Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EVEREST REINSURANCE HOLDINGS INC | |
Entity Central Index Key | 0000914748 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, $0.01 par value | |
Entity Common Stock, Shares Outstanding | 1,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2019, $7,206,711; 2018, $7,032,749) | $ 7,373,719 | $ 6,962,075 |
Fixed maturities - available for sale, at fair value | 2,337 | |
Equity securities, at fair value | 744,999 | 564,338 |
Short-term investments (cost: 2019, $276,651; 2018, $174,155) | 276,666 | 174,131 |
Other invested assets (cost: 2019, $967,624; 2018, $882,647) | 967,624 | 882,647 |
Other invested assets, at fair value | 2,019,642 | 1,717,336 |
Cash | 420,832 | 404,522 |
Total investments and cash | 11,803,482 | 10,707,386 |
Accrued investment income | 54,572 | 47,232 |
Premiums receivable | 1,587,425 | 1,471,805 |
Reinsurance receivables - unaffiliated | 1,322,562 | 1,295,961 |
Reinsurance receivables - affiliated | 3,414,547 | 3,544,975 |
Income taxes | 133,691 | 411,994 |
Funds held by reinsureds | 244,976 | 228,556 |
Deferred acquisition costs | 369,509 | 353,630 |
Prepaid reinsurance premiums | 443,460 | 328,796 |
Other assets | 413,465 | 289,962 |
TOTAL ASSETS | 19,787,689 | 18,680,297 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 10,412,174 | 10,167,018 |
Unearned premium reserve | 2,148,968 | 1,826,868 |
Funds held under reinsurance treaties | 39,924 | 41,600 |
Other net payable to reinsurers | 341,029 | 316,826 |
Senior notes due 6/1/2044 | 397,044 | 396,954 |
Long term notes due 5/1/2067 | 236,733 | 236,659 |
Note payable - affiliated | 300,000 | |
Accrued interest on debt and borrowings | 7,821 | 3,093 |
Unsettled securities payable | 35,534 | 50,912 |
Other liabilities | 341,218 | 303,610 |
Total liabilities | 13,960,445 | 13,643,540 |
Commitments and Contingencies (Note 7) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2019 and 2018) | ||
Additional paid-in capital | 1,100,573 | 1,100,315 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $18,579 at 2019 and ($33,506) at 2018 | 70,307 | (126,254) |
Retained earnings | 4,656,364 | 4,062,696 |
Total stockholder's equity | 5,827,244 | 5,036,757 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 19,787,689 | $ 18,680,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fixed maturities - available for sale, amortized cost | $ 7,206,711 | $ 7,032,749 |
Short-term investments, cost | 276,651 | 174,155 |
Other invested assets, cost | $ 967,624 | $ 882,647 |
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) | $ 18,579 | $ (33,506) |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUES: | ||||
Premiums earned | $ 1,428,400 | $ 1,230,771 | $ 4,074,477 | $ 3,526,617 |
Net investment income | 95,592 | 90,298 | 270,835 | 232,277 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (6,968) | (2,834) | (14,187) | (3,741) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Other net realized capital gains (losses) | 119,510 | 32,852 | 404,348 | (68,713) |
Total net realized capital gains (losses) | 112,542 | 30,018 | 390,161 | (72,454) |
Other income (expense) | (2,673) | (4,802) | (8,459) | (3,905) |
Total revenues | 1,633,861 | 1,346,285 | 4,727,014 | 3,682,535 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 1,098,093 | 970,297 | 2,737,411 | 2,912,312 |
Commission, brokerage, taxes and fees | 357,681 | 288,212 | 962,674 | 832,671 |
Other underwriting expenses | 95,693 | 78,800 | 257,426 | 230,377 |
Corporate expenses | 3,183 | 2,488 | 7,353 | 7,597 |
Interest, fee and bond issue cost amortization expense | 7,802 | 7,796 | 27,314 | 22,732 |
Total claims and expenses | 1,562,452 | 1,347,593 | 3,992,178 | 4,005,689 |
INCOME (LOSS) BEFORE TAXES | 71,409 | (1,308) | 734,836 | (323,154) |
Income tax expense (benefit) | 10,272 | (23,274) | 141,169 | (66,032) |
NET INCOME (LOSS) | 61,137 | 21,966 | 593,667 | (257,122) |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 24,454 | (6,932) | 180,998 | (71,919) |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 2,085 | 2,534 | 6,927 | (2,147) |
Total URA(D) on securities arising during the period | 26,539 | (4,398) | 187,925 | (74,066) |
Foreign currency translation adjustments | 2,881 | (2,930) | 4,970 | (25,084) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 1,364 | 1,816 | 3,666 | 5,446 |
Total benefit plan net gain (loss) for the period | 1,364 | 1,816 | 3,666 | 5,446 |
Total other comprehensive income (loss), net of tax | 30,784 | (5,512) | 196,561 | (93,704) |
COMPREHENSIVE INCOME (LOSS) | $ 91,921 | $ 16,454 | $ 790,228 | $ (350,826) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (2,447) | $ (2,447) | $ 2,447 | ||
Beginning balance, at Dec. 31, 2017 | 5,409,332 | $ 387,841 | (942) | 5,022,433 | |
Beginning balance, shares at Dec. 31, 2017 | 1,000 | ||||
Share-based compensation plans | 48 | ||||
Net increase (decrease) during the period | (51,184) | ||||
Net income (loss) | (11,793) | ||||
Ending balance, shares at Mar. 31, 2018 | 1,000 | ||||
Ending balance, at Mar. 31, 2018 | 5,346,404 | 387,889 | (54,573) | 5,013,087 | |
Beginning balance, at Dec. 31, 2017 | 5,409,332 | 387,841 | (942) | 5,022,433 | |
Beginning balance, shares at Dec. 31, 2017 | 1,000 | ||||
Net increase (decrease) during the period | (93,704) | ||||
Net income (loss) | (257,122) | ||||
Ending balance, shares at Sep. 30, 2018 | 1,000 | ||||
Ending balance, at Sep. 30, 2018 | 5,058,645 | 387,980 | (97,093) | 4,767,758 | |
Beginning balance, at Mar. 31, 2018 | 5,346,404 | 387,889 | (54,573) | 5,013,087 | |
Beginning balance, shares at Mar. 31, 2018 | 1,000 | ||||
Share-based compensation plans | 47 | ||||
Net increase (decrease) during the period | (37,008) | ||||
Net income (loss) | (267,295) | ||||
Ending balance, shares at Jun. 30, 2018 | 1,000 | ||||
Ending balance, at Jun. 30, 2018 | 5,042,149 | 387,936 | (91,581) | 4,745,792 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | |||||
Share-based compensation plans | 44 | ||||
Net increase (decrease) during the period | (5,512) | (5,512) | |||
Net income (loss) | 21,966 | 21,966 | |||
Ending balance, shares at Sep. 30, 2018 | 1,000 | ||||
Ending balance, at Sep. 30, 2018 | 5,058,645 | 387,980 | (97,093) | 4,767,758 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | |||||
Beginning balance, at Dec. 31, 2018 | $ 5,036,757 | 1,100,315 | (126,254) | 4,062,696 | |
Beginning balance, shares at Dec. 31, 2018 | 1,000 | 1,000 | |||
Share-based compensation plans | 87 | ||||
Net increase (decrease) during the period | 98,148 | ||||
Net income (loss) | 251,610 | ||||
Ending balance, shares at Mar. 31, 2019 | 1,000 | ||||
Ending balance, at Mar. 31, 2019 | $ 5,386,602 | 1,100,402 | (28,106) | 4,314,306 | |
Beginning balance, at Dec. 31, 2018 | $ 5,036,757 | 1,100,315 | (126,254) | 4,062,696 | |
Beginning balance, shares at Dec. 31, 2018 | 1,000 | 1,000 | |||
Net increase (decrease) during the period | $ 196,561 | ||||
Net income (loss) | $ 593,667 | ||||
Ending balance, shares at Sep. 30, 2019 | 1,000 | 1,000 | |||
Ending balance, at Sep. 30, 2019 | $ 5,827,244 | 1,100,573 | 70,307 | 4,656,364 | |
Beginning balance, at Mar. 31, 2019 | 5,386,602 | 1,100,402 | (28,106) | 4,314,306 | |
Beginning balance, shares at Mar. 31, 2019 | 1,000 | ||||
Share-based compensation plans | 87 | ||||
Net increase (decrease) during the period | 67,629 | ||||
Net income (loss) | 280,921 | ||||
Ending balance, shares at Jun. 30, 2019 | 1,000 | ||||
Ending balance, at Jun. 30, 2019 | 5,735,239 | 1,100,489 | 39,523 | 4,595,227 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | |||||
Share-based compensation plans | 84 | ||||
Net increase (decrease) during the period | 30,784 | 30,784 | |||
Net income (loss) | $ 61,137 | 61,137 | |||
Ending balance, shares at Sep. 30, 2019 | 1,000 | 1,000 | |||
Ending balance, at Sep. 30, 2019 | $ 5,827,244 | $ 1,100,573 | $ 70,307 | $ 4,656,364 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income (loss) | $ 61,137 | $ 21,966 | $ 593,667 | $ (257,122) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Decrease (increase) in premiums receivable | (115,834) | (142,519) | ||||||||
Decrease (increase) in funds held by reinsureds, net | $ (14,361) | $ 135,862 | $ (13,929) | $ (11,326) | (18,129) | (17,198) | $ (20,963) | $ (92,526) | ||
Decrease (increase) in reinsurance receivables | 107,427 | 888,922 | ||||||||
Decrease (increase) in income taxes | 94,733 | 52,470 | 214,671 | 4,252 | 226,147 | 9,951 | (292,729) | (249,674) | ||
Decrease (increase) in prepaid reinsurance premiums | (114,587) | (7,165) | ||||||||
Increase (decrease) in reserve for losses and loss adjustment expenses | 240,321 | 199,220 | ||||||||
Increase (decrease) in unearned premiums | 321,643 | 202,760 | ||||||||
Increase (decrease) in other net payable to reinsurers | 24,093 | (106,203) | ||||||||
Increase (decrease) in losses in course of payment | (44,192) | 36,979 | ||||||||
Change in equity adjustments in limited partnerships | (42,959) | (58,996) | ||||||||
Distribution of limited partnership income | 39,247 | 48,773 | ||||||||
Change in other assets and liabilities, net | (33,863) | (98,702) | ||||||||
Non-cash compensation expense | 20,425 | 8,779 | ||||||||
Amortization of bond premium (accrual of bond discount) | 3,416 | 4,842 | ||||||||
Net realized capital (gains) losses | (112,542) | (30,018) | (390,161) | 72,454 | ||||||
Net cash provided by (used in) operating activities | 816,661 | 784,775 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 672,207 | 556,195 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 2,217,734 | 552,982 | ||||||||
Proceeds from fixed maturities sold - available for sale, at fair value | 2,706 | 1,751 | ||||||||
Proceeds from equity securities sold - at fair value | 184,898 | 616,330 | ||||||||
Distributions from other invested assets | 133,130 | 1,010,121 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (3,071,436) | (1,515,045) | ||||||||
Cost of fixed maturities acquired - available for sale, at fair value | (4,381) | |||||||||
Cost of equity securities acquired- at fair value | (269,672) | (603,856) | ||||||||
Cost of other invested assets acquired | (212,910) | (1,059,712) | ||||||||
Net change in short-term investments | (100,012) | (280,114) | ||||||||
Net change in unsettled securities transactions | (30,252) | 110,139 | ||||||||
Net cash provided by (used in) investing activities | (473,607) | (615,590) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Tax benefit from share-based compensation, net of expense | (20,166) | (6,193) | ||||||||
Cost of repayment of note payable-affiliated | (300,000) | |||||||||
Net cash provided by (used in) financing activities | (320,166) | (6,193) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (6,578) | (16,786) | ||||||||
Net increase (decrease) in cash | 16,310 | 146,206 | ||||||||
Cash, beginning of period | $ 404,522 | $ 229,552 | $ 404,522 | $ 229,552 | 404,522 | 229,552 | 229,552 | |||
Cash, end of period | $ 420,832 | $ 375,758 | 420,832 | 375,758 | $ 404,522 | $ 229,552 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||
Income taxes paid (recovered) | (85,216) | (75,361) | ||||||||
Interest paid | $ 22,421 | $ 17,426 |
General
General | 9 Months Ended |
Sep. 30, 2019 | |
General [Abstract] | |
General | 1 . G ENERAL 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 su bsidiaries. During the fourth quarter of 2018, Everest Global Services (“Global Services”), a previously affiliated company, was contributed to Holdings from its parent company, Holdings Ireland. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2 . B ASIS OF PRESENTATION The unaudited consolidated financial statements of the Company as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018 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 financia l 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, 2018 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2019 and 2018 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, 2018, 2017 and 2016 included in the Company’s most re cent Form 10-K filing. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have bee n eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2019 presentation. Application of Recently Issued Accounting Standard Changes. Accounting for Cloud Computing Arrangement. In Augu st 2018, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that impl ementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitaliz ed implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company is current ly evaluating the impact of the adoption of ASU 2018-15 on its financial statements. Accounting for Long Duration Contracts. In August 2018, FASB issued ASU 2018-12, which discusses changes to the recognition, measurement and presentation of long duratio n contracts. The main provisions of this guidance address the following: 1) In determining liability for future policy benefits, companies must review cash flow assumptions at least annually and the discount rate assumption at each reporting period date 2) Amortization of deferred acquisition costs has been simplified to be in constant level proportion to either premiums, gross profits or gross margins 3) Disaggregated roll forwards of beginning and ending liabilities for future policy benefits are requir ed. The guidance is effective for annual reporting periods b eginning after December 15, 2021 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its financial statement s. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02, which outlines guidance on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. Th e new guidance allows the amount of trapped deferred taxes in AOCI, resulting from the change in the U.S. tax rate from 35 % to 21 % upon enactment of the Tax Cuts and Jobs Act (“TCJA”), to be reclassed as part of retained earnings in the consolidated balanc e sheets. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is allowed. The Company decided to early adopt the guidance as of December 31, 2017. The adoption resulted in a reclass of $ 325 thousand between AOCI and retained earnings during the fourth quarter of 2017. As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. Accounting for Impact on Income Taxes due to Tax Reform. In December 2017, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on the application of FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, due to the enactment of TCJA. S AB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amou nt of tax expense it recorded in 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company’s financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which o utlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable s ecurity. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The adoption of ASU 2017-08 did not have a material impact on the Company’s financial statements. Presentation and Disclosure of Net Periodic Benefit Costs. In March 2017, FASB issued ASU 2017-07, which outlines guidance on the presentation of net periodic costs of benefit plans. The new guidance requires that the service cost component of net periodic benefit costs be reported within the same line item of the statements of operations as other compensation costs are reported. Other components of net periodic benefit costs should be reported separately. Footnote disclosure is required to state within which line items of the statements of opera tions the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impa ct on the Company’s financial statements. Disclosure of Restricted Cash. In November 2016, FASB issued ASU 2016-18 and in August 2016, FASB issued ASU 2016-15, which outlines guidance on the presentation in the statements of cash flows of changes in rest ricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in total and not segregated individually. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-18 and ASU 2016-15 did not have a material impact on the Company’s financial statements. Intra-Entity Asset Transfers. In October 2016, FASB issued ASU 2016-16, which outlines guidance on the tax accounting for intra-entity asset sales and transfers, other than inventory. The new guidance requires that reporting entities recognize tax expense from the intra-entity transfer of an ass et in the seller’s tax jurisdiction at the time of transfer and recognize any deferred tax asset in the buyer’s tax jurisdiction at the time of transfer. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-16 did not have a material impact on the Company’s financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13, which outline guid ance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial ass et (amortized cost less an allowance for credit losses valuation account). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements. Leases. In February 2016, FASB issued ASU 2016-02 (and subsequently issued ASU 2018-11 in July, 2018) which outline new guidance on the accounting for leases. The new guidance requires the recognition of lease assets and lease liabilities on the balance sheets for most leases that were previ ously deemed operating leases and required only lease expense presentation in the statements of operations. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The Company adopted ASU 2016-02 effective Ja nuary 1, 2019 and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the fi nancial statements in accordance with previous lease accounting guidance. The Company also elected to apply the package of practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption. The Company did not elect the hindsight practical expedient to determine the lease term of existing leases (e.g. The Company did not re-assess lease renewals, termination options nor purchase options in determining lease terms). The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $ 60,325 thousand as part of other assets and a lease liability of $ 66,551 thousand as part of other liabilities in the consolidated balance sheet, as wel l as de-recognizing the liability for defe rred rent that was required under the previous guidance. The cumulative effect adjustment to the opening balance of retained earnings was zero. The adoption of the updated guidance did not have a material effect on the Company’s results of operations or l iquidity. Recognition and Measurement of Financial Instruments. In January 2016, the FASB issued ASU 2016-01, which outlines revised guidance on the accounting for equity investments. The new guidance states that all equity investments in unconsolidate d entities will be measured at fair value, with the change in value being recorded through the income statement rather than being recorded within other comprehensive income. The updated guidance is effective for annual and interim reporting periods beginn ing after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-01 resulted in a cumulative change adjustment of $ 2,447 thousand between AOCI and retained earnings, which is disclosed separately within th e consolidated statement of changes in shareholders equity. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09 and in August 2015, FASB issued ASU 2015-14, which outline revised guidance on the recognition of revenue arising from contracts w ith customers. The new guidance states that reporting entities should apply certain steps to determine when revenue should be recognized, based upon fulfillment of performance obligations to complete contracts. The updated guidance is effective for annua l and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2014-09 and ASU 2015-14 did not have a material impact on the Company’s financial statements. Any issued g uidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Revisions To Financial Statemen
Revisions To Financial Statements | 9 Months Ended |
