Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 15, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | 100 Everest Way | ||
Entity Address City Or Town | Warren | ||
Entity Address, State or Province | NJ | ||
Entity Address Postal Zip Code | 07059 | ||
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 | ||
Icfr Auditor Attestation Flag | 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 | ||
Senior Notes 3.5% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 3.50% Senior Notes Due 2050 | ||
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, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2020, $10,248,650; 2019, $7,334,425 allowances for credit losses: 2020, $1,566; 2019, $0) | $ 10,643,565 | $ 7,492,079 |
Fixed maturities - available for sale, at fair value | 5,826 | |
Equity securities, fair value | 1,288,767 | 764,049 |
Short-term investments (cost: 2020, $708,043; 2019, $279,824 | 707,905 | 279,879 |
Other invested assets (cost: 2020, $1,094,933; 2019, $1,020,766) | 1,094,933 | 1,020,766 |
Other invested assets, at fair value | 1,796,479 | 1,982,582 |
Cash | 378,518 | 411,122 |
Total investments and cash | 15,910,167 | 11,956,303 |
Note Receivable - affiliated | 300,000 | 300,000 |
Accrued investment income | 80,196 | 54,383 |
Premiums receivable | 1,591,980 | 1,337,344 |
Reinsurance receivables - unaffiliated | 1,505,650 | 1,318,820 |
Reinsurance receivables - affiliated | 2,701,655 | 3,125,269 |
Income taxes net recoverable | 65,793 | |
Funds held by reinsureds | 267,599 | 228,297 |
Deferred acquisition costs | 379,707 | 388,238 |
Prepaid reinsurance premiums | 363,489 | 413,612 |
Other assets | 616,640 | 518,127 |
TOTAL ASSETS | 23,717,083 | 19,706,186 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 11,654,950 | 10,209,519 |
Unearned premium reserve | 2,385,174 | 2,198,932 |
Funds held under reinsurance treaties | 46,894 | 41,233 |
Other net payable to reinsurers | 277,390 | 267,367 |
Losses in course of payment | 161,154 | 70,541 |
Income taxes net payable | 192,877 | |
Long term notes due 5/1/2067 | 223,674 | 236,758 |
Borrowings from FHLB | 310,000 | |
Accrued interest on debt and borrowings | 10,460 | 2,878 |
Unsettled securities payable | 206,693 | 25,230 |
Other liabilities | 456,786 | 399,229 |
Total liabilities | 17,302,770 | 13,848,761 |
Commitments and Contingencies (Note 15) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2020 and 2019) | ||
Additional paid-in capital | 1,101,092 | 1,100,678 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $71,080 at 2020 and $16,997 at 2019 | 268,018 | 64,324 |
Retained earnings | 5,045,203 | 4,692,423 |
Total stockholder's equity | 6,414,313 | 5,857,425 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 23,717,083 | 19,706,186 |
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||
LIABILITIES: | ||
Senior notes | 397,194 | 397,074 |
Senior Notes [Member] | Senior Notes 3.5% [Member] | ||
LIABILITIES: | ||
Senior notes | $ 979,524 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fixed maturities - available for sale, amortized cost | $ 10,248,650,000 | $ 7,334,425,000 |
Fixed maturities - available for sale, at market value, allowance for credit loss | 1,566,000 | 0 |
Short-term investments, cost | 708,043,000 | 279,824,000 |
Other invested assets, cost | $ 1,094,933,000 | $ 1,020,766,000 |
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) | $ 71,080,000 | $ 16,997,000 |
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||
Debt instrument, maturity date | Jun. 1, 2044 | |
Senior Notes [Member] | Senior Notes 3.5% [Member] | ||
Debt instrument, maturity date | Oct. 15, 2050 | |
Long Term Subordinated Debt [Member] | Subordinated Notes 6.6% [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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Premiums earned | $ 6,406,576 | $ 5,489,035 | $ 4,839,058 |
Net investment income | 375,906 | 356,211 | 314,381 |
Net realized capital gains (losses): | |||
Credit allowances on fixed maturity securities | (1,566) | ||
Other-than-temporary impairments on fixed maturity securities | (19,643) | (6,164) | |
Other net realized capital gains (losses) | 51,370 | 439,010 | (179,192) |
Total net realized capital gains (losses) | 49,804 | 419,367 | (185,356) |
Other income (expense) | (14,579) | (1,589) | (9,568) |
Total revenues | 6,817,707 | 6,263,024 | 4,958,515 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 4,608,144 | 3,829,122 | 4,811,018 |
Commission, brokerage, taxes and fees | 1,373,355 | 1,270,053 | 1,141,714 |
Other underwriting expenses | 401,033 | 350,901 | 293,347 |
Corporate expenses | 15,985 | 13,063 | 11,034 |
Interest, fee and bond issue cost amortization expense | 35,659 | 34,931 | 30,611 |
Total claims and expenses | 6,434,176 | 5,498,070 | 6,287,724 |
INCOME (LOSS) BEFORE TAXES | 383,531 | 764,955 | (1,329,209) |
Income tax expense (benefit) | 31,658 | 135,228 | (367,025) |
NET INCOME (LOSS) | 351,873 | 629,727 | (962,184) |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 163,080 | 175,482 | (92,966) |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 25,468 | 5,080 | 2,021 |
Total URA(D) on securities arising during the period | 188,548 | 180,562 | (90,945) |
Foreign currency translation adjustments | 14,461 | 17,153 | (36,431) |
Benefit plan actuarial net gain (loss) for the period | (5,615) | (12,591) | (510) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 6,300 | 5,453 | 5,021 |
Total benefit plan net gain (loss) for the period | 685 | (7,138) | 4,511 |
Total other comprehensive income (loss), net of tax | 203,694 | 190,577 | (122,865) |
COMPREHENSIVE INCOME (LOSS) | $ 555,567 | $ 820,304 | $ (1,085,049) |
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] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] |
Beginning balance at Dec. 31, 2017 | $ 387,841 | $ (942) | $ 5,022,433 | ||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2017 | |||||||
Beginning balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017 | $ (2,447) | 2,447 | |||||
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 | ||||||
Ending balance at Dec. 31, 2018 | 5,036,757 | 1,100,315 | (126,254) | 4,062,696 | |||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2018 | |||||||
Ending balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2018 | |||||||
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 | |||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | 907 | ||||||
Ending balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2019 | |||||||
Capital contribution from parent | |||||||
Share-based compensation plans | 414 | ||||||
Net increase (decrease) during the period | 203,694 | 203,694 | |||||
Net income (loss) | $ 351,873 | 351,873 | |||||
Ending balance, shares at Dec. 31, 2020 | 1,000 | 1,000 | |||||
Ending balance at Dec. 31, 2020 | $ 6,414,313 | $ 1,101,092 | $ 268,018 | $ 5,045,203 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 351,873 | $ 629,727 | $ (962,184) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (252,850) | (24,618) | (171,642) |
Decrease (increase) in funds held by reinsureds, net | (33,519) | (57) | (20,963) |
Decrease (increase) in reinsurance receivables | 247,165 | 405,574 | 1,260,865 |
Decrease (increase) in income taxes | 204,419 | 295,667 | (292,728) |
Decrease (increase) in prepaid reinsurance premiums | 51,352 | (84,181) | 17,302 |
Increase (decrease) in reserve for losses and loss adjustment expenses | 1,427,214 | 21,399 | 859,691 |
Increase (decrease) in unearned premiums | 183,417 | 370,246 | 221,850 |
Increase (decrease) in other net payable to reinsurers | 8,078 | (50,560) | (173,810) |
Increase (decrease) in losses in course of payment | 90,044 | 113,306 | 66,148 |
Change in equity adjustments in limited partnerships | (39,880) | (45,843) | (70,494) |
Distribution of limited partnership income | 91,403 | 51,982 | 55,350 |
Change in other assets and liabilities, net | (84,902) | (60,250) | (143,047) |
Non-cash compensation expense | 32,217 | 27,421 | 13,863 |
Amortization of bond premium (accrual of bond discount) | 13,926 | 4,308 | 3,735 |
Net realized capital (gains) losses | (49,804) | (419,367) | 185,356 |
Net cash provided by (used in) operating activities | 2,240,153 | 1,234,754 | 849,292 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,126,309 | 937,871 | 741,360 |
Proceeds from fixed maturities sold - available for sale, at market value | 626,378 | 2,400,869 | 791,368 |
Proceeds from fixed maturities sold - available for sale, at fair value | 4,907 | 2,917 | 1,751 |
Proceeds from equity securities sold - at fair value | 375,112 | 283,707 | 1,029,920 |
Distributions from other invested assets | 243,002 | 185,116 | 1,043,131 |
Cost of fixed maturities acquired - available for sale, at market value | (4,695,090) | (3,626,139) | (3,714,695) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,243) | (4,381) | |
Cost of equity securities acquired- at fair value | (625,694) | (325,546) | (702,221) |
Cost of other invested assets acquired | (363,101) | (323,453) | (1,138,317) |
Net change in short-term investments | (425,878) | (102,302) | 193,623 |
Net change in unsettled securities transactions | 200,070 | (30,904) | 55,967 |
Proceeds from repayment of long term note receivable, affiliated | (300,000) | 250,000 | |
Net cash provided by (used in) investing activities | (3,533,985) | (902,107) | (1,452,494) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Tax benefit from share-based compensation, net of expense | (31,803) | (27,059) | (11,195) |
Capital contribution from parent | 500,324 | ||
FHLB advances (repayments) | 310,000 | ||
Cost of debt repurchase | (10,647) | ||
Proceeds from issuance of senior notes | 979,417 | ||
Proceeds from issuance (cost of repayment) for note payable - affiliated | (300,000) | 300,000 | |
Net cash provided by (used in) financing activities | 1,246,967 | (327,059) | 789,129 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 14,261 | 1,012 | (10,957) |
Net increase (decrease) in cash | (32,604) | 6,600 | 174,970 |
Cash, beginning of period | 411,122 | 404,522 | 229,552 |
Cash, end of period | 378,518 | 411,122 | 404,522 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | (173,056) | (160,748) | (73,669) |
Interest paid | 27,670 | 34,928 | 30,027 |
NON-CASH TRANSACTIONS | |||
Equity value of non-cash capital contribution of affiliate from parent, net of cash held by affiliate | $ 211,928 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 20 20 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 s tock holder ’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance she ets, since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and matur ities will fund the projected payout of these liabilities. The Compa ny reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the dec line in value is due to non-credit related or credit related factors. 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 cause d by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in market value. Non-credit related declines in market value are recorded as unrealized losses in a ccumulated other comprehensive income (loss). If the Company intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consoli dated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related 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 se ll the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The fair value adjustment that is non-credit related is recorded as a component of ot her comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). 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 financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net rea lized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties. For publicly traded securities, market value is based on quoted market pric es or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospect ive 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 th e time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts and, prior to July 1, 2018, a private placement liquidity s weep facility. Cash contributions to and cash distributions from the sweep facility were reported gross in cash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair v alues of the Preferred Holdings convertible preferred stock at December 31, 2020 and December 31, 2019 were determined using a pricing model. C. Allowance for Receivable Balances. Effective January 1, 2020, the Company adopted the Current Expected Credit Losses (CECL) methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance receivable balances and establishes an allowance for estimated uncollectible amounts. Prior to the adoption of CECL, an allowance for doubtful accounts was estimated on the basis of periodic evaluations of balances due from third parties, considering historical collection experience, solven cy and current economic conditions. Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/ cedants. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions an d reasonable and supportable forecasts, when appropriate. In response to significant economic stress experienced as a result of the COVID-19 pandemic, during 2020, the Company increased the expected loss factors used to estimate the allowance based on coll ection experience during past moderate and severe recessions as well as experience during periods when we provided policyholders additional time to make premiums payments. A portion of the Company's Commercial Lines business is written with large deducti bles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the d eductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycle s. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic envi ronment as well as the probability-weighted macroeconomic scenarios. In response to significant economic stress experienced as a result of the COVID-19 pandemic, the Company increased the weight of both a moderate and severe recession scenario in our esti mate of the allowance for loss within a deductible and retrospectively-rated policy premiums. The ultimate impact to the Company’s financial statements from the COVID-19 pandemic could vary significantly from our estimates depending on the duration and sev erity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records total credit loss expenses related to premiums receivable in other underwriting expenses and records credit loss expenses related to deductibles through losses incurred The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be unco llectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncoll ectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. The allowance is estimated as the amount of reinsurance receivable exposed to loss multiplied by estimated factors for the probability of default. The reinsuran ce receivable exposed is the amount of reinsurance receivable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance receivable considers the current economic environment as well as macroeconomic scenarios. The Company expects the impact of the COVID-19 pandemic to reinsurers to be somewhat mitigated by their regulated capital and liquidity positions. The ultimate impact to the Company's financial statements could vary significantly from our estimates depending on the duration and severity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records credit loss expenses related to reinsurance receivable in losses and loss adjustme nt expenses. Write-offs of reinsurance receivable and any related allowance are recorded in the period in which the balance is deemed uncollectible. Allowances are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2020 2019 Reinsurance receivables and premium receivables $ 33,370 $ 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) 2020 2019 2018 Deferred acquisition costs $ 1,373,355 $ 1,270,053 $ 1,141,714 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, 2020 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. As an accounting policy, the Company has adopted the aggreg ate portfolio approach for releasing disproportionate income tax effects from AOCI. I. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional cu rrency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are rec orded 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 stockho lder’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 per iod for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in stockholder’s equity. J. Segmentation. With recent c hanges in executive management and organizational structure, the Company manages its reinsurance and insurance operations as autonomous units and key strategic decisions are based on the aggregate operating results and projections for these segments of bus iness. Accordingly, effective January 1, 2020, the Company revised it reporting segments to Reinsurance Operations and Insurance Operations. This replaces the previous reported segments of U.S. Reinsurance, International (reinsurance) and Insurance. The prior year presented segment information has been reformatted to reflect this change. See also Note 17. K. Retroactive Reinsurance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially determine d expected payout period. Any future loss is recognized immediately and charged against earnings. L. Application of Recently Issued Accounting Standard Changes. Accounting for Income Taxes. In December 2019, The Financial Accounting Standards Board (“FA SB”) issued Accounting Standards Update (“ASU”) 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidan ce is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its financial statements. Accounting for Cloud Computing Arrangement . In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a clo ud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs s hould be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The adoption of ASU 2018-15 did not have a mate rial impact on the Company’s financial statements. 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 Co dification (“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 modifications 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. Amo rtization 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 securities 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. The adoption of ASU 2017-08 did not have a material impact on the Co mpany’s financial statements. 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 ASU 2019-10 in November 2019) which outline guidance on the valuation o f and accounting for assets measured at amortized cost and available for sale debt securities. The new guidance requires the carrying value of assets measured at amortized cost, including reinsurance and premiums receivables to be presented as the net amo unt expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). The allowance reflects expected credit losses of the financial asset which considers available information using a combination both historical information, current market conditions and reasonable and supportable forecasts. For available-for-sale debt securities, the guidance modified the previous other than temporary impairment model, now requiring an allowance for estimated credit r elated losses rather than a permanent impairment, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company adopted t he guidance effective January 1, 2020, on a modified retrospective basis. The adoption resulted in a cumulative adjustment of $ 907 thousand in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of S tock holder ’s Equity. 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 th e 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, 201 8. 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 prio r to adoption continue to be presented in the financial 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 transitio n 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 leas e terms). The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $ 60,325 thousand as part of other assets and a lease liability of $ 66,551 thousand as part of other liabilities in the consolidated balance sheet, a s well as de-recognizing the liability for deferred rent that was required under the previous guidance. The cumulative effect adjustment to the opening balance of retained earnings was zero . The adoption of the updated guidance did not have a material eff ect on the Company’s results of operations or liquidity. 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 state s that all equity investments in unconsolidated entities will be measured at fair value, with the change in value being recorded through the income statement rather than being recorded within other comprehensive income. The updated guidance is effective f or annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-01 resulted in a cumulative change adjustment of $ 2,447 thousand between AOCI and retained ear nings, which is disclosed separately within the consolidated statement of changes in shareholders equity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immateri al to its financial statements. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Investments | 2 . INVESTMENTS Effective January 1, 2020, the Company adopted ASU 2016-13 which modified the previous other than temporary impairment model for available for sale fixed maturity securities. The guidance requires the Company to record allowances for credit losses for sec urities that are deemed to have valuation deterioration due to credit related factors. The initial table below presents the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securi ties at December 31, 2020 in accordance with ASU 2016-13 guidance. The second table presents the amortized cost, gross unrealized appreciation/(depreciation), market value and other-than-temporary impairments (“OTTI”) in AOCI at December 31, 2019, in accor dance with previously applicable guidance At December 31, 2020 Amortized Allowances for Unrealized Unrealized Market (Dollars in thousands) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 659,957 $ - $ 22,032 $ - $ 681,989 Obligations of U.S. states and political subdivisions 543,646 - 34,655 (1,255) 577,046 Corporate securities 3,316,525 (1,205) 166,072 (31,480) 3,449,912 Asset-backed securities 2,450,807 - 28,585 (5,222) 2,474,170 Mortgage-backed securities Commercial 512,388 - 37,875 (183) 550,080 Agency residential 937,166 - 28,630 (696) 965,100 Non-agency residential 3,164 - 2 (2) 3,164 Foreign government securities 694,132 - 51,317 (3,211) 742,238 Foreign corporate securities 1,130,865 (361) 73,265 (3,903) 1,199,866 Total fixed maturity securities $ 10,248,650 $ (1,566) $ 442,433 $ (45,952) $ 10,643,565 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 (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, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 658,561 $ 659,622 $ 569,506 $ 563,730 Due after one year through five years 2,911,285 3,036,151 2,919,966 2,963,903 Due after five years through ten years 1,927,265 2,079,866 1,541,695 1,602,642 Due after ten years 848,014 875,412 602,440 620,473 Asset-backed securities 2,450,807 2,474,170 761,607 765,957 Mortgage-backed securities Commercial 512,388 550,080 311,961 329,049 Agency residential 937,166 965,100 625,612 644,687 Non-agency residential 3,164 3,164 1,638 1,638 Total fixed maturity securities $ 10,248,650 $ 10,643,565 $ 7,334,425 $ 7,492,079 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) 2020 2019 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 238,634 $ 228,953 Fixed maturity securities, other-than-temporary impairment - (546) Change in unrealized appreciation (depreciation), pre-tax 238,634 228,408 Deferred tax benefit (expense) (50,086) (47,959) Deferred tax benefit (expense), other-than-temporary impairment - 115 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 188,548 $ 180,562 The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. 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 a credit impairment, but rather a non-credit related decline in market value. Non-credit related declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related 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 the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. 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 will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. Prior to the adoption of ASU 2016-13 effective January 1, 2020, estimated credit losses were recorded as adjustments to the carrying value of the security and any subsequent improvement in market value were recorded through other comprehensive income. 