Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EVEREST REINSURANCE HOLDINGS INC | |
Entity Central Index Key | 914,748 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2017, $6,017,568; 2016, $5,910,494) | $ 6,140,028 | $ 5,970,496 |
Equity securities - available for sale, at fair value | 934,110 | 887,800 |
Short-term investments | 176,405 | 306,286 |
Other invested assets (cost: 2017, $773,322; 2016, $613,680) | 774,646 | 613,740 |
Other invested assets, at fair value | 1,724,532 | 1,766,626 |
Cash | 242,565 | 297,794 |
Total investments and cash | 9,992,286 | 9,842,742 |
Note receivable - affiliated | 250,000 | 250,000 |
Accrued investment income | 43,799 | 45,323 |
Premiums receivable | 1,343,051 | 1,128,639 |
Reinsurance receivables - unaffiliated | 893,608 | 887,657 |
Reinsurance receivables - affiliated | 3,798,963 | 3,686,130 |
Funds held by reinsureds | 193,800 | 190,421 |
Deferred acquisition costs | 48,827 | 68,621 |
Prepaid reinsurance premiums | 965,909 | 781,384 |
Other assets | 231,416 | 202,519 |
TOTAL ASSETS | 17,761,659 | 17,083,436 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 8,286,599 | 8,331,288 |
Unearned premium reserve | 1,424,957 | 1,312,386 |
Funds held under reinsurance treaties | 116,397 | 110,836 |
Losses in the course of payment | 333,262 | 82,915 |
Commission reserves | 39,236 | 52,037 |
Other net payable to reinsurers | 906,305 | 815,298 |
4.868% Senior notes due 6/1/2044 | 396,774 | 396,714 |
6.6% Long term notes due 5/1/2067 | 236,511 | 236,462 |
Accrued interest on debt and borrowings | 2,632 | 3,537 |
Income taxes | 173,693 | 148,940 |
Unsettled securities payable | 46,183 | 27,121 |
Other liabilities | 276,316 | 267,349 |
Total liabilities | 12,238,865 | 11,784,883 |
Commitments and Contingencies (Note 7) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2017 and 2016) | ||
Additional paid-in capital | 387,705 | 387,567 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($9,175) at 2017 and ($19,549) at 2016 | (17,048) | (36,315) |
Retained earnings | 5,152,137 | 4,947,301 |
Total stockholder's equity | 5,522,794 | 5,298,553 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 17,761,659 | $ 17,083,436 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fixed maturities - available for sale, amortized cost | $ 6,071,568 | $ 5,910,494 |
Other invested assets, cost | $ 773,322 | $ 613,680 |
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) | $ (9,175) | $ (19,549) |
Long Term Subordinated Debt [Member] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUES: | ||||
Premiums earned | $ 468,197 | $ 488,855 | $ 939,252 | $ 970,780 |
Net investment income | 71,900 | 73,872 | 132,749 | 132,317 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (1,574) | (1,391) | (2,706) | (24,406) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Other net realized capital gains (losses) | (90,717) | 30,556 | 28,183 | (12,806) |
Total net realized capital gains (losses) | (92,291) | 29,165 | 25,477 | (37,212) |
Other income (expense) | 10,655 | (10,700) | 20,510 | 2,402 |
Total revenues | 458,461 | 581,192 | 1,117,988 | 1,068,287 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 297,228 | 338,536 | 586,950 | 634,598 |
Commission, brokerage, taxes and fees | 60,513 | 70,409 | 113,020 | 136,774 |
Other underwriting expenses | 64,197 | 58,330 | 124,092 | 117,557 |
Corporate expenses | 1,512 | 2,010 | 5,109 | 4,346 |
Interest, fee and bond issue cost amortization expense | 7,954 | 8,858 | 16,813 | 17,717 |
Total claims and expenses | 431,404 | 478,143 | 845,984 | 910,992 |
INCOME (LOSS) BEFORE TAXES | 27,057 | 103,049 | 272,004 | 157,295 |
Income tax expense (benefit) | (8,601) | 33,677 | 67,168 | 46,933 |
NET INCOME (LOSS) | 35,658 | 69,372 | 204,836 | 110,362 |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 3,825 | 39,264 | 13,264 | 58,864 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | (3,477) | (63) | (6,944) | 25,852 |
Total URA(D) on securities arising during the period | 348 | 39,201 | 6,320 | 84,716 |
Foreign currency translation adjustments | 5,372 | 15,489 | 8,939 | 30,421 |
Benefit plan actuarial net gain (loss) for the period | ||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 2,004 | 1,341 | 4,008 | 2,681 |
Total benefit plan net gain (loss) for the period | 2,004 | 1,341 | 4,008 | 2,681 |
Total other comprehensive income (loss), net of tax | 7,724 | 56,031 | 19,267 | 117,818 |
COMPREHENSIVE INCOME (LOSS) | $ 43,382 | $ 125,403 | $ 224,103 | $ 228,180 |
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 at Dec. 31, 2013 | $ 3,779,839 | ||||
Net income (loss) | 453,428 | $ 453,428 | |||
Balance, end of period at Dec. 31, 2014 | 4,233,267 | 4,600,079 | |||
Net income (loss) | 412,390 | 412,390 | |||
Balance, end of period, shares at Dec. 31, 2015 | 1,000 | ||||
Balance, end of period at Dec. 31, 2015 | $ 374,789 | $ (62,136) | 4,645,657 | 4,958,310 | |
Net income (loss) | 40,990 | 40,990 | |||
Balance, end of period, shares at Mar. 31, 2016 | 1,000 | ||||
Balance, end of period at Mar. 31, 2016 | 379,582 | (349) | 4,686,647 | 5,065,880 | |
Balance, beginning of period, shares at Dec. 31, 2015 | 1,000 | ||||
Balance, beginning of period at Dec. 31, 2015 | 374,789 | (62,136) | 4,645,657 | 4,958,310 | |
Share-based compensation plans | 7,748 | ||||
Net increase (decrease) during the period | 117,818 | 117,818 | |||
Net income (loss) | 110,362 | 110,362 | |||
Balance, end of period, shares at Jun. 30, 2016 | 1,000 | ||||
Balance, end of period at Jun. 30, 2016 | 382,537 | 55,682 | 4,756,019 | 5,194,238 | |
Balance, beginning of period, shares at Dec. 31, 2015 | 1,000 | ||||
Balance, beginning of period at Dec. 31, 2015 | 374,789 | (62,136) | 4,645,657 | 4,958,310 | |
Net income (loss) | 186,665 | 186,665 | |||
Balance, end of period at Sep. 30, 2016 | 4,832,322 | 5,272,645 | |||
Balance, beginning of period, shares at Dec. 31, 2015 | 1,000 | ||||
Balance, beginning of period at Dec. 31, 2015 | 374,789 | (62,136) | 4,645,657 | 4,958,310 | |
Net income (loss) | 301,644 | $ 301,644 | |||
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) | 4,947,301 | $ 5,298,553 | |
Balance, beginning of period, shares at Mar. 31, 2016 | 1,000 | ||||
Balance, beginning of period at Mar. 31, 2016 | 379,582 | (349) | 4,686,647 | 5,065,880 | |
Share-based compensation plans | 2,955 | ||||
Net increase (decrease) during the period | 56,031 | 56,031 | |||
Net income (loss) | 69,372 | 69,372 | |||
Balance, end of period, shares at Jun. 30, 2016 | 1,000 | ||||
Balance, end of period at Jun. 30, 2016 | 382,537 | 55,682 | 4,756,019 | 5,194,238 | |
Net income (loss) | 76,303 | 76,303 | |||
Balance, end of period at Sep. 30, 2016 | 4,832,322 | $ 5,272,645 | |||
Balance, beginning of period, shares at Dec. 31, 2016 | 1,000 | 1,000 | |||
Balance, beginning of period at Dec. 31, 2016 | 387,567 | (36,315) | 4,947,301 | $ 5,298,553 | |
Net income (loss) | 169,178 | 169,178 | |||
Balance, end of period, shares at Mar. 31, 2017 | 1,000 | ||||
Balance, end of period at Mar. 31, 2017 | 387,637 | (24,772) | 5,116,479 | $ 5,479,344 | |
Balance, beginning of period, shares at Dec. 31, 2016 | 1,000 | 1,000 | |||
Balance, beginning of period at Dec. 31, 2016 | 387,567 | (36,315) | 4,947,301 | $ 5,298,553 | |
Share-based compensation plans | 138 | ||||
Net increase (decrease) during the period | 19,267 | 19,267 | |||
Net income (loss) | 204,836 | $ 204,836 | |||
Balance, end of period, shares at Jun. 30, 2017 | 1,000 | 1,000 | |||
Balance, end of period at Jun. 30, 2017 | 387,705 | (17,048) | 5,152,137 | $ 5,522,794 | |
Balance, beginning of period, shares at Mar. 31, 2017 | 1,000 | ||||
Balance, beginning of period at Mar. 31, 2017 | 387,637 | (24,772) | 5,116,479 | 5,479,344 | |
Share-based compensation plans | 68 | ||||
Net increase (decrease) during the period | 7,724 | 7,724 | |||
Net income (loss) | 35,658 | $ 35,658 | |||
Balance, end of period, shares at Jun. 30, 2017 | 1,000 | 1,000 | |||
Balance, end of period at Jun. 30, 2017 | $ 387,705 | $ (17,048) | $ 5,152,137 | $ 5,522,794 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ 35,658 | $ 169,178 | $ 76,303 | $ 69,372 | $ 40,990 | $ 204,836 | $ 110,362 | $ 186,665 | $ 301,644 | $ 412,390 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Decrease (increase) in premiums receivable | (213,530) | 13,635 | |||||||||
Decrease (increase) in funds held by reinsureds, net | 2,353 | (3,111) | |||||||||
Decrease (increase) in reinsurance receivables | (115,273) | (9,694) | |||||||||
Decrease (increase) in income taxes | 74,132 | 6,939 | 14,411 | 9,279 | 35,647 | 62,991 | 60,494 | ||||
Decrease (increase) in prepaid reinsurance premiums | (184,385) | 24,418 | |||||||||
Increase (decrease) in reserve for losses and loss adjustment expenses | (55,590) | 257,415 | |||||||||
Increase (decrease) in unearned premiums | 111,848 | (89,903) | |||||||||
Increase (decrease) in other net payable to reinsurers | (27,178) | (107,710) | 89,702 | (373,353) | (216,024) | (371,856) | 195,936 | ||||
Increase (decrease) in losses in course of payment | 250,153 | 1,813 | |||||||||
Change in equity adjustments in limited partnerships | (8,728) | (11,352) | |||||||||
Distribution of limited partnership income | 12,483 | 22,822 | |||||||||
Change in other assets and liabilities, net | 17,895 | 23,161 | (10,031) | 13,152 | (125,150) | 15,144 | 13,345 | ||||
Non-cash compensation expense | 5,186 | 5,433 | |||||||||
Amortization of bond premium (accrual of bond discount) | 9,107 | 8,972 | |||||||||
Amortization of underwriting discount on senior notes | 2 | 2 | |||||||||
Net realized capital (gains) losses | 92,291 | (29,165) | (25,477) | 37,212 | |||||||
Net cash provided by (used in) operating activities | 87,067 | 17,102 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 555,649 | 368,179 | |||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 652,490 | 296,888 | |||||||||
Proceeds from fixed maturities sold - available for sale, at fair value | 1,587 | ||||||||||
Proceeds from equity securities sold - available for sale, at fair value | 249,653 | 421,980 | |||||||||
Distributions from other invested assets | 1,018,997 | 696,889 | |||||||||
Cost of fixed maturities acquired - available for sale, at market value | (1,348,415) | (923,755) | |||||||||
Cost of equity securities acquired - available for sale, at fair value | (237,894) | (180,406) | |||||||||
Cost of other invested assets acquired | (1,182,157) | (862,717) | |||||||||
Net change in short-term investments | 130,362 | 178,128 | |||||||||
Net change in unsettled securities transactions | 6,648 | 36,119 | |||||||||
Net cash provided by (used in) investing activities | (154,667) | 32,892 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Tax benefit from share-based compensation | (5,048) | 2,315 | |||||||||
Net cash provided by (used in) financing activities | (5,048) | 2,315 | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 17,419 | 22,189 | |||||||||
Net increase (decrease) in cash | (55,229) | 74,498 | |||||||||
Cash, beginning of period | $ 297,794 | $ 229,927 | $ 155,429 | 297,794 | 155,429 | $ 155,429 | 155,429 | ||||
Cash, end of period | $ 155,429 | $ 242,565 | $ 229,927 | 242,565 | 229,927 | $ 297,794 | $ 155,429 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||
Income taxes paid (recovered) | 52,641 | 35,375 | |||||||||
Interest paid | $ 17,608 | $ 17,608 | |||||||||
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 |
General
General | 6 Months Ended |
Jun. 30, 2017 | |
General [Abstract] | |
General | 1. GENERAL As used in this document, "Holdings" means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited ("Holdings Ireland"); "Group" means Everest Re Group, Ltd. (Holdings Ireland's parent); "Bermuda Re" means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; "Everest Re" means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires) and the "Company" means Holdings and its subsidiaries. During the third quarter of 2016, the Company established domestic subsidiaries, Everest Premier Insurance Company ("Everest Premier") and Everest Denali Insurance Company ("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 Crop Insurance Company ("Heartland"), a managing agent for crop insurance, to CGB Diversified Services, Inc. ("CGB"). The operating results of Heartland for the period owned are included within the Company's financial statements. |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company for the three and six months ended June 30, 2017 and 2016 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), has been omitted since it is not required for interim reporting purposes. The December 31, 2016 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and six months ended June 30, 2017 and 2016 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2016, 2015 and 2014 included in the Company's most recent Form 10-K filing. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2017 presentation. 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. |
Revisions To Financial Statemen
Revisions To Financial Statements | 6 Months Ended |