Sep. 30, 2019 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 3 . REVISIONS TO FINANCIAL STATEMENTS In preparing its current period financial statements, the Company identified errors in the handling of foreign exchange related to premium funds held from reinsureds . Although management determined that the impact of the foreign exchange differences were not material to prior period financial statements, the impact of recording the cumulative difference would have significantly impacted results within the current per iod. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to correct the foreign exchange adjustments . Management assessed the materiality of this change within prior period financial sta tements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. T he 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 December 31, 2018 December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Funds held by reinsureds 238,566 (10,010) 228,556 210,939 (4,292) 206,647 Income taxes 409,892 2,102 411,994 87,110 901 88,011 TOTAL ASSETS $ 18,688,205 $ (7,908) $ 18,680,297 $ 17,888,512 $ (3,391) $ 17,885,121 SHAREHOLDERS' EQUITY: Retained earnings 4,070,604 (7,908) 4,062,696 5,025,824 (3,391) 5,022,433 Total shareholders' equity 5,044,665 (7,908) 5,036,757 5,412,723 (3,391) 5,409,332 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 18,688,205 $ (7,908) $ 18,680,297 $ 17,888,512 $ (3,391) $ 17,885,121 CONSOLIDATED BALANCE SHEETS June 30, 2019 March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Funds held by reinsureds 250,903 (10,768) 240,135 248,993 (9,524) 239,469 Income taxes 151,109 2,261 153,370 289,210 2,000 291,210 TOTAL ASSETS $ 19,235,832 $ (8,507) $ 19,227,325 $ 19,063,665 $ (7,524) $ 19,056,141 SHAREHOLDERS' EQUITY: Retained earnings 4,603,734 (8,507) 4,595,227 4,321,830 (7,524) 4,314,306 Total stockholder's equity 5,743,746 (8,507) 5,735,239 5,394,126 (7,524) 5,386,602 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 19,235,832 $ (8,507) $ 19,227,325 $ 19,063,665 $ (7,524) $ 19,056,141 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Year Ended December 31, 2018 Year Ended December 31, 2017 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (3,851) (5,717) (9,568) 23,750 2,116 25,866 Total revenues $ 4,964,232 $ (5,717) $ 4,958,515 $ 2,421,157 $ 2,116 $ 2,423,273 INCOME (LOSS) BEFORE TAXES $ (1,323,492) $ (5,717) $ (1,329,209) $ (122,982) $ 2,116 $ (120,866) Income tax expense (benefit) (365,825) (1,200) (367,025) (201,180) 444 (200,736) NET INCOME (LOSS) $ (957,667) $ (4,517) $ (962,184) $ 78,198 $ 1,672 $ 79,870 COMPREHENSIVE INCOME (LOSS) $ (1,080,532) $ (4,517) $ (1,085,049) $ 113,896 $ 1,672 $ 115,568 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (3,812) (1,243) (5,055) (5,026) (759) (5,785) Total revenues $ 1,605,083 $ (1,243) $ 1,603,840 $ 3,093,913 $ (759) $ 3,093,154 INCOME (LOSS) BEFORE TAXES $ 349,532 $ (1,243) $ 348,289 $ 664,187 $ (759) $ 663,428 Income tax expense (benefit) 67,628 (261) 67,367 131,057 (159) 130,898 NET INCOME (LOSS) $ 281,904 $ (982) $ 280,922 $ 533,130 $ (600) $ 532,530 COMPREHENSIVE INCOME (LOSS) $ 349,533 $ (982) $ 348,551 $ 698,907 $ (600) $ 698,307 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (1,214) 484 (730) Total revenues $ 1,488,830 $ 484 $ 1,489,314 INCOME (LOSS) BEFORE TAXES $ 314,655 $ 484 $ 315,139 Income tax expense (benefit) 63,429 102 63,531 NET INCOME (LOSS) $ 251,226 $ 382 $ 251,608 COMPREHENSIVE INCOME (LOSS) $ 349,374 $ 382 $ 349,756 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (1,385) (3,417) (4,802) 1,420 (5,325) (3,905) Total revenues $ 1,349,702 $ (3,417) $ 1,346,285 $ 3,687,860 $ (5,325) $ 3,682,535 INCOME (LOSS) BEFORE TAXES $ 2,109 $ (3,417) $ (1,308) $ (317,829) $ (5,325) $ (323,154) Income tax expense (benefit) (22,556) (718) (23,274) (64,914) (1,118) (66,032) NET INCOME (LOSS) $ 24,665 $ (2,699) $ 21,966 $ (252,915) $ (4,207) $ (257,122) COMPREHENSIVE INCOME (LOSS) $ 19,153 $ (2,699) $ 16,454 $ (346,619) $ (4,207) $ (350,826) CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) 77,682 (2,388) 75,294 2,805 (1,908) 897 Total revenues $ 1,287,317 $ (2,388) $ 1,284,929 $ 2,338,158 $ (1,908) $ 2,336,250 INCOME (LOSS) BEFORE TAXES $ (312,807) $ (2,388) $ (315,195) $ (319,938) $ (1,908) $ (321,846) Income tax expense (benefit) (47,399) (501) (47,900) (42,538) (400) (42,938) NET INCOME (LOSS) $ (265,408) $ (1,887) $ (267,295) $ (277,580) $ (1,508) $ (279,088) COMPREHENSIVE INCOME (LOSS) $ (302,416) $ (1,887) $ (304,303) $ (365,772) $ (1,508) $ (367,280) CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (74,877) 480 (74,397) Total revenues $ 1,050,841 $ 480 $ 1,051,321 INCOME (LOSS) BEFORE TAXES $ (7,131) $ 480 $ (6,651) Income tax expense (benefit) 5,041 101 5,142 NET INCOME (LOSS) $ (12,172) $ 379 $ (11,793) COMPREHENSIVE INCOME (LOSS) $ (63,356) $ 379 $ (62,977) CONSOLIDATED STATEMENTS OF Year Ended December 31, 2018 Year Ended December 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) RETAINED EARNINGS: Balance, beginning of period $ 5,025,824 $ (3,391) $ 5,022,433 $ 4,947,301 $ (5,062) $ 4,942,239 Net income (loss) (957,667) (4,517) (962,184) 78,198 1,672 79,870 Balance, end of period 4,070,604 (7,908) 4,062,696 5,025,824 (3,391) 5,022,433 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,044,665 $ (7,908) $ 5,036,757 $ 5,412,723 $ (3,391) $ 5,409,332 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 4,070,604 $ (7,908) $ 4,062,696 $ 4,070,604 $ (7,908) $ 4,062,696 Net income (loss) 251,226 382 251,608 251,226 382 251,608 Balance, March 31 4,321,830 (7,524) 4,314,306 4,321,830 (7,524) 4,314,306 Net income (loss) 281,904 (982) 280,922 Balance, June 30 4,603,734 (8,507) 4,595,227 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 5,743,746 $ (8,507) $ 5,735,239 $ 5,394,126 $ (7,524) $ 5,386,602 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 4,750,691 $ (4,897) $ 4,745,792 $ 5,025,824 $ (3,391) $ 5,022,433 Net income (loss) 24,665 (2,699) 21,966 (252,915) (4,207) (257,122) Balance, end of period 4,775,356 (7,597) 4,767,758 4,775,356 (7,597) 4,767,758 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,066,243 $ (7,597) $ 5,058,645 $ 5,066,243 $ (7,597) $ 5,058,645 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 5,016,099 $ (3,011) $ 5,013,087 $ 5,025,824 $ (3,391) $ 5,022,433 Net income (loss) (265,408) (1,887) (267,295) (277,580) (1,508) (279,088) Balance, end of period 4,750,691 (4,897) 4,745,792 4,750,691 (4,897) 4,745,792 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,047,046 $ (4,897) $ 5,042,149 $ 5,047,046 $ (4,897) $ 5,042,149 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 5,025,824 $ (3,391) $ 5,022,433 Net income (loss) (12,172) 379 (11,793) Balance, end of period 5,016,099 (3,011) 5,013,087 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,349,415 $ (3,011) $ 5,346,404 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Year Ended December 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) $ (957,667) $ (4,517) $ (962,184) $ 78,198 $ 1,672 $ 79,870 Decrease (increase) in funds held by reinsureds, net (26,680) 5,717 (20,963) (90,410) (2,116) (92,526) Decrease (increase) in income taxes $ (291,528) $ (1,200) $ (292,729) $ (250,118) $ 444 $ (249,674) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 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) $ 533,130 $ (600) $ 532,530 $ 251,226 $ 382 $ 251,608 Decrease (increase) in funds held by reinsureds, net (14,688) 759 (13,929) (13,877) (484) (14,361) Decrease (increase) in income taxes $ 214,830 $ (159) $ 214,671 $ 94,631 $ 102 $ 94,733 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 Six Months Ended June 30, 2018 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) $ (252,915) $ (4,207) $ (257,122) $ (277,580) $ (1,508) $ (279,088) Decrease (increase) in funds held by reinsureds, net (22,523) 5,325 (17,198) (13,233) 1,908 (11,326) Decrease (increase) in income taxes $ 11,069 $ (1,118) $ 9,951 $ 4,652 $ (400) $ 4,252 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (12,172) $ 379 $ (11,793) Decrease (increase) in funds held by reinsureds, net 136,342 (480) 135,862 Decrease (increase) in income taxes $ 52,369 $ 101 $ 52,470 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Investments | 4 . INVESTMENTS The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, investments, carried at market value and other-than-temporary impairments (“OTTI”) in accumulated other comprehensive income (“AOCI”) are as follows for the periods indicated: At September 30, 2019 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 $ 765,592 $ 12,690 $ (1,489) $ 776,793 $ - Obligations of U.S. states and political subdivisions 505,854 30,609 (95) 536,368 - Corporate securities 2,785,680 71,322 (28,579) 2,828,423 233 Asset-backed securities 605,172 1,946 (1,978) 605,140 - Mortgage-backed securities Commercial 310,630 21,458 (70) 332,018 - Agency residential 646,559 19,426 (191) 665,794 - Non-agency residential 2,203 2 - 2,205 - Foreign government securities 569,493 22,393 (6,402) 585,484 - Foreign corporate securities 1,015,528 37,649 (11,683) 1,041,494 337 Total fixed maturity securities $ 7,206,711 $ 217,495 $ (50,487) $ 7,373,719 $ 570 At December 31, 2018 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 $ 2,250,312 $ 3,573 $ (11,088) $ 2,242,797 $ - Obligations of U.S. states and political subdivisions 489,013 12,915 (2,839) 499,089 440 Corporate securities 2,273,581 12,487 (69,915) 2,216,153 430 Asset-backed securities 223,192 102 (2,039) 221,255 - Mortgage-backed securities Commercial 135,380 1,947 (723) 136,604 - Agency residential 149,306 1,177 (1,709) 148,774 - Non-agency residential 3,115 3 (4) 3,114 - Foreign government securities 576,540 14,399 (11,353) 579,586 - Foreign corporate securities 932,310 13,325 (30,932) 914,703 281 Total fixed maturity securities $ 7,032,749 $ 59,928 $ (130,602) $ 6,962,075 $ 1,151 (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. Effective January 1, 2018, the Compa ny adopted ASU 2016-01, which requires equity investments in unconsolidated entities to be measured at fair value, with any change in value being recorded within net realized capital gains/(losses) as part of the consolidated statements of operations and c omprehensive income (loss). Previously, changes in the market value had been recorded within AOCI as part of the consolidated balance sheets. Therefore, effective January 1, 2018, equity security investments no longer have an impact upon the AOCI balance . The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At September 30, 2019 At December 31, 2018 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 522,393 $ 519,742 $ 511,193 $ 507,572 Due after one year through five years 2,937,353 2,980,204 4,271,245 4,230,451 Due after five years through ten years 1,484,688 1,549,482 1,177,752 1,163,831 Due after ten years 697,713 719,134 561,566 550,474 Asset-backed securities 605,172 605,140 223,192 221,255 Mortgage-backed securities Commercial 310,630 332,018 135,380 136,604 Agency residential 646,559 665,794 149,306 148,774 Non-agency residential 2,203 2,205 3,115 3,114 Total fixed maturity securities $ 7,206,711 $ 7,373,719 $ 7,032,749 $ 6,962,075 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods as indica ted: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 33,473 $ (5,899) $ 238,301 $ (94,451) Fixed maturity securities, other-than-temporary impairment 119 326 (581) 691 Change in unrealized appreciation (depreciation), pre-tax 33,592 (5,573) 237,720 (93,760) Deferred tax benefit (expense) (7,028) 1,243 (49,917) 19,839 Deferred tax benefit (expense), other-than-temporary impairment (25) (68) 122 (145) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 26,539 $ (4,398) $ 187,925 $ (74,066) 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 % of their amortized cost at the time of review. The Company t hen assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s v alue caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value. Temporary declines in market value are recorded as unrealized loss es in accumulated other comprehensive income (loss). If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell th e security before recovery of its cost basis, the carrying value of the investment is written down to fair value. The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company’s cons olidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income ( loss) in the Company’s consolidated balance sheets. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable c redit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. Upon the adoption of ASU 2016-01 as of January 1, 2018, all equity investments in unconsolidated entities are recorded at fair value. Prior to the adoption of ASU 2016 -01, the Company presented certain equity securities at market value. The majority of the Company’s equity securities presented at market valu e prior to January 1, 2018 were primarily comprised of mutual fund investments whose underlying securities consisted of fixed maturity securities. When a fund’s value reflected an unrealized loss, the Company assessed whether the decline in value was temp orary or other-than-temporary. In making its assessment, the Company considered the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determined t hat the declines were temporary and it had the ability and intent to continue to hold the investments, then the declines were recorded as unrealized losses in accumulated other comprehensive income (loss). If declines were deemed to be other-than-temporar y, then the carrying value of the investment was written down to fair value and recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). Retrospective adjustments are employe d 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. Conditio nal 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 unreali zed depreciation of fixed maturity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at September 30, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 8,988 $ (7) $ 273,603 $ (1,482) $ 282,591 $ (1,489) Obligations of U.S. states and political subdivisions 5,669 (50) 3,518 (45) 9,187 (95) Corporate securities 328,241 (8,540) 240,104 (20,039) 568,345 (28,579) Asset-backed securities 320,136 (1,873) 45,453 (105) 365,589 (1,978) Mortgage-backed securities Commercial 4,944 - 17,620 (70) 22,564 (70) Agency residential 1,297 (4) 17,816 (187) 19,113 (191) Non-agency residential - - 696 - 696 - Foreign government securities 37,711 (351) 133,509 (6,051) 171,220 (6,402) Foreign corporate securities 60,787 (513) 159,274 (11,170) 220,061 (11,683) Total fixed maturity securities $ 767,773 $ (11,338) $ 891,593 $ (39,149) $ 1,659,366 $ (50,487) Duration of Unrealized Loss at September 30, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 33,264 $ (983) $ 169,830 $ (7,522) $ 203,094 $ (8,505) Due in one year through five years 147,148 (1,980) 509,942 (13,702) 657,090 (15,682) Due in five years through ten years 146,123 (4,957) 44,877 (7,579) 191,000 (12,536) Due after ten years 114,861 (1,541) 85,359 (9,984) 200,220 (11,525) Asset-backed securities 320,136 (1,873) 45,453 (105) 365,589 (1,978) Mortgage-backed securities 6,241 (4) 36,132 (257) 42,373 (261) Total fixed maturity securities $ 767,773 $ (11,338) $ 891,593 $ (39,149) $ 1,659,366 $ (50,487) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at September 30, 2019 were $ 1, 659,366 t housand and $ 50,487 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at September 30, 2019, did not exceed 0 . 2 % of the overall market value of the Company’s fixed maturity securitie s. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 11,338 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss po sition for less than one year were generally comprised of domestic corporate securities and asset backed securities . Of these unrealized losses, $ 4,293 thousand were related to securities that were rated investment grade by at least one nationally recogni zed statistical rating agency. The $ 39,149 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securiti es and U.S. government agencies. Of these unrealized losses $ 20,324 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortga ge-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have exc ess credit coverage and are current on interest and principal payments. 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 g ross unrealized depreciation of fixed maturity 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, 2018 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 245,357 $ (6,099) $ 373,377 $ (4,989) $ 618,734 $ (11,088) Obligations of U.S. states and political subdivisions 107,183 (2,829) 1,475 (10) 108,658 (2,839) Corporate securities 1,390,942 (57,043) 194,770 (12,872) 1,585,712 (69,915) Asset-backed securities 127,052 (1,408) 47,551 (631) 174,603 (2,039) Mortgage-backed securities Commercial 51,357 (695) 2,259 (28) 53,616 (723) Agency residential 44,071 (1,221) 21,889 (488) 65,960 (1,709) Non-agency residential 3,093 (4) - - 3,093 (4) Foreign government securities 192,510 (10,690) 101,137 (663) 293,647 (11,353) Foreign corporate securities 501,532 (25,821) 65,279 (5,111) 566,811 (30,932) Total fixed maturity securities $ 2,663,097 $ (105,810) $ 807,737 $ (24,792) $ 3,470,834 $ (130,602) Duration of Unrealized Loss at December 31, 2018 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 165,545 $ (7,618) $ 118,322 $ (1,164) $ 283,867 $ (8,782) Due in one year through five years 1,423,431 (44,924) 525,554 (9,530) 1,948,985 (54,454) Due in five years through ten years 624,875 (35,360) 42,902 (2,773) 667,777 (38,133) Due after ten years 223,673 (14,580) 49,260 (10,178) 272,933 (24,758) Asset-backed securities 127,052 (1,408) 47,551 (631) 174,603 (2,039) Mortgage-backed securities 98,521 (1,920) 24,148 (516) 122,669 (2,436) Total fixed maturity securities $ 2,663,097 $ (105,810) $ 807,737 $ (24,792) $ 3,470,834 $ (130,602) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2018 were $ 3,470,834 tho usand and $ 130,602 thousand, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2018, did not exceed 9.0 % of the overall market value of the Company’s fixed maturity securities. The market value of securities for the issuer with the second largest unrealized loss comprised less than 0.8 % of the company’s fixed maturity securities. In addition, as indicated on the above table, the re was no significant concentration of unrealized losses in any one market sector. The $ 105,810 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprise d of domestic and foreign corporate securities, foreign government securities and U.S. government agencies and corporations. Of these unrealized losses, $ 68,010 thousand related to securities that were rated investment grade by at least one nationally rec ognized statistical rating agency. The $ 24,792 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities and U.S. government agen cies. Of these unrealized losses, $ 14,802 thousand related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related t o sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are c urrent on interest and principal payments. The components of net investment income are presented in the tables below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturities $ 68,178 $ 51,834 $ 200,606 $ 142,776 Equity securities 1,971 2,651 5,721 10,681 Short-term investments and cash 2,210 2,110 8,115 4,340 Other invested assets Limited partnerships 15,102 25,573 38,273 54,213 Dividends from preferred shares of affiliate 7,758 7,758 23,274 23,274 Other 7,285 6,061 13,564 10,716 Gross investment income before adjustments 102,504 95,987 289,553 246,000 Funds held interest income (expense) 1,108 906 5,434 4,505 Interest income from Parent - 1,075 - 3,225 Gross investment income 103,612 97,968 294,987 253,730 Investment expenses (8,020) (7,670) (24,152) (21,453) Net investment income $ 95,592 $ 90,298 $ 270,835 $ 232,277 (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 $ 670,158 thousand in limited partnerships and private placement loans at September 30, 2019. These commitments will be funded when called in accordance with the partnership and loan agr eements, which have investment periods that expire, unless extended, through 2026. Beginning in the first quarter of 2016, the Company participated in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is t o enhance the Company’s return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. Through the second quarter of 2018, the Company’s participation in the facility was classified within other invested assets on the Company’s Balance Sheets. As of the third quarter of 2018, the Company has consolidated its participation in the facility. As a result, the underlying investments are now recorded in the various investme nt line items within the Company’s balance sheet, rather than as part of other invested assets. As of September 30, 2019, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 158,631 thousand. Other inve sted assets, at fair value, as of September 30, 2019 and December 31, 2018, 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturity securities, market value: Other-than-temporary impairments $ (6,968) $ (2,834) $ (14,187) $ (3,741) Gains (losses) from sales 2,200 (1,288) 3,313 4,670 Fixed maturity securities, fair value: Gains (losses) from sales - (717) 356 (1,799) Gains (losses) from fair value adjustments - 584 13 1,542 Equity securities, fair value: Gains (losses) from sales (1,192) 9,915 2,538 5,833 Gains (losses) from fair value adjustments (10,326) 36,269 93,349 34,805 Other invested assets 2,097 913 2,341 1,497 Other invested assets, fair value: Gains (losses) from fair value adjustments 126,655 (12,816) 302,306 (115,252) Short-term investment gains (losses) 76 (8) 132 (9) Total net realized capital gains (losses) $ 112,542 $ 30,018 $ 390,161 $ (72,454) The Company recorded as net realized capital gains (losses) in the conso lidated 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-th an-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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Proceeds from sales of fixed maturity securities $ 213,132 $ 184,810 $ 2,220,440 $ 554,733 Gross gains from sales 6,638 2,519 17,875 11,512 Gross losses from sales (4,438) (4,524) (14,206) (8,641) Proceeds from sales of equity securities $ 35,925 $ 186,403 $ 184,898 $ 616,330 Gross gains from sales 1,035 13,764 9,283 21,670 Gross losses from sales (2,227) (3,849) (6,745) (15,837) |
