Property Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 362,664 | 371,698 | 374,436 | 468,914 | 581,047 |
Total of IBNR Liabilities Plus Expected Development on Reported | 1,782 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 322,765 | 310,382 | 285,761 | 228,584 | 129,689 |
2012 [Member] | Property Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 204,343 | 209,972 | 206,031 | 253,946 | 270,799 |
Total of IBNR Liabilities Plus Expected Development on Reported | 30 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 188,178 | 183,819 | 173,327 | 140,733 | 82,008 |
2012 [Member] | Property Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 44,235 | 44,807 | 43,478 | 46,862 | 58,245 |
Total of IBNR Liabilities Plus Expected Development on Reported | 23 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 44,169 | 44,459 | 42,807 | 44,352 | $ 26,853 |
2013 [Member] | Casualty Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 186,086 | 181,005 | 183,581 | 117,039 | |
Total of IBNR Liabilities Plus Expected Development on Reported | 77,332 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 73,793 | 43,205 | 15,589 | 4,645 | |
2013 [Member] | Casualty Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 52,698 | 40,297 | 38,279 | 56,371 | |
Total of IBNR Liabilities Plus Expected Development on Reported | 17,310 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 21,404 | 17,675 | 13,659 | 5,805 | |
2013 [Member] | Casualty Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 224,374 | 230,312 | 227,745 | 255,726 | |
Total of IBNR Liabilities Plus Expected Development on Reported | $ 57,553 | ||||
Cumulative Number of Reported Claims | item | 21,168 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 129,619 | 101,543 | 68,516 | 17,106 | |
2013 [Member] | Property Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 247,991 | 278,774 | 303,058 | 281,153 | |
Total of IBNR Liabilities Plus Expected Development on Reported | 5,341 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 213,544 | 199,072 | 165,294 | 119,578 | |
2013 [Member] | Property Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 158,426 | 170,909 | 178,018 | 180,751 | |
Total of IBNR Liabilities Plus Expected Development on Reported | 1,483 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 135,518 | 120,790 | 99,809 | 47,180 | |
2013 [Member] | Property Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 52,696 | 51,988 | 56,751 | 63,807 | |
Total of IBNR Liabilities Plus Expected Development on Reported | 1 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,680 | 52,417 | 54,060 | $ 35,162 | |
2014 [Member] | Casualty Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 193,693 | 189,580 | 197,453 | ||
Total of IBNR Liabilities Plus Expected Development on Reported | 112,260 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 47,847 | 21,782 | 7,102 | ||
2014 [Member] | Casualty Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 66,391 | 46,674 | 55,684 | ||
Total of IBNR Liabilities Plus Expected Development on Reported | 32,996 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 20,853 | 14,701 | 8,149 | ||
2014 [Member] | Casualty Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 240,318 | 238,424 | 237,459 | ||
Total of IBNR Liabilities Plus Expected Development on Reported | $ 69,505 | ||||
Cumulative Number of Reported Claims | item | 24,829 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 114,055 | 71,833 | 20,357 | ||
2014 [Member] | Property Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 238,264 | 297,400 | 327,032 | ||
Total of IBNR Liabilities Plus Expected Development on Reported | 18,179 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 189,854 | 163,982 | 110,081 | ||
2014 [Member] | Property Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 203,087 | 262,394 | 319,985 | ||
Total of IBNR Liabilities Plus Expected Development on Reported | 31,751 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 137,474 | 107,116 | 58,722 | ||
2014 [Member] | Property Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 67,314 | 69,718 | 67,972 | ||
Total of IBNR Liabilities Plus Expected Development on Reported | 477 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,476 | 66,316 | $ 40,218 | ||
2015 [Member] | Casualty Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 178,324 | 155,854 | |||
Total of IBNR Liabilities Plus Expected Development on Reported | 132,688 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 21,851 | 7,881 | |||
2015 [Member] | Casualty Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 72,931 | 53,475 | |||
Total of IBNR Liabilities Plus Expected Development on Reported | 48,397 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 17,994 | 8,322 | |||
2015 [Member] | Casualty Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 258,331 | 258,299 | |||
Total of IBNR Liabilities Plus Expected Development on Reported | $ 137,267 | ||||
Cumulative Number of Reported Claims | item | 25,939 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 67,846 | 19,916 | |||
2015 [Member] | Property Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 259,346 | 324,705 | |||
Total of IBNR Liabilities Plus Expected Development on Reported | 41,130 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 166,844 | 113,186 | |||
2015 [Member] | Property Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 173,501 | 261,465 | |||
Total of IBNR Liabilities Plus Expected Development on Reported | 16,201 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 109,416 | 56,211 | |||
2015 [Member] | Property Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 75,707 | 80,203 | |||
Total of IBNR Liabilities Plus Expected Development on Reported | 1,950 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 70,156 | $ 45,264 | |||
2016 [Member] | Casualty Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 171,551 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported | 150,094 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 7,433 | ||||
2016 [Member] | Casualty Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 72,155 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported | 57,621 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 10,513 | ||||
2016 [Member] | Casualty Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 353,447 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported | $ 269,444 | ||||
Cumulative Number of Reported Claims | item | 23,463 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 24,681 | ||||
2016 [Member] | Property Business [Member] | U.S. Reinsurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 423,729 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported | 188,254 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 156,865 | ||||
2016 [Member] | Property Business [Member] | International [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 179,737 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported | 54,787 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,857 | ||||
2016 [Member] | Property Business [Member] | Insurance [Member] | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net or reinsurance | 150,924 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported | 46,592 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 71,647 |
Reserves For Losses And LAE (Av
Reserves For Losses And LAE (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Casualty Business [Member] | U.S. Reinsurance [Member] | |
Claims Development [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 3.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 6.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 12.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 18.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 14.90% |
Casualty Business [Member] | International [Member] | |
Claims Development [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 12.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 11.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 9.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 7.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 7.40% |
Casualty Business [Member] | Insurance [Member] | |
Claims Development [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 7.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 20.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 16.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 14.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 8.80% |
