Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 15, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-14527 | ||
Entity Registrant Name | EVEREST REINSURANCE HOLDINGS INC | ||
Entity Incorporation State Country Code | DE | ||
Entity Tax Identification Number | 22-3263609 | ||
Entity Address Address Line 1 | 477 Martinsville Road | ||
Entity Address Address Line 2 | Post Office Box 830 | ||
Entity Address City Or Town | Liberty Corner | ||
Entity Address, State or Province | NJ | ||
Entity Address Postal Zip Code | 07938-0830 | ||
City Area Code | 908 | ||
Local Phone Number | 604-3000 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000914748 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Senior Notes 4.868% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 4.868% Senior Notes Due 2044 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE | ||
Subordinated Notes 6.6% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 6.60% Long Term Notes Due 2067 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2019, $7,334,425; 2018, $7,032,749 | $ 7,492,079 | $ 6,962,075 |
Fixed maturities - available for sale, at fair value | 5,826 | 2,337 |
Equity securities, fair value | 764,049 | 564,338 |
Short-term investments (cost: 2019, $279,824; 2018, $174,155) | 279,879 | 174,131 |
Other invested assets (cost: 2019, $1,020,766; 2018, $882,647) | 1,020,766 | 882,647 |
Other invested assets, fair value | 1,982,582 | 1,717,336 |
Cash | 411,122 | 404,522 |
Total investments and cash | 11,956,303 | 10,707,386 |
Note receivable - affiliated | 300,000 | |
Accrued investment income | 54,383 | 47,232 |
Premiums receivable | 1,337,344 | 1,471,805 |
Reinsurance receivables - unaffiliated | 1,318,820 | 1,295,961 |
Reinsurance receivables - affiliated | 3,125,269 | 3,544,975 |
Income taxes | 65,793 | 411,994 |
Funds held by reinsureds | 228,297 | 228,556 |
Deferred acquisition costs | 388,238 | 353,630 |
Prepaid reinsurance premiums | 413,612 | 328,796 |
Other assets | 518,127 | 289,962 |
TOTAL ASSETS | 19,706,186 | 18,680,297 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 10,209,519 | 10,167,018 |
Unearned premium reserve | 2,198,932 | 1,826,868 |
Funds held under reinsurance treaties | 41,233 | 41,600 |
Other net payable to reinsurers | 267,367 | 316,826 |
Losses in course of payment | 70,541 | 117,844 |
Senior notes due 6/1/2044 | 397,074 | 396,954 |
Long term notes due 5/1/2067 | 236,758 | 236,659 |
Note payable - affiliated | 300,000 | |
Accrued interest on debt and borrowings | 2,878 | 3,093 |
Unsettled securities payable | 25,230 | 50,912 |
Other liabilities | 399,229 | 185,766 |
Total liabilities | 13,848,761 | 13,643,540 |
Commitments and Contingencies (Note 15) | ||
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 | 1,100,678 | 1,100,315 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $16,997 at 2019 and ($33,506) at 2018 | 64,324 | (126,254) |
Retained earnings | 4,692,423 | 4,062,696 |
Total stockholder's equity | 5,857,425 | 5,036,757 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 19,706,186 | $ 18,680,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fixed maturities - available for sale, amortized cost | $ 7,334,425 | $ 7,032,749 |
Short-term investments, cost | 279,824 | 174,155 |
Other invested assets, cost | $ 1,020,766 | $ 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) | $ 16,997 | $ (33,506) |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt instrument, maturity date | Jun. 1, 2044 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt instrument, maturity date | May 1, 2067 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | |||
Premiums earned | $ 5,489,035 | $ 4,839,058 | $ 1,949,595 |
Net investment income | 356,211 | 314,381 | 286,259 |
Net realized capital gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | (19,643) | (6,164) | (6,077) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | |||
Other net realized capital gains (losses) | 439,010 | (179,192) | 167,630 |
Total net realized capital gains (losses) | 419,367 | (185,356) | 161,553 |
Other income (expense) | (1,589) | (9,568) | 25,866 |
Total revenues | 6,263,024 | 4,958,515 | 2,423,273 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 3,829,122 | 4,811,018 | 2,039,751 |
Commission, brokerage, taxes and fees | 1,270,053 | 1,141,714 | 210,925 |
Other underwriting expenses | 350,901 | 293,347 | 254,886 |
Corporate expenses | 13,063 | 11,034 | 7,394 |
Interest, fee and bond issue cost amortization expense | 34,931 | 30,611 | 31,183 |
Total claims and expenses | 5,498,070 | 6,287,724 | 2,544,139 |
INCOME (LOSS) BEFORE TAXES | 764,955 | (1,329,209) | (120,866) |
Income tax expense (benefit) | 135,228 | (367,025) | (200,736) |
NET INCOME (LOSS) | 629,727 | (962,184) | 79,870 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 175,482 | (92,966) | (10,536) |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 5,080 | 2,021 | 2,303 |
Total URA(D) on securities arising during the period | 180,562 | (90,945) | (8,233) |
Foreign currency translation adjustments | 17,153 | (36,431) | 37,427 |
Benefit plan actuarial net gain (loss) for the period | (12,591) | (510) | 1,027 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,453 | 5,021 | 5,477 |
Total benefit plan net gain (loss) for the period | (7,138) | 4,511 | 6,504 |
Total other comprehensive income (loss), net of tax | 190,577 | (122,865) | 35,698 |
COMPREHENSIVE INCOME (LOSS) | $ 820,304 | $ (1,085,049) | $ 115,568 |
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 | $ (325) | $ 325 | |||
Beginning balance, at Dec. 31, 2016 | $ 387,567 | (36,315) | 4,942,239 | ||
Beginning balance, shares at Dec. 31, 2016 | 1,000 | ||||
Capital contribution from parent | |||||
Share-based compensation plans | 274 | ||||
Net increase (decrease) during the period | $ 35,698 | 35,698 | |||
Net income (loss) | 79,870 | 79,870 | |||
Ending balance, shares at Dec. 31, 2017 | 1,000 | ||||
Ending balance, at Dec. 31, 2017 | 5,409,332 | 387,841 | (942) | 5,022,433 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (2,447) | (2,447) | 2,447 | ||
Net income (loss) | (11,793) | ||||
Ending balance, at Mar. 31, 2018 | 5,346,404 | 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 | ||||
Capital contribution from parent | 712,253 | ||||
Share-based compensation plans | 221 | ||||
Net increase (decrease) during the period | (122,865) | (122,865) | |||
Net income (loss) | $ (962,184) | (962,184) | |||
Ending balance, shares at Dec. 31, 2018 | 1,000 | 1,000 | |||
Ending balance, at Dec. 31, 2018 | $ 5,036,757 | 1,100,315 | (126,254) | 4,062,696 | |
Beginning balance, at Mar. 31, 2018 | 5,346,404 | 5,013,087 | |||
Net income (loss) | (267,295) | ||||
Ending balance, at Jun. 30, 2018 | 5,042,149 | 4,745,792 | |||
Net income (loss) | 21,966 | ||||
Ending balance, at Sep. 30, 2018 | 5,058,645 | 4,767,758 | |||
Net income (loss) | $ (705,062) | ||||
Ending balance, shares at Dec. 31, 2018 | 1,000 | 1,000 | |||
Ending balance, at Dec. 31, 2018 | $ 5,036,757 | 1,100,315 | (126,254) | 4,062,696 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | |||||
Net income (loss) | 251,608 | ||||
Ending balance, at Mar. 31, 2019 | 5,386,602 | 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 | |||
Capital contribution from parent | |||||
Share-based compensation plans | 363 | ||||
Net increase (decrease) during the period | $ 190,577 | 190,577 | |||
Net income (loss) | $ 629,727 | 629,727 | |||
Ending balance, shares at Dec. 31, 2019 | 1,000 | 1,000 | |||
Ending balance, at Dec. 31, 2019 | $ 5,857,425 | $ 1,100,678 | $ 64,324 | 4,692,423 | |
Beginning balance, at Mar. 31, 2019 | 5,386,602 | 4,314,306 | |||
Net income (loss) | 280,922 | ||||
Ending balance, at Jun. 30, 2019 | $ 5,735,239 | $ 4,595,227 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 629,727 | $ (962,184) | $ 79,870 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (24,618) | (171,642) | (170,234) |
Decrease (increase) in funds held by reinsureds, net | (57) | (20,963) | (92,526) |
Decrease (increase) in reinsurance receivables | 405,574 | 1,260,865 | (731,292) |
Decrease (increase) in income taxes | 295,667 | (292,728) | (249,674) |
Decrease (increase) in prepaid reinsurance premiums | (84,181) | 17,302 | 436,571 |
Increase (decrease) in reserve for losses and loss adjustment expenses | 21,399 | 859,691 | 964,415 |
Increase (decrease) in unearned premiums | 370,246 | 221,850 | 291,108 |
Increase (decrease) in other net payable to reinsurers | (50,560) | (173,810) | (329,946) |
Increase (decrease) in losses in course of payment | 113,306 | 66,148 | (31,815) |
Change in equity adjustments in limited partnerships | (45,843) | (70,494) | (35,749) |
Distribution of limited partnership income | 51,982 | 55,350 | 33,629 |
Change in other assets and liabilities, net | (60,250) | (143,047) | (367,338) |
Non-cash compensation expense | 27,421 | 13,863 | 10,212 |
Amortization of bond premium (accrual of bond discount) | 4,308 | 3,735 | 17,690 |
Net realized capital (gains) losses | (419,367) | 185,356 | (161,553) |
Net cash provided by (used in) operating activities | 1,234,754 | 849,292 | (336,632) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 937,871 | 741,360 | 1,005,532 |
Proceeds from fixed maturities sold - available for sale, at market value | 2,400,869 | 791,368 | 1,676,203 |
Proceeds from fixed maturities sold - available for sale, at fair value | 2,917 | 1,751 | |
Proceeds from equity securities sold - at fair value | 283,707 | 1,029,920 | 586,496 |
Distributions from other invested assets | 185,116 | 1,043,131 | 2,327,206 |
Cost of fixed maturities acquired - available for sale, at market value | (3,626,139) | (3,714,695) | (2,431,780) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,243) | (4,381) | |
Cost of equity securities acquired- at fair value | (325,546) | (702,221) | (396,056) |
Cost of other invested assets acquired | (323,453) | (1,138,317) | (2,546,289) |
Net change in short-term investments | (102,302) | 193,623 | 67,164 |
Net change in unsettled securities transactions | (30,904) | 55,967 | (40,530) |
Proceeds from repayment (cost of issuance) of note receivable, affiliated | (300,000) | 250,000 | |
Net cash provided by (used in) investing activities | (902,107) | (1,452,494) | 247,946 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Tax benefit from share-based compensation, net of expense | (27,059) | (11,195) | (9,938) |
Capital contribution from parent | 500,324 | ||
Proceeds from issuance (cost of repayment) of note payable - affiliated | (300,000) | 300,000 | |
Net cash provided by (used in) financing activities | (327,059) | 789,129 | (9,938) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 1,012 | (10,957) | 30,382 |
Net increase (decrease) in cash | 6,600 | 174,970 | (68,242) |
Cash, beginning of period | 404,522 | 229,552 | 297,794 |
Cash, end of period | 411,122 | 404,522 | 229,552 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | (160,748) | (73,669) | 53,019 |
Interest paid | 34,928 | 30,027 | 31,775 |
NON-CASH TRANSACTIONS | |||
Equity value of non-cash capital contribution of affiliate from parent, net of cash held by affiliate | 211,928 | ||
Transfer of fixed maturities, available for sale, at market value to Bermuda Re as part of settlement for loss portfolio transfer agreement as of 12/31/17 | $ 790,583 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Business and Basis of Presentation. Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Re Group, Ltd. (“Group”), through its subsidiaries, prin cipally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, “Company” means Holdings and its subsidiaries. The accompanying consolidated financial statements have been p repared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“ Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsuranc e Company – Escritório de Representação No Brasil Ltda. (“Everest Brazil”), Mt. Whitney Securities, Inc., Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Specialty Underwriters Services, L LC, Everest International Assurance, Ltd. (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Salus Systems (“Salus”) and Mt. McKinley Mana gers, L.L.C. All amounts are reported in U.S. dollars. During the fourth quarter of 2018, Global Services was contributed to Holdings from its parent company, Holdings Ireland. The operating results of Global Services for the fourth quarter of 2018 ar e included within the Company’s consolidated financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disc losure 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 int ercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2019 presentation. B. Investments. Fixed maturity investments available for sale, at mar ket value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance she ets. Fixed maturity, equity securities and other invested assets carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company r ecords changes in fair value for its fixed maturities-available for sale, at market value through stockholder’s equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle i ts reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. As of January 1, 20 18, the Company carries all of its equity securities at fair value. For equity securities, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on finan cial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield c urve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair value s are supported with opinions from qualified independent third parties. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactiv e or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date ar e used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-t hrough security types. Other invested assets include limited partnerships, rabbi trusts and, prior to July 1, 2018, a private placement liquidity sweep facility. Cash contributions to and cash distributions from the sweep facility were reported gross in c ash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair values of the Preferred Holdings convertible preferred stock at December 31, 2019 and December 31, 2018 were determined using a pricing model. C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management’s assessment of the collectability of the outstanding bala nces. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 Reinsurance recoverable and premium receivables $ 25,163 $ 25,163 D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are l imited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Deferred acquisition costs $ 1,270,053 $ 1,141,714 $ 210,925 E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental (“A&E”) exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss an d LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. F. Premium R evenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are establishe d based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits hav e been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsuran ce. G. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10 % of the outstanding balance at December 31, 2019 were collateralized either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company. H. Income Taxes. The Company and its wholly-owned subsidiaries file a consolidated U.S. Cor poration Income Tax Return. The Company’s foreign subsidiaries and foreign branches of its U.S. subsidiaries file country and local corporation income tax returns as required. Deferred U.S. federal and foreign income taxes have been recorded to recognize the tax effect of temporary differences between the GAAP and income tax bases of assets and liabilities, which arise because of differences between the financial reporting and income tax rules. I. Foreign Currency. As a global entity, the Company trans acts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates rel ated to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income ta xes, are excluded from net income loss and accumulated in stockholder’s equity. J. Segmentation. The Company, through its subsidiaries, operates in three segments: U.S. Reinsurance, International and Insurance. See also Note 17. K. Retroactive Reinsu rance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially de termined expected payout period. Any future loss is recognized immediately and charged against earnings. L. Application of Recently Issued Accounting Standard Changes. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchang e Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simplification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main change addressed by the Rule that is applicable to the Compa ny is a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders’ Equity which was to be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement . In August 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 guidan ce requires that implementation 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 ad dition, any capitalized 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. T he Company does not expect the adoption of ASU 2018-15 to have a material impact on its financial statements. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02, which outlines guidan ce on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. The 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 balance 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. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modification s to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount 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 outlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securi ties be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. T he adoption of ASU 2017-08 did not hav e 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 gui dance 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 operations the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company a dopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impact 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 restricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in to tal 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 ha ve 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 g uidance requires that reporting entities recognize tax expense from the intra-entity transfer of an asset 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 stat ements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13, (and has subsequently issued related guidance and amendments in ASU 2019-11 and 2019-10 in November 2019) which outline guidance on the valuation of and accounting for ass ets 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 asset (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 Dec ember 15, 2019. The Company does not expect the adoption of ASU 2016-13 , ASU 2019-11 and ASU 2019-10 to have material impact 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 previously 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 January 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 financi al 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 resul ted 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 well as de-recognizing the liability for deferred r ent 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 liquidi ty. 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 unconsolidated entit ies 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 beginning aft er 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 the conso lidated 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 with custo mers. 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 annual and int erim 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 guidance a nd pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | 2 . 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 December 31, 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 $ 768,374 $ 10,128 $ (987) $ 777,515 $ - Obligations of U.S. states and political subdivisions 506,347 29,651 (87) 535,911 - Corporate securities 2,777,097 70,898 (26,438) 2,821,557 245 Asset-backed securities 761,607 5,659 (1,309) 765,957 - Mortgage-backed securities Commercial 311,961 17,242 (154) 329,049 - Agency residential 625,612 19,395 (320) 644,687 - Non-agency residential 1,638 - - 1,638 - Foreign government securities 646,149 18,908 (7,050) 658,007 27 Foreign corporate securities 935,640 31,257 (9,139) 957,758 333 Total fixed maturity securities $ 7,334,425 $ 203,138 $ (45,484) $ 7,492,079 $ 605 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. 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 mat urity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At December 31, 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 $ 569,506 $ 563,730 $ 511,193 $ 507,572 Due after one year through five years 2,919,966 2,963,903 4,271,245 4,230,451 Due after five years through ten years 1,541,695 1,602,642 1,177,752 1,163,831 Due after ten years 602,440 620,473 561,566 550,474 Asset-backed securities 761,607 765,957 223,192 221,255 Mortgage-backed securities Commercial 311,961 329,049 135,380 136,604 Agency residential 625,612 644,687 149,306 148,774 Non-agency residential 1,638 1,638 3,115 3,114 Total fixed maturity securities $ 7,334,425 $ 7,492,079 $ 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: Years Ended December 31, (Dollars in thousands) 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 $ 228,953 $ (115,642) Fixed maturity securities, other-than-temporary impairment (546) 645 Change in unrealized appreciation (depreciation), pre-tax 228,408 (114,997) Deferred tax benefit (expense) (47,959) 24,187 Deferred tax benefit (expense), other-than-temporary impairment 115 (135) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 180,562 $ (90,945) 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 then 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 value 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 los ses 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 t he 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 con solidated 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 credit 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. Retrospective adjustments are employ ed 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 i s 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. Conditi onal 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 unreal ized 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, 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 $ 8,997 $ (141) $ 203,780 $ (846) $ 212,777 $ (987) Obligations of U.S. states and political subdivisions 4,600 (38) 4,518 (49) 9,118 (87) Corporate securities 334,973 (5,186) 230,679 (21,252) 565,652 (26,438) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities Commercial 13,083 (87) 16,374 (67) 29,457 (154) Agency residential 19,019 (82) 17,147 (238) 36,166 (320) Non-agency residential - - 690 - 690 - Foreign government securities 113,256 (858) 109,953 (6,192) 223,209 (7,050) Foreign corporate securities 105,551 (1,260) 121,710 (7,879) 227,261 (9,139) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) Duration of Unrealized Loss at December 31, 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 $ 34,542 $ (1,067) $ 188,755 $ (6,411) $ 223,297 $ (7,478) Due in one year through five years 226,521 (2,554) 357,728 (11,562) 584,249 (14,116) Due in five years through ten years 251,967 (3,292) 43,129 (6,785) 295,096 (10,077) Due after ten years 54,347 (570) 81,028 (11,460) 135,375 (12,030) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities 32,102 (169) 34,211 (305) 66,313 (474) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2019 were $ 1,540,376 thousand and $ 45,484 thousand, r espectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2019, did not exceed 0.2 % of the overall market value of the Company’s fixed maturity securities. In additio n, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 8,539 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less t han one year were generally comprised of domestic and foreign corporate securities . Of these unrealized losses, $ 5,645 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical ra ting agency. The $ 36,945 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 foreign government securities. Of these unrealized losses $ 16,976 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 mortgage-backed securiti es 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 excess credit coverag e 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 gross unrealized de preciation 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 thousand 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 Compa ny’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, there was no signific ant 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 comprised 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 recognized statistica l 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 agencies. Of these un realized 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 to sub-prime and al t-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 current on interest and principal payments. The components of net investment income are presented in the tables below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturities $ 273,122 $ 201,108 $ 193,676 Equity securities 10,782 14,909 25,852 Short-term investments and cash 10,231 7,715 2,870 Other invested assets Limited partnerships 43,316 61,645 36,603 Dividends from preferred shares of affiliate 31,031 31,032 31,032 Other 14,117 17,825 6,675 Gross investment income before adjustments 382,599 334,234 296,708 Funds held interest income (expense) 6,459 5,188 5,006 Interest income from Parent 211 4,085 4,300 Gross investment income 389,269 343,507 306,014 Investment expenses (33,058) (29,126) (19,755) Net investment income $ 356,211 $ 314,381 $ 286,259 (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 $ 699,481 thousand in limited partnerships and private placement loans at December 31, 2019. These commitments will be funded when called in accordance with the partnership and loan agre ements, which have investment periods that expire, unless extended, through 2026. Beginning in 2016, the Company participated in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to 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 w as 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 investmen t line items within the Company’s balance sheet, rather than as part of other invested assets. As of December 31, 2019, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 156,258 thousand . Other invest ed assets, at fair value, as of December 31, 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: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturity securities, market value: Other-than-temporary impairments $ (19,643) $ (6,164) $ (6,077) Gains (losses) from sales 7,571 933 2,473 Fixed maturity securities, fair value: Gains (losses) from sales 355 (1,799) - Gains (losses) from fair value adjustments 1,808 1,506 - Equity securities, fair value: Gains (losses) from sales 4,144 (32,092) 6,556 Gains (losses) from fair value adjustments 153,728 (59,409) 117,695 Other invested assets 6,003 1,815 61 Other invested assets, fair value: Gains (losses) from fair value adjustments 265,245 (90,136) 40,846 Short-term investment gains (losses) 156 (10) (1) Total net realized capital gains (losses) $ 419,367 $ (185,356) $ 161,553 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: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Proceeds from sales of fixed maturity securities $ 2,403,786 $ 793,119 $ 1,676,203 Gross gains from sales 25,076 15,349 31,328 Gross losses from sales (17,150) (16,215) (28,855) Proceeds from sales of equity securities $ 283,707 $ 1,029,920 $ 586,496 Gross gains from sales 14,270 25,160 23,214 Gross losses from sales (10,126) (57,252) (16,658) Securities with a carrying value amount of $ 1,549,145 thousand at December 31, 201 9 , were on deposit with various state or governmental insurance departments in compliance with insurance laws. |
Reserves For Losses And LAE
Reserves For Losses And LAE | 12 Months Ended |
Dec. 31, 2019 | |
Reserves For Losses And LAE [Abstract] | |