Reserves For Losses And LAE
Reserves For Losses And LAE | 9 Months Ended |
Sep. 30, 2019 | |
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: Nine Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 Gross reserves beginning of period $ 10,167,018 $ 9,343,028 Less reinsurance recoverables (4,697,543) (5,727,268) Net reserves beginning of period 5,469,475 3,615,760 Incurred related to: Current year 2,709,367 2,431,606 Prior years 28,044 480,706 Total incurred losses and LAE 2,737,411 2,912,312 Paid related to: Current year 505,856 639,528 Prior years 1,600,956 1,129,263 Total paid losses and LAE 2,106,812 1,768,791 Foreign exchange/translation adjustment (2,720) (23,093) Net reserves end of period 6,097,354 4,736,188 Plus reinsurance recoverables 4,314,820 4,783,290 Gross reserves end of period $ 10,412,174 $ 9,519,478 (Some amounts may not reconcile due to rounding.) Incurred prior years losses increased by $ 28,044 thousand for the nine months ended September 30, 2019 and by $ 480,706 thousand for the nine months ended September 30, 2018, respectively. The increase for 2019 is mainly attributable to unfavorable development on prior years catastrophes. The increase for 2018 was mainly due to $ 494,221 thousand of adverse development on prior years catastrophe losses, primarily related to Hurricanes Harvey, Irma and Maria, as well as the 2017 California wildfires. The increase in loss estimates for Hurricanes Harvey, Irma and Maria was mostly driven by re-opened claims, loss inflation from higher than expected loss adjustment expenses and in particular, their impact on aggregate covers. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
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-l evel 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 m ethodology 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 in puts 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 ob servations 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 thro ugh 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 se rvice 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. At September 30, 2019, $ 560,135 thousand of fixed maturities, market value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 480,1 81 thousand were valued by investment managers’ valuation committees and a majority of these fair val ues were substantiated by valuations from independent third parties. The Company has procedures in place to review and evaluate these independent third party valuations. The remaining Level 3 fixed maturities of $ 79, 954 thousand were fair valued by the C ompany at either par or amortized cost, which the Company believes approximates fair value. At December 31, 2018, $ 383,994 thousand of fixed maturities, market value and $ 2,337 thousand of fixed maturities, fair value were fair valued using unobservable i nputs. The majority of the fixed maturities, market value, $ 354,133 thousand and all of the $ 2,337 thousand of fixed maturities, fair value, were valued by investment managers’ valuation committees and a majority of these fair values were substantiated by valuations from independent third parties. The remaining Level 3 fixed maturities of $ 28,708 thousand were fair valued by the Company at either par or amortized cost and $ 1,153 thousand were priced using a non-binding broker quote. The Company interna lly manages a public equity portfolio which had a fair value at September 30, 2019 and December 31, 2018 of $ 154,693 thousand and $ 124,228 thousand, respectively, and all prices were obtained from publicly published sources. Equity securities denominate d 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 f oreign 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 categoriz ed 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, m aturity 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 se curities 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 reasonablene ss 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 bro ker prices are not available for private placements, the Company will value the securities using comparable market information or receive fair values from investment managers. 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, quote d 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, q uoted 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 recognize d 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 September 30, 2019 and Decemb er 31, 2018, 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 25 year redeemable, convertible preferred stock with a 1.75 % coupon is val ued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 20 year and the swap rate on the Company’s June 1, 2044 , 4.868 % senior notes, with adjustments to reflect the Compan y’s own assumptions about the inputs that market participants would use in pricing the asset. 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 per iod indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, Assets Inputs Inputs (Dollars in thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 776,793 $ - $ 776,793 $ - Obligations of U.S. States and political subdivisions 536,368 - 536,368 - Corporate securities 2,828,423 - 2,311,025 517,398 Asset-backed securities 605,140 - 564,496 40,644 Mortgage-backed securities Commercial 332,018 - 332,018 - Agency residential 665,794 - 665,794 - Non-agency residential 2,205 - 2,205 - Foreign government securities 585,484 - 585,484 - Foreign corporate securities 1,041,494 - 1,039,401 2,093 Total fixed maturities, market value 7,373,719 - 6,813,584 560,135 Equity securities, fair value 744,999 672,825 72,174 - Other invested assets, fair value 2,019,642 - - 2,019,642 There were no transfers between Level 1 and Level 2 for the nine months ended September 30, 2019. The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair a nd market value) as of the period indicated. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in thousands) 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,242,797 $ - $ 2,242,797 $ - Obligations of U.S. States and political subdivisions 499,089 - 499,089 - Corporate securities 2,216,153 - 1,839,903 376,250 Asset-backed securities 221,255 - 221,255 - Mortgage-backed securities Commercial 136,604 - 136,604 - Agency residential 148,774 - 148,774 - Non-agency residential 3,114 - 3,114 - Foreign government securities 579,586 - 579,586 - Foreign corporate securities 914,703 - 906,959 7,744 Total fixed maturities, market value 6,962,075 - 6,578,081 383,994 Fixed maturities, fair value 2,337 - - 2,337 Equity securities, fair value 564,338 540,894 23,444 - Other invested assets, fair value 1,717,336 - - 1,717,336 In addition, $ 160,264 thousand and $ 117,662 thousand of investments within other invested assets on the con solidated balance sheets as of September 30, 2019 and December 31, 2018, respectively, are not includ ed within the fair value hierarchy tables as the assets are measured at NAV as a practical expedient to determine fair value. The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 472,229 $ - $ 2,093 $ 474,322 $ 376,250 $ - $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings 1,018 - - 1,018 3,348 - (119) 3,229 Included in other comprehensive income (loss) (1,314) 644 - (670) 1,130 644 - 1,774 Purchases, issuances and settlements 42,289 40,000 - 82,289 131,975 40,000 (5,532) 166,443 Transfers in and/or (out) of Level 3 3,176 - - 3,176 4,695 - - 4,695 Ending balance $ 517,398 $ 40,644 $ 2,093 $ 560,135 $ 517,398 $ 40,644 $ 2,093 $ 560,135 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.) Total Fixed Maturities, Market Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 329,249 $ 12,615 $ 341,864 $ 158,221 $ 6,952 $ 165,173 Total gains or (losses) (realized/unrealized) Included in earnings (1,935) (472) (2,407) (590) (882) (1,472) Included in other comprehensive income (loss) (450) - (450) (25) - (25) Purchases, issuances and settlements 50,290 18 50,308 219,548 4,341 223,889 Transfers in and/or (out) of Level 3 - - - - 1,750 1,750 Ending balance $ 377,154 $ 12,161 $ 389,315 $ 377,154 $ 12,161 $ 389,315 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.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ - $ - $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings - - 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - (2,706) (2,706) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - 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.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 3,192 $ 3,192 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings (101) (101) (257) (257) Included in other comprehensive income (loss) (32) (32) - - Purchases, issuances and settlements (686) (686) 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,373 $ 2,373 $ 2,373 $ 2,373 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers to /( from) level 3, fair value measurements using significant unobservable inputs for fixed maturities, market value were $ 3,176 thousand and $ 4,695 thousand for the three and nine months ended September 30, 2019. The transfers during 2019 were related to securities that were priced using a recognized pricing service as of December 31, 2018. These securities were subsequently priced using single non-binding broker quotes as of September 30, 2019. The following table presents the activity unde r Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Other invested assets, fair value: Beginning balance $ 1,892,988 $ 1,705,037 $ 1,717,336 $ 1,807,473 Total gains or (losses) (realized/unrealized) Included in earnings 126,655 (12,816) 302,306 (115,252) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,019,642 $ 1,692,221 $ 2,019,642 $ 1,692,221 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 | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7 . COMMITMENTS AND C ONTINGENCIES 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 fund s 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 positi ons 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 reinsu rance 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 Company 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 e ither The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liab le for the periods indicated: At September 30, At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,608 $ 142,754 Unaffiliated life insurance company 34,394 34,717 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 8 . COMPREHENSIVE INCOME (LOSS) The following tables present the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (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 $ 30,803 (6,443) $ 24,360 $ 229,768 $ (48,311) $ 181,457 URA(D) on securities - OTTI 119 (25) 94 (581) 122 (459) Reclassification of net realized losses (gains) included in net income (loss) 2,671 (586) 2,085 8,533 (1,606) 6,927 Foreign currency translation adjustments 3,641 (760) 2,881 6,286 (1,316) 4,970 Reclassification of amortization of net gain (loss) included in net income (loss) 1,726 (362) 1,364 4,640 (974) 3,666 Total other comprehensive income (loss) $ 38,960 $ (8,176) $ 30,784 $ 248,646 $ (52,085) $ 196,561 (Some amounts may not reconcile due to rounding) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (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 $ (9,109) $ 1,919 $ (7,190) $ (92,026) $ 19,561 $ (72,465) URA(D) on securities - OTTI 326 (68) 258 691 (145) 546 Reclassification of net realized losses (gains) included in net income (loss) 3,210 (676) 2,534 (2,425) 278 (2,147) Foreign currency translation adjustments (3,723) 793 (2,930) (31,781) 6,697 (25,084) Reclassification of amortization of net gain (loss) included in net income (loss) 2,298 (482) 1,816 6,893 (1,447) 5,446 Total other comprehensive income (loss) $ (6,998) $ 1,486 $ (5,512) $ (118,648) $ 24,944 $ (93,704) (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Nine Months Ended Affected line item within the September 30, September 30, statements of operations and AOCI component 2019 2018 2019 2018 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 2,671 $ 3,210 $ 8,533 $ (2,425) Other net realized capital gains (losses) (586) (676) (1,606) 278 Income tax expense (benefit) $ 2,085 $ 2,534 $ 6,927 $ (2,147) Net income (loss) Benefit plan net gain (loss) $ 1,726 $ 2,298 $ 4,640 $ 6,893 Other underwriting expenses (362) (482) (974) (1,447) Income tax expense (benefit) $ 1,364 $ 1,816 $ 3,666 $ 5,446 Net income (loss) (Some amounts may not reconcile due to rounding) T he following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance of URA (D) on securities $ 105,436 $ (34,673) $ (55,950) $ 37,442 Change to beginning balance due to adoption of ASU 2016-01 - - - (2,447) Current period change in URA (D) of investments - temporary 26,446 (4,656) 188,385 (74,612) Current period change in URA (D) of investments - non-credit OTTI 94 258 (459) 546 Ending balance of URA (D) on securities 131,976 (39,071) 131,976 (39,071) Beginning balance of foreign currency translation adjustments (797) 11,391 (2,886) 33,545 Current period change in foreign currency translation adjustments 2,880 (2,930) 4,969 (25,084) Ending balance of foreign currency translation adjustments 2,083 8,461 2,083 8,461 Beginning balance of benefit plan net gain (loss) (65,116) (68,299) (67,418) (71,929) Current period change in benefit plan net gain (loss) 1,364 1,816 3,666 5,446 Ending balance of benefit plan net gain (loss) (63,752) (66,483) (63,752) (66,483) Ending balance of accumulated other comprehensive income (loss) $ 70,307 $ (97,093) $ 70,307 $ (97,093) |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 9 Months Ended |
Sep. 30, 2019 | |
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 non-affiliated ceding companies. At September 30, 2019, the total amount o n deposit in the trust account was $ 626,689 thousand. On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts, which cover specified named storm and earthquake events. The first agreement provides up to $ 250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States. The second agreement provides up to $ 200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as wel l as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia. These reinsurance agreements expired in April 2018 . On November 18, 2014, th e Company entered into a collateralized reinsurance agreement with Kilimanjaro to provide the Company with cat astrophe reinsurance coverage. This agreement is a multi-year reinsurance contract which covers specified earthquake events. The agreement provid es up to $ 500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada. On December 1, 2015, the Company entered into two collateralized reinsurance agreements with Kilimanjaro to provide the Company with catast rophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover nam ed storm and earthquake events. The first agreement provides up to $ 300,000 thousand of reinsurance coverage from named storms and earthquakes in the United S tates, Puerto Rico and Canada. The second agreement provides up to $ 325,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 13, 2017, the Company entered into six collateralized r einsurance agreements with Kilimanjaro to provide the Company with annual aggregate catastrophe reinsurance coverage. The initial three agreements are four year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 225,000 thousand, $ 400,000 thousand and $ 325,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsura nce contracts which cover named storm and earthquake events. These agreements provide up to $ 50,000 thousand, $ 75,000 thousand and $ 175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United St ates, Puerto Rico and Canada. On April 30, 2018, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts wh ich cover name d storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes i n the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from cove red events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery. In addition, the aggregation of the to date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,0 00 thousand of notes (“Series 2014-1 Notes”). The $ 450,000 thousand of Series 2014-1 Notes were fully redeemed on April 30, 2018 and are no longer outstanding. On November 18, 2014, Kilimanjaro issued $ 500,000 thousand of notes (“Series 2014-2 Notes”). O n December 1, 2015, Kilimanjaro issued $ 625,000 thousand of notes (“Series 2015-1 Notes). On April 13, 2017, Kilimanjaro issued $ 950,000 thousand of notes (“Series 2017-1 Notes) and $ 300,000 thousand of notes (“Series 2017-2 Notes). On April 30, 2018, Kil imanjaro issued $ 262,500 thousand of notes (“Series 2018-1 Notes”) and $ 262,500 thousand of notes (“Series 2018-2 Notes”). The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable rein surance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2019 | |
Senior Notes [Abstract] | |