Property Business [Member] | U.S. Reinsurance [Member] | |
Claims Development [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 41.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 22.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 13.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 6.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.40% |
Property Business [Member] | International [Member] | |
Claims Development [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 32.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 28.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 14.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 7.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.10% |
Property Business [Member] | Insurance [Member] | |
Claims Development [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 56.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 36.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | (1.80%) |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 2.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | (0.70%) |
Reserves For Losses And LAE (Re
Reserves For Losses And LAE (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | $ 3,988,248 | |||
Total reinsurance recoverable on unpaid claims | 4,199,791 | |||
Insurance lines other than short-duration | ||||
Unallocated claims adjustment expenses | 110,022 | |||
Other | 33,227 | |||
Total other expenses | 143,249 | |||
Total gross liability for unpaid claims and claim adjustment expense | 8,331,288 | $ 7,940,720 | $ 7,843,856 | $ 7,653,229 |
Casualty Business [Member] | U.S. Reinsurance [Member] | ||||
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | 1,517,775 | |||
Total reinsurance recoverable on unpaid claims | 958,001 | |||
Casualty Business [Member] | International [Member] | ||||
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | 282,982 | |||
Total reinsurance recoverable on unpaid claims | 456,106 | |||
Casualty Business [Member] | Insurance [Member] | ||||
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | 1,169,016 | |||
Total reinsurance recoverable on unpaid claims | 1,398,275 | |||
Property Business [Member] | U.S. Reinsurance [Member] | ||||
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | 536,448 | |||
Total reinsurance recoverable on unpaid claims | 731,331 | |||
Property Business [Member] | International [Member] | ||||
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | 396,133 | |||
Total reinsurance recoverable on unpaid claims | 567,074 | |||
Property Business [Member] | Insurance [Member] | ||||
Liability for unpaid claims and claim adjustment expenses, net of reinsurance | 85,893 | |||
Total reinsurance recoverable on unpaid claims | $ 89,005 |
Reserves For Losses And LAE (66
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reserves For Losses And LAE [Abstract] | |||
Gross basis: Beginning of period reserves | $ 433,117 | $ 476,205 | $ 402,461 |
Gross basis: Incurred losses | 73,336 | 40,000 | 142,233 |
Gross basis: Paid losses | (65,342) | (83,088) | (68,490) |
Gross basis: End of period reserves | 441,111 | 433,117 | 476,205 |
Net basis: Beginning of period reserves | 276,540 | 304,286 | 269,370 |
Net basis: Incurred losses | 45,668 | 30,879 | 87,362 |
Net basis: Paid losses | (47,798) | (58,625) | (52,446) |
Net basis: End of period reserves | $ 274,409 | $ 276,540 | $ 304,286 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of public equity portfolio | $ 133,755 | $ 131,219 |
Transfers between Level 1 and Level 2 | 0 | |
Transfers from level 3 | (1,906) | (8,244) |
Investments within other invested assets | 1,766,626 | 1,773,214 |
Available For Sale Securities Debt Securities Market Value | 5,970,496 | 5,356,477 |
NAV Practical Expedient Guidance ASU 2015-07 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments within other invested assets | 18,801 | |
Parent Company [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments within other invested assets | 1,766,626 | 1,773,214 |
Available For Sale Securities Debt Securities Market Value | $ 98,143 | $ 65,441 |
Private Placement [Member] | Unavailability Of Prices [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of securities | security | 42 | 2 |
Available For Sale Securities Debt Securities Market Value | $ 86,536 | $ 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, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 5,970,496 | $ 5,356,477 |
Fixed maturities - available for sale, at fair value | 2,102 | |
Equity securities - available for sale, at fair value | 887,800 | 1,215,377 |
Other invested assets, at fair value | 1,766,626 | 1,773,214 |
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 fair value | 827,237 | 1,153,310 |
Other invested assets, at fair value | ||
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 | 5,902,761 | 5,350,951 |
Fixed maturities - available for sale, at fair value | 2,102 | |
Equity securities - available for sale, at fair value | 60,563 | 62,067 |
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 | 67,735 | 5,526 |
Fixed maturities - available for sale, at fair value | ||
Equity securities - available for sale, at fair value | ||
Other invested assets, at fair value | 1,766,626 | 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 | 98,143 | 65,441 |
Equity securities - available for sale, at fair value | 133,755 | 131,219 |
Other invested assets, at fair value | 1,766,626 | 1,773,214 |
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 | 691,080 | 330,985 |
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 | 691,080 | 330,985 |
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 U.S. States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 729,984 | 703,075 |
Obligations of U.S. 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 U.S. 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 | 729,984 | 703,075 |
Obligations of U.S. 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 | 2,154,203 | 1,968,558 |
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 | 2,089,006 | 1,964,625 |
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 | 65,197 | 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 | 137,027 | 144,982 |
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 | 137,027 | 144,982 |
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 | 75,493 | 62,446 |
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 | 75,493 | 62,446 |
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 | ||
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 715,144 | 712,298 |
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 | 715,144 | 712,298 |
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 | 88 | 150 |
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 | 88 | 150 |
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 | 507,277 | 463,074 |
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 | 507,277 | 463,074 |
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 | 960,200 | 970,909 |
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 | 957,662 | 969,316 |
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 | $ 2,538 | $ 1,593 |
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, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 5,526 | $ 15,763 |
Total gains or (losses) (realized/unrealized), Included in earnings | (1,093) | (9,474) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 56 | 3,856 |
Purchases, issuances and settlements | 65,152 | 3,625 |
Transfers in and/or (out) of Level 3 | (1,906) | (8,244) |
Ending balance | 67,735 | 5,526 |
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] | ||
Beginning balance | 3,933 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 100 | 6 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 41 | (52) |
Purchases, issuances and settlements | 63,054 | 3,625 |
Transfers in and/or (out) of Level 3 | (1,931) | 354 |
Ending balance | 65,197 | 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 | ||
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) | 15 | |
Purchases, issuances and settlements | (40) | |
Transfers in and/or (out) of Level 3 | 25 | (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 | 1,593 | 7,166 |
Total gains or (losses) (realized/unrealized), Included in earnings | (1,193) | (9,480) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 3,908 | |
Purchases, issuances and settlements | 2,138 | |
Transfers in and/or (out) of Level 3 | (1) | |
Ending balance | 2,538 | 1,593 |
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 |
Fair Value (Fair Value Measur70