Reserves For Losses And LAE | 3 . RESERVES FOR LOSSES AND LAE Activity in the reserve for losses and LAE is summarized for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 2017 Gross reserves beginning of period $ 10,167,018 $ 9,343,028 $ 8,331,288 Less reinsurance recoverables (4,697,543) (5,727,268) (4,199,791) Net reserves beginning of period 5,469,475 3,615,760 4,131,497 Incurred related to: Current year 3,784,771 4,252,220 2,157,498 Prior years 44,351 558,798 (117,747) Total incurred losses and LAE 3,829,122 4,811,018 2,039,751 Paid related to: Current year 1,885,443 1,524,635 1,607,601 Prior years 1,431,336 1,408,256 957,933 Total paid losses and LAE 3,316,778 2,932,891 2,565,534 Foreign exchange/translation adjustment 12,352 (24,412) 10,046 Net reserves end of period 5,994,171 5,469,475 3,615,760 Plus reinsurance recoverables 4,215,348 4,697,543 5,727,268 Gross reserves end of period $ 10,209,519 $ 10,167,018 $ 9,343,028 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 3,784,771 thousand, $ 4,252,220 thousand and $ 2,157,498 thousand at December 31, 201 9 , 201 8 and 201 7 , respectively. The decrease in current year incurred losses in 2019 compared to 2018 was primarily due to a decrease of $ 646,242 thousand in current year catastrophe losses, partially offset by an increase of $ 178,794 thousand in current year attritional losses. The $ 482,195 decrease in reinsurance recoverables from December 31, 201 9 to D ecember 31, 201 8 is primarily related to changes in affiliated reinsurance agreements. Incurred prior years’ reserves increased by $ 44,351 thousand and $ 558,798 thousand in 201 9 and 2018 respectively, and decreased by $ 117,747 thousand in 2017. The incre ase for 201 9 was mainly due to adverse development on prior years catastrophe losses. The increase for 2018 was mainly due to $ 553,036 thousand of adverse development on prior years catastrophe losses, primarily related to Hurricanes Harvey, Irma and Mari a, 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 a ggregate covers. The decrease for 2017 was attributable to favorable development in the reinsurance segments of $ 84,809 thousand related primarily to property and short-tail business in the U.S., as well as favorable development on prior year catastrophe losses, partially offset by $ 25,194 thousand of adverse development on A&E reserves. The insurance segment also experienced favorable development on prior year reserves of $ 32,938 thousand mainly on its workers compensation business, which is largely writ ten in California. The following is information about incurred and paid claims development as of December 31, 201 9 , net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected devel opment on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have ho mogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other ha nd, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and sever ity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2018 is presented as supplementary information. These tables present eight years of incu rred and paid claims development as it is impracticable to retrospectively create the tables for ten years. For the reinsurance groups, for the years prior to 2012, the total of IBNR plus expected development on reported claims was not prepared on an acci dent year basis. The Company calculated these IBNR amounts in the aggregate for each business unit in total as of prior year end points in time. While business written in the United States would have been allocated to accident year for regulatory reporti ng purposes, business written outside of the United States would not have been similarly allocated. Attempting to allocate the non-U.S. business IBNR reserves to accident year currently for older year end valuations would require making assumptions and es timates which may not be in line with assumptions that would have been made at the time. A similar situation applies to insurance where the accumulation of the business lines reported in the regulatory filings are not consistent with the breakout of the t ables presented below. As a result of not being able to present the information prior to 2012, prospectively an additional year will be added to the tables each reporting year until a ten year table is presented. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summ ary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts. The following tables present the incu rred loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. U.S. Reinsurance – Casu alty Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 249,501 $ 211,232 $ 139,755 $ 139,400 $ 145,769 $ 150,362 $ 150,362 $ 150,362 943 N/A 2013 117,075 183,657 181,150 177,215 173,300 173,300 173,300 2,099 N/A 2014 197,491 189,641 193,772 176,745 176,745 176,745 1,263 N/A 2015 155,879 178,366 180,503 180,503 180,503 5,487 N/A 2016 171,561 173,189 173,189 173,189 18,104 N/A 2017 142,373 148,135 148,135 64,849 N/A 2018 484,218 472,358 259,626 N/A 2019 691,038 411,692 N/A $ 2,165,629 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 6,387 $ 19,817 $ 44,688 $ 76,515 $ 99,187 $ 100,650 $ 125,237 $ 137,623 2013 7,131 15,627 48,271 78,880 105,256 133,572 152,303 2014 7,119 21,818 57,897 84,584 118,042 146,455 2015 7,901 21,881 62,180 122,060 147,438 2016 7,440 34,924 65,630 116,329 2017 15,354 65,757 76,186 2018 63,140 104,690 2019 103,453 $ 984,477 All outstanding liabilities prior to 2012, net of reinsurance 430,513 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,611,666 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 10.1 % 11.5 % 17.5 % 23.4 % 15.8 % 11.6 % 13.4 % 8.2 % U.S. Reinsurance – Property Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 551,599 $ 469,638 $ 469,044 $ 479,090 $ 475,719 $ 469,253 $ 454,746 $ 452,056 635 N/A 2013 251,617 167,656 136,887 108,005 107,292 107,292 107,292 545 N/A 2014 288,800 263,119 202,094 194,900 195,028 195,028 1,420 N/A 2015 319,447 249,546 223,357 223,357 223,357 2,915 N/A 2016 430,295 398,141 403,456 403,151 5,224 N/A 2017 821,226 1,290,180 1,442,562 8,182 N/A 2018 1,728,705 1,572,312 88,241 N/A 2019 970,657 329,381 N/A $ 5,366,415 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 129,875 $ 254,010 $ 323,408 $ 379,768 $ 397,473 $ 425,913 $ 431,933 $ 432,048 2013 94,879 95,541 96,805 97,343 101,369 105,604 105,715 2014 86,083 131,940 163,269 177,822 183,469 184,425 2015 112,644 164,892 194,422 204,076 206,251 2016 162,246 327,451 371,004 383,676 2017 543,946 1,068,749 1,400,220 2018 409,225 1,064,429 2019 568,567 $ 4,345,331 All outstanding liabilities prior to 2012, net of reinsurance 14,394 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,035,477 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 39.3 % 35.7 % 17.9 % 6.8 % 3.0 % 4.5 % 1.1 % - % International – Casualty Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 124,118 $ 56,314 $ 35,046 $ 42,804 $ 43,861 $ 41,857 $ 41,857 $ 41,857 3,845 N/A 2013 60,539 40,585 41,615 52,893 46,636 46,636 46,636 5,567 N/A 2014 58,448 47,034 65,755 54,783 54,783 54,783 14,100 N/A 2015 53,586 72,317 60,112 60,112 60,112 17,775 N/A 2016 71,461 67,712 67,712 67,712 20,948 N/A 2017 56,666 56,666 56,666 22,902 N/A 2018 290,866 287,295 116,125 N/A 2019 291,237 189,506 N/A $ 906,298 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 6,896 $ 10,240 $ 15,908 $ 19,052 $ 22,179 $ 26,158 $ 28,340 $ 29,312 2013 5,625 13,380 16,768 20,014 22,426 26,158 30,057 2014 7,984 13,928 19,565 23,552 26,942 31,388 2015 8,025 17,391 24,085 26,574 31,472 2016 10,285 18,798 24,955 31,274 2017 10,519 18,527 22,203 2018 57,962 97,222 2019 52,808 $ 325,736 All outstanding liabilities prior to 2012, net of reinsurance 81,298 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 661,860 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 17.7 % 13.4 % 9.5 % 7.1 % 6.8 % 8.5 % 6.9 % 2.3 % International – Property Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 139,993 $ 131,550 $ 80,030 $ 85,091 $ 78,285 $ 86,847 $ 86,846 $ 86,577 131 N/A 2013 153,518 141,114 131,090 121,419 121,461 121,359 121,359 749 N/A 2014 312,947 263,727 205,545 183,732 184,724 184,724 1,650 N/A 2015 240,258 124,993 126,432 126,432 126,432 1,477 N/A 2016 204,775 260,561 255,561 252,023 4,409 N/A 2017 469,561 584,857 600,988 5,369 N/A 2018 527,258 572,429 82,625 N/A 2019 853,790 363,334 N/A $ 2,798,321 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,704 $ 47,635 $ 55,926 $ 65,905 $ 66,511 $ 67,638 $ 70,505 $ 84,550 2013 42,793 73,212 86,957 102,145 107,086 109,786 117,699 2014 72,526 116,833 144,471 161,086 169,757 171,960 2015 47,862 76,584 102,906 111,100 114,511 2016 75,192 171,256 228,381 240,359 2017 245,772 508,255 592,765 2018 90,429 330,681 2019 151,893 $ 1,804,419 All outstanding liabilities prior to 2012, net of reinsurance 4,034 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 997,937 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 26.9 % 37.2 % 15.9 % 8.0 % 3.4 % 1.5 % 5.2 % 16.2 % Insurance – Casualty Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 212,636 $ 174,914 $ 185,267 $ 184,598 $ 188,211 $ 179,329 $ 179,329 $ 179,328 1,289 15,769 2013 256,032 228,065 230,599 224,601 182,759 182,759 182,759 1,114 21,350 2014 237,875 238,867 240,761 247,403 247,403 247,404 959 25,188 2015 258,918 259,149 262,747 262,747 262,747 1,205 26,896 2016 351,476 337,950 336,400 336,380 1,688 31,517 2017 261,240 256,418 256,597 6,006 34,701 2018 607,682 607,851 296,857 33,817 2019 772,505 614,653 30,144 $ 2,845,571 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,683 $ 55,216 $ 84,382 $ 116,589 $ 133,237 $ 146,961 $ 159,713 $ 162,342 2013 17,116 68,567 101,617 129,715 149,722 162,454 170,698 2014 20,371 71,893 114,156 143,822 213,512 222,038 2015 19,948 67,951 116,847 213,722 229,153 2016 24,463 98,470 285,967 297,182 2017 21,116 167,224 180,400 2018 27,054 196,285 2019 33,097 $ 1,491,195 All outstanding liabilities prior to 2012, net of reinsurance 27,899 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,382,275 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 6.3 % 20.0 % 20.2 % 16.4 % 12.0 % 9.7 % 9.8 % 5.9 % Insurance – Property Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,615 $ 46,888 $ 43,520 $ 44,848 $ 44,278 $ 44,076 $ 44,077 $ 44,077 14 N/A 2013 63,853 56,900 52,113 52,815 52,500 52,500 52,450 27 N/A 2014 68,093 69,820 67,409 66,524 66,524 66,509 21 N/A 2015 80,421 75,906 75,484 75,484 75,518 14 N/A 2016 142,885 163,117 162,678 163,791 7 N/A 2017 291,935 293,342 297,355 818 N/A 2018 377,148 372,847 10,730 N/A 2019 336,859 73,827 N/A $ 1,409,406 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,894 $ 44,665 $ 42,861 $ 44,501 $ 44,152 $ 44,077 $ 44,032 $ 44,054 2013 35,190 54,172 52,537 52,798 52,423 52,409 52,415 2014 40,260 66,400 66,564 65,927 66,404 66,432 2015 45,374 70,326 75,078 75,095 74,951 2016 70,439 138,683 150,678 157,336 2017 155,374 296,514 290,270 2018 242,912 354,900 2019 218,586 $ 1,258,943 All outstanding liabilities prior to 2012, net of reinsurance 422 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 150,884 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 59.2 % 37.0 % 1.0 % 2.0 % 0.8 % - % - % 0.1 % Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. At December 31, 2019 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 1,611,666 U.S. Reinsurance Property 1,035,477 International Casualty 661,860 International Property 997,937 Insurance Casualty 1,382,275 Insurance Property 150,884 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 5,840,099 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 914,400 U.S. Reinsurance Property 745,217 International Casualty 364,868 International Property 560,273 Insurance Casualty 1,440,156 Insurance Property 190,435 Total reinsurance recoverable on unpaid claims 4,215,348 Unallocated claims adjustment expenses 126,530 Other 27,542 154,071 Total gross liability for unpaid claims and claim adjustment expense $ 10,209,519 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate loss es and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warrante d. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) act uarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and lia bility; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company’s best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income (gain or loss) will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim sys tems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro r ata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company’s records. For ce rtain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with pr ecautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports and supporting claim inform ation. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim , Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company pe riodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure grou pings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. On the other hand, casualty claims tend to t ake longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatilit y than those for the longer tail lines. The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimat e loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on e xpectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature y ear. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors whi ch are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Born huetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or pai d development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both sh ort tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with ana lytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for ea ch accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances betwe en actual and expected losses and post adjustments to its reserves as warranted. The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollut ion and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances in to the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company’s reserves include an estimate of the Company’ s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses. A& E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 2017 Gross basis: Beginning of period reserves $ 347,495 $ 448,993 $ 441,111 Incurred losses 2,071 (2,473) 90,009 Paid losses (91,645) (99,026) (82,126) End of period reserves $ 257,921 $ 347,495 $ 448,993 Net basis: Beginning of period reserves $ 223,548 $ 269,153 $ 274,409 Incurred losses - - 25,194 Paid losses (26,974) (45,605) (30,451) End of period reserves $ 196,574 $ 223,548 $ 269,153 Reinsurance Receivables . Reinsurance receivables for both paid and unpaid losses totaled $ 4,444,089 thousand and $ 4,840,936 thousand at December 31, 2019 and 2018, respectively. At December 31, 2019, $ 3,108,676 thousand, or 70.0 %, was receivable from Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), an affiliated entity, and is fully collateralized by a trust agreement and $ 338,965 thousand, or 7.6 %, was receivable from Mt. Logan Re Ltd. (Bermuda) (“Mt. Logan Re”) collateralized segregated accounts. No other retrocessionaire accounted for more than 5 % of reinsurance receivables. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value [Abstract] | |
Fair Value | 4 . FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it est ablishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in acti ve markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers obtain prices from nationally recognized pricing services. These services seek to u tilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply a vailable information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained f rom investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material va riances 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 December 31, 2019, $ 702,331 thousand of fixed maturities, market value and $ 5,826 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 610,873 thousand and all of th e $ 5,826 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 Company has procedures in place to review and evaluate these independent third party valuations. The remaining Level 3 fixed maturities of $ 91,458 thousand were fair valued by the Company 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 inputs. The majority of the fixed maturities, market value, $ 354,133 thousand and all of the $ 2,337 thousand of fixe d 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 va lued by the Company at either par or amortized cost and $ 1,153 thousand were priced using a non-binding broker quote. The Company internally manages a public equity portfolio which had a fair value at December 31, 2019 and December 31, 2018 of $ 170,888 thousand and $ 124,228 thousand, respectively, and all prices were obtained from publicly published sources. Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as level 1 since the quo ted prices are d irectly observable. Equity securities traded on foreign exchanges are categorized as level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by nationally recognized sources. All categories of fixed maturity securities listed in the tables below are generally categorized as level 2, since a particular security may not have traded but the pricing services are able to use valuation mod els with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The fixed maturities with fair values categorized as level 3 result when prices are not available from the nationally recognized pricing services. The asset managers will then obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, t he quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In limited circumstances when broker prices are not available for private placements, the Company will value the securities using comparable market in formation 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 i ssuances or benchmark yields; Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securi ties, benchmark yields and credit spreads; Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar se curities, 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 marke t prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields an d 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, were categorized as Level 3 at December 31, 2019 and December 31, 2018, since it repre sented 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 valued 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 Company’s own assumptions about t he 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 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) 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 $ 777,515 $ - $ 777,515 $ - Obligations of U.S. States and political subdivisions 535,911 - 535,911 - Corporate securities 2,821,557 - 2,274,618 546,939 Asset-backed securities 765,957 - 612,316 153,641 Mortgage-backed securities Commercial 329,049 - 329,049 - Agency residential 644,687 - 644,687 - Non-agency residential 1,638 - 1,638 - Foreign government securities 658,007 - 658,007 - Foreign corporate securities 957,758 - 956,007 1,751 Total fixed maturities, market value 7,492,079 - 6,789,748 702,331 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 764,049 719,548 44,501 - Other invested assets, fair value 1,982,582 - - 1,982,582 There were no transfers between Level 1 and Level 2 for the twelve months ended December 31 , 2019. The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable 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, $ 209,578 thousand and $ 117,662 thousand of investments within other invested assets on the con solidated balance sheets as of December 31, 2019 and 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 December 31, 2019 December 31, 2018 Corporate Asset Foreign Corporate Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Corporate Total Beginning balance $ 376,250 $ - $ 7,744 $ 383,994 $ 158,221 $ 6,952 $ 165,173 Total gains or (losses) (realized/unrealized) Included in earnings 4,937 - (12) 4,925 (93) (660) (753) Included in other comprehensive income (loss) (21) 3,632 (110) 3,501 1,090 - 1,090 Purchases, issuances and settlements 161,078 150,009 (5,871) 305,216 215,839 (298) 215,541 Transfers in and/or (out) of Level 3 4,695 - - 4,695 1,193 1,750 2,943 Ending balance $ 546,939 $ 153,641 $ 1,751 $ 702,331 $ 376,250 $ 7,744 $ 383,994 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 December 31, 2019 December 31, 2018 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 2,163 2,163 (293) (293) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 1,326 1,326 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 5,826 $ 5,826 $ 2,337 $ 2,337 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 $ 1,796 $ 1,796 $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers to/(from) level 3, fair value measurements using significant unobservable inputs were $ 4,695 thousand and $ 2,943 thousand for the years ended December 31, 2019 and 2018, respectively, for fixed maturities, market value. The transfers were related to securities that were priced using a recognized pricing service as of December 31, 2018 and December 31, 2017, respectively. These securities were subsequently priced by investment managers as of December 31, 2019 and 2018, respectively . The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Other invested assets, fair value: Beginning balance $ 1,717,336 $ 1,807,473 Total gains or (losses) (realized/unrealized) Included in earnings 265,246 (90,136) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Ending balance $ 1,982,582 $ 1,717,336 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.) |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
Senior Notes [Abstract] | |
Senior Notes | 5 . 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. December 31, 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 $ 397,074 $ 452,848 $ 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: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 6 . 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. December 31, 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 $ 236,758 $ 233,191 $ 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, commencing 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 yea r, 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 November 15, 2019 to February 17, 2020 is 4.3 %. 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 interest; however, redempti on 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 subor dinated 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 , have 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 notes. Upon expiratio n 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: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest expense incurred $ 11,587 $ 10,926 $ 11,498 |
Federal Home Loan Bank Membersh
Federal Home Loan Bank Membership | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Bank Membership [Abstract] | |
Federal Home Loan Bank Membership | 7 . 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 December 31 , 2019, Everest Re had admitted assets of $ 12,518,844 thousand which provides borrowing capacity of up to $ 1,251,884 thousand. Through December 31 , 2019, Everest Re had no borrowings through the FHLB. |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8 . COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re’s investments as collateral, as security for assumed losses payable to non-affiliated ceding companies. At December 31, 2019, the total amount on deposit in the trust account was $ 718,548 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 pr ovides 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 Sout heast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well 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 Col umbia. These reinsurance agreements expired in April 2018 . On November 18, 2014, the 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 provides up to $ 500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada. These reinsurance agreements expired in November, 2019. On December 1, 2015, the Company entered into two collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe 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 States, Puerto Rico and Canada. The second agreement provides up to $ 325,000 thousand of reinsurance coverage from na med storms and earthquakes in the United States, Puerto Rico and Canada. On April 13, 2017, the Company entered into six collateralized reinsurance 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 cove rage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 50,000 thousand, $ 75,00 0 thousand and $ 175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 30, 2018, the Company entered into four collateralized reinsurance agreemen ts with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover name d storm and earthquake events. The first two agreements are four year reinsurance contracts which provi de 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. The remaining two agreements are five year rei nsurance 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. On December 12, 2019, 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 which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $ 150,000 thousand and $ 275,000 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. The remaining two agreements are five year reinsurance contracts which provide up to $ 150,000 thousand and $ 275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United State, 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 covered events, as well as, the geographic loc ation 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 catastrophe events during the applicable covered periods have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery . Kilimanjaro has financed the various property catastrophe reinsurance coverages by issu ing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 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 outstand ing. On November 18, 2014, Kilimanjaro issued $ 500,000 thousand of notes (“Series 2014-2 Notes”). On 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, Kilimanjaro issued $ 262,500 thousand of notes (“Series 2018-1 Notes”) and $ 262,500 thousand of notes (“Series 2018-2 Notes”). On December 12, 2019 Kilimanjaro issued $ 425,000 thousand of notes (“Series 2019-1 Notes”) and $ 425,000 thousand of notes (“Series 2019-2 Notes’”). The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 9 . 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: Year Ended December 31, (Dollars in thousands) 2019 Lease expense incurred: Operating lease cost $ 21,471 At December 31, (Dollars in thousands) 2019 Operating lease right of use assets $ 152,978 Operating lease liabilities 160,387 Year Ended December 31, (Dollars in thousands) 2019 Operating cash flows from operating leases $ (17,617) At December 31, 2019 Weighted average remaining operating lease term 12.8 years Weighted average discount rate on operating leases 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) 2020 $ 17,793 2021 15,106 2022 16,921 2023 16,465 2024 16,425 Thereafter 122,861 Undiscounted lease payments 205,571 Less: present value adjustment 45,184 Total operating lease liability $ 160,387 A s of December 31, 2018, the Company accounted for leases per the guidance codified in Accounting Standards Codification, Topic 8 40-Leases. Based on prior guidance, the future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2018, for all of the Company’s operating leases were $ 73,873 thousand. The breakdown of the minimum rental commitments as of December 31, 2018 were as follows: $ 17,004 thousand for 2019, $ 16,594 thousand for 2020, $ 7,806 thousand for 2021, $ 7,501 thousand for 202 2 , $ 7,385 thousand for 2023 and $ 17,583 thousand for all years thereafter. 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, became effective in October, 2019 and runs through 2036 . The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7,800 thousan d per year. The Company expects to relocate the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex during 202 1 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 10. INCOME TAXES All of the income of Holdings U.S. subsidiaries, including its foreign branches, is subject to the applicable federal, foreign, state and local income taxes on corporations. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined by applying the respective tax laws to the income of each entity. The TCJA enacted on December 22, 2017 caused the Company to record an income tax benefit of $ 123,143 thousand in 2017. The income tax provision reflects the lower 21 % tax expense/(benefit) to be realized by the Company under the TCJA upon the reversal of the temporary differences in its deferred tax inventory account versus the 35 % tax expense/(benefit) that had been expected to be realized before the TCJA. The si gnificant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Current tax expense (benefit): U.S. $ (1,684) $ (50,964) $ (123,083) Foreign 77 8 221 Total current tax expense (benefit) (1,607) (50,956) (122,862) Total deferred U.S. tax expense (benefit) 136,834 (316,069) (77,874) Total income tax expense (benefit) $ 135,228 $ (367,025) $ (200,736) A reconciliation of the total income tax provision using the statutory U.S. Federal Income tax rate to the Company’s total income tax provision is as follows for the periods indicated: (Dollars in thousands) 2019 2018 2017 Expected income tax provision at the U.S. statutory tax rate $ 160,762 $ (279,216) $ (42,600) Increase (reduction) in taxes resulting from: Tax exempt income (3,680) (3,824) (8,488) Dividend received deduction (998) (1,277) (4,063) Proration 1,050 1,150 1,760 Creditable foreign premium tax (9,852) (13,475) (7,515) Tax audit settlement (1,576) (2,060) (11,565) U.S. rate differential on carryback of net operation losses to PY - (43,734) - U.S. rate differential on deferred tax 2017 return to provision - (28,832) - Share based compensation tax benefits formerly in APIC (2,987) (1,450) (3,308) Impact of U.S. tax reform - - (123,143) Change in uncertain tax positions (8,434) 8,434 - Other 942 (2,741) (1,814) Total income tax provision $ 135,228 $ (367,025) $ (200,736) (Some amounts may not reconcile due to rounding.) A reconciliation of the beginning and ending unrecognized tax benefits, for the periods indicated, is as follows: (Dollars in thousands) 2019 2018 2017 Balance at January 1 $ 8,434 $ - $ - Additions based on tax positions related to the current year - - - Additions for tax positions of prior years - 8,434 - Reductions for tax positions of prior years (8,434) - - Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ - $ 8,434 $ - At December 31, 2019, t he Company’s unrecognized tax benefits, excluding interest and penalties, that would impact the effective tax rate were $ 0 thousand. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2019, the Company accrued $0 thousand for the payment of interest (net of the federal benefit) and penalties. At December 31, 2019 and 2018, there were no accrued liabilities, respectively, for the payme nt of interest and penaltie s. The Company’s 2014 and subsequent U.S. tax years are open to audit by the IRS. In 2018, the IRS opened an audit of the 2014 tax year. To date, the Company has received only one notice of proposed adjustment for an immaterial amount of tax. The Co mpany did propose affirmative beneficial tax return adjustments to the IRS at the start of the audit. In total, the Company expects a net tax refund of $ 34,972 thousand plus net interest of $ 2,421 thousand for the 2014 tax year. The refund is subject to IRS Joint Committee review and approval. In 2019, the IRS opened an audit of the 2015 through 2017 tax years. To date, the Company has not received any Information Document Requests or notices of proposed adjustment. The Company had filed amended tax re turns for 2015 and 2016 for $ 1,519 thousand and $ 4,685 thousand respectively. Those refunds, plus accrued interest of $ 978 thousand and $ 247 thousand respectively, will be settled at the conclusion of the audit. Deferred income taxes reflect the tax effe ct of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/ (liabilities) are as follows for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Deferred tax assets: Foreign tax credits $ 186,706 $ 167,685 Unearned premium reserve 75,130 63,309 Loss reserves 66,025 64,135 Net unrecognized losses on benefit plans 19,818 17,921 Net operating loss 19,027 98,795 Unrealized foreign currency losses 7,958 12,590 Investment impairments 3,961 1,291 Uncollectible reinsurance reserve 3,142 3,142 Other tax credits 2,294 - Deferred expenses 2,049 1,992 Net unrealized investment losses - 9,745 Other assets 13,114 11,624 Total deferred tax assets 399,224 452,229 Deferred tax liabilities: Net fair value income 266,850 178,018 Deferred acquisition costs 81,931 74,736 Net unrealized investment gains 38,074 - Partnership Investments 15,039 14,936 Benefit plan asset 2,333 3,600 Bond market discount 1,466 1,845 Other liabilities 3,796 2,022 Total deferred tax liabilities 409,489 275,157 Net deferred tax assets/(liabilities) $ (10,265) $ 177,072 (Some amounts may not reconcile due to rounding.) At December 31, 2019, the Company has $ 186,706 thousand of Foreign Tax Credits (“FTC”) and no Alternative Minimum Tax (“AMT”) credit carry forwards. The FTCs expire between 2020 and 202 9 . Beginning in 2018, AMT credits are recorded as a current receivable as a result of TCJA converting them into refundable credits to be received no later than wit h the filing of the 2021 U.S. corporation income tax return. The Company also has a tax effected U.S. N et Operating Loss (“NOL”) carryforward of $ 19,027 thousand. The NOL carryforward does not expire until 2038. Management believes that it is more likel y than not that the Company will realize all of its deferred tax assets. Accordingly, no valuation allowance has been recorded for the periods presented. In performing our assessment of the recoverability of the deferred tax asset pursuant to ASC 740, th e Company considered tax laws g overning the utilization of the NOL and FTC carryforwards and other deferred tax assets in each applicable jurisdiction. Under U.S. tax law, a company generally must use its NOL carryforwards before it can use its FTC carryfo rwards. The Company evaluated all the positive and negative evidence impacting the realization of its deferred tax assets as of December 31, 2019 in the U.S. tax jurisdiction. Evidence considered in our analysis included the Company’s ability to carryback NOL generated in 2017 and 2018, thus limiting the NOL to be carried forward beyond 2019. In addition, the Company implemented planning actions during 2019 and early 2020 to increase its planned U.S. source and foreign source income to better enable it to utilize its U.S. deferred tax assets and tax attributes. As of December 31, 2019, based on all the available evidence, the Company has concluded that it is more likely than not that the U.S. NOL and FTC carryforwards will be utilized prior to their respe ctive expirations and, thus, no valuation allowance has been established in the U.S. jurisdiction. As a result of the TCJA, the Company recognized a $ 123,143 thousand tax benefit in the Company’s Consolidated Statements of Operations for the year ended December 31, 2017. In accordance with SEC Staff Accounting Bulletin 118, in 2017 the Company recorded the effects of the TCJA using reasonable estimates due to the need for further analysis to complete the accounting. The Company completed its accounting , and interpreted the additional guidance issued by the IRS and U.S. Department of the Treasury, and recogni zed an income tax benefit of $ 1, 154 thousand primarily related to the 2018 tax return to tax provision true-up. Effective January 1, 2017, the Comp any adopted ASU 2016-09 which provided new guidance on the treatment of the tax effects of share based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the c hange in value of share based compensation awards between the grant date and settlement (vesting/exercising) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per the new guidance, the Company recorded excess tax benefits of $ 2,987 thousand and $ 1,450 thousand related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comp rehensive income (loss) in 2019 and 2018. In years prior to 201 7 , the Company recorded tax benefits related to restricted stock vestings and stock option exercises as part of additional paid-in capital in the stockholder’s equity section of the consolidat ed balance sheets. The adoption of ASU 2016-09 did not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of addi tional paid-in capital in the stockholder’s equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $ 363 tho usand and $ 241 thousand in 2019 and 2018 respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance [Abstract] | |