Senior Notes | 10 . S ENIOR NOTES The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. September 30, 2019 December 31, 2018 Consolidated Consolidated Principal Balance Sheet Market Balance Sheet Market (Dollars in thousands) Date Issued Date Due Amounts Amount Value Amount Value Senior notes 06/05/2014 06/01/2044 400,000 $ 397,044 $ 450,984 $ 396,954 $ 396,968 On June 5, 2014 , Holdings issued $ 400,000 thousand of 30 year senior notes at 4.868 %, which will mature on June 1, 2044 . Interest will be paid semi-annually on June 1 and December 1 of each year. Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 9 Months Ended |
Sep. 30, 2019 | |
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. September 30, 2019 December 31, 2018 Original Consolidated Consolidated Principal Maturity Date Balance Market Balance Market (Dollars in thousands) Date Issued Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 236,733 $ 214,853 $ 236,659 $ 200,390 During the fixed rate interest period from May 3, 2007 through May 14, 2017 , interest was at the annual rate of 6.6 %, payable semi-annually in arrears on November 15 and May 15 of each year, commenci ng on November 15, 2007 . During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for August 15, 2019 to November 14, 2019 is 4. 54 %. Holdings may redeem the long term subordinated notes on or after May 15, 2017 , in whole or in part at 100 % of the principal amount plus accrued and unpaid intere st; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40 % senior notes on October 15, 2014 , the Company’s 4.868 % senior notes, due on June 1, 2044 , ha ve become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated n otes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $ 161,441 thousand. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest expense incurred $ 2,881 $ 2,875 $ 8,892 $ 7,968 |
Federal Home Loan Membership
Federal Home Loan Membership | 9 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Membership [Abstract] | |
Federal Home Loan Membership | 12 . FEDERAL HOME LOAN BANK MEMBERSHIP Effective August 15, 2019, Everest Re became a member of the Federal Home Loan Bank (“FHLB”) organization, which allows Everest Re to borrow up to 10 % of its statutory admitted assets. As of June 30, 2019, Everest Re had admitted assets of $ 12,310,510 tho usand which provides borrowing capacity of up to $ 1,231,051 thousand. Through September 30, 2019, Everest Re had no borrowings through the FHLB. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 13 . LEASES Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payme nts utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follow s for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2019 Lease expense incurred: Operating lease cost $ 4,791 $ 14,146 At September 30, (Dollars in thousands) 2019 Operating lease right of use assets $ 50,356 Operating lease liabilities 55,702 Nine Months Ended September 30, (Dollars in thousands) 2019 Operating cash flows from operating leases $ (12,914) At September 30, 2019 Weighted average remaining operating lease term 6.0 years Weighted average discount rate on operating leases 4.48 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2019 $ 4,294 2020 17,233 2021 8,603 2022 8,328 2023 8,235 2024 8,104 Thereafter 13,653 Undiscounted lease payments 68,450 Less: present value adjustment 12,748 Total operating lease liability $ 55,702 The amount of operating lease liabilities is not separately presented in the consolidated financial statements bu t is included in other liabilities. Disclosures regarding minimum lease payments under previous lease accounting guidance can be found in the Company’s 2018 Form 10-K. On July 2, 2019, the Company entered into a lease agreement to relocate its corporate offices from Liberty Corner, New Jersey to a corporate complex in Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, will be effective October 1, 2019 and runs through 2036 . The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7,800 thousand per year. The Company expects to relocate the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex by the end of 2020. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14 . 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 we ll 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 Insur ance 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. Underwrit ing results include earned premium less losses and 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 expen se 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 no t 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 Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 854,641 $ 940,839 $ 2,260,544 $ 2,237,170 Net written premiums 740,096 703,944 1,845,931 1,557,706 Premiums earned $ 630,135 $ 528,867 $ 1,810,175 $ 1,437,761 Incurred losses and LAE 392,912 394,621 1,077,023 1,404,349 Commission and brokerage 215,825 156,500 555,517 432,531 Other underwriting expenses 19,148 16,250 50,467 48,608 Underwriting gain (loss) $ 2,250 $ (38,504) $ 127,168 $ (447,727) Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 442,587 $ 363,359 $ 1,204,229 $ 1,129,097 Net written premiums 401,341 340,701 1,109,418 1,012,933 Premiums earned $ 366,410 $ 331,921 $ 1,041,870 $ 1,003,993 Incurred losses and LAE 407,799 315,850 858,683 751,696 Commission and brokerage 81,674 78,180 237,510 240,953 Other underwriting expenses 11,258 9,991 29,355 29,946 Underwriting gain (loss) $ (134,321) $ (72,100) $ (83,678) $ (18,602) Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 592,775 $ 454,993 $ 1,798,149 $ 1,491,438 Net written premiums 428,518 333,836 1,326,714 1,105,223 Premiums earned $ 431,855 $ 369,983 $ 1,222,432 $ 1,084,863 Incurred losses and LAE 297,382 259,826 801,705 756,267 Commission and brokerage 60,182 53,532 169,647 159,187 Other underwriting expenses 65,287 52,559 177,604 151,823 Underwriting gain (loss) $ 9,004 $ 4,066 $ 73,476 $ 17,586 The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Underwriting gain (loss) $ (123,067) $ (106,538) $ 116,966 $ (448,743) Net investment income 95,592 90,298 270,835 232,277 Net realized capital gains (losses) 112,542 30,018 390,161 (72,454) Corporate expense (3,183) (2,488) (7,353) (7,597) Interest, fee and bond issue cost amortization expense (7,802) (7,796) (27,314) (22,732) Other income (expense) (2,673) (4,802) (8,459) (3,905) Income (loss) before taxes $ 71,409 $ (1,308) $ 734,836 $ (323,154) The Company produces business in the U.S. and internationally. The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Canada gross written premiums $ 52,136 $ 41,005 $ 138,392 $ 125,586 No other country represented more than 5 % of the Company’s revenues. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 15 . RELATED-PARTY TRANSACTIONS Parent Group entered into a $ 250,000 thousand long term promissory note agreement with Holdings as of December 31, 2014. The note was repaid in December 2018. Interest income in the amount of $ 0 thousand and $ 1,075 thousand was recorded by Holdi ngs for the three months ended September 30, 2019 and 2018, respectively. Interest income in the amount of $ 0 thousand and $ 2,150 thousand was recorded by Holdings for the nine months ended September 30, 2019 and 2018, respectively. 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 o r 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 Common Shares of Group, which were purchased in the open market between February 2007 and March 2011. In December, 2015, Holdings transferred the 9,719,971 Common Shares of Group, which it held as other invested assets, at fair value, valued at $ 1,773,214 thousand, to Preferred Holdings, an affiliated entity and subsidiary of Group, in exchange for 1,773.214 preferred shares of Preferred Holdings with a $ 1,0 00 thousand par value and 1.75 % annual dividend rate. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. Holdings reported its 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 that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Dividends received on preferred stock of affiliate $ 7,758 $ 7,758 $ 23,274 $ 23,274 Affiliated Companies Effective December 31, 2018, Holdings entered into a $ 300,000 thousand long-term promissory note agreement with Bermuda Re. The note was repaid in May, 2019. This transaction was presented as a Note Payable – Affiliated in the consolidated balance sheets of Holdings as of December 31, 2018. Interest expense of $ 0 thousand and $ 3,658 thousand was recorded by Holdings for the three and nine months ended September 30, 2019, respectively. Effective October 1, 2018, Holdings Ireland made a capital contribution of Global Services, an affiliated entity, to Holdings. Global Services had an equity value of $ 227,253 thousand at the time of contribution and that value is classified as additional paid in capital in the Company’s consolidated balance sheet as of December 31, 2018. Affiliates The table below represents aff iliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: (Dollars in thousands) Single Percent Assuming Occurrence Aggregate Coverage Period Ceding Company Ceded Company Type of Business 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 01/01/2017-12/31/2017 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) 01/01/2014-12/31/2017 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 262,500 (1) 412,500 (1) 01/01/2012-12/31/2017 Everest Canada 80.0 % Everest Re- Canadian Branch property business - - (1) Amounts shown are Canadian dollars. Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance contract (“stop loss agreement”) with Bermuda Re. The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions. The stop loss agreement was renewed effective January 1, 2019. In addition, Everest Re entered into a property catastrophe excess of loss reinsurance contract with Bermuda Re, effective January 1, 2019. The contract provides $ 1 00,000 thousand of reinsurance coverage for property catastrophe losses above certain attachment points. The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to a n affiliate. (Dollars in thousands) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 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 12/31/2017 Everest Re Bermuda Re $ 970,000 All years On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re. The LPT agreement covers subject loss reserves of $ 2,336,242 thousand for accident years 2017 and prior. As a result of the LPT agreement, the Company transferred $ 1,000,000 thousand of cash and fixed maturity securities and transferred $ 970,000 thousand of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $ 500,000 thousand of adverse development coverage on the subject loss reserves. 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 peri ods indicated: Three Months Ended Nine Months Ended Bermuda Re September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Ceded written premiums $ 14,660 $ 146,513 $ 85,667 $ 421,804 Ceded earned premiums 16,510 148,228 85,632 432,459 Ceded losses and LAE (16,836) 34,683 (8,521) 70,791 Three Months Ended Nine Months Ended Everest International September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Ceded written premiums $ - $ - $ - $ - Ceded earned premiums - - - - Ceded losses and LAE 10 (5) (26) (362) Three Months Ended Nine Months Ended Everest Canada September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Assumed written premiums $ - $ - $ - $ - Assumed earned premiums - - - - Assumed losses and LAE (1,633) (1,388) (938) 1,958 Three Months Ended Nine Months Ended Lloyd's Syndicate 2786 September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Assumed written premiums $ 24 $ 1,056 $ (8,702) $ 795 Assumed earned premiums 850 2,876 (16,380) 13,826 Assumed losses and LAE 1,141 2,883 (2,386) 10,909 In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures. The following table su mmarizes 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 Nine Months Ended Mt. Logan Re Segregated Accounts September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Ceded written premiums $ 79,152 $ 53,340 $ 193,664 $ 154,779 Ceded earned premiums 69,942 44,699 176,576 149,674 Ceded losses and LAE 81,136 23,087 145,918 130,994 Assumed written premiums - 3,219 - 7,866 Assumed earned premiums - 3,219 - 7,866 Assumed losses and LAE - - - - |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 16 . RETIREMENT BENEFITS The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and c redited length of service. The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective Ja nuary 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 2,064 $ 2,977 $ 6,616 $ 8,931 Interest cost 2,928 2,585 8,788 7,754 Expected return on plan assets (4,492) (3,670) (14,523) (11,011) Amortization of net (income) loss 1,909 2,237 5,111 6,710 Settlement charge 102 - 309 - Net periodic benefit cost $ 2,511 $ 4,129 $ 6,301 $ 12,384 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 245 $ 446 $ 818 $ 1,339 Interest cost 245 307 835 920 Amortization of prior service cost (144) (33) (433) (98) Amortization of net (income) loss (39) 94 (39) 282 Net periodic benefit cost $ 307 $ 814 $ 1,181 $ 2,443 (Some amounts may not reconcile due to rounding.) The service cost component of net periodic benefit costs is included within other underwriting expenses on the consolidated statement of operations and comprehensive income (loss). In accordance with ASU 2017-07, other staff compensation costs are also primarily recorded within this line item. The Company did not make any contributions to the qualified pension benefit plan for the three and nine months ended September 30, 2019 . For the three and nine months ended September 30, 2018, the company contributed $ 77,000 thousand to the qualified pension benefit plan. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 17 . I NCOME 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. The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annua l effective tax rate approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/loss to determine the income tax expense or benefit for the year-to-date period. If the annual effective tax rate approach produce s a year-to-date tax benefit which exceeds the amount which is estimated to be recoverable for the full year, then the tax benefit for the interim reporting period will be limited as prescribed under ASC 740-270 to the estimated recoverable based on the ye ar-to-date result. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management cons iders the impact of all known events in its estimation of the Company’s annual pre-tax income/loss and effective tax rate. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In October 2019, Typhoon Hagibis made landfall in Japan. Additionally, wildfires are currently impacting California. Due to the recentness of these events, the company is unable to estimate the amount of losses at this time. However, the company anticipates that the losses from these events will adversely impact fourth quarter 2019 financial statements. |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revisions To Financial Statements [Abstract] | |
Schedule Of Prior Period Financial Statments | CONSOLIDATED BALANCE SHEETS December 31, 2018 December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Funds held by reinsureds 238,566 (10,010) 228,556 210,939 (4,292) 206,647 Income taxes 409,892 2,102 411,994 87,110 901 88,011 TOTAL ASSETS $ 18,688,205 $ (7,908) $ 18,680,297 $ 17,888,512 $ (3,391) $ 17,885,121 SHAREHOLDERS' EQUITY: Retained earnings 4,070,604 (7,908) 4,062,696 5,025,824 (3,391) 5,022,433 Total shareholders' equity 5,044,665 (7,908) 5,036,757 5,412,723 (3,391) 5,409,332 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 18,688,205 $ (7,908) $ 18,680,297 $ 17,888,512 $ (3,391) $ 17,885,121 CONSOLIDATED BALANCE SHEETS June 30, 2019 March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Funds held by reinsureds 250,903 (10,768) 240,135 248,993 (9,524) 239,469 Income taxes 151,109 2,261 153,370 289,210 2,000 291,210 TOTAL ASSETS $ 19,235,832 $ (8,507) $ 19,227,325 $ 19,063,665 $ (7,524) $ 19,056,141 SHAREHOLDERS' EQUITY: Retained earnings 4,603,734 (8,507) 4,595,227 4,321,830 (7,524) 4,314,306 Total stockholder's equity 5,743,746 (8,507) 5,735,239 5,394,126 (7,524) 5,386,602 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 19,235,832 $ (8,507) $ 19,227,325 $ 19,063,665 $ (7,524) $ 19,056,141 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Year Ended December 31, 2018 Year Ended December 31, 2017 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (3,851) (5,717) (9,568) 23,750 2,116 25,866 Total revenues $ 4,964,232 $ (5,717) $ 4,958,515 $ 2,421,157 $ 2,116 $ 2,423,273 INCOME (LOSS) BEFORE TAXES $ (1,323,492) $ (5,717) $ (1,329,209) $ (122,982) $ 2,116 $ (120,866) Income tax expense (benefit) (365,825) (1,200) (367,025) (201,180) 444 (200,736) NET INCOME (LOSS) $ (957,667) $ (4,517) $ (962,184) $ 78,198 $ 1,672 $ 79,870 COMPREHENSIVE INCOME (LOSS) $ (1,080,532) $ (4,517) $ (1,085,049) $ 113,896 $ 1,672 $ 115,568 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (3,812) (1,243) (5,055) (5,026) (759) (5,785) Total revenues $ 1,605,083 $ (1,243) $ 1,603,840 $ 3,093,913 $ (759) $ 3,093,154 INCOME (LOSS) BEFORE TAXES $ 349,532 $ (1,243) $ 348,289 $ 664,187 $ (759) $ 663,428 Income tax expense (benefit) 67,628 (261) 67,367 131,057 (159) 130,898 NET INCOME (LOSS) $ 281,904 $ (982) $ 280,922 $ 533,130 $ (600) $ 532,530 COMPREHENSIVE INCOME (LOSS) $ 349,533 $ (982) $ 348,551 $ 698,907 $ (600) $ 698,307 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (1,214) 484 (730) Total revenues $ 1,488,830 $ 484 $ 1,489,314 INCOME (LOSS) BEFORE TAXES $ 314,655 $ 484 $ 315,139 Income tax expense (benefit) 63,429 102 63,531 NET INCOME (LOSS) $ 251,226 $ 382 $ 251,608 COMPREHENSIVE INCOME (LOSS) $ 349,374 $ 382 $ 349,756 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (1,385) (3,417) (4,802) 1,420 (5,325) (3,905) Total revenues $ 1,349,702 $ (3,417) $ 1,346,285 $ 3,687,860 $ (5,325) $ 3,682,535 INCOME (LOSS) BEFORE TAXES $ 2,109 $ (3,417) $ (1,308) $ (317,829) $ (5,325) $ (323,154) Income tax expense (benefit) (22,556) (718) (23,274) (64,914) (1,118) (66,032) NET INCOME (LOSS) $ 24,665 $ (2,699) $ 21,966 $ (252,915) $ (4,207) $ (257,122) COMPREHENSIVE INCOME (LOSS) $ 19,153 $ (2,699) $ 16,454 $ (346,619) $ (4,207) $ (350,826) CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) 77,682 (2,388) 75,294 2,805 (1,908) 897 Total revenues $ 1,287,317 $ (2,388) $ 1,284,929 $ 2,338,158 $ (1,908) $ 2,336,250 INCOME (LOSS) BEFORE TAXES $ (312,807) $ (2,388) $ (315,195) $ (319,938) $ (1,908) $ (321,846) Income tax expense (benefit) (47,399) (501) (47,900) (42,538) (400) (42,938) NET INCOME (LOSS) $ (265,408) $ (1,887) $ (267,295) $ (277,580) $ (1,508) $ (279,088) COMPREHENSIVE INCOME (LOSS) $ (302,416) $ (1,887) $ (304,303) $ (365,772) $ (1,508) $ (367,280) CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (74,877) 480 (74,397) Total revenues $ 1,050,841 $ 480 $ 1,051,321 INCOME (LOSS) BEFORE TAXES $ (7,131) $ 480 $ (6,651) Income tax expense (benefit) 5,041 101 5,142 NET INCOME (LOSS) $ (12,172) $ 379 $ (11,793) COMPREHENSIVE INCOME (LOSS) $ (63,356) $ 379 $ (62,977) CONSOLIDATED STATEMENTS OF Year Ended December 31, 2018 Year Ended December 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) RETAINED EARNINGS: Balance, beginning of period $ 5,025,824 $ (3,391) $ 5,022,433 $ 4,947,301 $ (5,062) $ 4,942,239 Net income (loss) (957,667) (4,517) (962,184) 78,198 1,672 79,870 Balance, end of period 4,070,604 (7,908) 4,062,696 5,025,824 (3,391) 5,022,433 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,044,665 $ (7,908) $ 5,036,757 $ 5,412,723 $ (3,391) $ 5,409,332 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 4,070,604 $ (7,908) $ 4,062,696 $ 4,070,604 $ (7,908) $ 4,062,696 Net income (loss) 251,226 382 251,608 251,226 382 251,608 Balance, March 31 4,321,830 (7,524) 4,314,306 4,321,830 (7,524) 