Jun. 30, 2017 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 3. REVISIONS TO FINANCIAL STATEMENTS In preparing its current period financial statements, the Company altered its processing of ceding certain commissions and deferred acquisition costs under an affiliated quota share agreement. In previous reporting periods, these expenses were ceded based upon a quarter lag. In the current period, the quarter lag was eliminated and these expenses are now recorded on a current quarter basis. Although management determined that the impact of the ceding lag was not material to prior period financial statements, the impact of eliminating the ceding lag would have significantly impacted results within the current period. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to eliminate the impact of the previous recording lag. Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. In accordance with ASC 250, the prior period comparative financial statements that are presented herein have been revised. The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. CONSOLIDATED BALANCE SHEETS March 31, 2017 As Previously Impact of Reported Revisions As Revised (Dollars in thousands, except par value per share) ASSETS: Deferred acquisition costs $ 62,308 $ (4,994 ) $ 57,314 TOTAL ASSETS $ 17,587,840 $ (4,994 ) $ 17,582,846 LIABILITIES: Other net payable to reinsurers $ 832,307 $ (41,746 ) $ 790,561 Income taxes 223,629 5,625 229,254 Total liabilities 12,139,623 (36,121 ) 12,103,502 STOCKHOLDERS EQUITY: Retained earnings 5,085,352 31,127 5,116,479 Total stockholder's equity 5,448,217 31,127 5,479,344 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 17,587,840 $ (4,994 ) $ 17,582,846 CONSOLIDATED BALANCE SHEETS December 31, 2016 December 31, 2015 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except par value per share) ASSETS: Deferred acquisition costs $ 73,924 $ (5,303 ) $ 68,621 $ 92,651 $ (6,249 ) $ 86,402 TOTAL ASSETS $ 17,088,739 $ (5,303 ) $ 17,083,436 $ 16,695,203 $ (6,249 ) $ 16,688,954 LIABILITIES: Other net payable to reinsurers $ 860,391 $ (45,093 ) $ 815,298 $ 1,225,260 $ (37,480 ) $ 1,187,780 Income taxes 142,143 6,797 148,940 68,024 4,132 72,156 Total liabilities 11,823,179 (38,296 ) 11,784,883 11,763,992 (33,348 ) 11,730,644 STOCKHOLDERS EQUITY: Retained earnings 4,914,308 32,993 4,947,301 4,618,558 27,099 4,645,657 Total stockholder's equity 5,265,560 32,993 5,298,553 4,931,211 27,099 4,958,310 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 17,088,739 $ (5,303 ) $ 17,083,436 $ 16,695,203 $ (6,249 ) $ 16,688,954 CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2016 Year Ended December 31, 2015 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 289,982 $ (8,558 ) $ 281,424 $ 315,069 $ (2,744 ) $ 312,325 Total claims and expenses 1,928,940 (8,558 ) 1,920,382 1,892,062 (2,744 ) 1,889,318 INCOME (LOSS) BEFORE TAXES 390,433 8,558 398,991 604,542 2,744 607,286 Income tax expense (benefit) 94,683 2,664 97,347 191,889 3,007 194,896 NET INCOME (LOSS) $ 295,750 $ 5,894 $ 301,644 $ 412,653 $ (263 ) $ 412,390 COMPREHENSIVE INCOME (LOSS) $ 321,571 $ 5,894 $ 327,465 $ 345,998 $ (263 ) $ 345,735 CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2014 Three Months Ended March 31, 2017 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 339,402 $ (427 ) $ 338,975 $ 49,470 $ 3,037 $ 52,507 Total claims and expenses 1,930,749 (427 ) 1,930,322 411,543 3,037 414,580 INCOME (LOSS) BEFORE TAXES 657,688 427 658,115 247,984 (3,037 ) 244,947 Income tax expense (benefit) 203,562 1,125 204,687 76,940 (1,171 ) 75,769 NET INCOME (LOSS) $ 454,126 $ (698 ) $ 453,428 $ 171,044 $ (1,866 ) $ 169,178 COMPREHENSIVE INCOME (LOSS) $ 370,997 $ (698 ) $ 370,299 $ 182,587 $ (1,866 ) $ 180,721 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 85,563 $ (2,785 ) $ 82,778 $ 226,511 $ (6,959 ) $ 219,552 Total claims and expenses 462,009 (2,785 ) 459,224 1,377,175 (6,959 ) 1,370,216 INCOME (LOSS) BEFORE TAXES 95,943 2,785 98,728 249,064 6,959 256,023 Income tax expense (benefit) 21,145 1,280 22,425 66,990 2,368 69,358 NET INCOME (LOSS) $ 74,798 $ 1,505 $ 76,303 $ 182,074 $ 4,591 $ 186,665 COMPREHENSIVE INCOME (LOSS) $ 74,465 $ 1,505 $ 75,970 $ 299,559 $ 4,591 $ 304,150 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 72,126 $ (1,717 ) $ 70,409 $ 140,948 $ (4,174 ) $ 136,774 Total claims and expenses 479,860 (1,717 ) 478,143 915,166 (4,174 ) 910,992 INCOME (LOSS) BEFORE TAXES 101,332 1,717 103,049 153,121 4,174 157,295 Income tax expense (benefit) 32,982 695 33,677 45,845 1,088 46,933 NET INCOME (LOSS) $ 68,350 $ 1,022 $ 69,372 $ 107,276 $ 3,086 $ 110,362 COMPREHENSIVE INCOME (LOSS) $ 124,381 $ 1,022 $ 125,403 $ 225,094 $ 3,086 $ 228,180 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 68,822 $ (2,457 ) $ 66,365 Total claims and expenses 435,306 (2,457 ) 432,849 INCOME (LOSS) BEFORE TAXES 51,789 2,457 54,246 Income tax expense (benefit) 12,863 393 13,256 NET INCOME (LOSS) $ 38,926 $ 2,064 $ 40,990 COMPREHENSIVE INCOME (LOSS) $ 100,713 $ 2,064 $ 102,777 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2016 Year Ended December 31, 2015 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,618,558 $ 27,099 $ 4,645,657 $ 4,205,905 $ 27,362 $ 4,233,267 Net income (loss) 295,750 5,894 301,644 412,653 (263 ) 412,390 Balance, end of period 4,914,308 32,993 4,947,301 4,618,558 27,099 4,645,657 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,265,560 $ 32,993 $ 5,298,553 $ 4,931,211 $ 27,099 $ 4,958,310 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2014 Three Months Ended March 31, 2017 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 3,751,779 $ 28,060 $ 3,779,839 $ 4,914,308 $ 32,993 $ 4,947,301 Net income (loss) 454,126 (698 ) 453,428 171,044 (1,866 ) 169,178 Balance, end of period 4,205,905 27,362 4,233,267 5,085,352 31,127 5,116,479 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 4,572,717 $ 27,362 $ 4,600,079 $ 5,448,217 $ 31,127 $ 5,479,344 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,725,834 $ 30,185 $ 4,756,019 $ 4,618,558 $ 27,099 $ 4,645,657 Net income (loss) 74,798 1,505 76,303 182,074 4,591 186,665 Balance, end of period 4,800,632 31,690 4,832,322 4,800,632 31,690 4,832,322 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,240,955 $ 31,690 $ 5,272,645 $ 5,240,955 $ 31,690 $ 5,272,645 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,657,484 $ 29,163 $ 4,686,647 $ 4,618,558 $ 27,099 $ 4,645,657 Net income (loss) 68,350 1,022 69,372 107,276 3,086 110,362 Balance, end of period 4,725,834 30,185 4,756,019 4,725,834 30,185 4,756,019 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,164,053 $ 30,185 $ 5,194,238 $ 5,164,053 $ 30,185 $ 5,194,238 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2016 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,618,558 $ 27,099 $ 4,645,657 Net income (loss) 38,926 2,064 40,990 Balance, end of period 4,657,484 29,163 4,686,647 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,036,717 $ 29,163 $ 5,065,880 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 Year Ended December 31, 2015 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 295,750 $ 5,894 $ 301,644 $ 412,653 $ (263 ) $ 412,390 Decrease (increase) in income taxes 60,325 2,666 62,991 57,487 3,007 60,494 Increase (decrease) in other net payable to reinsurers (364,242 ) (7,614 ) (371,856 ) 204,526 (8,590 ) 195,936 Change in other assets and liabilities, net 16,090 (946 ) 15,144 7,499 5,846 13,345 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2014 Three Months Ended March 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 454,126 $ (698 ) $ 453,428 $ 171,044 $ (1,866 ) $ 169,178 Decrease (increase) in income taxes 68,206 1,125 69,331 75,304 (1,172 ) 74,132 Increase (decrease) in other net payable to reinsurers 5,130 (3,216 ) 1,914 (30,525 ) 3,347 (27,178 ) Change in other assets and liabilities, net 81,388 2,789 84,177 18,204 (309 ) 17,895 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2016 Six Months Ended June 30, 2016 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 182,074 $ 4,591 $ 186,665 $ 107,276 $ 3,086 $ 110,362 Decrease (increase) in income taxes 33,279 2,368 35,647 8,190 1,089 9,279 Increase (decrease) in other net payable to reinsurers (209,260 ) (6,764 ) (216,024 ) (370,242 ) (3,111 ) (373,353 ) Change in other assets and liabilities, net (124,955 ) (195 ) (125,150 ) 14,216 (1,064 ) 13,152 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 38,926 $ 2,064 $ 40,990 Decrease (increase) in income taxes 6,546 393 6,939 Increase (decrease) in other net payable to reinsurers (106,588 ) (1,122 ) (107,710 ) Change in other assets and liabilities, net 24,496 (1,335 ) 23,161 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Investments | 4. 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 June 30, 2017 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 $ 667,000 $ 2,961 $ (3,184 ) $ 666,777 $ - Obligations of U.S. states and political subdivisions 679,940 22,970 (6,127 ) 696,783 - Corporate securities 2,274,212 40,765 (13,976 ) 2,301,001 908 Asset-backed securities 189,598 433 (42 ) 189,989 - Mortgage-backed securities Commercial 73,127 507 (389 ) 73,245 - Agency residential 688,735 2,163 (7,217 ) 683,681 - Non-agency residential 61 9 - 70 - Foreign government securities 489,750 20,205 (8,568 ) 501,387 - Foreign corporate securities 1,009,145 28,358 (10,408 ) 1,027,095 319 Total fixed maturity securities $ 6,071,568 $ 118,371 $ (49,911 ) $ 6,140,028 $ 1,227 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 (a) The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At June 30, 2017 At December 31, 2016 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 438,873 $ 439,218 $ 394,401 $ 392,824 Due after one year through five years 2,912,173 2,932,487 2,925,786 2,955,325 Due after five years through ten years 1,043,485 1,063,492 879,762 894,166 Due after ten years 725,516 757,846 776,436 800,429 Asset-backed securities 189,598 189,989 136,826 137,027 Mortgage-backed securities Commercial 73,127 73,245 75,435 75,493 Agency residential 688,735 683,681 721,772 715,144 Non-agency residential 61 70 76 88 Total fixed maturity securities $ 6,071,568 $ 6,140,028 $ 5,910,494 $ 5,970,496 The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods as indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 32 $ 53,863 $ 12,274 $ 123,689 Fixed maturity securities, other-than-temporary impairment (317 ) 6,446 (3,816 ) 6,643 Other invested assets 821 - 1,265 - Change in unrealized appreciation (depreciation), pre-tax 536 60,309 9,723 130,332 Deferred tax benefit (expense) (299 ) (18,852 ) (4,739 ) (43,291 ) Deferred tax benefit (expense), other-than-temporary impairment 111 (2,256 ) 1,336 (2,325 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 348 $ 39,201 $ 6,320 $ 84,716 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 June 30, 2017 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 $ 261,624 $ (3,184 ) $ - $ - $ 261,624 $ (3,184 ) Obligations of U.S. states and political subdivisions 157,890 (6,127 ) - - 157,890 (6,127 ) Corporate securities 528,750 (10,097 ) 68,699 (3,879 ) 597,449 (13,976 ) Asset-backed securities 56,504 (39 ) 2,525 (3 ) 59,029 (42 ) Mortgage-backed securities Commercial 13,797 (317 ) 2,991 (72 ) 16,788 (389 ) Agency residential 445,347 (5,091 ) 82,351 (2,126 ) 527,698 (7,217 ) Non-agency residential - - - - - - Foreign government securities 177,440 (2,308 ) 56,133 (6,260 ) 233,573 (8,568 ) Foreign corporate securities 201,847 (2,108 ) 73,620 (8,300 ) 275,467 (10,408 ) Total fixed maturity securities $ 1,843,199 $ (29,271 ) $ 286,319 $ (20,640 ) $ 2,129,518 $ (49,911 ) Duration of Unrealized Loss at June 30, 2017 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 $ 157,063 $ (277 ) $ 18,588 $ (3,005 ) $ 175,651 $ (3,282 ) Due in one year through five years 709,510 (9,577 ) 147,334 (13,549 ) 856,844 (23,126 ) Due in five years through ten years 297,303 (7,601 ) 32,309 (1,879 ) 329,612 (9,480 ) Due after ten years 163,675 (6,369 ) 221 (6 ) 163,896 (6,375 ) Asset-backed securities 56,504 (39 ) 2,525 (3 ) 59,029 (42 ) Mortgage-backed securities 459,144 (5,408 ) 85,342 (2,198 ) 544,486 (7,606 ) Total fixed maturity securities $ 1,843,199 $ (29,271 ) $ 286,319 $ (20,640 ) $ 2,129,518 $ (49,911 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at June 30, 2017 were $ 2,129,518 49,911 5 29,271 23,626 20,640 17,428 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, 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 components of net investment income are presented in the tables below for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Fixed maturities $ 49,601 $ 44,795 $ 96,581 $ 90,121 Equity securities 6,370 8,734 13,118 17,882 Short-term investments and cash 590 251 980 555 Other invested assets Limited partnerships 8,978 14,192 8,754 11,678 Dividends from preferred shares of affiliate 7,758 7,758 15,516 15,516 Other 1,496 729 2,748 (183 ) Gross investment income before adjustments 74,793 76,459 137,697 135,569 Funds held interest income (expense) 978 974 2,917 3,628 Interest income from Parent 1,075 1,075 2,150 2,150 Gross investment income 76,846 78,508 142,764 141,347 Investment expenses (4,946 ) (4,636 ) (10,015 ) (9,030 ) Net investment income $ 71,900 $ 73,872 $ 132,749 $ 132,317 (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 $ 364,196 The Company's other invested assets at June 30, 2017 and December 31, 2016 included $ 142,964 57,126 Other invested assets, at fair value, as of June 30, 2017 and 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 table below for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Fixed maturity securities, market value: Other-than-temporary impairments $ (1,574 ) $ (1,391 ) $ (2,706 ) $ (24,406 ) Gains (losses) from sales 6,507 2,244 12,972 (14,611 ) Fixed maturity securities, fair value: Gain (losses) from sales - (1,854 ) - (1,854 ) Gains (losses) from fair value adjustments - 1,571 - 1,339 Equity securities, fair value: Gains (losses) from sales 604 (7,636 ) 4,944 (15,586 ) Gains (losses) from fair value adjustments 14,943 36,987 52,361 18,662 Other invested assets (2 ) - (1 ) - Other invested assets, fair value: Gains (losses) from fair value adjustments (112,769 ) (756 ) (42,094 ) (756 ) Short-term investment gains (losses) - - 1 - Total net realized capital gains (losses) $ (92,291 ) $ 29,165 $ 25,477 $ (37,212 ) 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. 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: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Proceeds from sales of fixed maturity securities $ 359,496 $ 110,429 $ 652,490 $ 298,475 Gross gains from sales 7,748 6,154 15,743 7,618 Gross losses from sales (1,241 ) (5,764 ) (2,771 ) (24,083 ) Proceeds from sales of equity securities $ 115,602 $ 335,831 $ 249,653 $ 421,980 Gross gains from sales 3,562 4,853 11,575 6,635 Gross losses from sales (2,958 ) (12,489 ) (6,631 ) (22,221 ) |
Reserves For Losses And LAE
Reserves For Losses And LAE | 6 Months Ended |
Jun. 30, 2017 | |
Reserves For Losses And LAE [Abstract] | |
Reserves For Losses And LAE | 5. RESERVES FOR LOSSES AND LAE Activity in the reserve for losses and LAE is summarized for the periods indicated: Six Months Ended Twelve Months Ended June 30, At December 31, (Dollars in thousands) 2017 2016 Gross reserves at beginning of period $ 8,331,288 $ 7,940,720 Less reinsurance recoverables (4,199,791 ) (3,875,073 ) Net reserves at beginning of period 4,131,497 4,065,647 Incurred related to: Current year 584,656 1,441,962 Prior years 2,294 (91,682 ) Total incurred losses and LAE 586,950 1,350,280 Paid related to: Current year 165,100 400,489 Prior years 493,405 892,207 Total paid losses and LAE 658,505 1,292,696 Foreign exchange/translation adjustment (6,122 ) 8,266 Net reserves at end of period 4,053,820 4,131,497 Plus reinsurance recoverables 4,232,779 4,199,791 Gross reserves at end of period $ 8,286,599 $ 8,331,288 Incurred prior years' reserves increased by $ 2,294 91,682 The decrease for the year ended December 31, 2016 was attributable to favorable development in the reinsurance segments of $ 187,909 45,668 21,566 6,261 15,305 96,227 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value [Abstract] | |