Reinsurance | 11 . REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Co mpany of its underlying obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsuran ce agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1C, Note 3 and Note 8. Premiu ms written and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Written premiums: Direct $ 2,449,198 $ 1,996,606 $ 1,873,115 Assumed 4,603,866 4,577,070 3,915,374 Ceded (1,278,115) (1,541,814) (3,064,645) Net written premiums $ 5,774,949 $ 5,031,862 $ 2,723,844 Premiums earned: Direct $ 2,255,388 $ 1,903,576 $ 1,655,023 Assumed 4,427,006 4,447,862 3,842,836 Ceded (1,193,359) (1,512,380) (3,548,264) Net premiums earned $ 5,489,035 $ 4,839,058 $ 1,949,595 Incurred losses and LAE: Direct $ 1,401,251 $ 1,182,399 $ 1,196,323 Assumed 2,913,987 4,162,776 3,108,753 Ceded (486,116) (534,157) (2,265,325) Net incurred losses and LAE $ 3,829,122 $ 4,811,018 $ 2,039,751 The Company has engaged in reinsurance transactions with Bermuda Re, Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Re, Everest Insurance Company of Canada (“Everest Canada”) and Lloyd’s Syndicate 2786, which are affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms. The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: (Dollars in thousands) 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 agreemen t, 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, a nd premiums and losses assumed by the Company from Everest Canada and Lloyd’s syndicate 2786 for the periods indicated: Bermuda Re Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Ceded written premiums $ 100,084 $ 572,620 $ 2,219,352 Ceded earned premiums 101,681 586,120 2,796,939 Ceded losses and LAE (51,686) (49,955) 1,687,659 Everest International Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Ceded written premiums $ - $ - $ 10 Ceded earned premiums - - 44 Ceded losses and LAE 324 (753) (990) Everest Canada Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Assumed written premiums $ - $ - $ 25,871 Assumed earned premiums - - 54,558 Assumed losses and LAE 3,024 6,238 29,389 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Assumed written premiums $ (11,470) $ 10,800 $ 35,607 Assumed earned premiums (18,650) 35,826 33,590 Assumed losses and LAE 8,355 27,550 17,688 In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated account s for its business activity, which invest in a diversified set of catastrophe exposures. The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Ceded written premiums $ 240,721 $ 207,439 $ 192,928 Ceded earned premiums 235,500 212,046 192,573 Ceded losses and LAE 171,900 234,471 283,511 Assumed written premiums - 10,582 11,984 Assumed earned premiums - 10,582 11,984 Assumed losses and LAE - - - |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 12 . 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: Year Ended Year Ended Year Ended (Dollars in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 222,884 (46,971) $ 175,913 $ (119,058) $ 25,582 $ (93,476) $ (11,672) $ 4,085 $ (7,587) URA(D) on securities - OTTI (546) 115 (431) 645 (135) 510 (4,537) 1,588 (2,949) Reclassification of net realized losses (gains) included in net income (loss) 6,068 (988) 5,080 3,416 (1,395) 2,021 3,543 (1,240) 2,303 Foreign currency translation adjustments 21,708 (4,555) 17,153 (46,136) 9,705 (36,431) 57,564 (20,137) 37,427 Benefit plan actuarial net gain (loss) (15,938) 3,347 (12,591) (646) 136 (510) 1,300 (273) 1,027 Reclassification of amortization of net gain (loss) included in net income (loss) 6,902 (1,449) 5,453 6,356 (1,335) 5,021 8,426 (2,949) 5,477 Total other comprehensive income (loss) $ 241,078 $ (50,501) $ 190,577 $ (155,423) $ 32,558 $ (122,865) $ 54,624 $ (18,926) $ 35,698 (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Affected line item within the Years Ended December 31, statements of operations and AOCI component 2019 2018 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 6,068 $ 3,416 Other net realized capital gains (losses) (988) (1,395) Income tax expense (benefit) $ 5,080 $ 2,021 Net income (loss) Benefit plan net gain (loss) $ 6,902 $ 6,356 Other underwriting expenses (1,449) (1,335) Income tax expense (benefit) $ 5,453 $ 5,021 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: Years Ended December 31, (Dollars in thousands) 2019 2018 Beginning balance of URA (D) on securities $ (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 180,993 (91,455) Current period change in URA (D) of investments - non-credit OTTI (431) 510 Ending balance of URA (D) on securities 124,612 (55,950) Beginning balance of foreign currency translation adjustments (2,886) 33,545 Current period change in foreign currency translation adjustments 17,153 (36,431) Ending balance of foreign currency translation adjustments 14,267 (2,886) Beginning balance of benefit plan net gain (loss) (67,418) (71,929) Current period change in benefit plan net gain (loss) (7,138) 4,511 Ending balance of benefit plan net gain (loss) (74,556) (67,418) Ending balance of accumulated other comprehensive income (loss) $ 64,324 $ (126,254) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 13 . EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans. The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits. Although not required to m ake contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Company contributions $ 4,750 $ 77,743 $ 10,534 The following table summarizes the Company’s pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Pension expense $ 10,042 $ 9,728 $ 16,299 The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 300,244 $ 316,202 Service cost 8,255 9,801 Interest cost 11,712 10,290 Actuarial (gain)/loss 46,206 (29,966) Curtailment - - Benefits paid (11,062) (6,084) Projected benefit obligation at end of year 355,355 300,244 Change in plan assets: Fair value of plan assets at beginning of year 260,531 210,267 Actual return on plan assets 47,247 (21,395) Actual contributions during the year 4,750 77,743 Benefits paid (11,062) (6,084) Fair value of plan assets at end of year 301,466 260,531 Funded status at end of year $ (53,889) $ (39,713) (Some amounts may not reconcile due to rounding.) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (7,362) (7,530) Other liabilities (due beyond one year) (46,527) (32,182) Net amount recognized in the consolidated balance sheets $ (53,889) $ (39,713) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ (97,466) $ (88,580) Accumulated other comprehensive income (loss) $ (97,466) $ (88,580) (Some amounts may not reconcile due to rounding.) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ (88,580) $ (86,788) Net gain (loss) arising during period (16,927) (8,631) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,042 6,839 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ (97,466) $ (88,580) (Some amounts may not reconcile due to rounding.) Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost 8,255 $ 9,801 $ 10,949 Interest cost 11,712 10,290 10,034 Expected return on assets (17,968) (17,202) (13,050) Amortization of actuarial loss from earlier periods 7,635 6,839 8,366 Settlement 408 - - Net periodic benefit cost $ 10,042 $ 9,728 $ 16,299 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 8,885 1,792 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 18,927 $ 11,520 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year are $ 0 thousand, $ 9,461 thousand and $ 0 thousand, respectively. The weighted average discount rates used to determine net periodic benefit cost for 2019, 2018 and 2017 were 4.27 %, 3.62 % and 4.16 %, respectively. The rate of compensation increase used to determine the net periodic benefit cost for 2019, 2 018 and 2017 was 4.00 %. The expected long-term rate of return on plan assets was 7.00 % for 2019, 7.00 % for 2018 and was 7.50 % for 2017 based on expected portfolio returns and allocations. The weighted average discount rates used to determine the actuaria l present value of the projected benefit obligation for years end 2019, 2018 and 2017 were 3.28 %, 4.27 % and 3.62 %, respectively. The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Qualified Plan $ 288,328 $ 237,855 Non-qualified Plan 21,642 24,472 Total $ 309,970 $ 262,327 (Some amounts may not reconcile due to rounding.) The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Projected benefit obligation $ 333,715 $ 275,772 Fair value of plan assets 301,467 260,531 Non-qualified Plan Projected benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2020 $ 15,670 2021 11,458 2022 12,198 2023 12,902 2024 13,985 Next 5 years 84,334 Plan assets consist of shares in investment trusts with 62 %, 30 %, 7 % and 1 % of the underlying assets consisting of equity securities, fixed maturities, limited partnerships and multi-strategy equity funds and cash, respectively. The Company manages the qualified plan investments for U.S. employees. The assets in the plan consis t of debt and equity mutual funds. Due to the long term nature of the plan, the target asset allocation has historically been 70 % equities and 30 % bonds. The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,749 $ 1,749 $ - $ - Mutual funds, fair value Fixed income (b) 90,483 90,483 - - Equities (c) 188,884 188,884 - - Total $ 281,116 $ 281,116 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70 % in U.S. securities and 30 % in international securities. (c) This category includes funds, whi ch invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50 % in U.S. equities and 50 % in inte rnational equities. There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2019. 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: Short-term investments, which approximates fair value (a) $ 2,872 $ 2,872 $ - $ - Mutual funds, fair value Fixed income (b) 82,633 82,633 - - Equities (c) 154,935 154,935 - - Total $ 240,440 $ 240,440 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50 % in U.S. securities and 50 % in international securities. (c) This category includes funds, whi ch invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 5 0 % in U.S. equities and 5 0 % in inte rnational equities. In addition, $ 20,351 thousand and $ 20,091 thousand of investments which were recorded as part of the qualified plan assets at December 31, 2019 and 2018, respectively, are not included within the fair value hierarchy tables as the asse ts are valued using the NAV practical expedient guidance within ASU 2015-07. The Company contributed $ 0 thousand and $ 77,000 thousand to the qualified pension benefit plan for the years ended December 31, 2019 and 2018, respectively. Defined Contribution Plans. The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3 % of the part icipants’ compensation based on the contribution percentage of the employee. The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations. In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3 % and 8 % of an employee’s earnings for each payroll period based on the employee’s age. These contributions will be 100 % vest ed after three year s. The following table presents the Company’s incurred expenses related to these plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 10,794 $ 9,301 $ 7,167 In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each non-U.S. office (Brazil, Canada and Singapore) maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. The contributions as a percentage of salary for the branch offices range from 6.0 % to 8.4 %. The contributions are generally used to purchase pension benefits from local ins urance providers. The following table presents the Company’s incurred expenses related to these plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 474 $ 489 $ 514 Post-Retirement Plan. The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependants), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during th e period of the employee’s service. A medical cost trend rate of 7.00% in 2019 was assumed to decrease gradually to 4.50% in 2029 and then remain at that level. Changes in the assumed healthcare cost trend can have a significant effect on the amounts rep orted for the healthcare plans. A one percent change in the rate would have the following effects on: Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 434 $ (335) b. Effect on accumulated post-retirement benefit obligation 6,257 (4,833) The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Post-retirement benefit expenses $ 1,231 $ 1,829 $ 2,814 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 28,483 $ 34,717 Service cost 983 1,312 Interest cost 980 999 Amendments (582) - Actuarial (gain)/loss - (7,985) Benefits paid (488) (561) Benefit obligation at end of year 29,376 28,483 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 488 561 Benefits paid (488) (561) Fair value of plan assets at end of year - - Funded status at end of year $ (29,376) $ (28,483) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Other liabilities (due within one year) $ (611) $ (608) Other liabilities (due beyond one year) (28,764) (27,875) Net amount recognized in the consolidated balance sheets $ (29,376) $ (28,483) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ 188 $ (238) Accumulated prior service credit (cost) 2,904 3,480 Accumulated other comprehensive income (loss) $ 3,092 $ 3,242 Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ 3,242 $ (4,260) Net gain (loss) arising during period 582 7,985 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) (155) 94 Prior service cost (577) (577) Other comprehensive income (loss) at December 31, current year $ 3,092 $ 3,242 Net periodic benefit cost include d the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost $ 983 $ 1,312 $ 1,570 Interest cost 980 999 1,184 Prior service credit recognition (577) (577) (131) Net gain recognition (155) 94 192 Net periodic cost $ 1,231 $ 1,829 $ 2,814 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year 150 (7,502) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,381 $ (5,673) (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service credit that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $ 0 thousand, $ 0 thousand and ($ 577 ) thousand , respectively. The weighted average discount rates used to determine net periodic benefit cost for 2019, 2018 and 2017 were 4.27 %, 3.62 % and 4.16 %, respectively. The weighted average discount rates used to determine the actuarial present value of the pr ojected benefit obligation at year end 2019, 2018 and 2017 were 3.28 %, 4.27 % and 3.62 %, respectively. The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2020 $ 611 2021 673 2022 768 2023 851 2024 896 Next 5 years 6,377 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14 . DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Holdings’ primary operating subsidiary, Evere st Re, is regulated by Delaware law and is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”). This model represents the aggregate regulatory restrictions on net assets and statutory c apital and surplus. Dividend Restrictions. Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissi oner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10 % of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. At December 31, 2019, Everest Re has $ 373,914 thousand available for payment of dividends in 20 20 without the need for prior regulatory approva l. Statutory Financial Information. Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or perm itted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ 3,739,140 thousand and $ 3,650,59 4 thousand at December 31, 2019 and 2018, respectively. The statutory net income of Everest Re was $ 363,034 thousand, for the year ended December 31, 2019 and the statutory net loss of Everest Re was $ 1,317,991 thousand and $ 391,419 thousand for the years ended December 31, 2018 and 2017 , respectively. There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance l aws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Rest rictions. In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200 % or more of the authorized control level capital, no actio n is required by the Company. The regulatory targeted capital and the actual statutory capital for Everest Re is as follows: Everest Re (1) At December 31, (Dollars in thousands) 2019 2018 Regulatory targeted capital $ 2,001,226 $ 2,172,958 Actual capital $ 3,739,140 $ 3,650,594 (1) Regulatory targeted capital represents 200 % of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15 . 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 agr eements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from ti me to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchas ed annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance co mpany 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 liable for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,703 $ 142,754 Unaffiliated life insurance company 35,082 34,717 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 16 . RELATED-PARTY TRANSACTIONS Group Group entered into a $ 300,000 thousand long term note agreement with Everest Re as of December 17, 2019. The note will pay interest annually at a rate of 1.69 % and is scheduled to mature in December, 2028. As of December 31, 2019 this transaction is presented as a Note Receivable – Affiliated in the Consolidated balance sheet of Holdings. 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 $ 4,085 thousand was recorded by Holdi ngs for the years ended December 31, 2019 and 2018 , respectively. Group’s Board of Directors approved an amended share repurchas e program authorizing Group and/or its subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated transactions or both. The table below represents the amendments to the share repurchase program for the com mon 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 has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on the preferred shares of Preferred Holdings and on th e Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Dividends received on preferred stock of affiliate $ 31,032 $ 31,032 $ 31,032 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 in the amount of $ 3,658 thousand and $ 0 thousand was recorded by Holdings for the years ended December 2019 and 2018, respectively. Effective October 1, 2018, Holdings Ireland made a capital contribution of Global Services, an affiliated entity, to Holdings. G lobal 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. Everest Global Services, Inc. (“Global Serv ices”), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings’ consolidated structure. Services provided by Everest Global include exe cutive managerial services, legal services, actuarial services, accounting services, information technology services and others. The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indica ted. Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Expenses incurred $ 107,851 $ 81,346 $ 91,927 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15 . 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: U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,962,416 $ 3,014,337 $ 2,593,063 Net written premiums 2,411,223 2,093,116 1,135,604 Premiums earned $ 2,369,093 $ 1,979,926 $ 858,155 Incurred losses and LAE 1,524,093 2,790,818 912,124 Commission and brokerage 703,271 568,374 160,311 Other underwriting expenses 68,796 60,266 55,881 Underwriting gain (loss) $ 72,933 $ (1,439,532) $ (270,161) International Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 1,637,957 $ 1,555,245 $ 1,339,546 Net written premiums 1,512,576 1,426,588 615,395 Premiums earned $ 1,427,043 $ 1,406,460 $ 502,322 Incurred losses and LAE 1,168,587 1,020,929 622,753 Commission and brokerage 324,015 355,528 101,936 Other underwriting expenses 41,236 37,661 36,291 Underwriting gain (loss) $ (106,795) $ (7,658) $ (258,658) Insurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,452,691 $ 2,004,093 $ 1,855,881 Net written premiums 1,851,150 1,512,158 972,845 Premiums earned $ 1,692,899 $ 1,452,672 $ 589,118 Incurred losses and LAE 1,136,442 999,271 504,874 Commission and brokerage 242,767 217,812 (51,322) Other underwriting expenses 240,869 195,420 162,714 Underwriting gain (loss) $ 72,821 $ 40,169 $ (27,148) The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Underwriting gain (loss) $ 38,959 $ (1,407,021) $ (555,967) Net investment income 356,211 314,381 286,259 Net realized capital gains (losses) 419,367 (185,356) 161,553 Corporate expense (13,063) (11,034) (7,394) Interest, fee and bond issue cost amortization expense (34,931) (30,611) (31,183) Other income (expense) (1,589) (9,568) 25,866 Income (loss) before taxes $ 764,955 $ (1,329,209) $ (120,866) The Company produces business in the U.S. and internationally. The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Canada gross written premiums $ 214,594 $ 173,530 $ 130,136 No other country represented more than 5 % of the Company’s revenues. Approximately 25.8 %, 21.1 % and 21.5 % of the Company’s gross written premiums in 201 9 , 201 8 and 201 7 , respectively, were sourced through the Company’s largest intermediary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In late 2019 and early 2020, wildfires, flooding and hailstorms have been impacting Australia. In addition, the Coronavirus outbreak is currently affecting many countries and investment markets around the world. Due to the r ecentness of these events, the C ompany is unable to estimate the effects of these matters on the fair value of our investments, investment credit losses or insured los ses at this time. However, the C ompany anticipates that the losses from these events will adversely impact first quarter 20 20 financial statements. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 19 . UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2019 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,684,882 $ 1,688,038 $ 1,890,002 $ 1,790,142 Net written premiums 1,392,243 1,319,865 1,569,954 1,492,886 Premiums earned 1,270,454 1,375,623 1,428,400 1,414,558 Net investment income 84,534 90,709 95,592 85,376 Net realized capital gains (losses) 135,056 142,563 112,542 29,206 Total claims and underwriting expenses 1,174,175 1,255,551 1,562,452 1,505,892 Net income (loss) 251,608 280,922 61,137 36,060 2018 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,466,231 $ 1,632,284 $ 1,759,190 $ 1,715,970 Net written premiums 1,107,027 1,190,354 1,378,481 1,356,000 Premiums earned 1,116,010 1,179,836 1,230,771 1,312,441 Net investment income 69,909 72,070 90,298 82,104 Net realized capital gains (losses) (60,201) (42,271) 30,018 (112,902) Total claims and underwriting expenses 1,057,972 1,600,124 1,347,593 2,282,035 Net income (loss) (11,793) (267,295) 21,966 (705,062) |
Revisions To Financial Statemen
Revisions To Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 20 . 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 presente d 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) (292,728) (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 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES DECEMBER 31, 2019 Column A Column B Column C Column D Amount Shown in Market Balance (Dollars in thousands) Cost Value Sheet Fixed maturities-available for sale Bonds: U.S. government and government agencies $ 768,374 $ 777,515 $ 777,515 State, municipalities and political subdivisions 506,347 535,911 535,911 Foreign government securities 646,149 658,007 658,007 Foreign corporate securities 935,640 957,758 957,758 Public utilities 100,728 103,659 103,659 All other corporate bonds 3,429,829 3,475,879 3,475,879 Mortgage - backed securities Commercial 311,961 329,049 329,049 Agency residential 625,612 644,687 644,687 Non-agency residential 1,638 1,638 1,638 Redeemable preferred stock 8,147 7,976 7,976 Total fixed maturities-available for sale 7,334,425 7,492,079 7,492,079 Fixed maturities - available for sale, at fair value 3,966 5,826 5,826 Equity securities at fair value(1) 642,240 764,049 764,049 Short-term investments 279,824 279,879 279,879 Other invested assets 1,020,766 1,020,766 1,020,766 Other invested assets, at fair value (1) 1,773,214 1,982,582 1,982,582 Cash 411,122 411,122 411,122 Total investments and cash $ 11,465,557 $ 11,956,303 $ 11,956,303 (Some amounts may not reconcile due to rounding.) (1) Original cost does not reflect adjustments, which have been realized through the statements of operations and comprehensiveincome. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2019 | |