4,314,306 Net income (loss) 281,904 (982) 280,922 Balance, June 30 4,603,734 (8,507) 4,595,227 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 5,743,746 $ (8,507) $ 5,735,239 $ 5,394,126 $ (7,524) $ 5,386,602 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 4,750,691 $ (4,897) $ 4,745,792 $ 5,025,824 $ (3,391) $ 5,022,433 Net income (loss) 24,665 (2,699) 21,966 (252,915) (4,207) (257,122) Balance, end of period 4,775,356 (7,597) 4,767,758 4,775,356 (7,597) 4,767,758 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,066,243 $ (7,597) $ 5,058,645 $ 5,066,243 $ (7,597) $ 5,058,645 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 5,016,099 $ (3,011) $ 5,013,087 $ 5,025,824 $ (3,391) $ 5,022,433 Net income (loss) (265,408) (1,887) (267,295) (277,580) (1,508) (279,088) Balance, end of period 4,750,691 (4,897) 4,745,792 4,750,691 (4,897) 4,745,792 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,047,046 $ (4,897) $ 5,042,149 $ 5,047,046 $ (4,897) $ 5,042,149 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 5,025,824 $ (3,391) $ 5,022,433 Net income (loss) (12,172) 379 (11,793) Balance, end of period 5,016,099 (3,011) 5,013,087 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 5,349,415 $ (3,011) $ 5,346,404 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Year Ended December 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) $ (957,667) $ (4,517) $ (962,184) $ 78,198 $ 1,672 $ 79,870 Decrease (increase) in funds held by reinsureds, net (26,680) 5,717 (20,963) (90,410) (2,116) (92,526) Decrease (increase) in income taxes $ (291,528) $ (1,200) $ (292,729) $ (250,118) $ 444 $ (249,674) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 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) $ 533,130 $ (600) $ 532,530 $ 251,226 $ 382 $ 251,608 Decrease (increase) in funds held by reinsureds, net (14,688) 759 (13,929) (13,877) (484) (14,361) Decrease (increase) in income taxes $ 214,830 $ (159) $ 214,671 $ 94,631 $ 102 $ 94,733 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 Six Months Ended June 30, 2018 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) $ (252,915) $ (4,207) $ (257,122) $ (277,580) $ (1,508) $ (279,088) Decrease (increase) in funds held by reinsureds, net (22,523) 5,325 (17,198) (13,233) 1,908 (11,326) Decrease (increase) in income taxes $ 11,069 $ (1,118) $ 9,951 $ 4,652 $ (400) $ 4,252 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (12,172) $ 379 $ (11,793) Decrease (increase) in funds held by reinsureds, net 136,342 (480) 135,862 Decrease (increase) in income taxes $ 52,369 $ 101 $ 52,470 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At September 30, 2019 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 $ 765,592 $ 12,690 $ (1,489) $ 776,793 $ - Obligations of U.S. states and political subdivisions 505,854 30,609 (95) 536,368 - Corporate securities 2,785,680 71,322 (28,579) 2,828,423 233 Asset-backed securities 605,172 1,946 (1,978) 605,140 - Mortgage-backed securities Commercial 310,630 21,458 (70) 332,018 - Agency residential 646,559 19,426 (191) 665,794 - Non-agency residential 2,203 2 - 2,205 - Foreign government securities 569,493 22,393 (6,402) 585,484 - Foreign corporate securities 1,015,528 37,649 (11,683) 1,041,494 337 Total fixed maturity securities $ 7,206,711 $ 217,495 $ (50,487) $ 7,373,719 $ 570 At December 31, 2018 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 $ 2,250,312 $ 3,573 $ (11,088) $ 2,242,797 $ - Obligations of U.S. states and political subdivisions 489,013 12,915 (2,839) 499,089 440 Corporate securities 2,273,581 12,487 (69,915) 2,216,153 430 Asset-backed securities 223,192 102 (2,039) 221,255 - Mortgage-backed securities Commercial 135,380 1,947 (723) 136,604 - Agency residential 149,306 1,177 (1,709) 148,774 - Non-agency residential 3,115 3 (4) 3,114 - Foreign government securities 576,540 14,399 (11,353) 579,586 - Foreign corporate securities 932,310 13,325 (30,932) 914,703 281 Total fixed maturity securities $ 7,032,749 $ 59,928 $ (130,602) $ 6,962,075 $ 1,151 (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2019 At December 31, 2018 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 522,393 $ 519,742 $ 511,193 $ 507,572 Due after one year through five years 2,937,353 2,980,204 4,271,245 4,230,451 Due after five years through ten years 1,484,688 1,549,482 1,177,752 1,163,831 Due after ten years 697,713 719,134 561,566 550,474 Asset-backed securities 605,172 605,140 223,192 221,255 Mortgage-backed securities Commercial 310,630 332,018 135,380 136,604 Agency residential 646,559 665,794 149,306 148,774 Non-agency residential 2,203 2,205 3,115 3,114 Total fixed maturity securities $ 7,206,711 $ 7,373,719 $ 7,032,749 $ 6,962,075 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 33,473 $ (5,899) $ 238,301 $ (94,451) Fixed maturity securities, other-than-temporary impairment 119 326 (581) 691 Change in unrealized appreciation (depreciation), pre-tax 33,592 (5,573) 237,720 (93,760) Deferred tax benefit (expense) (7,028) 1,243 (49,917) 19,839 Deferred tax benefit (expense), other-than-temporary impairment (25) (68) 122 (145) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 26,539 $ (4,398) $ 187,925 $ (74,066) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 8,988 $ (7) $ 273,603 $ (1,482) $ 282,591 $ (1,489) Obligations of U.S. states and political subdivisions 5,669 (50) 3,518 (45) 9,187 (95) Corporate securities 328,241 (8,540) 240,104 (20,039) 568,345 (28,579) Asset-backed securities 320,136 (1,873) 45,453 (105) 365,589 (1,978) Mortgage-backed securities Commercial 4,944 - 17,620 (70) 22,564 (70) Agency residential 1,297 (4) 17,816 (187) 19,113 (191) Non-agency residential - - 696 - 696 - Foreign government securities 37,711 (351) 133,509 (6,051) 171,220 (6,402) Foreign corporate securities 60,787 (513) 159,274 (11,170) 220,061 (11,683) Total fixed maturity securities $ 767,773 $ (11,338) $ 891,593 $ (39,149) $ 1,659,366 $ (50,487) Duration of Unrealized Loss at December 31, 2018 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 245,357 $ (6,099) $ 373,377 $ (4,989) $ 618,734 $ (11,088) Obligations of U.S. states and political subdivisions 107,183 (2,829) 1,475 (10) 108,658 (2,839) Corporate securities 1,390,942 (57,043) 194,770 (12,872) 1,585,712 (69,915) Asset-backed securities 127,052 (1,408) 47,551 (631) 174,603 (2,039) Mortgage-backed securities Commercial 51,357 (695) 2,259 (28) 53,616 (723) Agency residential 44,071 (1,221) 21,889 (488) 65,960 (1,709) Non-agency residential 3,093 (4) - - 3,093 (4) Foreign government securities 192,510 (10,690) 101,137 (663) 293,647 (11,353) Foreign corporate securities 501,532 (25,821) 65,279 (5,111) 566,811 (30,932) Total fixed maturity securities $ 2,663,097 $ (105,810) $ 807,737 $ (24,792) $ 3,470,834 $ (130,602) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 33,264 $ (983) $ 169,830 $ (7,522) $ 203,094 $ (8,505) Due in one year through five years 147,148 (1,980) 509,942 (13,702) 657,090 (15,682) Due in five years through ten years 146,123 (4,957) 44,877 (7,579) 191,000 (12,536) Due after ten years 114,861 (1,541) 85,359 (9,984) 200,220 (11,525) Asset-backed securities 320,136 (1,873) 45,453 (105) 365,589 (1,978) Mortgage-backed securities 6,241 (4) 36,132 (257) 42,373 (261) Total fixed maturity securities $ 767,773 $ (11,338) $ 891,593 $ (39,149) $ 1,659,366 $ (50,487) Duration of Unrealized Loss at December 31, 2018 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 165,545 $ (7,618) $ 118,322 $ (1,164) $ 283,867 $ (8,782) Due in one year through five years 1,423,431 (44,924) 525,554 (9,530) 1,948,985 (54,454) Due in five years through ten years 624,875 (35,360) 42,902 (2,773) 667,777 (38,133) Due after ten years 223,673 (14,580) 49,260 (10,178) 272,933 (24,758) Asset-backed securities 127,052 (1,408) 47,551 (631) 174,603 (2,039) Mortgage-backed securities 98,521 (1,920) 24,148 (516) 122,669 (2,436) Total fixed maturity securities $ 2,663,097 $ (105,810) $ 807,737 $ (24,792) $ 3,470,834 $ (130,602) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturities $ 68,178 $ 51,834 $ 200,606 $ 142,776 Equity securities 1,971 2,651 5,721 10,681 Short-term investments and cash 2,210 2,110 8,115 4,340 Other invested assets Limited partnerships 15,102 25,573 38,273 54,213 Dividends from preferred shares of affiliate 7,758 7,758 23,274 23,274 Other 7,285 6,061 13,564 10,716 Gross investment income before adjustments 102,504 95,987 289,553 246,000 Funds held interest income (expense) 1,108 906 5,434 4,505 Interest income from Parent - 1,075 - 3,225 Gross investment income 103,612 97,968 294,987 253,730 Investment expenses (8,020) (7,670) (24,152) (21,453) Net investment income $ 95,592 $ 90,298 $ 270,835 $ 232,277 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturity securities, market value: Other-than-temporary impairments $ (6,968) $ (2,834) $ (14,187) $ (3,741) Gains (losses) from sales 2,200 (1,288) 3,313 4,670 Fixed maturity securities, fair value: Gains (losses) from sales - (717) 356 (1,799) Gains (losses) from fair value adjustments - 584 13 1,542 Equity securities, fair value: Gains (losses) from sales (1,192) 9,915 2,538 5,833 Gains (losses) from fair value adjustments (10,326) 36,269 93,349 34,805 Other invested assets 2,097 913 2,341 1,497 Other invested assets, fair value: Gains (losses) from fair value adjustments 126,655 (12,816) 302,306 (115,252) Short-term investment gains (losses) 76 (8) 132 (9) Total net realized capital gains (losses) $ 112,542 $ 30,018 $ 390,161 $ (72,454) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Proceeds from sales of fixed maturity securities $ 213,132 $ 184,810 $ 2,220,440 $ 554,733 Gross gains from sales 6,638 2,519 17,875 11,512 Gross losses from sales (4,438) (4,524) (14,206) (8,641) Proceeds from sales of equity securities $ 35,925 $ 186,403 $ 184,898 $ 616,330 Gross gains from sales 1,035 13,764 9,283 21,670 Gross losses from sales (2,227) (3,849) (6,745) (15,837) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Nine Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 Gross reserves beginning of period $ 10,167,018 $ 9,343,028 Less reinsurance recoverables (4,697,543) (5,727,268) Net reserves beginning of period 5,469,475 3,615,760 Incurred related to: Current year 2,709,367 2,431,606 Prior years 28,044 480,706 Total incurred losses and LAE 2,737,411 2,912,312 Paid related to: Current year 505,856 639,528 Prior years 1,600,956 1,129,263 Total paid losses and LAE 2,106,812 1,768,791 Foreign exchange/translation adjustment (2,720) (23,093) Net reserves end of period 6,097,354 4,736,188 Plus reinsurance recoverables 4,314,820 4,783,290 Gross reserves end of period $ 10,412,174 $ 9,519,478 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, Assets Inputs Inputs (Dollars in thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 776,793 $ - $ 776,793 $ - Obligations of U.S. States and political subdivisions 536,368 - 536,368 - Corporate securities 2,828,423 - 2,311,025 517,398 Asset-backed securities 605,140 - 564,496 40,644 Mortgage-backed securities Commercial 332,018 - 332,018 - Agency residential 665,794 - 665,794 - Non-agency residential 2,205 - 2,205 - Foreign government securities 585,484 - 585,484 - Foreign corporate securities 1,041,494 - 1,039,401 2,093 Total fixed maturities, market value 7,373,719 - 6,813,584 560,135 Equity securities, fair value 744,999 672,825 72,174 - Other invested assets, fair value 2,019,642 - - 2,019,642 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in thousands) 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,242,797 $ - $ 2,242,797 $ - Obligations of U.S. States and political subdivisions 499,089 - 499,089 - Corporate securities 2,216,153 - 1,839,903 376,250 Asset-backed securities 221,255 - 221,255 - Mortgage-backed securities Commercial 136,604 - 136,604 - Agency residential 148,774 - 148,774 - Non-agency residential 3,114 - 3,114 - Foreign government securities 579,586 - 579,586 - Foreign corporate securities 914,703 - 906,959 7,744 Total fixed maturities, market value 6,962,075 - 6,578,081 383,994 Fixed maturities, fair value 2,337 - - 2,337 Equity securities, fair value 564,338 540,894 23,444 - Other invested assets, fair value 1,717,336 - - 1,717,336 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 472,229 $ - $ 2,093 $ 474,322 $ 376,250 $ - $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings 1,018 - - 1,018 3,348 - (119) 3,229 Included in other comprehensive income (loss) (1,314) 644 - (670) 1,130 644 - 1,774 Purchases, issuances and settlements 42,289 40,000 - 82,289 131,975 40,000 (5,532) 166,443 Transfers in and/or (out) of Level 3 3,176 - - 3,176 4,695 - - 4,695 Ending balance $ 517,398 $ 40,644 $ 2,093 $ 560,135 $ 517,398 $ 40,644 $ 2,093 $ 560,135 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.) Total Fixed Maturities, Market Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 329,249 $ 12,615 $ 341,864 $ 158,221 $ 6,952 $ 165,173 Total gains or (losses) (realized/unrealized) Included in earnings (1,935) (472) (2,407) (590) (882) (1,472) Included in other comprehensive income (loss) (450) - (450) (25) - (25) Purchases, issuances and settlements 50,290 18 50,308 219,548 4,341 223,889 Transfers in and/or (out) of Level 3 - - - - 1,750 1,750 Ending balance $ 377,154 $ 12,161 $ 389,315 $ 377,154 $ 12,161 $ 389,315 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.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ - $ - $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings - - 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - (2,706) (2,706) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - 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.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 3,192 $ 3,192 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings (101) (101) (257) (257) Included in other comprehensive income (loss) (32) (32) - - Purchases, issuances and settlements (686) (686) 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,373 $ 2,373 $ 2,373 $ 2,373 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.) |
Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Other invested assets, fair value: Beginning balance $ 1,892,988 $ 1,705,037 $ 1,717,336 $ 1,807,473 Total gains or (losses) (realized/unrealized) Included in earnings 126,655 (12,816) 302,306 (115,252) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,019,642 $ 1,692,221 $ 2,019,642 $ 1,692,221 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) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At September 30, At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,608 $ 142,754 Unaffiliated life insurance company 34,394 34,717 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (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 $ 30,803 (6,443) $ 24,360 $ 229,768 $ (48,311) $ 181,457 URA(D) on securities - OTTI 119 (25) 94 (581) 122 (459) Reclassification of net realized losses (gains) included in net income (loss) 2,671 (586) 2,085 8,533 (1,606) 6,927 Foreign currency translation adjustments 3,641 (760) 2,881 6,286 (1,316) 4,970 Reclassification of amortization of net gain (loss) included in net income (loss) 1,726 (362) 1,364 4,640 (974) 3,666 Total other comprehensive income (loss) $ 38,960 $ (8,176) $ 30,784 $ 248,646 $ (52,085) $ 196,561 (Some amounts may not reconcile due to rounding) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (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 $ (9,109) $ 1,919 $ (7,190) $ (92,026) $ 19,561 $ (72,465) URA(D) on securities - OTTI 326 (68) 258 691 (145) 546 Reclassification of net realized losses (gains) included in net income (loss) 3,210 (676) 2,534 (2,425) 278 (2,147) Foreign currency translation adjustments (3,723) 793 (2,930) (31,781) 6,697 (25,084) Reclassification of amortization of net gain (loss) included in net income (loss) 2,298 (482) 1,816 6,893 (1,447) 5,446 Total other comprehensive income (loss) $ (6,998) $ 1,486 $ (5,512) $ (118,648) $ 24,944 $ (93,704) (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended Affected line item within the September 30, September 30, statements of operations and AOCI component 2019 2018 2019 2018 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 2,671 $ 3,210 $ 8,533 $ (2,425) Other net realized capital gains (losses) (586) (676) (1,606) 278 Income tax expense (benefit) $ 2,085 $ 2,534 $ 6,927 $ (2,147) Net income (loss) Benefit plan net gain (loss) $ 1,726 $ 2,298 $ 4,640 $ 6,893 Other underwriting expenses (362) (482) (974) (1,447) Income tax expense (benefit) $ 1,364 $ 1,816 $ 3,666 $ 5,446 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 | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance of URA (D) on securities $ 105,436 $ (34,673) $ (55,950) $ 37,442 Change to beginning balance due to adoption of ASU 2016-01 - - - (2,447) Current period change in URA (D) of investments - temporary 26,446 (4,656) 188,385 (74,612) Current period change in URA (D) of investments - non-credit OTTI 94 258 (459) 546 Ending balance of URA (D) on securities 131,976 (39,071) 131,976 (39,071) Beginning balance of foreign currency translation adjustments (797) 11,391 (2,886) 33,545 Current period change in foreign currency translation adjustments 2,880 (2,930) 4,969 (25,084) Ending balance of foreign currency translation adjustments 2,083 8,461 2,083 8,461 Beginning balance of benefit plan net gain (loss) (65,116) (68,299) (67,418) (71,929) Current period change in benefit plan net gain (loss) 1,364 1,816 3,666 5,446 Ending balance of benefit plan net gain (loss) (63,752) (66,483) (63,752) (66,483) Ending balance of accumulated other comprehensive income (loss) $ 70,307 $ (97,093) $ 70,307 $ (97,093) |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2019 December 31, 2018 Consolidated Consolidated Principal Balance Sheet Market Balance Sheet Market (Dollars in thousands) Date Issued Date Due Amounts Amount Value Amount Value Senior notes 06/05/2014 06/01/2044 400,000 $ 397,044 $ 450,984 $ 396,954 $ 396,968 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | September 30, 2019 December 31, 2018 Original Consolidated Consolidated Principal Maturity Date Balance Market Balance Market (Dollars in thousands) Date Issued Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 236,733 $ 214,853 $ 236,659 $ 200,390 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest expense incurred $ 2,881 $ 2,875 $ 8,892 $ 7,968 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2019 Lease expense incurred: Operating lease cost $ 4,791 $ 14,146 At September 30, (Dollars in thousands) 2019 Operating lease right of use assets $ 50,356 Operating lease liabilities 55,702 Nine Months Ended September 30, (Dollars in thousands) 2019 Operating cash flows from operating leases $ (12,914) At September 30, 2019 Weighted average remaining operating lease term 6.0 years Weighted average discount rate on operating leases 4.48 % |