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 employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity 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, 2020 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 Obligations of U.S. states and political subdivisions 19,524 (999) 4,059 (256) 23,583 (1,255) Corporate securities 240,601 (7,799) 188,853 (23,681) 429,454 (31,480) Asset-backed securities 223,919 (4,573) 81,952 (649) 305,871 (5,222) Mortgage-backed securities Commercial 37,414 (182) 3,983 (1) 41,397 (183) Agency residential 235,809 (682) 1,573 (14) 237,382 (696) Non-agency residential 161 (2) - - 161 (2) Foreign government securities 10,505 (373) 25,793 (2,838) 36,298 (3,211) Foreign corporate securities 57,900 (2,182) 18,349 (1,721) 76,249 (3,903) Total fixed maturity securities $ 825,833 $ (16,792) $ 324,562 $ (29,160) $ 1,150,395 $ (45,952) Duration of Unrealized Loss at December 31, 2020 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 $ 28,802 $ (1,218) $ 34,555 $ (4,142) $ 63,357 $ (5,360) Due in one year through five years 150,106 (5,828) 116,987 (4,783) 267,093 (10,611) Due in five years through ten years 81,492 (1,634) 13,118 (435) 94,610 (2,069) Due after ten years 68,130 (2,673) 72,394 (19,136) 140,524 (21,809) Asset-backed securities 223,919 (4,573) 81,952 (649) 305,871 (5,222) Mortgage-backed securities 273,384 (866) 5,556 (15) 278,940 (881) Total fixed maturity securities $ 825,833 $ (16,792) $ 324,562 $ (29,160) $ 1,150,395 $ (45,952) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2020 were $ 1,150,395 thousand and $ 45,952 thousand, r espectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2020, 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 $ 16,792 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 as well as asset backed securities . Of these unrealized losses, $ 12,522 thousand were related to securities that were rated investment grade by at least one nationally reco gnized statistical rating agency. The $ 29,160 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 sec urities. Of these unrealized losses $ 5,856 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 securities relat ed 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 coverage and ar e 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 secu rity 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 depreciati on 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, respectively. 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 addition, 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 positio n for less than 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 rating 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 unreal ized 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 securities related to sub-prime and alt -A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest a nd 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) 2020 2019 2018 Fixed maturities $ 305,399 $ 273,122 $ 201,108 Equity securities 11,466 10,782 14,909 Short-term investments and cash 2,978 10,231 7,715 Other invested assets Limited partnerships 48,899 43,316 61,645 Dividends from preferred shares of affiliate 31,032 31,031 31,032 Other 1,699 14,117 17,825 Gross investment income before adjustments 401,473 382,599 334,234 Funds held interest income (expense) 5,705 6,459 5,188 Interest income from Parent 5,154 211 4,085 Gross investment income 412,332 389,269 343,507 Investment expenses (36,426) (33,058) (29,126) Net investment income $ 375,906 $ 356,211 $ 314,381 (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 $ 1,187,996 thousand in limited partnerships and private placement loans at December 31, 2020. These commitments will be funded when called in accordance with the partnership and loan ag reements, which have investment periods that expire, unless extended, through 2026 . The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its s hort-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of December 31, 2020, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 223,815 thousand. Other invested assets, at fair value, as of December 31, 2020 and December 31, 2019, were comprised of preferred shares held in Preferred Holdings, an affiliated compan y. 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) 2020 2019 2018 Fixed maturity securities, market value: Allowances for credit losses $ (1,566) $ - $ - Other-than-temporary impairments - (19,643) (6,164) Gains (losses) from sales (32,614) 7,571 933 Fixed maturity securities, fair value: Gains (losses) from sales (2,863) 355 (1,799) Gains (losses) from fair value adjustments 1,944 1,808 1,506 Equity securities, fair value: Gains (losses) from sales (7,931) 4,144 (32,092) Gains (losses) from fair value adjustments 276,093 153,728 (59,409) Other invested assets 1,705 6,003 1,815 Other invested assets, fair value: Gains (losses) from fair value adjustments (186,102) 265,245 (90,136) Short-term investment gains (losses) 1,138 156 (10) Total net realized capital gains (losses) $ 49,804 $ 419,367 $ (185,356) Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2020 Foreign Foreign Corporate Government Corporate Securities Securities Securities Total Beginning Balance $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded (21,829) (70) (561) (22,460) Increases in allowance on previously impaired securities (5,909) - (211) (6,120) Decreases in allowance on previously impaired securities 1,824 - 282 2,106 Reduction in allowance due to disposals 24,709 70 129 24,908 Balance as of December 31, 2020 $ (1,205) $ - $ (361) $ (1,566) The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) fair value re-measurements, allowances for credit losses per ASU 2016-13 and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis in prior years as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. The proceeds and split between gross gains and losses, from sales o f fixed maturity and equity securities, are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Proceeds from sales of fixed maturity securities $ 631,285 $ 2,403,786 $ 793,119 Gross gains from sales 24,177 25,076 15,349 Gross losses from sales (59,654) (17,150) (16,215) Proceeds from sales of equity securities $ 375,112 $ 283,707 $ 1,029,920 Gross gains from sales 37,403 14,270 25,160 Gross losses from sales (45,334) (10,126) (57,252) Securities with a carrying value amount of $ 1,617,928 thousand at December 31, 20 20 , 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, 2020 | |
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) 2020 2019 2018 Gross reserves beginning of period $ 10,209,519 $ 10,167,018 $ 9,343,028 Less reinsurance recoverables (4,215,348) (4,697,543) (5,727,268) Net reserves beginning of period 5,994,171 5,469,475 3,615,760 Incurred related to: Current year 4,407,795 3,784,771 4,252,220 Prior years 200,349 44,351 558,798 Total incurred losses and LAE 4,608,144 3,829,122 4,811,018 Paid related to: Current year 1,901,971 1,885,443 1,524,635 Prior years 1,020,761 1,431,336 1,408,256 Total paid losses and LAE 2,922,731 3,316,778 2,932,891 Foreign exchange/translation adjustment 23,892 12,352 (24,412) Net reserves end of period 7,703,476 5,994,171 5,469,475 Plus reinsurance recoverables 3,951,474 4,215,348 4,697,543 Gross reserves end of period $ 11,654,950 $ 10,209,519 $ 10,167,018 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 4,407,795 thousand , $ 3,784,771 thousand and $ 4,252,220 thousand at December 31, 20 20 , 201 9 and 201 8 , respectively. The increase in current year incurred losses in 2020 compared to 2019 was primarily due to $ 154,812 thousand of incurred losses due to COVID-19 as well as the impact of the increase in premiums earned. Incurred prior years’ reserves increased by $ 200,349 thousand, $ 44,351 thousand and $ 558,798 thousand in 2020, 2019 and 2018 respectively. The increase for 2020 primarily related to higher ultimate loss estimates for long-tail casualty business in the reinsurance segment for accident years 2015 to 2018, no tably general liability, professional lines, and auto liability. The reserve charge also includes actions on non-CAT property lines, primarily for the 2017 to 2019 accident years and driven by a few large losses to aggregate programs. The increase for 2 019 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 Maria, as wel l as the 2017 California wildfires. The increase in loss estimates for Hurricanes Harvey, Irma and Maria was mostly driven by re-opened claims, loss inflation from higher than expected loss adjustment expenses and in particular, their impact on aggregate covers. The following is information about incurred and paid claims development as of December 31, 20 20 , net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on r eported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous l oss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of cata strophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2019 is presented as supplementary information. These tables present nine years of incurred and pai d claims development as it is impracticable to retrospectively create the tables for ten years. For the reinsurance groups, for the years prior to 2012, the total of IBNR plus expected development on reported claims was not prepared on an accident year ba sis. The Company calculated these IBNR amounts in the aggregate for each business unit in total as of prior year end points in time. While business written in the United States would have been allocated to accident year for regulatory reporting purposes, business written outside of the United States would not have been similarly allocated. Attempting to allocate the non-U.S. business IBNR reserves to accident year currently for older year end valuations would require making assumptions and estimates whic h may not be in line with assumptions that would have been made at the time. A similar situation applies to insurance where the accumulation of the business lines reported in the regulatory filings are not consistent with the breakout of the tables presen ted 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 onl y for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary informat ion 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 v ia 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 disto rt any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim . However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts. The following tables present the incurred loss an d 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. Reinsurance – Casualty Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 374,581 $ 268,305 $ 175,657 $ 183,055 $ 189,967 $ 192,489 $ 192,489 $ 192,489 $ 192,489 5,251 N/A 2013 178,120 224,394 222,607 229,607 219,107 219,107 219,107 219,107 9,966 N/A 2014 255,906 235,921 258,526 230,089 230,089 230,089 230,089 14,699 N/A 2015 209,024 250,053 238,770 238,770 238,770 238,770 22,961 N/A 2016 242,764 240,268 240,268 240,268 240,268 53,538 N/A 2017 198,615 204,376 204,376 204,376 52,439 N/A 2018 776,194 760,762 807,055 256,591 N/A 2019 981,818 1,029,966 577,799 N/A 2020 1,031,905 701,538 N/A $ 4,194,026 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 13,409 $ 30,203 $ 60,838 $ 95,914 $ 121,840 $ 126,832 $ 153,361 $ 155,900 $ 160,352 2013 12,781 29,008 64,796 98,583 127,230 159,352 180,489 185,773 2014 15,040 35,248 76,829 107,438 144,211 176,451 185,767 2015 15,673 39,048 85,397 147,974 171,247 189,227 2016 17,534 52,958 89,871 147,881 163,012 2017 25,552 83,783 97,788 133,265 2018 121,180 201,861 301,050 2019 155,949 251,999 2020 136,609 $ 1,707,054 All outstanding liabilities prior to 2012, net of reinsurance 434,553 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,921,525 (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 9 Casualty 12.2 % 11.0 % 14.3 % 19.3 % 11.6 % 9.9 % 8.9 % 1.9 % 2.3 % Reinsurance – Property Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 694,850 $ 603,498 $ 549,946 $ 565,581 $ 555,562 $ 557,723 $ 543,215 $ 540,256 $ 538,697 1,822 N/A 2013 409,477 309,139 267,409 228,629 228,071 227,969 227,969 227,969 853 N/A 2014 603,513 528,498 407,734 378,739 379,860 379,860 379,860 908 N/A 2015 561,942 373,099 347,758 347,758 347,758 347,758 2,305 N/A 2016 639,055 665,589 665,904 662,060 660,691 6,623 N/A 2017 1,291,894 1,876,143 2,044,656 2,138,415 12,396 N/A 2018 2,261,663 2,150,440 2,140,579 57,122 N/A 2019 1,784,412 1,790,026 340,939 N/A 2020 1,903,989 927,203 N/A $ 10,127,985 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 157,927 $ 303,383 $ 380,761 $ 447,169 $ 465,594 $ 495,246 $ 504,145 $ 504,486 $ 506,738 2013 139,086 169,750 183,757 199,224 208,135 214,946 217,457 222,290 2014 159,408 250,751 308,906 339,654 353,890 356,600 367,141 2015 161,844 241,406 296,128 313,689 318,938 332,022 2016 238,620 502,419 603,988 627,130 649,604 2017 791,142 1,577,892 1,992,968 2,122,476 2018 501,315 1,402,713 1,731,440 2019 701,324 1,084,988 2020 562,144 $ 7,578,843 All outstanding liabilities prior to 2012, net of reinsurance 20,682 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,569,824 (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 9 Property 33.7 % 32.6 % 16.3 % 6.6 % 3.2 % 3.5 % 1.9 % 0.7 % 0.4 % Insurance – Casualty Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 212,023 $ 175,030 $ 185,371 $ 184,659 $ 188,273 $ 185,810 $ 185,809 $ 185,861 $ 185,862 986 15,780 2013 256,187 228,227 230,748 224,724 194,739 194,748 194,914 194,914 1,283 21,385 2014 238,086 239,091 240,985 255,041 255,166 255,125 255,125 1,550 25,221 2015 259,243 259,563 278,217 278,217 278,388 278,388 1,028 26,996 2016 352,060 276,960 279,684 281,780 281,771 1,944 31,673 2017 304,361 238,006 238,187 237,491 2,293 35,020 2018 645,825 645,109 665,436 219,887 34,884 2019 768,845 757,958 355,225 37,597 2020 819,368 562,143 26,068 $ 3,676,311 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,688 $ 55,230 $ 84,408 $ 116,622 $ 133,279 $ 147,011 $ 154,412 $ 168,867 $ 170,944 2013 17,120 68,588 101,649 129,756 149,775 167,584 182,789 189,215 2014 20,377 71,918 114,199 143,893 229,001 229,608 250,490 2015 19,962 67,996 116,982 199,532 244,477 260,269 2016 24,810 101,234 275,801 299,145 308,358 2017 22,808 151,283 157,000 216,893 2018 63,229 189,299 271,737 2019 10,612 216,483 2020 78,760 $ 1,963,148 All outstanding liabilities prior to 2012, net of reinsurance 20,931 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,734,095 (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 9 Casualty 7.4 % 12.5 % 19.8 % 17.8 % 14.7 % 5.2 % 6.8 % 5.5 % 1.1 % Insurance – Property Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,483 $ 47,228 $ 43,423 $ 44,867 $ 44,297 $ 44,105 $ 44,150 $ 44,098 $ 44,097 - N/A 2013 64,493 56,351 52,176 52,866 52,677 52,668 52,502 52,443 2 N/A 2014 67,660 70,077 67,447 66,645 66,520 66,561 66,561 3 N/A 2015 81,137 75,673 75,830 75,787 75,616 75,666 8 N/A 2016 143,279 169,791 165,078 164,045 164,144 67 N/A 2017 230,638 293,577 297,588 299,199 229 N/A 2018 376,805 373,389 377,079 339 N/A 2019 337,993 349,750 514 N/A 2020 546,870 232,975 N/A $ 1,975,810 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,868 $ 44,408 $ 42,865 $ 44,517 $ 44,230 $ 44,040 $ 44,049 $ 44,075 $ 44,098 2013 35,201 54,220 52,588 52,849 52,474 52,459 52,467 52,441 2014 40,277 66,436 66,601 65,968 66,449 66,482 66,558 2015 45,422 70,398 75,168 75,192 75,049 75,240 2016 72,264 153,120 169,134 164,445 163,274 2017 161,592 293,417 282,607 296,805 2018 236,430 342,828 368,756 2019 218,339 337,091 2020 263,379 $ 1,667,642 All outstanding liabilities prior to 2012, net of reinsurance 33 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 308,201 (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 9 Property 55.7 % 36.8 % 3.0 % 1.5 % 1.6 % 1.3 % 0.1 % - % 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, 2020 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 2,921,525 Reinsurance Property 2,569,824 Insurance Casualty 1,734,095 Insurance Property 308,201 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 7,533,645 Reinsurance recoverable on unpaid claims Reinsurance Casualty 1,163,264 Reinsurance Property 1,097,995 Insurance Casualty 1,505,962 Insurance Property 184,253 Total reinsurance recoverable on unpaid claims 3,951,474 Unallocated claims adjustment expenses 142,289 Other 27,542 169,831 Total gross liability for unpaid claims and claim adjustment expense $ 11,654,950 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an a djustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwrit ers and actuaries; (3) actuarial 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 interpret ations of coverage and liability; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company’s best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from s uch reserves. Net income (gain or loss) will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requi rements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individ ual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports a nd supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Eve rest’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 in to 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 ultima te losses. The Company periodically 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 characteris tics for the exposure groupings 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 take 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, genera lly exhibit less volatility 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 approp riate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This m ethod relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appro priate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultima te development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectatio ns 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 whic h are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar act uarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tai l 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 g eneral approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each report ing 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 a re “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes s ignificant variances between actual and expected losses and post adjustments to its reserves as warranted. Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. These types of events are reserved for separately using a variety of statistical and actuarial techniques. We estimate losses for these types of events based on information derived from catastrophe models, quantitative and qualitative exposure analyses, reports and communications from ceding companies and development patterns for historically similar events, where available. The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company’s reserves include a n 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) 2020 2019 2018 Gross basis: Beginning of period reserves $ 257,921 $ 347,495 $ 448,993 Incurred losses 1,540 2,071 (2,473) Paid losses (40,120) (91,645) (99,026) End of period reserves $ 219,341 $ 257,921 $ 347,495 Net basis: Beginning of period reserves $ 196,574 $ 223,548 $ 269,153 Incurred losses (4,753) - - Paid losses (24,382) (26,974) (45,605) End of period reserves $ 167,439 $ 196,574 $ 223,548 Reinsurance Receivables . Reinsurance receivables for both paid and unpaid losses totaled $ 4,207,305 thousand and $ 4,444,089 thousand at December 31, 2020 and 2019, respectively. At December 31, 2020, $ 2,687,497 thousand, or 63.9 %, was receivable from Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), an affiliated entity, and is fully collateralized by a trust agreement and $ 349,447 thou sand, or 8.3 %, 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, 2020 | |
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 va lue measurement. The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers managing publicly traded securities obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a da ily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to de velop prepayment and interest rate scenarios for securities that have prepayment features. 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 price s on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. At December 31, 2020, $ 1,259,576 thousand of fixed maturities, market value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third party valuations. At December 31, 2019, $ 7 02,331 thousand of fixed maturities, market value and $ 5,826 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The Company internally manages a public equity portfolio which had a fair value at December 31, 20 20 and De cember 31, 201 9 of $ 784,746 thousand and $ 170,888 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 categori zed as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses fore ign 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 a re able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securitie s, 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 composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows: U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and cr edit spreads; Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields an d 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 pr epayment speeds, collateral performance and default spreads; Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for s imilar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, wh ere 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, 20 20 and December 31, 2019, since it represented a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent. The 25 year redeemable, convertible preferred stock with a 1.75 % coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10 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 the inputs that market participants would use in pricing the asset. The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the 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) 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 681,989 $ - $ 681,989 $ - Obligations of U.S. States and political subdivisions 577,046 - 577,046 - Corporate securities 3,449,912 - 2,819,068 630,844 Asset-backed securities 2,474,170 - 1,851,137 623,033 Mortgage-backed securities Commercial 550,080 - 550,080 - Agency residential 965,100 - 965,100 - Non-agency residential 3,164 - 3,164 - Foreign government securities 742,238 - 742,238 - Foreign corporate securities 1,199,866 - 1,194,167 5,699 Total fixed maturities, market value 10,643,565 - 9,383,989 1,259,576 Equity securities, fair value 1,288,767 1,222,158 - 66,609 - Other invested assets, fair value 1,796,479 - - 1,796,479 There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2020 . 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 In addition, $ 224,698 thousand and $ 209,578 thousand of investments within other invested assets on the consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical e xpedient 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, 2020 December 31, 2019 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 546,939 $ 153,641 $ 1,751 $ 702,331 $ 376,250 $ - $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings 1,216 681 (125) 1,772 4,937 - (12) 4,925 Included in other comprehensive income (loss) (1,115) 11,678 147 10,710 (21) 3,632 (110) 3,501 Purchases, issuances and settlements 84,840 457,033 3,814 545,687 161,078 150,009 (5,871) 305,216 Transfers in and/or (out) of Level 3 (1,037) - 113 (924) 4,695 - - 4,695 Ending balance $ 630,843 $ 623,033 $ 5,700 $ 1,259,576 $ 546,939 $ 153,641 $ 1,751 $ 702,331 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 $ (539) $ - $ - $ (539) $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2020 December 31, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value 5,826 5,826 2,337 2,337 Total gains or (losses) (realized/unrealized) Included in earnings (919) (919) 2,163 2,163 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements (4,907) (4,907) 1,326 1,326 Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ 5,826 $ 5,826 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 for fixed maturities, market value were $( 924 ) thousand and $ 4,695 thousand for the years ended December 31, 2020 and 2019, respectively. The transfers during 2020 were previously priced with investment managers and were subsequently priced by a recognized pricing service as of December 31, 2020. The transfers during 20 19 were previously priced by a recognized pricing service and were subsequently priced using investment managers as of December 31, 2019. The following table presents the activity under Level 3, fair value measurements using significant unobservable inp uts by equity securities, for the periods indicated: December 31, (Dollars in thousands) 2020 2019 Equity securities Balance, beginning of period $ - $ - Total (gains) or losses (realized/unrealized) Included in earnings - - Included in other comprehensive income (loss) - - Purchases, issuances and settlements 9,877 - Transfers in and/or (out) of Level 3 (9,877) - Balance, end of period $ - $ - 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 $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers to/(from) Level 3, fair value measurements using significant unobservable inputs for equity securities, fair value were $ ( 9,877 ) thousand for 2020 and $ 0 Thousand for 2019 . The transfers of ($ 9,877 ) thousand during 2020, were related to preferred stock in a private entity purchased during the second quarter of 2020 which was priced at cost originally and was subsequently priced based upon the book value of the underlying private entity as of Decemb er 3 1 , 2020. 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) 2020 2019 Other invested assets, fair value: Beginning balance $ 1,982,582 $ 1,717,336 Total gains or (losses) (realized/unrealized) Included in earnings (186,103) 265,246 Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Ending balance $ 1,796,479 $ 1,982,582 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, 2020 | |