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS At December 31, (Dollars in thousands, except share amounts and par value per share) 2019 2018 ASSETS: Fixed maturities - available for sale, at market value $ 1,750 $ 13,750 (amortized cost: 2019, $1,750; 2018, $13,390) Equity securities - available for sale, at fair value 75,585 53,401 Other invested assets 56,909 59,979 Other invested assets, at fair value 1,982,582 1,717,336 Short-term investments 20,514 4,111 Cash 10,384 10,609 Total investments and cash 2,147,724 1,859,186 Investment in subsidiaries, at equity in the underlying net assets 4,580,852 4,318,223 Note receivable - affiliated 10,000 - Accrued investment income 573 19 Advances to affiliates (39) (72) Other assets 162 32 TOTAL ASSETS 6,739,272 6,177,388 LIABILITIES: Senior notes due 6/1/2044 $ 397,074 $ 396,954 Long term notes due 5/1/2067 236,758 236,659 Note payable - affiliated - 300,000 Accrued interest on debt and borrowings 2,878 3,093 Income taxes 243,062 202,443 Due to affiliates 1,016 544 Other liabilities 1,059 938 Total liabilities 881,847 1,140,631 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 1,100,678 1,100,315 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $16,997 at 2019 and ($33,506) at 2018 64,324 (126,254) Retained earnings 4,692,423 4,062,696 Total stockholder's equity 5,857,425 5,036,757 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 6,739,272 6,177,388 See notes to consolidated financial statements. SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, (Dollars in thousands) 2019 2018 2017 REVENUES: Net investment income $ 34,970 $ 38,951 $ 34,813 Net investment income - Affiliated 412 4,085 4,300 Net realized capital gains (losses) 274,110 (87,267) 81,027 Other income (expense) 524 (6,085) 1,819 Net income (loss) of subsidiaries 370,084 (906,211) (124,269) Total revenues 680,100 (956,527) (2,310) EXPENSES: Interest expense 34,931 30,611 31,183 Corporate expense 6,810 6,337 5,233 Total expenses 41,741 36,948 36,416 INCOME (LOSS) BEFORE TAXES 638,359 (993,475) (38,726) Income tax expense (benefit) 8,632 (31,291) (118,596) NET INCOME (LOSS) $ 629,727 $ (962,184) $ 79,870 Other comprehensive income (loss), net of tax : Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 175,482 (92,966) (10,536) Less: reclassification adjustment for realized losses (gains) included in net income (loss) 5,080 2,021 2,303 Total URA(D) on securities arising during the period 180,562 (90,945) (8,233) Foreign currency translation adjustments 17,153 (36,431) 37,427 Benefit plan actuarial net gain (loss) for the period (12,591) (510) 1,027 Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 5,453 5,021 5,477 Total benefit plan net gain (loss) for the period (7,138) 4,511 6,504 Total other comprehensive income (loss), net of tax 190,577 (122,865) 35,698 COMPREHENSIVE INCOME (LOSS) $ 820,304 $ (1,085,049) $ 115,568 See notes to consolidated financial statements. SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (Dollars in thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 629,727 $ (962,184) $ 79,870 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) deficit of subsidiaries (370,084) 906,211 124,269 Dividends received from subsidiary 300,000 90,000 - Increase (decrease) in income taxes 40,695 4,687 (113,329) Change in equity adjustments in limited partnerships 2,468 (2,617) (121) Change in other assets and liabilities, net (16,615) (20,450) 28,928 Amortization of bond premium (accrual of bond discount) 13 370 450 Net realized capital losses (gains) (274,110) 87,267 (81,027) Net cash provided by (used in) operating activities 312,094 103,284 39,040 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries 15,174 (1,383,659) 741 Proceeds from fixed maturities matured/called - available for sale, at market value - 9,385 6,612 Proceeds from fixed maturities sold - available for sale, at market value 12,000 96,836 7,189 Proceeds from equity maturities sold - available for sale, at fair value 18,905 182,552 37,634 Distributions from other invested assets 389,200 1,401,606 132,064 Cost of fixed maturities acquired - available for sale, at market value - (13,510) (24,058) Cost of equity securities acquired - available for sale, at fair value (32,597) (39,449) (54,605) Cost of other invested assets acquired (388,598) (1,407,352) (152,446) Net change in short-term investments (16,403) 396 8,506 Net change in unsettled securities transaction - (99) (604) Proceeds from repayment (cost of issuance) of note receivable, affiliated (10,000) 250,000 - Net cash provided by (used in) investing activities (12,319) (903,294) (38,967) CASH FLOWS FROM FINANCING ACTIVITIES: Capital contribution from parent - 500,324 - Proceeds from issuance (cost of repayment) for note payable, affiliated (300,000) 300,000 - Net cash provided by (used in) financing activities (300,000) 800,324 - Net increase (decrease) in cash (225) 314 73 Cash, beginning of period 10,609 10,295 10,222 Cash, end of period $ 10,384 $ 10,609 $ 10,295 Non-cash financing transaction: Equity value of non-cash capital contribution of affiliate from parent, net of cash held by affiliate $ - $ 211,928 $ - Non-cash contribution from parent - 221 598 Non-cash contribution to subsidiaries - (221) (598) See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL INFORMATION 1) The accompanying condensed financial information should be read in conjunction with the Consolidated Financial Statements and related Notes of Everest Reinsurance Holdings, Inc. and its Subsidiaries. 2) The Senior Notes and Long-Term Subordinated Notes presented in Notes 5 and 6 are direct obligations of the Registrant. 3) Everest Re Group, Ltd., the parent company, entered into a $ 250,000 thou sand long term promissory note agreement with Everest Reinsurance Holdings, Inc. as of December 31, 2014. The note was scheduled to mature on December 31, 2023 but was repaid in December 2018. 4) Effective December 31, 2018, Everest Reinsurance Holdings, Inc. entered into a $ 300,000 thousand long-term promissory note agreement with Everest Reinsur ance (Bermuda) Ltd., an affiliated entity. The note was scheduled to mature on December 31, 2023 but was repaid in May, 2019. This transaction is presented as a Note Payable – Affiliated in the condensed balance sheet of Everest Reinsurance Holdings, Inc. as of December 31, 2018. 5 ) Effective February 19, 2019, Everest Reinsurance Holdings, Inc. entered into a $ 10,000 thousand long term promissory note with Everest Indemnity Insurance Company, an affiliated entity. The note will mature on February 19, 204 9 and has an interest rate of 4.8 % that will be paid annually. This transaction is presented as a Note Receivable – Affiliated in the condensed balance sheet of Everest Reinsurance Holdings as of December 31, 2019. 6 ) 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 $ 1,000 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. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | EVEREST REINSURANCE HOLDINGS, INC. SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Geographic Area for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of Deferred Other Net Acquisition Adjustment Premium Premiums Investment Adjustment Acquisition Operating Written (Dollars in thousands) Costs Expenses Reserves Earned Income Expenses Costs Expenses Premium As of and for the year ended December 31, 2019 Domestic $ 329,904 $ 7,461,870 $ 1,830,396 $ 4,061,992 $ 318,914 $ 2,660,535 $ 946,038 $ 309,665 $ 4,262,373 International 58,333 2,747,649 368,536 1,427,043 37,298 1,168,587 324,015 41,236 1,512,576 Total $ 388,238 $ 10,209,519 $ 2,198,932 $ 5,489,035 $ 356,211 $ 3,829,122 $ 1,270,053 $ 350,901 $ 5,774,949 As of and for the year ended December 31, 2018 Domestic $ 304,513 $ 7,908,776 $ 1,575,931 $ 3,432,598 $ 279,415 $ 3,790,089 $ 786,186 $ 255,686 $ 3,605,274 International 49,117 2,258,242 250,937 1,406,460 34,966 1,020,929 355,528 37,661 1,426,588 Total $ 353,630 $ 10,167,018 $ 1,826,868 $ 4,839,058 $ 314,381 $ 4,811,018 $ 1,141,714 $ 293,347 $ 5,031,862 As of and for the year ended December 31, 2017 Domestic $ 260,706 $ 7,070,895 $ 1,352,987 $ 1,447,273 $ 253,852 $ 1,416,998 $ 108,989 $ 218,595 $ 2,108,449 International 47,035 2,272,133 254,635 502,322 32,407 622,753 101,936 36,291 615,395 Total $ 307,741 $ 9,343,028 $ 1,607,622 $ 1,949,595 $ 286,259 $ 2,039,751 $ 210,925 $ 254,886 $ 2,723,844 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV - REINSURANCE Column A Column B Column C Column D Column E Column F Ceded to Assumed Gross Other from Other Net Assumed (Dollars in thousands) Amount Companies Companies Amount to Net December 31, 2019 Total property and liability insurance premiums earned $ 2,255,387 $ 1,193,359 $ 4,427,006 $ 5,489,034 $ 80.7% December 31, 2018 Total property and liability insurance premiums earned $ 1,903,576 $ 1,512,380 $ 4,447,862 $ 4,839,058 $ 91.9% December 31, 2017 Total property and liability insurance premiums earned $ 1,655,023 $ 3,548,264 $ 3,842,836 $ 1,949,595 $ 197.1% |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Business and Basis of Presentation. Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Re Group, Ltd. (“Group”), through its subsidiaries, prin cipally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, “Company” means Holdings and its subsidiaries. The accompanying consolidated financial statements have been p repared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“ Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsuranc e Company – Escritório de Representação No Brasil Ltda. (“Everest Brazil”), Mt. Whitney Securities, Inc., Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Specialty Underwriters Services, L LC, Everest International Assurance, Ltd. (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Salus Systems (“Salus”) and Mt. McKinley Mana gers, L.L.C. All amounts are reported in U.S. dollars. During the fourth quarter of 2018, Global Services was contributed to Holdings from its parent company, Holdings Ireland. The operating results of Global Services for the fourth quarter of 2018 ar e included within the Company’s consolidated financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disc losure 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 int ercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2019 presentation. |
Investments | B. Investments. Fixed maturity investments available for sale, at mar ket value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance she ets. Fixed maturity, equity securities and other invested assets carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company r ecords changes in fair value for its fixed maturities-available for sale, at market value through stockholder’s equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle i ts reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. As of January 1, 20 18, the Company carries all of its equity securities at fair value. For equity securities, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on finan cial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield c urve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair value s are supported with opinions from qualified independent third parties. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactiv e or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date ar e used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-t hrough security types. Other invested assets include limited partnerships, rabbi trusts and, prior to July 1, 2018, a private placement liquidity sweep facility. Cash contributions to and cash distributions from the sweep facility were reported gross in c ash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair values of the Preferred Holdings convertible preferred stock at December 31, 2019 and December 31, 2018 were determined using a pricing model. |
Uncollectible Receivable Balances | C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management’s assessment of the collectability of the outstanding bala nces. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 Reinsurance recoverable and premium receivables $ 25,163 $ 25,163 |
Deferred Acquisition Costs | D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are l imited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Deferred acquisition costs $ 1,270,053 $ 1,141,714 $ 210,925 |
Reserve For Losses And Loss Adjustment Expenses | E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental (“A&E”) exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss an d LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. |
Premium Revenues | F. Premium R evenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are establishe d based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits hav e been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsuran ce. |
Prepaid Reinsurance Premiums | G. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10 % of the outstanding balance at December 31, 2019 were collateralized either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company. |
Income Taxes | H. Income Taxes. The Company and its wholly-owned subsidiaries file a consolidated U.S. Cor poration Income Tax Return. The Company’s foreign subsidiaries and foreign branches of its U.S. subsidiaries file country and local corporation income tax returns as required. Deferred U.S. federal and foreign income taxes have been recorded to recognize the tax effect of temporary differences between the GAAP and income tax bases of assets and liabilities, which arise because of differences between the financial reporting and income tax rules. |
Foreign Currency | I. Foreign Currency. As a global entity, the Company trans acts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates rel ated to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income ta xes, are excluded from net income loss and accumulated in stockholder’s equity. |
Segmentation | J. Segmentation. The Company, through its subsidiaries, operates in three segments: U.S. Reinsurance, International and Insurance. See also Note 17. |
Retroactive Reinsurance | K. Retroactive Reinsu rance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially de termined expected payout period. Any future loss is recognized immediately and charged against earnings. |
Application Of Recently Issued Accounting Standard Changes | L. Application of Recently Issued Accounting Standard Changes. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchang e Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simplification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main change addressed by the Rule that is applicable to the Compa ny is a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders’ Equity which was to be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement . In August 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 guidan ce requires that implementation 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 ad dition, any capitalized 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. T he Company does not expect the adoption of ASU 2018-15 to have a material impact on its financial statements. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02, which outlines guidan ce on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. The 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 balance 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. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modification s to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount 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 outlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securi ties be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. T he adoption of ASU 2017-08 did not hav e 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 gui dance 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 operations the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company a dopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impact 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 restricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in to tal 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 ha ve 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 g uidance requires that reporting entities recognize tax expense from the intra-entity transfer of an asset 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 stat ements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13, (and has subsequently issued related guidance and amendments in ASU 2019-11 and 2019-10 in November 2019) which outline guidance on the valuation of and accounting for ass ets 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 asset (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 Dec ember 15, 2019. The Company does not expect the adoption of ASU 2016-13 , ASU 2019-11 and ASU 2019-10 to have material impact 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 previously 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 January 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 financi al 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 resul ted 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 well as de-recognizing the liability for deferred r ent 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 liquidi ty. 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 unconsolidated entit ies 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 beginning aft er 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 the conso lidated 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 with custo mers. 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 annual and int erim 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 guidance a nd pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2019 2018 Reinsurance recoverable and premium receivables $ 25,163 $ 25,163 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Deferred acquisition costs $ 1,270,053 $ 1,141,714 $ 210,925 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 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 $ 768,374 $ 10,128 $ (987) $ 777,515 $ - Obligations of U.S. states and political subdivisions 506,347 29,651 (87) 535,911 - Corporate securities 2,777,097 70,898 (26,438) 2,821,557 245 Asset-backed securities 761,607 5,659 (1,309) 765,957 - Mortgage-backed securities Commercial 311,961 17,242 (154) 329,049 - Agency residential 625,612 19,395 (320) 644,687 - Non-agency residential 1,638 - - 1,638 - Foreign government securities 646,149 18,908 (7,050) 658,007 27 Foreign corporate securities 935,640 31,257 (9,139) 957,758 333 Total fixed maturity securities $ 7,334,425 $ 203,138 $ (45,484) $ 7,492,079 $ 605 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 December 31, 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 $ 569,506 $ 563,730 $ 511,193 $ 507,572 Due after one year through five years 2,919,966 2,963,903 4,271,245 4,230,451 Due after five years through ten years 1,541,695 1,602,642 1,177,752 1,163,831 Due after ten years 602,440 620,473 561,566 550,474 Asset-backed securities 761,607 765,957 223,192 221,255 Mortgage-backed securities Commercial 311,961 329,049 135,380 136,604 Agency residential 625,612 644,687 149,306 148,774 Non-agency residential 1,638 1,638 3,115 3,114 Total fixed maturity securities $ 7,334,425 $ 7,492,079 $ 7,032,749 $ 6,962,075 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 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 $ 228,953 $ (115,642) Fixed maturity securities, other-than-temporary impairment (546) 645 Change in unrealized appreciation (depreciation), pre-tax 228,408 (114,997) Deferred tax benefit (expense) (47,959) 24,187 Deferred tax benefit (expense), other-than-temporary impairment 115 (135) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 180,562 $ (90,945) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at December 31, 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 $ 8,997 $ (141) $ 203,780 $ (846) $ 212,777 $ (987) Obligations of U.S. states and political subdivisions 4,600 (38) 4,518 (49) 9,118 (87) Corporate securities 334,973 (5,186) 230,679 (21,252) 565,652 (26,438) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities Commercial 13,083 (87) 16,374 (67) 29,457 (154) Agency residential 19,019 (82) 17,147 (238) 36,166 (320) Non-agency residential - - 690 - 690 - Foreign government securities 113,256 (858) 109,953 (6,192) 223,209 (7,050) Foreign corporate securities 105,551 (1,260) 121,710 (7,879) 227,261 (9,139) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) 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 December 31, 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 $ 34,542 $ (1,067) $ 188,755 $ (6,411) $ 223,297 $ (7,478) Due in one year through five years 226,521 (2,554) 357,728 (11,562) 584,249 (14,116) Due in five years through ten years 251,967 (3,292) 43,129 (6,785) 295,096 (10,077) Due after ten years 54,347 (570) 81,028 (11,460) 135,375 (12,030) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities 32,102 (169) 34,211 (305) 66,313 (474) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) 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 | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturities $ 273,122 $ 201,108 $ 193,676 Equity securities 10,782 14,909 25,852 Short-term investments and cash 10,231 7,715 2,870 Other invested assets Limited partnerships 43,316 61,645 36,603 Dividends from preferred shares of affiliate 31,031 31,032 31,032 Other 14,117 17,825 6,675 Gross investment income before adjustments 382,599 334,234 296,708 Funds held interest income (expense) 6,459 5,188 5,006 Interest income from Parent 211 4,085 4,300 Gross investment income 389,269 343,507 306,014 Investment expenses (33,058) (29,126) (19,755) Net investment income $ 356,211 $ 314,381 $ 286,259 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturity securities, market value: Other-than-temporary impairments $ (19,643) $ (6,164) $ (6,077) Gains (losses) from sales 7,571 933 2,473 Fixed maturity securities, fair value: Gains (losses) from sales 355 (1,799) - Gains (losses) from fair value adjustments 1,808 1,506 - Equity securities, fair value: Gains (losses) from sales 4,144 (32,092) 6,556 Gains (losses) from fair value adjustments 153,728 (59,409) 117,695 Other invested assets 6,003 1,815 61 Other invested assets, fair value: Gains (losses) from fair value adjustments 265,245 (90,136) 40,846 Short-term investment gains (losses) 156 (10) (1) Total net realized capital gains (losses) $ 419,367 $ (185,356) $ 161,553 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Proceeds from sales of fixed maturity securities $ 2,403,786 $ 793,119 $ 1,676,203 Gross gains from sales 25,076 15,349 31,328 Gross losses from sales (17,150) (16,215) (28,855) Proceeds from sales of equity securities $ 283,707 $ 1,029,920 $ 586,496 Gross gains from sales 14,270 25,160 23,214 Gross losses from sales (10,126) (57,252) (16,658) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in thousands) 2019 2018 2017 Gross reserves beginning of period $ 10,167,018 $ 9,343,028 $ 8,331,288 Less reinsurance recoverables (4,697,543) (5,727,268) (4,199,791) Net reserves beginning of period 5,469,475 3,615,760 4,131,497 Incurred related to: Current year 3,784,771 4,252,220 2,157,498 Prior years 44,351 558,798 (117,747) Total incurred losses and LAE 3,829,122 4,811,018 2,039,751 Paid related to: Current year 1,885,443 1,524,635 1,607,601 Prior years 1,431,336 1,408,256 957,933 Total paid losses and LAE 3,316,778 2,932,891 2,565,534 Foreign exchange/translation adjustment 12,352 (24,412) 10,046 Net reserves end of period 5,994,171 5,469,475 3,615,760 Plus reinsurance recoverables 4,215,348 4,697,543 5,727,268 Gross reserves end of period $ 10,209,519 $ 10,167,018 $ 9,343,028 (Some amounts may not reconcile due to rounding.) |
Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | U.S. Reinsurance – Casu alty Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 249,501 $ 211,232 $ 139,755 $ 139,400 $ 145,769 $ 150,362 $ 150,362 $ 150,362 943 N/A 2013 117,075 183,657 181,150 177,215 173,300 173,300 173,300 2,099 N/A 2014 197,491 189,641 193,772 176,745 176,745 176,745 1,263 N/A 2015 155,879 178,366 180,503 180,503 180,503 5,487 N/A 2016 171,561 173,189 173,189 173,189 18,104 N/A 2017 142,373 148,135 148,135 64,849 N/A 2018 484,218 472,358 259,626 N/A 2019 691,038 411,692 N/A $ 2,165,629 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 6,387 $ 19,817 $ 44,688 $ 76,515 $ 99,187 $ 100,650 $ 125,237 $ 137,623 2013 7,131 15,627 48,271 78,880 105,256 133,572 152,303 2014 7,119 21,818 57,897 84,584 118,042 146,455 2015 7,901 21,881 62,180 122,060 147,438 2016 7,440 34,924 65,630 116,329 2017 15,354 65,757 76,186 2018 63,140 104,690 2019 103,453 $ 984,477 All outstanding liabilities prior to 2012, net of reinsurance 430,513 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,611,666 (Some amounts may not reconcile due to rounding.) U.S. Reinsurance – Property Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 551,599 $ 469,638 $ 469,044 $ 479,090 $ 475,719 $ 469,253 $ 454,746 $ 452,056 635 N/A 2013 251,617 167,656 136,887 108,005 107,292 107,292 107,292 545 N/A 2014 288,800 263,119 202,094 194,900 195,028 195,028 1,420 N/A 2015 319,447 249,546 223,357 223,357 223,357 2,915 N/A 2016 430,295 398,141 403,456 403,151 5,224 N/A 2017 821,226 1,290,180 1,442,562 8,182 N/A 2018 1,728,705 1,572,312 88,241 N/A 2019 970,657 329,381 N/A $ 5,366,415 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 129,875 $ 254,010 $ 323,408 $ 379,768 $ 397,473 $ 425,913 $ 431,933 $ 432,048 2013 94,879 95,541 96,805 97,343 101,369 105,604 105,715 2014 86,083 131,940 163,269 177,822 183,469 184,425 2015 112,644 164,892 194,422 204,076 206,251 2016 162,246 327,451 371,004 383,676 2017 543,946 1,068,749 1,400,220 2018 409,225 1,064,429 2019 568,567 $ 4,345,331 All outstanding liabilities prior to 2012, net of reinsurance 14,394 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,035,477 (Some amounts may not reconcile due to rounding.) International – Casualty Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 124,118 $ 56,314 $ 35,046 $ 42,804 $ 43,861 $ 41,857 $ 41,857 $ 41,857 3,845 N/A 2013 60,539 40,585 41,615 52,893 46,636 46,636 46,636 5,567 N/A 2014 58,448 47,034 65,755 54,783 54,783 54,783 14,100 N/A 2015 53,586 72,317 60,112 60,112 60,112 17,775 N/A 2016 71,461 67,712 67,712 67,712 20,948 N/A 2017 56,666 56,666 56,666 22,902 N/A 2018 290,866 287,295 116,125 N/A 2019 291,237 189,506 N/A $ 906,298 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 6,896 $ 10,240 $ 15,908 $ 19,052 $ 22,179 $ 26,158 $ 28,340 $ 29,312 2013 5,625 13,380 16,768 20,014 22,426 26,158 30,057 2014 7,984 13,928 19,565 23,552 26,942 31,388 2015 8,025 17,391 24,085 26,574 31,472 2016 10,285 18,798 24,955 31,274 2017 10,519 18,527 22,203 2018 57,962 97,222 2019 52,808 $ 325,736 All outstanding liabilities prior to 2012, net of reinsurance 81,298 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 661,860 (Some amounts may not reconcile due to rounding.) International – Property Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 139,993 $ 131,550 $ 80,030 $ 85,091 $ 78,285 $ 86,847 $ 86,846 $ 86,577 131 N/A 2013 153,518 141,114 131,090 121,419 121,461 121,359 121,359 749 N/A 2014 312,947 263,727 205,545 183,732 184,724 184,724 1,650 N/A 2015 240,258 124,993 126,432 126,432 126,432 1,477 N/A 2016 204,775 260,561 255,561 252,023 4,409 N/A 2017 469,561 584,857 600,988 5,369 N/A 2018 527,258 572,429 82,625 N/A 2019 853,790 363,334 N/A $ 2,798,321 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,704 $ 47,635 $ 55,926 $ 65,905 $ 66,511 $ 67,638 $ 70,505 $ 84,550 2013 42,793 73,212 86,957 102,145 107,086 109,786 117,699 2014 72,526 116,833 144,471 161,086 169,757 171,960 2015 47,862 76,584 102,906 111,100 114,511 2016 75,192 171,256 228,381 240,359 2017 245,772 508,255 592,765 2018 90,429 330,681 2019 151,893 $ 1,804,419 All outstanding liabilities prior to 2012, net of reinsurance 4,034 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 997,937 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 212,636 $ 174,914 $ 185,267 $ 184,598 $ 188,211 $ 179,329 $ 179,329 $ 179,328 1,289 15,769 2013 256,032 228,065 230,599 224,601 182,759 182,759 182,759 1,114 21,350 2014 237,875 238,867 240,761 247,403 247,403 247,404 959 25,188 2015 258,918 259,149 262,747 262,747 262,747 1,205 26,896 2016 351,476 337,950 336,400 336,380 1,688 31,517 2017 261,240 256,418 256,597 6,006 34,701 2018 607,682 607,851 296,857 33,817 2019 772,505 614,653 30,144 $ 2,845,571 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,683 $ 55,216 $ 84,382 $ 116,589 $ 133,237 $ 146,961 $ 159,713 $ 162,342 2013 17,116 68,567 101,617 129,715 149,722 162,454 170,698 2014 20,371 71,893 114,156 143,822 213,512 222,038 2015 19,948 67,951 116,847 213,722 229,153 2016 24,463 98,470 285,967 297,182 2017 21,116 167,224 180,400 2018 27,054 196,285 2019 33,097 $ 1,491,195 All outstanding liabilities prior to 2012, net of reinsurance 27,899 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,382,275 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2019 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,615 $ 46,888 $ 43,520 $ 44,848 $ 44,278 $ 44,076 $ 44,077 $ 44,077 14 N/A 2013 63,853 56,900 52,113 52,815 52,500 52,500 52,450 27 N/A 2014 68,093 69,820 67,409 66,524 66,524 66,509 21 N/A 2015 80,421 75,906 75,484 75,484 75,518 14 N/A 2016 142,885 163,117 162,678 163,791 7 N/A 2017 291,935 293,342 297,355 818 N/A 2018 377,148 372,847 10,730 N/A 2019 336,859 73,827 N/A $ 1,409,406 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,894 $ 44,665 $ 42,861 $ 44,501 $ 44,152 $ 44,077 $ 44,032 $ 44,054 2013 35,190 54,172 52,537 52,798 52,423 52,409 52,415 2014 40,260 66,400 66,564 65,927 66,404 66,432 2015 45,374 70,326 75,078 75,095 74,951 2016 70,439 138,683 150,678 157,336 2017 155,374 296,514 290,270 2018 242,912 354,900 2019 218,586 $ 1,258,943 All outstanding liabilities prior to 2012, net of reinsurance 422 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 150,884 (Some amounts may not reconcile due to rounding.) |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | U.S. Reinsurance – Casu alty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 10.1 % 11.5 % 17.5 % 23.4 % 15.8 % 11.6 % 13.4 % 8.2 % U.S. Reinsurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 39.3 % 35.7 % 17.9 % 6.8 % 3.0 % 4.5 % 1.1 % - % International – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 17.7 % 13.4 % 9.5 % 7.1 % 6.8 % 8.5 % 6.9 % 2.3 % International – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 26.9 % 37.2 % 15.9 % 8.0 % 3.4 % 1.5 % 5.2 % 16.2 % Insurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 6.3 % 20.0 % 20.2 % 16.4 % 12.0 % 9.7 % 9.8 % 5.9 % Insurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 59.2 % 37.0 % 1.0 % 2.0 % 0.8 % - % - % 0.1 % |