Maturities of Lease Liabilities | (Dollars in thousands) Remainder of 2019 $ 4,294 2020 17,233 2021 8,603 2022 8,328 2023 8,235 2024 8,104 Thereafter 13,653 Undiscounted lease payments 68,450 Less: present value adjustment 12,748 Total operating lease liability $ 55,702 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 854,641 $ 940,839 $ 2,260,544 $ 2,237,170 Net written premiums 740,096 703,944 1,845,931 1,557,706 Premiums earned $ 630,135 $ 528,867 $ 1,810,175 $ 1,437,761 Incurred losses and LAE 392,912 394,621 1,077,023 1,404,349 Commission and brokerage 215,825 156,500 555,517 432,531 Other underwriting expenses 19,148 16,250 50,467 48,608 Underwriting gain (loss) $ 2,250 $ (38,504) $ 127,168 $ (447,727) Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 442,587 $ 363,359 $ 1,204,229 $ 1,129,097 Net written premiums 401,341 340,701 1,109,418 1,012,933 Premiums earned $ 366,410 $ 331,921 $ 1,041,870 $ 1,003,993 Incurred losses and LAE 407,799 315,850 858,683 751,696 Commission and brokerage 81,674 78,180 237,510 240,953 Other underwriting expenses 11,258 9,991 29,355 29,946 Underwriting gain (loss) $ (134,321) $ (72,100) $ (83,678) $ (18,602) Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 592,775 $ 454,993 $ 1,798,149 $ 1,491,438 Net written premiums 428,518 333,836 1,326,714 1,105,223 Premiums earned $ 431,855 $ 369,983 $ 1,222,432 $ 1,084,863 Incurred losses and LAE 297,382 259,826 801,705 756,267 Commission and brokerage 60,182 53,532 169,647 159,187 Other underwriting expenses 65,287 52,559 177,604 151,823 Underwriting gain (loss) $ 9,004 $ 4,066 $ 73,476 $ 17,586 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Underwriting gain (loss) $ (123,067) $ (106,538) $ 116,966 $ (448,743) Net investment income 95,592 90,298 270,835 232,277 Net realized capital gains (losses) 112,542 30,018 390,161 (72,454) Corporate expense (3,183) (2,488) (7,353) (7,597) Interest, fee and bond issue cost amortization expense (7,802) (7,796) (27,314) (22,732) Other income (expense) (2,673) (4,802) (8,459) (3,905) Income (loss) before taxes $ 71,409 $ (1,308) $ 734,836 $ (323,154) |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Canada gross written premiums $ 52,136 $ 41,005 $ 138,392 $ 125,586 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Preferred Shares | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Dividends received on preferred stock of affiliate $ 7,758 $ 7,758 $ 23,274 $ 23,274 |
Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period | (Dollars in thousands) Single Percent Assuming Occurrence Aggregate Coverage Period Ceding Company Ceded Company Type of Business 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 01/01/2017-12/31/2017 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) 01/01/2014-12/31/2017 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 262,500 (1) 412,500 (1) 01/01/2012-12/31/2017 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 | (Dollars in thousands) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 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 12/31/2017 Everest Re Bermuda Re $ 970,000 All years |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Nine Months Ended Bermuda Re September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Ceded written premiums $ 14,660 $ 146,513 $ 85,667 $ 421,804 Ceded earned premiums 16,510 148,228 85,632 432,459 Ceded losses and LAE (16,836) 34,683 (8,521) 70,791 Three Months Ended Nine Months Ended Everest International September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Ceded written premiums $ - $ - $ - $ - Ceded earned premiums - - - - Ceded losses and LAE 10 (5) (26) (362) Three Months Ended Nine Months Ended Everest Canada September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Assumed written premiums $ - $ - $ - $ - Assumed earned premiums - - - - Assumed losses and LAE (1,633) (1,388) (938) 1,958 Three Months Ended Nine Months Ended Lloyd's Syndicate 2786 September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Assumed written premiums $ 24 $ 1,056 $ (8,702) $ 795 Assumed earned premiums 850 2,876 (16,380) 13,826 Assumed losses and LAE 1,141 2,883 (2,386) 10,909 Three Months Ended Nine Months Ended Mt. Logan Re Segregated Accounts September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Ceded written premiums $ 79,152 $ 53,340 $ 193,664 $ 154,779 Ceded earned premiums 69,942 44,699 176,576 149,674 Ceded losses and LAE 81,136 23,087 145,918 130,994 Assumed written premiums - 3,219 - 7,866 Assumed earned premiums - 3,219 - 7,866 Assumed losses and LAE - - - - |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Summary Of Net Periodic Benefit Cost | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 2,064 $ 2,977 $ 6,616 $ 8,931 Interest cost 2,928 2,585 8,788 7,754 Expected return on plan assets (4,492) (3,670) (14,523) (11,011) Amortization of net (income) loss 1,909 2,237 5,111 6,710 Settlement charge 102 - 309 - Net periodic benefit cost $ 2,511 $ 4,129 $ 6,301 $ 12,384 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 245 $ 446 $ 818 $ 1,339 Interest cost 245 307 835 920 Amortization of prior service cost (144) (33) (433) (98) Amortization of net (income) loss (39) 94 (39) 282 Net periodic benefit cost $ 307 $ 814 $ 1,181 $ 2,443 (Some amounts may not reconcile due to rounding.) |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Jan. 01, 2019 | Jun. 30, 2018 | |
Basis Of Presentation [Abstract] | ||||||
U.S. tax rate | 21.00% | 35.00% | ||||
Reclass due to early adoption of Accounting Standards Update 2018-02 | $ 325 | |||||
Cumulative change due to ASU | $ 2,447 | |||||
Operating lease right of use assets | $ 50,356 | $ 60,325 | ||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | |||||
Operating lease liabilities | $ 55,702 | $ 66,551 | ||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Revisions To Financial Statem_3
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||||||||
Funds held by reinsureds | $ 244,976 | $ 240,135 | $ 239,469 | $ 228,556 | $ 206,647 | |||
Income taxes | 153,370 | 291,210 | 411,994 | 88,011 | ||||
TOTAL ASSETS | 19,787,689 | 19,227,325 | 19,056,141 | 18,680,297 | 17,885,121 | |||
STOCKHOLDER'S EQUITY: | ||||||||
Retained earnings (deficit) | 4,656,364 | 4,595,227 | 4,314,306 | 4,062,696 | 5,022,433 | |||
Total stockholder's equity | 5,827,244 | 5,735,239 | 5,386,602 | 5,036,757 | $ 5,058,645 | $ 5,042,149 | $ 5,346,404 | 5,409,332 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 19,787,689 | 19,227,325 | 19,056,141 | 18,680,297 | 17,885,121 | |||
As Previously Reported [Member] | ||||||||
ASSETS: | ||||||||
Funds held by reinsureds | 250,903 | 248,993 | 238,566 | 210,939 | ||||
Income taxes | 151,109 | 289,210 | 409,892 | 87,110 | ||||
TOTAL ASSETS | 19,235,832 | 19,063,665 | 18,688,205 | 17,888,512 | ||||
STOCKHOLDER'S EQUITY: | ||||||||
Retained earnings (deficit) | 4,603,734 | 4,321,830 | 4,070,604 | 5,025,824 | ||||
Total stockholder's equity | 5,743,746 | 5,394,126 | 5,044,665 | 5,066,243 | 5,047,046 | 5,349,415 | 5,412,723 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 19,235,832 | 19,063,665 | 18,688,205 | 17,888,512 | ||||
Impact of Revisions [Member] | ||||||||
ASSETS: | ||||||||
Funds held by reinsureds | (10,768) | (9,524) | (10,010) | (4,292) | ||||
Income taxes | 2,261 | 2,000 | 2,102 | 901 | ||||
TOTAL ASSETS | (8,507) | (7,524) | (7,908) | (3,391) | ||||
STOCKHOLDER'S EQUITY: | ||||||||
Retained earnings (deficit) | (8,507) | (7,524) | (7,908) | (3,391) | ||||
Total stockholder's equity | (8,507) | (7,524) | (7,908) | $ (7,597) | $ (4,897) | $ (3,011) | (3,391) | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ (8,507) | $ (7,524) | $ (7,908) | $ (3,391) |
Revisions To Financial Statem_4
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Operations And Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | ||||||||||||
Other income (expense) | $ (2,673) | $ (5,055) | $ (730) | $ (4,802) | $ 75,294 | $ (74,397) | $ (5,785) | $ 897 | $ (8,459) | $ (3,905) | $ (9,568) | $ 25,866 |
Total revenues | 1,633,861 | 1,603,840 | 1,489,314 | 1,346,285 | 1,284,929 | 1,051,321 | 3,093,154 | 2,336,250 | 4,727,014 | 3,682,535 | 4,958,515 | 2,423,273 |
INCOME (LOSS) BEFORE TAXES | 71,409 | 348,289 | 315,139 | (1,308) | (315,195) | (6,651) | 663,428 | (321,846) | 734,836 | (323,154) | (1,329,209) | (120,866) |
Income tax expense (benefit) | 10,272 | 67,367 | 63,531 | (23,274) | (47,900) | 5,142 | 130,898 | (42,938) | 141,169 | (66,032) | (367,025) | (200,736) |
NET INCOME (LOSS) | 280,922 | 251,608 | 21,966 | (267,295) | (11,793) | 532,530 | (279,088) | (257,122) | (962,184) | 79,870 | ||
COMPREHENSIVE INCOME (LOSS) | $ 91,921 | 348,551 | 349,756 | 16,454 | (304,303) | (62,977) | 698,307 | (367,280) | $ 790,228 | (350,826) | (1,085,049) | 115,568 |
As Previously Reported [Member] | ||||||||||||
REVENUES: | ||||||||||||
Other income (expense) | (3,812) | (1,214) | (1,385) | 77,682 | (74,877) | (5,026) | 2,805 | 1,420 | (3,851) | 23,750 | ||
Total revenues | 1,605,083 | 1,488,830 | 1,349,702 | 1,287,317 | 1,050,841 | 3,093,913 | 2,338,158 | 3,687,860 | 4,964,232 | 2,421,157 | ||
INCOME (LOSS) BEFORE TAXES | 349,532 | 314,655 | 2,109 | (312,807) | (7,131) | 664,187 | (319,938) | (317,829) | (1,323,492) | (122,982) | ||
Income tax expense (benefit) | 67,628 | 63,429 | (22,556) | (47,399) | 5,041 | 131,057 | (42,538) | (64,914) | (365,825) | (201,180) | ||
NET INCOME (LOSS) | 281,904 | 251,226 | 24,665 | (265,408) | (12,172) | 533,130 | (277,580) | (252,915) | (957,667) | 78,198 | ||
COMPREHENSIVE INCOME (LOSS) | 349,533 | 349,374 | 19,153 | (302,416) | (63,356) | 698,907 | (365,772) | (346,619) | (1,080,532) | 113,896 | ||
Impact of Revisions [Member] | ||||||||||||
REVENUES: | ||||||||||||
Other income (expense) | (1,243) | 484 | (3,417) | (2,388) | 480 | (759) | (1,908) | (5,325) | (5,717) | 2,116 | ||
Total revenues | (1,243) | 484 | (3,417) | (2,388) | 480 | (759) | (1,908) | (5,325) | (5,717) | 2,116 | ||
INCOME (LOSS) BEFORE TAXES | (1,243) | 484 | (3,417) | (2,388) | 480 | (759) | (1,908) | (5,325) | (5,717) | 2,116 | ||
Income tax expense (benefit) | (261) | 102 | (718) | (501) | 101 | (159) | (400) | (1,118) | (1,200) | 444 | ||
NET INCOME (LOSS) | (982) | 382 | (2,699) | (1,887) | 379 | (600) | (1,508) | (4,207) | (4,517) | 1,672 | ||
COMPREHENSIVE INCOME (LOSS) | $ (982) | $ 382 | $ (2,699) | $ (1,887) | $ 379 | $ (600) | $ (1,508) | $ (4,207) | $ (4,517) | $ 1,672 |
Revisions To Financial Statem_5
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Stockholder's Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Beginning balance, | $ 5,386,602 | $ 5,036,757 | $ 5,042,149 | $ 5,346,404 | $ 5,409,332 | $ 5,036,757 | $ 5,409,332 | $ 5,409,332 | $ 5,409,332 | |
Net income (loss) | 280,922 | 251,608 | 21,966 | (267,295) | (11,793) | 532,530 | (279,088) | (257,122) | (962,184) | $ 79,870 |
Ending balance, | 5,735,239 | 5,386,602 | 5,058,645 | 5,042,149 | 5,346,404 | 5,735,239 | 5,042,149 | 5,058,645 | 5,036,757 | 5,409,332 |
Retained Earnings [Member] | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Beginning balance, | 4,314,306 | 4,062,696 | 4,745,792 | 5,013,087 | 5,022,433 | 4,062,696 | 5,022,433 | 5,022,433 | 5,022,433 | 4,942,239 |
Net income (loss) | 251,608 | 21,966 | (267,295) | (11,793) | 280,922 | (279,088) | (257,122) | (962,184) | 79,870 | |
Ending balance, | 4,595,227 | 4,314,306 | 4,767,758 | 4,745,792 | 5,013,087 | 4,595,227 | 4,745,792 | 4,767,758 | 4,062,696 | 5,022,433 |
As Previously Reported [Member] | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Beginning balance, | 5,394,126 | 5,044,665 | 5,047,046 | 5,349,415 | 5,412,723 | 5,044,665 | 5,412,723 | 5,412,723 | 5,412,723 | |
Net income (loss) | 281,904 | 251,226 | 24,665 | (265,408) | (12,172) | 533,130 | (277,580) | (252,915) | (957,667) | 78,198 |
Ending balance, | 5,743,746 | 5,394,126 | 5,066,243 | 5,047,046 | 5,349,415 | 5,743,746 | 5,047,046 | 5,066,243 | 5,044,665 | 5,412,723 |
As Previously Reported [Member] | Retained Earnings [Member] | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Beginning balance, | 4,321,830 | 4,070,604 | 4,750,691 | 5,016,099 | 5,025,824 | 4,070,604 | 5,025,824 | 5,025,824 | 5,025,824 | 4,947,301 |
Net income (loss) | 251,226 | 24,665 | (265,408) | (12,172) | 281,904 | (277,580) | (252,915) | (957,667) | 78,198 | |
Ending balance, | 4,603,734 | 4,321,830 | 4,775,356 | 4,750,691 | 5,016,099 | 4,603,734 | 4,750,691 | 4,775,356 | 4,070,604 | 5,025,824 |
Impact of Revisions [Member] | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Beginning balance, | (7,524) | (7,908) | (4,897) | (3,011) | (3,391) | (7,908) | (3,391) | (3,391) | (3,391) | |
Net income (loss) | (982) | 382 | (2,699) | (1,887) | 379 | (600) | (1,508) | (4,207) | (4,517) | 1,672 |
Ending balance, | (8,507) | (7,524) | (7,597) | (4,897) | (3,011) | (8,507) | (4,897) | (7,597) | (7,908) | (3,391) |
Impact of Revisions [Member] | Retained Earnings [Member] | ||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||
Beginning balance, | (7,524) | (7,908) | (4,897) | (3,011) | (3,391) | (7,908) | (3,391) | (3,391) | (3,391) | (5,062) |
Net income (loss) | 382 | (2,699) | (1,887) | 379 | (982) | (1,508) | (4,207) | (4,517) | 1,672 | |
Ending balance, | $ (8,507) | $ (7,524) | $ (7,597) | $ (4,897) | $ (3,011) | $ (8,507) | $ (4,897) | $ (7,597) | $ (7,908) | $ (3,391) |
Revisions To Financial Statem_6
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ 280,922 | $ 251,608 | $ 21,966 | $ (267,295) | $ (11,793) | $ 532,530 | $ (279,088) | $ (257,122) | $ (962,184) | $ 79,870 | |
Decrease (increase) in funds held by reinsureds, net | (14,361) | 135,862 | (13,929) | (11,326) | $ (18,129) | (17,198) | (20,963) | (92,526) | |||
Decrease (increase) in income taxes | 94,733 | 52,470 | 214,671 | 4,252 | $ 226,147 | 9,951 | (292,729) | (249,674) | |||
As Previously Reported [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | 281,904 | 251,226 | 24,665 | (265,408) | (12,172) | 533,130 | (277,580) | (252,915) | (957,667) | 78,198 | |
Decrease (increase) in funds held by reinsureds, net | (13,877) | 136,342 | (14,688) | (13,233) | (22,523) | (26,680) | (90,410) | ||||
Decrease (increase) in income taxes | 94,631 | 52,369 | 214,830 | 4,652 | 11,069 | (291,528) | (250,118) | ||||
Impact of Revisions [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ (982) | 382 | $ (2,699) | $ (1,887) | 379 | (600) | (1,508) | (4,207) | (4,517) | 1,672 | |
Decrease (increase) in funds held by reinsureds, net | (484) | (480) | 759 | 1,908 | 5,325 | 5,717 | (2,116) | ||||
Decrease (increase) in income taxes | $ 102 | $ 101 | $ (159) | $ (400) | $ (1,118) | $ (1,200) | $ 444 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 80.00% | ||||
Aggregate market value of investments in unrealized loss position | $ 1,659,366 | $ 1,659,366 | $ 3,470,834 | ||
Gross unrealized losses on investments in unrealized loss position | 50,487 | 50,487 | 130,602 | ||
Short-term investments | $ 276,666 | $ 276,666 | $ 174,131 | ||
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% | 5.00% | 5.00% | 0.80% |
US Government Debt Securities [Member] | Sales Revenue, Net [Member] | |||||
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 | 9.00% | ||||
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 | $ 4,293 | $ 4,293 | $ 68,010 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 20,324 | 20,324 | 14,802 | ||
Fixed Maturity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Aggregate market value of investments in unrealized loss position | 1,659,366 | 1,659,366 | 3,470,834 | ||
Gross unrealized losses on investments in unrealized loss position | 50,487 | 50,487 | 130,602 | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 11,338 | 11,338 | 105,810 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 39,149 | $ 39,149 | $ 24,792 | ||
Fixed Maturity Securities [Member] | US Government Debt Securities [Member] | Sales Revenue, Net [Member] | |||||
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 | 0.20% | ||||
Limited Partnerships [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Additional contractual commitments | 670,158 | $ 670,158 | |||
Private Placement Liquidiy Sweep [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Short-term investments | $ 158,631 | $ 158,631 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 7,206,711 | $ 7,032,749 |
Unrealized Appreciation | 217,495 | 59,928 |
Unrealized Depreciation | (50,487) | (130,602) |
Market Value | 7,373,719 | 6,962,075 |
OTTI in AOCI | 570 | 1,151 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 765,592 | 2,250,312 |
Unrealized Appreciation | 12,690 | 3,573 |
Unrealized Depreciation | (1,489) | (11,088) |
Market Value | 776,793 | 2,242,797 |
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 505,854 | 489,013 |
Unrealized Appreciation | 30,609 | 12,915 |
Unrealized Depreciation | (95) | (2,839) |
Market Value | 536,368 | 499,089 |
OTTI in AOCI | 440 | |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,785,680 | 2,273,581 |
Unrealized Appreciation | 71,322 | 12,487 |
Unrealized Depreciation | (28,579) | (69,915) |
Market Value | 2,828,423 | 2,216,153 |
OTTI in AOCI | 233 | 430 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 605,172 | 223,192 |
Unrealized Appreciation | 1,946 | 102 |
Unrealized Depreciation | (1,978) | (2,039) |
Market Value | 605,140 | 221,255 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 310,630 | 135,380 |
Unrealized Appreciation | 21,458 | 1,947 |
Unrealized Depreciation | (70) | (723) |
Market Value | 332,018 | 136,604 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 646,559 | 149,306 |
Unrealized Appreciation | 19,426 | 1,177 |
Unrealized Depreciation | (191) | (1,709) |
Market Value | 665,794 | 148,774 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,203 | 3,115 |
Unrealized Appreciation | 2 | 3 |
Unrealized Depreciation | (4) | |
Market Value | 2,205 | 3,114 |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 569,493 | 576,540 |
Unrealized Appreciation | 22,393 | 14,399 |
Unrealized Depreciation | (6,402) | (11,353) |
Market Value | 585,484 | 579,586 |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,015,528 | 932,310 |
Unrealized Appreciation | 37,649 | 13,325 |
Unrealized Depreciation | (11,683) | (30,932) |
Market Value | 1,041,494 | 914,703 |
OTTI in AOCI | $ 337 | $ 281 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 7,206,711 | $ 7,032,749 |
Fixed maturity securities - available for sale, Market Value | 7,373,719 | 6,962,075 |
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 | 522,393 | 511,193 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,937,353 | 4,271,245 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,484,688 | 1,177,752 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 697,713 | 561,566 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 519,742 | 507,572 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,980,204 | 4,230,451 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 1,549,482 | 1,163,831 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 719,134 | 550,474 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 605,172 | 223,192 |
Fixed maturity securities - available for sale, Market Value | 605,140 | 221,255 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 310,630 | 135,380 |
Fixed maturity securities - available for sale, Market Value | 332,018 | 136,604 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 646,559 | 149,306 |
Fixed maturity securities - available for sale, Market Value | 665,794 | 148,774 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,203 | 3,115 |
Fixed maturity securities - available for sale, Market Value | $ 2,205 | $ 3,114 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 33,592 | $ (5,573) | $ 237,720 | $ (93,760) |
Deferred tax benefit (expense) | (7,028) | 1,243 | (49,917) | 19,839 |
Deferred tax benefit (expense), other-than-temporary impairment | (25) | (68) | 122 | (145) |
Total URA(D) on securities arising during the period | 26,539 | (4,398) | 187,925 | (74,066) |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 33,473 | (5,899) | 238,301 | (94,451) |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 119 | $ 326 | $ (581) | $ 691 |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 1,659,366 | $ 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (50,487) | (130,602) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 767,773 | 2,663,097 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (11,338) | (105,810) |
Available for sale securities, Greater than 12 months, Market Value | 891,593 | 807,737 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (39,149) | (24,792) |