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, 2020 December 31, 2019 Consolidated Consolidated Principal Balance Sheet Market Balance Sheet Market (Dollars in thousands) Date Issued Date Due Amounts Amount Value Amount Value 4.868% Senior notes 06/05/2014 06/01/2044 400,000 $ 397,194 $ 528,000 $ 397,074 $ 452,848 3.5% Senior notes 10/07/2020 10/15/2050 1,000,000 $ 979,524 $ 1,138,100 $ - $ - On June 5, 2014 , Holdings issued $ 400,000 thousand of 30 year senior notes with an annual coupon rate of 4.868 %, which will mature on June 1, 2044 . Interest will be paid semi-annually on June 1 and December 1 of each year. On October 7, 2020 , Holdings issued $ 1,000,000 thousand of 30 year senior notes an interest coupon rate of 3.5 % which will mature on October 15, 2050 . Interest will be paid se mi-annually on April 15th and October 15th 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) 2020 2019 2018 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 10/15/2050 Senior Note $ 8,115 $ - $ - |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 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 $ 223,674 $ 206,447 $ 236,758 $ 233,191 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 year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for November 16, 2020 to February 15, 2021 is 2.6 %. 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, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40 % senior n otes 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. The Company repurchased and retired $ 13,183 thousand and $ 0 thousan d of its outstanding long term subordinated notes during the years ended December, 2020 and 2019, respectively. The Company realized a gain of $ 2,536 thousand and $ 0 thousand from the repurchase of the long term subordinated notes the years ended December , 2020 and 2019, respectively. 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 expiration of the tender offer, the Company had reduced its o utstanding debt by $ 161,441 thousand. Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Interest expense incurred $ 7,645 $ 11,587 $ 10,926 |
Federal Home Loan Bank Membersh
Federal Home Loan Bank Membership | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Bank Membership [Abstract] | |
Federal Home Loan Bank Membership | 7 . FEDERAL HOME LOAN BANK MEMBERSHIP Effective August 15, 2019, Everest Reinsurance Company (“Everest Re”) became a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10 % of its statutory admitted assets. As of December 31, 2020, Everest Re h ad admitted assets of approximately $ 16,840,721 thousand which provides borrowing capacity of up to approximately $ 1,684,072 thousand. During 2020, Everest Re borrowed $ 400,000 thousand under its FHLBNY capacity. The borrowings have interest payable at an interest rate of 0.35 %. As of December 31, 2020, $ 310,000 of these borrowings remain outstanding, with maturities in November and December 2021. The FHLBNY membership agreement requires that 4.5 % of borrowed funds be used to acquire additional membership stock. |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, the total amount on deposit in the trust account was $ 886,148 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 catastrophe 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 named storm and earthq uake 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 named 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 locat ion 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 durin g the applicable covered periods of the various agreements 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 reins urance coverages by issuing 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 an d are no longer outstanding. On November 18, 2014, Kilimanjaro issued $ 500,000 thousand of notes (“Series 2014-2 Notes”). The $ 500,000 thousand of Series 2014-2 Notes were fully redeemed in November 2019 and are no longer outstanding. 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 $ 26 2,500 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, 2020 | |
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) 2020 2019 Lease expense incurred: Operating lease cost $ 29,822 $ 21,471 At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 139,835 $ 152,978 Operating lease liabilities 155,144 160,387 Year Ended December 31, (Dollars in thousands) 2020 2019 Operating cash flows from operating leases $ (18,411) $ (17,617) At December 31, 2020 2019 Weighted average remaining operating lease term 12.5 years 12.8 years Weighted average discount rate on operating leases 4.02 % 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) 2021 $ 16,191 2022 18,623 2023 18,211 2024 18,217 2025 15,225 Thereafter 116,197 Undiscounted lease payments 202,664 Less: present value adjustment 47,520 Total operating lease liability $ 155,144 On July 2, 2019, the Company entered into a lease agreement to relocate its U.S. corporate offices from Liberty Corner, New Jersey to Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, was effective October 1, 2019 and runs through 2036 . The initial base rent payment of the lease will b e approximately $ 650 thousand per month or $ 7,800 thousand per year. The Company relocated the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex as of December 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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 Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted on March 27, 2020, prov ided that U.S. companies could carryback for five years net operating losses incurred in 2018, 2019 and/or 2020. This beneficial tax provision in the CARES Act enabled the Company to carryback its significant 2018 net operating losses to prior tax years wi th higher effective tax rates of 35 % versus 21 % in 2018 and later years. As a result, the Company was able to record a net income tax benefit from the five-year carryback of $ 32.5 million and obtain federal income tax cash refunds of $ 182.5 million includi ng interest in 2020. The significant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Current tax expense (benefit): U.S. $ (106,719) $ (1,684) $ (50,964) Foreign (11) 77 8 Total current tax expense (benefit) (106,730) (1,607) (50,956) Total deferred U.S. tax expense (benefit) 138,388 136,834 (316,069) Total income tax expense (benefit) $ 31,658 $ 135,228 $ (367,025) 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) 2020 2019 2018 Expected income tax provision at the U.S. statutory tax rate $ 80,588 $ 160,762 $ (279,216) Increase (decrease) in taxes resulting from: Tax exempt income (3,598) (3,680) (3,824) Dividend received deduction (1,100) (998) (1,277) Proration 1,049 1,050 1,150 Creditable foreign premium tax (11,513) (9,852) (13,475) Tax audit settlement - (1,576) (2,060) 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 (2,612) (2,987) (1,450) Impact of CARES Act (32,500) - - Change in uncertain tax positions - (8,434) 8,434 Other 1,345 942 (2,741) Total income tax provision $ 31,658 $ 135,228 $ (367,025) (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) 2020 2019 2018 Balance at January 1 $ - $ 8,434 $ - Additions based on tax positions related to the current year - - 8,434 Additions for tax positions of prior years - - - 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, 2020, the 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, 2020, the Company accrued $ 0 thousand for the payment of interest (net of the federal benefit) and penalties. At December 31, 2020 and 2019, there were no accrued liabilities, respectively, for the payment 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 Compan y proposed affirmative beneficial income tax return adjustments to the IRS at the start of the audit. Subsequent to the Company’s CARES Act net operating loss carryback, the Company expects a tax refund of $ 16,287 thousand of recaptured foreign tax credits related to the affirmative adjustments. 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 (“IDRs”) or notices of proposed adjustment. The Company had filed amend ed tax returns for 2015 and 2016 for $ 1,519 thousand and $ 4,685 thousand respectively. During 2020, the IRS added 2018 to the audit and indicated that, subsequent to the CARES Act, it would audit tax years 2014 – 2018 all together and conclude its audit s simultaneously. To date, the Company has not received any IDRs or notices of proposed adjustment for the 2018 tax year. Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial s tatement 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) 2020 2019 Deferred tax assets: Loss reserves $ 96,840 $ 66,025 Unearned premium reserve 85,028 75,130 Foreign tax credits 46,109 186,706 Lease Liability 31,989 33,042 Net unrecognized losses on benefit plans 19,636 19,818 Equity compensation 6,749 7,229 Other tax credits 4,591 2,294 Uncollectible reinsurance reserve 3,142 3,142 Investment impairments 1,121 3,961 Net operating loss 684 19,027 Deferred expense 622 517 Unrealized foreign currency losses 597 7,958 Other assets 6,559 5,885 Total deferred tax assets 303,667 430,734 Deferred tax liabilities: Net fair value income 277,525 266,850 Net unrealized investment gains 84,869 38,074 Deferred acquisition costs 79,994 81,931 Right of use asset 28,822 31,510 Partnership Investments 26,119 15,039 Bond market discount 2,257 1,466 Benefit plan asset 1,765 2,333 Other liabilities 5,056 3,796 Total deferred tax liabilities 506,407 440,999 Net deferred tax assets/(liabilities) $ (202,740) $ (10,265) Due to the passage of the CARES Act in 2020, which allowed for a five-year carryback of NOLs, as of December 31, 2020 the Company no longer has a Consolidated U.S. NOL carryforward. Without the Consolidated U.S. NOL carryforward, the Company was able to utilize a significant amount of U.S. Foreign Tax Credits (“FTCs”) in both 2019 and 2020. As a result, its FTC carryforwards were significantly reduced at December 31, 2020 to only $ 46,109 thousand. The remaining FTC carryforwards expire between 2025 and 2030. During 2018, the Company completed its accounting for the TCJA in accordance with SEC Staff Accounting Bulletin 118, including interpretation of the additional guidance issued by the IRS and U.S. Department of the Treasury, and recognized an income tax benefit of $ 28,411 thousand primarily related to the 2017 tax return to tax provision true-up recorded in 2018. Tax effected U.S. Separate Return Limitation Year NOLs of $ 684 thousand begin to expire in 2037. Effective January 1, 2017, the Company a dopted 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 change 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 $ 2,612 thousand, $ 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 operati ons and comprehensive income (loss) in 2020, 2019 and 2018, respectively. In years prior to 2017, 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 consolidated 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 ha ve been recorded as part of additional 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 $ 414 thousand, $ 363 thousand and $ 241 thousand in 2020, 2019 and 2018, respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
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 reinsura nce agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly mo nitoring the financial condition and ratings of its reinsurers. Reinsurance receivables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance receivables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to r einsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance receivables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. 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. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performan ce, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating. Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets. The Company per iodically evaluates the recoverability of its reinsurance receivable assets and establishes an allowance for uncollectible reinsurance. The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be unco llectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncoll ectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. Due to the inherent uncertainties as to collection and the length of time before reinsurance receivable become due, it is possible that future adjustments to th e Company’s reinsurance receivable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. The allowance is estimated as the amount of reinsurance receivable exposed to loss multiplied by estimated factors for the probability of default. The probability of default is assigned based on each reinsurer's credit rating, or a rating is estimated if no external rating is avail able. Credit ratings are reviewed and updated at least annually. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cy cles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance receivable considers the current economic environment as well as macroeconomic scenarios. Insurance c ompanies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we h old collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults. The Company expects the impact of the COVID-19 pandemic to reinsurers to be somewhat mitigated by their regulated capi tal and liquidity positions. The ultimate impact to the Company's financial statements could vary significantly from our estimates depending on the duration and severity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records credit loss expenses related to reinsurance receivable in losses and loss adjustment expenses. Write-offs of reinsurance rece ivable and any related allowance are recorded in the period in which the balance is deemed uncollectible. The allowance for the reinsurance receivables is $ 14,233 thousand and $ 12,836 thousand as of December 31, 2020 and 2019, respectively. Premiums writt en and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Written premiums: Direct $ 2,698,100 $ 2,449,198 $ 1,996,606 Assumed 5,258,938 4,603,866 4,577,070 Ceded (1,318,338) (1,278,115) (1,541,814) Net written premiums $ 6,638,700 $ 5,774,949 $ 5,031,862 Premiums earned: Direct $ 2,591,613 $ 2,255,388 $ 1,903,576 Assumed 5,183,399 4,427,006 4,447,862 Ceded (1,368,436) (1,193,359) (1,512,380) Net premiums earned $ 6,406,576 $ 5,489,035 $ 4,839,058 Incurred losses and LAE: Direct $ 1,784,616 $ 1,401,251 $ 1,182,399 Assumed 3,576,252 2,913,987 4,162,776 Ceded (752,724) (486,116) (534,157) Net incurred losses and LAE $ 4,608,144 $ 3,829,122 $ 4,811,018 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 - - 01/01/2020-01/01/2021 Everest International Assurance 100.0 % Bermuda Re life 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 has been renewed annually and was most recently renewed effective January 1, 2020. In addition, Everest Re entered into a property catastrophe excess of loss reinsurance contract with Bermuda Re, effectiv e January 1, 2019. The contract provided $ 100,000 thousand of reinsurance coverage for property catastrophe losses above certain attachment points. This contract was not renewed and expired as of December 31, 2019. The table below represents loss portfol io transfer (“LPT”) reinsurance agreements whereby 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 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) 2020 2019 2018 Ceded written premiums $ 131,341 $ 100,084 $ 572,620 Ceded earned premiums 131,574 101,681 586,120 Ceded losses and LAE 108,477 (51,686) (49,955) Everest International Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Ceded written premiums $ - $ - $ - Ceded earned premiums - - - Ceded losses and LAE (503) 324 (753) Everest Canada Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Assumed written premiums $ 1 $ - $ - Assumed earned premiums (7) - - Assumed losses and LAE (2,102) 3,024 6,238 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Assumed written premiums $ (3,592) $ (11,470) $ 10,800 Assumed earned premiums (3,375) (18,650) 35,826 Assumed losses and LAE (2,636) 8,355 27,550 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) 2020 2019 2018 Ceded written premiums $ 263,487 $ 240,721 $ 207,439 Ceded earned premiums 265,381 235,500 212,046 Ceded losses and LAE 175,087 171,900 234,471 Assumed written premiums - - 10,582 Assumed earned premiums - - 10,582 Assumed losses and LAE - - - |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 December 31, 2018 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 $ 206,159 (43,078) $ 163,080 $ 222,884 (46,971) $ 175,913 $ (119,058) $ 25,582 $ (93,476) URA(D) on securities - OTTI - - - (546) 115 (431) 645 (135) 510 Reclassification of net realized losses (gains) included in net income (loss) 32,475 (7,007) 25,468 6,068 (988) 5,080 3,416 (1,395) 2,021 Foreign currency translation adjustments 18,277 (3,815) 14,461 21,708 (4,555) 17,153 (46,136) 9,705 (36,431) Benefit plan actuarial net gain (loss) (7,107) 1,492 (5,615) (15,938) 3,347 (12,591) (646) 136 (510) Reclassification of amortization of net gain (loss) included in net income (loss) 7,974 (1,674) 6,300 6,902 (1,449) 5,453 6,356 (1,335) 5,021 Total other comprehensive income (loss) $ 257,778 $ (54,082) $ 203,694 $ 241,078 $ (50,501) $ 190,577 $ (155,423) $ 32,558 $ (122,865) (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 2020 2019 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 32,475 $ 6,068 Other net realized capital gains (losses) (7,007) (988) Income tax expense (benefit) $ 25,468 $ 5,080 Net income (loss) Benefit plan net gain (loss) $ 7,974 $ 6,902 Other underwriting expenses (1,674) (1,449) Income tax expense (benefit) $ 6,300 $ 5,453 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) 2020 2019 Beginning balance of URA (D) on securities $ 124,612 $ (55,950) Current period change in URA (D) of investments - temporary 188,548 180,993 Current period change in URA (D) of investments - non-credit OTTI - (431) Ending balance of URA (D) on securities 313,161 124,612 Beginning balance of foreign currency translation adjustments 14,267 (2,886) Current period change in foreign currency translation adjustments 14,461 17,153 Ending balance of foreign currency translation adjustments 28,727 14,267 Beginning balance of benefit plan net gain (loss) (74,556) (67,418) Current period change in benefit plan net gain (loss) 685 (7,138) Ending balance of benefit plan net gain (loss) (73,870) (74,556) Ending balance of accumulated other comprehensive income (loss) $ 268,018 $ 64,324 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Company contributions $ 6,825 $ 4,750 $ 77,743 The following table summarizes the Company’s pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Pension expense $ 8,429 $ 10,042 $ 9,728 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) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 355,356 $ 300,244 Service cost 9,522 8,255 Interest cost 10,112 11,712 Actuarial (gain)/loss 43,595 46,206 Curtailment - - Benefits paid (14,115) (11,062) Projected benefit obligation at end of year 404,471 355,356 Change in plan assets: Fair value of plan assets at beginning of year 301,467 260,531 Actual return on plan assets 60,286 47,247 Actual contributions during the year 6,825 4,750 Benefits paid (14,115) (11,062) Fair value of plan assets at end of year 354,464 301,467 Funded status at end of year $ (50,007) $ (53,889) (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) 2020 2019 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (2,197) (7,362) Other liabilities (due beyond one year) (47,810) (46,527) Net amount recognized in the consolidated balance sheets $ (50,007) $ (53,889) 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) 2020 2019 Accumulated income (loss) $ (91,979) $ (97,466) Accumulated other comprehensive income (loss) $ (91,979) $ (97,466) (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) 2020 2019 Other comprehensive income (loss) at December 31, prior year $ (97,466) $ (88,580) Net gain (loss) arising during period (4,090) (16,927) Recognition of amortizations in net periodic benefit cost: Actuarial loss 9,576 8,042 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ (91,979) $ (97,466) (Some amounts may not reconcile due to rounding.) Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Service cost $ 9,522 $ 8,255 $ 9,801 Interest cost 10,112 11,712 10,290 Expected return on assets (20,781) (17,968) (17,202) Amortization of actuarial loss from earlier periods 8,551 7,635 6,839 Settlement 1,025 408 - Net periodic benefit cost $ 8,429 $ 10,042 $ 9,728 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year (5,486) 8,885 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 2,943 $ 18,927 (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, $ 7,709 thousand and $ 0 thousand, respectively. The weighted average discount rates used to determine net periodic benefit cost for 2020, 2019 and 2018 were 3.28 %, 4.27 % and 3.62 %, respectively. The rate of compensation increase used to determine the net periodic benefit cos t for 2020, 2019 and 2018 was 4.00 %. The expected long-term rate of return on plan assets was 7.00 % for 2020, 2019 and 2018 based on expected portfolio returns and allocations. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2020, 2019 and 2018 were 2.55 %, 3.28 % and 4.27 %, respectively. The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2020 2019 Qualified Plan $ 336,027 $ 288,328 Non-qualified Plan 16,258 21,642 Total $ 352,285 $ 309,970 (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) 2020 2019 Qualified Plan Projected benefit obligation $ 388,213 $ 333,715 Fair value of plan assets 354,464 301,467 Non-qualified Plan Projected benefit obligation $ 16,258 $ 21,642 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) 2020 2019 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 16,258 $ 21,642 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2021 $ 11,757 2022 12,220 2023 13,064 2024 14,100 2025 15,190 Next 5 years 90,808 Plan assets consist of shares in investment trusts with 72 %, 27 %, 1 % and 0 % 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 consi st 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 fai r 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) 2020 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,204 $ 1,204 $ - $ - Mutual funds, fair value Fixed income (b) 93,609 93,609 - - Equities (c) 255,054 255,054 - - Total $ 349,867 $ 349,867 $ - $ - (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, 2020 . 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 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, $ 4,596 thousand and $ 20,351 thousand of investments which were recorded as part of the qualified plan assets at December 31, 2020 and 2019, respectively, are not included within the fair value hierarchy tables as the asset s are valued using the NAV practical expedient guidance within ASU 2015-07. The Company contributed $ 0 thousand to the qualified pension benefit plan for the years ended December 31, 2020 and 2019. Defined Contribution Plans. The Company also maintains b oth 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 participants’ 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, effectiv e 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 % vested 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) 2020 2019 2018 Incurred expenses $ 14,386 $ 10,794 $ 9,301 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 7.9 % to 8. 8 %. 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) 2020 2019 2018 Incurred expenses $ 774 $ 474 $ 489 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 depende nts), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee’s ser vice. A medical cost trend rate of 6.75 % in 2020 was assumed to decrease gradually to 4.75 % in 2030 and then remain at that level. The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Post-retirement benefit expenses $ 1,334 $ 1,231 $ 1,829 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 29,376 $ 28,483 Service cost 1,066 983 Interest cost 845 980 Amendments - - Actuarial (gain)/loss 4,042 (582) Benefits paid (232) (488) Benefit obligation at end of year 35,098 29,376 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 232 488 Benefits paid (232) (488) Fair value of plan assets at end of year - - Funded status at end of year $ (35,098) $ (29,376) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2020 2019 Other liabilities (due within one year) $ (613) $ (611) Other liabilities (due beyond one year) (34,484) (28,764) Net amount recognized in the consolidated balance sheets $ (35,098) $ (29,376) (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) 2020 2019 Accumulated income (loss) $ (3,854) $ 188 Accumulated prior service credit (cost) 2,327 2,904 Accumulated other comprehensive income (loss) $ (1,527) $ 3,092 Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2020 2019 Other comprehensive income (loss) at December 31, prior year $ 3,092 $ 3,242 Net gain (loss) arising during period (4,042) 582 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - (155) Prior service cost (577) (577) Other comprehensive income (loss) at December 31, current year $ (1,527) $ 3,092 Net periodic benefit cost include d the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Service cost $ 1,066 $ 983 $ 1,312 Interest cost 845 980 999 Prior service credit recognition (577) (577) (577) Net gain recognition - (155) 94 Net periodic cost $ 1,334 $ 1,231 $ 1,829 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year 4,619 150 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 5,953 $ 1,381 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial gain 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, $ 46 thousand and $ 577 thousand, respectively. The weighted average discount rates used to determine net periodic benefit cost for 2020, 2019 and 2018 were 3.28 %, 4.27 % and 3.62 %, respectively. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2020, 2019 an d 2018 were 2.55 %, 3.28 % and 4.27 %, respectively. The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2021 $ 613 2022 715 2023 806 2024 851 2025 989 Next 5 years 6,955 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14 . DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Holdings’ primary operating subsidiary, Everest Re, is regulated by Delaware law and is subject to th e Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”). This model represents the aggregate regulatory restrictions on net assets and statutory capital and surplus. Dividend Restrictions. Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the a pproval 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 reali zed 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, 2020, Everest Re has $ 592,082 thousand available for payment of dividends in 2021 without the need for prior regulatory approval. Statutory Financial Information. Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ 5,276,003 thousand and $ 3,739,140 thousand at December 31, 20 20 and 201 9 , respectively. The statutory net income of Everest Re was $ 595,077 thousand and $ 363,034 thousand, for the years ended December 31, 2020 and 2019, respectively. The statutory net loss of Everest Re was $ 1,317,991 for the year ended December 31, 2018. There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings’ direct insurance subsi diaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Restrictions. In the United States, Everest Re is subject to the RBC dev eloped 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 action is required by the Company. The regulatory targeted capital and t he actual statutory capital for Everest Re is as follows: Everest Re (1) At December 31, (Dollars in thousands) 2020 2019 Regulatory targeted capital $ 2,489,772 $ 2,001,226 Actual capital $ 5,276,003 $ 3,739,140 (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, 2020 | |