Reconciliation of the Net Incurred and Paid Claims Development | At December 31, 2019 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 1,611,666 U.S. Reinsurance Property 1,035,477 International Casualty 661,860 International Property 997,937 Insurance Casualty 1,382,275 Insurance Property 150,884 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 5,840,099 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 914,400 U.S. Reinsurance Property 745,217 International Casualty 364,868 International Property 560,273 Insurance Casualty 1,440,156 Insurance Property 190,435 Total reinsurance recoverable on unpaid claims 4,215,348 Unallocated claims adjustment expenses 126,530 Other 27,542 154,071 Total gross liability for unpaid claims and claim adjustment expense $ 10,209,519 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses Relating To Asbestos And Environmental Reserves [Table Text Block] | At December 31, (Dollars in thousands) 2019 2018 2017 Gross basis: Beginning of period reserves $ 347,495 $ 448,993 $ 441,111 Incurred losses 2,071 (2,473) 90,009 Paid losses (91,645) (99,026) (82,126) End of period reserves $ 257,921 $ 347,495 $ 448,993 Net basis: Beginning of period reserves $ 223,548 $ 269,153 $ 274,409 Incurred losses - - 25,194 Paid losses (26,974) (45,605) (30,451) End of period reserves $ 196,574 $ 223,548 $ 269,153 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ 777,515 $ - $ 777,515 $ - Obligations of U.S. States and political subdivisions 535,911 - 535,911 - Corporate securities 2,821,557 - 2,274,618 546,939 Asset-backed securities 765,957 - 612,316 153,641 Mortgage-backed securities Commercial 329,049 - 329,049 - Agency residential 644,687 - 644,687 - Non-agency residential 1,638 - 1,638 - Foreign government securities 658,007 - 658,007 - Foreign corporate securities 957,758 - 956,007 1,751 Total fixed maturities, market value 7,492,079 - 6,789,748 702,331 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 764,049 719,548 44,501 - Other invested assets, fair value 1,982,582 - - 1,982,582 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 December 31, 2019 December 31, 2018 Corporate Asset Foreign Corporate Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Corporate Total Beginning balance $ 376,250 $ - $ 7,744 $ 383,994 $ 158,221 $ 6,952 $ 165,173 Total gains or (losses) (realized/unrealized) Included in earnings 4,937 - (12) 4,925 (93) (660) (753) Included in other comprehensive income (loss) (21) 3,632 (110) 3,501 1,090 - 1,090 Purchases, issuances and settlements 161,078 150,009 (5,871) 305,216 215,839 (298) 215,541 Transfers in and/or (out) of Level 3 4,695 - - 4,695 1,193 1,750 2,943 Ending balance $ 546,939 $ 153,641 $ 1,751 $ 702,331 $ 376,250 $ 7,744 $ 383,994 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 December 31, 2019 December 31, 2018 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 2,163 2,163 (293) (293) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 1,326 1,326 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 5,826 $ 5,826 $ 2,337 $ 2,337 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 $ 1,796 $ 1,796 $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Years Ended December 31, (Dollars in thousands) 2019 2018 Other invested assets, fair value: Beginning balance $ 1,717,336 $ 1,807,473 Total gains or (losses) (realized/unrealized) Included in earnings 265,246 (90,136) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Ending balance $ 1,982,582 $ 1,717,336 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.) |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 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 $ 397,074 $ 452,848 $ 396,954 $ 396,968 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | December 31, 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 $ 236,758 $ 233,191 $ 236,659 $ 200,390 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest expense incurred $ 11,587 $ 10,926 $ 11,498 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in thousands) 2019 Lease expense incurred: Operating lease cost $ 21,471 At December 31, (Dollars in thousands) 2019 Operating lease right of use assets $ 152,978 Operating lease liabilities 160,387 Year Ended December 31, (Dollars in thousands) 2019 Operating cash flows from operating leases $ (17,617) At December 31, 2019 Weighted average remaining operating lease term 12.8 years Weighted average discount rate on operating leases 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) 2020 $ 17,793 2021 15,106 2022 16,921 2023 16,465 2024 16,425 Thereafter 122,861 Undiscounted lease payments 205,571 Less: present value adjustment 45,184 Total operating lease liability $ 160,387 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Current tax expense (benefit): U.S. $ (1,684) $ (50,964) $ (123,083) Foreign 77 8 221 Total current tax expense (benefit) (1,607) (50,956) (122,862) Total deferred U.S. tax expense (benefit) 136,834 (316,069) (77,874) Total income tax expense (benefit) $ 135,228 $ (367,025) $ (200,736) |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax | (Dollars in thousands) 2019 2018 2017 Expected income tax provision at the U.S. statutory tax rate $ 160,762 $ (279,216) $ (42,600) Increase (reduction) in taxes resulting from: Tax exempt income (3,680) (3,824) (8,488) Dividend received deduction (998) (1,277) (4,063) Proration 1,050 1,150 1,760 Creditable foreign premium tax (9,852) (13,475) (7,515) Tax audit settlement (1,576) (2,060) (11,565) U.S. rate differential on carryback of net operation losses to PY - (43,734) - U.S. rate differential on deferred tax 2017 return to provision - (28,832) - Share based compensation tax benefits formerly in APIC (2,987) (1,450) (3,308) Impact of U.S. tax reform - - (123,143) Change in uncertain tax positions (8,434) 8,434 - Other 942 (2,741) (1,814) Total income tax provision $ 135,228 $ (367,025) $ (200,736) (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) 2019 2018 2017 Balance at January 1 $ 8,434 $ - $ - Additions based on tax positions related to the current year - - - Additions for tax positions of prior years - 8,434 - Reductions for tax positions of prior years (8,434) - - Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ - $ 8,434 $ - |
Net Deferred Income Tax Assets/(Liabilities) | At December 31, (Dollars in thousands) 2019 2018 Deferred tax assets: Foreign tax credits $ 186,706 $ 167,685 Unearned premium reserve 75,130 63,309 Loss reserves 66,025 64,135 Net unrecognized losses on benefit plans 19,818 17,921 Net operating loss 19,027 98,795 Unrealized foreign currency losses 7,958 12,590 Investment impairments 3,961 1,291 Uncollectible reinsurance reserve 3,142 3,142 Other tax credits 2,294 - Deferred expenses 2,049 1,992 Net unrealized investment losses - 9,745 Other assets 13,114 11,624 Total deferred tax assets 399,224 452,229 Deferred tax liabilities: Net fair value income 266,850 178,018 Deferred acquisition costs 81,931 74,736 Net unrealized investment gains 38,074 - Partnership Investments 15,039 14,936 Benefit plan asset 2,333 3,600 Bond market discount 1,466 1,845 Other liabilities 3,796 2,022 Total deferred tax liabilities 409,489 275,157 Net deferred tax assets/(liabilities) $ (10,265) $ 177,072 (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Written premiums: Direct $ 2,449,198 $ 1,996,606 $ 1,873,115 Assumed 4,603,866 4,577,070 3,915,374 Ceded (1,278,115) (1,541,814) (3,064,645) Net written premiums $ 5,774,949 $ 5,031,862 $ 2,723,844 Premiums earned: Direct $ 2,255,388 $ 1,903,576 $ 1,655,023 Assumed 4,427,006 4,447,862 3,842,836 Ceded (1,193,359) (1,512,380) (3,548,264) Net premiums earned $ 5,489,035 $ 4,839,058 $ 1,949,595 Incurred losses and LAE: Direct $ 1,401,251 $ 1,182,399 $ 1,196,323 Assumed 2,913,987 4,162,776 3,108,753 Ceded (486,116) (534,157) (2,265,325) Net incurred losses and LAE $ 3,829,122 $ 4,811,018 $ 2,039,751 |
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 | Bermuda Re Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Ceded written premiums $ 100,084 $ 572,620 $ 2,219,352 Ceded earned premiums 101,681 586,120 2,796,939 Ceded losses and LAE (51,686) (49,955) 1,687,659 Everest International Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Ceded written premiums $ - $ - $ 10 Ceded earned premiums - - 44 Ceded losses and LAE 324 (753) (990) Everest Canada Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Assumed written premiums $ - $ - $ 25,871 Assumed earned premiums - - 54,558 Assumed losses and LAE 3,024 6,238 29,389 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Assumed written premiums $ (11,470) $ 10,800 $ 35,607 Assumed earned premiums (18,650) 35,826 33,590 Assumed losses and LAE 8,355 27,550 17,688 Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Ceded written premiums $ 240,721 $ 207,439 $ 192,928 Ceded earned premiums 235,500 212,046 192,573 Ceded losses and LAE 171,900 234,471 283,511 Assumed written premiums - 10,582 11,984 Assumed earned premiums - 10,582 11,984 Assumed losses and LAE - - - |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Year Ended Year Ended Year Ended (Dollars in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 222,884 (46,971) $ 175,913 $ (119,058) $ 25,582 $ (93,476) $ (11,672) $ 4,085 $ (7,587) URA(D) on securities - OTTI (546) 115 (431) 645 (135) 510 (4,537) 1,588 (2,949) Reclassification of net realized losses (gains) included in net income (loss) 6,068 (988) 5,080 3,416 (1,395) 2,021 3,543 (1,240) 2,303 Foreign currency translation adjustments 21,708 (4,555) 17,153 (46,136) 9,705 (36,431) 57,564 (20,137) 37,427 Benefit plan actuarial net gain (loss) (15,938) 3,347 (12,591) (646) 136 (510) 1,300 (273) 1,027 Reclassification of amortization of net gain (loss) included in net income (loss) 6,902 (1,449) 5,453 6,356 (1,335) 5,021 8,426 (2,949) 5,477 Total other comprehensive income (loss) $ 241,078 $ (50,501) $ 190,577 $ (155,423) $ 32,558 $ (122,865) $ 54,624 $ (18,926) $ 35,698 (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Affected line item within the Years Ended December 31, statements of operations and AOCI component 2019 2018 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 6,068 $ 3,416 Other net realized capital gains (losses) (988) (1,395) Income tax expense (benefit) $ 5,080 $ 2,021 Net income (loss) Benefit plan net gain (loss) $ 6,902 $ 6,356 Other underwriting expenses (1,449) (1,335) Income tax expense (benefit) $ 5,453 $ 5,021 Net income (loss) (Some amounts may not reconcile due to rounding) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Years Ended December 31, (Dollars in thousands) 2019 2018 Beginning balance of URA (D) on securities $ (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 180,993 (91,455) Current period change in URA (D) of investments - non-credit OTTI (431) 510 Ending balance of URA (D) on securities 124,612 (55,950) Beginning balance of foreign currency translation adjustments (2,886) 33,545 Current period change in foreign currency translation adjustments 17,153 (36,431) Ending balance of foreign currency translation adjustments 14,267 (2,886) Beginning balance of benefit plan net gain (loss) (67,418) (71,929) Current period change in benefit plan net gain (loss) (7,138) 4,511 Ending balance of benefit plan net gain (loss) (74,556) (67,418) Ending balance of accumulated other comprehensive income (loss) $ 64,324 $ (126,254) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Company contributions $ 4,750 $ 77,743 $ 10,534 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Pension expense $ 10,042 $ 9,728 $ 16,299 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 300,244 $ 316,202 Service cost 8,255 9,801 Interest cost 11,712 10,290 Actuarial (gain)/loss 46,206 (29,966) Curtailment - - Benefits paid (11,062) (6,084) Projected benefit obligation at end of year 355,355 300,244 Change in plan assets: Fair value of plan assets at beginning of year 260,531 210,267 Actual return on plan assets 47,247 (21,395) Actual contributions during the year 4,750 77,743 Benefits paid (11,062) (6,084) Fair value of plan assets at end of year 301,466 260,531 Funded status at end of year $ (53,889) $ (39,713) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2019 2018 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (7,362) (7,530) Other liabilities (due beyond one year) (46,527) (32,182) Net amount recognized in the consolidated balance sheets $ (53,889) $ (39,713) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ (97,466) $ (88,580) Accumulated other comprehensive income (loss) $ (97,466) $ (88,580) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ (88,580) $ (86,788) Net gain (loss) arising during period (16,927) (8,631) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,042 6,839 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ (97,466) $ (88,580) (Some amounts may not reconcile due to rounding.) |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost 8,255 $ 9,801 $ 10,949 Interest cost 11,712 10,290 10,034 Expected return on assets (17,968) (17,202) (13,050) Amortization of actuarial loss from earlier periods 7,635 6,839 8,366 Settlement 408 - - Net periodic benefit cost $ 10,042 $ 9,728 $ 16,299 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 8,885 1,792 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 18,927 $ 11,520 (Some amounts may not reconcile due to rounding.) |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2019 2018 Qualified Plan $ 288,328 $ 237,855 Non-qualified Plan 21,642 24,472 Total $ 309,970 $ 262,327 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Projected benefit obligation $ 333,715 $ 275,772 Fair value of plan assets 301,467 260,531 Non-qualified Plan Projected benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - |
Expected Benefit Payments | (Dollars in thousands) 2020 $ 15,670 2021 11,458 2022 12,198 2023 12,902 2024 13,985 Next 5 years 84,334 |
Fair Value Measurement Levels For Qualified Plan Assets | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,749 $ 1,749 $ - $ - Mutual funds, fair value Fixed income (b) 90,483 90,483 - - Equities (c) 188,884 188,884 - - Total $ 281,116 $ 281,116 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70 % in U.S. securities and 30 % in international securities. (c) This category includes funds, whi ch invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50 % in U.S. equities and 50 % in inte rnational equities. 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: Short-term investments, which approximates fair value (a) $ 2,872 $ 2,872 $ - $ - Mutual funds, fair value Fixed income (b) 82,633 82,633 - - Equities (c) 154,935 154,935 - - Total $ 240,440 $ 240,440 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50 % in U.S. securities and 50 % in international securities. (c) This category includes funds, whi ch invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 5 0 % in U.S. equities and 5 0 % in inte rnational equities. |
Defined Contribution Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Incurred Expenses Related To Defined Contribution Plans For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 10,794 $ 9,301 $ 7,167 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 474 $ 489 $ 514 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 28,483 $ 34,717 Service cost 983 1,312 Interest cost 980 999 Amendments (582) - Actuarial (gain)/loss - (7,985) Benefits paid (488) (561) Benefit obligation at end of year 29,376 28,483 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 488 561 Benefits paid (488) (561) Fair value of plan assets at end of year - - Funded status at end of year $ (29,376) $ (28,483) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2019 2018 Other liabilities (due within one year) $ (611) $ (608) Other liabilities (due beyond one year) (28,764) (27,875) Net amount recognized in the consolidated balance sheets $ (29,376) $ (28,483) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ 188 $ (238) Accumulated prior service credit (cost) 2,904 3,480 Accumulated other comprehensive income (loss) $ 3,092 $ 3,242 |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ 3,242 $ (4,260) Net gain (loss) arising during period 582 7,985 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) (155) 94 Prior service cost (577) (577) Other comprehensive income (loss) at December 31, current year $ 3,092 $ 3,242 |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost $ 983 $ 1,312 $ 1,570 Interest cost 980 999 1,184 Prior service credit recognition (577) (577) (131) Net gain recognition (155) 94 192 Net periodic cost $ 1,231 $ 1,829 $ 2,814 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year 150 (7,502) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,381 $ (5,673) (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2020 $ 611 2021 673 2022 768 2023 851 2024 896 Next 5 years 6,377 |
Changes In The Assumed Healthcare Cost Trend | Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 434 $ (335) b. Effect on accumulated post-retirement benefit obligation 6,257 (4,833) |
Post-Retirement Benefit Expenses | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Post-retirement benefit expenses $ 1,231 $ 1,829 $ 2,814 |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And Actual Statutory Capital | Everest Re (1) At December 31, (Dollars in thousands) 2019 2018 Regulatory targeted capital $ 2,001,226 $ 2,172,958 Actual capital $ 3,739,140 $ 3,650,594 (1) Regulatory targeted capital represents 200 % of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,703 $ 142,754 Unaffiliated life insurance company 35,082 34,717 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 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 | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Dividends received on preferred stock of affiliate $ 31,032 $ 31,032 $ 31,032 |
Expenses Incurred By Holdings From Services Provided By Affiliated Company | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Expenses incurred $ 107,851 $ 81,346 $ 91,927 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,962,416 $ 3,014,337 $ 2,593,063 Net written premiums 2,411,223 2,093,116 1,135,604 Premiums earned $ 2,369,093 $ 1,979,926 $ 858,155 Incurred losses and LAE 1,524,093 2,790,818 912,124 Commission and brokerage 703,271 568,374 160,311 Other underwriting expenses 68,796 60,266 55,881 Underwriting gain (loss) $ 72,933 $ (1,439,532) $ (270,161) International Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 1,637,957 $ 1,555,245 $ 1,339,546 Net written premiums 1,512,576 1,426,588 615,395 Premiums earned $ 1,427,043 $ 1,406,460 $ 502,322 Incurred losses and LAE 1,168,587 1,020,929 622,753 Commission and brokerage 324,015 355,528 101,936 Other underwriting expenses 41,236 37,661 36,291 Underwriting gain (loss) $ (106,795) $ (7,658) $ (258,658) Insurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,452,691 $ 2,004,093 $ 1,855,881 Net written premiums 1,851,150 1,512,158 972,845 Premiums earned $ 1,692,899 $ 1,452,672 $ 589,118 Incurred losses and LAE 1,136,442 999,271 504,874 Commission and brokerage 242,767 217,812 (51,322) Other underwriting expenses 240,869 195,420 162,714 Underwriting gain (loss) $ 72,821 $ 40,169 $ (27,148) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Underwriting gain (loss) $ 38,959 $ (1,407,021) $ (555,967) Net investment income 356,211 314,381 286,259 Net realized capital gains (losses) 419,367 (185,356) 161,553 Corporate expense (13,063) (11,034) (7,394) Interest, fee and bond issue cost amortization expense (34,931) (30,611) (31,183) Other income (expense) (1,589) (9,568) 25,866 Income (loss) before taxes $ 764,955 $ (1,329,209) $ (120,866) |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Canada gross written premiums $ 214,594 $ 173,530 $ 130,136 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2019 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,684,882 $ 1,688,038 $ 1,890,002 $ 1,790,142 Net written premiums 1,392,243 1,319,865 1,569,954 1,492,886 Premiums earned 1,270,454 1,375,623 1,428,400 1,414,558 Net investment income 84,534 90,709 95,592 85,376 Net realized capital gains (losses) 135,056 142,563 112,542 29,206 Total claims and underwriting expenses 1,174,175 1,255,551 1,562,452 1,505,892 Net income (loss) 251,608 280,922 61,137 36,060 2018 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,466,231 $ 1,632,284 $ 1,759,190 $ 1,715,970 Net written premiums 1,107,027 1,190,354 1,378,481 1,356,000 Premiums earned 1,116,010 1,179,836 1,230,771 1,312,441 Net investment income 69,909 72,070 90,298 82,104 Net realized capital gains (losses) (60,201) (42,271) 30,018 (112,902) Total claims and underwriting expenses 1,057,972 1,600,124 1,347,593 2,282,035 Net income (loss) (11,793) (267,295) 21,966 (705,062) |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revisions To Financial Statements [Abstract] | |
Schedule Of Prior Period 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) (292,728) (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 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)Item | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10.00% | ||||
Number of operating segments | Item | 3 | ||||
U.S. tax rate | 21.00% | 35.00% | |||
Reclass due to early adoption of Accounting Standards Update 2018-02 | $ 325,000 | ||||
Operating lease right of use assets | $ 152,978,000 | $ 60,325,000 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | ||||
Operating lease liabilities | $ 160,387,000 | $ 66,551,000 | |||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | ||||
Cumulative change due to ASU | $ 2,447,000 | $ 2,447,000 | $ 0 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance recoverable and premium receivables | $ 25,163 | $ 25,163 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Deferred Acquisition Costs Amortized To Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 1,270,053 | $ 1,141,714 | $ 210,925 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | 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 | $ 1,540,376 | $ 3,470,834 |
Gross unrealized losses on investments in unrealized loss position | 45,484 | 130,602 |
Short-term investments | 279,879 | $ 174,131 |
Securities with a carrying value | $ 1,549,145 | |
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% |
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 | $ 5,645 | $ 68,010 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 16,976 | 14,802 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 1,540,376 | 3,470,834 |
Gross unrealized losses on investments in unrealized loss position | 45,484 | 130,602 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 8,539 | 105,810 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 36,945 | $ 24,792 |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.80% | |
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% | |
Percentage threshold of unrealized losses not exceeded by any one single issuer | 9.00% | |
Limited Partnerships [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Additional contractual commitments | $ 699,481 | |
Private Placement Liquidity Sweep [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | $ 156,258 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 7,334,425 | $ 7,032,749 |
Unrealized Appreciation | 203,138 | 59,928 |
Unrealized Depreciation | (45,484) | (130,602) |
Market Value | 7,492,079 | 6,962,075 |
OTTI in AOCI | 605 | 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 | 768,374 | 2,250,312 |
Unrealized Appreciation | 10,128 | 3,573 |
Unrealized Depreciation | (987) | (11,088) |
Market Value | 777,515 | 2,242,797 |
OTTI in AOCI | ||
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 506,347 | 489,013 |
Unrealized Appreciation | 29,651 | 12,915 |
Unrealized Depreciation | (87) | (2,839) |
Market Value | 535,911 | 499,089 |
OTTI in AOCI | 440 | |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,777,097 | 2,273,581 |
Unrealized Appreciation | 70,898 | 12,487 |
Unrealized Depreciation | (26,438) | (69,915) |
Market Value | 2,821,557 | 2,216,153 |
OTTI in AOCI | 245 | 430 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 761,607 | 223,192 |
Unrealized Appreciation | 5,659 | 102 |
Unrealized Depreciation | (1,309) | (2,039) |
Market Value | 765,957 | 221,255 |
OTTI in AOCI | ||
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 311,961 | 135,380 |
Unrealized Appreciation | 17,242 | 1,947 |
Unrealized Depreciation | (154) | (723) |
Market Value | 329,049 | 136,604 |
OTTI in AOCI | ||
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 625,612 | 149,306 |
Unrealized Appreciation | 19,395 | 1,177 |
Unrealized Depreciation | (320) | (1,709) |
Market Value | 644,687 | 148,774 |
OTTI in AOCI | ||
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,638 | 3,115 |
Unrealized Appreciation | 3 | |
Unrealized Depreciation | (4) | |
Market Value | 1,638 | 3,114 |
OTTI in AOCI | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 646,149 | 576,540 |
Unrealized Appreciation | 18,908 | 14,399 |
Unrealized Depreciation | (7,050) | (11,353) |
Market Value | 658,007 | 579,586 |
OTTI in AOCI | 27 | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 935,640 | 932,310 |
Unrealized Appreciation | 31,257 | 13,325 |
Unrealized Depreciation | (9,139) | (30,932) |
Market Value | 957,758 | 914,703 |
OTTI in AOCI | $ 333 | $ 281 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 7,334,425 | $ 7,032,749 |
Fixed maturity securities - available for sale, Market Value | 7,492,079 | 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 | 569,506 | 511,193 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,919,966 | 4,271,245 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,541,695 | 1,177,752 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 602,440 | 561,566 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 563,730 | 507,572 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,963,903 | 4,230,451 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 1,602,642 | 1,163,831 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 620,473 | 550,474 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 761,607 | 223,192 |
Fixed maturity securities - available for sale, Market Value | 765,957 | 221,255 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 311,961 | 135,380 |
Fixed maturity securities - available for sale, Market Value | 329,049 | 136,604 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 625,612 | 149,306 |
Fixed maturity securities - available for sale, Market Value | 644,687 | 148,774 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 1,638 | 3,115 |
Fixed maturity securities - available for sale, Market Value | $ 1,638 | $ 3,114 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ 228,408 | $ (114,997) | |
Deferred tax benefit (expense) | (47,959) | 24,187 | |
Deferred tax benefit (expense), other-than-temporary impairment | 115 | (135) | |
Total URA(D) on securities arising during the period | 180,562 | (90,945) | $ (8,233) |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 228,953 | (115,642) | |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (546) | $ 645 |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 1,540,376 | $ 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (45,484) | (130,602) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 759,174 | 2,663,097 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (8,539) | (105,810) |
Available for sale securities, Greater than 12 months, Market Value | 781,202 | 807,737 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (36,945) | (24,792) |
Available-for-sale Securities, Market Value, Total | 1,540,376 | 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (45,484) | (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 | 8,997 | 245,357 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (141) | (6,099) |
Available for sale securities, Greater than 12 months, Market Value | 203,780 | 373,377 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (846) | (4,989) |
Available-for-sale Securities, Market Value, Total | 212,777 | 618,734 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (987) | (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 | 4,600 | 107,183 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (38) | (2,829) |
Available for sale securities, Greater than 12 months, Market Value | 4,518 | 1,475 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (49) | (10) |
Available-for-sale Securities, Market Value, Total | 9,118 | 108,658 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (87) | (2,839) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 334,973 | 1,390,942 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (5,186) | (57,043) |
Available for sale securities, Greater than 12 months, Market Value | 230,679 | 194,770 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (21,252) | (12,872) |
Available-for-sale Securities, Market Value, Total | 565,652 | 1,585,712 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (26,438) | (69,915) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 159,695 | 127,052 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (887) | (1,408) |
Available for sale securities, Greater than 12 months, Market Value | 76,351 | 47,551 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (422) | (631) |
Available-for-sale Securities, Market Value, Total | 236,046 | 174,603 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,309) | (2,039) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 13,083 | 51,357 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (87) | (695) |
Available for sale securities, Greater than 12 months, Market Value | 16,374 | 2,259 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (67) | (28) |
Available-for-sale Securities, Market Value, Total | 29,457 | 53,616 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (154) | (723) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 19,019 | 44,071 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (82) | (1,221) |
Available for sale securities, Greater than 12 months, Market Value | 17,147 | 21,889 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (238) | (488) |
Available-for-sale Securities, Market Value, Total | 36,166 | 65,960 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (320) | (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 | 690 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | ||
Available-for-sale Securities, Market Value, Total | 690 | 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 | 113,256 | 192,510 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (858) | (10,690) |
Available for sale securities, Greater than 12 months, Market Value | 109,953 | 101,137 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,192) | (663) |
Available-for-sale Securities, Market Value, Total | 223,209 | 293,647 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (7,050) | (11,353) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 105,551 | 501,532 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,260) | (25,821) |
Available for sale securities, Greater than 12 months, Market Value | 121,710 | 65,279 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,879) | (5,111) |
Available-for-sale Securities, Market Value, Total | 227,261 | 566,811 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (9,139) | $ (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 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 1,540,376 | $ 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (45,484) | (130,602) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 759,174 | 2,663,097 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (8,539) | (105,810) |