Available-for-sale Securities, Market Value, Total | 1,659,366 | 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (50,487) | (130,602) |
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 | 8,988 | 245,357 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (7) | (6,099) |
Available for sale securities, Greater than 12 months, Market Value | 273,603 | 373,377 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,482) | (4,989) |
Available-for-sale Securities, Market Value, Total | 282,591 | 618,734 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,489) | (11,088) |
Obligation 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 | 5,669 | 107,183 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (50) | (2,829) |
Available for sale securities, Greater than 12 months, Market Value | 3,518 | 1,475 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (45) | (10) |
Available-for-sale Securities, Market Value, Total | 9,187 | 108,658 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (95) | (2,839) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 328,241 | 1,390,942 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (8,540) | (57,043) |
Available for sale securities, Greater than 12 months, Market Value | 240,104 | 194,770 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (20,039) | (12,872) |
Available-for-sale Securities, Market Value, Total | 568,345 | 1,585,712 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (28,579) | (69,915) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 320,136 | 127,052 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,873) | (1,408) |
Available for sale securities, Greater than 12 months, Market Value | 45,453 | 47,551 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (105) | (631) |
Available-for-sale Securities, Market Value, Total | 365,589 | 174,603 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,978) | (2,039) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 4,944 | 51,357 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (695) | |
Available for sale securities, Greater than 12 months, Market Value | 17,620 | 2,259 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (70) | (28) |
Available-for-sale Securities, Market Value, Total | 22,564 | 53,616 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (70) | (723) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,297 | 44,071 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4) | (1,221) |
Available for sale securities, Greater than 12 months, Market Value | 17,816 | 21,889 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (187) | (488) |
Available-for-sale Securities, Market Value, Total | 19,113 | 65,960 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (191) | (1,709) |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 3,093 | |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4) | |
Available for sale securities, Greater than 12 months, Market Value | 696 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | ||
Available-for-sale Securities, Market Value, Total | 696 | 3,093 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (4) | |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 37,711 | 192,510 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (351) | (10,690) |
Available for sale securities, Greater than 12 months, Market Value | 133,509 | 101,137 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,051) | (663) |
Available-for-sale Securities, Market Value, Total | 171,220 | 293,647 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (6,402) | (11,353) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 60,787 | 501,532 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (513) | (25,821) |
Available for sale securities, Greater than 12 months, Market Value | 159,274 | 65,279 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (11,170) | (5,111) |
Available-for-sale Securities, Market Value, Total | 220,061 | 566,811 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (11,683) | $ (30,932) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 1,659,366 | $ 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (50,487) | (130,602) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 767,773 | 2,663,097 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (11,338) | (105,810) |
Available for sale securities, Greater than 12 months, Market Value | 891,593 | 807,737 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (39,149) | (24,792) |
Available-for-sale Securities, Market Value, Total | 1,659,366 | 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (50,487) | (130,602) |
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 | 33,264 | 165,545 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (983) | (7,618) |
Available for sale securities, Greater than 12 months, Market Value | 169,830 | 118,322 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,522) | (1,164) |
Available-for-sale Securities, Market Value, Total | 203,094 | 283,867 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (8,505) | (8,782) |
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 | 147,148 | 1,423,431 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,980) | (44,924) |
Available for sale securities, Greater than 12 months, Market Value | 509,942 | 525,554 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (13,702) | (9,530) |
Available-for-sale Securities, Market Value, Total | 657,090 | 1,948,985 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (15,682) | (54,454) |
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 | 146,123 | 624,875 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4,957) | (35,360) |
Available for sale securities, Greater than 12 months, Market Value | 44,877 | 42,902 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,579) | (2,773) |
Available-for-sale Securities, Market Value, Total | 191,000 | 667,777 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (12,536) | (38,133) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 114,861 | 223,673 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,541) | (14,580) |
Available for sale securities, Greater than 12 months, Market Value | 85,359 | 49,260 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (9,984) | (10,178) |
Available-for-sale Securities, Market Value, Total | 200,220 | 272,933 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (11,525) | (24,758) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 320,136 | 127,052 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,873) | (1,408) |
Available for sale securities, Greater than 12 months, Market Value | 45,453 | 47,551 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (105) | (631) |
Available-for-sale Securities, Market Value, Total | 365,589 | 174,603 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,978) | (2,039) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 6,241 | 98,521 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4) | (1,920) |
Available for sale securities, Greater than 12 months, Market Value | 36,132 | 24,148 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (257) | (516) |
Available-for-sale Securities, Market Value, Total | 42,373 | 122,669 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (261) | $ (2,436) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 102,504 | $ 95,987 | $ 289,553 | $ 246,000 |
Funds held interest income (expense) | 1,108 | 906 | 5,434 | 4,505 |
Interest income from Parent | 1,075 | 3,225 | ||
Gross investment income | 103,612 | 97,968 | 294,987 | 253,730 |
Investment expenses | (8,020) | (7,670) | (24,152) | (21,453) |
Net investment income | 95,592 | 90,298 | 270,835 | 232,277 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 68,178 | 51,834 | 200,606 | 142,776 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 1,971 | 2,651 | 5,721 | 10,681 |
Short-Term Investments and Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 2,210 | 2,110 | 8,115 | 4,340 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 15,102 | 25,573 | 38,273 | 54,213 |
Dividends From Preferred Shares Of Affiliate [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 7,758 | 7,758 | 23,274 | 23,274 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 7,285 | $ 6,061 | $ 13,564 | $ 10,716 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Other-than-temporary impairments | $ (6,968) | $ (2,834) | $ (14,187) | $ (3,741) | |
Other invested assets | 967,624 | 967,624 | $ 882,647 | ||
Total net realized capital gains (losses) | 112,542 | 30,018 | 390,161 | (72,454) | |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Other-than-temporary impairments | (6,968) | (2,834) | (14,187) | (3,741) | |
Gains (losses) from sales | 2,200 | (1,288) | 3,313 | 4,670 | |
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gains (losses) from sales | (717) | 356 | (1,799) | ||
Gains (losses) from fair value adjustments | 584 | 13 | 1,542 | ||
Equity Securities [Member] | Fair Value [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gains (losses) from sales | (1,192) | 9,915 | 2,538 | 5,833 | |
Gains (losses) from fair value adjustments | (10,326) | 36,269 | 93,349 | 34,805 | |
Other Invested Assets [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gains (losses) from sales | 2,097 | 913 | 2,341 | 1,497 | |
Other Invested Assets [Member] | Fair Value [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gains (losses) from fair value adjustments | 126,655 | (12,816) | 302,306 | (115,252) | |
Short-Term Investments [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gains (losses) from sales | $ 76 | $ (8) | $ 132 | $ (9) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 213,132 | $ 184,810 | $ 2,220,440 | $ 554,733 |
Gross gains from sales | 6,638 | 2,519 | 17,875 | 11,512 |
Gross losses from sales | (4,438) | (4,524) | (14,206) | (8,641) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 35,925 | 186,403 | 184,898 | 616,330 |
Gross gains from sales | 1,035 | 13,764 | 9,283 | 21,670 |
Gross losses from sales | $ (2,227) | $ (3,849) | $ (6,745) | $ (15,837) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reserves For Losses And LAE [Line Items] | ||
Increase (decrease) in reinsurance business | $ 28,044 | $ 480,706 |
Catastrophe Losses [Member] | ||
Reserves For Losses And LAE [Line Items] | ||
Increase (decrease) in reinsurance business | $ 494,221 |
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 | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reserves For Losses And LAE [Abstract] | ||
Gross reserves at beginning of period | $ 10,167,018 | $ 9,343,028 |
Less reinsurance recoverables | (4,697,543) | (5,727,268) |
Net reserves at beginning of period | 5,469,475 | 3,615,760 |
Incurred related to: Current year | 2,709,367 | 2,431,606 |
Incurred related to: Prior years | 28,044 | 480,706 |
Total incurred losses and LAE | 2,737,411 | 2,912,312 |
Paid related to: Current year | 505,856 | 639,528 |
Paid related to: Prior years | 1,600,956 | 1,129,263 |
Total paid losses and LAE | 2,106,812 | 1,768,791 |
Foreign exchange/translation adjustment | (2,720) | (23,093) |
Net reserves at end of period | 6,097,354 | 4,736,188 |
Plus reinsurance recoverables | 4,314,820 | 4,783,290 |
Gross reserves at end of period | $ 10,412,174 | $ 9,519,478 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of public equity portfolio | $ 154,693,000 | $ 154,693,000 | $ 124,228,000 | |||
Annual dividend rate | 1.75% | |||||
Transfers between Level 1 and Level 2 | 0 | 0 | ||||
Investments within other invested assets | 2,019,642,000 | 2,019,642,000 | 1,717,336,000 | |||
Transfers from level 3 | 3,176,000 | $ 4,695,000 | ||||
Redeemable Convertible Preferred Stock [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Preferred stock tern | 25 years | |||||
Annual dividend rate | 1.75% | |||||
Adjustments for New Accounting Pronouncement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments within other invested assets | 160,264,000 | $ 160,264,000 | 117,662,000 | |||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments within other invested assets | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments within other invested assets | 2,019,642,000 | 2,019,642,000 | 1,717,336,000 | |||
Market Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Transfers from level 3 | 3,176,000 | 4,695,000 | $ 1,750,000 | |||
Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Transfers from level 3 | ||||||
Fixed Maturities [Member] | Market Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | 560,135,000 | 560,135,000 | 383,994,000 | |||
Fixed Maturities [Member] | Market Value [Member] | Investment Managers' Valuation Committees, Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | 480,181,000 | 480,181,000 | 354,133,000 | |||
Fixed Maturities [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | 2,337,000 | |||||
Fixed Maturities [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | $ 79,954,000 | $ 79,954,000 | 28,708,000 | |||
Fixed Maturities [Member] | Fair Value [Member] | Investment Managers' Valuation Committees, Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | 2,337,000 | |||||
Fixed Maturities [Member] | Fair Value [Member] | Non-Binding Broker Quote [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | $ 1,153,000 | |||||
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Observable input constant maturity | 20 years | |||||
Debt instrument, stated interest rate | 4.868% | 4.868% | ||||
Date Due | Jun. 1, 2044 | Jun. 1, 2044 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 7,373,719 | $ 6,962,075 |
Fixed maturities - available for sale, at fair value | 2,337 | |
Equity securities, at fair value | 744,999 | 564,338 |
Other invested assets, at fair value | 2,019,642 | 1,717,336 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Fixed maturities - available for sale, at fair value | ||
Equity securities, at fair value | 672,825 | 540,894 |
Other invested assets, at fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 6,813,584 | 6,578,081 |
Fixed maturities - available for sale, at fair value | ||
Equity securities, at fair value | 72,174 | 23,444 |
Other invested assets, at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 560,135 | 383,994 |
Fixed maturities - available for sale, at fair value | 2,337 | |
Equity securities, at fair value | ||
Other invested assets, at fair value | 2,019,642 | 1,717,336 |
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 | 776,793 | 2,242,797 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 776,793 | 2,242,797 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Obligation 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 | 536,368 | 499,089 |
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 536,368 | 499,089 |
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, 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 | 2,828,423 | 2,216,153 |
Corporate Securities [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 2,311,025 | 1,839,903 |
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 517,398 | 376,250 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 605,140 | 221,255 |
Asset-backed Securities [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 564,496 | 221,255 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 40,644 | |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 332,018 | 136,604 |
Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | ||
Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 332,018 | 136,604 |
Commercial [Member] | Fair Value, 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 | 665,794 | 148,774 |
Agency Residential [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 665,794 | 148,774 |
Agency Residential [Member] | Fair Value, 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 | 2,205 | 3,114 |
Non-agency Residential [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 2,205 | 3,114 |
Non-agency Residential [Member] | Fair Value, 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 | 585,484 | 579,586 |
Foreign Government Securities [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 585,484 | 579,586 |
Foreign Government Securities [Member] | Fair Value, 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 | 1,041,494 | 914,703 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, 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] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | 1,039,401 | 906,959 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities - available for sale, at market value | $ 2,093 | $ 7,744 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Transfers in and/or (out) of Level 3 | $ 3,176 | $ 4,695 | ||
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 | ||||
Market Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 474,322 | 341,864 | 383,994 | 165,173 |
Total gains or (losses) (realized/unrealized), Included in earnings | 1,018 | (2,407) | 3,229 | (1,472) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (670) | (450) | 1,774 | (25) |
Purchases, issuances and settlements | 82,289 | 50,308 | 166,443 | 223,889 |
Transfers in and/or (out) of Level 3 | 3,176 | 4,695 | 1,750 | |
Ending balance | 560,135 | 389,315 | 560,135 | 389,315 |
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 | ||||
Market Value [Member] | Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 472,229 | 329,249 | 376,250 | 158,221 |
Total gains or (losses) (realized/unrealized), Included in earnings | 1,018 | (1,935) | 3,348 | (590) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (1,314) | (450) | 1,130 | (25) |
Purchases, issuances and settlements | 42,289 | 50,290 | 131,975 | 219,548 |
Transfers in and/or (out) of Level 3 | 3,176 | 4,695 | ||
Ending balance | 517,398 | 377,154 | 517,398 | 377,154 |
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 | ||||
Market Value [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | ||||
Total gains or (losses) (realized/unrealized), Included in earnings | ||||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 644 | 644 | ||
Purchases, issuances and settlements | 40,000 | 40,000 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 40,644 | 40,644 | ||
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 | ||||
Market Value [Member] | Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 2,093 | 12,615 | 7,744 | 6,952 |
Total gains or (losses) (realized/unrealized), Included in earnings | (472) | (119) | (882) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | 18 | (5,532) | 4,341 | |
Transfers in and/or (out) of Level 3 | 1,750 | |||
Ending balance | 2,093 | 12,161 | 2,093 | 12,161 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Fair Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 3,192 | 2,337 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | (101) | 369 | (257) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (32) | |||
Purchases, issuances and settlements | (686) | (2,706) | 2,630 | |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 2,373 | 2,373 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Fair Value [Member] | Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 3,192 | 2,337 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | (101) | 369 | (257) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (32) | |||
Purchases, issuances and settlements | (686) | (2,706) | 2,630 | |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 2,373 | 2,373 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value [Abstract] | ||||
Beginning Balance | $ 1,892,988 | $ 1,705,037 | $ 1,717,336 | $ 1,807,473 |
Total gains or (losses) (realized/unrealized) Included in earnings | 126,655 | (12,816) | 302,306 | (115,252) |
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 | 2,019,642 | 1,692,221 | 2,019,642 | 1,692,221 |
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 liabilities still held at the reporting date |