Fair Value | 6. 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 46 private placement securities, the investment manager's valuation committee valued the 46 89,291 forty-two 86,536 The Company internally manages a public equity portfolio which had a fair value at June 30, 2017 and December 31, 2016 of $ 169,165 133,755 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 June 30, 2017 and December 31, 2016, 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. The fair value of the preferred stock at June 30, 2017 and December 31, 2016 was determined using a pricing model. 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) June 30, 2017 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 666,777 $ - $ 666,777 $ - Obligations of U.S. States and political subdivisions 696,783 - 696,783 - Corporate securities 2,301,001 - 2,214,861 86,140 Asset-backed securities 189,989 - 189,989 - Mortgage-backed securities Commercial 73,245 - 73,245 - Agency residential 683,681 - 683,681 - Non-agency residential 70 - 70 - Foreign government securities 501,387 - 501,387 - Foreign corporate securities 1,027,095 - 1,023,944 3,151 Total fixed maturities, market value 6,140,028 - 6,050,737 89,291 Equity securities, fair value 934,110 893,660 40,450 - Other invested assets, fair value 1,724,532 - - 1,724,532 There were no The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 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 Equity securities, fair value 887,800 827,237 60,563 - Other invested assets, fair value 1,766,626 - - 1,766,626 In addition $ 52,139 18,801 The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 84,322 $ 2,802 $ 87,124 $ 65,197 $ 2,538 $ 67,735 Total gains or (losses) (realized/unrealized) Included in earnings 711 128 839 925 104 1,029 Included in other comprehensive income (loss) 172 - 172 143 - 143 Purchases, issuances and settlements 935 221 1,156 19,875 509 20,384 Transfers in and/or (out) of Level 3 - - - - - - Ending balance $ 86,140 $ 3,151 $ 89,291 $ 86,140 $ 3,151 $ 89,291 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 15,706 $ 596 $ 16,302 $ 3,933 $ 1,593 $ 5,526 Total gains or (losses) (realized/unrealized) Included in earnings (18 ) - (18 ) (10 ) (997 ) (1,007 ) Included in other comprehensive income (loss) (27 ) 1,425 1,398 (33 ) 1,425 1,392 Purchases, issuances and settlements 16,749 - 16,749 28,520 - 28,520 Transfers in and/or (out) of Level 3 - - - - - - Ending balance $ 32,410 $ 2,021 $ 34,431 $ 32,410 $ 2,021 $ 34,431 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 $ - $ - $ - $ - $ (997 ) $ (997 ) The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Other invested assets, fair value: Beginning balance $ 1,837,302 $ 1,773,214 $ 1,766,626 $ 1,773,214 Total gains or (losses) (realized/unrealized) Included in earnings (112,769 ) (756 ) (42,094 ) (756 ) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance 1,724,532 $ 1,772,458 $ 1,724,532 $ 1,772,458 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.) |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. 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 June 30, At December 31, (Dollars in thousands) 2017 2016 The Prudential $ 146,923 $ 146,507 Unaffiliated life insurance company 33,107 33,860 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 8. 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: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 5,784 $ (1,753 ) $ 4,031 $ 23,804 $ (8,060 ) $ 15,744 URA(D) on securities - OTTI (317 ) 111 (206 ) (3,816 ) 1,336 (2,480 ) Reclassification of net realized losses (gains) included in net income (loss) (4,931 ) 1,454 (3,477 ) (10,265 ) 3,321 (6,944 ) Foreign currency translation adjustments 8,265 (2,893 ) 5,372 13,752 (4,813 ) 8,939 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 3,083 (1,079 ) 2,004 6,166 (2,158 ) 4,008 Total other comprehensive income (loss) $ 11,884 $ (4,160 ) $ 7,724 $ 29,641 $ (10,374 ) $ 19,267 (Some amounts may not reconcile due to rounding) Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 53,960 $ (18,886 ) $ 35,074 $ 83,916 $ (29,370 ) $ 54,546 URA(D) on securities - OTTI 6,446 (2,256 ) 4,190 6,643 (2,325 ) 4,318 Reclassification of net realized losses (gains) included in net income (loss) (97 ) 34 (63 ) 39,773 (13,921 ) 25,852 Foreign currency translation adjustments 23,830 (8,341 ) 15,489 46,807 (16,386 ) 30,421 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 2,063 (722 ) 1,341 4,125 (1,444 ) 2,681 Total other comprehensive income (loss) $ 86,202 $ (30,171 ) $ 56,031 $ 181,264 $ (63,446 ) $ 117,818 (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Affected line item within the statements of AOCI component 2017 2016 2017 2016 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (4,931 ) $ (97 ) $ (10,265 ) $ 39,773 Other net realized capital gains (losses) 1,454 34 3,321 (13,921 ) Income tax expense (benefit) $ (3,477 ) $ (63 ) $ (6,944 ) $ 25,852 Net income (loss) Benefit plan net gain (loss) $ 3,083 $ 2,063 $ 6,166 $ 4,125 Other underwriting expenses (1,079 ) (722 ) (2,158 ) (1,444 ) Income tax expense (benefit) $ 2,004 $ 1,341 $ 4,008 $ 2,681 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: Six Months Ended Twelve Months Ended June 30, December 31, (Dollars in thousands) 2017 2016 Beginning balance of URA (D) on securities $ 39,041 $ 13,654 Current period change in URA (D) of investments - temporary 8,800 22,063 Current period change in URA (D) of investments - non-credit OTTI (2,480 ) 3,324 Ending balance of URA (D) on securities 45,361 39,041 Beginning balance of foreign currency translation adjustments (9,852 ) (12,701 ) Current period change in foreign currency translation adjustments 8,939 2,849 Ending balance of foreign currency translation adjustments (913 ) (9,852 ) Beginning balance of benefit plan net gain (loss) (65,504 ) (63,089 ) Current period change in benefit plan net gain (loss) 4,008 (2,415 ) Ending balance of benefit plan net gain (loss) (61,496 ) (65,504 ) Ending balance of accumulated other comprehensive income (loss) $ (17,048 ) $ (36,315 ) |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 6 Months Ended |
Jun. 30, 2017 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 9. 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 June 30, 2017, the total amount on deposit in the trust account was $ 649,841 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 On April 13, 2017 the Company entered into six three four 225,000 400,000 325,000 three five 50,000 75,000 175,000 Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 500,000 625,000 950,000 300,000 |
Senior Notes
Senior Notes | 6 Months Ended |
Jun. 30, 2017 | |
Senior Notes [Abstract] | |
Senior Notes | 10. SENIOR NOTES The table below displays Holdings' outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. June 30, 2017 December 31, 2016 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 $ 396,774 $ 421,764 $ 396,714 $ 383,612 On June 5, 2014, Holdings issued $ 400,000 30 June 1, 2044 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest expense incurred $ 4,868 $ 4,868 $ 9,736 $ 9,736 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 6 Months Ended |
Jun. 30, 2017 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 11. LONG TERM SUBORDINATED NOTES The table below displays Holdings' outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date June 30, 2017 December 31, 2016 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 $ 236,511 $ 223,053 $ 236,462 $ 204,636 During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6 interest will be based on the 3 month LIBOR plus 238.5 3.56678 Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100 5.40 October 15, 2014 4.868 June 1, 2044 On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60 161,441 Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest expense incurred $ 3,033 $ 3,937 $ 6,970 $ 7,874 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. SEGMENT REPORTING The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health ("A&H") business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S. The International operation writes non-U.S. property and casualty reinsurance through Everest Re's branches in Canada, Singapore and through offices in Brazil, Miami and New Jersey. The Insurance operation writes property and casualty insurance directly and through 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: Three Months Ended Six Months Ended U.S. Reinsurance June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross written premiums $ 474,992 $ 405,530 $ 1,053,951 $ 942,236 Net written premiums 135,177 161,031 354,239 384,458 Premiums earned $ 202,289 $ 224,618 $ 410,603 $ 459,861 Incurred losses and LAE 119,747 110,152 240,181 226,322 Commission and brokerage 43,173 50,130 83,545 99,861 Other underwriting expenses 14,278 12,133 28,529 25,591 Underwriting gain (loss) $ 25,091 $ 52,203 $ 58,348 $ 108,087 Three Months Ended Six Months Ended International June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross written premiums $ 333,535 $ 348,178 $ 612,110 $ 586,656 Net written premiums 111,961 124,438 215,207 212,154 Premiums earned $ 113,300 $ 131,285 $ 231,451 $ 244,458 Incurred losses and LAE 78,459 91,427 146,873 164,842 Commission and brokerage 23,790 26,140 47,325 52,250 Other underwriting expenses 9,163 7,969 18,052 15,792 Underwriting gain (loss) $ 1,888 $ 5,749 $ 19,201 $ 11,574 Three Months Ended Six Months Ended Insurance June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross written premiums $ 527,047 $ 424,083 $ 921,898 $ 778,803 Net written premiums 170,774 155,786 297,302 308,712 Premiums earned $ 152,608 $ 132,952 $ 297,198 $ 266,461 Incurred losses and LAE 99,022 136,957 199,896 243,434 Commission and brokerage (6,450 ) (5,861 ) (17,850 ) (15,337 ) Other underwriting expenses 40,756 38,228 77,511 76,174 Underwriting gain (loss) $ 19,280 $ (36,372 ) $ 37,641 $ (37,810 ) The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Underwriting gain (loss) $ 46,259 $ 21,580 $ 115,190 $ 81,851 Net investment income 71,900 73,872 132,749 132,317 Net realized capital gains (losses) (92,291 ) 29,165 25,477 (37,212 ) Corporate expense (1,512 ) (2,010 ) (5,109 ) (4,346 ) Interest, fee and bond issue cost amortization expense (7,954 ) (8,858 ) (16,813 ) (17,717 ) Other income (expense) 10,655 (10,700 ) 20,510 2,402 Income (loss) before taxes $ 27,057 $ 103,049 $ 272,004 $ 157,295 The Company produces business in the U.S. and internationally. The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Canada gross written premiums $ 36,195 $ 34,630 $ 64,152 $ 58,216 No other country represented more than 5 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 13. RELATED-PARTY TRANSACTIONS Parent Group entered into a $ 250,000 December 31, 2023 1.72 2,150 2,150 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. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Dividends received on preferred stock of affiliate 7,758 7,758 $ 15,516 15,516 Affiliated Companies Everest Global Services, Inc. ("Global Services"), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings' consolidated structure. Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others. The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Expenses incurred $ 23,046 $ 20,289 $ 46,229 $ 41,459 Affiliates The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: (Dollars in thousands) Percent Assuming Single Aggregate Coverage Period Ceding Company Ceded Company Type of Business Occurrence Limit Limit 01/01/2010-12/31/2010 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: Three Months Ended Six Months Ended Bermuda Re June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Ceded written premiums $ 681,776 $ 544,495 $ 1,316,672 $ 1,061,178 Ceded earned premiums 620,897 593,349 1,209,771 1,132,302 Ceded losses and LAE (a) 388,573 404,667 728,704 695,143 Three Months Ended Six Months Ended Everest International June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Ceded written premiums $ 45 $ 62 $ (25 ) $ 31 Ceded earned premiums 46 63 (25 ) 39 Ceded losses and LAE (175 ) 756 (618 ) 898 Three Months Ended Six Months Ended Everest Canada June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Assumed written premiums $ 13,132 $ 16,228 $ 25,980 $ 26,427 Assumed earned premiums 11,884 12,675 24,737 23,129 Assumed losses and LAE 7,319 14,440 13,970 21,427 Three Months Ended Six Months Ended Lloyd's Syndicate 2786 June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Assumed written premiums $ 10,236 $ (157 ) $ 18,085 $ 539 Assumed earned premiums 9,797 28 16,724 116 Assumed losses and LAE 4,831 - 8,264 - 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. Three Months Ended Six Months Ended Mt. Logan Re Segregated Accounts June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Ceded written premiums $ 38,703 $ 29,450 $ 77,882 $ 70,381 Ceded earned premiums 50,708 39,356 84,665 74,228 Ceded losses and LAE 23,674 16,232 43,433 25,330 Assumed written premiums $ 3,763 3,074 6,495 6,634 Assumed earned premiums 3,763 3,074 6,495 6,634 Assumed losses and LAE - - - - |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 14. RETIREMENT BENEFITS The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 3,299 $ 2,896 $ 6,598 $ 5,793 Interest cost 2,276 2,361 4,552 4,722 Expected return on plan assets (3,154 ) (2,484 ) (6,309 ) (4,968 ) Amortization of net (income) loss 3,041 2,014 6,081 4,028 Net periodic benefit cost $ 5,461 $ 4,787 $ 10,921 $ 9,575 Other Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 441 $ 438 $ 881 $ 876 Interest cost 249 296 498 592 Amortization of prior service cost (33 ) - (66 ) - Amortization of net (income) loss 75 48 151 96 Net periodic benefit cost $ 732 $ 782 $ 1,464 $ 1,564 (Some amounts may not reconcile due to rounding.) The Company did not make any contributions to the qualified pension benefit plan for the three and six months ended June 30, 2017 and 2016 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore. The Company's non-U.S. branches are subject to income taxation at varying rates in their respective domiciles. For interim reporting periods, the company is generally required to use the annualized effective tax rate ("AETR") method, as prescribed by ASC 740-270, Interim Reporting, to calculate its income tax provision. Under this method, the AETR is applied to the interim year-to-date pre-tax income to determine the income tax expense or benefit for the year-to-date period. The income tax expense or benefit for a quarter represents the difference between the year-to-date income tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company's annual pre-tax income and AETR. |
Disposition