Available for sale securities, Greater than 12 months, Market Value | 781,202 | 807,737 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (36,945) | (24,792) |
Available-for-sale Securities, Market Value, Total | 1,540,376 | 3,470,834 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (45,484) | (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 | 34,542 | 165,545 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,067) | (7,618) |
Available for sale securities, Greater than 12 months, Market Value | 188,755 | 118,322 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,411) | (1,164) |
Available-for-sale Securities, Market Value, Total | 223,297 | 283,867 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (7,478) | (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 | 226,521 | 1,423,431 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,554) | (44,924) |
Available for sale securities, Greater than 12 months, Market Value | 357,728 | 525,554 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (11,562) | (9,530) |
Available-for-sale Securities, Market Value, Total | 584,249 | 1,948,985 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (14,116) | (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 | 251,967 | 624,875 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,292) | (35,360) |
Available for sale securities, Greater than 12 months, Market Value | 43,129 | 42,902 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,785) | (2,773) |
Available-for-sale Securities, Market Value, Total | 295,096 | 667,777 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (10,077) | (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 | 54,347 | 223,673 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (570) | (14,580) |
Available for sale securities, Greater than 12 months, Market Value | 81,028 | 49,260 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (11,460) | (10,178) |
Available-for-sale Securities, Market Value, Total | 135,375 | 272,933 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (12,030) | (24,758) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 159,695 | 127,052 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (887) | (1,408) |
Available for sale securities, Greater than 12 months, Market Value | 76,351 | 47,551 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (422) | (631) |
Available-for-sale Securities, Market Value, Total | 236,046 | 174,603 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (1,309) | (2,039) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 32,102 | 98,521 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (169) | (1,920) |
Available for sale securities, Greater than 12 months, Market Value | 34,211 | 24,148 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (305) | (516) |
Available-for-sale Securities, Market Value, Total | 66,313 | 122,669 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (474) | $ (2,436) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 382,599 | $ 334,234 | $ 296,708 |
Funds held interest income (expense) | 6,459 | 5,188 | 5,006 |
Interest income from Parent | 211 | 4,085 | 4,300 |
Gross investment income | 389,269 | 343,507 | 306,014 |
Investment expenses | (33,058) | (29,126) | (19,755) |
Net investment income | 356,211 | 314,381 | 286,259 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 273,122 | 201,108 | 193,676 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 10,782 | 14,909 | 25,852 |
Short-Term Investments and Cash [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 10,231 | 7,715 | 2,870 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 43,316 | 61,645 | 36,603 |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 31,031 | 31,032 | 31,032 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 14,117 | $ 17,825 | $ 6,675 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (19,643) | $ (6,164) | $ (6,077) | ||||||||
Total net realized capital gains (losses) | $ 29,206 | $ 112,542 | $ 142,563 | $ 135,056 | $ (112,902) | $ 30,018 | $ (42,271) | $ (60,201) | 419,367 | (185,356) | 161,553 |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | (19,643) | (6,164) | (6,077) | ||||||||
Gains (losses) from sales | 7,571 | 933 | 2,473 | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 355 | (1,799) | |||||||||
Gains (losses) from fair value adjustments | 1,808 | 1,506 | |||||||||
Equity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 4,144 | (32,092) | 6,556 | ||||||||
Gains (losses) from fair value adjustments | 153,728 | (59,409) | 117,695 | ||||||||
Other Invested Assets [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 6,003 | 1,815 | 61 | ||||||||
Other Invested Assets [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from fair value adjustments | 265,245 | (90,136) | 40,846 | ||||||||
Short-Term Investments [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | $ 156 | $ (10) | $ (1) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 2,403,786 | $ 793,119 | $ 1,676,203 |
Gross gains from sales | 25,076 | 15,349 | 31,328 |
Gross losses from sales | (17,150) | (16,215) | (28,855) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 283,707 | 1,029,920 | 586,496 |
Gross gains from sales | 14,270 | 25,160 | 23,214 |
Gross losses from sales | $ (10,126) | $ (57,252) | $ (16,658) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Reserves For Losses And LAE [Line Items] | |||
Incurred related to: Current year | $ 3,784,771 | $ 4,252,220 | $ 2,157,498 |
Increase (decrease) in reinsurance business | 44,351 | 558,798 | (117,747) |
Partially offset | 178,794 | ||
Reinsurance receivable, affiliated and unaffiliated, total | 4,444,089 | 4,840,936 | |
Reinsurance receivable | $ 3,125,269 | 3,544,975 | |
Retrocession percent | 5.00% | ||
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | ||
Number of exposure groups | Item | 200 | ||
Bermuda Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance receivable | $ 3,108,676 | ||
Reinsurance receivable percent | 70.00% | ||
Changes in Affiliated Reinsurance Agreements [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in reinsurance business | $ (482,195) | ||
Catastrophe Losses [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in reinsurance business | (646,242) | $ 553,036 | |
Property And Short-Tail Business [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase (decrease) in reinsurance business | (84,809) | ||
Workers Compensation Business [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Partially offset | 32,938 | ||
Mt Logan Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance receivable | $ 338,965 | ||
Reinsurance receivable percent | 7.60% | ||
U.S. Reinsurance [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Partially offset | $ 25,194 |
Reserves For Losses And LAE (Su
Reserves For Losses And LAE (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserves For Losses And LAE [Abstract] | |||
Gross reserves beginning of period | $ 10,167,018 | $ 9,343,028 | $ 8,331,288 |
Less reinsurance recoverables | (4,697,543) | (5,727,268) | (4,199,791) |
Net reserves beginning of period | 5,469,475 | 3,615,760 | 4,131,497 |
Incurred related to: Current year | 3,784,771 | 4,252,220 | 2,157,498 |
Incurred related to: Prior years | 44,351 | 558,798 | (117,747) |
Total incurred losses and LAE | 3,829,122 | 4,811,018 | 2,039,751 |
Paid related to: Current year | 1,885,443 | 1,524,635 | 1,607,601 |
Paid related to: Prior years | 1,431,336 | 1,408,256 | 957,933 |
Total paid losses and LAE | 3,316,778 | 2,932,891 | 2,565,534 |
Foreign exchange/translation adjustment | 12,352 | (24,412) | 10,046 |
Net reserves end of period | 5,994,171 | 5,469,475 | 3,615,760 |
Plus reinsurance recoverables | 4,215,348 | 4,697,543 | 5,727,268 |
Gross reserves end of period | $ 10,209,519 | $ 10,167,018 | $ 9,343,028 |
Reserves For Losses And LAE (In
Reserves For Losses And LAE (Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) $ in Thousands | Dec. 31, 2019USD ($)Item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Short-duration Insurance Contracts [Line Items] | ||||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | $ 5,840,099 | |||||||
United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,165,629 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 984,477 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 430,513 | |||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 1,611,666 | |||||||
United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 5,366,415 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,345,331 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 14,394 | |||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 1,035,477 | |||||||
International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 906,298 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 325,736 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 81,298 | |||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 661,860 | |||||||
International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,798,321 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,804,419 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 4,034 | |||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 997,937 | |||||||
Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,845,571 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,491,195 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 27,899 | |||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 1,382,275 | |||||||
Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,409,406 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,258,943 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 422 | |||||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 150,884 | |||||||
2012 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 150,362 | $ 150,362 | $ 150,362 | $ 145,769 | $ 139,400 | $ 139,755 | $ 211,232 | $ 249,501 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 943 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 137,623 | 125,237 | 100,650 | 99,187 | 76,515 | 44,688 | 19,817 | 6,387 |
2012 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 452,056 | 454,746 | 469,253 | 475,719 | 479,090 | 469,044 | 469,638 | 551,599 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 635 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 432,048 | 431,933 | 425,913 | 397,473 | 379,768 | 323,408 | 254,010 | 129,875 |
2012 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 41,857 | 41,857 | 41,857 | 43,861 | 42,804 | 35,046 | 56,314 | 124,118 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,845 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 29,312 | 28,340 | 26,158 | 22,179 | 19,052 | 15,908 | 10,240 | 6,896 |
2012 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 86,577 | 86,846 | 86,847 | 78,285 | 85,091 | 80,030 | 131,550 | 139,993 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 131 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 84,550 | 70,505 | 67,638 | 66,511 | 65,905 | 55,926 | 47,635 | 26,704 |
2012 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 179,328 | 179,329 | 179,329 | 188,211 | 184,598 | 185,267 | 174,914 | 212,636 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,289 | |||||||
Cumulative Number of Reported Claims | Item | 15,769 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 162,342 | 159,713 | 146,961 | 133,237 | 116,589 | 84,382 | 55,216 | 15,683 |
2012 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 44,077 | 44,077 | 44,076 | 44,278 | 44,848 | 43,520 | 46,888 | 58,615 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 44,054 | 44,032 | 44,077 | 44,152 | 44,501 | 42,861 | 44,665 | $ 26,894 |
2013 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 173,300 | 173,300 | 173,300 | 177,215 | 181,150 | 183,657 | 117,075 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,099 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 152,303 | 133,572 | 105,256 | 78,880 | 48,271 | 15,627 | 7,131 | |
2013 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 107,292 | 107,292 | 107,292 | 108,005 | 136,887 | 167,656 | 251,617 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 545 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 105,715 | 105,604 | 101,369 | 97,343 | 96,805 | 95,541 | 94,879 | |
2013 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 46,636 | 46,636 | 46,636 | 52,893 | 41,615 | 40,585 | 60,539 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,567 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 30,057 | 26,158 | 22,426 | 20,014 | 16,768 | 13,380 | 5,625 | |
2013 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 121,359 | 121,359 | 121,461 | 121,419 | 131,090 | 141,114 | 153,518 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 749 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 117,699 | 109,786 | 107,086 | 102,145 | 86,957 | 73,212 | 42,793 | |
2013 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 182,759 | 182,759 | 182,759 | 224,601 | 230,599 | 228,065 | 256,032 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,114 | |||||||
Cumulative Number of Reported Claims | Item | 21,350 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 170,698 | 162,454 | 149,722 | 129,715 | 101,617 | 68,567 | 17,116 | |
2013 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 52,450 | 52,500 | 52,500 | 52,815 | 52,113 | 56,900 | 63,853 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 27 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,415 | 52,409 | 52,423 | 52,798 | 52,537 | 54,172 | $ 35,190 | |
2014 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 176,745 | 176,745 | 176,745 | 193,772 | 189,641 | 197,491 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,263 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 146,455 | 118,042 | 84,584 | 57,897 | 21,818 | 7,119 | ||
2014 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 195,028 | 195,028 | 194,900 | 202,094 | 263,119 | 288,800 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,420 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 184,425 | 183,469 | 177,822 | 163,269 | 131,940 | 86,083 | ||
2014 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 54,783 | 54,783 | 54,783 | 65,755 | 47,034 | 58,448 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14,100 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 31,388 | 26,942 | 23,552 | 19,565 | 13,928 | 7,984 | ||
2014 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 184,724 | 184,724 | 183,732 | 205,545 | 263,727 | 312,947 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,650 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 171,960 | 169,757 | 161,086 | 144,471 | 116,833 | 72,526 | ||
2014 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 247,404 | 247,403 | 247,403 | 240,761 | 238,867 | 237,875 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 959 | |||||||
Cumulative Number of Reported Claims | Item | 25,188 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 222,038 | 213,512 | 143,822 | 114,156 | 71,893 | 20,371 | ||
2014 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 66,509 | 66,524 | 66,524 | 67,409 | 69,820 | 68,093 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 21 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,432 | 66,404 | 65,927 | 66,564 | 66,400 | $ 40,260 | ||
2015 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 180,503 | 180,503 | 180,503 | 178,366 | 155,879 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,487 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 147,438 | 122,060 | 62,180 | 21,881 | 7,901 | |||
2015 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 223,357 | 223,357 | 223,357 | 249,546 | 319,447 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,915 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 206,251 | 204,076 | 194,422 | 164,892 | 112,644 | |||
2015 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 60,112 | 60,112 | 60,112 | 72,317 | 53,586 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 17,775 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 31,472 | 26,574 | 24,085 | 17,391 | 8,025 | |||
2015 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 126,432 | 126,432 | 126,432 | 124,993 | 240,258 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,477 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 114,511 | 111,100 | 102,906 | 76,584 | 47,862 | |||
2015 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 262,747 | 262,747 | 262,747 | 259,149 | 258,918 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,205 | |||||||
Cumulative Number of Reported Claims | Item | 26,896 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 229,153 | 213,722 | 116,847 | 67,951 | 19,948 | |||
2015 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 75,518 | 75,484 | 75,484 | 75,906 | 80,421 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 74,951 | 75,095 | 75,078 | 70,326 | $ 45,374 | |||
2016 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 173,189 | 173,189 | 173,189 | 171,561 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 18,104 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 116,329 | 65,630 | 34,924 | 7,440 | ||||
2016 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 403,151 | 403,456 | 398,141 | 430,295 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,224 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 383,676 | 371,004 | 327,451 | 162,246 | ||||
2016 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 67,712 | 67,712 | 67,712 | 71,461 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 20,948 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 31,274 | 24,955 | 18,798 | 10,285 | ||||
2016 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 252,023 | 255,561 | 260,561 | 204,775 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 4,409 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 240,359 | 228,381 | 171,256 | 75,192 | ||||
2016 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 336,380 | 336,400 | 337,950 | 351,476 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,688 | |||||||
Cumulative Number of Reported Claims | Item | 31,517 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 297,182 | 285,967 | 98,470 | 24,463 | ||||
2016 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 163,791 | 162,678 | 163,117 | 142,885 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 7 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 157,336 | 150,678 | 138,683 | $ 70,439 | ||||
2017 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 148,135 | 148,135 | 142,373 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 64,849 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 76,186 | 65,757 | 15,354 | |||||
2017 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,442,562 | 1,290,180 | 821,226 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 8,182 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,400,220 | 1,068,749 | 543,946 | |||||
2017 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 56,666 | 56,666 | 56,666 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 22,902 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 22,203 | 18,527 | 10,519 | |||||
2017 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 600,988 | 584,857 | 469,561 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,369 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 592,765 | 508,255 | 245,772 | |||||
2017 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 256,597 | 256,418 | 261,240 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 6,006 | |||||||
Cumulative Number of Reported Claims | Item | 34,701 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 180,400 | 167,224 | 21,116 | |||||
2017 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 297,355 | 293,342 | 291,935 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 818 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 290,270 | 296,514 | $ 155,374 | |||||
2018 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 472,358 | 484,218 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 259,626 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 104,690 | 63,140 | ||||||
2018 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,572,312 | 1,728,705 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 88,241 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,064,429 | 409,225 | ||||||
2018 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 287,295 | 290,866 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 116,125 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 97,222 | 57,962 | ||||||
2018 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 572,429 | 527,258 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 82,625 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 330,681 | 90,429 | ||||||
2018 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 607,851 | 607,682 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 296,857 | |||||||
Cumulative Number of Reported Claims | Item | 33,817 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 196,285 | 27,054 | ||||||
2018 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 372,847 | 377,148 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 10,730 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 354,900 | $ 242,912 | ||||||
2019 [Member] | United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 691,038 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 411,692 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 103,453 | |||||||
2019 [Member] | United States Reinsurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 970,657 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 329,381 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 568,567 | |||||||
2019 [Member] | International [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 291,237 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 189,506 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,808 | |||||||
2019 [Member] | International [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 853,790 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 363,334 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 151,893 | |||||||
2019 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 772,505 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 614,653 | |||||||
Cumulative Number of Reported Claims | Item | 30,144 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 33,097 | |||||||
2019 [Member] | Insurance [Member] | Property Business [Member] | ||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 336,859 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 73,827 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 218,586 |
Reserves For Losses And LAE (Av
Reserves For Losses And LAE (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | Dec. 31, 2019 |
United States Reinsurance [Member] | Casualty Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 10.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 11.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 17.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 23.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 15.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 11.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 13.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 8.20% |
United States Reinsurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 39.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 35.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 17.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 6.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 4.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 1.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.00% |
International [Member] | Casualty Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 17.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 13.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 9.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 7.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 6.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 8.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 6.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 2.30% |
International [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 26.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 37.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 15.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 8.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 1.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 5.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 16.20% |
Insurance [Member] | Casualty Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 6.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 20.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 20.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 16.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 12.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 9.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 9.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 5.90% |
Insurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 59.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 37.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 1.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 2.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 0.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 0.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.10% |
Reserves For Losses And LAE (Re
Reserves For Losses And LAE (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | $ 5,840,099 | |||
Total reinsurance recoverable on unpaid claims | 4,215,348 | |||
Unallocated claims adjustment expenses | 126,530 | |||
Other | 27,542 | |||
Total other expenses | 154,071 | |||
Total gross liability for unpaid claims and claim adjustment expense | 10,209,519 | $ 10,167,018 | $ 9,343,028 | $ 8,331,288 |
United States Reinsurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 1,611,666 | |||
Total reinsurance recoverable on unpaid claims | 914,400 | |||
United States Reinsurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 1,035,477 | |||
Total reinsurance recoverable on unpaid claims | 745,217 | |||
International [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 661,860 | |||
Total reinsurance recoverable on unpaid claims | 364,868 | |||
International [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 997,937 | |||
Total reinsurance recoverable on unpaid claims | 560,273 | |||
Insurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 1,382,275 | |||
Total reinsurance recoverable on unpaid claims | 1,440,156 | |||
Insurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for unpaid claims and claim adjustments expenses, net of reinsurance | 150,884 | |||
Total reinsurance recoverable on unpaid claims | $ 190,435 |
Reserves For Losses And LAE (_2
Reserves For Losses And LAE (Summary Of Incurred Losses With Respect To A&E Reserves On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserves For Losses And LAE [Abstract] | |||
Gross basis: Beginning of period reserves | $ 347,495 | $ 448,993 | $ 441,111 |
Gross basis: Incurred losses | 2,071 | (2,473) | 90,009 |
Gross basis: Paid losses | (91,645) | (99,026) | (82,126) |
Gross basis: End of period reserves | 257,921 | 347,495 | 448,993 |
Net basis: Beginning of period reserves | 223,548 | 269,153 | 274,409 |
Net basis: Incurred losses | 25,194 | ||
Net basis: Paid losses | (26,974) | (45,605) | (30,451) |
Net basis: End of period reserves | $ 196,574 | $ 223,548 | $ 269,153 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of public equity portfolio | $ 170,888,000 | $ 124,228,000 | |
Annual dividend rate | 1.75% | ||
Transfers between Level 1 and Level 2 | 0 | ||
Investments within other invested assets | 1,982,582,000 | 1,717,336,000 | |
Transfers from level 3 | $ 4,695,000 | 2,943,000 | |
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 | $ 209,578,000 | 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 | 1,982,582,000 | 1,717,336,000 | |
Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | 4,695,000 | 2,943,000 | |
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 | 702,331,000 | 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 | 610,873,000 | 354,133,000 | |
Fixed Maturities [Member] | Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 5,826,000 | 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 | 91,458,000 | 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 | $ 5,826,000 | 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% | ||
Date Due | 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 7,492,079 | $ 6,962,075 |
Fixed maturities, fair value | 5,826 | 2,337 |
Equity securities, fair value | 764,049 | 564,338 |
Other invested assets, fair value | 1,982,582 | 1,717,336 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Fixed maturities, fair value | ||
Equity securities, fair value | 719,548 | 540,894 |
Other invested assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 6,789,748 | 6,578,081 |
Fixed maturities, fair value | ||
Equity securities, fair value | 44,501 | 23,444 |
Other invested assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 702,331 | 383,994 |
Fixed maturities, fair value | 5,826 | 2,337 |
Equity securities, fair value | ||
Other invested assets, fair value | 1,982,582 | 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 maturities, market value | 777,515 | 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 maturities, 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 maturities, market value | 777,515 | 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 maturities, market value | ||
Obligation of U.S. States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 535,911 | 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 maturities, 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 maturities, market value | 535,911 | 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 maturities, market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,821,557 | 2,216,153 |
Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,274,618 | 1,839,903 |