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value [Abstract] | ||
Beginning Balance | $ 1,773,214 | |
Total gains or (losses) (realized/unrealized) Included in earnings | (6,588) | |
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 | 1,766,626 | 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, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Line of credit facility, expiration date | Aug. 15, 2014 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Credit Facility-Expired [Abstract] | |||
Credit facility fees incurred | $ 97 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 5.40% [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, 2016 | Dec. 31, 2015 | |
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 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 | 396,714,000 | $ 396,594,000 |
Market value | $ 383,612,000 | $ 381,204,000 |
Senior Notes 5.40% [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 (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Senior Notes [Abstract] | |||
Interest expense incurred | $ 19,472 | $ 19,472 | $ 21,818 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Percentage of principal amount required for redemption | 100.00% | |
Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Percentage of principal amount required for redemption | 100.00% | |
Outstanding debt reduction | $ 161,441 | |
Debt instrument, maturity date | May 1, 2067 | |
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% | |
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 5.40% [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 payment commencement date | May 15, 2017 | |
Floating rate terms | interest will be based on the 3 month LIBOR plus 238.5 | |
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) - Long Term Subordinated Debt [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 236,462,000 | $ 236,364,000 |
Market value | $ 204,636,000 | $ 208,978,000 |
Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2067 |
Long Term Subordinated Notes 78
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 15,749 | $ 15,749 | $ 15,749 |
Collateralized Reinsurance An79
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 01, 2015USD ($)item | Nov. 18, 2014USD ($) | Nov. 08, 2014USD ($) | Apr. 24, 2014USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Effects of Reinsurance [Line Items] | |||||||
Amount on deposit in trust accounts | $ 351,221 | ||||||
Reinsurance coverage amount | $ 3,015,606 | $ 2,902,348 | $ 2,858,320 | ||||
Kilimanjaro Re Limited [Member] | |||||||
Effects of Reinsurance [Line Items] | |||||||
Number of collateralized reinsurance agreements | item | 2 | 2 | |||||
Catastrophe reinsurance bonds, funded amount | $ 500,000 | $ 450,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | |||||||
Effects of Reinsurance [Line Items] | |||||||
Reinsurance coverage amount | $ 625,000 | $ 500,000 | |||||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Lease Agreements [Abstract] | |||
Rent expense | $ 14,841 | $ 14,145 | $ 13,028 |
Operating Lease Agreements (Fut
Operating Lease Agreements (Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Lease Agreements [Abstract] | |
2,017 | $ 13,559 |
2,018 | 14,227 |
2,019 | 14,028 |
2,020 | 13,624 |
2,021 | 4,984 |
Thereafter | 16,451 |
Net commitments | $ 76,874 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Foreign tax credits | $ 11,836 | ||
Alternative minimum tax credits | 7,604 | ||
Tax benefits related to share-based compensation | $ 3,291 | 4,469 | |
2009Through 2013 IRS Audit [Member] | |||
Income Tax Contingency [Line Items] | |||
IRS audit period | 5 years | ||
IRS net refund | $ 44,241 | $ 34,234 | $ 34,234 |
Minimum Amount of Net Refund that needs to be Reviewed And Approved | 5,000 | ||
Interest on net refund | $ 3,396 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
U.S. | $ 13,340 | $ 52,347 | $ 104,327 |
Foreign | 12,682 | 30,373 | 33,171 |
Total current tax expense (benefit) | 26,022 | 82,720 | 137,498 |
Total deferred U.S. tax expense (benefit) | 68,661 | 109,169 | 66,064 |
Total income tax expense (benefit) | $ 94,683 | $ 191,889 | $ 203,562 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Expected income tax provision at the U.S. statutory tax rate | $ 136,650 | $ 211,588 | $ 230,190 |
Increase (reduction) in tax resulting from: Tax exempt income | (9,078) | (10,004) | (12,231) |
Increase (reduction) in tax resulting from: Dividend received deduction | (4,335) | (4,851) | (5,428) |
Increase (reduction) in tax resulting from: Proration | 1,931 | 2,160 | 1,835 |
Increase (reduction) in tax resulting from: Tax audit settlement | (19,204) | ||
Increase (reduction) iin taxes resulting from: Other | (11,281) | (7,005) | (10,804) |
Total income tax expense (benefit) | $ 94,683 | $ 191,889 | $ 203,562 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Loss reserve | $ 104,547 | $ 169,771 |
Unearned premium reserve | 37,573 | 40,624 |
Net unrecognized losses on benefit plans | 35,271 | 33,971 |
Unrealized foreign currency losses | 28,111 | |
Benefit plan liabilities | 14,576 | 18,747 |
Uncollectible reinsurance reserve | 5,534 | 5,534 |
Investment impairments | 3,093 | 23,481 |
Deferred expenses | 2,884 | 3,182 |
Foreign tax credits | 11,836 | |
Alternative minimum tax credits | 7,604 | |
Other assets | 10,845 | 11,502 |
Total deferred tax assets | 242,434 | 326,252 |
Net fair value income | 398,270 | 401,305 |
Deferred acquisition costs | 26,652 | 33,227 |
Net unrealized investment gains | 20,626 | 6,811 |
Partnership Investments | 11,269 | 6,034 |
Gain on tender of debt | 10,958 | 16,437 |
Bond market discount | 1,092 | 2,674 |
Unrealized foreign currency gains | 2,216 | |
Other liabilities | 2,008 | 3,419 |
Total deferred tax liabilities | 470,875 | 472,123 |
Net deferred tax assets/(liabilities) | $ (228,441) | $ (145,871) |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2016GBP (£) | |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance [Abstract] | |||||||||||
Written premiums : Direct | $ 1,699,204 | $ 1,511,217 | $ 1,179,034 | ||||||||
Written premiums: Assumed | 3,364,524 | 3,484,414 | 3,786,260 | ||||||||
Written premiums: Ceded | (3,015,606) | (2,902,348) | (2,858,320) | ||||||||
Net written premium | $ 520,181 | $ 622,616 | $ 441,255 | $ 464,070 | $ 513,319 | $ 599,073 | $ 472,464 | $ 508,427 | 2,048,122 | 2,093,283 | 2,106,974 |
Premiums earned: Direct | 1,608,783 | 1,439,795 | 1,148,297 | ||||||||
Premiums earned: Assumed | 3,492,598 | 3,637,484 | 3,685,784 | ||||||||
Premium earned: Ceded | (3,007,332) | (2,933,519) | (2,720,355) | ||||||||
Net premiums earned | 2,094,049 | 2,143,760 | 2,113,726 | ||||||||
Incurred losses and LAE: Direct | 1,415,933 | 1,235,012 | 1,073,485 | ||||||||
Incurred losses and LAE: Assumed | 1,674,342 | 1,728,661 | 1,855,057 | ||||||||
Incurred losses and LAE: Ceded | (1,739,995) | (1,644,112) | (1,574,449) | ||||||||
Incurred losses and LAE | $ 1,350,280 | $ 1,319,561 | $ 1,354,093 |
Reinsurance (Affiliated Quota S
Reinsurance (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Everest Re [Member] | ||
Related Party Transaction [Line Items] | ||
Assuming Company | Bermuda Re | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2010-12/31/2010 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 44.00% | |
Assuming Company | Bermuda Re | |
Type of 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] | ||
Percent Ceded | 50.00% | |
Assuming Company | Bermuda Re | |
Type of 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] | ||
Percent Ceded | 50.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 100,000 | |
Aggregate Limit | $ 200,000 | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2015 -12/31/2016 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 50.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 162,500 | |
Aggregate Limit | $ 325,000 | |
Everest Re [Member] | Bermuda Re [Member] | 01/01/2017 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 60.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 219,000 | |
Aggregate Limit | $ 438,000 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2010-12/31/2010 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 60.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property business | |
Single Occurrence Limit | $ 350,000 | [1] |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2011 -12/31/2011 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 60.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property business | |