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) 2020 2019 The Prudential $ 140,773 $ 141,703 Unaffiliated life insurance company 35,128 35,082 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
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. This transaction is presented as a Note Receivable – Affiliated in the Consolid ated Balance Sheet of Holdings. The Company recognized interest income related to this long term note of $ 5,155 thousand and $ 211 thousand for years ended December 31, 2020 and 2019, respectively. Group entered into a $ 250,000 thousand long term promissor y note agreement with Holdings as of December 31, 2014. The note was repaid in December 2018, including $ 4,085 thousand of interest income. Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary H oldings to purchase Group’s common shares through open market transactions, privately negotiated transactions or both. The table below represents the amendments to the share repurchase program for the common shares approved for repurchase. Common Shares Authorized for Amendment Date Repurchase (Dollars in thousands) 09/21/2004 5,000,000 07/21/2008 5,000,000 02/24/2010 5,000,000 02/22/2012 5,000,000 05/15/2013 5,000,000 11/19/2014 5,000,000 05/22/2020 2,000,000 32,000,000 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 receive d on the preferred shares of Preferred Holdings and on the Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. Years Ended December 31, (Dollars in thousands) 2020 2019 2018 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 $ 0 thousand and $ 3,658 thousand was recorded by Holdings for the years ended December 2020 and 2019, respectively. Effective October 1, 2018, Holdings Ireland made a capital contribution of Global Services, an affiliated entity, to Holdings. Global Services had an equity value of $ 227,253 thousand at the time of contribution and that value is classified as additional paid in capital in the Company’s consolidated balance sheet as of December 31, 2018. Everest Global Services, Inc. (“Global Ser vices”), 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 ex ecutive 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 indic ated. Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Expenses incurred $ 124,486 $ 107,851 $ 81,346 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17 . SEGMENT REPORTING The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States as well as through branches in Canada and Singapore. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the United States. These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods in dicated: Reinsurance Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Gross written premiums $ 5,265,698 $ 4,600,373 $ 4,569,582 Net written premiums 4,632,265 3,923,799 3,519,704 Premiums earned $ 4,484,693 $ 3,796,136 $ 3,386,386 Incurred losses and LAE 3,209,160 2,692,680 3,811,747 Commission and brokerage 1,119,966 1,027,286 923,902 Other underwriting expenses 119,320 110,032 97,927 Underwriting gain (loss) $ 36,247 $ (33,862) $ (1,447,190) Insurance Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Gross written premiums $ 2,691,340 $ 2,452,691 $ 2,004,093 Net written premiums 2,006,435 1,851,150 1,512,158 Premiums earned $ 1,921,883 $ 1,692,899 $ 1,452,672 Incurred losses and LAE 1,398,984 1,136,442 999,271 Commission and brokerage 253,389 242,767 217,812 Other underwriting expenses 281,713 240,869 195,420 Underwriting gain (loss) $ (12,203) $ 72,821 $ 40,169 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) 2020 2019 2018 Underwriting gain (loss) $ 24,044 $ 38,959 $ (1,407,021) Net investment income 375,906 356,211 314,381 Net realized capital gains (losses) 49,804 419,367 (185,356) Corporate expense (15,985) (13,063) (11,034) Interest, fee and bond issue cost amortization expense (35,659) (34,931) (30,611) Other income (expense) (14,579) (1,589) (9,568) Income (loss) before taxes $ 383,531 $ 764,955 $ (1,329,209) 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) 2020 2019 2018 Canada gross written premiums $ 320,665 $ 214,594 $ 173,530 No other country represented more than 5 % of the Company’s revenues. Approximately 20.1 %, 25.8 % and 21.1 % of the Company’s gross written premiums in 20 20 , 201 9 and 201 8 , respectively, were sourced through the Company’s largest intermediary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In February 2021, a severe winter storm impacted Texas and other southern states. Due to the recentness of this event, the Company is unable to estimate the amount of losses a t this time. However, the Company anticipates that the losses from this event will adversely impact first quarter 2021 financial statements. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 19 . UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2020 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,974,965 $ 1,838,247 $ 2,064,961 $ 2,078,865 Net written premiums 1,638,708 1,501,550 1,725,701 1,772,741 Premiums earned 1,494,005 1,538,960 1,615,457 1,758,154 Net investment income 74,201 35,153 135,428 131,124 Net realized capital gains (losses) 256,867 (479,360) 115,193 157,104 Total claims and underwriting expenses 1,465,006 1,436,098 1,720,362 1,812,710 Net income (loss) 316,645 (270,593) 119,806 186,015 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 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 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 $ 659,957 $ 681,989 $ 681,989 State, municipalities and political subdivisions 543,646 577,046 577,046 Foreign government securities 694,132 742,238 742,238 Foreign corporate securities 1,130,865 1,199,866 1,199,866 Public utilities 113,206 120,749 120,749 All other corporate bonds 5,645,979 5,796,383 5,796,383 Mortgage - backed securities Commercial 512,388 550,080 550,080 Agency residential 937,166 965,100 965,100 Non-agency residential 3,164 3,164 3,164 Redeemable preferred stock 8,147 6,950 6,950 Total fixed maturities-available for sale 10,248,650 10,643,565 10,643,565 Equity securities at fair value(1) 927,324 1,288,767 1,288,767 Short-term investments 708,043 707,905 707,905 Other invested assets 1,094,933 1,094,933 1,094,933 Other invested assets, at fair value (1) 1,773,214 1,796,479 1,796,479 Cash 378,518 378,518 378,518 Total investments and cash $ 15,130,682 $ 15,910,167 $ 15,910,167 (Some amounts may not reconcile due to rounding.) (1) Original cost does not reflect adjustments, which have been realized through the statements of operations and comprehensive income. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 ASSETS: Fixed maturities - available for sale, at market value $ - $ 1,750 (amortized cost: 2020, $0; 2019, $1,750) Equity securities - available for sale, at fair value 311,009 75,585 Other invested assets 146,968 56,909 Other invested assets, at fair value 1,796,479 1,982,582 Short-term investments 9,985 20,514 Cash 10,482 10,384 Total investments and cash 2,274,923 2,147,724 Investment in subsidiaries, at equity in the underlying net assets 6,115,130 4,580,852 Note receivable - affiliated - 10,000 Accrued investment income 87 573 Advances to affiliates 165 (39) Other assets (104) 162 TOTAL ASSETS $ 8,390,201 $ 6,739,272 LIABILITIES: Senior notes due 6/1/2044 $ 397,194 $ 397,074 Senior notes due 10/15/2050 979,524 - Long term notes due 5/1/2067 223,674 236,758 Accrued interest on debt and borrowings 10,388 2,878 Income taxes 362,393 243,062 Due to affiliates 1,835 1,016 Other liabilities 880 1,059 Total liabilities $ 1,975,888 $ 881,847 STOCKHOLDER'S EQUITY: Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2020 and 2019) - - Additional paid-in capital 1,101,092 1,100,678 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $71,080 at 2020 and $16,997 at 2019 268,018 64,324 Retained earnings 5,045,203 4,692,423 Total stockholder's equity 6,414,313 5,857,425 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 8,390,201 $ 6,739,272 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) 2020 2019 2018 REVENUES: Net investment income $ 26,021 $ 34,970 $ 38,951 Net investment income - Affiliated 320 412 4,085 Net realized capital gains (losses) (73,338) 274,110 (87,267) Other income (expense) 3,105 524 (6,085) Net income (loss) of subsidiaries 393,552 370,084 (906,211) Total revenues 349,659 680,100 (956,527) EXPENSES: Interest expense 35,508 34,931 30,611 Corporate expense 9,392 6,810 6,337 Total expenses 44,900 41,741 36,948 INCOME (LOSS) BEFORE TAXES 304,760 638,359 (993,475) Income tax expense (benefit) (47,113) 8,632 (31,291) NET INCOME (LOSS) $ 351,873 $ 629,727 $ (962,184) Other comprehensive income (loss), net of tax : Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 163,080 175,482 (92,966) Less: reclassification adjustment for realized losses (gains) included in net income (loss) 25,468 5,080 2,021 Total URA(D) on securities arising during the period 188,548 180,562 (90,945) Foreign currency translation adjustments 14,461 17,153 (36,431) Benefit plan actuarial net gain (loss) for the period (5,615) (12,591) (510) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 6,300 5,453 5,021 Total benefit plan net gain (loss) for the period 685 (7,138) 4,511 Total other comprehensive income (loss), net of tax 203,694 190,577 (122,865) COMPREHENSIVE INCOME (LOSS) $ 555,567 $ 820,304 $ (1,085,049) 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) 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 351,873 $ 629,727 $ (962,184) Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) deficit of subsidiaries (393,552) (370,084) 906,211 Dividends received from subsidiary - 300,000 90,000 Increase (decrease) in income taxes 119,331 40,695 4,687 Change in equity adjustments in limited partnerships 8,491 2,468 (2,617) Change in other assets and liabilities, net 20,179 (16,615) (20,450) Amortization of bond premium (accrual of bond discount) 63 13 370 Net realized capital losses (gains) 73,338 (274,110) 87,267 Net cash provided by (used in) operating activities 179,722 312,094 103,284 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (949,464) 15,174 (1,383,659) Proceeds from fixed maturities matured/called - available for sale, at market value 1,750 - 9,385 Proceeds from fixed maturities sold - available for sale, at market value - 12,000 96,836 Proceeds from equity maturities sold - at fair value 61,883 18,905 182,552 Distributions from other invested assets 1,113,176 389,200 1,401,606 Cost of fixed maturities acquired - available for sale, at market value - - (13,510) Cost of equity securities acquired - at fair value (184,542) (32,597) (39,449) Cost of other invested assets acquired (1,211,726) (388,598) (1,407,352) Net change in short-term investments 10,529 (16,403) 396 Net change in unsettled securities transaction - - (99) Proceeds from repayment (cost of issuance) of note receivable, affiliated 10,000 (10,000) 250,000 Net cash provided by (used in) investing activities (1,148,394) (12,319) (903,294) CASH FLOWS FROM FINANCING ACTIVITIES: Capital contribution from parent - - 500,324 Proceeds from issuance of senior notes 979,417 - - Cost of debt repurchase (10,647) - - Proceeds from issuance (cost of repayment) for note payable, affiliated - (300,000) 300,000 Net cash provided by (used in) financing activities 968,770 (300,000) 800,324 Net increase (decrease) in cash 98 (225) 314 Cash, beginning of period 10,384 10,609 10,295 Cash, end of period $ 10,482 $ 10,384 $ 10,609 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 Non-cash contribution to subsidiaries - - (221) 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 Reinsurance (Bermuda) Ltd., an affiliated entity. The note was scheduled to mature on December 31, 2023 but was repaid in May, 2019. 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 was scheduled to mature on February 19, 2049 but was repaid in September 2020. 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, 2020 | |
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 Segment 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, 2020 Reinsurance $ 169,346 $ 7,896,076 $ 1,127,815 $ 4,484,693 $ 254,671 $ 3,209,160 $ 1,119,966 $ 119,320 $ 4,632,265 Insurance 210,361 3,758,874 1,257,359 1,921,883 121,235 1,398,984 253,389 281,713 2,006,435 Total $ 379,707 $ 11,654,950 $ 2,385,174 $ 6,406,576 $ 375,906 $ 4,608,144 $ 1,373,355 $ 401,033 $ 6,638,700 As of and for the year ended December 31, 2019 Reinsurance $ 182,531 $ 7,138,800 $ 1,069,829 $ 3,796,136 $ 249,073 $ 2,692,680 $ 1,027,286 $ 110,032 $ 3,923,799 Insurance 205,707 3,070,719 1,129,103 1,692,899 107,138 1,136,442 242,767 240,869 1,851,150 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 Reinsurance $ 185,328 $ 7,417,941 $ 939,693 $ 3,386,386 $ 229,375 $ 3,811,747 $ 923,902 $ 97,927 $ 3,519,704 Insurance 168,302 2,749,077 887,175 1,452,672 85,006 999,271 217,812 195,420 1,512,158 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 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Total property and liability insurance premiums earned $ 2,591,613 $ 1,368,436 $ 5,183,399 $ 6,406,576 $ 80.9% 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% |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
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 20 20 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 s tock holder ’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance she ets, since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and matur ities will fund the projected payout of these liabilities. The Compa ny reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the dec line in value is due to non-credit related or credit related factors. 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 cause d by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in market value. Non-credit related declines in market value are recorded as unrealized losses in a ccumulated other comprehensive income (loss). If the Company intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consoli dated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related 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 se ll the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The fair value adjustment that is non-credit related is recorded as a component of ot her comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). 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 financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net rea lized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value, and in many instances, these fair values are supported with opinions from qualified independent third parties. For publicly traded securities, market value is based on quoted market pric es or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospect ive 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 th e time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts and, prior to July 1, 2018, a private placement liquidity s weep facility. Cash contributions to and cash distributions from the sweep facility were reported gross in cash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. Other invested assets, at fair value, are comprised of convertible preferred stock of Everest Preferred International Holdings, Ltd. (“Preferred Holdings”), an affiliated entity. The fair v alues of the Preferred Holdings convertible preferred stock at December 31, 2020 and December 31, 2019 were determined using a pricing model. |
Allowance for Receivable Balances | C. Allowance for Receivable Balances. Effective January 1, 2020, the Company adopted the Current Expected Credit Losses (CECL) methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance receivable balances and establishes an allowance for estimated uncollectible amounts. Prior to the adoption of CECL, an allowance for doubtful accounts was estimated on the basis of periodic evaluations of balances due from third parties, considering historical collection experience, solven cy and current economic conditions. Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/ cedants. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions an d reasonable and supportable forecasts, when appropriate. In response to significant economic stress experienced as a result of the COVID-19 pandemic, during 2020, the Company increased the expected loss factors used to estimate the allowance based on coll ection experience during past moderate and severe recessions as well as experience during periods when we provided policyholders additional time to make premiums payments. A portion of the Company's Commercial Lines business is written with large deducti bles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the d eductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycle s. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic envi ronment as well as the probability-weighted macroeconomic scenarios. In response to significant economic stress experienced as a result of the COVID-19 pandemic, the Company increased the weight of both a moderate and severe recession scenario in our esti mate of the allowance for loss within a deductible and retrospectively-rated policy premiums. The ultimate impact to the Company’s financial statements from the COVID-19 pandemic could vary significantly from our estimates depending on the duration and sev erity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records total credit loss expenses related to premiums receivable in other underwriting expenses and records credit loss expenses related to deductibles through losses incurred The allowance for uncollectible reinsurance reflects management’s best estimate of reinsurance cessions that may be unco llectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncoll ectible reinsurance or charge off reinsurer balances that are determined to be uncollectible. The allowance is estimated as the amount of reinsurance receivable exposed to loss multiplied by estimated factors for the probability of default. The reinsuran ce receivable exposed is the amount of reinsurance receivable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance receivable considers the current economic environment as well as macroeconomic scenarios. The Company expects the impact of the COVID-19 pandemic to reinsurers to be somewhat mitigated by their regulated capital and liquidity positions. The ultimate impact to the Company's financial statements could vary significantly from our estimates depending on the duration and severity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records credit loss expenses related to reinsurance receivable in losses and loss adjustme nt expenses. Write-offs of reinsurance receivable and any related allowance are recorded in the period in which the balance is deemed uncollectible. Allowances are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2020 2019 Reinsurance receivables and premium receivables $ 33,370 $ 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) 2020 2019 2018 Deferred acquisition costs $ 1,373,355 $ 1,270,053 $ 1,141,714 |
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, 2020 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. As an accounting policy, the Company has adopted the aggreg ate portfolio approach for releasing disproportionate income tax effects from AOCI. |
Foreign Currency | I. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional cu rrency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are rec orded 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 stockho lder’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 per iod for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in stockholder’s equity. |
Segmentation | J. Segmentation. With recent c hanges in executive management and organizational structure, the Company manages its reinsurance and insurance operations as autonomous units and key strategic decisions are based on the aggregate operating results and projections for these segments of bus iness. Accordingly, effective January 1, 2020, the Company revised it reporting segments to Reinsurance Operations and Insurance Operations. This replaces the previous reported segments of U.S. Reinsurance, International (reinsurance) and Insurance. The prior year presented segment information has been reformatted to reflect this change. See also Note 17. |