Commitments And Contingencies_2
Commitments And Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,608 | $ 142,754 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,394 | $ 34,717 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | $ 2,671 | $ 3,210 | $ 8,533 | $ (2,425) |
Tax Effect | (586) | (676) | (1,606) | 278 |
Net of Tax | 2,085 | 2,534 | 6,927 | (2,147) |
Reclassification, Before Tax | 1,726 | 2,298 | 4,640 | 6,893 |
Reclassification, Tax Effect | (362) | (482) | (974) | (1,447) |
Reclassification, Net of Tax | 1,364 | 1,816 | 3,666 | 5,446 |
Total, Before Tax | 38,960 | (6,998) | 248,646 | (118,648) |
Total, Tax Effect | (8,176) | 1,486 | (52,085) | 24,944 |
Total, Net of Tax | 30,784 | (5,512) | 196,561 | (93,704) |
URA(D) On Securities [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 30,803 | (9,109) | 229,768 | (92,026) |
Tax Effect | (6,443) | 1,919 | (48,311) | 19,561 |
Net of Tax | 24,360 | (7,190) | 181,457 | (72,465) |
Total, Net of Tax | 26,446 | (4,656) | 188,385 | (74,612) |
URA(D) On Securities - OTTI [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 119 | 326 | (581) | 691 |
Tax Effect | 25 | 68 | (122) | 145 |
Net of Tax | 94 | 258 | (459) | 546 |
Total, Net of Tax | 94 | 258 | (459) | 546 |
Foreign Currency Translation Adjustments [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 3,641 | (3,723) | 6,286 | (31,781) |
Tax Effect | (760) | 793 | (1,316) | 6,697 |
Net of Tax | 2,881 | (2,930) | 4,970 | (25,084) |
Total, Net of Tax | 2,880 | (2,930) | 4,969 | (25,084) |
Benefit Plan Net Gain (Loss) [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Total, Net of Tax | $ 1,364 | $ 1,816 | $ 3,666 | $ 5,446 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ (119,510) | $ (32,852) | $ (404,348) | $ 68,713 |
Other underwriting expenses | 1,726 | 2,298 | 4,640 | 6,893 |
Income tax expense (benefit) | (362) | (482) | (974) | (1,447) |
Net income (loss) | 1,364 | 1,816 | 3,666 | 5,446 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | 2,671 | 3,210 | 8,533 | (2,425) |
Income tax expense (benefit) | (586) | (676) | (1,606) | 278 |
Net income (loss) | 2,085 | 2,534 | 6,927 | (2,147) |
Benefit Plan Net Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other underwriting expenses | 1,726 | 2,298 | 4,640 | 6,893 |
Income tax expense (benefit) | (362) | (482) | (974) | (1,447) |
Net income (loss) | $ 1,364 | $ 1,816 | $ 3,666 | $ 5,446 |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, | $ 5,735,239 | $ 5,386,602 | $ 5,036,757 | $ 5,042,149 | $ 5,346,404 | $ 5,409,332 | $ 5,036,757 | $ 5,409,332 | ||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (2,447) | |||||||||
Current period change | 30,784 | (5,512) | 196,561 | (93,704) | ||||||
Ending balance, | 5,827,244 | 5,735,239 | 5,386,602 | 5,058,645 | 5,042,149 | 5,346,404 | 5,827,244 | 5,058,645 | ||
URA(D) On Securities [Member] | ||||||||||
Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, | 105,436 | (55,950) | (34,673) | 37,442 | (55,950) | 37,442 | ||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (2,447) | |||||||||
Current period change | 26,446 | (4,656) | 188,385 | (74,612) | ||||||
Ending balance, | 131,976 | 105,436 | (39,071) | (34,673) | 131,976 | (39,071) | ||||
URA(D) On Securities - OTTI [Member] | ||||||||||
Comprehensive Income (Loss) [Line Items] | ||||||||||
Current period change | 94 | 258 | (459) | 546 | ||||||
Foreign Currency Translation Adjustments [Member] | ||||||||||
Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, | (797) | (2,886) | 11,391 | 33,545 | (2,886) | 33,545 | ||||
Current period change | 2,880 | (2,930) | 4,969 | (25,084) | ||||||
Ending balance, | 2,083 | (797) | 8,461 | 11,391 | 2,083 | 8,461 | ||||
Benefit Plan Net Gain (Loss) [Member] | ||||||||||
Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, | (65,116) | (67,418) | (68,299) | (71,929) | (67,418) | (71,929) | ||||
Current period change | 1,364 | 1,816 | 3,666 | 5,446 | ||||||
Ending balance, | (63,752) | (65,116) | (66,483) | (68,299) | (63,752) | (66,483) | ||||
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | ||||||||||
Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning balance, | 39,523 | (28,106) | (126,254) | (91,581) | (54,573) | (942) | (126,254) | (942) | ||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (2,447) | |||||||||
Current period change | 30,784 | 67,629 | 98,148 | (5,512) | (37,008) | (51,184) | ||||
Ending balance, | $ 70,307 | $ 39,523 | $ (28,106) | $ (97,093) | $ (91,581) | $ (54,573) | $ 70,307 | $ (97,093) |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Apr. 30, 2018USD ($)Item | Apr. 13, 2017USD ($)Item | Dec. 01, 2015USD ($)Item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)Item | Sep. 30, 2019USD ($) |
Effects of Reinsurance [Line Items] | ||||||
Amount on deposit in trust accounts | $ 626,689 | |||||
Kilimanjaro Re Limited [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Number of collateralized reinsurance agreements | Item | 4 | 6 | 2 | 2 | ||
Reinsurance contract expiration | Apr. 1, 2018 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 500,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeastern United States [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 250,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeast, Mid-Atlantic And Northeast United States And Puerto Rico [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | 200,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1-2 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Number of collateralized reinsurance agreements | Item | 2 | |||||
Reinsurance Contracts | 4 years | |||||
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 1 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 62,500 | $ 225,000 | $ 300,000 | |||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 200,000 | 400,000 | 325,000 | |||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3-4 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Number of collateralized reinsurance agreements | Item | 2 | |||||
Reinsurance Contracts | 5 years | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 62,500 | $ 325,000 | ||||
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 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | 200,000 | $ 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 | |||||
Series 2014-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | $ 450,000 | |||||
Catastrophe Reinsurance Bonds Redeemed Amount | 450,000 | |||||
Series 2014-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | $ 500,000 | |||||
Series 2015-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | $ 625,000 | |||||
Series 2017-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | 950,000 | |||||
Series 2017-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | $ 300,000 | |||||
Series 2018-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | 262,500 | |||||
Series 2018-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Catastrophe reinsurance bonds, funded amount | $ 262,500 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - Senior Notes 4.868% [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
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% | |
Maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,044,000 | $ 396,954,000 |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Date Due | Jun. 1, 2044 | Jun. 1, 2044 |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,044,000 | $ 396,954,000 |
Market value | $ 450,984,000 | $ 396,968,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 14,604 | $ 14,604 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
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% | |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | |
Right to defer interest, period | 10 years | |
Reset quarterly interest rate | 4.54% | |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
Percentage of principal amount required for redemption | 100.00% | |
Outstanding debt reduction | $ 161,441 | |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 3, 2007 | |
Redemption date | May 15, 2017 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 14, 2017 | |
Redemption date | May 1, 2047 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 236,733,000 | $ 236,659,000 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity date | May 1, 2067 | May 1, 2067 |
Consolidated Balance Sheet Amount | $ 236,733,000 | $ 236,659,000 |
Market value | $ 214,853,000 | $ 200,390,000 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2067 |
Long Term Subordinated Notes _2
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 2,881 | $ 2,875 | $ 8,892 | $ 7,968 |
Federal Home Loan Membership (N
Federal Home Loan Membership (Narratvie) (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Federal Home Loan Membership [Abstract] | ||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | |
Admitted assets for FHLB | $ 12,310,510,000 | |
Maximum amount available under FHLB | $ 1,231,051,000 | |
Borrowings from FHLB | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | Jul. 02, 2019USD ($)ft² |
Area of property | ft² | 315,000 |
Lease maturity year | 2036 |
Lease monthly payment amount | $ 650 |
Lease annual payment amount | $ 7,800 |
Leases (Supplemental Informatio
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||
Lease expense incurred: Operating lease cost | $ 4,791 | $ 14,146 | |
Operating lease right of use assets | 50,356 | 50,356 | $ 60,325 |
Operating lease liabilities | $ 55,702 | 55,702 | $ 66,551 |
Operating cash flows from operating leases | $ 12,914 | ||
Weighted average remaining operating lease term | 6 years | 6 years | |
Weighted average discount rate on operating leases | 4.48% | 4.48% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Remainder of 2019 | $ 4,294 | |
2020 | 17,233 | |
2021 | 8,603 | |
2022 | 8,328 | |
2023 | 8,235 | |
2024 | 8,104 | |
Thereafter | 13,653 | |
Undiscounted lease payments | 68,450 | |
Less: present value adjustment | 12,748 | |
Total operating lease liability | $ 55,702 | $ 66,551 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Sales Revenue, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenues | 5.00% | 5.00% | 5.00% | 5.00% | 0.80% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 1,428,400 | $ 1,230,771 | $ 4,074,477 | $ 3,526,617 |
Incurred losses and LAE | 1,098,093 | 970,297 | 2,737,411 | 2,912,312 |
Commission and brokerage | 357,681 | 288,212 | 962,674 | 832,671 |
Other underwriting expenses | 95,693 | 78,800 | 257,426 | 230,377 |
Underwriting gain (loss) | (123,067) | (106,538) | 116,966 | (448,743) |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 854,641 | 940,839 | 2,260,544 | 2,237,170 |
Net written premiums | 740,096 | 703,944 | 1,845,931 | 1,557,706 |
Premiums earned | 630,135 | 528,867 | 1,810,175 | 1,437,761 |
Incurred losses and LAE | 392,912 | 394,621 | 1,077,023 | 1,404,349 |
Commission and brokerage | 215,825 | 156,500 | 555,517 | 432,531 |
Other underwriting expenses | 19,148 | 16,250 | 50,467 | 48,608 |
Underwriting gain (loss) | 2,250 | (38,504) | 127,168 | (447,727) |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 442,587 | 363,359 | 1,204,229 | 1,129,097 |
Net written premiums | 401,341 | 340,701 | 1,109,418 | 1,012,933 |
Premiums earned | 366,410 | 331,921 | 1,041,870 | 1,003,993 |
Incurred losses and LAE | 407,799 | 315,850 | 858,683 | 751,696 |
Commission and brokerage | 81,674 | 78,180 | 237,510 | 240,953 |
Other underwriting expenses | 11,258 | 9,991 | 29,355 | 29,946 |
Underwriting gain (loss) | (134,321) | (72,100) | (83,678) | (18,602) |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 592,775 | 454,993 | 1,798,149 | 1,491,438 |
Net written premiums | 428,518 | 333,836 | 1,326,714 | 1,105,223 |
Premiums earned | 431,855 | 369,983 | 1,222,432 | 1,084,863 |
Incurred losses and LAE | 297,382 | 259,826 | 801,705 | 756,267 |
Commission and brokerage | 60,182 | 53,532 | 169,647 | 159,187 |
Other underwriting expenses | 65,287 | 52,559 | 177,604 | 151,823 |
Underwriting gain (loss) | $ 9,004 | $ 4,066 | $ 73,476 | $ 17,586 |
Segment Reporting (Schedule O_2
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 | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | ||||||||||||
Underwriting gain (loss) | $ (123,067) | $ (106,538) | $ 116,966 | $ (448,743) | ||||||||
Net investment income | 95,592 | 90,298 | 270,835 | 232,277 | ||||||||
Net realized capital gains (losses) | 112,542 | 30,018 | 390,161 | (72,454) | ||||||||
Corporate expense | (3,183) | (2,488) | (7,353) | (7,597) | ||||||||
Interest, fee and bond issue cost amortization expense | (7,802) | (7,796) | (27,314) | (22,732) | ||||||||
Other income (expense) | (2,673) | $ (5,055) | $ (730) | (4,802) | $ 75,294 | $ (74,397) | $ (5,785) | $ 897 | (8,459) | (3,905) | $ (9,568) | $ 25,866 |
INCOME (LOSS) BEFORE TAXES | $ 71,409 | $ 348,289 | $ 315,139 | $ (1,308) | $ (315,195) | $ (6,651) | $ 663,428 | $ (321,846) | $ 734,836 | $ (323,154) | $ (1,329,209) | $ (120,866) |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | $ 52,136 | $ 41,005 | $ 138,392 | $ 125,586 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2015 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Oct. 01, 2018 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||||||||||
Interest income | $ 0 | $ 1,075,000 | $ 0 | $ 2,150,000 | |||||||
Shares purchased and held | 9,719,971 | 9,719,971 | |||||||||
Shares transferred to affiliated entity | 9,719,971 | ||||||||||
Shares fair value | $ 1,773,214,000 | ||||||||||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | ||||||||||
Preferred shares par value | $ 1,000,000 | ||||||||||
Annual dividend rate | 1.75% | ||||||||||
Note payable - affiliated | $ 300,000,000 | ||||||||||
Interest expense | 4,868,000 | 4,868,000 | 14,604,000 | 14,604,000 | |||||||
Additional paid-in capital | 1,100,573,000 | 1,100,573,000 | 1,100,315,000 | ||||||||
Subject loss reserves | $ 2,336,242,000 | ||||||||||
Duration of Stop Loss Agreement | 12 months | ||||||||||
Amount of Business Transfer | 1,000,000,000 | ||||||||||
Note Payable - Affiliated [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Note payable - affiliated | $ 300,000,000 | ||||||||||
Interest expense | 0 | 3,658,000 | |||||||||
Parent Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Note receivable - affiliated | $ 250,000,000 | ||||||||||
Global Services [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Additional paid-in capital | $ 227,253,000 | ||||||||||
Bermuda Re [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Reinsurance coverage amount | $ 14,660,000 | $ 146,513,000 | $ 85,667,000 | $ 421,804,000 | |||||||
Amount of Business Transfer | 970,000,000 | ||||||||||
Adverse development coverage | $ 500,000,000 | ||||||||||
Catastrophe Reinsurance [Member] | Bermuda Re [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Reinsurance coverage amount | $ 100,000,000 |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Sep. 30, 2019shares |
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 Preferred Shares) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividends From Preferred Shares Of Affiliate [Member] | ||||
Related Party Transaction [Line Items] | ||||
Dividends received on preferred stock of affiliate | $ 7,758 | $ 7,758 | $ 23,274 | $ 23,274 |
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 | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Coverage Period 01/01/2010-12/31/2010 [Member] | |
Reinsurance [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 |
Coverage Period 01/01/2011-12/31/2011 [Member] | |
Reinsurance [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 |
Coverage Period 01/01/2012-12/31/2014 [Member] | |
Reinsurance [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 |
Coverage Period 01/01/2015-12/31/2016 [Member] | |
Reinsurance [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 |
Coverage Period 01/01/2017-12/31/2017 [Member] | |
Reinsurance [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 |
Coverage Period 01/01/2010-12/31/2010 [Member] | |
Reinsurance [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 |
Aggregate Limit | |
Coverage Period 01/01/2011-12/31/2011 [Member] | |
Reinsurance [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 |
Aggregate Limit | |
Coverage Period 01/01/2012-12/31/2012 [Member] | |
Reinsurance [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 |
Aggregate Limit | $ 412,500 |
Coverage Period 01/01/2013-12/31/2013 [Member] | |
Reinsurance [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 |
Aggregate Limit | $ 412,500 |
Coverage Period 01/01/2014-12/31/2017 [Member] | |
Reinsurance [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 |
Aggregate Limit | $ 412,500 |
Coverage Period 01/01/2012-12/31/2017 [Member] | |
Reinsurance [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 |
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 | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Effective Date 10/01/2001 [Member] | |
Reinsurance [Line Items] | |
Transferring Company | Everest Re (Belgium Branch) |
Assuming Company | Bermuda Re |
Amount of Transfer | $ 100 |
Covered Period of Transfer | All years |
Effective Date 10/01/2008 [Member] | |
Reinsurance [Line Items] | |
Transferring Company | Everest Re |
Assuming Company | Bermuda Re |
Amount of Transfer | $ 747,022 |
Covered Period of Transfer | 01/01/2002-12/31/2007 |
Effective Date 12/31/2017 [Member] | |
Reinsurance [Line Items] | |
Transferring Company | Everest Re |
Assuming Company | Bermuda Re |
Amount of Transfer | $ 970,000 |
Covered Period of Transfer | All years |
Related-Party Transactions (Pre
Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Mt. Logan Re Segregated Accounts [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 79,152 | $ 53,340 | $ 193,664 | $ 154,779 |
Ceded earned premiums | 69,942 | 44,699 | 176,576 | 149,674 |
Ceded losses and LAE | 81,136 | 23,087 | 145,918 | 130,994 |
Assumed written premiums | 3,219 | 7,866 | ||
Assumed earned premiums | 3,219 | 7,866 | ||
Assumed losses and LAE | ||||
Bermuda Re [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | 14,660 | 146,513 | 85,667 | 421,804 |
Ceded earned premiums | 16,510 | 148,228 | 85,632 | 432,459 |
Ceded losses and LAE | (16,836) | 34,683 | (8,521) | 70,791 |
Everest International [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | ||||
Ceded earned premiums | ||||
Ceded losses and LAE | 10 | (5) | (26) | (362) |
Everest Canada [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Assumed written premiums | ||||
Assumed earned premiums | ||||
Assumed losses and LAE | (1,633) | (1,388) | (938) | 1,958 |
Lloyd's Syndicate [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Assumed written premiums | 24 | 1,056 | (8,702) | 795 |
Assumed earned premiums | 850 | 2,876 | (16,380) | 13,826 |
Assumed losses and LAE | $ 1,141 | $ 2,883 | $ (2,386) | $ 10,909 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,064,000 | $ 2,977,000 | $ 6,616,000 | $ 8,931,000 |
Interest cost | 2,928,000 | 2,585,000 | 8,788,000 | 7,754,000 |
Expected return on plan assets | (4,492,000) | (3,670,000) | (14,523,000) | (11,011,000) |
Amortization of net (income) loss | 1,909,000 | 2,237,000 | 5,111,000 | 6,710,000 |
Settlement charge | 102,000 | 309,000 | ||
Net periodic benefit cost | 2,511,000 | 4,129,000 | 6,301,000 | 12,384,000 |
Pension contributions | 0 | 77,000,000 | 0 | 77,000,000 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 245,000 | 446,000 | 818,000 | 1,339,000 |
Interest cost | 245,000 | 307,000 | 835,000 | 920,000 |
Amortization of prior service cost | (144,000) | (33,000) | (433,000) | (98,000) |
Amortization of net (income) loss | (39,000) | 94,000 | (39,000) | 282,000 |
Net periodic benefit cost | $ 307,000 | $ 814,000 | $ 1,181,000 | $ 2,443,000 |