Single Occurrence Limit | $ 350,000 | [1] |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2012 -12/31/2012 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 75.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 206,250 | [1] |
Aggregate Limit | $ 412,500 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2013 -12/31/2013 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 75.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 150,000 | [1] |
Aggregate Limit | $ 412,500 | |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2014 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 75.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 262,500 | [1] |
Aggregate Limit | $ 412,500 | |
Everest Canada [Member] | Everest Re- Canadian Branch [Member] | 01/01/2012 [Member] | ||
Related Party Transaction [Line Items] | ||
Percent Ceded | 80.00% | |
Assuming Company | Everest Re- Canadian Branch | |
Type of Business | property business | |
[1] | Amounts shown are Canadian dollars. |
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, 2016USD ($) | |
Mt. McKinley [Member] | |
Related Party Transaction [Line Items] | |
Effective Date | Sep. 19, 2000 |
Assuming Company | Bermuda Re |
% of Business or Amount of 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 or Amount of 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | $ 3,015,606 | $ 2,902,348 | $ 2,858,320 | |
Assumed written premiums | 3,364,524 | 3,484,414 | 3,786,260 | |
Bermuda Re [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 2,324,314 | 2,283,815 | 2,273,222 | |
Ceded earned premiums | 2,353,801 | 2,316,096 | 2,208,084 | |
Ceded losses and LAE | [1] | 1,307,722 | 1,293,997 | 1,196,118 |
Everest International [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 98 | 395 | 286 | |
Ceded earned premiums | 110 | 522 | 563 | |
Ceded losses and LAE | 3,467 | 673 | (2,356) | |
Everest Canada [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed written premiums | 53,653 | 39,819 | 37,436 | |
Assumed earned premiums | 49,156 | 35,988 | 25,925 | |
Assumed losses and LAE | 38,568 | 20,345 | 15,401 | |
Lloyd's Syndicate [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed written premiums | 18,994 | |||
Assumed earned premiums | 5,038 | |||
Assumed losses and LAE | 4,938 | |||
Mt. Logan Re Segregated Accounts [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 160,091 | 209,162 | 122,203 | |
Ceded earned premiums | 155,010 | 201,416 | 122,979 | |
Ceded losses and LAE | 38,739 | 40,753 | 28,844 | |
Assumed written premiums | 14,563 | 15,421 | 13,889 | |
Assumed earned premiums | 14,563 | 15,421 | 13,889 | |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive Income (Loss) [Abstract] | |||
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Before Tax | $ 1,302 | $ (43,777) | $ (59,318) |
URA(D) on securities - OTTI, Before Tax | 5,113 | 9,666 | (9,735) |
Reclassification of net realized losses (gains) included in net income (loss), Before Tax | 32,642 | (2,772) | 41,624 |
Foreign currency translation adjustments, Before Tax | 4,388 | (83,966) | (44,938) |
Benefit plan actuarial net gain (loss), Before Tax | (11,520) | 8,740 | (60,169) |
Reclassification of amortization of net gain (loss) included in net income (loss), Before Tax | 7,805 | 9,563 | 4,647 |
Total other comprehensive income (loss), Before Tax | 39,730 | (102,546) | (127,890) |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Tax Effect | (512) | 14,337 | 20,744 |
URA(D) on securities - OTTI, Tax Effect | (1,789) | (3,383) | 3,407 |
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | (11,369) | 1,955 | (14,551) |
Foreign currency translation adjustments, Tax Effect | (1,539) | 29,388 | 15,728 |
Benefit plan actuarial net gain (loss), Tax Effect | 4,032 | (3,059) | 21,059 |
Reclassification of amortization of net gain (loss) included in net income (loss), Tax Effect | (2,732) | (3,347) | (1,627) |
Total other comprehensive income (loss), Tax Effect | (13,909) | 35,891 | 44,761 |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Net of Tax | 790 | (29,440) | (38,574) |
URA(D) of securities - OTTI, Net of Tax | 3,324 | 6,283 | (6,328) |
Reclassification of net realized losses (gains) included in net income (loss), Net of Tax | 21,273 | (817) | 27,073 |
Foreign currency translation adjustments, Net of Tax | 2,849 | (54,578) | (29,210) |
Benefit plan actuarial net gain (loss), Net of Tax | (7,488) | 5,681 | (39,110) |
Reclassification of amortization of net gain (loss) included in net income (loss), Net of Tax | 5,073 | 6,216 | 3,020 |
Total other comprehensive income (loss), net of tax | $ 25,821 | $ (66,655) | $ (83,129) |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other net realized capital gains (losses) | $ 24,770 | $ 34,464 | $ 245,591 | ||||||||
Other underwriting expenses | (244,966) | (214,819) | (192,032) | ||||||||
Income tax expense (benefit) | (94,683) | (191,889) | (203,562) | ||||||||
NET INCOME (LOSS) | $ 113,676 | $ 74,798 | $ 68,350 | $ 38,926 | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | 295,750 | 412,653 | $ 454,126 |
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) | 32,642 | (2,772) | |||||||||
Income tax expense (benefit) | (11,369) | 1,955 | |||||||||
NET INCOME (LOSS) | 21,273 | (817) | |||||||||
Benefit Plan Liability [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other underwriting expenses | 7,805 | 9,563 | |||||||||
Income tax expense (benefit) | (2,732) | (3,347) | |||||||||
NET INCOME (LOSS) | $ 5,073 | $ 6,216 |
Comprehensive Income (Loss) (93
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive Income (Loss) [Abstract] | |||
Beginning balance of URA (D) on securities | $ 13,654 | $ 37,628 | |
Current period change in URA (D) of investments - temporary | 22,063 | (30,257) | |
Current period change in URA (D) of investments - non-credit OTTI | 3,324 | 6,283 | |
Ending balance of URA (D) on securities | 39,041 | 13,654 | $ 37,628 |
Beginning balance of foreign currency translation adjustments | (12,701) | 41,877 | |
Current period change in foreign currency translation adjustments | 2,849 | (54,578) | |
Ending balance of foreign currency translation adjustments | (9,852) | (12,701) | 41,877 |
Beginning balance of benefit plan net gain (loss) | (63,089) | (74,986) | |
Current period change in benefit plan net gain (loss) | (2,415) | 11,897 | (36,090) |
Ending balance of benefit plan net gain (loss) | (65,504) | (63,089) | $ (74,986) |
Ending balance of accumulated other comprehensive income (loss) | $ (36,315) | $ (62,136) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 8,758 | ||
Amortization of prior service cost | $ 0 | ||
Weighted average discount rate used to determine net periodic benefit cost | 4.38% | 4.00% | 5.00% |
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 | 4.16% | 4.38% | 4.00% |
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 | 6.20% | ||
Defined contribution plan employer contribution percentage for branch offices, maximum | 10.10% | ||
Company contributions | $ 30,821 | $ 5,949 | $ 16,484 |
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 | 132 | ||
Amortization of prior service cost | $ 131 | ||
Weighted average discount rate used to determine net periodic benefit cost | 4.38% | 4.00% | 5.00% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.16% | 4.38% | 4.00% |
Company contributions | $ 579 | $ 568 | |
Pre-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health inflation rate | 7.50% | ||
Health inflation rate decreased | 4.50% | ||
Post-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health inflation rate | 7.50% | ||
Health inflation rate decreased | 4.50% | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 78.00% | ||
Target asset allocation percentage | 70.00% | ||
Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 13.00% | ||
Limited Partner [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 7.00% | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 2.00% | ||
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 30.00% | ||
Net Periodic Costs [Member] | Pre-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health inflation rate | 6.70% | ||
Health inflation rate decreased | 4.50% | ||
Net Periodic Costs [Member] | Post-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health inflation rate | 6.20% | ||
Health inflation rate decreased | 4.50% | ||
NAV Practical Expedient Guidance ASU 2015-07 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Private Equity Limited Partnership | $ 12,909 | $ 11,338 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Company contributions | $ 30,821 | $ 5,949 | $ 16,484 |