Disposition | 6 Months Ended |
Jun. 30, 2017 | |
Disposition [Abstract] | |
Disposition | 16. DISPOSITION On August 24, 2016 the Company sold Heartland, its crop Managing General Agent to CGB for $ 49,000 12,942 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Revisions To Financial Statem24
Revisions To Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Revisions To Financial Statements [Abstract] | |
Schedule of Prior Period Financial Statments | CONSOLIDATED BALANCE SHEETS March 31, 2017 As Previously Impact of Reported Revisions As Revised (Dollars in thousands, except par value per share) ASSETS: Deferred acquisition costs $ 62,308 $ (4,994 ) $ 57,314 TOTAL ASSETS $ 17,587,840 $ (4,994 ) $ 17,582,846 LIABILITIES: Other net payable to reinsurers $ 832,307 $ (41,746 ) $ 790,561 Income taxes 223,629 5,625 229,254 Total liabilities 12,139,623 (36,121 ) 12,103,502 STOCKHOLDERS EQUITY: Retained earnings 5,085,352 31,127 5,116,479 Total stockholder's equity 5,448,217 31,127 5,479,344 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 17,587,840 $ (4,994 ) $ 17,582,846 6 CONSOLIDATED BALANCE SHEETS December 31, 2016 December 31, 2015 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except par value per share) ASSETS: Deferred acquisition costs $ 73,924 $ (5,303 ) $ 68,621 $ 92,651 $ (6,249 ) $ 86,402 TOTAL ASSETS $ 17,088,739 $ (5,303 ) $ 17,083,436 $ 16,695,203 $ (6,249 ) $ 16,688,954 LIABILITIES: Other net payable to reinsurers $ 860,391 $ (45,093 ) $ 815,298 $ 1,225,260 $ (37,480 ) $ 1,187,780 Income taxes 142,143 6,797 148,940 68,024 4,132 72,156 Total liabilities 11,823,179 (38,296 ) 11,784,883 11,763,992 (33,348 ) 11,730,644 STOCKHOLDERS EQUITY: Retained earnings 4,914,308 32,993 4,947,301 4,618,558 27,099 4,645,657 Total stockholder's equity 5,265,560 32,993 5,298,553 4,931,211 27,099 4,958,310 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 17,088,739 $ (5,303 ) $ 17,083,436 $ 16,695,203 $ (6,249 ) $ 16,688,954 CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2016 Year Ended December 31, 2015 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 289,982 $ (8,558 ) $ 281,424 $ 315,069 $ (2,744 ) $ 312,325 Total claims and expenses 1,928,940 (8,558 ) 1,920,382 1,892,062 (2,744 ) 1,889,318 INCOME (LOSS) BEFORE TAXES 390,433 8,558 398,991 604,542 2,744 607,286 Income tax expense (benefit) 94,683 2,664 97,347 191,889 3,007 194,896 NET INCOME (LOSS) $ 295,750 $ 5,894 $ 301,644 $ 412,653 $ (263 ) $ 412,390 COMPREHENSIVE INCOME (LOSS) $ 321,571 $ 5,894 $ 327,465 $ 345,998 $ (263 ) $ 345,735 CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2014 Three Months Ended March 31, 2017 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 339,402 $ (427 ) $ 338,975 $ 49,470 $ 3,037 $ 52,507 Total claims and expenses 1,930,749 (427 ) 1,930,322 411,543 3,037 414,580 INCOME (LOSS) BEFORE TAXES 657,688 427 658,115 247,984 (3,037 ) 244,947 Income tax expense (benefit) 203,562 1,125 204,687 76,940 (1,171 ) 75,769 NET INCOME (LOSS) $ 454,126 $ (698 ) $ 453,428 $ 171,044 $ (1,866 ) $ 169,178 COMPREHENSIVE INCOME (LOSS) $ 370,997 $ (698 ) $ 370,299 $ 182,587 $ (1,866 ) $ 180,721 7 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 85,563 $ (2,785 ) $ 82,778 $ 226,511 $ (6,959 ) $ 219,552 Total claims and expenses 462,009 (2,785 ) 459,224 1,377,175 (6,959 ) 1,370,216 INCOME (LOSS) BEFORE TAXES 95,943 2,785 98,728 249,064 6,959 256,023 Income tax expense (benefit) 21,145 1,280 22,425 66,990 2,368 69,358 NET INCOME (LOSS) $ 74,798 $ 1,505 $ 76,303 $ 182,074 $ 4,591 $ 186,665 COMPREHENSIVE INCOME (LOSS) $ 74,465 $ 1,505 $ 75,970 $ 299,559 $ 4,591 $ 304,150 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 72,126 $ (1,717 ) $ 70,409 $ 140,948 $ (4,174 ) $ 136,774 Total claims and expenses 479,860 (1,717 ) 478,143 915,166 (4,174 ) 910,992 INCOME (LOSS) BEFORE TAXES 101,332 1,717 103,049 153,121 4,174 157,295 Income tax expense (benefit) 32,982 695 33,677 45,845 1,088 46,933 NET INCOME (LOSS) $ 68,350 $ 1,022 $ 69,372 $ 107,276 $ 3,086 $ 110,362 COMPREHENSIVE INCOME (LOSS) $ 124,381 $ 1,022 $ 125,403 $ 225,094 $ 3,086 $ 228,180 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CLAIMS AND EXPENSES: Commission, brokerage, taxes and fees $ 68,822 $ (2,457 ) $ 66,365 Total claims and expenses 435,306 (2,457 ) 432,849 INCOME (LOSS) BEFORE TAXES 51,789 2,457 54,246 Income tax expense (benefit) 12,863 393 13,256 NET INCOME (LOSS) $ 38,926 $ 2,064 $ 40,990 COMPREHENSIVE INCOME (LOSS) $ 100,713 $ 2,064 $ 102,777 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2016 Year Ended December 31, 2015 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,618,558 $ 27,099 $ 4,645,657 $ 4,205,905 $ 27,362 $ 4,233,267 Net income (loss) 295,750 5,894 301,644 412,653 (263 ) 412,390 Balance, end of period 4,914,308 32,993 4,947,301 4,618,558 27,099 4,645,657 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,265,560 $ 32,993 $ 5,298,553 $ 4,931,211 $ 27,099 $ 4,958,310 8 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2014 Three Months Ended March 31, 2017 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 3,751,779 $ 28,060 $ 3,779,839 $ 4,914,308 $ 32,993 $ 4,947,301 Net income (loss) 454,126 (698 ) 453,428 171,044 (1,866 ) 169,178 Balance, end of period 4,205,905 27,362 4,233,267 5,085,352 31,127 5,116,479 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 4,572,717 $ 27,362 $ 4,600,079 $ 5,448,217 $ 31,127 $ 5,479,344 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,725,834 $ 30,185 $ 4,756,019 $ 4,618,558 $ 27,099 $ 4,645,657 Net income (loss) 74,798 1,505 76,303 182,074 4,591 186,665 Balance, end of period 4,800,632 31,690 4,832,322 4,800,632 31,690 4,832,322 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,240,955 $ 31,690 $ 5,272,645 $ 5,240,955 $ 31,690 $ 5,272,645 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,657,484 $ 29,163 $ 4,686,647 $ 4,618,558 $ 27,099 $ 4,645,657 Net income (loss) 68,350 1,022 69,372 107,276 3,086 110,362 Balance, end of period 4,725,834 30,185 4,756,019 4,725,834 30,185 4,756,019 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,164,053 $ 30,185 $ 5,194,238 $ 5,164,053 $ 30,185 $ 5,194,238 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2016 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands, except share amounts) RETAINED EARNINGS: Balance, beginning of period $ 4,618,558 $ 27,099 $ 4,645,657 Net income (loss) 38,926 2,064 40,990 Balance, end of period 4,657,484 29,163 4,686,647 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,036,717 $ 29,163 $ 5,065,880 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 Year Ended December 31, 2015 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 295,750 $ 5,894 $ 301,644 $ 412,653 $ (263 ) $ 412,390 Decrease (increase) in income taxes 60,325 2,666 62,991 57,487 3,007 60,494 Increase (decrease) in other net payable to reinsurers (364,242 ) (7,614 ) (371,856 ) 204,526 (8,590 ) 195,936 Change in other assets and liabilities, net 16,090 (946 ) 15,144 7,499 5,846 13,345 9 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2014 Three Months Ended March 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 454,126 $ (698 ) $ 453,428 $ 171,044 $ (1,866 ) $ 169,178 Decrease (increase) in income taxes 68,206 1,125 69,331 75,304 (1,172 ) 74,132 Increase (decrease) in other net payable to reinsurers 5,130 (3,216 ) 1,914 (30,525 ) 3,347 (27,178 ) Change in other assets and liabilities, net 81,388 2,789 84,177 18,204 (309 ) 17,895 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2016 Six Months Ended June 30, 2016 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 182,074 $ 4,591 $ 186,665 $ 107,276 $ 3,086 $ 110,362 Decrease (increase) in income taxes 33,279 2,368 35,647 8,190 1,089 9,279 Increase (decrease) in other net payable to reinsurers (209,260 ) (6,764 ) (216,024 ) (370,242 ) (3,111 ) (373,353 ) Change in other assets and liabilities, net (124,955 ) (195 ) (125,150 ) 14,216 (1,064 ) 13,152 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 38,926 $ 2,064 $ 40,990 Decrease (increase) in income taxes 6,546 393 6,939 Increase (decrease) in other net payable to reinsurers (106,588 ) (1,122 ) (107,710 ) Change in other assets and liabilities, net 24,496 (1,335 ) 23,161 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At June 30, 2017 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 $ 667,000 $ 2,961 $ (3,184 ) $ 666,777 $ - Obligations of U.S. states and political subdivisions 679,940 22,970 (6,127 ) 696,783 - Corporate securities 2,274,212 40,765 (13,976 ) 2,301,001 908 Asset-backed securities 189,598 433 (42 ) 189,989 - Mortgage-backed securities Commercial 73,127 507 (389 ) 73,245 - Agency residential 688,735 2,163 (7,217 ) 683,681 - Non-agency residential 61 9 - 70 - Foreign government securities 489,750 20,205 (8,568 ) 501,387 - Foreign corporate securities 1,009,145 28,358 (10,408 ) 1,027,095 319 Total fixed maturity securities $ 6,071,568 $ 118,371 $ (49,911 ) $ 6,140,028 $ 1,227 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 (a) |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At June 30, 2017 At December 31, 2016 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 438,873 $ 439,218 $ 394,401 $ 392,824 Due after one year through five years 2,912,173 2,932,487 2,925,786 2,955,325 Due after five years through ten years 1,043,485 1,063,492 879,762 894,166 Due after ten years 725,516 757,846 776,436 800,429 Asset-backed securities 189,598 189,989 136,826 137,027 Mortgage-backed securities Commercial 73,127 73,245 75,435 75,493 Agency residential 688,735 683,681 721,772 715,144 Non-agency residential 61 70 76 88 Total fixed maturity securities $ 6,071,568 $ 6,140,028 $ 5,910,494 $ 5,970,496 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 32 $ 53,863 $ 12,274 $ 123,689 Fixed maturity securities, other-than-temporary impairment (317 ) 6,446 (3,816 ) 6,643 Other invested assets 821 - 1,265 - Change in unrealized appreciation (depreciation), pre-tax 536 60,309 9,723 130,332 Deferred tax benefit (expense) (299 ) (18,852 ) (4,739 ) (43,291 ) Deferred tax benefit (expense), other-than-temporary impairment 111 (2,256 ) 1,336 (2,325 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 348 $ 39,201 $ 6,320 $ 84,716 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at June 30, 2017 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 $ 261,624 $ (3,184 ) $ - $ - $ 261,624 $ (3,184 ) Obligations of U.S. states and political subdivisions 157,890 (6,127 ) - - 157,890 (6,127 ) Corporate securities 528,750 (10,097 ) 68,699 (3,879 ) 597,449 (13,976 ) Asset-backed securities 56,504 (39 ) 2,525 (3 ) 59,029 (42 ) Mortgage-backed securities Commercial 13,797 (317 ) 2,991 (72 ) 16,788 (389 ) Agency residential 445,347 (5,091 ) 82,351 (2,126 ) 527,698 (7,217 ) Non-agency residential - - - - - - Foreign government securities 177,440 (2,308 ) 56,133 (6,260 ) 233,573 (8,568 ) Foreign corporate securities 201,847 (2,108 ) 73,620 (8,300 ) 275,467 (10,408 ) Total fixed maturity securities $ 1,843,199 $ (29,271 ) $ 286,319 $ (20,640 ) $ 2,129,518 $ (49,911 ) 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 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at June 30, 2017 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 $ 157,063 $ (277 ) $ 18,588 $ (3,005 ) $ 175,651 $ (3,282 ) Due in one year through five years 709,510 (9,577 ) 147,334 (13,549 ) 856,844 (23,126 ) Due in five years through ten years 297,303 (7,601 ) 32,309 (1,879 ) 329,612 (9,480 ) Due after ten years 163,675 (6,369 ) 221 (6 ) 163,896 (6,375 ) Asset-backed securities 56,504 (39 ) 2,525 (3 ) 59,029 (42 ) Mortgage-backed securities 459,144 (5,408 ) 85,342 (2,198 ) 544,486 (7,606 ) Total fixed maturity securities $ 1,843,199 $ (29,271 ) $ 286,319 $ (20,640 ) $ 2,129,518 $ (49,911 ) 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 ) |
Summary Of Components Of Net Investment Income | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Fixed maturities $ 49,601 $ 44,795 $ 96,581 $ 90,121 Equity securities 6,370 8,734 13,118 17,882 Short-term investments and cash 590 251 980 555 Other invested assets Limited partnerships 8,978 14,192 8,754 11,678 Dividends from preferred shares of affiliate 7,758 7,758 15,516 15,516 Other 1,496 729 2,748 (183 ) Gross investment income before adjustments 74,793 76,459 137,697 135,569 Funds held interest income (expense) 978 974 2,917 3,628 Interest income from Parent 1,075 1,075 2,150 2,150 Gross investment income 76,846 78,508 142,764 141,347 Investment expenses (4,946 ) (4,636 ) (10,015 ) (9,030 ) Net investment income $ 71,900 $ 73,872 $ 132,749 $ 132,317 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Fixed maturity securities, market value: Other-than-temporary impairments $ (1,574 ) $ (1,391 ) $ (2,706 ) $ (24,406 ) Gains (losses) from sales 6,507 2,244 12,972 (14,611 ) Fixed maturity securities, fair value: Gain (losses) from sales - (1,854 ) - (1,854 ) Gains (losses) from fair value adjustments - 1,571 - 1,339 Equity securities, fair value: Gains (losses) from sales 604 (7,636 ) 4,944 (15,586 ) Gains (losses) from fair value adjustments 14,943 36,987 52,361 18,662 Other invested assets (2 ) - (1 ) - Other invested assets, fair value: Gains (losses) from fair value adjustments (112,769 ) (756 ) (42,094 ) (756 ) Short-term investment gains (losses) - - 1 - Total net realized capital gains (losses) $ (92,291 ) $ 29,165 $ 25,477 $ (37,212 ) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Proceeds from sales of fixed maturity securities $ 359,496 $ 110,429 $ 652,490 $ 298,475 Gross gains from sales 7,748 6,154 15,743 7,618 Gross losses from sales (1,241 ) (5,764 ) (2,771 ) (24,083 ) Proceeds from sales of equity securities $ 115,602 $ 335,831 $ 249,653 $ 421,980 Gross gains from sales 3,562 4,853 11,575 6,635 Gross losses from sales (2,958 ) (12,489 ) (6,631 ) (22,221 ) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Six Months Ended Twelve Months Ended June 30, At December 31, (Dollars in thousands) 2017 2016 Gross reserves at beginning of period $ 8,331,288 $ 7,940,720 Less reinsurance recoverables (4,199,791 ) (3,875,073 ) Net reserves at beginning of period 4,131,497 4,065,647 Incurred related to: Current year 584,656 1,441,962 Prior years 2,294 (91,682 ) Total incurred losses and LAE 586,950 1,350,280 Paid related to: Current year 165,100 400,489 Prior years 493,405 892,207 Total paid losses and LAE 658,505 1,292,696 Foreign exchange/translation adjustment (6,122 ) 8,266 Net reserves at end of period 4,053,820 4,131,497 Plus reinsurance recoverables 4,232,779 4,199,791 Gross reserves at end of period $ 8,286,599 $ 8,331,288 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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) June 30, 2017 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 666,777 $ - $ 666,777 $ - Obligations of U.S. States and political subdivisions 696,783 - 696,783 - Corporate securities 2,301,001 - 2,214,861 86,140 Asset-backed securities 189,989 - 189,989 - Mortgage-backed securities Commercial 73,245 - 73,245 - Agency residential 683,681 - 683,681 - Non-agency residential 70 - 70 - Foreign government securities 501,387 - 501,387 - Foreign corporate securities 1,027,095 - 1,023,944 3,151 Total fixed maturities, market value 6,140,028 - 6,050,737 89,291 Equity securities, fair value 934,110 893,660 40,450 - Other invested assets, fair value 1,724,532 - - 1,724,532 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 Equity securities, fair value 887,800 827,237 60,563 - Other invested assets, fair value 1,766,626 - - 1,766,626 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 84,322 $ 2,802 $ 87,124 $ 65,197 $ 2,538 $ 67,735 Total gains or (losses) (realized/unrealized) Included in earnings 711 128 839 925 104 1,029 Included in other comprehensive income (loss) 172 - 172 143 - 143 Purchases, issuances and settlements 935 221 1,156 19,875 509 20,384 Transfers in and/or (out) of Level 3 - - - - - - Ending balance $ 86,140 $ 3,151 $ 89,291 $ 86,140 $ 3,151 $ 89,291 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 15,706 $ 596 $ 16,302 $ 3,933 $ 1,593 $ 5,526 Total gains or (losses) (realized/unrealized) Included in earnings (18 ) - (18 ) (10 ) (997 ) (1,007 ) Included in other comprehensive income (loss) (27 ) 1,425 1,398 (33 ) 1,425 1,392 Purchases, issuances and settlements 16,749 - 16,749 28,520 - 28,520 Transfers in and/or (out) of Level 3 - - - - - - Ending balance $ 32,410 $ 2,021 $ 34,431 $ 32,410 $ 2,021 $ 34,431 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 $ - $ - $ - $ - $ (997 ) $ (997 ) |
Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Other invested assets, fair value: Beginning balance $ 1,837,302 $ 1,773,214 $ 1,766,626 $ 1,773,214 Total gains or (losses) (realized/unrealized) Included in earnings (112,769 ) (756 ) (42,094 ) (756 ) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance 1,724,532 $ 1,772,458 $ 1,724,532 $ 1,772,458 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.) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At June 30, At December 31, (Dollars in thousands) 2017 2016 The Prudential $ 146,923 $ 146,507 Unaffiliated life insurance company 33,107 33,860 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 5,784 $ (1,753 ) $ 4,031 $ 23,804 $ (8,060 ) $ 15,744 URA(D) on securities - OTTI (317 ) 111 (206 ) (3,816 ) 1,336 (2,480 ) Reclassification of net realized losses (gains) included in net income (loss) (4,931 ) 1,454 (3,477 ) (10,265 ) 3,321 (6,944 ) Foreign currency translation adjustments 8,265 (2,893 ) 5,372 13,752 (4,813 ) 8,939 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 3,083 (1,079 ) 2,004 6,166 (2,158 ) 4,008 Total other comprehensive income (loss) $ 11,884 $ (4,160 ) $ 7,724 $ 29,641 $ (10,374 ) $ 19,267 (Some amounts may not reconcile due to rounding) Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 53,960 $ (18,886 ) $ 35,074 $ 83,916 $ (29,370 ) $ 54,546 URA(D) on securities - OTTI 6,446 (2,256 ) 4,190 6,643 (2,325 ) 4,318 Reclassification of net realized losses (gains) included in net income (loss) (97 ) 34 (63 ) 39,773 (13,921 ) 25,852 Foreign currency translation adjustments 23,830 (8,341 ) 15,489 46,807 (16,386 ) 30,421 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of amortization of net gain (loss) included in net income (loss) 2,063 (722 ) 1,341 4,125 (1,444 ) 2,681 Total other comprehensive income (loss) $ 86,202 $ (30,171 ) $ 56,031 $ 181,264 $ (63,446 ) $ 117,818 (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Six Months Ended June 30, June 30, Affected line item within the statements of AOCI component 2017 2016 2017 2016 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (4,931 ) $ (97 ) $ (10,265 ) $ 39,773 Other net realized capital gains (losses) 1,454 34 3,321 (13,921 ) Income tax expense (benefit) $ (3,477 ) $ (63 ) $ (6,944 ) $ 25,852 Net income (loss) Benefit plan net gain (loss) $ 3,083 $ 2,063 $ 6,166 $ 4,125 Other underwriting expenses (1,079 ) (722 ) (2,158 ) (1,444 ) Income tax expense (benefit) $ 2,004 $ 1,341 $ 4,008 $ 2,681 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 | Six Months Ended Twelve Months Ended June 30, December 31, (Dollars in thousands) 2017 2016 Beginning balance of URA (D) on securities $ 39,041 $ 13,654 Current period change in URA (D) of investments - temporary 8,800 22,063 Current period change in URA (D) of investments - non-credit OTTI (2,480 ) 3,324 Ending balance of URA (D) on securities 45,361 39,041 Beginning balance of foreign currency translation adjustments (9,852 ) (12,701 ) Current period change in foreign currency translation adjustments 8,939 2,849 Ending balance of foreign currency translation adjustments (913 ) (9,852 ) Beginning balance of benefit plan net gain (loss) (65,504 ) (63,089 ) Current period change in benefit plan net gain (loss) 4,008 (2,415 ) Ending balance of benefit plan net gain (loss) (61,496 ) (65,504 ) Ending balance of accumulated other comprehensive income (loss) $ (17,048 ) $ (36,315 ) |
Senior Notes (Tables)
Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | June 30, 2017 December 31, 2016 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 $ 396,774 $ 421,764 $ 396,714 $ 383,612 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest expense incurred $ 4,868 $ 4,868 $ 9,736 $ 9,736 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date June 30, 2017 December 31, 2016 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 $ 236,511 $ 223,053 $ 236,462 $ 204,636 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Interest expense incurred $ 3,033 $ 3,937 $ 6,970 $ 7,874 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Six Months Ended U.S. Reinsurance June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross written premiums $ 474,992 $ 405,530 $ 1,053,951 $ 942,236 Net written premiums 135,177 161,031 354,239 384,458 Premiums earned $ 202,289 $ 224,618 $ 410,603 $ 459,861 Incurred losses and LAE 119,747 110,152 240,181 226,322 Commission and brokerage 43,173 50,130 83,545 99,861 Other underwriting expenses 14,278 12,133 28,529 25,591 Underwriting gain (loss) $ 25,091 $ 52,203 $ 58,348 $ 108,087 Three Months Ended Six Months Ended International June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross written premiums $ 333,535 $ 348,178 $ 612,110 $ 586,656 Net written premiums 111,961 124,438 215,207 212,154 Premiums earned $ 113,300 $ 131,285 $ 231,451 $ 244,458 Incurred losses and LAE 78,459 91,427 146,873 164,842 Commission and brokerage 23,790 26,140 47,325 52,250 Other underwriting expenses 9,163 7,969 18,052 15,792 Underwriting gain (loss) $ 1,888 $ 5,749 $ 19,201 $ 11,574 Three Months Ended Six Months Ended Insurance June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Gross written premiums $ 527,047 $ 424,083 $ 921,898 $ 778,803 Net written premiums 170,774 155,786 297,302 308,712 Premiums earned $ 152,608 $ 132,952 $ 297,198 $ 266,461 Incurred losses and LAE 99,022 136,957 199,896 243,434 Commission and brokerage (6,450 ) (5,861 ) (17,850 ) (15,337 ) Other underwriting expenses 40,756 38,228 77,511 76,174 Underwriting gain (loss) $ 19,280 $ (36,372 ) $ 37,641 $ (37,810 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Underwriting gain (loss) $ 46,259 $ 21,580 $ 115,190 $ 81,851 Net investment income 71,900 73,872 132,749 132,317 Net realized capital gains (losses) (92,291 ) 29,165 25,477 (37,212 ) Corporate expense (1,512 ) (2,010 ) (5,109 ) (4,346 ) Interest, fee and bond issue cost amortization expense (7,954 ) (8,858 ) (16,813 ) (17,717 ) Other income (expense) 10,655 (10,700 ) 20,510 2,402 Income (loss) before taxes $ 27,057 $ 103,049 $ 272,004 $ 157,295 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Canada gross written premiums $ 36,195 $ 34,630 $ 64,152 $ 58,216 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Dividends received on preferred stock of affiliate 7,758 7,758 $ 15,516 15,516 |
Expenses Incurred By Holdings From Services Provided By Affiliated Company | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Expenses incurred $ 23,046 $ 20,289 $ 46,229 $ 41,459 |
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) Amounts shown are Canadian dollars. |
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 | Three Months Ended Six Months Ended Bermuda Re June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Ceded written premiums $ 681,776 $ 544,495 $ 1,316,672 $ 1,061,178 Ceded earned premiums 620,897 593,349 1,209,771 1,132,302 Ceded losses and LAE (a) 388,573 404,667 728,704 695,143 Three Months Ended Six Months Ended Everest International June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Ceded written premiums $ 45 $ 62 $ (25 ) $ 31 Ceded earned premiums 46 63 (25 ) 39 Ceded losses and LAE (175 ) 756 (618 ) 898 Three Months Ended Six Months Ended Everest Canada June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Assumed written premiums $ 13,132 $ 16,228 $ 25,980 $ 26,427 Assumed earned premiums 11,884 12,675 24,737 23,129 Assumed losses and LAE 7,319 14,440 13,970 21,427 Three Months Ended Six Months Ended Lloyd's Syndicate 2786 June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Assumed written premiums $ 10,236 $ (157 ) $ 18,085 $ 539 Assumed earned premiums 9,797 28 16,724 116 Assumed losses and LAE 4,831 - 8,264 - Three Months Ended Six Months Ended Mt. Logan Re Segregated Accounts June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Ceded written premiums $ 38,703 $ 29,450 $ 77,882 $ 70,381 Ceded earned premiums 50,708 39,356 84,665 74,228 Ceded losses and LAE 23,674 16,232 43,433 25,330 Assumed written premiums $ 3,763 3,074 6,495 6,634 Assumed earned premiums 3,763 3,074 6,495 6,634 Assumed losses and LAE - - - - |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Summary Of Pension Expense | Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 3,299 $ 2,896 $ 6,598 $ 5,793 Interest cost 2,276 2,361 4,552 4,722 Expected return on plan assets (3,154 ) (2,484 ) (6,309 ) (4,968 ) Amortization of net (income) loss 3,041 2,014 6,081 4,028 Net periodic benefit cost $ 5,461 $ 4,787 $ 10,921 $ 9,575 Other Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 441 $ 438 $ 881 $ 876 Interest cost 249 296 498 592 Amortization of prior service cost (33 ) - (66 ) - Amortization of net (income) loss 75 48 151 96 Net periodic benefit cost $ 732 $ 782 $ 1,464 $ 1,564 (Some amounts may not reconcile due to rounding.) |
Revisions To Financial Statem35
Revisions To Financial Statements (Schedule of Prior Period Financial Statments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred acquisition costs | $ 48,827 | $ 57,314 | $ 68,621 | $ 86,402 | |||||||||||
TOTAL ASSETS | 17,761,659 | 17,582,846 | 17,083,436 | 16,688,954 | |||||||||||
Other net payable to reinsurers | 906,305 | 790,561 | 815,298 | 1,187,780 | |||||||||||
Income taxes | 173,693 | 229,254 | 148,940 | 72,156 | |||||||||||
Total liabilities | 12,238,865 | 12,103,502 | 11,784,883 | 11,730,644 | |||||||||||
Retained earnings | 5,152,137 | 5,116,479 | 4,947,301 | 4,645,657 | |||||||||||
Total stockholder's equity | $ 5,479,344 | $ 5,298,553 | $ 5,194,238 | $ 5,065,880 | $ 4,958,310 | $ 5,298,553 | $ 4,958,310 | $ 4,958,310 | $ 4,958,310 | $ 4,600,079 | $ 4,600,079 | 5,522,794 | 5,479,344 | 5,298,553 | 4,958,310 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 17,761,659 | 17,582,846 | 17,083,436 | 16,688,954 | |||||||||||
Commission, brokerage, taxes and fees | 60,513 | 52,507 | 82,778 | 70,409 | 66,365 | 113,020 | 136,774 | 219,552 | 281,424 | 312,325 | 338,975 | ||||
Total claims and expenses | 431,404 | 414,580 | 459,224 | 478,143 | 432,849 | 845,984 | 910,992 | 1,370,216 | 1,920,382 | 1,889,318 | 1,930,322 | ||||
INCOME (LOSS) BEFORE TAXES | 27,057 | 244,947 | 98,728 | 103,049 | 54,246 | 272,004 | 157,295 | 256,023 | 398,991 | 607,286 | 658,115 | ||||
Income tax expense (benefit) | (8,601) | 75,769 | 22,425 | 33,677 | 13,256 | 67,168 | 46,933 | 69,358 | 97,347 | 194,896 | 204,687 | ||||
Net income (loss) | 35,658 | 169,178 | 76,303 | 69,372 | 40,990 | 204,836 | 110,362 | 186,665 | 301,644 | 412,390 | 453,428 | ||||
COMPREHENSIVE INCOME (LOSS) | 43,382 | 180,721 | 75,970 | 125,403 | 102,777 | 224,103 | 228,180 | 304,150 | 327,465 | 345,735 | 370,299 | ||||
Balance, beginning of period | 5,479,344 | 5,298,553 | 5,194,238 | 5,065,880 | 4,958,310 | 5,298,553 | 4,958,310 | 4,958,310 | 4,958,310 | 4,600,079 | |||||
Balance, end of period | 5,522,794 | 5,479,344 | 5,272,645 | 5,194,238 | 5,065,880 | 5,522,794 | 5,194,238 | 5,272,645 | 5,298,553 | 4,958,310 | 4,600,079 | ||||
Decrease (increase) in income taxes | 74,132 | 6,939 | 14,411 | 9,279 | 35,647 | 62,991 | 60,494 | 69,331 | |||||||
Increase (decrease) in other net payable to reinsurers | (27,178) | (107,710) | 89,702 | (373,353) | (216,024) | (371,856) | 195,936 | 1,914 | |||||||
Change in other assets and liabilities, net | 17,895 | 23,161 | (10,031) | 13,152 | (125,150) | 15,144 | 13,345 | 84,177 | |||||||
As Previously Reported [Member] | |||||||||||||||
Deferred acquisition costs | 62,308 | 73,924 | 92,651 | ||||||||||||
TOTAL ASSETS | 17,587,840 | 17,088,739 | 16,695,203 | ||||||||||||
Other net payable to reinsurers | 832,307 | 860,391 | 1,225,260 | ||||||||||||
Income taxes | 223,629 | 142,143 | 68,024 | ||||||||||||
Total liabilities | 12,139,623 | 11,823,179 | 11,763,992 | ||||||||||||
Retained earnings | 5,085,352 | 4,914,308 | 4,618,558 | ||||||||||||
Total stockholder's equity | 5,448,217 | 5,265,560 | 5,164,053 | 5,036,717 | 4,931,211 | 5,265,560 | 4,931,211 | 4,931,211 | 4,931,211 | 4,572,717 | 4,572,717 | 5,448,217 | 5,265,560 | 4,931,211 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 17,587,840 | 17,088,739 | 16,695,203 | ||||||||||||
Commission, brokerage, taxes and fees | 49,470 | 85,563 | 72,126 | 68,822 | 140,948 | 226,511 | 289,982 | 315,069 | 339,402 | ||||||
Total claims and expenses | 411,543 | 462,009 | 479,860 | 435,306 | 915,166 | 1,377,175 | 1,928,940 | 1,892,062 | 1,930,749 | ||||||
INCOME (LOSS) BEFORE TAXES | 247,984 | 95,943 | 101,332 | 51,789 | 153,121 | 249,064 | 390,433 | 604,542 | 657,688 | ||||||
Income tax expense (benefit) | 76,940 | 21,145 | 32,982 | 12,863 | 45,845 | 66,990 | 94,683 | 191,889 | 203,562 | ||||||
Net income (loss) | 171,044 | 74,798 | 68,350 | 38,926 | 107,276 | 182,074 | 295,750 | 412,653 | 454,126 | ||||||
COMPREHENSIVE INCOME (LOSS) | 182,587 | 74,465 | 124,381 | 100,713 | 225,094 | 299,559 | 321,571 | 345,998 | 370,997 | ||||||