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 546,939 | 376,250 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 765,957 | 221,255 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 612,316 | 221,255 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 153,641 | |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 329,049 | 136,604 |
Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 329,049 | 136,604 |
Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 644,687 | 148,774 |
Agency Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 644,687 | 148,774 |
Agency Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Non-agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,638 | 3,114 |
Non-agency Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Non-agency Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,638 | 3,114 |
Non-agency Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 658,007 | 579,586 |
Foreign Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 658,007 | 579,586 |
Foreign Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 957,758 | 914,703 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 956,007 | 906,959 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 1,751 | $ 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 | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfers in and/or (out) of Level 3 | $ 4,695 | $ 2,943 | |
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 | 383,994 | 165,173 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 4,925 | (753) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 3,501 | 1,090 | |
Purchases, issuances and settlements | 305,216 | 215,541 | |
Transfers in and/or (out) of Level 3 | 4,695 | 2,943 | |
Ending balance | 702,331 | 383,994 | |
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 | 376,250 | 158,221 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 4,937 | (93) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (21) | 1,090 | |
Purchases, issuances and settlements | 161,078 | 215,839 | |
Transfers in and/or (out) of Level 3 | 4,695 | 1,193 | |
Ending balance | 546,939 | 376,250 | |
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) | 3,632 | ||
Purchases, issuances and settlements | 150,009 | ||
Transfers in and/or (out) of Level 3 | |||
Ending balance | 153,641 | ||
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 | 7,744 | 6,952 | |
Total gains or (losses) (realized/unrealized), Included in earnings | (12) | (660) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (110) | ||
Purchases, issuances and settlements | (5,871) | (298) | |
Transfers in and/or (out) of Level 3 | 1,750 | ||
Ending balance | 1,751 | 7,744 | |
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 | 2,337 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | 2,163 | (293) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | |||
Purchases, issuances and settlements | 1,326 | 2,630 | |
Transfers in and/or (out) of Level 3 | |||
Ending balance | 5,826 | 2,337 | |
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 | 1,796 | ||
Fair Value [Member] | Foreign Corporate Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 2,337 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | 2,163 | (293) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | |||
Purchases, issuances and settlements | 1,326 | 2,630 | |
Transfers in and/or (out) of Level 3 | |||
Ending balance | 5,826 | 2,337 | |
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 | $ 1,796 |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value [Abstract] | ||
Beginning Balance | $ 1,717,336 | $ 1,807,473 |
Total gains or (losses) (realized/unrealized) Included in earnings | 265,246 | (90,136) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Ending Balance | 1,982,582 | 1,717,336 |
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 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - Senior Notes 4.868% [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,074,000 | $ 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 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,074,000 | 396,954,000 |
Market value | $ 452,848,000 | $ 396,968,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Senior Notes [Abstract] | |||
Interest expense incurred | $ 19,472 | $ 19,472 | $ 19,472 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, stated interest rate | 6.60% |
Reset quarterly interest rate | 4.30% |
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 |
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 ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 236,758,000 | $ 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 | |
Consolidated Balance Sheet Amount | $ 236,758,000 | 236,659,000 |
Market value | $ 233,191,000 | $ 200,390,000 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 11,587 | $ 10,926 | $ 11,498 |
Federal Home Loan Bank Member_2
Federal Home Loan Bank Membership (Narrative) (Details) | Dec. 31, 2019USD ($) |
Federal Home Loan Bank Membership [Abstract] | |
Maximum percentage of admitted assets allowed for borrowing base | 10.00% |
Admitted assets for FHLB | $ 12,518,844,000 |
Maximum amount available under FHLB | 1,251,884,000 |
Borrowings from FHLB | $ 0 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 12, 2019USD ($)Item | Apr. 30, 2018USD ($)Item | Apr. 13, 2017USD ($)Item | Dec. 01, 2015USD ($)Item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)Item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Effects of Reinsurance [Line Items] | |||||||||
Amount on deposit in trust accounts | $ 718,548 | ||||||||
Reinsurance coverage amount | $ 1,278,115 | $ 1,541,814 | $ 3,064,645 | ||||||
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] | |||||||||
Number of collateralized reinsurance agreements | Item | 4 | ||||||||
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 | 2 | |||||||
Reinsurance Contracts | 4 years | 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 | $ 150,000 | $ 62,500 | $ 225,000 | $ 300,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | $ 275,000 | $ 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 | 2 | |||||||
Reinsurance Contracts | 5 years | 5 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | $ 150,000 | $ 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 | 275,000 | 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 | ||||||||
Series 2019-1 Notes [Member] | Kilimanjaro Re Limited [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds, funded amount | 425,000 | ||||||||
Series 2019-2 Notes [Member] | Kilimanjaro Re Limited [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds, funded amount | $ 425,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Jul. 02, 2019ft² | Dec. 31, 2018USD ($) | |
Future minimum rental commitments | $ 73,873 | ||
2019 | 17,004 | ||
2020 | 16,594 | ||
2021 | 7,806 | ||
2022 | 7,501 | ||
2023 | 7,385 | ||
Thereafter | $ 17,583 | ||
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 | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Lease expense incurred: Operating lease cost | $ 21,471 | |
Operating lease right of use assets | 152,978 | $ 60,325 |
Operating lease liabilities | 160,387 | $ 66,551 |
Operating cash flows from operating leases | $ (17,617) | |
Weighted average remaining operating lease term | 12 years 9 months 18 days | |
Weighted average discount rate on operating leases | 3.91% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 17,793 | |
2021 | 15,106 | |
2022 | 16,921 | |
2023 | 16,465 | |
2024 | 16,425 | |
Thereafter | 122,861 | |
Undiscounted lease payments | 205,571 | |
Less: present value adjustment | 45,184 | |
Total operating lease liability | $ 160,387 | $ 66,551 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) from adjustment due to TCJA | $ 123,143,000 | ||
U.S. tax rate | 21.00% | 35.00% | |
Unrecognized tax benefits that would impact the effective tax rate | $ 0 | ||
Accrued interest and penalties | 0 | $ 0 | |
Foreign tax credits | 186,706,000 | 167,685,000 | |
Alternative minimum tax credits | 0 | ||
Net operating loss carryforwards | $ 19,027,000 | ||
NOL carryforward, expiration | Dec. 31, 2038 | ||
Deferred tax assets, valuation allowance | $ 0 | 0 | |
Expense (benefit) from TCJA | (1,154,000) | $ (123,143,000) | |
Tax benefits related to stock vestings and option exercises | 2,987,000 | 1,450,000 | |
Tax benefits related to payment of dividends on restricted stock | $ 363,000 | $ 241,000 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
FTC tax credit carryforward, expiration | Jan. 1, 2020 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
FTC tax credit carryforward, expiration | Dec. 31, 2029 | ||
Internal Revenue Service (IRS) [Member] | Tax Year 2014 [Member] | |||
Income Tax Contingency [Line Items] | |||
Expected net refund | $ 34,972,000 | ||
Interest on expected net refund | 2,421,000 | ||
Internal Revenue Service (IRS) [Member] | Tax Year 2015 [Member] | |||
Income Tax Contingency [Line Items] | |||
Expected net refund | 1,519,000 | ||
Interest on expected net refund | 978,000 | ||
Internal Revenue Service (IRS) [Member] | Tax Year 2016 [Member] | |||
Income Tax Contingency [Line Items] | |||
Expected net refund | 4,685,000 | ||
Interest on expected net refund | $ 247,000 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||||||||||
U.S. | $ (1,684) | $ (50,964) | $ (123,083) | ||||||||
Foreign | 77 | 8 | 221 | ||||||||
Total current tax expense (benefit) | (1,607) | (50,956) | (122,862) | ||||||||
Total deferred U.S. tax expense (benefit) | 136,834 | (316,069) | (77,874) | ||||||||
Total income tax provision | $ 67,367 | $ 63,531 | $ (23,274) | $ (47,900) | $ 5,142 | $ 130,898 | $ (42,938) | $ (66,032) | $ 135,228 | $ (367,025) | $ (200,736) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) - USD ($) $ in Thousands | 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||||||||||
Expected income tax provision at the U.S. statutory tax rate | $ 160,762 | $ (279,216) | $ (42,600) | ||||||||
Increase (reduction) in taxes resulting from: Tax exempt income | (3,680) | (3,824) | (8,488) | ||||||||
Increase (reduction) in taxes resulting from: Dividend received deduction | (998) | (1,277) | (4,063) | ||||||||
Increase (reduction) in taxes resulting from: Proration | 1,050 | 1,150 | 1,760 | ||||||||
Increase (reduction) in taxes resulting from: Creditable foreign premium tax | (9,852) | (13,475) | (7,515) | ||||||||
Increase (reduction) in taxes resulting from: Tax audit settlement | (1,576) | (2,060) | (11,565) | ||||||||
Increase (decrease) in taxes resulting from: U.S. rate differential on carryback of net operation losses to PY | (43,734) | ||||||||||
Increase (decrease) in taxes resulting from: U.S. rate differential on deferred tax 2017 return to provision | (28,832) | ||||||||||
Increase (reduction) in taxes resulting from: Share based compensation tax benefits formerly in APIC | (2,987) | (1,450) | (3,308) | ||||||||
Increase (reduction) in taxes resulting from: Impact of U.S. tax reform | (123,143) | ||||||||||
Increase (reduction) in taxes resulting from: Uncertain tax positions | (8,434) | 8,434 | |||||||||
Increase (reduction) in taxes resulting from: Other | 942 | (2,741) | (1,814) | ||||||||
Total income tax provision | $ 67,367 | $ 63,531 | $ (23,274) | $ (47,900) | $ 5,142 | $ 130,898 | $ (42,938) | $ (66,032) | $ 135,228 | $ (367,025) | $ (200,736) |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 8,434 | ||
Additions based on tax positions related to the current year | |||
Additions for tax positions of prior years | 8,434 | ||
Reductions for tax positions of prior years | (8,434) | ||
Settlements with taxing authorities | |||
Lapses of applicable statutes of limitations | |||
Balance at December 31 | $ 8,434 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets/(Liabilities)) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Foreign tax credits | $ 186,706 | $ 167,685 |
Unearned premium reserve | 75,130 | 63,309 |
Loss reserve | 66,025 | 64,135 |
Net unrecognized losses on benefit plans | 19,818 | 17,921 |
Net operating loss | 19,027 | 98,795 |
Unrealized foreign currency losses | 7,958 | 12,590 |
Investment impairments | 3,961 | 1,291 |
Uncollectible reinsurance reserve | 3,142 | 3,142 |
Other tax credits | 2,294 | |
Net unrealized investment losses | 2,049 | 1,992 |
Deferred expenses | 9,745 | |
Other assets | 13,114 | 11,624 |
Total deferred tax assets | 399,224 | 452,229 |
Net fair value income | 266,850 | 178,018 |
Deferred acquisition costs | 81,931 | 74,736 |
Net unrealized investment gains | 38,074 | |
Partnership investments | 15,039 | 14,936 |
Benefit plan assets | 2,333 | 3,600 |
Bond market discount | 1,466 | 1,845 |
Other liabilities | 3,796 | 2,022 |
Total deferred tax liabilities | 409,489 | 275,157 |
Net deferred tax assets | $ 177,072 | |
Net deferred tax (liabilities) | $ (10,265) |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reinsurance [Line Items] | ||||
Duration of Stop Loss Agreement | 12 months | |||
Subject loss reserves | $ 2,336,242 | |||
Amount of Transfer | 1,000,000 | |||
Reinsurance coverage amount | $ 1,278,115 | $ 1,541,814 | 3,064,645 | |
Bermuda Re [Member] | ||||
Reinsurance [Line Items] | ||||
Amount of Transfer | 970,000 | |||
Adverse development coverage | 500,000 | |||
Reinsurance coverage amount | 100,084 | $ 572,620 | $ 2,219,352 | |
Bermuda Re [Member] | Catastrophe Reinsurance [Member] | ||||
Reinsurance [Line Items] | ||||
Reinsurance coverage amount | $ 100,000 |
Reinsurance (Premiums Written A
Reinsurance (Premiums Written And Earned And Incurred Losses And LAE) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reinsurance [Abstract] | |||||||||||
Written premiums : Direct | $ 2,449,198 | $ 1,996,606 | $ 1,873,115 | ||||||||
Written premiums: Assumed | 4,603,866 | 4,577,070 | 3,915,374 | ||||||||
Written premiums: Ceded | (1,278,115) | (1,541,814) | (3,064,645) | ||||||||
Net written premiums | $ 1,492,886 | $ 1,569,954 | $ 1,319,865 | $ 1,392,243 | $ 1,356,000 | $ 1,378,481 | $ 1,190,354 | $ 1,107,027 | 5,774,949 | 5,031,862 | 2,723,844 |
Premiums earned: Direct | 2,255,388 | 1,903,576 | 1,655,023 | ||||||||
Premiums earned: Assumed | 4,427,006 | 4,447,862 | 3,842,836 | ||||||||
Premiums earned: Ceded | (1,193,359) | (1,512,380) | (3,548,264) | ||||||||
Net premiums earned | 5,489,035 | 4,839,058 | 1,949,595 | ||||||||
Incurred losses and LAE: Direct | 1,401,251 | 1,182,399 | 1,196,323 | ||||||||
Incurred losses and LAE: Assumed | 2,913,987 | 4,162,776 | 3,108,753 | ||||||||
Incurred losses and LAE: Ceded | (486,116) | (534,157) | (2,265,325) | ||||||||
Net incurred losses and LAE | $ 3,829,122 | $ 4,811,018 | $ 2,039,751 |
Reinsurance (Affiliated Quota S
Reinsurance (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 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 |
Reinsurance (Schedule Of Loss P
Reinsurance (Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Reinsurance [Line Items] | ||
Amount of Transfer | $ 1,000,000 | |
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 |
Reinsurance (Premiums And Losse
Reinsurance (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,278,115 | $ 1,541,814 | $ 3,064,645 |
Ceded earned premiums | 1,193,359 | 1,512,380 | 3,548,264 |
Assumed written premiums | 4,603,866 | 4,577,070 | 3,915,374 |
Assumed earned premiums | 4,427,006 | 4,447,862 | 3,842,836 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 240,721 | 207,439 | 192,928 |
Ceded earned premiums | 235,500 | 212,046 | 192,573 |
Ceded losses and LAE | 171,900 | 234,471 | 283,511 |
Assumed written premiums | 10,582 | 11,984 | |
Assumed earned premiums | 10,582 | 11,984 | |
Assumed losses and LAE | |||
Bermuda Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 100,084 | 572,620 | 2,219,352 |
Ceded earned premiums | 101,681 | 586,120 | 2,796,939 |
Ceded losses and LAE | (51,686) | (49,955) | 1,687,659 |
Everest International [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 10 | ||
Ceded earned premiums | 44 | ||
Ceded losses and LAE | 324 | (753) | (990) |
Everest Canada [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 25,871 | ||
Assumed earned premiums | 54,558 | ||
Assumed losses and LAE | 3,024 | 6,238 | 29,389 |
Lloyd's Syndicate [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | (11,470) | 10,800 | 35,607 |
Assumed earned premiums | (18,650) | 35,826 | 33,590 |
Assumed losses and LAE | $ 8,355 | $ 27,550 | $ 17,688 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | $ 6,068,000 | ||
Tax Effect | (988,000) | ||
Net of Tax | 5,080,000 | ||
Reclassification, Before Tax | 6,902,000 | $ 6,356,000 | $ 8,426,000 |
Reclassification, Tax Effect | (1,449,000) | (1,335,000) | (2,949,000) |
Reclassification, Net of Tax | 5,453,000 | 5,021,000 | 5,477,000 |
Total, Before Tax | 241,078,000 | (155,423,000) | 54,624,000 |
Total, Tax Effect | (50,501,000) | 32,558,000 | (18,926,000) |
Total, Net of Tax | 190,577,000 | (122,865,000) | 35,698,000 |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 222,884,000 | (119,058,000) | (11,672,000) |
Tax Effect | (46,971,000) | 25,582,000 | 4,085,000 |
Net of Tax | 175,913 | (93,476,000) | (7,587,000) |
Reclassification, Before Tax | 6,068 | 3,416,000 | 3,543,000 |
Reclassification, Tax Effect | (988,000) | (1,395,000) | (1,240,000) |
Reclassification, Net of Tax | 5,080 | 2,021,000 | 2,303,000 |
Total, Net of Tax | 180,993,000 | (91,455,000) | |
URA(D) On Securities - OTTI [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (546,000) | 645,000 | (4,537,000) |
Tax Effect | 115,000 | (135,000) | 1,588,000 |
Net of Tax | (431,000) | 510,000 | (2,949,000) |
Total, Net of Tax | (431,000) | 510,000 | |
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 21,708,000 | (46,136,000) | 57,564,000 |
Tax Effect | (4,555,000) | 9,705,000 | (20,137,000) |
Net of Tax | 17,153,000 | (36,431,000) | 37,427,000 |
Total, Net of Tax | 17,153,000 | (36,431,000) | |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (15,938,000) | (646,000) | 1,300,000 |
Tax Effect | 3,347 | 136,000 | (273,000) |
Net of Tax | (12,591) | (510,000) | $ 1,027,000 |
Total, Net of Tax | $ (7,138,000) | $ 4,511,000 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other net realized capital gains (losses) | $ (439,010,000) | $ 179,192,000 | $ (167,630,000) |
Other underwriting expenses | 6,902,000 | 6,356,000 | 8,426,000 |
Income tax expense (benefit) | (1,449,000) | (1,335,000) | (2,949,000) |
Net income (loss) | 5,453,000 | 5,021,000 | 5,477,000 |
URA(D) On Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other underwriting expenses | 6,068 | 3,416,000 | 3,543,000 |
Income tax expense (benefit) | (988,000) | (1,395,000) | (1,240,000) |
Net income (loss) | 5,080 | 2,021,000 | $ 2,303,000 |
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) | 6,068,000 | 3,416,000 | |
Income tax expense (benefit) | (988,000) | (1,395,000) | |
Net income (loss) | 5,080,000 | 2,021,000 | |
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 | 6,902,000 | 6,356,000 | |
Income tax expense (benefit) | (1,449,000) | (1,335,000) | |
Net income (loss) | $ 5,453,000 | $ 5,021,000 |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2016 | |
Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance, | $ 5,036,757,000 | $ 5,409,332,000 | |||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (2,447,000) | $ 0 | |||
Current period change | 190,577,000 | (122,865,000) | 35,698,000 | ||
Ending balance, | 5,857,425,000 | 5,036,757,000 | 5,409,332,000 | ||
URA(D) On Securities [Member] | |||||
Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance, | (55,950,000) | 37,442,000 | |||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (2,447,000) | ||||
Current period change | 180,993,000 | (91,455,000) | |||
Ending balance, | 124,612,000 | (55,950,000) | 37,442,000 | ||
URA(D) On Securities - OTTI [Member] | |||||
Comprehensive Income (Loss) [Line Items] | |||||
Current period change | (431,000) | 510,000 | |||
Foreign Currency Translation Adjustments [Member] | |||||
Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance, | (2,886,000) | 33,545,000 | |||
Current period change | 17,153,000 | (36,431,000) | |||
Ending balance, | 14,267,000 | (2,886,000) | 33,545,000 | ||
Benefit Plan Net Gain (Loss) [Member] | |||||
Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance, | (67,418,000) | (71,929,000) | |||
Current period change | (7,138,000) | 4,511,000 | |||
Ending balance, | (74,556,000) | (67,418,000) | (71,929,000) | ||
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | |||||
Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance, | (126,254,000) | (942,000) | (36,315,000) | ||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (2,447,000) | $ (325,000) | |||
Current period change | 190,577,000 | (122,865,000) | 35,698,000 | ||
Ending balance, | $ 64,324,000 | $ (126,254,000) | $ (942,000) |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Transfers between Level 1 and Level 2 | $ 0 | ||
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | $ 9,461,000 | $ 0 |
Weighted average discount rate used to determine net periodic benefit cost | 4.27% | 3.62% | 4.16% |
Rate of compensation increase to determine the net periodic benefit cost | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.50% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 3.28% | 4.27% | 3.62% |
Transfers between Level 1 and Level 2 | $ 0 | ||
Plan assets | 301,466,000 | $ 260,531,000 | $ 210,267,000 |
Company contributions | 4,750,000 | 77,743,000 | 10,534,000 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 0 | 77,000,000 | |
Defined Contribution Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3.00% | ||
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3.00% | ||
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8.00% | ||
Vested contribution after three years, percentage | 100.00% | ||
Defined contribution plans vesting period, years | 3 years | ||
Defined contribution plan employer contribution percentage for branch offices, minimum | 6.00% | ||
Defined contribution plan employer contribution percentage for branch offices, maximum | 8.40% | ||
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | $ 0 | $ (577,000) |
Weighted average discount rate used to determine net periodic benefit cost | 4.27% | 3.62% | 4.16% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 3.28% | 4.27% | 3.62% |
Plan assets | |||
Company contributions | $ 488,000 | 561,000 | |
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 62.00% | ||
Target asset allocation percentage | 70.00% | ||
Fixed Maturities [Member] | Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 30.00% | ||
Limited Partner [Member] | Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 7.00% | ||
Cash [Member] | Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 1.00% | ||
Bonds [Member] | Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 30.00% | ||
Fair Value Measured At Net Asset Value Per Share [Member] | Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 20,351,000 | $ 20,091,000 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 4,750 | $ 77,743 | $ 10,534 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 10,042 | $ 9,728 | $ 16,299 |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 300,244 | $ 316,202 | |
Service cost | 8,255 | 9,801 | $ 10,949 |
Interest cost | 11,712 | 10,290 | 10,034 |
Actuarial (gain)/loss | 46,206 | (29,966) | |
Curtailment | |||
Benefits paid | (11,062) | (6,084) | |
Projected benefit obligation at end of year | 355,355 | 300,244 | 316,202 |
Fair value of plan assets at beginning of year | 260,531 | 210,267 | |
Employer contributions | 4,750 | 77,743 | 10,534 |
Actual return on plan assets | 47,247 | (21,395) | |
Actual contributions during the year | 4,750 | 77,743 | |
Benefits paid | (11,062) | (6,084) | |
Fair value of plan assets at end of year | 301,466 | 260,531 | 210,267 |
Funded status at end of year | (53,889) | (39,713) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 28,483 | 34,717 | |
Service cost | 983 | 1,312 | 1,570 |
Interest cost | 980 | 999 | 1,184 |
Amendments | 582 | ||
Actuarial (gain)/loss | (7,985) | ||
Benefits paid | (488) | (561) | |
Projected benefit obligation at end of year | 29,376 | 28,483 | 34,717 |
Fair value of plan assets at beginning of year | |||
Employer contributions | 488 | 561 | |
Benefits paid | (488) | (561) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (29,376) | $ (28,483) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (7,362) | (7,530) |
Other liabilities (due beyond one year) | (46,527) | (32,182) |
Net amount recognized in the consolidated balance sheets | (53,889) | (39,713) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (611) | (608) |
Other liabilities (due beyond one year) | (28,764) | (27,875) |
Net amount recognized in the consolidated balance sheets | $ (29,376) | $ (28,483) |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive income (loss) | $ (97,466) | $ (88,580) | $ (86,788) |
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | 188 | (238) | |
Accumulated prior service credit (cost) | 2,904 | 3,480 | |
Accumulated other comprehensive income (loss) | $ 3,092 | $ 3,242 | $ (4,260) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | $ (88,580) | $ (86,788) | |
Net gain (loss) arising during period | (16,927) | (8,631) | |
Actuarial loss (gain) | 8,042 | 6,839 | |
Prior service credit recognition | 17,968 | 17,202 | $ 13,050 |
Curtailment loss recognized | |||
Other comprehensive income (loss) at December 31, current year | (97,466) | (88,580) | (86,788) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | 3,242 | (4,260) | |
Net gain (loss) arising during period | 582 | 7,985 | |
Prior Service credit (cost) arising during period | |||
Actuarial loss (gain) | (155) | 94 | 192 |
Prior service credit recognition | (577) | (577) | (131) |
Other comprehensive income (loss) at December 31, current year | $ 3,092 | $ 3,242 | $ (4,260) |
Employee Benefit Plans (Summa_4
Employee Benefit Plans (Summary Of Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8,255 | $ 9,801 | $ 10,949 |
Interest cost | 11,712 | 10,290 | 10,034 |
Prior service credit recognition | 17,968 | 17,202 | 13,050 |
Expected return on plan assets | 7,635 | 6,839 | 8,366 |
Actuarial loss (gain) | 8,042 | 6,839 | |
Settlement charge | 408 | ||
Net periodic benefit cost | 10,042 | 9,728 | 16,299 |
Other comprehensive gain (loss) attributable to change from prior year | 8,885 | 1,792 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 18,927 | 11,520 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 983 | 1,312 | 1,570 |
Interest cost | 980 | 999 | 1,184 |
Prior service credit recognition | (577) | (577) | (131) |
Actuarial loss (gain) | (155) | 94 | 192 |
Net periodic benefit cost | 1,231 | 1,829 | $ 2,814 |
Other comprehensive gain (loss) attributable to change from prior year | 150 | (7,502) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 1,381 | $ (5,673) |
Employee Benefit Plans (Summa_5
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 309,970 | $ 262,327 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | 288,328 | 237,855 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 21,642 | $ 24,472 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 333,715 | $ 275,772 |
Fair value of plan assets | 301,467 | 260,531 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 21,642 | 24,472 |
Fair value of plan assets |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | ||
Fair value of plan assets | ||
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 21,642 | 24,472 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 15,670 |
2021 | 11,458 |
2022 | 12,198 |
2023 | 12,902 |
2024 | 13,985 |
Next 5 years | 84,334 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 611 |
2021 | 673 |
2022 | 768 |
2023 | 851 |
2024 | 896 |
Next 5 years | $ 6,377 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - Qualified Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | $ 1,749 | $ 2,872 |
Total | 281,116 | 240,440 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | 1,749 | 2,872 |
Total | 281,116 | 240,440 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | $ 90,483 | $ 82,633 |
Percent of fixed income funds in US securities | 70.00% | 50.00% |
Percent of fixed income funds in international securities | 30.00% | 50.00% |
Percent of equities mutual funds in US equities | 50.00% | |
Percent of equities mutual funds in international equities | 50.00% | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | $ 90,483 | $ 82,633 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 188,884 | $ 154,935 |
Percent of equities mutual funds in US equities | 50.00% | |
Percent of equities mutual funds in international equities | 50.00% | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 188,884 | $ 154,935 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value |
Employee Benefit Plans (Incurre
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For U.S. Employees) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Contribution Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expenses | $ 10,794 | $ 9,301 | $ 7,167 |
Employee Benefit Plans (Incur_2
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Contribution Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expenses | $ 474 | $ 489 | $ 514 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) - Post-Retirement Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total service and interest cost components, Percent Point Increase | $ 434 |
Effect on total service and interest cost components, Percentage Point Decrease | (335) |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 6,257 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | $ (4,833) |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post-retirement benefit expenses | $ 1,231 | $ 1,829 | $ 2,814 |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |||
Dividend payment restrictions, maximum percentage of statutory surplus required | 0.1 | ||
Available for payment of dividends in 2012 without need for prior regulatory approval | $ 373,914 | ||
Statutory capital and surplus | 3,739,140 | $ 3,650,594 | |
Statutory net income (loss) | $ 363,034 | $ (1,317,991) | $ (391,419) |
Regulatory targeted capital percent of risk based capital Model, minimum target | 200.00% |
Dividend Restrictions And Sta_4
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | ||
Regulatory targeted capital | $ 2,001,226 | $ 2,172,958 |
Actual capital | $ 3,739,140 | $ 3,650,594 |