Employee Benefit Plans (Summa96
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Pension expense | $ 17,188 | $ 22,682 | $ 18,543 |
Employee Benefit Plans (Summa97
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 30,821 | $ 5,949 | $ 16,484 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 254,022 | 270,065 | |
Service cost | 10,924 | 12,511 | 10,015 |
Interest cost | 9,485 | 10,759 | 10,474 |
Actuarial (gain)/loss | 12,155 | (18,595) | |
Benefits paid | (4,733) | (20,718) | |
Projected benefit obligation at end of year | 281,853 | 254,022 | 270,065 |
Fair value of plan assets at beginning of year | 135,087 | 157,090 | |
Actual return on plan assets | 10,331 | (7,234) | |
Actual contributions during the year | 30,821 | 5,949 | |
Benefits paid | (4,733) | (20,718) | |
Fair value of plan assets at end of year | 171,506 | 135,087 | 157,090 |
Funded status at end of year | (110,348) | (118,936) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 31,687 | 36,506 | |
Service cost | 1,418 | 1,794 | 1,619 |
Interest cost | 1,007 | 1,187 | 1,320 |
Amendments | (794) | ||
Actuarial (gain)/loss | (668) | (7,231) | |
Benefits paid | (579) | (568) | |
Projected benefit obligation at end of year | 32,071 | 31,687 | 36,506 |
Fair value of plan assets at beginning of year | |||
Employer contributions | 579 | 568 | |
Benefits paid | (579) | (568) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (32,071) | $ (31,687) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (2,371) | (1,869) |
Other liabilities (due beyond one year) | (107,977) | (117,067) |
Net amount recognized in the consolidated balance sheets | (110,348) | (118,936) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (614) | (654) |
Other liabilities (due beyond one year) | (31,457) | (31,033) |
Net amount recognized in the consolidated balance sheets | $ (32,071) | $ (31,687) |
Employee Benefit Plans (Amoun99
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | |||
Accumulated income (loss) | (96,965) | (91,920) | |
Accumulated other comprehensive income (loss) | (96,965) | (91,920) | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive income (loss) | (96,965) | (91,920) | $ (102,692) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 662 | ||
Accumulated income (loss) | (4,471) | (5,139) | |
Accumulated other comprehensive income (loss) | $ (3,809) | $ (5,139) | $ (12,670) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | $ (91,920) | |
Other comprehensive income (loss) at December 31, current year | (96,965) | $ (91,920) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (91,920) | (102,692) |
Net gain (loss) arising during period | (12,982) | (259) |
Prior service cost | 21 | |
Actuarial loss (gain) | 7,937 | 11,011 |
Other comprehensive income (loss) at December 31, current year | (96,965) | (91,920) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (5,139) | (12,670) |
Net gain (loss) arising during period | 668 | 7,231 |
Prior Service credit (cost) arising during period | 794 | |
Prior service cost | (132) | |
Actuarial loss (gain) | 300 | |
Other comprehensive income (loss) at December 31, current year | $ (3,809) | $ (5,139) |
Employee Benefit Plans (Summ101
Employee Benefit Plans (Summary Of Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of unrecognized prior service cost | $ 0 | ||
Net periodic benefit cost | 17,188 | $ 22,682 | $ 18,543 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 10,924 | 12,511 | 10,015 |
Interest cost | 9,485 | 10,759 | 10,474 |
Expected return on plan assets | (11,158) | (11,620) | (11,288) |
Amortization of actuarial loss from earlier periods | 7,937 | 9,243 | 4,341 |
Amortization of unrecognized prior service cost | 21 | 49 | |
Settlement | 1,768 | 4,953 | |
Net periodic benefit cost | 17,188 | 22,682 | 18,543 |
Other comprehensive income (loss) attributable to change from prior year | 5,045 | (10,773) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 22,233 | 11,909 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,418 | 1,794 | 1,619 |
Interest cost | 1,007 | 1,187 | 1,320 |
Amortization of unrecognized prior service cost | 131 | ||
Settlement | (132) | 300 | 257 |
Net periodic benefit cost | 2,293 | 3,280 | $ 3,196 |
Other comprehensive income (loss) attributable to change from prior year | (1,330) | (7,531) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 963 | $ (4,251) |
Employee Benefit Plans (Summ102
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 232,843 | $ 206,458 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 211,720 | 188,702 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 21,123 | $ 17,756 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 254,320 | $ 229,719 |
Fair value of plan assets | 171,506 | 135,087 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 27,534 | 24,303 |
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, 2016 | Dec. 31, 2015 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 211,720 | $ 188,702 |
Fair value of plan assets | 171,506 | 135,087 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 21,123 | 17,756 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 7,926 |
2,018 | 10,069 |
2,019 | 12,993 |
2,020 | 10,732 |
2,021 | 12,936 |
Next 5 years | 72,113 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 614 |
2,018 | 706 |
2,019 | 824 |
2,020 | 951 |
2,021 | 1,071 |
Next 5 years | $ 7,804 |
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, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | $ 297,794 | $ 155,429 |
Short-term investments | $ 306,286 | $ 563,536 |
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 | $ 10,222 | $ 6,232 |
Short-term investments | 13,013 | 37,802 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | 3,665 | 4,034 |
Multi-strategy equity fund, fair value | 11,274 | 10,673 |
Total | $ 158,597 | $ 123,749 |
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 | $ 3,665 | $ 4,034 |
Total | 147,323 | 113,076 |
Pension Benefits [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | ||
Short-term investments, which approximate fair value | ||
Multi-strategy equity fund, fair value | ||
Total | ||
Pension Benefits [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | ||
Short-term investments, which approximate fair value | ||
Multi-strategy equity fund, fair value | 11,274 | 10,673 |
Total | 11,274 | 10,673 |
Pension Benefits [Member] | Fixed Maturities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 21,445 | 22,537 |
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 | 21,445 | 22,537 |
Pension Benefits [Member] | Fixed Maturities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Pension Benefits [Member] | Fixed Maturities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 122,213 | 86,505 |
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 | 122,213 | 86,505 |
Pension Benefits [Member] | Equity Securities [Member] | Significant Other Observable Inputs Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Pension Benefits [Member] | Equity Securities [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value |
Employee Benefit Plans (Fair107
Employee Benefit Plans (Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments) (Details) - Significant Unobservable Inputs Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 10,673 | $ 10,629 |
Realized gains (losses) relating to assets sold during the period | 28 | 9 |
Unrealized gains (losses) relating to assets still held at the reporting date | 517 | 12 |
Purchases and capital contributions | 161 | |
Investment income earned on assets | 189 | |
Sales and capital contributions | (134) | (138) |
Transfers in and/or (out) of Level 3 | ||
Fair value of plan assets at end of year | 11,274 | 10,673 |
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 | $ 489 | $ 3 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Incurred expenses | $ 6,058 | $ 5,468 | $ 4,676 |
Employee Benefit Plans (Incu109
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Incurred expenses | $ 494 | $ 447 | $ 479 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Employee Benefit Plans [Abstract] | |
Effect on total service and interest cost components, Percent Point Increase | $ 541 |
Effect on total service and interest cost components, Percentage Point Decrease | (419) |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 6,622 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | $ (5,158) |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Post-retirement benefit expenses | $ 2,293 | $ 3,280 | $ 3,196 |
Dividend Restrictions And St112