Balance, beginning of period | 5,448,217 | 5,265,560 | 5,164,053 | 5,036,717 | 4,931,211 | 5,265,560 | 4,931,211 | 4,931,211 | 4,931,211 | 4,572,717 | |||||
Balance, end of period | 5,448,217 | 5,240,955 | 5,164,053 | 5,036,717 | 5,164,053 | 5,240,955 | 5,265,560 | 4,931,211 | 4,572,717 | ||||||
Decrease (increase) in income taxes | 75,304 | 6,546 | 8,190 | 33,279 | 60,325 | 57,487 | 68,206 | ||||||||
Increase (decrease) in other net payable to reinsurers | (30,525) | (106,588) | (370,242) | (209,260) | (364,242) | 204,526 | 5,130 | ||||||||
Change in other assets and liabilities, net | 18,204 | 24,496 | 14,216 | (124,955) | 16,090 | 7,499 | 81,388 | ||||||||
Impact Of Revisions [Member] | |||||||||||||||
Deferred acquisition costs | (4,994) | (5,303) | (6,249) | ||||||||||||
TOTAL ASSETS | (4,994) | (5,303) | (6,249) | ||||||||||||
Other net payable to reinsurers | (41,746) | (45,093) | (37,480) | ||||||||||||
Income taxes | 5,625 | 6,797 | 4,132 | ||||||||||||
Total liabilities | (36,121) | (38,296) | (33,348) | ||||||||||||
Retained earnings | 31,127 | 32,993 | 27,099 | ||||||||||||
Total stockholder's equity | 31,127 | 32,993 | 30,185 | 29,163 | 27,099 | 32,993 | 27,099 | 27,099 | 27,099 | 27,362 | 27,362 | 31,127 | 32,993 | 27,099 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | (4,994) | (5,303) | (6,249) | ||||||||||||
Commission, brokerage, taxes and fees | 3,037 | (2,785) | (1,717) | (2,457) | (4,174) | (6,959) | (8,558) | (2,744) | (427) | ||||||
Total claims and expenses | 3,037 | (2,785) | (1,717) | (2,457) | (4,174) | (6,959) | (8,558) | (2,744) | (427) | ||||||
INCOME (LOSS) BEFORE TAXES | (3,037) | 2,785 | 1,717 | 2,457 | 4,174 | 6,959 | 8,558 | 2,744 | 427 | ||||||
Income tax expense (benefit) | (1,171) | 1,280 | 695 | 393 | 1,088 | 2,368 | 2,664 | 3,007 | 1,125 | ||||||
Net income (loss) | (1,866) | 1,505 | 1,022 | 2,064 | 3,086 | 4,591 | 5,894 | (263) | (698) | ||||||
COMPREHENSIVE INCOME (LOSS) | (1,866) | 1,505 | 1,022 | 2,064 | 3,086 | 4,591 | 5,894 | (263) | (698) | ||||||
Balance, beginning of period | 31,127 | 32,993 | 30,185 | 29,163 | 27,099 | 32,993 | 27,099 | 27,099 | 27,099 | 27,362 | |||||
Balance, end of period | 31,127 | 31,690 | 30,185 | 29,163 | 30,185 | 31,690 | 32,993 | 27,099 | 27,362 | ||||||
Decrease (increase) in income taxes | (1,172) | 393 | 1,089 | 2,368 | 2,666 | 3,007 | 1,125 | ||||||||
Increase (decrease) in other net payable to reinsurers | 3,347 | (1,122) | (3,111) | (6,764) | (7,614) | (8,590) | (3,216) | ||||||||
Change in other assets and liabilities, net | (309) | (1,335) | (1,064) | (195) | (946) | 5,846 | 2,789 | ||||||||
Retained Earnings [Member] | |||||||||||||||
Total stockholder's equity | 5,116,479 | 4,947,301 | 4,756,019 | 4,686,647 | 4,645,657 | 4,947,301 | 4,645,657 | 4,645,657 | 4,645,657 | 4,233,267 | 3,779,839 | $ 5,152,137 | 5,116,479 | 4,947,301 | 4,645,657 |
Net income (loss) | 35,658 | 169,178 | 76,303 | 69,372 | 40,990 | 204,836 | 110,362 | 186,665 | 301,644 | 412,390 | 453,428 | ||||
Balance, beginning of period | 5,116,479 | 4,947,301 | 4,756,019 | 4,686,647 | 4,645,657 | 4,947,301 | 4,645,657 | 4,645,657 | 4,645,657 | 4,233,267 | 3,779,839 | ||||
Balance, end of period | 5,152,137 | 5,116,479 | 4,832,322 | 4,756,019 | 4,686,647 | 5,152,137 | 4,756,019 | 4,832,322 | 4,947,301 | 4,645,657 | 4,233,267 | ||||
Retained Earnings [Member] | As Previously Reported [Member] | |||||||||||||||
Total stockholder's equity | 5,085,352 | 4,914,308 | 4,725,834 | 4,657,484 | 4,618,558 | 4,914,308 | 4,618,558 | 4,618,558 | 4,618,558 | 4,205,905 | 3,751,779 | 5,085,352 | 4,914,308 | 4,618,558 | |
Net income (loss) | 171,044 | 74,798 | 68,350 | 38,926 | 107,276 | 182,074 | 295,750 | 412,653 | 454,126 | ||||||
Balance, beginning of period | 5,085,352 | 4,914,308 | 4,725,834 | 4,657,484 | 4,618,558 | 4,914,308 | 4,618,558 | 4,618,558 | 4,618,558 | 4,205,905 | 3,751,779 | ||||
Balance, end of period | 5,085,352 | 4,800,632 | 4,725,834 | 4,657,484 | 4,725,834 | 4,800,632 | 4,914,308 | 4,618,558 | 4,205,905 | ||||||
Retained Earnings [Member] | Impact Of Revisions [Member] | |||||||||||||||
Total stockholder's equity | 31,127 | 32,993 | 30,185 | 29,163 | 27,099 | 32,993 | 27,099 | 27,099 | 27,099 | 27,362 | 28,060 | $ 31,127 | $ 32,993 | $ 27,099 | |
Net income (loss) | (1,866) | 1,505 | 1,022 | 2,064 | 3,086 | 4,591 | 5,894 | (263) | (698) | ||||||
Balance, beginning of period | $ 31,127 | 32,993 | 30,185 | 29,163 | 27,099 | $ 32,993 | 27,099 | 27,099 | 27,099 | 27,362 | 28,060 | ||||
Balance, end of period | $ 31,127 | $ 31,690 | $ 30,185 | $ 29,163 | $ 30,185 | $ 31,690 | $ 32,993 | $ 27,099 | $ 27,362 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Aug. 24, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
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 | $ 2,129,518 | $ 2,510,133 | ||
Gross unrealized losses on investments in unrealized loss position | 49,911 | 66,508 | ||
Other invested assets | 774,646 | 613,740 | ||
Gross unrealized depreciation | $ 0 | $ 0 | ||
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% | 5.00% | 1.00% | |
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 | |||
Heartland Corp [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sale of business | $ 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 | $ 23,626 | $ 36,646 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 17,428 | |||
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Aggregate market value of investments in unrealized loss position | 2,129,518 | 2,510,133 | ||
Gross unrealized losses on investments in unrealized loss position | 49,911 | 66,508 | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 29,271 | 40,537 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 20,640 | 25,971 | ||
Fixed Maturity Securities [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% | |||
Foreign Exchange Losses [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 22,882 | |||
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Additional contractual commitments | $ 364,196 | |||
Other invested assets | $ 142,964 | $ 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 | Jun. 30, 2017 | Dec. 31, 2016 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 6,071,568 | $ 5,910,494 | |
Unrealized Appreciation | 118,371 | 126,510 | |
Unrealized Depreciation | (49,911) | (66,508) | |
Market Value | 6,140,028 | 5,970,496 | |
OTTI in AOCI | [1] | 1,227 | 5,043 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 667,000 | 693,005 | |
Unrealized Appreciation | 2,961 | 2,509 | |
Unrealized Depreciation | (3,184) | (4,434) | |
Market Value | 666,777 | 691,080 | |
OTTI in AOCI | [1] | ||
Obligations of U.S. States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 679,940 | 723,938 | |
Unrealized Appreciation | 22,970 | 18,016 | |
Unrealized Depreciation | (6,127) | (11,970) | |
Market Value | 696,783 | 729,984 | |
OTTI in AOCI | [1] | ||
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,274,212 | 2,119,324 | |
Unrealized Appreciation | 40,765 | 50,665 | |
Unrealized Depreciation | (13,976) | (15,786) | |
Market Value | 2,301,001 | 2,154,203 | |
OTTI in AOCI | [1] | 908 | 4,868 |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 189,598 | 136,826 | |
Unrealized Appreciation | 433 | 330 | |
Unrealized Depreciation | (42) | (129) | |
Market Value | 189,989 | 137,027 | |
OTTI in AOCI | [1] | ||
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 73,127 | 75,435 | |
Unrealized Appreciation | 507 | 510 | |
Unrealized Depreciation | (389) | (452) | |
Market Value | 73,245 | 75,493 | |
OTTI in AOCI | [1] | ||
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 688,735 | 721,772 | |
Unrealized Appreciation | 2,163 | 2,365 | |
Unrealized Depreciation | (7,217) | (8,993) | |
Market Value | 683,681 | 715,144 | |
OTTI in AOCI | [1] | ||
Non-agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 61 | 76 | |
Unrealized Appreciation | 9 | 12 | |
Unrealized Depreciation | |||
Market Value | 70 | 88 | |
OTTI in AOCI | [1] | ||
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 489,750 | 495,572 | |
Unrealized Appreciation | 20,205 | 22,088 | |
Unrealized Depreciation | (8,568) | (10,383) | |
Market Value | 501,387 | 507,277 | |
OTTI in AOCI | [1] | ||
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,009,145 | 944,546 | |
Unrealized Appreciation | 28,358 | 30,015 | |
Unrealized Depreciation | (10,408) | (14,361) | |
Market Value | 1,027,095 | 960,200 | |
OTTI in AOCI | [1] | $ 319 | $ 175 |
[1] | (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. |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 6,071,568 | $ 5,910,494 |
Fixed maturity securities - available for sale, at market value | 6,140,028 | 5,970,496 |
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 | 438,873 | 394,401 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,912,173 | 2,925,786 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,043,485 | 879,762 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 725,516 | 776,436 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 439,218 | 392,824 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,932,487 | 2,955,325 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 1,063,492 | 894,166 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 757,846 | 800,429 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 189,598 | 136,826 |
Fixed maturity securities - available for sale, at market value | 189,989 | 137,027 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 73,127 | 75,435 |
Fixed maturity securities - available for sale, at market value | 73,245 | 75,493 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 688,735 | 721,772 |
Fixed maturity securities - available for sale, at market value | 683,681 | 715,144 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 61 | 76 |
Fixed maturity securities - available for sale, at market value | $ 70 | $ 88 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 536 | $ 60,309 | $ 9,723 | $ 130,332 |
Deferred tax benefit (expense) | (299) | (18,852) | (4,739) | (43,291) |
Deferred tax benefit (expense), other-than-temporary impairment | 111 | (2,256) | 1,336 | (2,325) |
Total URA(D) on securities arising during the period | 348 | 39,201 | 6,320 | 84,716 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 32 | 53,863 | 12,274 | 123,689 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (317) | $ 6,446 | (3,816) | $ 6,643 |
Other Invested Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 821 | $ 1,265 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 2,129,518 | $ 2,510,133 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (49,911) | (66,508) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,843,199 | 2,154,821 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (29,271) | (40,537) |
Available for sale securities, Greater than 12 months, Market Value | 286,319 | 355,312 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (20,640) | (25,971) |
Available-for-sale Securities, Market Value, Total | 2,129,518 | 2,510,133 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (49,911) | (66,508) |
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 | 261,624 | 469,571 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,184) | (4,434) |
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 | 261,624 | 469,571 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,184) | (4,434) |
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 | 157,890 | 221,088 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,127) | (11,486) |
Available for sale securities, Greater than 12 months, Market Value | 564 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (484) | |
Available-for-sale Securities, Market Value, Total | 157,890 | 221,652 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (6,127) | (11,970) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 528,750 | 431,757 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (10,097) | (10,121) |
Available for sale securities, Greater than 12 months, Market Value | 68,699 | 118,172 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3,879) | (5,665) |
Available-for-sale Securities, Market Value, Total | 597,449 | 549,929 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (13,976) | (15,786) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 56,504 | 35,065 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (39) | (122) |
Available for sale securities, Greater than 12 months, Market Value | 2,525 | 5,745 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3) | (7) |
Available-for-sale Securities, Market Value, Total | 59,029 | 40,810 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (42) | (129) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 13,797 | 27,230 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (317) | (391) |
Available for sale securities, Greater than 12 months, Market Value | 2,991 | 3,060 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (72) | (61) |
Available-for-sale Securities, Market Value, Total | 16,788 | 30,290 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (389) | (452) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 445,347 | 487,000 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (5,091) | (6,320) |
Available for sale securities, Greater than 12 months, Market Value | 82,351 | 90,740 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (2,126) | (2,673) |
Available-for-sale Securities, Market Value, Total | 527,698 | 577,740 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (7,217) | (8,993) |
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 | 177,440 | 218,171 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,308) | (2,713) |
Available for sale securities, Greater than 12 months, Market Value | 56,133 | 61,542 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,260) | (7,670) |
Available-for-sale Securities, Market Value, Total | 233,573 | 279,713 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (8,568) | (10,383) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 201,847 | 264,939 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,108) | (4,950) |
Available for sale securities, Greater than 12 months, Market Value | 73,620 | 75,489 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (8,300) | (9,411) |
Available-for-sale Securities, Market Value, Total | 275,467 | 340,428 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (10,408) | $ (14,361) |
Investments (Summary Of Aggre41
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 2,129,518 | $ 2,510,133 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (49,911) | (66,508) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,843,199 | 2,154,821 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (29,271) | (40,537) |