Retroactive Reinsurance | K. Retroactive Reinsurance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially determine d 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. Accounting for Income Taxes. In December 2019, The Financial Accounting Standards Board (“FA SB”) issued Accounting Standards Update (“ASU”) 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidan ce is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its financial statements. Accounting for Cloud Computing Arrangement . In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a clo ud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs s hould be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The adoption of ASU 2018-15 did not have a mate rial impact on the Company’s financial statements. 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 Co dification (“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 modifications 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. Amo rtization 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 securities 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. The adoption of ASU 2017-08 did not have a material impact on the Co mpany’s financial statements. 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 ASU 2019-10 in November 2019) which outline guidance on the valuation o f and accounting for assets measured at amortized cost and available for sale debt securities. The new guidance requires the carrying value of assets measured at amortized cost, including reinsurance and premiums receivables to be presented as the net amo unt expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). The allowance reflects expected credit losses of the financial asset which considers available information using a combination both historical information, current market conditions and reasonable and supportable forecasts. For available-for-sale debt securities, the guidance modified the previous other than temporary impairment model, now requiring an allowance for estimated credit r elated losses rather than a permanent impairment, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company adopted t he guidance effective January 1, 2020, on a modified retrospective basis. The adoption resulted in a cumulative adjustment of $ 907 thousand in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of S tock holder ’s Equity. 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 th e 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, 201 8. 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 prio r to adoption continue to be presented in the financial 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 transitio n 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 leas e terms). The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $ 60,325 thousand as part of other assets and a lease liability of $ 66,551 thousand as part of other liabilities in the consolidated balance sheet, a s well as de-recognizing the liability for deferred rent that was required under the previous guidance. The cumulative effect adjustment to the opening balance of retained earnings was zero . The adoption of the updated guidance did not have a material eff ect on the Company’s results of operations or liquidity. 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 state s that all equity investments in unconsolidated entities will be measured at fair value, with the change in value being recorded through the income statement rather than being recorded within other comprehensive income. The updated guidance is effective f or annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-01 resulted in a cumulative change adjustment of $ 2,447 thousand between AOCI and retained ear nings, which is disclosed separately within the consolidated statement of changes in shareholders equity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immateri al to its financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Allowance For Reinsurance Receivables And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2020 2019 Reinsurance receivables and premium receivables $ 33,370 $ 25,163 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Deferred acquisition costs $ 1,373,355 $ 1,270,053 $ 1,141,714 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 2020 Amortized Allowances for Unrealized Unrealized Market (Dollars in thousands) Cost Credit Loss Appreciation Depreciation Value Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 659,957 $ - $ 22,032 $ - $ 681,989 Obligations of U.S. states and political subdivisions 543,646 - 34,655 (1,255) 577,046 Corporate securities 3,316,525 (1,205) 166,072 (31,480) 3,449,912 Asset-backed securities 2,450,807 - 28,585 (5,222) 2,474,170 Mortgage-backed securities Commercial 512,388 - 37,875 (183) 550,080 Agency residential 937,166 - 28,630 (696) 965,100 Non-agency residential 3,164 - 2 (2) 3,164 Foreign government securities 694,132 - 51,317 (3,211) 742,238 Foreign corporate securities 1,130,865 (361) 73,265 (3,903) 1,199,866 Total fixed maturity securities $ 10,248,650 $ (1,566) $ 442,433 $ (45,952) $ 10,643,565 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 (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, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 658,561 $ 659,622 $ 569,506 $ 563,730 Due after one year through five years 2,911,285 3,036,151 2,919,966 2,963,903 Due after five years through ten years 1,927,265 2,079,866 1,541,695 1,602,642 Due after ten years 848,014 875,412 602,440 620,473 Asset-backed securities 2,450,807 2,474,170 761,607 765,957 Mortgage-backed securities Commercial 512,388 550,080 311,961 329,049 Agency residential 937,166 965,100 625,612 644,687 Non-agency residential 3,164 3,164 1,638 1,638 Total fixed maturity securities $ 10,248,650 $ 10,643,565 $ 7,334,425 $ 7,492,079 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 2020 2019 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 238,634 $ 228,953 Fixed maturity securities, other-than-temporary impairment - (546) Change in unrealized appreciation (depreciation), pre-tax 238,634 228,408 Deferred tax benefit (expense) (50,086) (47,959) Deferred tax benefit (expense), other-than-temporary impairment - 115 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 188,548 $ 180,562 |
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, 2020 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 Obligations of U.S. states and political subdivisions 19,524 (999) 4,059 (256) 23,583 (1,255) Corporate securities 240,601 (7,799) 188,853 (23,681) 429,454 (31,480) Asset-backed securities 223,919 (4,573) 81,952 (649) 305,871 (5,222) Mortgage-backed securities Commercial 37,414 (182) 3,983 (1) 41,397 (183) Agency residential 235,809 (682) 1,573 (14) 237,382 (696) Non-agency residential 161 (2) - - 161 (2) Foreign government securities 10,505 (373) 25,793 (2,838) 36,298 (3,211) Foreign corporate securities 57,900 (2,182) 18,349 (1,721) 76,249 (3,903) Total fixed maturity securities $ 825,833 $ (16,792) $ 324,562 $ (29,160) $ 1,150,395 $ (45,952) 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) |
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, 2020 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 $ 28,802 $ (1,218) $ 34,555 $ (4,142) $ 63,357 $ (5,360) Due in one year through five years 150,106 (5,828) 116,987 (4,783) 267,093 (10,611) Due in five years through ten years 81,492 (1,634) 13,118 (435) 94,610 (2,069) Due after ten years 68,130 (2,673) 72,394 (19,136) 140,524 (21,809) Asset-backed securities 223,919 (4,573) 81,952 (649) 305,871 (5,222) Mortgage-backed securities 273,384 (866) 5,556 (15) 278,940 (881) Total fixed maturity securities $ 825,833 $ (16,792) $ 324,562 $ (29,160) $ 1,150,395 $ (45,952) 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) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Fixed maturities $ 305,399 $ 273,122 $ 201,108 Equity securities 11,466 10,782 14,909 Short-term investments and cash 2,978 10,231 7,715 Other invested assets Limited partnerships 48,899 43,316 61,645 Dividends from preferred shares of affiliate 31,032 31,031 31,032 Other 1,699 14,117 17,825 Gross investment income before adjustments 401,473 382,599 334,234 Funds held interest income (expense) 5,705 6,459 5,188 Interest income from Parent 5,154 211 4,085 Gross investment income 412,332 389,269 343,507 Investment expenses (36,426) (33,058) (29,126) Net investment income $ 375,906 $ 356,211 $ 314,381 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Fixed maturity securities, market value: Allowances for credit losses $ (1,566) $ - $ - Other-than-temporary impairments - (19,643) (6,164) Gains (losses) from sales (32,614) 7,571 933 Fixed maturity securities, fair value: Gains (losses) from sales (2,863) 355 (1,799) Gains (losses) from fair value adjustments 1,944 1,808 1,506 Equity securities, fair value: Gains (losses) from sales (7,931) 4,144 (32,092) Gains (losses) from fair value adjustments 276,093 153,728 (59,409) Other invested assets 1,705 6,003 1,815 Other invested assets, fair value: Gains (losses) from fair value adjustments (186,102) 265,245 (90,136) Short-term investment gains (losses) 1,138 156 (10) Total net realized capital gains (losses) $ 49,804 $ 419,367 $ (185,356) Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2020 Foreign Foreign Corporate Government Corporate Securities Securities Securities Total Beginning Balance $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded (21,829) (70) (561) (22,460) Increases in allowance on previously impaired securities (5,909) - (211) (6,120) Decreases in allowance on previously impaired securities 1,824 - 282 2,106 Reduction in allowance due to disposals 24,709 70 129 24,908 Balance as of December 31, 2020 $ (1,205) $ - $ (361) $ (1,566) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Proceeds from sales of fixed maturity securities $ 631,285 $ 2,403,786 $ 793,119 Gross gains from sales 24,177 25,076 15,349 Gross losses from sales (59,654) (17,150) (16,215) Proceeds from sales of equity securities $ 375,112 $ 283,707 $ 1,029,920 Gross gains from sales 37,403 14,270 25,160 Gross losses from sales (45,334) (10,126) (57,252) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in thousands) 2020 2019 2018 Gross reserves beginning of period $ 10,209,519 $ 10,167,018 $ 9,343,028 Less reinsurance recoverables (4,215,348) (4,697,543) (5,727,268) Net reserves beginning of period 5,994,171 5,469,475 3,615,760 Incurred related to: Current year 4,407,795 3,784,771 4,252,220 Prior years 200,349 44,351 558,798 Total incurred losses and LAE 4,608,144 3,829,122 4,811,018 Paid related to: Current year 1,901,971 1,885,443 1,524,635 Prior years 1,020,761 1,431,336 1,408,256 Total paid losses and LAE 2,922,731 3,316,778 2,932,891 Foreign exchange/translation adjustment 23,892 12,352 (24,412) Net reserves end of period 7,703,476 5,994,171 5,469,475 Plus reinsurance recoverables 3,951,474 4,215,348 4,697,543 Gross reserves end of period $ 11,654,950 $ 10,209,519 $ 10,167,018 (Some amounts may not reconcile due to rounding.) |
Incurred Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | Reinsurance – Casualty Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 374,581 $ 268,305 $ 175,657 $ 183,055 $ 189,967 $ 192,489 $ 192,489 $ 192,489 $ 192,489 5,251 N/A 2013 178,120 224,394 222,607 229,607 219,107 219,107 219,107 219,107 9,966 N/A 2014 255,906 235,921 258,526 230,089 230,089 230,089 230,089 14,699 N/A 2015 209,024 250,053 238,770 238,770 238,770 238,770 22,961 N/A 2016 242,764 240,268 240,268 240,268 240,268 53,538 N/A 2017 198,615 204,376 204,376 204,376 52,439 N/A 2018 776,194 760,762 807,055 256,591 N/A 2019 981,818 1,029,966 577,799 N/A 2020 1,031,905 701,538 N/A $ 4,194,026 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 13,409 $ 30,203 $ 60,838 $ 95,914 $ 121,840 $ 126,832 $ 153,361 $ 155,900 $ 160,352 2013 12,781 29,008 64,796 98,583 127,230 159,352 180,489 185,773 2014 15,040 35,248 76,829 107,438 144,211 176,451 185,767 2015 15,673 39,048 85,397 147,974 171,247 189,227 2016 17,534 52,958 89,871 147,881 163,012 2017 25,552 83,783 97,788 133,265 2018 121,180 201,861 301,050 2019 155,949 251,999 2020 136,609 $ 1,707,054 All outstanding liabilities prior to 2012, net of reinsurance 434,553 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,921,525 (Some amounts may not reconcile due to rounding.) Reinsurance – Property Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 694,850 $ 603,498 $ 549,946 $ 565,581 $ 555,562 $ 557,723 $ 543,215 $ 540,256 $ 538,697 1,822 N/A 2013 409,477 309,139 267,409 228,629 228,071 227,969 227,969 227,969 853 N/A 2014 603,513 528,498 407,734 378,739 379,860 379,860 379,860 908 N/A 2015 561,942 373,099 347,758 347,758 347,758 347,758 2,305 N/A 2016 639,055 665,589 665,904 662,060 660,691 6,623 N/A 2017 1,291,894 1,876,143 2,044,656 2,138,415 12,396 N/A 2018 2,261,663 2,150,440 2,140,579 57,122 N/A 2019 1,784,412 1,790,026 340,939 N/A 2020 1,903,989 927,203 N/A $ 10,127,985 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 157,927 $ 303,383 $ 380,761 $ 447,169 $ 465,594 $ 495,246 $ 504,145 $ 504,486 $ 506,738 2013 139,086 169,750 183,757 199,224 208,135 214,946 217,457 222,290 2014 159,408 250,751 308,906 339,654 353,890 356,600 367,141 2015 161,844 241,406 296,128 313,689 318,938 332,022 2016 238,620 502,419 603,988 627,130 649,604 2017 791,142 1,577,892 1,992,968 2,122,476 2018 501,315 1,402,713 1,731,440 2019 701,324 1,084,988 2020 562,144 $ 7,578,843 All outstanding liabilities prior to 2012, net of reinsurance 20,682 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,569,824 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 212,023 $ 175,030 $ 185,371 $ 184,659 $ 188,273 $ 185,810 $ 185,809 $ 185,861 $ 185,862 986 15,780 2013 256,187 228,227 230,748 224,724 194,739 194,748 194,914 194,914 1,283 21,385 2014 238,086 239,091 240,985 255,041 255,166 255,125 255,125 1,550 25,221 2015 259,243 259,563 278,217 278,217 278,388 278,388 1,028 26,996 2016 352,060 276,960 279,684 281,780 281,771 1,944 31,673 2017 304,361 238,006 238,187 237,491 2,293 35,020 2018 645,825 645,109 665,436 219,887 34,884 2019 768,845 757,958 355,225 37,597 2020 819,368 562,143 26,068 $ 3,676,311 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,688 $ 55,230 $ 84,408 $ 116,622 $ 133,279 $ 147,011 $ 154,412 $ 168,867 $ 170,944 2013 17,120 68,588 101,649 129,756 149,775 167,584 182,789 189,215 2014 20,377 71,918 114,199 143,893 229,001 229,608 250,490 2015 19,962 67,996 116,982 199,532 244,477 260,269 2016 24,810 101,234 275,801 299,145 308,358 2017 22,808 151,283 157,000 216,893 2018 63,229 189,299 271,737 2019 10,612 216,483 2020 78,760 $ 1,963,148 All outstanding liabilities prior to 2012, net of reinsurance 20,931 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,734,095 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2020 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 2020 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,483 $ 47,228 $ 43,423 $ 44,867 $ 44,297 $ 44,105 $ 44,150 $ 44,098 $ 44,097 - N/A 2013 64,493 56,351 52,176 52,866 52,677 52,668 52,502 52,443 2 N/A 2014 67,660 70,077 67,447 66,645 66,520 66,561 66,561 3 N/A 2015 81,137 75,673 75,830 75,787 75,616 75,666 8 N/A 2016 143,279 169,791 165,078 164,045 164,144 67 N/A 2017 230,638 293,577 297,588 299,199 229 N/A 2018 376,805 373,389 377,079 339 N/A 2019 337,993 349,750 514 N/A 2020 546,870 232,975 N/A $ 1,975,810 (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 2020 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,868 $ 44,408 $ 42,865 $ 44,517 $ 44,230 $ 44,040 $ 44,049 $ 44,075 $ 44,098 2013 35,201 54,220 52,588 52,849 52,474 52,459 52,467 52,441 2014 40,277 66,436 66,601 65,968 66,449 66,482 66,558 2015 45,422 70,398 75,168 75,192 75,049 75,240 2016 72,264 153,120 169,134 164,445 163,274 2017 161,592 293,417 282,607 296,805 2018 236,430 342,828 368,756 2019 218,339 337,091 2020 263,379 $ 1,667,642 All outstanding liabilities prior to 2012, net of reinsurance 33 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 308,201 (Some amounts may not reconcile due to rounding.) |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | Reinsurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 Casualty 12.2 % 11.0 % 14.3 % 19.3 % 11.6 % 9.9 % 8.9 % 1.9 % 2.3 % 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 9 Property 33.7 % 32.6 % 16.3 % 6.6 % 3.2 % 3.5 % 1.9 % 0.7 % 0.4 % 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 9 Casualty 7.4 % 12.5 % 19.8 % 17.8 % 14.7 % 5.2 % 6.8 % 5.5 % 1.1 % 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 9 Property 55.7 % 36.8 % 3.0 % 1.5 % 1.6 % 1.3 % 0.1 % - % 0.1 % |
Reconciliation of the Net Incurred and Paid Claims Development | At December 31, 2020 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 2,921,525 Reinsurance Property 2,569,824 Insurance Casualty 1,734,095 Insurance Property 308,201 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 7,533,645 Reinsurance recoverable on unpaid claims Reinsurance Casualty 1,163,264 Reinsurance Property 1,097,995 Insurance Casualty 1,505,962 Insurance Property 184,253 Total reinsurance recoverable on unpaid claims 3,951,474 Unallocated claims adjustment expenses 142,289 Other 27,542 169,831 Total gross liability for unpaid claims and claim adjustment expense $ 11,654,950 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in thousands) 2020 2019 2018 Gross basis: Beginning of period reserves $ 257,921 $ 347,495 $ 448,993 Incurred losses 1,540 2,071 (2,473) Paid losses (40,120) (91,645) (99,026) End of period reserves $ 219,341 $ 257,921 $ 347,495 Net basis: Beginning of period reserves $ 196,574 $ 223,548 $ 269,153 Incurred losses (4,753) - - Paid losses (24,382) (26,974) (45,605) End of period reserves $ 167,439 $ 196,574 $ 223,548 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 681,989 $ - $ 681,989 $ - Obligations of U.S. States and political subdivisions 577,046 - 577,046 - Corporate securities 3,449,912 - 2,819,068 630,844 Asset-backed securities 2,474,170 - 1,851,137 623,033 Mortgage-backed securities Commercial 550,080 - 550,080 - Agency residential 965,100 - 965,100 - Non-agency residential 3,164 - 3,164 - Foreign government securities 742,238 - 742,238 - Foreign corporate securities 1,199,866 - 1,194,167 5,699 Total fixed maturities, market value 10,643,565 - 9,383,989 1,259,576 Equity securities, fair value 1,288,767 1,222,158 - 66,609 - Other invested assets, fair value 1,796,479 - - 1,796,479 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 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value December 31, 2020 December 31, 2019 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 546,939 $ 153,641 $ 1,751 $ 702,331 $ 376,250 $ - $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings 1,216 681 (125) 1,772 4,937 - (12) 4,925 Included in other comprehensive income (loss) (1,115) 11,678 147 10,710 (21) 3,632 (110) 3,501 Purchases, issuances and settlements 84,840 457,033 3,814 545,687 161,078 150,009 (5,871) 305,216 Transfers in and/or (out) of Level 3 (1,037) - 113 (924) 4,695 - - 4,695 Ending balance $ 630,843 $ 623,033 $ 5,700 $ 1,259,576 $ 546,939 $ 153,641 $ 1,751 $ 702,331 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 $ (539) $ - $ - $ (539) $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2020 December 31, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value 5,826 5,826 2,337 2,337 Total gains or (losses) (realized/unrealized) Included in earnings (919) (919) 2,163 2,163 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements (4,907) (4,907) 1,326 1,326 Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ 5,826 $ 5,826 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 Securities and Other Invested Assets | December 31, (Dollars in thousands) 2020 2019 Equity securities Balance, beginning of period $ - $ - Total (gains) or losses (realized/unrealized) Included in earnings - - Included in other comprehensive income (loss) - - Purchases, issuances and settlements 9,877 - Transfers in and/or (out) of Level 3 (9,877) - Balance, end of period $ - $ - 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 $ - $ - (Some amounts may not reconcile due to rounding.) Years Ended December 31, (Dollars in thousands) 2020 2019 Other invested assets, fair value: Beginning balance $ 1,982,582 $ 1,717,336 Total gains or (losses) (realized/unrealized) Included in earnings (186,103) 265,246 Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Ending balance $ 1,796,479 $ 1,982,582 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, 2020 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2020 December 31, 2019 Consolidated Consolidated Principal Balance Sheet Market Balance Sheet Market (Dollars in thousands) Date Issued Date Due Amounts Amount Value Amount Value 4.868% Senior notes 06/05/2014 06/01/2044 400,000 $ 397,194 $ 528,000 $ 397,074 $ 452,848 3.5% Senior notes 10/07/2020 10/15/2050 1,000,000 $ 979,524 $ 1,138,100 $ - $ - |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 10/15/2050 Senior Note $ 8,115 $ - $ - |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | December 31, 2020 December 31, 2019 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 $ 223,674 $ 206,447 $ 236,758 $ 233,191 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Interest expense incurred $ 7,645 $ 11,587 $ 10,926 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in thousands) 2020 2019 Lease expense incurred: Operating lease cost $ 29,822 $ 21,471 At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 139,835 $ 152,978 Operating lease liabilities 155,144 160,387 Year Ended December 31, (Dollars in thousands) 2020 2019 Operating cash flows from operating leases $ (18,411) $ (17,617) At December 31, 2020 2019 Weighted average remaining operating lease term 12.5 years 12.8 years Weighted average discount rate on operating leases 4.02 % 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) 2021 $ 16,191 2022 18,623 2023 18,211 2024 18,217 2025 15,225 Thereafter 116,197 Undiscounted lease payments 202,664 Less: present value adjustment 47,520 Total operating lease liability $ 155,144 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Current tax expense (benefit): U.S. $ (106,719) $ (1,684) $ (50,964) Foreign (11) 77 8 Total current tax expense (benefit) (106,730) (1,607) (50,956) Total deferred U.S. tax expense (benefit) 138,388 136,834 (316,069) Total income tax expense (benefit) $ 31,658 $ 135,228 $ (367,025) |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax | (Dollars in thousands) 2020 2019 2018 Expected income tax provision at the U.S. statutory tax rate $ 80,588 $ 160,762 $ (279,216) Increase (decrease) in taxes resulting from: Tax exempt income (3,598) (3,680) (3,824) Dividend received deduction (1,100) (998) (1,277) Proration 1,049 1,050 1,150 Creditable foreign premium tax (11,513) (9,852) (13,475) Tax audit settlement - (1,576) (2,060) 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 (2,612) (2,987) (1,450) Impact of CARES Act (32,500) - - Change in uncertain tax positions - (8,434) 8,434 Other 1,345 942 (2,741) Total income tax provision $ 31,658 $ 135,228 $ (367,025) (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) 2020 2019 2018 Balance at January 1 $ - $ 8,434 $ - Additions based on tax positions related to the current year - - 8,434 Additions for tax positions of prior years - - - 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) 2020 2019 Deferred tax assets: Loss reserves $ 96,840 $ 66,025 Unearned premium reserve 85,028 75,130 Foreign tax credits 46,109 186,706 Lease Liability 31,989 33,042 Net unrecognized losses on benefit plans 19,636 19,818 Equity compensation 6,749 7,229 Other tax credits 4,591 2,294 Uncollectible reinsurance reserve 3,142 3,142 Investment impairments 1,121 3,961 Net operating loss 684 19,027 Deferred expense 622 517 Unrealized foreign currency losses 597 7,958 Other assets 6,559 5,885 Total deferred tax assets 303,667 430,734 Deferred tax liabilities: Net fair value income 277,525 266,850 Net unrealized investment gains 84,869 38,074 Deferred acquisition costs 79,994 81,931 Right of use asset 28,822 31,510 Partnership Investments 26,119 15,039 Bond market discount 2,257 1,466 Benefit plan asset 1,765 2,333 Other liabilities 5,056 3,796 Total deferred tax liabilities 506,407 440,999 Net deferred tax assets/(liabilities) $ (202,740) $ (10,265) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Written premiums: Direct $ 2,698,100 $ 2,449,198 $ 1,996,606 Assumed 5,258,938 4,603,866 4,577,070 Ceded (1,318,338) (1,278,115) (1,541,814) Net written premiums $ 6,638,700 $ 5,774,949 $ 5,031,862 Premiums earned: Direct $ 2,591,613 $ 2,255,388 $ 1,903,576 Assumed 5,183,399 4,427,006 4,447,862 Ceded (1,368,436) (1,193,359) (1,512,380) Net premiums earned $ 6,406,576 $ 5,489,035 $ 4,839,058 Incurred losses and LAE: Direct $ 1,784,616 $ 1,401,251 $ 1,182,399 Assumed 3,576,252 2,913,987 4,162,776 Ceded (752,724) (486,116) (534,157) Net incurred losses and LAE $ 4,608,144 $ 3,829,122 $ 4,811,018 |
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 - - 01/01/2020-01/01/2021 Everest International Assurance 100.0 % Bermuda Re life 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) 2020 2019 2018 Ceded written premiums $ 131,341 $ 100,084 $ 572,620 Ceded earned premiums 131,574 101,681 586,120 Ceded losses and LAE 108,477 (51,686) (49,955) Everest International Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Ceded written premiums $ - $ - $ - Ceded earned premiums - - - Ceded losses and LAE (503) 324 (753) Everest Canada Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Assumed written premiums $ 1 $ - $ - Assumed earned premiums (7) - - Assumed losses and LAE (2,102) 3,024 6,238 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Assumed written premiums $ (3,592) $ (11,470) $ 10,800 Assumed earned premiums (3,375) (18,650) 35,826 Assumed losses and LAE (2,636) 8,355 27,550 Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Ceded written premiums $ 263,487 $ 240,721 $ 207,439 Ceded earned premiums 265,381 235,500 212,046 Ceded losses and LAE 175,087 171,900 234,471 Assumed written premiums - - 10,582 Assumed earned premiums - - 10,582 Assumed losses and LAE - - - |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 December 31, 2018 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 $ 206,159 (43,078) $ 163,080 $ 222,884 (46,971) $ 175,913 $ (119,058) $ 25,582 $ (93,476) URA(D) on securities - OTTI - - - (546) 115 (431) 645 (135) 510 Reclassification of net realized losses (gains) included in net income (loss) 32,475 (7,007) 25,468 6,068 (988) 5,080 3,416 (1,395) 2,021 Foreign currency translation adjustments 18,277 (3,815) 14,461 21,708 (4,555) 17,153 (46,136) 9,705 (36,431) Benefit plan actuarial net gain (loss) (7,107) 1,492 (5,615) (15,938) 3,347 (12,591) (646) 136 (510) Reclassification of amortization of net gain (loss) included in net income (loss) 7,974 (1,674) 6,300 6,902 (1,449) 5,453 6,356 (1,335) 5,021 Total other comprehensive income (loss) $ 257,778 $ (54,082) $ 203,694 $ 241,078 $ (50,501) $ 190,577 $ (155,423) $ 32,558 $ (122,865) (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 2020 2019 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 32,475 $ 6,068 Other net realized capital gains (losses) (7,007) (988) Income tax expense (benefit) $ 25,468 $ 5,080 Net income (loss) Benefit plan net gain (loss) $ 7,974 $ 6,902 Other underwriting expenses (1,674) (1,449) Income tax expense (benefit) $ 6,300 $ 5,453 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) 2020 2019 Beginning balance of URA (D) on securities $ 124,612 $ (55,950) Current period change in URA (D) of investments - temporary 188,548 180,993 Current period change in URA (D) of investments - non-credit OTTI - (431) Ending balance of URA (D) on securities 313,161 124,612 Beginning balance of foreign currency translation adjustments 14,267 (2,886) Current period change in foreign currency translation adjustments 14,461 17,153 Ending balance of foreign currency translation adjustments 28,727 14,267 Beginning balance of benefit plan net gain (loss) (74,556) (67,418) Current period change in benefit plan net gain (loss) 685 (7,138) Ending balance of benefit plan net gain (loss) (73,870) (74,556) Ending balance of accumulated other comprehensive income (loss) $ 268,018 $ 64,324 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Company contributions $ 6,825 $ 4,750 $ 77,743 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Pension expense $ 8,429 $ 10,042 $ 9,728 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 355,356 $ 300,244 Service cost 9,522 8,255 Interest cost 10,112 11,712 Actuarial (gain)/loss 43,595 46,206 Curtailment - - Benefits paid (14,115) (11,062) Projected benefit obligation at end of year 404,471 355,356 Change in plan assets: Fair value of plan assets at beginning of year 301,467 260,531 Actual return on plan assets 60,286 47,247 Actual contributions during the year 6,825 4,750 Benefits paid (14,115) (11,062) Fair value of plan assets at end of year 354,464 301,467 Funded status at end of year $ (50,007) $ (53,889) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2020 2019 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (2,197) (7,362) Other liabilities (due beyond one year) (47,810) (46,527) Net amount recognized in the consolidated balance sheets $ (50,007) $ (53,889) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2020 2019 Accumulated income (loss) $ (91,979) $ (97,466) Accumulated other comprehensive income (loss) $ (91,979) $ (97,466) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2020 2019 Other comprehensive income (loss) at December 31, prior year $ (97,466) $ (88,580) Net gain (loss) arising during period (4,090) (16,927) Recognition of amortizations in net periodic benefit cost: Actuarial loss 9,576 8,042 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ (91,979) $ (97,466) (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) 2020 2019 2018 Service cost $ 9,522 $ 8,255 $ 9,801 Interest cost 10,112 11,712 10,290 Expected return on assets (20,781) (17,968) (17,202) Amortization of actuarial loss from earlier periods 8,551 7,635 6,839 Settlement 1,025 408 - Net periodic benefit cost $ 8,429 $ 10,042 $ 9,728 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year (5,486) 8,885 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 2,943 $ 18,927 (Some amounts may not reconcile due to rounding.) |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2020 2019 Qualified Plan $ 336,027 $ 288,328 Non-qualified Plan 16,258 21,642 Total $ 352,285 $ 309,970 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2020 2019 Qualified Plan Projected benefit obligation $ 388,213 $ 333,715 Fair value of plan assets 354,464 301,467 Non-qualified Plan Projected benefit obligation $ 16,258 $ 21,642 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2020 2019 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 16,258 $ 21,642 Fair value of plan assets - - |