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 523,547 | ||
Statutory capital and surplus | 3,635,121 | $ 3,210,891 | |
Statutory net income (loss) | $ 523,547 | $ 498,455 | $ 357,298 |
Regulatory targeted capital percent of risk based capital Model, minimum target | 200.00% |
Dividend Restrictions And St113
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Dividend Restrictions And Statutory Financial Information [Abstract] | |||
Regulatory targeted capital | [1] | $ 1,411,440 | $ 1,355,668 |
Actual capital | [1] | $ 3,635,121 | $ 3,210,891 |
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. |
Commitments And Contingencie114
Commitments And Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 146,507 | $ 142,427 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,860 | $ 33,062 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) $ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016GBP (£)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 | ||
Interest income | 4,300 | ||||
Stock repurchase program, number of shares held | shares | 9,719,971 | 9,719,971 | |||
Stock repurchase program, value of shares held | $ 1,773,214 | $ 1,773,214 | |||
Number of preferred shares | shares | 1,773.214 | 1,773.214 | |||
Preferred shares par value | $ / shares | $ 1,000,000 | $ 1,000,000 | |||
Annual dividend rate | 1.75% | ||||
Reserve Indemnity Agreement, Percent | 90.00% | ||||
Reserve Indemnity Agreement, Amount | £ | £ 25 | ||||
Parent Company [Member] | |||||
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | |
Debt instrument, stated interest rate | 1.72% | ||||
Maturity date | Dec. 31, 2023 | ||||
Stock repurchase program, number of shares held | shares | 9,719,971 | ||||
Stock repurchase program, value of shares held | $ 1,773,214 | $ 1,773,214 | |||
Number of preferred shares | shares | 1,773.214 | 1,773.214 | |||
Preferred shares par value | $ / shares | $ 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, 2016shares |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends From Parent's Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Dividends received | $ 38,880 | $ 31,104 | |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Related Party Transaction [Line Items] | |||
Dividends received | $ 31,032 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related-Party Transactions [Abstract] | |||
Expenses incurred | $ 84,823 | $ 81,122 | $ 77,322 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Percentage Threshold Of Company Revenue Not Exceeded By Any Other Country | 15.30% | 16.30% | 17.60% |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenues | 1.00% | 0.07% | |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | $ 1,699,204 | $ 1,511,217 | $ 1,179,034 | ||||||||
Net written premiums | $ 520,181 | $ 622,616 | $ 441,255 | $ 464,070 | $ 513,319 | $ 599,073 | $ 472,464 | $ 508,427 | 2,048,122 | 2,093,283 | 2,106,974 |
Premiums earned | $ 566,616 | $ 556,653 | $ 488,855 | $ 481,925 | $ 555,224 | $ 546,050 | $ 521,424 | $ 521,062 | 2,094,049 | 2,143,760 | 2,113,726 |
Incurred losses and LAE | 1,350,280 | 1,319,561 | 1,354,093 | ||||||||
Commission and brokerage | 289,982 | 315,069 | 339,402 | ||||||||
Other underwriting expenses | 244,966 | 214,819 | 192,032 | ||||||||
Underwriting gain (loss) | 208,821 | 294,311 | 228,199 | ||||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,125,792 | 2,147,893 | 2,154,529 | ||||||||
Net written premiums | 930,178 | 899,918 | 977,858 | ||||||||
Premiums earned | 990,055 | 951,457 | 988,315 | ||||||||
Incurred losses and LAE | 554,100 | 413,292 | 545,862 | ||||||||
Commission and brokerage | 189,495 | 198,983 | 201,912 | ||||||||
Other underwriting expenses | 54,107 | 50,089 | 45,583 | ||||||||
Underwriting gain (loss) | 192,353 | 289,093 | 194,958 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,269,125 | 1,373,978 | 1,630,381 | ||||||||
Net written premiums | 497,645 | 562,691 | 612,243 | ||||||||
Premiums earned | 510,915 | 581,216 | 600,964 | ||||||||
Incurred losses and LAE | 207,605 | 394,819 | 358,038 | ||||||||
Commission and brokerage | 111,514 | 121,158 | 119,655 | ||||||||
Other underwriting expenses | 34,254 | 34,303 | 34,603 | ||||||||
Underwriting gain (loss) | 157,542 | 30,936 | 88,668 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,668,811 | 1,473,760 | 1,180,384 | ||||||||
Net written premiums | 620,299 | 630,674 | 516,873 | ||||||||
Premiums earned | 593,079 | 611,087 | 524,447 | ||||||||
Incurred losses and LAE | 588,575 | 511,450 | 450,193 | ||||||||
Commission and brokerage | (11,027) | (5,072) | 17,835 | ||||||||
Other underwriting expenses | 156,605 | 130,427 | 111,846 | ||||||||
Underwriting gain (loss) | $ (141,074) | $ (25,718) | $ (55,427) |
Segment Reporting (Schedule 121
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||||||||
Underwriting gain (loss) | $ 208,821 | $ 294,311 | $ 228,199 | ||||||||
Net investment income | $ 67,920 | $ 64,570 | $ 73,872 | $ 58,445 | $ 66,384 | $ 63,363 | $ 70,925 | $ 72,581 | 264,807 | 273,253 | 290,310 |
Net realized capital gains (losses) | $ 58,334 | $ (50,063) | $ 29,165 | $ (66,377) | $ 99,509 | $ (121,695) | $ 51,225 | $ 21,296 | (28,941) | 50,335 | 206,679 |
Corporate expense | (8,277) | (7,179) | (7,252) | ||||||||
Interest, fee and bond issue cost amortization expense | (35,435) | (35,434) | (37,970) | ||||||||
Other income (expense) | (10,542) | 29,256 | (22,278) | ||||||||
INCOME (LOSS) BEFORE TAXES | $ 390,433 | $ 604,542 | $ 657,688 |
Segment Reporting (Schedule 122
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Written premiums : Direct | $ 1,699,204 | $ 1,511,217 | $ 1,179,034 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Written premiums : Direct | $ 124,612 | $ 114,859 | $ 159,451 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - USD ($) $ in Thousands | Aug. 24, 2016 | Jul. 13, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Gain (Loss) on Investments [Line Items] | ||||
Gain (losses) on sale of subsidiary | $ (28,032) | $ 94,704 | ||
Mt. Mckinley Insurance Company [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Purchase price | $ 20,156 | |||
Gain (losses) on sale of subsidiary | $ 94,704 | |||
Heartland [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Purchase price | $ 49,000 | |||
Gain (losses) on sale of subsidiary | $ 12,942 | $ (28,032) |
Unaudited Quarterly Financia124
Unaudited Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Gross written premiums | $ 1,250,110 | $ 1,505,923 | $ 1,177,791 | $ 1,129,904 | $ 1,230,716 | $ 1,448,711 | $ 1,089,441 | $ 1,226,763 | |||
Net written premiums | 520,181 | 622,616 | 441,255 | 464,070 | 513,319 | 599,073 | 472,464 | 508,427 | $ 2,048,122 | $ 2,093,283 | $ 2,106,974 |
Premiums earned | 566,616 | 556,653 | 488,855 | 481,925 | 555,224 | 546,050 | 521,424 | 521,062 | 2,094,049 | 2,143,760 | 2,113,726 |
Net investment income | 67,920 | 64,570 | 73,872 | 58,445 | 66,384 | 63,363 | 70,925 | 72,581 | 264,807 | 273,253 | 290,310 |
Net realized capital gains (losses) | 58,334 | (50,063) | 29,165 | (66,377) | 99,509 | (121,695) | 51,225 | 21,296 | (28,941) | 50,335 | 206,679 |
Total claims and underwriting expenses | 540,810 | 451,315 | 468,992 | 424,111 | 448,232 | 499,858 | 447,405 | 453,954 | 1,928,940 | 1,892,062 | 1,930,749 |
Net income (loss) | $ 113,676 | $ 74,798 | $ 68,350 | $ 38,926 | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | $ 295,750 | $ 412,653 | $ 454,126 |
Schedule I - Summary Of Inve125
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 9,582,610 |
Total investments and cash, Market Value | 9,842,742 |
Total investments and cash, Amount Shown In Balance Sheet | 9,842,742 |
Fixed Maturities-Available For Sale [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 5,910,494 |
Total investments and cash, Market Value | 5,970,496 |
Total investments and cash, Amount Shown In Balance Sheet | 5,970,496 |
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 | 693,005 |
Total investments and cash, Market Value | 691,080 |
Total investments and cash, Amount Shown In Balance Sheet | 691,080 |
Obligations of U.S. States and Political Subdivisions [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 723,938 |
Total investments and cash, Market Value | 729,984 |
Total investments and cash, Amount Shown In Balance Sheet | 729,984 |
Foreign Government Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 495,572 |
Total investments and cash, Market Value | 507,277 |
Total investments and cash, Amount Shown In Balance Sheet | 507,277 |
Foreign Corporate Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 944,546 |