Available for sale securities, Greater than 12 months, Market Value | 286,319 | 355,312 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (20,640) | (25,971) |
Available-for-sale Securities, Market Value, Total | 2,129,518 | 2,510,133 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (49,911) | (66,508) |
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 | 157,063 | 111,926 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (277) | (322) |
Available for sale securities, Greater than 12 months, Market Value | 18,588 | 21,691 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3,005) | (3,625) |
Available-for-sale Securities, Market Value, Total | 175,651 | 133,617 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,282) | (3,947) |
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 | 709,510 | 1,015,066 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (9,577) | (10,567) |
Available for sale securities, Greater than 12 months, Market Value | 147,334 | 190,960 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (13,549) | (16,511) |
Available-for-sale Securities, Market Value, Total | 856,844 | 1,206,026 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (23,126) | (27,078) |
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 | 297,303 | 243,082 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (7,601) | (10,369) |
Available for sale securities, Greater than 12 months, Market Value | 32,309 | 41,371 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,879) | (2,961) |
Available-for-sale Securities, Market Value, Total | 329,612 | 284,453 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (9,480) | (13,330) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 163,675 | 235,452 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,369) | (12,446) |
Available for sale securities, Greater than 12 months, Market Value | 221 | 1,745 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6) | (133) |
Available-for-sale Securities, Market Value, Total | 163,896 | 237,197 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (6,375) | (12,579) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 56,504 | 35,065 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (39) | (122) |
Available for sale securities, Greater than 12 months, Market Value | 2,525 | 5,745 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (3) | (7) |
Available-for-sale Securities, Market Value, Total | 59,029 | 40,810 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (42) | (129) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 459,144 | 514,230 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (5,408) | (6,711) |
Available for sale securities, Greater than 12 months, Market Value | 85,342 | 93,800 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (2,198) | (2,734) |
Available-for-sale Securities, Market Value, Total | 544,486 | 608,030 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (7,606) | $ (9,445) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | $ 74,793 | $ 76,459 | $ 137,697 | $ 135,569 |
Funds held interest income (expense) | 978 | 974 | 2,917 | 3,628 |
Interest income from Parent | 1,075 | 1,075 | 2,150 | 2,150 |
Gross investment income | 76,846 | 78,508 | 142,764 | 141,347 |
Investment expenses | (4,946) | (4,636) | (10,015) | (9,030) |
Net investment income | 71,900 | 73,872 | 132,749 | 132,317 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 49,601 | 44,795 | 96,581 | 90,121 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 6,370 | 8,734 | 13,118 | 17,882 |
Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 590 | 251 | 980 | 555 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 8,978 | 14,192 | 8,754 | 11,678 |
Dividends From Preferred Shares Of Affiliate [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | 7,758 | 7,758 | 15,516 | 15,516 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustment | $ 1,496 | $ 729 | $ 2,748 | $ (183) |
Investments (Summary Of Compo43
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (1,574) | $ (1,391) | $ (2,706) | $ (24,406) |
Total net realized capital gains (losses) | (92,291) | 29,165 | 25,477 | (37,212) |
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | (1,574) | (1,391) | (2,706) | (24,406) |
Gains (losses) from sales | 6,507 | 2,244 | 12,972 | (14,611) |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (1,854) | (1,854) | ||
Gains (losses) from fair value adjustments | 1,571 | 1,339 | ||
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 604 | (7,636) | 4,944 | (15,586) |
Gains (losses) from fair value adjustments | 14,943 | 36,987 | 52,361 | 18,662 |
Other Invested Assets [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (2) | (1) | ||
Gains (losses) from fair value adjustments | $ (112,769) | $ (756) | (42,094) | $ (756) |
Short-Term Investments [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain (losses) on sale of subsidiary | $ 1 |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 359,496 | $ 110,429 | $ 652,490 | $ 298,475 |
Gross gains from sales | 7,748 | 6,154 | 15,743 | 7,618 |
Gross losses from sales | (1,241) | (5,764) | (2,771) | (24,083) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 115,602 | 335,831 | 249,653 | 421,980 |
Gross gains from sales | 3,562 | 4,853 | 11,575 | 6,635 |
Gross losses from sales | $ (2,958) | $ (12,489) | $ (6,631) | $ (22,221) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in reinsurance business | $ 2,294 | $ (91,682) | |
Increase (decrease) in insurance business | 2,294 | 91,682 | |
Case reserve established by the Company on direct excess insurance claims | $ 8,286,599 | 8,331,288 | $ 7,940,720 |
Construction Liability, Umbrella, and Workers Compensation Reserves [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in reinsurance business | 96,227 | ||
Property And Short-Tail Business [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in insurance business | 187,909 | ||
Explosion, Port Of Tianjin, China [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in reinsurance business | 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 | ||
A&E Reserves [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in insurance business | $ 45,668 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Reserves For Losses And LAE [Abstract] | ||
Gross reserves at beginning of period | $ 8,331,288 | $ 7,940,720 |
Less reinsurance recoverable | (4,199,791) | (3,875,073) |
Net reserves at beginning of period | 4,131,497 | 4,065,647 |
Incurred related to: Current year | 584,656 | 1,441,962 |
Incurred related to: Prior years | 2,294 | (91,682) |
Total incurred losses and LAE | 586,950 | 1,350,280 |
Paid related to: Current year | 165,100 | 400,489 |
Paid related to: Prior years | 493,405 | 892,207 |
Total paid losses and LAE | 658,505 | 1,292,696 |
Foreign exchange/translation adjustment | (6,122) | 8,266 |
Net reserves at end of period | 4,053,820 | 4,131,497 |
Plus reinsurance recoverable | 4,232,779 | 4,199,791 |
Gross reserves at end of period | $ 8,286,599 | $ 8,331,288 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($)security | Dec. 31, 2016USD ($)security | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of public equity portfolio | $ 169,165 | $ 169,165 | $ 133,755 |
Transfers between Level 1 and Level 2 | 0 | 0 | |
Transfers from level 3 | |||
Investments within other invested assets | 1,724,532 | 1,724,532 | 1,766,626 |
Available For Sale Securities Debt Securities Market Value | 6,140,028 | 6,140,028 | 5,970,496 |
NAV Practical Expedient Guidance ASU 2015-07 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments within other invested assets | 52,139 | $ 52,139 | $ 18,801 |
Private Placement [Member] | Unavailability Of Prices [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of securities | security | 46 | 42 | |
Available For Sale Securities Debt Securities Market Value | $ 89,291 | $ 89,291 | $ 86,536 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value)(Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 6,140,028 | $ 5,970,496 |
Equity securities - available for sale, at fair value | 934,110 | 887,800 |
Other invested assets, at fair value | 1,724,532 | 1,766,626 |
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 | ||
Equity securities - available for sale, at fair value | 893,660 | 827,237 |
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 | 6,050,737 | 5,902,761 |
Equity securities - available for sale, at fair value | 40,450 | 60,563 |
Other invested assets, at fair value | ||
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 | 89,291 | 67,735 |
Equity securities - available for sale, at fair value | ||
Other invested assets, at fair value | 1,724,532 | 1,766,626 |
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 | 666,777 | 691,080 |
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 | 666,777 | 691,080 |
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 | 696,783 | 729,984 |
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 | 696,783 | 729,984 |
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 | 2,301,001 | 2,154,203 |
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 | 2,214,861 | 2,089,006 |
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 | 86,140 | 65,197 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 189,989 | 137,027 |
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 | 189,989 | 137,027 |
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 | 73,245 | 75,493 |
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 | 73,245 | 75,493 |
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 | 683,681 | 715,144 |
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 | 683,681 | 715,144 |
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 | 70 | 88 |
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 | 70 | 88 |
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 | 501,387 | 507,277 |
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 | 501,387 | 507,277 |
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 | 1,027,095 | 960,200 |
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 | 1,023,944 | 957,662 |
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 | $ 3,151 | $ 2,538 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 87,124 | $ 16,302 | $ 67,735 | $ 5,526 |
Total gains or (losses) (realized/unrealized), Included in earnings | 839 | (18) | 1,029 | (1,007) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 172 | 1,398 | 143 | 1,392 |
Purchases, issuances and settlements | 1,156 | 16,749 | 20,384 | 28,520 |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 89,291 | 34,431 | 89,291 | 34,431 |
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 | (997) | |||
Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 84,322 | 15,706 | 65,197 | 3,933 |
Total gains or (losses) (realized/unrealized), Included in earnings | 711 | (18) | 925 | (10) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 172 | (27) | 143 | (33) |
Purchases, issuances and settlements | 935 | 16,749 | 19,875 | 28,520 |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 86,140 | 32,410 | 86,140 | 32,410 |
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 | 2,802 | 596 | 2,538 | 1,593 |
Total gains or (losses) (realized/unrealized), Included in earnings | 128 | 104 | (997) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 1,425 | 1,425 | ||
Purchases, issuances and settlements | 221 | 509 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 3,151 | $ 2,021 | 3,151 | 2,021 |
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 | $ (997) |
Fair Value (Fair Value Measur50
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value [Abstract] | ||||
Beginning Balance | $ 1,837,302 | $ 1,773,214 | $ 1,766,626 | $ 1,773,214 |
Total gains or (losses) (realized/unrealized) Included in earnings | (112,769) | (756) | (42,094) | (756) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | ||||
Transfers in and/or (out) of Level 3 | ||||
Ending Balance | 1,724,532 | 1,772,458 | 1,724,532 | 1,772,458 |
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 |
Commitments And Contingencies51
Commitments And Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 146,923 | $ 146,507 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,107 | $ 33,860 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Total, Before Tax | $ 11,884 | $ 86,202 | $ 29,641 | $ 181,264 | |
Total, Tax Effect | (4,160) | (30,171) | (10,374) | (63,446) | |
Total, Net of Tax | 7,724 | 56,031 | 19,267 | 117,818 | |
URA(D) On Securities [Member] | |||||
Before Tax | 5,784 | 53,960 | 23,804 | 83,916 | |
Tax Effect | (1,753) | (18,886) | (8,060) | (29,370) | |
Net of Tax | 4,031 | 35,074 | 15,744 | 54,546 | |
Reclassification, Before Tax | (4,931) | (97) | (10,265) | 39,773 | |
Reclassification, Tax Effect | 1,454 | 34 | 3,321 | (13,921) | |
Reclassification, Net of Tax | (3,477) | (63) | (6,944) | 25,852 | |
Total, Net of Tax | 8,800 | $ 22,063 | |||
URA(D) On Securities - OTTI [Member] | |||||
Before Tax | (317) | 6,446 | (3,816) | 6,643 | |
Tax Effect | 111 | (2,256) | 1,336 | (2,325) | |
Net of Tax | (206) | 4,190 | (2,480) | 4,318 | |
Total, Net of Tax | (2,480) | 3,324 | |||
Foreign Currency Translation Adjustments [Member] | |||||
Before Tax | 8,265 | 23,830 | 13,752 | 46,807 | |
Tax Effect | (2,893) | (8,341) | (4,813) | (16,386) | |
Net of Tax | 5,372 | 15,489 | 8,939 | 30,421 | |
Total, Net of Tax | 8,939 | 2,849 | |||
Benefit Plan Net Gain (Loss) [Member] | |||||
Before Tax | |||||
Tax Effect | |||||
Net of Tax | |||||
Reclassification, Before Tax | 3,083 | 2,063 | 6,166 | 4,125 | |
Reclassification, Tax Effect | (1,079) | (722) | (2,158) | (1,444) | |
Reclassification, Net of Tax | $ 2,004 | $ 1,341 | 4,008 | $ 2,681 | |
Total, Net of Tax | $ 4,008 | $ (2,415) |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | 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) | $ (90,717) | $ 30,556 | $ 28,183 | $ (12,806) | |||||||
Income tax expense (benefit) | 8,601 | $ (75,769) | $ (22,425) | (33,677) | $ (13,256) | (67,168) | (46,933) | $ (69,358) | $ (97,347) | $ (194,896) | $ (204,687) |
Net income (loss) | 35,658 | $ 169,178 | $ 76,303 | 69,372 | $ 40,990 | 204,836 | 110,362 | $ 186,665 | $ 301,644 | $ 412,390 | $ 453,428 |
URA(D) On Securities [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other underwriting expenses | (4,931) | (97) | (10,265) | 39,773 | |||||||
Income tax expense (benefit) | 1,454 | 34 | 3,321 | (13,921) | |||||||
Net income (loss) | (3,477) | (63) | (6,944) | 25,852 | |||||||