Expected Benefit Payments | (Dollars in thousands) 2021 $ 11,757 2022 12,220 2023 13,064 2024 14,100 2025 15,190 Next 5 years 90,808 |
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) 2020 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,204 $ 1,204 $ - $ - Mutual funds, fair value Fixed income (b) 93,609 93,609 - - Equities (c) 255,054 255,054 - - Total $ 349,867 $ 349,867 $ - $ - (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) 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 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) 2020 2019 2018 Incurred expenses $ 14,386 $ 10,794 $ 9,301 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Incurred expenses $ 774 $ 474 $ 489 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2020 2019 Change in projected benefit obligation: Benefit obligation at beginning of year $ 29,376 $ 28,483 Service cost 1,066 983 Interest cost 845 980 Amendments - - Actuarial (gain)/loss 4,042 (582) Benefits paid (232) (488) Benefit obligation at end of year 35,098 29,376 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 232 488 Benefits paid (232) (488) Fair value of plan assets at end of year - - Funded status at end of year $ (35,098) $ (29,376) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2020 2019 Other liabilities (due within one year) $ (613) $ (611) Other liabilities (due beyond one year) (34,484) (28,764) Net amount recognized in the consolidated balance sheets $ (35,098) $ (29,376) (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) 2020 2019 Accumulated income (loss) $ (3,854) $ 188 Accumulated prior service credit (cost) 2,327 2,904 Accumulated other comprehensive income (loss) $ (1,527) $ 3,092 |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2020 2019 Other comprehensive income (loss) at December 31, prior year $ 3,092 $ 3,242 Net gain (loss) arising during period (4,042) 582 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - (155) Prior service cost (577) (577) Other comprehensive income (loss) at December 31, current year $ (1,527) $ 3,092 |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Service cost $ 1,066 $ 983 $ 1,312 Interest cost 845 980 999 Prior service credit recognition (577) (577) (577) Net gain recognition - (155) 94 Net periodic cost $ 1,334 $ 1,231 $ 1,829 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year 4,619 150 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 5,953 $ 1,381 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2021 $ 613 2022 715 2023 806 2024 851 2025 989 Next 5 years 6,955 |
Post-Retirement Benefit Expenses | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Post-retirement benefit expenses $ 1,334 $ 1,231 $ 1,829 |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And Actual Statutory Capital | Everest Re (1) At December 31, (Dollars in thousands) 2020 2019 Regulatory targeted capital $ 2,489,772 $ 2,001,226 Actual capital $ 5,276,003 $ 3,739,140 (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, 2020 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 140,773 $ 141,703 Unaffiliated life insurance company 35,128 35,082 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 05/22/2020 2,000,000 32,000,000 |
Dividends Received On Preferred Shares | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 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) 2020 2019 2018 Expenses incurred $ 124,486 $ 107,851 $ 81,346 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Reinsurance Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Gross written premiums $ 5,265,698 $ 4,600,373 $ 4,569,582 Net written premiums 4,632,265 3,923,799 3,519,704 Premiums earned $ 4,484,693 $ 3,796,136 $ 3,386,386 Incurred losses and LAE 3,209,160 2,692,680 3,811,747 Commission and brokerage 1,119,966 1,027,286 923,902 Other underwriting expenses 119,320 110,032 97,927 Underwriting gain (loss) $ 36,247 $ (33,862) $ (1,447,190) Insurance Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Gross written premiums $ 2,691,340 $ 2,452,691 $ 2,004,093 Net written premiums 2,006,435 1,851,150 1,512,158 Premiums earned $ 1,921,883 $ 1,692,899 $ 1,452,672 Incurred losses and LAE 1,398,984 1,136,442 999,271 Commission and brokerage 253,389 242,767 217,812 Other underwriting expenses 281,713 240,869 195,420 Underwriting gain (loss) $ (12,203) $ 72,821 $ 40,169 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Underwriting gain (loss) $ 24,044 $ 38,959 $ (1,407,021) Net investment income 375,906 356,211 314,381 Net realized capital gains (losses) 49,804 419,367 (185,356) Corporate expense (15,985) (13,063) (11,034) Interest, fee and bond issue cost amortization expense (35,659) (34,931) (30,611) Other income (expense) (14,579) (1,589) (9,568) Income (loss) before taxes $ 383,531 $ 764,955 $ (1,329,209) |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2020 2019 2018 Canada gross written premiums $ 320,665 $ 214,594 $ 173,530 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2020 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,974,965 $ 1,838,247 $ 2,064,961 $ 2,078,865 Net written premiums 1,638,708 1,501,550 1,725,701 1,772,741 Premiums earned 1,494,005 1,538,960 1,615,457 1,758,154 Net investment income 74,201 35,153 135,428 131,124 Net realized capital gains (losses) 256,867 (479,360) 115,193 157,104 Total claims and underwriting expenses 1,465,006 1,436,098 1,720,362 1,812,710 Net income (loss) 316,645 (270,593) 119,806 186,015 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 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10.00% | |||
Stockholders Equity | $ (6,414,313,000) | $ (5,857,425,000) | $ (5,036,757,000) | |
Income tax rate | 21.00% | 21.00% | 21.00% | 35.00% |
Operating lease right of use assets | $ 139,835,000 | $ 152,978,000 | $ 60,325,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | Other assets | |
Operating lease liabilities | $ 155,144,000 | $ 160,387,000 | $ 66,551,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | Other liabilities | |
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stockholders Equity | $ (268,018,000) | $ (64,324,000) | $ 126,254,000 | $ 942,000 |
Retained Earnings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stockholders Equity | $ (5,045,203,000) | (4,692,423,000) | (4,062,696,000) | (5,022,433,000) |
Cumulative Effect Period Of Adoption Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stockholders Equity | (907,000) | |||
Cumulative Effect Period Of Adoption Adjustment [Member] | Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stockholders Equity | 2,447,000 | |||
Cumulative Effect Period Of Adoption Adjustment [Member] | Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stockholders Equity | $ (2,447,000) | |||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | Retained Earnings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stockholders Equity | $ 0 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Allowance For Reinsurance Receivables And Premium Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance receivables and premium receivables | $ 33,370 | $ 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 1,373,355 | $ 1,270,053 | $ 1,141,714 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Additional contractual commitments | $ 1,187,996,000 | |
Contractual commitments, investment period expiration date | 2026 | |
Securities, carrying value | $ 1,617,928,000 | |
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% |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 1,150,395,000 | $ 1,540,376,000 |
Gross unrealized losses on investments in unrealized loss position | 45,952,000 | 45,484,000 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 16,792,000 | 8,539,000 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 29,160,000 | 36,945,000 |
Available-for-sale securities | $ 10,643,565,000 | $ 7,492,079,000 |
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 | 0.20% | 0.20% |
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 | $ 12,522,000 | $ 5,645,000 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 5,856,000 | 16,976,000 |
Sub-Prime and Alt-A Loans [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized depreciation | 0 | $ 0 |
Private Placement Liquidity Sweep [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 223,815,000 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | $ (1,566,000) | $ 0 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,248,650,000 | 7,334,425,000 |
Allowance for credit losses | (1,566,000) | |
Unrealized Appreciation | 442,433,000 | 203,138,000 |
Unrealized Depreciation | (45,952,000) | (45,484,000) |
Market Value | 10,643,565,000 | 7,492,079,000 |
OTTI in AOCI | 605,000 | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 659,957,000 | 768,374,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 22,032,000 | 10,128,000 |
Unrealized Depreciation | (987,000) | |
Market Value | 681,989,000 | 777,515,000 |
OTTI in AOCI | ||
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 543,646,000 | 506,347,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 34,655,000 | 29,651,000 |
Unrealized Depreciation | (1,255,000) | (87,000) |
Market Value | 577,046,000 | 535,911,000 |
OTTI in AOCI | ||
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,316,525,000 | 2,777,097,000 |
Allowance for credit losses | (1,205,000) | |
Unrealized Appreciation | 166,072,000 | 70,898,000 |
Unrealized Depreciation | (31,480,000) | (26,438,000) |
Market Value | 3,449,912,000 | 2,821,557,000 |
OTTI in AOCI | 245,000 | |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,450,807,000 | 761,607,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 28,585,000 | 5,659,000 |
Unrealized Depreciation | (5,222,000) | (1,309,000) |
Market Value | 2,474,170,000 | 765,957,000 |
OTTI in AOCI | ||
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 512,388,000 | 311,961,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 37,875,000 | 17,242,000 |
Unrealized Depreciation | (183,000) | (154,000) |
Market Value | 550,080,000 | 329,049,000 |
OTTI in AOCI | ||
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 937,166,000 | 625,612,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 28,630,000 | 19,395,000 |
Unrealized Depreciation | (696,000) | (320,000) |
Market Value | 965,100,000 | 644,687,000 |
OTTI in AOCI | ||
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,164,000 | 1,638,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 2,000 | |
Unrealized Depreciation | (2,000) | |
Market Value | 3,164,000 | 1,638,000 |
OTTI in AOCI | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 694,132,000 | 646,149,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 51,317,000 | 18,908,000 |
Unrealized Depreciation | (3,211,000) | (7,050,000) |
Market Value | 742,238,000 | 658,007,000 |
OTTI in AOCI | 27,000 | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,130,865,000 | 935,640,000 |
Allowance for credit losses | (361,000) | |
Unrealized Appreciation | 73,265,000 | 31,257,000 |
Unrealized Depreciation | (3,903,000) | (9,139,000) |
Market Value | $ 1,199,866,000 | 957,758,000 |
OTTI in AOCI | $ 333,000 |
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, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 10,248,650 | $ 7,334,425 |
Fixed maturity securities - available for sale, Market Value | 10,643,565 | 7,492,079 |
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 | 658,561 | 569,506 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,911,285 | 2,919,966 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,927,265 | 1,541,695 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 848,014 | 602,440 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 659,622 | 563,730 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 3,036,151 | 2,963,903 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,079,866 | 1,602,642 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 875,412 | 620,473 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,450,807 | 761,607 |
Fixed maturity securities - available for sale, Market Value | 2,474,170 | 765,957 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 512,388 | 311,961 |
Fixed maturity securities - available for sale, Market Value | 550,080 | 329,049 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 937,166 | 625,612 |
Fixed maturity securities - available for sale, Market Value | 965,100 | 644,687 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 3,164 | 1,638 |
Fixed maturity securities - available for sale, Market Value | $ 3,164 | $ 1,638 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ 238,634 | $ 228,408 | |
Deferred tax benefit (expense) | (50,086) | (47,959) | |
Deferred tax benefit (expense), other-than-temporary impairment | 115 | ||
Total URA(D) on securities arising during the period | 188,548 | 180,562 | $ (90,945) |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 238,634 | 228,953 | |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (546) |
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, 2020 | Dec. 31, 2019 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 825,833 | $ 759,174 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (16,792) | (8,539) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 324,562 | 781,202 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (29,160) | (36,945) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,150,395 | 1,540,376 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (45,952) | (45,484) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 8,997 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (141) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 203,780 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (846) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 212,777 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (987) | |
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 19,524 | 4,600 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (999) | (38) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 4,059 | 4,518 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (256) | (49) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 23,583 | 9,118 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,255) | (87) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 240,601 | 334,973 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (7,799) | (5,186) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 188,853 | 230,679 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (23,681) | (21,252) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 429,454 | 565,652 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (31,480) | (26,438) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 223,919 | 159,695 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,573) | (887) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 81,952 | 76,351 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (649) | (422) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 305,871 | 236,046 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,222) | (1,309) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 37,414 | 13,083 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (182) | (87) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 3,983 | 16,374 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1) | (67) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 41,397 | 29,457 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (183) | (154) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 235,809 | 19,019 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (682) | (82) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,573 | 17,147 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14) | (238) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 237,382 | 36,166 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (696) | (320) |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 161 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 690 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 161 | 690 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2) | |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 10,505 | 113,256 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (373) | (858) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 25,793 | 109,953 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,838) | (6,192) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 36,298 | 223,209 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (3,211) | (7,050) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 57,900 | 105,551 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,182) | (1,260) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 18,349 | 121,710 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,721) | (7,879) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 76,249 | 227,261 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (3,903) | $ (9,139) |
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, 2020 | Dec. 31, 2019 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 825,833 | $ 759,174 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (16,792) | (8,539) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 324,562 | 781,202 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (29,160) | (36,945) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,150,395 | 1,540,376 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (45,952) | (45,484) |
Due In One Year Or Less [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 28,802 | 34,542 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,218) | (1,067) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 34,555 | 188,755 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (4,142) | (6,411) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 63,357 | 223,297 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,360) | (7,478) |
Due In One Year Through Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 150,106 | 226,521 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (5,828) | (2,554) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 116,987 | 357,728 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (4,783) | (11,562) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 267,093 | 584,249 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,611) | (14,116) |
Due In Five Years Through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 81,492 | 251,967 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,634) | (3,292) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 13,118 | 43,129 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (435) | (6,785) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 94,610 | 295,096 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,069) | (10,077) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 68,130 | 54,347 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,673) | (570) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 72,394 | 81,028 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (19,136) | (11,460) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 140,524 | 135,375 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (21,809) | (12,030) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 223,919 | 159,695 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,573) | (887) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 81,952 | 76,351 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (649) | (422) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 305,871 | 236,046 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,222) | (1,309) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 273,384 | 32,102 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (866) | (169) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 5,556 | 34,211 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (15) | (305) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 278,940 | 66,313 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (881) | $ (474) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 401,473 | $ 382,599 | $ 334,234 |
Funds held interest income (expense) | 5,705 | 6,459 | 5,188 |
Interest income from Parent | 5,154 | 211 | 4,085 |
Gross investment income | 412,332 | 389,269 | 343,507 |
Investment expenses | (36,426) | (33,058) | (29,126) |
Net investment income | 375,906 | 356,211 | 314,381 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 305,399 | 273,122 | 201,108 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 11,466 | 10,782 | 14,909 |
Short-Term Investments and Cash [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 2,978 | 10,231 | 7,715 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 48,899 | 43,316 | 61,645 |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 31,032 | 31,031 | 31,032 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 1,699 | $ 14,117 | $ 17,825 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (19,643,000) | $ (6,164,000) | |||||||||
Total net realized capital gains (losses) | $ 157,104,000 | $ 115,193,000 | $ (479,360,000) | $ 256,867,000 | $ 29,206,000 | $ 112,542,000 | $ 142,563,000 | $ 135,056,000 | 49,804,000 | 419,367,000 | (185,356,000) |
Beginning Balance | 0 | 0 | |||||||||
Credit losses on securities where credit losses were not previously recorded | (22,460,000) | ||||||||||
Increases in allowance on previously impaired securities | (6,120,000) | ||||||||||
Decrease in allowance on previously impaired securities | 2,106,000 | ||||||||||
Reduction in allowance due to disposals | 24,908,000 | ||||||||||
Ending Balance | (1,566,000) | 0 | (1,566,000) | 0 | |||||||
Fixed Maturity Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Ending Balance | (1,566,000) | (1,566,000) | |||||||||
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Allowance for credit losses | (1,566,000) | ||||||||||
Other-than-temporary impairments | (19,643,000) | (6,164,000) | |||||||||
Gains (losses) from sales | (32,614,000) | 7,571,000 | 933,000 | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (2,863,000) | 355,000 | (1,799,000) | ||||||||
Gains (losses) from fair value adjustments | 1,944,000 | 1,808,000 | 1,506,000 | ||||||||
Corporate Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Beginning Balance | |||||||||||
Credit losses on securities where credit losses were not previously recorded | (21,829,000) | ||||||||||
Increases in allowance on previously impaired securities | (5,909,000) | ||||||||||
Decrease in allowance on previously impaired securities | 1,824,000 | ||||||||||
Reduction in allowance due to disposals | 24,709,000 | ||||||||||
Ending Balance | (1,205,000) | (1,205,000) | |||||||||
Equity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (7,931,000) | 4,144,000 | (32,092,000) | ||||||||