Total investments and cash, Market Value | 960,200 |
Total investments and cash, Amount Shown In Balance Sheet | 960,200 |
Public Utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 66,716 |
Total investments and cash, Market Value | 67,356 |
Total investments and cash, Amount Shown In Balance Sheet | 67,356 |
All Other Corporate Bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 2,169,636 |
Total investments and cash, Market Value | 2,203,823 |
Total investments and cash, Amount Shown In Balance Sheet | 2,203,823 |
Commercial Mortgage-Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 75,435 |
Total investments and cash, Market Value | 75,493 |
Total investments and cash, Amount Shown In Balance Sheet | 75,493 |
Agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 721,772 |
Total investments and cash, Market Value | 715,144 |
Total investments and cash, Amount Shown In Balance Sheet | 715,144 |
Non-agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 76 |
Total investments and cash, Market Value | 88 |
Total investments and cash, Amount Shown In Balance Sheet | 88 |
Redeemable Preferred Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 19,798 |
Total investments and cash, Market Value | 20,051 |
Total investments and cash, Amount Shown In Balance Sheet | 20,051 |
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 | 681,141 |
Total investments and cash, Market Value | 887,800 |
Total investments and cash, Amount Shown In Balance Sheet | 887,800 |
Short-Term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 306,286 |
Total investments and cash, Market Value | 306,286 |
Total investments and cash, Amount Shown In Balance Sheet | 306,286 |
Other Invested Assets [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 613,680 |
Total investments and cash, Market Value | 613,740 |
Total investments and cash, Amount Shown In Balance Sheet | 613,740 |
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 |
Total investments and cash, Market Value | 1,766,626 |
Total investments and cash, Amount Shown In Balance Sheet | 1,766,626 |
Cash [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 297,794 |
Total investments and cash, Market Value | 297,794 |
Total investments and cash, Amount Shown In Balance Sheet | $ 297,794 |
Schedule II - Condensed Fina126
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, 2016 | 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 | $ 1,000,000 | $ 1,000,000 | ||
Annual dividend rate | 1.75% | |||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Note receivable - affiliated | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 |
Debt instrument, stated interest rate | 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 Fina127
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities - available for sale, at market value | $ 5,970,496 | $ 5,356,477 | |
Equity securities - available for sale, at fair value | 887,800 | 1,215,377 | |
Other invested assets | 613,740 | 450,154 | |
Other invested assets, at fair value | 1,766,626 | 1,773,214 | |
Short-term investments | 306,286 | 563,536 | |
Cash | 297,794 | 155,429 | |
Total investments and cash | 9,842,742 | 9,516,289 | |
Note receivable - affiliated | 250,000 | 250,000 | |
Accrued investment income | 45,323 | 41,727 | |
Other assets | 202,519 | 256,395 | |
TOTAL ASSETS | 17,088,739 | 16,695,203 | |
4.868% Senior notes due 6/1/2044 | 396,714 | 396,594 | |
6.6% Long term notes due 05/01/2067 | 236,462 | 236,364 | |
Accrued interest on debt and borrowings | 3,537 | 3,537 | |
Income taxes | 142,143 | 68,024 | |
Other liabilities | 267,349 | 249,658 | |
Total liabilities | 11,823,179 | 11,763,992 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2016 and 2015) | |||
Additional paid-in capital | 387,567 | 374,789 | |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | (36,315) | (62,136) | |
Retained earnings | 4,914,308 | 4,618,558 | |
Total stockholder's equity | 5,265,560 | 4,931,211 | $ 4,572,717 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 17,088,739 | 16,695,203 | |
Fixed maturities - available for sale, at amortized cost | $ 5,910,494 | $ 5,335,472 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 3,000 | 3,000 | |
Common stock, shares issued | 1,000 | 1,000 | |
Common stock, shares outstanding | 1,000 | 1,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (19,549) | $ (33,458) | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities - available for sale, at market value | 98,143 | 65,441 | |
Equity securities - available for sale, at fair value | 133,755 | 131,219 | |
Other invested assets | 31,113 | 3,047 | |
Other invested assets, at fair value | 1,766,626 | 1,773,214 | |
Short-term investments | 13,013 | 37,802 | |
Cash | 10,222 | 6,232 | |
Total investments and cash | 2,052,872 | 2,016,955 | |
Investment in subsidiaries, at equity in the underlying net assets | 3,898,271 | 3,534,552 | |
Note receivable - affiliated | 250,000 | 250,000 | $ 250,000 |
Accrued investment income | 4,938 | 438 | |
Advances to affiliates | 218 | 109,775 | |
Other assets | 17,618 | 12,687 | |
TOTAL ASSETS | 6,223,917 | 5,924,407 | |
4.868% Senior notes due 6/1/2044 | 396,714 | 396,594 | |
6.6% Long term notes due 05/01/2067 | 236,462 | 236,364 | |
Accrued interest on debt and borrowings | 3,537 | 3,537 | |
Income taxes | 309,816 | 354,312 | |
Due to affiliates | 9,705 | 1,049 | |
Other liabilities | 2,123 | 1,340 | |
Total liabilities | 958,357 | 993,196 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2016 and 2015) | |||
Additional paid-in capital | 387,567 | 374,789 | |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | (36,315) | (62,136) | |
Retained earnings | 4,914,308 | 4,618,558 | |
Total stockholder's equity | 5,265,560 | 4,931,211 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 6,223,917 | 5,924,407 | |
Fixed maturities - available for sale, at amortized cost | $ 99,391 | $ 66,016 | |
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) | $ (19,549) | $ (33,458) | |
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 Fina128
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 67,920 | $ 64,570 | $ 73,872 | $ 58,445 | $ 66,384 | $ 63,363 | $ 70,925 | $ 72,581 | $ 264,807 | $ 273,253 | $ 290,310 |
Net realized capital gains (losses) | 24,770 | 34,464 | 245,591 | ||||||||
Realized gain on sale of subsidiary | (28,032) | 94,704 | |||||||||
Other income (expense) | 10,542 | (29,256) | 22,278 | ||||||||
Total revenues | 2,319,373 | 2,496,604 | 2,588,437 | ||||||||
Interest expense | 35,435 | 35,434 | 37,970 | ||||||||
Corporate expenses | 8,277 | 7,179 | 7,252 | ||||||||
Total expenses | 540,810 | 451,315 | 468,992 | 424,111 | 448,232 | 499,858 | 447,405 | 453,954 | 1,928,940 | 1,892,062 | 1,930,749 |
INCOME (LOSS) BEFORE TAXES | 390,433 | 604,542 | 657,688 | ||||||||
Income tax expense (benefit) | 94,683 | 191,889 | 203,562 | ||||||||
NET INCOME (LOSS) | $ 113,676 | $ 74,798 | $ 68,350 | $ 38,926 | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | 295,750 | 412,653 | 454,126 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 4,114 | (23,157) | (44,902) | ||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 21,273 | (817) | 27,073 | ||||||||
Total URA(D) on securities arising during the period | 25,387 | (23,974) | (17,829) | ||||||||
Foreign currency translation adjustments | 2,849 | (54,578) | (29,210) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (7,488) | 5,681 | (39,110) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,073 | 6,216 | 3,020 | ||||||||
Total benefit plan net gain (loss) for the period | (2,415) | 11,897 | (36,090) | ||||||||
Total other comprehensive income (loss), net of tax | 25,821 | (66,655) | (83,129) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 321,571 | 345,998 | 370,997 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | 33,748 | 40,441 | 32,774 | ||||||||
Net realized capital gains (losses) | (12,635) | 119,075 | 149,932 | ||||||||
Realized gain on sale of subsidiary | (28,032) | 94,704 | |||||||||
Other income (expense) | (268) | (263) | (309) | ||||||||
Net income (loss) of subsidiaries | 282,957 | 274,625 | 364,869 | ||||||||
Total revenues | 280,070 | 532,882 | 547,266 | ||||||||
Interest expense | 35,435 | 35,434 | 37,970 | ||||||||
Corporate expenses | 6,713 | 5,251 | 5,070 | ||||||||
Total expenses | 42,148 | 40,685 | 43,040 | ||||||||
INCOME (LOSS) BEFORE TAXES | 237,922 | 492,197 | 504,226 | ||||||||
Income tax expense (benefit) | (57,828) | 79,544 | 50,100 | ||||||||