Regulatory targeted capital percent of risk based capital Model, minimum target | 200.00% |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,703 | $ 142,754 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 35,082 | $ 34,717 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 17, 2019 | Oct. 01, 2018 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||
Note receivable - affiliated | $ 300,000,000 | ||||||
Interest income | $ 0 | 4,085,000 | |||||
Shares purchased and held | 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 | 19,472,000 | 19,472,000 | $ 19,472,000 | ||||
Additional paid-in capital | 1,100,678,000 | 1,100,315,000 | |||||
Note Payable - Affiliated [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Note payable - affiliated | 300,000,000 | ||||||
Interest expense | 3,658,000 | 0 | |||||
Parent Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Note receivable - affiliated | 10,000,000 | $ 250,000,000 | |||||
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 | $ 300,000,000 | |||||
Debt instrument, stated interest rate | 1.69% | ||||||
Additional paid-in capital | $ 1,100,678,000 | $ 1,100,315,000 | |||||
Global Services [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Additional paid-in capital | $ 227,253,000 |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Related Party Transaction [Line Items] | |||
Dividends received on preferred stock of affiliate | $ 31,032 | $ 31,032 | $ 31,032 |
Related-Party Transactions (Exp
Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related-Party Transactions [Abstract] | |||
Expenses incurred | $ 107,851 | $ 81,346 | $ 91,927 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||
Percentage threshold of company revenue not exceeded by any other country | 25.80% | 21.10% | 21.50% |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenues | 5.00% | 5.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | $ 2,449,198 | $ 1,996,606 | $ 1,873,115 | ||||||||
Net written premiums | $ 1,492,886 | $ 1,569,954 | $ 1,319,865 | $ 1,392,243 | $ 1,356,000 | $ 1,378,481 | $ 1,190,354 | $ 1,107,027 | 5,774,949 | 5,031,862 | 2,723,844 |
Premiums earned | $ 1,414,558 | $ 1,428,400 | $ 1,375,623 | $ 1,270,454 | $ 1,312,441 | $ 1,230,771 | $ 1,179,836 | $ 1,116,010 | 5,489,035 | 4,839,058 | 1,949,595 |
Incurred losses and LAE | 3,829,122 | 4,811,018 | 2,039,751 | ||||||||
Commission and brokerage | 1,270,053 | 1,141,714 | 210,925 | ||||||||
Other underwriting expenses | 350,901 | 293,347 | 254,886 | ||||||||
Underwriting gain (loss) | 38,959 | (1,407,021) | (555,967) | ||||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,962,416 | 3,014,337 | 2,593,063 | ||||||||
Net written premiums | 2,411,223 | 2,093,116 | 1,135,604 | ||||||||
Premiums earned | 2,369,093 | 1,979,926 | 858,155 | ||||||||
Incurred losses and LAE | 1,524,093 | 2,790,818 | 912,124 | ||||||||
Commission and brokerage | 703,271 | 568,374 | 160,311 | ||||||||
Other underwriting expenses | 68,796 | 60,266 | 55,881 | ||||||||
Underwriting gain (loss) | 72,933 | (1,439,532) | (270,161) | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,637,957 | 1,555,245 | 1,339,546 | ||||||||
Net written premiums | 1,512,576 | 1,426,588 | 615,395 | ||||||||
Premiums earned | 1,427,043 | 1,406,460 | 502,322 | ||||||||
Incurred losses and LAE | 1,168,587 | 1,020,929 | 622,753 | ||||||||
Commission and brokerage | 324,015 | 355,528 | 101,936 | ||||||||
Other underwriting expenses | 41,236 | 37,661 | 36,291 | ||||||||
Underwriting gain (loss) | (106,795) | (7,658) | (258,658) | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,452,691 | 2,004,093 | 1,855,881 | ||||||||
Net written premiums | 1,851,150 | 1,512,158 | 972,845 | ||||||||
Premiums earned | 1,692,899 | 1,452,672 | 589,118 | ||||||||
Incurred losses and LAE | 1,136,442 | 999,271 | 504,874 | ||||||||
Commission and brokerage | 242,767 | 217,812 | (51,322) | ||||||||
Other underwriting expenses | 240,869 | 195,420 | 162,714 | ||||||||
Underwriting gain (loss) | $ 72,821 | $ 40,169 | $ (27,148) |
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 | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | ||||||||||||||
Underwriting gain (loss) | $ 38,959 | $ (1,407,021) | $ (555,967) | |||||||||||
Net investment income | $ 85,376 | $ 95,592 | $ 90,709 | $ 84,534 | $ 82,104 | $ 90,298 | $ 72,070 | $ 69,909 | 356,211 | 314,381 | 286,259 | |||
Net realized capital gains (losses) | $ 29,206 | $ 112,542 | 142,563 | 135,056 | $ (112,902) | 30,018 | (42,271) | (60,201) | 419,367 | (185,356) | 161,553 | |||
Corporate expense | (13,063) | (11,034) | (7,394) | |||||||||||
Interest, fee and bond issue cost amortization expense | (34,931) | (30,611) | (31,183) | |||||||||||
Other income (expense) | (5,055) | (730) | (4,802) | 75,294 | (74,397) | $ (5,785) | $ 897 | $ (3,905) | (1,589) | (9,568) | 25,866 | |||
INCOME (LOSS) BEFORE TAXES | $ 348,289 | $ 315,139 | $ (1,308) | $ (315,195) | $ (6,651) | $ 663,428 | $ (321,846) | $ (323,154) | $ 764,955 | $ (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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 2,449,198 | $ 1,996,606 | $ 1,873,115 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 214,594 | $ 173,530 | $ 130,136 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Summary Of Quarterly Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Gross written premiums | $ 1,790,142 | $ 1,890,002 | $ 1,688,038 | $ 1,684,882 | $ 1,715,970 | $ 1,759,190 | $ 1,632,284 | $ 1,466,231 | |||
Net written premiums | 1,492,886 | 1,569,954 | 1,319,865 | 1,392,243 | 1,356,000 | 1,378,481 | 1,190,354 | 1,107,027 | $ 5,774,949 | $ 5,031,862 | $ 2,723,844 |
Premiums earned | 1,414,558 | 1,428,400 | 1,375,623 | 1,270,454 | 1,312,441 | 1,230,771 | 1,179,836 | 1,116,010 | 5,489,035 | 4,839,058 | 1,949,595 |
Net investment income | 85,376 | 95,592 | 90,709 | 84,534 | 82,104 | 90,298 | 72,070 | 69,909 | 356,211 | 314,381 | 286,259 |
Net realized capital gains (losses) | 29,206 | 112,542 | 142,563 | 135,056 | (112,902) | 30,018 | (42,271) | (60,201) | 419,367 | (185,356) | 161,553 |
Total claims and underwriting expenses | 1,505,892 | 1,562,452 | 1,255,551 | 1,174,175 | 2,282,035 | 1,347,593 | 1,600,124 | 1,057,972 | 5,498,070 | 6,287,724 | 2,544,139 |
Net income (loss) | $ 36,060 | $ 61,137 | $ 280,922 | $ 251,608 | $ (705,062) | $ 21,966 | $ (267,295) | $ (11,793) | $ 629,727 | $ (962,184) | $ 79,870 |
Revisions To Financial Statem_3
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 228,297 | $ 240,135 | $ 239,469 | $ 228,556 | $ 206,647 | |||
Income taxes | 153,370 | 291,210 | 411,994 | 88,011 | ||||
TOTAL ASSETS | 19,706,186 | 19,227,325 | 19,056,141 | 18,680,297 | 17,885,121 | |||
STOCKHOLDER'S EQUITY: | ||||||||
Retained earnings | 4,692,423 | 4,595,227 | 4,314,306 | 4,062,696 | 5,022,433 | |||
Total stockholder's equity | 5,857,425 | 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 | $ 19,706,186 | 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 | 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 | (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 | |||||||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | |||||||||||
Other income (expense) | $ (5,055) | $ (730) | $ (4,802) | $ 75,294 | $ (74,397) | $ (5,785) | $ 897 | $ (3,905) | $ (1,589) | $ (9,568) | $ 25,866 |
Total revenues | 1,603,840 | 1,489,314 | 1,346,285 | 1,284,929 | 1,051,321 | 3,093,154 | 2,336,250 | 3,682,535 | 6,263,024 | 4,958,515 | 2,423,273 |
INCOME (LOSS) BEFORE TAXES | 348,289 | 315,139 | (1,308) | (315,195) | (6,651) | 663,428 | (321,846) | (323,154) | 764,955 | (1,329,209) | (120,866) |
Income tax expense (benefit) | 67,367 | 63,531 | (23,274) | (47,900) | 5,142 | 130,898 | (42,938) | (66,032) | 135,228 | (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) | 348,551 | 349,756 | 16,454 | (304,303) | (62,977) | 698,307 | (367,280) | (350,826) | $ 820,304 | (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) | 280,922 | 251,608 | 21,966 | (267,295) | (11,793) | (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) | 281,904 | 251,226 | 24,665 | (265,408) | (12,172) | (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) | (982) | 382 | (2,699) | (1,887) | 379 | (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, 2018 | Dec. 31, 2019 | 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) | (17,198) | $ (57) | (20,963) | (92,526) | |||
Decrease (increase) in income taxes | 94,733 | 52,470 | 214,671 | 4,252 | 9,951 | $ 295,667 | (292,728) | (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 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) | Dec. 31, 2019USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 11,465,557,000 |
Total investments and cash, Market Value | 11,956,303,000 |
Total investments and cash, Amount Shown In Balance Sheet | 11,956,303,000 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 7,334,425,000 |
Total investments and cash, Market Value | 7,492,079,000 |
Total investments and cash, Amount Shown In Balance Sheet | 7,492,079,000 |
U.S. Government And Government Agencies [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 768,374,000 |
Total investments and cash, Market Value | 777,515,000 |
Total investments and cash, Amount Shown In Balance Sheet | 777,515,000 |
Obligation of U.S. States and Political Subdivisions [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 506,347,000 |
Total investments and cash, Market Value | 535,911,000 |
Total investments and cash, Amount Shown In Balance Sheet | 535,911,000 |
Foreign Government Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 646,149,000 |
Total investments and cash, Market Value | 658,007,000 |
Total investments and cash, Amount Shown In Balance Sheet | 658,007,000 |
Foreign Corporate Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 935,640,000 |
Total investments and cash, Market Value | 957,758,000 |
Total investments and cash, Amount Shown In Balance Sheet | 957,758,000 |
Public Utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 100,728,000 |
Total investments and cash, Market Value | 103,659,000 |
Total investments and cash, Amount Shown In Balance Sheet | 103,659,000 |
All Other Corporate Bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 3,429,829,000 |
Total investments and cash, Market Value | 3,475,879,000 |
Total investments and cash, Amount Shown In Balance Sheet | 3,475,879,000 |
Commercial Mortgage Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 311,961,000 |
Total investments and cash, Market Value | 329,049,000 |
Total investments and cash, Amount Shown In Balance Sheet | 329,049,000 |
Agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 625,612,000 |
Total investments and cash, Market Value | 644,687,000 |
Total investments and cash, Amount Shown In Balance Sheet | 644,687,000 |
Non-agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,638,000 |
Total investments and cash, Market Value | 1,638,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,638,000 |
Redeemable Preferred Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 8,147,000 |
Total investments and cash, Market Value | 7,976,000 |
Total investments and cash, Amount Shown In Balance Sheet | 7,976,000 |
Fixed Maturities - Available For Sale, At Fair Value [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 3,966,000 |
Total investments and cash, Market Value | 5,826,000 |
Total investments and cash, Amount Shown In Balance Sheet | 5,826,000 |
Equity Securities - Available For Sale, At Fair Value [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 642,240,000 |
Total investments and cash, Market Value | 764,049,000 |
Total investments and cash, Amount Shown In Balance Sheet | 764,049,000 |
Short-Term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 279,824,000 |
Total investments and cash, Market Value | 279,879,000 |
Total investments and cash, Amount Shown In Balance Sheet | 279,879,000 |
Other Invested Assets [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,020,766,000 |
Total investments and cash, Market Value | 1,020,766,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,020,766,000 |
Other Invested Assets, At Fair Value [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,773,214,000 |
Total investments and cash, Market Value | 1,982,582,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,982,582,000 |
Cash [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 411,122,000 |
Total investments and cash, Market Value | 411,122,000 |
Total investments and cash, Amount Shown In Balance Sheet | $ 411,122,000 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2019 | Dec. 17, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Condensed Financial Statements Captions [Line Items] | |||||
Note receivable - affiliated | $ 300,000,000 | ||||
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% | ||||
Parent Company [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Note receivable - affiliated | $ 10,000,000 | $ 250,000,000 | |||
Debt instrument, stated interest rate | 1.69% | ||||
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% | ||||
Parent Company [Member] | Notes Payable Other Payables [Member] | Promissory Note Maturing Dec. 31, 2023 [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Amount Issued | $ 300,000,000 | ||||
Maturity date | Dec. 31, 2023 | ||||
Parent Company [Member] | Notes Payable Other Payables [Member] | Promissory Note Maturing Feb. 19, 2049 [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Amount Issued | $ 10,000,000 | ||||
Debt instrument, stated interest rate | 4.80% | ||||
Maturity date | Feb. 19, 2049 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) | 12 Months Ended | |||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 17, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2014 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||
Fixed maturity securities - available for sale, Market Value | $ 7,492,079,000 | $ 6,962,075,000 | ||||||||
Equity securities - available for sale, at fair value | 764,049,000 | 564,338,000 | ||||||||
Other invested assets | 1,020,766,000 | 882,647,000 | ||||||||
Other invested assets, fair value | 1,982,582,000 | 1,717,336,000 | ||||||||
Short-term investments | 279,879,000 | 174,131,000 | ||||||||
Cash | 411,122,000 | 404,522,000 | ||||||||
Total investments and cash | 11,956,303,000 | 10,707,386,000 | ||||||||
Note receivable - affiliated | 300,000,000 | |||||||||
Accrued investment income | 54,383,000 | 47,232,000 | ||||||||
Other assets | 518,127,000 | 289,962,000 | ||||||||
TOTAL ASSETS | 19,706,186,000 | 18,680,297,000 | $ 17,885,121,000 | $ 19,227,325,000 | $ 19,056,141,000 | |||||
Senior notes due 6/1/2044 | 397,074,000 | 396,954,000 | ||||||||
Note payable - affiliated | 300,000,000 | |||||||||
Accrued interest on debt and borrowings | 2,878,000 | 3,093,000 | ||||||||
Other liabilities | 399,229,000 | 185,766,000 | ||||||||
Total liabilities | 13,848,761,000 | 13,643,540,000 | ||||||||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding | ||||||||||
Additional paid-in capital | 1,100,678,000 | 1,100,315,000 | ||||||||
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | 64,324,000 | (126,254,000) | ||||||||
Retained earnings | 4,692,423,000 | 4,062,696,000 | 5,022,433,000 | 4,595,227,000 | 4,314,306,000 | |||||
Total stockholder's equity | 5,857,425,000 | 5,036,757,000 | 5,409,332,000 | 5,735,239,000 | 5,386,602,000 | $ 5,058,645,000 | $ 5,042,149,000 | $ 5,346,404,000 | ||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 19,706,186,000 | 18,680,297,000 | 17,885,121,000 | $ 19,227,325,000 | $ 19,056,141,000 | |||||
Fixed maturities - available for sale, at amortized cost | $ 7,334,425,000 | $ 7,032,749,000 | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||||||
Common stock, shares authorized | 3,000 | 3,000 | ||||||||
Common stock, shares outstanding | 1,000 | 1,000 | ||||||||
Common stock, shares issued | 1,000 | 1,000 | ||||||||
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ 50,501,000 | $ (32,558,000) | $ 18,926,000 | |||||||
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||
Senior notes due 6/1/2044 | $ 397,074,000 | 396,954,000 | ||||||||
Maturity date | Jun. 1, 2044 | |||||||||
Subordinated Notes 6.6% [Member] | Subordinated Debt [Member] | ||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||
Maturity date | May 1, 2067 | |||||||||
Parent Company [Member] | ||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||
Fixed maturity securities - available for sale, Market Value | $ 1,750,000 | 13,750,000 | ||||||||
Equity securities - available for sale, at fair value | 75,585,000 | 53,401,000 | ||||||||
Other invested assets | 56,909,000 | 59,979,000 | ||||||||
Other invested assets, fair value | 1,982,582,000 | 1,717,336,000 | ||||||||
Short-term investments | 20,514,000 | 4,111,000 | ||||||||
Cash | 10,384,000 | 10,609,000 | ||||||||
Total investments and cash | 2,147,724,000 | 1,859,186,000 | ||||||||
Investment in subsidiaries, at equity in the underlying net assets | 4,580,852,000 | 4,318,223,000 | ||||||||
Note receivable - affiliated | 10,000,000 | $ 250,000,000 | ||||||||
Accrued investment income | 573,000 | 19,000 | ||||||||
Advances to affiliates | (39,000) | (72,000) | ||||||||
Other assets | 162,000 | 32,000 | ||||||||
TOTAL ASSETS | 6,739,272,000 | 6,177,388,000 | ||||||||
Senior notes due 6/1/2044 | 397,074,000 | 396,954,000 | ||||||||
Long term notes due 5/1/2067 | 236,758,000 | 236,659,000 | ||||||||
Note payable - affiliated | 300,000,000 | $ 300,000,000 | ||||||||
Accrued interest on debt and borrowings | 2,878,000 | 3,093,000 | ||||||||
Income taxes | 243,062,000 | 202,443,000 | ||||||||
Due to affiliates | 1,016,000 | 544,000 | ||||||||
Other liabilities | 1,059,000 | 938,000 | ||||||||
Total liabilities | 881,847,000 | 1,140,631,000 | ||||||||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding | ||||||||||
Additional paid-in capital | 1,100,678,000 | 1,100,315,000 | ||||||||
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | 64,324,000 | (126,254,000) | ||||||||
Retained earnings | 4,692,423,000 | 4,062,696,000 | ||||||||
Total stockholder's equity | 5,857,425,000 | 5,036,757,000 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 6,739,272,000 | 6,177,388,000 | ||||||||
Fixed maturities - available for sale, at amortized cost | $ 1,750,000 | $ 13,390,000 | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||||||
Common stock, shares authorized | 3,000 | 3,000 | ||||||||
Common stock, shares outstanding | 1,000 | 1,000 | ||||||||
Common stock, shares issued | 1,000 | 1,000 | ||||||||
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ 16,997,000 | $ (33,506,000) | ||||||||
Parent Company [Member] | Senior Notes 4.868% [Member] | Senior Notes [Member] | ||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||
Maturity date | Jun. 1, 2044 | |||||||||
Parent Company [Member] | Subordinated Notes 6.6% [Member] | Subordinated Debt [Member] | ||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||
Maturity date | May 1, 2067 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net investment income | $ 85,376 | $ 95,592 | $ 90,709 | $ 84,534 | $ 82,104 | $ 90,298 | $ 72,070 | $ 69,909 | $ 356,211 | $ 314,381 | $ 286,259 | |||
Other net realized capital gains (losses) | 439,010 | (179,192) | 167,630 | |||||||||||
Other income (expense) | (5,055) | (730) | (4,802) | 75,294 | (74,397) | $ (5,785) | $ 897 | $ (3,905) | (1,589) | (9,568) | 25,866 | |||
Total revenues | 1,603,840 | 1,489,314 | 1,346,285 | 1,284,929 | 1,051,321 | 3,093,154 | 2,336,250 | 3,682,535 | 6,263,024 | 4,958,515 | 2,423,273 | |||
Interest expense | 34,931 | 30,611 | 31,183 | |||||||||||
Corporate expenses | 13,063 | 11,034 | 7,394 | |||||||||||
Total claims and expenses | 1,505,892 | 1,562,452 | 1,255,551 | 1,174,175 | 2,282,035 | 1,347,593 | 1,600,124 | 1,057,972 | 5,498,070 | 6,287,724 | 2,544,139 | |||
INCOME (LOSS) BEFORE TAXES | 348,289 | 315,139 | (1,308) | (315,195) | (6,651) | 663,428 | (321,846) | (323,154) | 764,955 | (1,329,209) | (120,866) | |||
Income tax expense (benefit) | 67,367 | 63,531 | (23,274) | (47,900) | 5,142 | 130,898 | (42,938) | (66,032) | 135,228 | (367,025) | (200,736) | |||
NET INCOME (LOSS) | $ 36,060 | $ 61,137 | 280,922 | 251,608 | $ (705,062) | 21,966 | (267,295) | (11,793) | 629,727 | (962,184) | 79,870 | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 175,482 | (92,966) | (10,536) | |||||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 5,080 | 2,021 | 2,303 | |||||||||||
Total URA(D) on securities arising during the period | 180,562 | (90,945) | (8,233) | |||||||||||
Foreign currency translation adjustments | 17,153 | (36,431) | 37,427 | |||||||||||
Benefit plan actuarial net gain (loss) for the period | (12,591) | (510) | 1,027 | |||||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,453 | 5,021 | 5,477 | |||||||||||
Total benefit plan net gain (loss) for the period | (7,138) | 4,511 | 6,504 | |||||||||||
Total other comprehensive income (loss), net of tax | 190,577 | (122,865) | 35,698 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ 348,551 | $ 349,756 | $ 16,454 | $ (304,303) | $ (62,977) | $ 698,307 | $ (367,280) | $ (350,826) | 820,304 | (1,085,049) | 115,568 | |||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net investment income | 34,970 | 38,951 | 34,813 | |||||||||||
Other net realized capital gains (losses) | 274,110 | (87,267) | 81,027 | |||||||||||
Other income (expense) | 524 | (6,085) | 1,819 | |||||||||||
Net income (loss) of subsidiaries | 370,084 | (906,211) | (124,269) | |||||||||||
Total revenues | 680,100 | (956,527) | (2,310) | |||||||||||
Interest expense | 34,931 | 30,611 | 31,183 | |||||||||||
Corporate expenses | 6,810 | 6,337 | 5,233 | |||||||||||
Total claims and expenses | 41,741 | 36,948 | 36,416 | |||||||||||
INCOME (LOSS) BEFORE TAXES | 638,359 | (993,475) | (38,726) | |||||||||||
Income tax expense (benefit) | 8,632 | (31,291) | (118,596) | |||||||||||
NET INCOME (LOSS) | 629,727 | (962,184) | 79,870 | |||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 175,482 | (92,966) | (10,536) | |||||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | (5,080) | (2,021) | (2,303) | |||||||||||
Total URA(D) on securities arising during the period | 180,562 | (90,945) | (8,233) | |||||||||||
Foreign currency translation adjustments | 17,153 | (36,431) | 37,427 | |||||||||||
Benefit plan actuarial net gain (loss) for the period | 12,591 | 510 | (1,027) | |||||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | (5,453) | (5,021) | (5,477) | |||||||||||
Total benefit plan net gain (loss) for the period | 7,138 | (4,511) | (6,504) | |||||||||||
Total other comprehensive income (loss), net of tax | 190,577 | (122,865) | 35,698 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 820,304 | (1,085,049) | 115,568 | |||||||||||
Affiliated Entity [Member] | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net investment income | $ 412 | $ 4,085 | $ 4,300 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net income (loss) | $ 36,060 | $ 61,137 | $ 280,922 | $ 251,608 | $ (705,062) | $ 21,966 | $ (267,295) | $ (11,793) | $ 629,727 | $ (962,184) | $ 79,870 | |||
Decrease (increase) in income taxes | 94,733 | 52,470 | $ 214,671 | $ 4,252 | $ 9,951 | 295,667 | (292,728) | (249,674) | ||||||
Change in equity adjustments in limited partnerships | (45,843) | (70,494) | (35,749) | |||||||||||
Change in other assets and liabilities, net | (60,250) | (143,047) | (367,338) | |||||||||||
Amortization of bond premium (accrual of bond discount) | 4,308 | 3,735 | 17,690 | |||||||||||
Net realized capital (gains) losses | (29,206) | $ (112,542) | $ (142,563) | (135,056) | 112,902 | $ (30,018) | $ 42,271 | 60,201 | (419,367) | 185,356 | (161,553) | |||
Net cash provided by (used in) operating activities | 1,234,754 | 849,292 | (336,632) | |||||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 937,871 | 741,360 | 1,005,532 | |||||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 2,400,869 | 791,368 | 1,676,203 | |||||||||||
Proceeds from equity securities sold - at fair value | 283,707 | 1,029,920 | 586,496 | |||||||||||
Distributions from other invested assets | 185,116 | 1,043,131 | 2,327,206 | |||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (3,626,139) | (3,714,695) | (2,431,780) | |||||||||||
Cost of equity securities acquired- at fair value | (325,546) | (702,221) | (396,056) | |||||||||||
Cost of other invested assets acquired | (323,453) | (1,138,317) | (2,546,289) | |||||||||||
Net change in short-term investments | (102,302) | 193,623 | 67,164 | |||||||||||
Net change in unsettled securities transactions | (30,904) | 55,967 | (40,530) | |||||||||||
Proceeds from repayment (cost of issuance) of note receivable, affiliated | (300,000) | 250,000 | ||||||||||||
Net cash provided by (used in) investing activities | (902,107) | (1,452,494) | 247,946 | |||||||||||
Capital contribution from parent | 500,324 | |||||||||||||
Proceeds from issuance (cost of repayment) of note payable - affiliated | (300,000) | 300,000 | ||||||||||||
Net cash provided by (used in) financing activities | (327,059) | 789,129 | (9,938) | |||||||||||
Cash, beginning of period | 404,522 | 229,552 | 404,522 | 229,552 | 229,552 | 404,522 | 229,552 | 297,794 | ||||||
Cash, end of period | 411,122 | 404,522 | 411,122 | 404,522 | 229,552 | |||||||||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net income (loss) | 629,727 | (962,184) | 79,870 | |||||||||||
Equity in (earnings) deficit of subsidiaries | (370,084) | 906,211 | 124,269 | |||||||||||
Dividends received from subsidiary | 300,000 | 90,000 | ||||||||||||
Decrease (increase) in income taxes | 40,695 | 4,687 | (113,329) | |||||||||||
Change in equity adjustments in limited partnerships | 2,468 | (2,617) | (121) | |||||||||||
Change in other assets and liabilities, net | (16,615) | (20,450) | 28,928 | |||||||||||
Amortization of bond premium (accrual of bond discount) | 13 | 370 | 450 | |||||||||||
Net realized capital (gains) losses | (274,110) | 87,267 | (81,027) | |||||||||||
Net cash provided by (used in) operating activities | 312,094 | 103,284 | 39,040 | |||||||||||
Additional investment in subsidiaries | 15,174 | (1,383,659) | 741 | |||||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 9,385 | 6,612 | ||||||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 12,000 | 96,836 | 7,189 | |||||||||||
Proceeds from equity securities sold - at fair value | 18,905 | 182,552 | 37,634 | |||||||||||
Proceeds from sale of subsidiary (net of cash disposed) | ||||||||||||||
Distributions from other invested assets | 389,200 | 1,401,606 | 132,064 | |||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (13,510) | (24,058) | ||||||||||||
Cost of equity securities acquired- at fair value | 32,597 | 39,449 | 54,605 | |||||||||||
Cost of other invested assets acquired | (388,598) | (1,407,352) | (152,446) | |||||||||||
Net change in short-term investments | (16,403) | 396 | 8,506 | |||||||||||
Net change in unsettled securities transactions | (99) | (604) | ||||||||||||
Proceeds from repayment (cost of issuance) of note receivable, affiliated | 10,000 | (250,000) | ||||||||||||
Net cash provided by (used in) investing activities | (12,319) | (903,294) | (38,967) | |||||||||||
Capital contribution from parent | 500,324 | |||||||||||||
Proceeds from issuance (cost of repayment) of note payable - affiliated | (300,000) | 300,000 | ||||||||||||
Net cash provided by (used in) financing activities | (300,000) | 800,324 | ||||||||||||
Net increase (decrease) in cash | (225) | 314 | 73 | |||||||||||
Cash, beginning of period | $ 10,609 | $ 10,295 | $ 10,609 | $ 10,295 | $ 10,295 | 10,609 | 10,295 | 10,222 | ||||||
Cash, end of period | $ 10,384 | $ 10,609 | 10,384 | 10,609 | 10,295 | |||||||||
Equity value of non-cash capital contribution of affiliate from parent, net of cash held by affiliate | 211,928 | |||||||||||||
Non-cash contribution from parent | 221 | 598 | ||||||||||||
Non-cash contribution to subsidiaries | $ (221) | $ (598) |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | $ 388,238 | $ 353,630 | $ 307,741 |
Reverse for Losses and Loss Adjustment Expenses | 10,209,519 | 10,167,018 | 9,343,028 |
Unearned Premium Reserves | 2,198,932 | 1,826,868 | 1,607,622 |
Premiums Earned | 5,489,035 | 4,839,058 | 1,949,595 |
Net Investment Income | 356,211 | 314,381 | 286,259 |
Incurred Loss and Loss Adjustment Expenses | 3,829,122 | 4,811,018 | 2,039,751 |
Amortization of Deferred Acquisition Costs | 1,270,053 | 1,141,714 | 210,925 |
Other Operating Expenses | 350,901 | 293,347 | 254,886 |
Net Written Premium | 5,774,949 | 5,031,862 | 2,723,844 |
Domestic [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 329,904 | 304,513 | 260,706 |
Reverse for Losses and Loss Adjustment Expenses | 7,461,870 | 7,908,776 | 7,070,895 |
Unearned Premium Reserves | 1,830,396 | 1,575,931 | 1,352,987 |
Premiums Earned | 4,061,992 | 3,432,598 | 1,447,273 |
Net Investment Income | 318,914 | 279,415 | 253,852 |
Incurred Loss and Loss Adjustment Expenses | 2,660,535 | 3,790,089 | 1,416,998 |
Amortization of Deferred Acquisition Costs | 946,038 | 786,186 | 108,989 |
Other Operating Expenses | 309,665 | 255,686 | 218,595 |
Net Written Premium | 4,262,373 | 3,605,274 | 2,108,449 |
International [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 58,333 | 49,117 | 47,035 |
Reverse for Losses and Loss Adjustment Expenses | 2,747,649 | 2,258,242 | 2,272,133 |
Unearned Premium Reserves | 368,536 | 250,937 | 254,635 |
Premiums Earned | 1,427,043 | 1,406,460 | 502,322 |
Net Investment Income | 37,298 | 34,966 | 32,407 |
Incurred Loss and Loss Adjustment Expenses | 1,168,587 | 1,020,929 | 622,753 |
Amortization of Deferred Acquisition Costs | 324,015 | 355,528 | 101,936 |
Other Operating Expenses | 41,236 | 37,661 | 36,291 |
Net Written Premium | $ 1,512,576 | $ 1,426,588 | $ 615,395 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||||||||||
Gross Amount | $ 2,255,388 | $ 1,903,576 | $ 1,655,023 | ||||||||
Ceded to Other Companies | 1,193,359 | 1,512,380 | 3,548,264 | ||||||||
Assumed earned premiums | 4,427,006 | 4,447,862 | 3,842,836 | ||||||||
Net Amount | $ 1,414,558 | $ 1,428,400 | $ 1,375,623 | $ 1,270,454 | $ 1,312,441 | $ 1,230,771 | $ 1,179,836 | $ 1,116,010 | 5,489,035 | 4,839,058 | 1,949,595 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||||||||||
Gross Amount | 2,255,387 | 1,903,576 | 1,655,023 | ||||||||
Ceded to Other Companies | 1,193,359 | 1,512,380 | 3,548,264 | ||||||||
Assumed earned premiums | 4,427,006 | 4,447,862 | 3,842,836 | ||||||||
Net Amount | $ 5,489,034 | $ 4,839,058 | $ 1,949,595 | ||||||||
Assumed to Net | 80.70% | 91.90% | 197.10% |