Gains (losses) from fair value adjustments | 276,093,000 | 153,728,000 | (59,409,000) | ||||||||
Other Invested Assets [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 1,705,000 | 6,003,000 | 1,815,000 | ||||||||
Other Invested Assets [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from fair value adjustments | (186,102,000) | 265,245,000 | (90,136,000) | ||||||||
Short-Term Investments [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 1,138,000 | 156,000 | $ (10,000) | ||||||||
Foreign Government Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Beginning Balance | |||||||||||
Credit losses on securities where credit losses were not previously recorded | (70,000) | ||||||||||
Increases in allowance on previously impaired securities | |||||||||||
Decrease in allowance on previously impaired securities | |||||||||||
Reduction in allowance due to disposals | 70,000 | ||||||||||
Ending Balance | |||||||||||
Foreign Corporate Securities [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Beginning Balance | |||||||||||
Credit losses on securities where credit losses were not previously recorded | (561,000) | ||||||||||
Increases in allowance on previously impaired securities | (211,000) | ||||||||||
Decrease in allowance on previously impaired securities | 282,000 | ||||||||||
Reduction in allowance due to disposals | 129,000 | ||||||||||
Ending Balance | $ (361,000) | $ (361,000) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 631,285 | $ 2,403,786 | $ 793,119 |
Gross gains from sales | 24,177 | 25,076 | 15,349 |
Gross losses from sales | (59,654) | (17,150) | (16,215) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 375,112 | 283,707 | 1,029,920 |
Gross gains from sales | 37,403 | 14,270 | 25,160 |
Gross losses from sales | $ (45,334) | $ (10,126) | $ (57,252) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 4,407,795 | $ 3,784,771 | $ 4,252,220 |
Increase in incurred prior years' reserves | $ 200,349 | 44,351 | 558,798 |
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | ||
Number of exposure groups | Item | 200 | ||
Reinsurance recoverable for paid and unpaid losses | $ 4,207,305 | $ 4,444,089 | |
Reinsurance Receivable For Paid And Unpaid Losses [Member] | Reinsurer Concentration Risk [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Concentration credit risk | 5.00% | ||
Bermuda Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance recoverable for paid and unpaid losses | $ 2,687,497 | ||
Bermuda Re [Member] | Reinsurance Receivable For Paid And Unpaid Losses [Member] | Reinsurer Concentration Risk [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Concentration credit risk | 63.90% | ||
Catastrophe Losses [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Increase in incurred prior years' reserves | $ 553,036 | ||
Covid-19 and Higher Premiums Earned [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 154,812 | ||
Mt Logan Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance recoverable for paid and unpaid losses | $ 349,447 | ||
Mt Logan Re [Member] | Reinsurance Receivable For Paid And Unpaid Losses [Member] | Reinsurer Concentration Risk [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Concentration credit risk | 8.30% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reserves For Losses And LAE [Abstract] | |||
Gross reserves beginning of period | $ 10,209,519 | $ 10,167,018 | $ 9,343,028 |
Less reinsurance recoverables | (4,215,348) | (4,697,543) | (5,727,268) |
Net reserves beginning of period | 5,994,171 | 5,469,475 | 3,615,760 |
Incurred related to: Current year | 4,407,795 | 3,784,771 | 4,252,220 |
Incurred related to: Prior years | 200,349 | 44,351 | 558,798 |
Total incurred losses and LAE | 4,608,144 | 3,829,122 | 4,811,018 |
Paid related to: Current year | 1,901,971 | 1,885,443 | 1,524,635 |
Paid related to: Prior years | 1,020,761 | 1,431,336 | 1,408,256 |
Total paid losses and LAE | 2,922,731 | 3,316,778 | 2,932,891 |
Foreign exchange/translation adjustment | 23,892 | 12,352 | (24,412) |
Net reserves end of period | 7,703,476 | 5,994,171 | 5,469,475 |
Plus reinsurance recoverables | 3,951,474 | 4,215,348 | 4,697,543 |
Gross reserves end of period | $ 11,654,950 | $ 10,209,519 | $ 10,167,018 |
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, 2020USD ($)Item | Dec. 31, 2019USD ($) | 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 claims and claim adjustment expenses, net of reinsurance | $ 7,533,645 | ||||||||
Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 4,194,026 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,707,054 | ||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 434,553 | ||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,921,525 | ||||||||
Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 10,127,985 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 7,578,843 | ||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 20,682 | ||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,569,824 | ||||||||
Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,676,311 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,963,148 | ||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 20,931 | ||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 1,734,095 | ||||||||
Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,975,810 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,667,642 | ||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 33 | ||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 308,201 | ||||||||
2012 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 192,489 | $ 192,489 | $ 192,489 | $ 192,489 | $ 189,967 | $ 183,055 | $ 175,657 | $ 268,305 | $ 374,581 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,251 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 160,352 | 155,900 | 153,361 | 126,832 | 121,840 | 95,914 | 60,838 | 30,203 | 13,409 |
2012 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 538,697 | 540,256 | 543,215 | 557,723 | 555,562 | 565,581 | 549,946 | 603,498 | 694,850 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,822 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 506,738 | 504,486 | 504,145 | 495,246 | 465,594 | 447,169 | 380,761 | 303,383 | 157,927 |
2012 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 185,862 | 185,861 | 185,809 | 185,810 | 188,273 | 184,659 | 185,371 | 175,030 | 212,023 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 986 | ||||||||
Cumulative Number of Reported Claims | Item | 15,780 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 170,944 | 168,867 | 154,412 | 147,011 | 133,279 | 116,622 | 84,408 | 55,230 | 15,688 |
2012 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 44,097 | 44,098 | 44,150 | 44,105 | 44,297 | 44,867 | 43,423 | 47,228 | 58,483 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 44,098 | 44,075 | 44,049 | 44,040 | 44,230 | 44,517 | 42,865 | 44,408 | $ 26,868 |
2013 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 219,107 | 219,107 | 219,107 | 219,107 | 229,607 | 222,607 | 224,394 | 178,120 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 9,966 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 185,773 | 180,489 | 159,352 | 127,230 | 98,583 | 64,796 | 29,008 | 12,781 | |
2013 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 227,969 | 227,969 | 227,969 | 228,071 | 228,629 | 267,409 | 309,139 | 409,477 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 853 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 222,290 | 217,457 | 214,946 | 208,135 | 199,224 | 183,757 | 169,750 | 139,086 | |
2013 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 194,914 | 194,914 | 194,748 | 194,739 | 224,724 | 230,748 | 228,227 | 256,187 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,283 | ||||||||
Cumulative Number of Reported Claims | Item | 21,385 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 189,215 | 182,789 | 167,584 | 149,775 | 129,756 | 101,649 | 68,588 | 17,120 | |
2013 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 52,443 | 52,502 | 52,668 | 52,677 | 52,866 | 52,176 | 56,351 | 64,493 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,441 | 52,467 | 52,459 | 52,474 | 52,849 | 52,588 | 54,220 | $ 35,201 | |
2014 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 230,089 | 230,089 | 230,089 | 230,089 | 258,526 | 235,921 | 255,906 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14,699 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 185,767 | 176,451 | 144,211 | 107,438 | 76,829 | 35,248 | 15,040 | ||
2014 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 379,860 | 379,860 | 379,860 | 378,739 | 407,734 | 528,498 | 603,513 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 908 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 367,141 | 356,600 | 353,890 | 339,654 | 308,906 | 250,751 | 159,408 | ||
2014 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 255,125 | 255,125 | 255,166 | 255,041 | 240,985 | 239,091 | 238,086 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,550 | ||||||||
Cumulative Number of Reported Claims | Item | 25,221 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 250,490 | 229,608 | 229,001 | 143,893 | 114,199 | 71,918 | 20,377 | ||
2014 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 66,561 | 66,561 | 66,520 | 66,645 | 67,447 | 70,077 | 67,660 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,558 | 66,482 | 66,449 | 65,968 | 66,601 | 66,436 | $ 40,277 | ||
2015 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 238,770 | 238,770 | 238,770 | 238,770 | 250,053 | 209,024 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 22,961 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 189,227 | 171,247 | 147,974 | 85,397 | 39,048 | 15,673 | |||
2015 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 347,758 | 347,758 | 347,758 | 347,758 | 373,099 | 561,942 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,305 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 332,022 | 318,938 | 313,689 | 296,128 | 241,406 | 161,844 | |||
2015 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 278,388 | 278,388 | 278,217 | 278,217 | 259,563 | 259,243 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,028 | ||||||||
Cumulative Number of Reported Claims | Item | 26,996 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 260,269 | 244,477 | 199,532 | 116,982 | 67,996 | 19,962 | |||
2015 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 75,666 | 75,616 | 75,787 | 75,830 | 75,673 | 81,137 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 8 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 75,240 | 75,049 | 75,192 | 75,168 | 70,398 | $ 45,422 | |||
2016 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 240,268 | 240,268 | 240,268 | 240,268 | 242,764 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 53,538 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 163,012 | 147,881 | 89,871 | 52,958 | 17,534 | ||||
2016 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 660,691 | 662,060 | 665,904 | 665,589 | 639,055 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 6,623 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 649,604 | 627,130 | 603,988 | 502,419 | 238,620 | ||||
2016 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 281,771 | 281,780 | 279,684 | 276,960 | 352,060 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,944 | ||||||||
Cumulative Number of Reported Claims | Item | 31,673 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 308,358 | 299,145 | 275,801 | 101,234 | 24,810 | ||||
2016 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 164,144 | 164,045 | 165,078 | 169,791 | 143,279 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 67 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 163,274 | 164,445 | 169,134 | 153,120 | $ 72,264 | ||||
2017 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 204,376 | 204,376 | 204,376 | 198,615 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 52,439 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 133,265 | 97,788 | 83,783 | 25,552 | |||||
2017 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,138,415 | 2,044,656 | 1,876,143 | 1,291,894 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 12,396 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,122,476 | 1,992,968 | 1,577,892 | 791,142 | |||||
2017 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 237,491 | 238,187 | 238,006 | 304,361 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 2,293 | ||||||||
Cumulative Number of Reported Claims | Item | 35,020 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 216,893 | 157,000 | 151,283 | 22,808 | |||||
2017 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 299,199 | 297,588 | 293,577 | 230,638 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 229 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 296,805 | 282,607 | 293,417 | $ 161,592 | |||||
2018 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 807,055 | 760,762 | 776,194 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 256,591 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 301,050 | 201,861 | 121,180 | ||||||
2018 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,140,579 | 2,150,440 | 2,261,663 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 57,122 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,731,440 | 1,402,713 | 501,315 | ||||||
2018 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 665,436 | 645,109 | 645,825 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 219,887 | ||||||||
Cumulative Number of Reported Claims | Item | 34,884 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 271,737 | 189,299 | 63,229 | ||||||
2018 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 377,079 | 373,389 | 376,805 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 339 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 368,756 | 342,828 | $ 236,430 | ||||||
2019 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,029,966 | 981,818 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 577,799 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 251,999 | 155,949 | |||||||
2019 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,790,026 | 1,784,412 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 340,939 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,084,988 | 701,324 | |||||||
2019 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 757,958 | 768,845 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 355,225 | ||||||||
Cumulative Number of Reported Claims | Item | 37,597 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 216,483 | 10,612 | |||||||
2019 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 349,750 | 337,993 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 514 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 337,091 | $ 218,339 | |||||||
2020 [Member] | Reinsurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,031,905 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 701,538 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 136,609 | ||||||||
2020 [Member] | Reinsurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,903,989 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 927,203 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 562,144 | ||||||||
2020 [Member] | Insurance [Member] | Casualty Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 819,368 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 562,143 | ||||||||
Cumulative Number of Reported Claims | Item | 26,068 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 78,760 | ||||||||
2020 [Member] | Insurance [Member] | Property Business [Member] | |||||||||
Short-duration Insurance Contracts [Line Items] | |||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 546,870 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 232,975 | ||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 263,379 |
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, 2020 |
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 | 12.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 11.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 14.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 19.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 11.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 9.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 8.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 1.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 2.30% |
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 | 33.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 32.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 16.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 6.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 3.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 1.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.40% |
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 | 7.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 12.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 19.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 17.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 14.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 5.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 6.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 5.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 1.10% |
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 | 55.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 36.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 3.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 1.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 1.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 1.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | $ 7,533,645 | |||
Total reinsurance recoverable on unpaid claims | 3,951,474 | |||
Unallocated claims adjustment expenses | 142,289 | |||
Other | 27,542 | |||
Total other expenses | 169,831 | |||
Total gross liability for unpaid claims and claim adjustment expense | 11,654,950 | $ 10,209,519 | $ 10,167,018 | $ 9,343,028 |
Reinsurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,921,525 | |||
Total reinsurance recoverable on unpaid claims | 1,163,264 | |||
Reinsurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,569,824 | |||
Total reinsurance recoverable on unpaid claims | 1,097,995 | |||
Insurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 1,734,095 | |||
Total reinsurance recoverable on unpaid claims | 1,505,962 | |||
Insurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 308,201 | |||
Total reinsurance recoverable on unpaid claims | $ 184,253 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reserves For Losses And LAE [Abstract] | |||
Gross basis: Beginning of period reserves | $ 257,921 | $ 347,495 | $ 448,993 |
Gross basis: Incurred losses | 1,540 | 2,071 | (2,473) |
Gross basis: Paid losses | (40,120) | (91,645) | (99,026) |
Gross basis: End of period reserves | 219,341 | 257,921 | 347,495 |
Net basis: Beginning of period reserves | 196,574 | 223,548 | 269,153 |
Net basis: Incurred losses | (4,753) | ||
Net basis: Paid losses | (24,382) | (26,974) | (45,605) |
Net basis: End of period reserves | $ 167,439 | $ 196,574 | $ 223,548 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of public equity portfolio | $ 784,746,000 | $ 170,888,000 | |
Transfers between Level 1 and Level 2 | 0 | ||
Investments within other invested assets | 1,796,479,000 | 1,982,582,000 | |
Other invested assets | 616,640,000 | 518,127,000 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments within other invested assets | |||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments within other invested assets | 1,796,479,000 | 1,982,582,000 | |
Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | (924,000) | 4,695,000 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | |||
Fair Value [Member] | Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other invested assets | 224,698,000 | 209,578,000 | |
Fixed Maturities [Member] | Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 1,259,576,000 | 702,331,000 | |
Transfers from level 3 | (924,000) | 4,695,000 | |
Fixed Maturities [Member] | Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 5,826,000 | ||
Equity Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | $ (9,877,000) | $ 0 | |
Redeemable Convertible Preferred Stock [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Annual dividend rate | 1.75% | ||
Senior Notes [Member] | Senior Notes 4.868% [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Observable input constant maturity | 10 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, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 10,643,565 | $ 7,492,079 |
Fixed maturities, fair value | 5,826 | |
Equity securities, fair value | 1,288,767 | 764,049 |
Other invested assets, at fair value | 1,796,479 | 1,982,582 |
Quoted Prices In Active Markets For Identical Assets (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 | 1,222,158 | 719,548 |
Other invested assets, at fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 9,383,989 | 6,789,748 |
Fixed maturities, fair value | ||
Equity securities, fair value | 66,609 | 44,501 |
Other invested assets, at fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,259,576 | 702,331 |
Fixed maturities, fair value | 5,826 | |
Equity securities, fair value | ||
Other invested assets, at fair value | 1,796,479 | 1,982,582 |
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 | 681,989 | 777,515 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 681,989 | 777,515 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed 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 | 577,046 | 535,911 |
Obligation of U.S. States and Political Subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Obligation of U.S. States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 577,046 | 535,911 |
Obligation of U.S. States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 3,449,912 | 2,821,557 |
Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,819,068 | 2,274,618 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 630,844 | 546,939 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,474,170 | 765,957 |
Asset-backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,851,137 | 612,316 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 623,033 | 153,641 |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 550,080 | 329,049 |
Commercial [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Commercial [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 550,080 | 329,049 |
Commercial [Member] | Significant Unobservable 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 | 965,100 | 644,687 |
Agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 965,100 | 644,687 |
Agency Residential [Member] | Significant Unobservable 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 | 3,164 | 1,638 |
Non-agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Non-agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 3,164 | 1,638 |
Non-agency Residential [Member] | Significant Unobservable 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 | 742,238 | 658,007 |
Foreign Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 742,238 | 658,007 |
Foreign Government Securities [Member] | Significant Unobservable 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 | 1,199,866 | 957,758 |
Foreign Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,194,167 | 956,007 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 5,699 | $ 1,751 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Market Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 702,331 | $ 383,994 |
Total gains or (losses) (realized/unrealized), Included in earnings | 1,772 | 4,925 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 10,710 | 3,501 |
Purchases, issuances and settlements | 545,687 | 305,216 |
Transfers in and/or (out) of Level 3 | (924) | 4,695 |
Ending balance | 1,259,576 | 702,331 |
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 | (539) | |
Market Value [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 546,939 | 376,250 |
Total gains or (losses) (realized/unrealized), Included in earnings | 1,216 | 4,937 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (1,115) | (21) |
Purchases, issuances and settlements | 84,840 | 161,078 |
Transfers in and/or (out) of Level 3 | (1,037) | 4,695 |
Ending balance | 630,843 | 546,939 |
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 | (539) | |
Market Value [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 153,641 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 681 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 11,678 | 3,632 |
Purchases, issuances and settlements | 457,033 | 150,009 |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 623,033 | 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 | 1,751 | 7,744 |
Total gains or (losses) (realized/unrealized), Included in earnings | (125) | (12) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 147 | (110) |
Purchases, issuances and settlements | 3,814 | (5,871) |
Transfers in and/or (out) of Level 3 | 113 | |
Ending balance | 5,700 | 1,751 |
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 | 5,826 | 2,337 |
Total gains or (losses) (realized/unrealized), Included in earnings | (919) | 2,163 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (4,907) | 1,326 |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 5,826 | |