NET INCOME (LOSS) | 295,750 | 412,653 | 454,126 | ||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 4,114 | (23,157) | (44,902) | ||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 21,273 | (817) | 27,073 | ||||||||
Total URA(D) on securities arising during the period | 25,387 | (23,974) | (17,829) | ||||||||
Foreign currency translation adjustments | 2,849 | (54,578) | (29,210) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (7,488) | 5,681 | (39,110) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,073 | 6,216 | 3,020 | ||||||||
Total benefit plan net gain (loss) for the period | (2,415) | 11,897 | (36,090) | ||||||||
Total other comprehensive income (loss), net of tax | 25,821 | (66,655) | (83,129) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 321,571 | 345,998 | $ 370,997 | ||||||||
Affiliated Entity [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 4,300 | $ 4,300 |
Schedule II - Condensed Fina129
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | $ 113,676 | $ 74,798 | $ 68,350 | $ 38,926 | $ 167,602 | $ (4,659) | $ 133,766 | $ 115,944 | $ 295,750 | $ 412,653 | $ 454,126 | |
Decrease (increase) in income taxes | 60,325 | 57,487 | 68,206 | |||||||||
Change in equity adjustments in limited partnerships | (24,486) | (18,144) | (28,249) | |||||||||
Change in other assets and liabilities, net | 16,090 | 7,499 | 81,388 | |||||||||
Amortization of bond premium (accrual of bond discount) | 18,051 | 18,160 | 19,086 | |||||||||
Amortization of underwriting discount on senior notes | 4 | 4 | 46 | |||||||||
Net realized capital losses (gains) | (58,334) | $ 50,063 | $ (29,165) | 66,377 | (99,509) | $ 121,695 | $ (51,225) | (21,296) | 28,941 | (50,335) | (206,679) | |
Net cash provided by (used in) operating activities | 252,056 | 256,404 | 136,483 | |||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 781,744 | 902,932 | 1,071,296 | |||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 704,191 | 544,955 | 1,080,276 | |||||||||
Proceeds from equity maturities sold - available for sale, at fair value | 695,039 | 567,069 | 528,958 | |||||||||
Proceeds from sale of subsidiary (net of cash disposed) | 47,721 | 3,934 | ||||||||||
Distributions from other invested assets | 1,756,484 | 51,494 | 72,323 | |||||||||
Cost of fixed maturities acquired - available for sale, at market value | (2,110,113) | (1,811,463) | (2,406,162) | |||||||||
Cost of equity securities acquired - available for sale, at fair value | (324,407) | (530,538) | (416,375) | |||||||||
Cost of other invested assets acquired | (1,928,119) | (93,728) | (134,373) | |||||||||
Net change in short-term investments | 257,792 | (6,145) | 189,139 | |||||||||
Net cost of lending for long term note - affiliated | (250,000) | |||||||||||
Net change in unsettled securities transactions | 10,474 | (23,447) | (4,157) | |||||||||
Net cash provided by (used in) investing activities | (107,297) | (395,533) | (255,830) | |||||||||
Proceeds from issuance of senior notes | 400,000 | |||||||||||
Net cost of senior notes maturing | (250,000) | |||||||||||
Net cash provided by (used in) financing activities | 3,298 | 4,472 | 153,331 | |||||||||
Net increase (decrease) in cash | 142,365 | (168,546) | 7,168 | |||||||||
Cash, beginning of period | 155,429 | 323,975 | 155,429 | 323,975 | 316,807 | |||||||
Cash, end of period | $ 155,429 | 297,794 | 155,429 | 297,794 | 155,429 | 323,975 | ||||||
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) | 295,750 | 412,653 | 454,126 | |||||||||
Equity in (earnings) deficit of subsidiaries | (282,957) | (274,625) | (364,869) | |||||||||
Dividends received from subsidiaries | 155,000 | |||||||||||
Decrease (increase) in advances to affiliates | 20,243 | (66,019) | ||||||||||
Decrease (increase) in income taxes | (44,260) | 1,082 | 191,840 | |||||||||
Change in equity adjustments in limited partnerships | (220) | |||||||||||
Change in other assets and liabilities, net | (2,191) | (6,876) | (48,486) | |||||||||
Amortization of bond premium (accrual of bond discount) | 400 | 259 | 139 | |||||||||
Amortization of underwriting discount on senior notes | 4 | 4 | 46 | |||||||||
Net realized capital losses (gains) | 40,667 | (119,075) | (149,932) | |||||||||
Net cash provided by (used in) operating activities | 7,193 | 33,665 | 171,845 | |||||||||
Additional investment in subsidiaries | (4,815) | (2,837) | (1,342) | |||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 5,244 | 2,972 | 1,631 | |||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 300,049 | |||||||||||
Proceeds from equity maturities sold - available for sale, at fair value | 23,777 | 43,402 | 14,655 | |||||||||
Proceeds from sale of subsidiary (net of cash disposed) | 47,721 | 3,934 | ||||||||||
Distributions from other invested assets | 93,959 | |||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (39,214) | (60,240) | (300,007) | |||||||||
Cost of equity securities acquired - available for sale, at fair value | (32,361) | (76,559) | (13,575) | |||||||||
Cost of other invested assets acquired | (121,806) | |||||||||||
Net change in short-term investments | 24,789 | 54,588 | (67,209) | |||||||||
Net cost of lending for long term note - affiliated | (250,000) | |||||||||||
Net change in unsettled securities transactions | (497) | 1,101 | ||||||||||
Net cash provided by (used in) investing activities | (3,203) | (33,639) | (315,798) | |||||||||
Proceeds from issuance of senior notes | 400,000 | |||||||||||
Net cost of senior notes maturing | (250,000) | |||||||||||
Net cash provided by (used in) financing activities | 150,000 | |||||||||||
Net increase (decrease) in cash | 3,990 | 26 | 6,047 | |||||||||
Cash, beginning of period | $ 6,232 | $ 6,206 | 6,232 | 6,206 | 159 | |||||||
Cash, end of period | 6,232 | $ 10,222 | $ 6,232 | 10,222 | 6,232 | 6,206 | ||||||
Non-cash contribution from parent | 12,778 | 12,497 | 11,242 | |||||||||
Non-cash contribution to subsidiaries | $ (12,778) | (12,497) | $ (11,242) | |||||||||
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 - Supplementary130
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | $ 73,924 | $ 92,651 | $ 109,262 |
Reverse for Losses and Loss Adjustment Expenses | 8,331,288 | 7,940,720 | 7,843,856 |
Unearned Premium Reserves | 1,312,386 | 1,349,799 | 1,442,122 |
Premiums Earned | 2,094,049 | 2,143,760 | 2,113,726 |
Net Investment Income | 264,807 | 273,253 | 290,310 |
Incurred Loss and Loss Adjustment Expenses | 1,350,280 | 1,319,561 | 1,354,093 |
Amortization of Deferred Acquisition Costs | 289,982 | 315,069 | 339,402 |
Other Operating Expenses | 244,966 | 214,819 | 192,032 |
Net Written Premium | 2,048,122 | 2,093,283 | 2,106,974 |
Domestic [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 49,604 | 68,055 | 79,674 |
Reverse for Losses and Loss Adjustment Expenses | 6,489,232 | 6,033,374 | 6,005,952 |
Unearned Premium Reserves | 1,054,832 | 1,059,530 | 1,078,384 |
Premiums Earned | 1,583,134 | 1,562,544 | 1,512,762 |
Net Investment Income | 231,748 | 239,072 | 250,048 |
Incurred Loss and Loss Adjustment Expenses | 1,142,675 | 924,742 | 996,055 |
Amortization of Deferred Acquisition Costs | 178,468 | 193,911 | 219,747 |
Other Operating Expenses | 210,712 | 180,516 | 157,429 |
Net Written Premium | 1,550,477 | 1,530,592 | 1,494,731 |
International [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 24,320 | 24,596 | 29,588 |
Reverse for Losses and Loss Adjustment Expenses | 1,842,056 | 1,907,346 | 1,837,904 |
Unearned Premium Reserves | 257,553 | 290,269 | 363,738 |
Premiums Earned | 510,915 | 581,216 | 600,964 |
Net Investment Income | 33,059 | 34,181 | 40,262 |
Incurred Loss and Loss Adjustment Expenses | 207,605 | 394,819 | 358,038 |
Amortization of Deferred Acquisition Costs | 111,514 | 121,158 | 119,655 |
Other Operating Expenses | 34,254 | 34,303 | 34,603 |
Net Written Premium | $ 497,645 | $ 562,691 | $ 612,243 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | $ 1,608,783 | $ 1,439,795 | $ 1,148,297 | ||||||||
Ceded to Other Companies | 3,007,332 | 2,933,519 | 2,720,355 | ||||||||
Assumed from Other Companies | 3,492,598 | 3,637,484 | 3,685,784 | ||||||||
Net Amount | $ 566,616 | $ 556,653 | $ 488,855 | $ 481,925 | $ 555,224 | $ 546,050 | $ 521,424 | $ 521,062 | 2,094,049 | 2,143,760 | 2,113,726 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | 1,608,783 | 1,439,795 | 1,148,297 | ||||||||
Ceded to Other Companies | 3,007,332 | 2,933,519 | 2,720,355 | ||||||||
Assumed from Other Companies | 3,492,598 | 3,637,484 | 3,685,784 | ||||||||
Net Amount | $ 2,094,049 | $ 2,143,760 | $ 2,113,726 | ||||||||
Assumed to Net | 166.80% | 169.70% | 174.40% |