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) | (4,931) | (97) | (10,265) | 39,773 | |||||||
Income tax expense (benefit) | 1,454 | 34 | 3,321 | (13,921) | |||||||
Net income (loss) | (3,477) | (63) | (6,944) | 25,852 | |||||||
Benefit Plan Net Gain (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other underwriting expenses | 3,083 | 2,063 | 6,166 | 4,125 | |||||||
Income tax expense (benefit) | (1,079) | (722) | (2,158) | (1,444) | |||||||
Net income (loss) | $ 2,004 | $ 1,341 | $ 4,008 | $ 2,681 |
Comprehensive Income (Loss) (54
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Balance, beginning of period | $ 5,479,344 | $ 5,065,880 | $ 5,298,553 | $ 4,958,310 | $ 4,958,310 |
Current period change | 7,724 | 56,031 | 19,267 | 117,818 | |
Balance, end of period | 5,522,794 | $ 5,194,238 | 5,522,794 | 5,194,238 | 5,298,553 |
Ending balance of accumulated other comprehensive income (loss) | (17,048) | (17,048) | (36,315) | ||
URA(D) On Securities [Member] | |||||
Balance, beginning of period | 39,041 | 13,654 | 13,654 | ||
Current period change | 8,800 | 22,063 | |||
Balance, end of period | 45,361 | 45,361 | 39,041 | ||
URA(D) On Securities - OTTI [Member] | |||||
Current period change | (2,480) | 3,324 | |||
Foreign Currency Translation Adjustments [Member] | |||||
Balance, beginning of period | (9,852) | (12,701) | (12,701) | ||
Current period change | 8,939 | 2,849 | |||
Balance, end of period | (913) | (913) | (9,852) | ||
Benefit Plan Net Gain (Loss) [Member] | |||||
Balance, beginning of period | (65,504) | $ (63,089) | (63,089) | ||
Current period change | 4,008 | (2,415) | |||
Balance, end of period | $ (61,496) | $ (61,496) | $ (65,504) |
Collateralized Reinsurance An55
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Apr. 13, 2017USD ($)item | Dec. 01, 2015USD ($)item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Jun. 30, 2017USD ($) |
Effects of Reinsurance [Line Items] | |||||
Amount on deposit in trust accounts | $ 649,841 | ||||
Kilimanjaro Re Limited [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Number of collateralized reinsurance agreements | item | 6 | 2 | 2 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 500,000 | ||||
Catastrophe reinsurance bonds, funded amount | $ 625,000 | $ 500,000 | $ 450,000 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeastern United States [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | 250,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeast, Mid-Atlantic And Northeast United States And Puerto Rico [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 200,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 225,000 | 300,000 | |||
Catastrophe reinsurance bonds, funded amount | 950,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | 400,000 | $ 325,000 | |||
Catastrophe reinsurance bonds, funded amount | 300,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 325,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 1- 3 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Number of collateralized reinsurance agreements | item | 3 | ||||
Reinsurance Contracts | 4 years | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 50,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | 75,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 175,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 4 - 6 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Number of collateralized reinsurance agreements | item | 3 | ||||
Reinsurance Contracts | 5 years |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 1.72% | |
Maturity date | Dec. 31, 2023 | |
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Principal Amounts | $ 400,000,000 | |
Debt maturity term | 30 years | |
Debt instrument, stated interest rate | 4.868% | 4.868% |
Maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 396,774,000 | $ 396,714,000 |
Parent Company [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 1.72% | |
Date Due | Dec. 31, 2023 | |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date Issued | Jun. 5, 2014 | |
Date Due | Jun. 1, 2044 | Jun. 1, 2044 |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 396,774,000 | $ 396,714,000 |
Market value | $ 421,764,000 | $ 383,612,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 9,736 | $ 9,736 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
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% |
Reset quarterly interest rate | 3.56678% | |
Outstanding debt reduction | $ 161,441 | |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
Fixed Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Floating Rate Interest Period [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate terms | interest will be based on the 3 month LIBOR plus 238.5 | |
Floating Rate Interest Period [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Senior Notes 5.40% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Debt instrument, maturity date | Oct. 15, 2014 | |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 236,511,000 | $ 236,462,000 |
Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity date | May 1, 2067 | May 1, 2067 |
Consolidated Balance Sheet Amount | $ 236,511,000 | $ 236,462,000 |
Market value | $ 223,053,000 | $ 204,636,000 |
Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Long Term Subordinated Debt [Member] | Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2067 |
Long Term Subordinated Notes 61
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 3,033 | $ 3,937 | $ 6,970 | $ 7,874 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenues | 5.00% | 5.00% | 1.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | $ 468,197 | $ 488,855 | $ 939,252 | $ 970,780 | |||||||
Incurred losses and LAE | 297,228 | 338,536 | 586,950 | 634,598 | |||||||
Commission and brokerage | 60,513 | $ 52,507 | $ 82,778 | 70,409 | $ 66,365 | 113,020 | 136,774 | $ 219,552 | $ 281,424 | $ 312,325 | $ 338,975 |
Other underwriting expenses | 64,197 | 58,330 | 124,092 | 117,557 | |||||||
Underwriting gain (loss) | 46,259 | 21,580 | 115,190 | 81,851 | |||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 474,992 | 405,530 | 1,053,951 | 942,236 | |||||||
Net written premiums | 135,177 | 161,031 | 354,239 | 384,458 | |||||||
Premiums earned | 202,289 | 224,618 | 410,603 | 459,861 | |||||||
Incurred losses and LAE | 119,747 | 110,152 | 240,181 | 226,322 | |||||||
Commission and brokerage | 43,173 | 50,130 | 83,545 | 99,861 | |||||||
Other underwriting expenses | 14,278 | 12,133 | 28,529 | 25,591 | |||||||
Underwriting gain (loss) | 25,091 | 52,203 | 58,348 | 108,087 | |||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 333,535 | 348,178 | 612,110 | 586,656 | |||||||
Net written premiums | 111,961 | 124,438 | 215,207 | 212,154 | |||||||
Premiums earned | 113,300 | 131,285 | 231,451 | 244,458 | |||||||
Incurred losses and LAE | 78,459 | 91,427 | 146,873 | 164,842 | |||||||
Commission and brokerage | 23,790 | 26,140 | 47,325 | 52,250 | |||||||
Other underwriting expenses | 9,163 | 7,969 | 18,052 | 15,792 | |||||||
Underwriting gain (loss) | 1,888 | 5,749 | 19,201 | 11,574 | |||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 527,047 | 424,083 | 921,898 | 778,803 | |||||||
Net written premiums | 170,774 | 155,786 | 297,302 | 308,712 | |||||||
Premiums earned | 152,608 | 132,952 | 297,198 | 266,461 | |||||||
Incurred losses and LAE | 99,022 | 136,957 | 199,896 | 243,434 | |||||||
Commission and brokerage | (6,450) | (5,861) | (17,850) | (15,337) | |||||||
Other underwriting expenses | 40,756 | 38,228 | 77,511 | 76,174 | |||||||
Underwriting gain (loss) | $ 19,280 | $ (36,372) | $ 37,641 | $ (37,810) |
Segment Reporting (Schedule O64
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||||||||
Underwriting gain (loss) | $ 46,259 | $ 21,580 | $ 115,190 | $ 81,851 | |||||||
Net investment income | 71,900 | 73,872 | 132,749 | 132,317 | |||||||
Net realized capital gains (losses) | (92,291) | 29,165 | 25,477 | (37,212) | |||||||
Corporate expense | (1,512) | (2,010) | (5,109) | (4,346) | |||||||
Interest, fee and bond issue cost amortization expense | (7,954) | (8,858) | (16,813) | (17,717) | |||||||
Other income (expense) | 10,655 | (10,700) | 20,510 | 2,402 | |||||||
INCOME (LOSS) BEFORE TAXES | $ 27,057 | $ 244,947 | $ 98,728 | $ 103,049 | $ 54,246 | $ 272,004 | $ 157,295 | $ 256,023 | $ 398,991 | $ 607,286 | $ 658,115 |
Segment Reporting (Schedule O65
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | $ 36,195 | $ 34,630 | $ 64,152 | $ 58,216 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) $ / shares in Units, $ in Thousands, £ in Millions | 1 Months Ended | 6 Months Ended | ||||
Dec. 31, 2015USD ($)$ / sharesshares | Jun. 30, 2017GBP (£)shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Note receivable - affiliated | $ 250,000 | $ 250,000 | ||||
Interest income | $ 2,150 | $ 2,150 | ||||
Stock repurchase program, number of shares held | shares | 9,719,971 | 9,719,971 | 9,719,971 | |||
Stock repurchase program, value of shares held | $ 1,773,214 | |||||
Number of preferred shares | shares | 1,773.214 | |||||
Preferred shares par value | $ / shares | $ 1,000 | |||||
Annual dividend rate | 1.75% | |||||
Reserve Indemnity Agreement, Percent | 90.00% | 90.00% | ||||
Reserve Indemnity Agreement, Amount | £ | £ 25 | |||||
Parent Company [Member] | ||||||
Note receivable - affiliated | $ 250,000 | |||||
Debt instrument, stated interest rate | 1.72% | |||||
Maturity date | Dec. 31, 2023 | Dec. 31, 2023 |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Jun. 30, 2017shares |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends From Preferred Shares Of Affiliate [Member] | ||||
Related Party Transaction [Line Items] | ||||
Dividends received on preferred stock of affiliate | $ 7,758 | $ 7,758 | $ 15,516 | $ 15,516 |
Related-Party Transactions (Exp
Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Related-Party Transactions [Abstract] | ||||
Expenses incurred | $ 23,046 | $ 20,289 | $ 46,229 | $ 41,459 |
Related-Party Transactions (Aff
Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($) | ||
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] | ||
Ceding Company | Everest Re | |
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] | ||
Ceding Company | Everest Re | |
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] | ||
Ceding Company | Everest Re | |
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] | ||
Ceding Company | Everest Re | |
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] | ||
Ceding Company | Everest Re | |
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] | ||
Ceding Company | Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property business | |
Single Occurrence Limit | $ 350,000 | [1] |
Aggregate Limit | ||
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2011 -12/31/2011 [Member] | ||
Related Party Transaction [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property business | |
Single Occurrence Limit | $ 350,000 | [1] |
Aggregate Limit | ||
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2012 -12/31/2012 [Member] | ||
Related Party Transaction [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 206,250 | [1] |
Aggregate Limit | $ 412,500 | [1] |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2013 -12/31/2013 [Member] | ||
Related Party Transaction [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 150,000 | [1] |
Aggregate Limit | $ 412,500 | [1] |
Everest Re- Canadian Branch [Member] | Bermuda Re [Member] | 01/01/2014 [Member] | ||
Related Party Transaction [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | |
Assuming Company | Bermuda Re | |
Type of Business | property / casualty business | |
Single Occurrence Limit | $ 262,500 | [1] |
Aggregate Limit | $ 412,500 | [1] |
Everest Canada [Member] | Everest Re- Canadian Branch [Member] | 01/01/2012 [Member] | ||
Related Party Transaction [Line Items] | ||
Ceding Company | Everest Canada | |
Percent Ceded | 80.00% | |
Assuming Company | Everest Re- Canadian Branch | |
Type of Business | property business | |
Single Occurrence Limit | ||
Aggregate Limit | ||
[1] | (1) Amounts shown are Canadian dollars. |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
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 |
Related-Party Transactions (Pre
Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Bermuda Re [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | $ 681,776 | $ 544,495 | $ 1,316,672 | $ 1,061,178 |
Ceded earned premiums | 620,897 | 593,349 | 1,209,771 | 1,132,302 |
Ceded losses and LAE | 388,573 | 404,667 | 728,704 | 695,143 |
Everest International [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 45 | 62 | (25) | 31 |
Ceded earned premiums | 46 | 63 | (25) | 39 |
Ceded losses and LAE | (175) | 756 | (618) | 898 |
Everest Canada [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed written premiums | 13,132 | 16,228 | 25,980 | 26,427 |
Assumed earned premiums | 11,884 | 12,675 | 24,737 | 23,129 |
Assumed losses and LAE | 7,319 | 14,440 | 13,970 | 21,427 |
Lloyd's Syndicate [Member] | ||||
Related Party Transaction [Line Items] | ||||
Assumed written premiums | 10,236 | (157) | 18,085 | 539 |
Assumed earned premiums | 9,797 | 28 | 16,724 | 116 |
Assumed losses and LAE | 4,831 | 8,264 | ||
Mt. Logan Re Segregated Accounts [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ceded written premiums | 38,703 | 29,450 | 77,882 | 70,381 |
Ceded earned premiums | 50,708 | 39,356 | 84,665 | 74,228 |
Ceded losses and LAE | 23,674 | 16,232 | 43,433 | 25,330 |
Assumed written premiums | 3,763 | 3,074 | 6,495 | 6,634 |
Assumed earned premiums | 3,763 | 3,074 | 6,495 | 6,634 |
Assumed losses and LAE |
Retirement Benefits (Summary Of
Retirement Benefits (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 0 | $ 0 | $ 0 | $ 0 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3,299 | 2,896 | 6,598 | 5,793 |
Interest cost | 2,276 | 2,361 | 4,552 | 4,722 |
Expected return on plan assets | (3,154) | (2,484) | (6,309) | (4,968) |
Amortization of net (income) loss | 3,041 | 2,014 | 6,081 | 4,028 |
Net periodic benefit cost | 5,461 | 4,787 | 10,921 | 9,575 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 441 | 438 | 881 | 876 |
Interest cost | 249 | 296 | 498 | 592 |
Amortization of prior service cost | (33) | (66) | ||
Amortization of net (income) loss | 75 | 48 | 151 | 96 |
Net periodic benefit cost | $ 732 | $ 782 | $ 1,464 | $ 1,564 |
Disposition (Narrative) (Detail
Disposition (Narrative) (Details) - Heartland Corp [Member] $ in Thousands | Aug. 24, 2016USD ($) |
Gain (Loss) on Investments [Line Items] | |
Proceeds from sale of business | $ 49,000 |
Gain (Loss) on Sale of Business | $ 12,942 |