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 | 5,826 | 2,337 |
Total gains or (losses) (realized/unrealized), Included in earnings | (919) | 2,163 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (4,907) | 1,326 |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 5,826 | |
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 Securities And Other Invested Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity 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) | ||
Purchases, issuances and settlements | 9,877 | |
Transfers in and/or (out) of Level 3 | (9,877) | |
Ending Balance | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date | ||
Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,982,582 | 1,717,336 |
Total gains or (losses) (realized/unrealized) Included in earnings | (186,103) | 265,246 |
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 | 1,796,479 | 1,982,582 |
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] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Senior Notes 4.868% [Member] | |
Debt Instrument [Line Items] | |
Date Issued | Jun. 5, 2014 |
Principal Amounts | $ 400,000,000 |
Debt maturity term | 30 years |
Debt instrument, stated interest rate | 4.868% |
Maturity date | Jun. 1, 2044 |
Senior Notes 3.5% [Member] | |
Debt Instrument [Line Items] | |
Date Issued | Oct. 7, 2020 |
Principal Amounts | $ 1,000,000,000 |
Debt maturity term | 30 years |
Debt instrument, stated interest rate | 3.50% |
Maturity date | Oct. 15, 2050 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - Senior Notes [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Senior Notes 4.868% [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 | 397,194,000 | $ 397,074,000 |
Market Value | $ 528,000,000 | 452,848,000 |
Debt instrument, stated interest rate | 4.868% | |
Senior Notes 3.5% [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Oct. 7, 2020 | |
Date Due | Oct. 15, 2050 | |
Principal Amounts | $ 1,000,000,000 | |
Consolidated Balance Sheet Amount | 979,524,000 | |
Market Value | $ 1,138,100,000 | |
Debt instrument, stated interest rate | 3.50% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 3,658 | ||
Senior Notes [Member] | Senior Notes 4.868% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 19,472 | 19,472 | $ 19,472 |
Maturity date | Jun. 1, 2044 | ||
Senior Notes [Member] | Senior Notes 3.5% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 8,115 | ||
Maturity date | Oct. 15, 2050 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Item | Dec. 31, 2019USD ($) | Feb. 15, 2021 | |
Long Term Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding debt reduction | $ 161,441,000 | ||
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% | ||
Interest payment commencement date | Nov. 15, 2007 | ||
Right to defer interest, number of occasions | Item | 1 | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | ||
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 | $ 13,183,000 | $ 0 | |
Debt instrument, maturity date | May 1, 2067 | ||
Gain on repurchase and retirement of debt | $ 2,536,000 | $ 0 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Reset quarterly interest rate | 2.60% | ||
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, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 223,674,000 | $ 236,758,000 |
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 | $ 223,674,000 | 236,758,000 |
Market Value | $ 206,447,000 | $ 233,191,000 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2067 |
Long Term Subordinated Notes _2
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 7,645 | $ 11,587 | $ 10,926 |
Federal Home Loan Bank Member_2
Federal Home Loan Bank Membership (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Borrowings from FHLB | $ 310,000 | |
Federal Home Loan Bank Of New York [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | |
Admitted assets for FHLB | $ 16,840,721 | |
Maximum amount available under FHLB | 1,684,072 | |
Borrowings from FHLB | $ 400,000 | |
FHLB advance interest rate | 0.35% | |
Outstanding | $ 310,000 | |
Amount of borrowed funds required to be used to acquire additional membership stock, percentage | 4.50% | |
Federal Home Loan Bank Of New York [Member] | Minimum [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
FHLB advance maturity | Nov. 30, 2021 | |
Federal Home Loan Bank Of New York [Member] | Maximum [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
FHLB advance maturity | Dec. 31, 2021 |
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 | Nov. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Effects of Reinsurance [Line Items] | ||||||||||
Amount on deposit in trust accounts | $ 886,148 | |||||||||
Reinsurance coverage amount | $ 1,318,338 | $ 1,278,115 | $ 1,541,814 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Number of collateralized reinsurance agreements | Item | 4 | 4 | 6 | 2 | 2 | |||||
Reinsurance contract expiration | Apr. 1, 2018 | |||||||||
Reinsurance coverage amount | $ 500,000 | |||||||||
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 | $ 250,000 | |||||
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 | 200,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3-4 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Number of collateralized reinsurance agreements | 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] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Catastrophe Reinsurance Bonds Redeemed Amount | $ 500,000 | |||||||||
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, 2020USD ($) | Jul. 02, 2019ft² | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Lease expense incurred: Operating lease cost | $ 29,822 | $ 21,471 | |
Operating lease right of use assets | $ 139,835 | $ 152,978 | $ 60,325 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | Other assets |
Operating lease liabilities | $ 155,144 | $ 160,387 | $ 66,551 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | Other liabilities |
Operating cash flows from operating leases | $ (18,411) | $ (17,617) | |
Weighted average remaining operating lease term | 12 years 6 months | 12 years 9 months 18 days | |
Weighted average discount rate on operating leases | 4.02% | 3.91% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
2021 | $ 16,191 | ||
2022 | 18,623 | ||
2023 | 18,211 | ||
2024 | 18,217 | ||
2025 | 15,225 | ||
Thereafter | 116,197 | ||
Undiscounted lease payments | 202,664 | ||
Less: present value adjustment | 47,520 | ||
Total operating lease liability | $ 155,144 | $ 160,387 | $ 66,551 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | Other liabilities |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) | $ 31,658,000 | $ 135,228,000 | $ (367,025,000) |
Net liability (refund) | (16,287,000) | ||
Unrecognized tax benefits that would impact the effective tax rate | 0 | ||
Accrued interest and penalties, net of Federal benefit | 0 | ||
Accrued interest and penalties | $ 0 | 0 | |
NOL carryforward, expiration | Dec. 31, 2038 | ||
Foreign tax credits | $ 46,109,000 | 186,706,000 | |
Expense (benefit) from TCJA | (28,411,000) | ||
Tax benefits related to payment of dividends on restricted stock | 414,000 | 363,000 | 241,000 |
CARES Act [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) | (32,500,000) | ||
Net liability (refund) | (182,500,000) | ||
Foreign tax credits | 46,109,000 | ||
U.S. Separate Return Limitation [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 684,000 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
FTC tax credit carryforward, expiration | Jan. 1, 2020 | ||
Minimum [Member] | CARES Act [Member] | |||
Income Tax Contingency [Line Items] | |||
FTC tax credit carryforward, expiration | Jan. 1, 2025 | ||
Minimum [Member] | U.S. Separate Return Limitation [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforward, expiration | Jan. 1, 2037 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
FTC tax credit carryforward, expiration | Dec. 31, 2029 | ||
Maximum [Member] | CARES Act [Member] | |||
Income Tax Contingency [Line Items] | |||
FTC tax credit carryforward, expiration | Dec. 31, 2030 | ||
ASU 2016-09 [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax benefits related to stock vestings and option exercises | $ 2,612,000 | $ 2,987,000 | $ 1,450,000 |
Internal Revenue Service (IRS) [Member] | CARES Act [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 0 | ||
Internal Revenue Service (IRS) [Member] | Tax Year 2015 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net liability (refund) | (1,519,000) | ||
Internal Revenue Service (IRS) [Member] | Tax Year 2016 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net liability (refund) | $ (4,685,000) |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. | $ (106,719) | $ (1,684) | $ (50,964) |
Foreign | (11) | 77 | 8 |
Total current tax expense (benefit) | (106,730) | (1,607) | (50,956) |
Total deferred U.S. tax expense (benefit) | 138,388 | 136,834 | (316,069) |
Total income tax expense (benefit) | $ 31,658 | $ 135,228 | $ (367,025) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Expected income tax provision at the U.S. statutory tax rate | $ 80,588 | $ 160,762 | $ (279,216) |
Increase (decrease) in taxes resulting from: Tax exempt income | (3,598) | (3,680) | (3,824) |
Increase (decrease) in taxes resulting from: Dividend received deduction | (1,100) | (998) | (1,277) |
Increase (decrease) in taxes resulting from: Proration | 1,049 | 1,050 | 1,150 |
Increase (decrease) in taxes resulting from: Creditable foreign premium tax | (11,513) | (9,852) | (13,475) |
Increase (decrease) in taxes resulting from: Tax audit settlement | (1,576) | (2,060) | |
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 (decrease) in taxes resulting from: Share based compensation tax benefits formerly in APIC | (2,612) | (2,987) | (1,450) |
Increase (decrease) in taxes resulting from: Impact of U.S. tax reform | (32,500) | ||
Increase (decrease) in taxes resulting from: Uncertain tax positions | (8,434) | 8,434 | |
Increase (decrease) in taxes resulting from: Other | 1,345 | 942 | (2,741) |
Total income tax expense (benefit) | $ 31,658 | $ 135,228 | $ (367,025) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 8,434 | ||
Additions based on tax positions related to the current year | 8,434 | ||
Additions for tax positions of prior years | |||
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, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | ||
Loss reserve | $ 96,840 | $ 66,025 |
Unearned premium reserve | 85,028 | 75,130 |
Foreign tax credits | 46,109 | 186,706 |
Lease liability | 31,989 | 33,042 |
Net unrecognized losses on benefit plans | 19,636 | 19,818 |
Equity compensation | 6,749 | 7,229 |
Other tax credits | 4,591 | 2,294 |
Uncollectible reinsurance reserve | 3,142 | 3,142 |
Investment impairments | 1,121 | 3,961 |
Net operating loss | 684 | 19,027 |
Deferred expenses | 622 | 517 |
Unrealized foreign currency losses | 597 | 7,958 |
Other assets | 6,559 | 5,885 |
Total deferred tax assets | 303,667 | 430,734 |
Net fair value income | 277,525 | 266,850 |
Net unrealized investment gains | 84,869 | 38,074 |
Deferred acquisition costs | 79,994 | 81,931 |
Right of use asset | 28,822 | 31,510 |
Partnership investments | 26,119 | 15,039 |
Bond market discount | 2,257 | 1,466 |
Benefit plan assets | 1,765 | 2,333 |
Other liabilities | 5,056 | 3,796 |
Total deferred tax liabilities | 506,407 | 440,999 |
Net deferred tax (liabilities) | $ (202,740) | $ (10,265) |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reinsurance [Line Items] | ||||
Allowance for reinsurance receivables | $ 14,233 | $ 12,836 | ||
Duration of Stop Loss Agreement | 12 months | |||
Subject loss reserves | $ 2,336,242 | |||
Amount of Transfer | 1,000,000 | |||
Reinsurance coverage amount | 1,318,338 | 1,278,115 | $ 1,541,814 | |
Bermuda Re [Member] | ||||
Reinsurance [Line Items] | ||||
Amount of Transfer | 970,000 | |||
Adverse development coverage | $ 500,000 | |||
Reinsurance coverage amount | $ 131,341 | 100,084 | $ 572,620 | |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reinsurance [Abstract] | |||||||||||
Written premiums : Direct | $ 2,698,100 | $ 2,449,198 | $ 1,996,606 | ||||||||
Written premiums: Assumed | 5,258,938 | 4,603,866 | 4,577,070 | ||||||||
Written premiums: Ceded | (1,318,338) | (1,278,115) | (1,541,814) | ||||||||
Net written premiums | $ 1,772,741 | $ 1,725,701 | $ 1,501,550 | $ 1,638,708 | $ 1,492,886 | $ 1,569,954 | $ 1,319,865 | $ 1,392,243 | 6,638,700 | 5,774,949 | 5,031,862 |
Premiums earned: Direct | 2,591,613 | 2,255,388 | 1,903,576 | ||||||||
Premiums earned: Assumed | 5,183,399 | 4,427,006 | 4,447,862 | ||||||||
Premiums earned: Ceded | (1,368,436) | (1,193,359) | (1,512,380) | ||||||||
Net premiums earned | 6,406,576 | 5,489,035 | 4,839,058 | ||||||||
Incurred losses and LAE: Direct | 1,784,616 | 1,401,251 | 1,182,399 | ||||||||
Incurred losses and LAE: Assumed | 3,576,252 | 2,913,987 | 4,162,776 | ||||||||
Incurred losses and LAE: Ceded | (752,724) | (486,116) | (534,157) | ||||||||
Net incurred losses and LAE | $ 4,608,144 | $ 3,829,122 | $ 4,811,018 |
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, 2020USD ($) | |
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 | |
Coverage Period 01/01/2020-01/01/2021 [Member] | |
Reinsurance [Line Items] | |
Ceding Company | Everest International Assurance |
Percent Ceded | 100.00% |
Assuming Company | Bermuda Re |
Type of Business | life 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, 2020 | 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 | |
% of Business Transfer | 100.00% | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,318,338 | $ 1,278,115 | $ 1,541,814 |
Ceded earned premiums | 1,368,436 | 1,193,359 | 1,512,380 |
Assumed written premiums | 5,258,938 | 4,603,866 | 4,577,070 |
Assumed earned premiums | 5,183,399 | 4,427,006 | 4,447,862 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 263,487 | 240,721 | 207,439 |
Ceded earned premiums | 265,381 | 235,500 | 212,046 |
Ceded losses and LAE | 175,087 | 171,900 | 234,471 |
Assumed written premiums | 10,582 | ||
Assumed earned premiums | 10,582 | ||
Assumed losses and LAE | |||
Bermuda Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 131,341 | 100,084 | 572,620 |
Ceded earned premiums | 131,574 | 101,681 | 586,120 |
Ceded losses and LAE | 108,477 | (51,686) | (49,955) |
Everest International [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | |||
Ceded earned premiums | |||
Ceded losses and LAE | (503) | 324 | (753) |
Everest Canada [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 1 | ||
Assumed earned premiums | (7) | ||
Assumed losses and LAE | (2,102) | 3,024 | 6,238 |
Lloyd's Syndicate [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | (3,592) | (11,470) | 10,800 |
Assumed earned premiums | (3,375) | (18,650) | 35,826 |
Assumed losses and LAE | $ (2,636) | $ 8,355 | $ 27,550 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | $ 32,475 | ||
Tax Effect | (7,007) | ||
Net of Tax | 25,468 | ||
Reclassification, Before Tax | 7,974 | $ 6,902 | $ 6,356 |
Reclassification, Tax Effect | (1,674) | (1,449) | (1,335) |
Reclassification, Net of Tax | 6,300 | 5,453 | 5,021 |
Total, Before Tax | 257,778 | 241,078 | (155,423) |
Total, Tax Effect | (54,082) | (50,501) | 32,558 |
Total, Net of Tax | 203,694 | 190,577 | (122,865) |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 206,159 | 222,884 | (119,058) |
Tax Effect | (43,078) | (46,971) | 25,582 |
Net of Tax | 163,080 | 175,913 | (93,476) |
Reclassification, Before Tax | 32,475 | 6,068 | 3,416 |
Reclassification, Tax Effect | (7,007) | (988) | (1,395) |
Reclassification, Net of Tax | 25,468 | 5,080 | 2,021 |
Total, Net of Tax | 188,548 | 180,993 | |
URA(D) On Securities - OTTI [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (546) | 645 | |
Tax Effect | 115 | (135) | |
Net of Tax | (431) | 510 | |
Total, Net of Tax | (431) | ||
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 18,277 | 21,708 | (46,136) |
Tax Effect | (3,815) | (4,555) | 9,705 |
Net of Tax | 14,461 | 17,153 | (36,431) |
Total, Net of Tax | 14,461 | 17,153 | |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (7,107) | (15,938) | (646) |
Tax Effect | 1,492 | 3,347 | 136 |
Net of Tax | (5,615) | (12,591) | $ (510) |
Total, Net of Tax | $ 685 | $ (7,138) |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other net realized capital gains (losses) | $ (51,370) | $ (439,010) | $ 179,192 |
Other underwriting expenses | 7,974 | 6,902 | 6,356 |
Income tax expense (benefit) | (1,674) | (1,449) | (1,335) |
Net income (loss) | 6,300 | 5,453 | 5,021 |
URA(D) On Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other underwriting expenses | 32,475 | 6,068 | 3,416 |
Income tax expense (benefit) | (7,007) | (988) | (1,395) |
Net income (loss) | 25,468 | 5,080 | $ 2,021 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other net realized capital gains (losses) | 32,475 | 6,068 | |
Income tax expense (benefit) | (7,007) | (988) | |
Net income (loss) | 25,468 | 5,080 | |
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 | 7,974 | 6,902 | |
Income tax expense (benefit) | (1,674) | (1,449) | |
Net income (loss) | $ 6,300 | $ 5,453 |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 5,857,425 | $ 5,036,757 | |
Net increase (decrease) during the period | 203,694 | 190,577 | $ (122,865) |
Ending balance | 6,414,313 | 5,857,425 | 5,036,757 |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 124,612 | (55,950) | |
Net increase (decrease) during the period | 188,548 | 180,993 | |
Ending balance | 313,161 | 124,612 | (55,950) |
URA(D) On Securities - OTTI [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Net increase (decrease) during the period | (431) | ||
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 14,267 | (2,886) | |
Net increase (decrease) during the period | 14,461 | 17,153 | |
Ending balance | 28,727 | 14,267 | (2,886) |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (74,556) | (67,418) | |
Net increase (decrease) during the period | 685 | (7,138) | |
Ending balance | (73,870) | (74,556) | (67,418) |
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 64,324 | (126,254) | (942) |
Net increase (decrease) during the period | 203,694 | 190,577 | (122,865) |
Ending balance | 268,018 | 64,324 | (126,254) |
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | Accounting Standards Update 2016-01 [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (2,447) | ||
Ending balance |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2030 | |
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 | |||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 7,709,000 | |||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ 0 | |||
Weighted average discount rate used to determine net periodic benefit cost | 3.28% | 4.27% | 3.62% | |
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% | 7.00% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 2.55% | 3.28% | 4.27% | |
Company contributions | $ 6,825,000 | $ 4,750,000 | $ 77,743,000 | |
Transfers between Level 1 and Level 2 | 0 | |||
Plan assets | 354,464,000 | 301,467,000 | 260,531,000 | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Private equity limited partnership | 4,596,000 | 20,351,000 | ||
Company contributions | $ 0 | 0 | ||
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 | 7.90% | |||
Defined contribution plan employer contribution percentage for branch offices, maximum | 8.80% | |||
Post-Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | |||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 46,000 | |||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ (577,000) | $ (577,000) | $ (577,000) | |
Weighted average discount rate used to determine net periodic benefit cost | 3.28% | 4.27% | 3.62% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 2.55% | 3.28% | 4.27% | |
Company contributions | $ 232,000 | $ 488,000 | ||
Health inflation rate | 6.75% | |||
Plan assets | ||||
Post-Retirement Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Health inflation rate | 4.75% | |||
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 72.00% | |||
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 | 27.00% | |||
Limited Partner [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 1.00% | |||
Cash [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 0.00% | |||
Bonds [Member] | Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 30.00% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 6,825 | $ 4,750 | $ 77,743 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 8,429 | $ 10,042 | $ 9,728 |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 355,356 | $ 300,244 | |
Service cost | 9,522 | 8,255 | $ 9,801 |
Interest cost | 10,112 | 11,712 | 10,290 |
Actuarial (gain)/loss | 43,595 | 46,206 | |
Curtailment | |||
Benefits paid | (14,115) | (11,062) | |
Projected benefit obligation at end of year | 404,471 | 355,356 | 300,244 |
Fair value of plan assets at beginning of year | 301,467 | 260,531 | |
Employer contributions | 6,825 | 4,750 | 77,743 |
Actual return on plan assets | 60,286 | 47,247 | |
Actual contributions during the year | 6,825 | 4,750 | |
Benefits paid | (14,115) | (11,062) | |
Fair value of plan assets at end of year | 354,464 | 301,467 | 260,531 |
Funded status at end of year | (50,007) | (53,889) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 29,376 | 28,483 | |
Service cost | 1,066 | 983 | 1,312 |
Interest cost | 845 | 980 | 999 |
Amendments | |||
Actuarial (gain)/loss | 4,042 | (582) | |
Benefits paid | (232) | (488) | |
Projected benefit obligation at end of year | 35,098 | 29,376 | 28,483 |
Fair value of plan assets at beginning of year | |||
Employer contributions | 232 | 488 | |
Benefits paid | (232) | (488) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (35,098) | $ (29,376) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (2,197) | (7,362) |
Other liabilities (due beyond one year) | (47,810) | (46,527) |
Net amount recognized in the consolidated balance sheets | (50,007) | (53,889) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (613) | (611) |
Other liabilities (due beyond one year) | (34,484) | (28,764) |
Net amount recognized in the consolidated balance sheets | $ (35,098) | $ (29,376) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (91,979) | $ (97,466) | |
Accumulated other comprehensive income (loss) | (91,979) | (97,466) | $ (88,580) |
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | 3,854 | (188) | |
Accumulated prior service credit (cost) | 2,327 | 2,904 | |
Accumulated other comprehensive income (loss) | $ (1,527) | $ 3,092 | $ 3,242 |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | $ (97,466,000) | $ (88,580,000) | |
Net gain (loss) arising during period | (4,090,000) | (16,927,000) | |
Actuarial loss (gain) | 9,576,000 | 8,042,000 | |
Prior service cost | 0 | ||
Curtailment loss recognized | |||
Other comprehensive income (loss) at December 31, current year | (91,979,000) | (97,466,000) | $ (88,580,000) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | 3,092,000 | 3,242,000 | |
Net gain (loss) arising during period | (4,042,000) | 582,000 | |
Prior Service credit (cost) arising during period | |||
Actuarial loss (gain) | (155,000) | 94,000 | |
Prior service cost | 577,000 | 577,000 | 577,000 |
Other comprehensive income (loss) at December 31, current year | $ (1,527,000) | $ 3,092,000 | $ 3,242,000 |
Employee Benefit Plans (Summa_4
Employee Benefit Plans (Summary Of Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9,522,000 | $ 8,255,000 | $ 9,801,000 |
Interest cost | 10,112,000 | 11,712,000 | 10,290,000 |
Prior service credit recognition | 0 | ||
Expected return on plan assets | (20,781,000) | (17,968,000) | (17,202,000) |
Actuarial loss (gain) | 9,576,000 | 8,042,000 | |
Amortization of actuarial loss from earlier periods | 8,551,000 | 7,635,000 | 6,839,000 |
Settlement charge | 1,025,000 | 408,000 | |
Net periodic benefit cost | 8,429,000 | 10,042,000 | 9,728,000 |
Other comprehensive gain (loss) attributable to change from prior year | (5,486,000) | 8,885,000 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 2,943,000 | 18,927,000 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,066,000 | 983,000 | 1,312,000 |
Interest cost | 845,000 | 980,000 | 999,000 |
Prior service credit recognition | (577,000) | (577,000) | (577,000) |
Actuarial loss (gain) | (155,000) | 94,000 | |
Net periodic benefit cost | 1,334,000 | 1,231,000 | $ 1,829,000 |
Other comprehensive gain (loss) attributable to change from prior year | 4,619,000 | 150,000 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 5,953,000 | $ 1,381,000 |
Employee Benefit Plans (Summa_5
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 352,285 | $ 309,970 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | 336,027 | 288,328 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 16,258 | $ 21,642 |
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, 2020 | Dec. 31, 2019 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 388,213 | $ 333,715 |
Fair value of plan assets | 354,464 | 301,467 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 16,258 | 21,642 |
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, 2020 | Dec. 31, 2019 |
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 | 16,258 | 21,642 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 11,757 |
2022 | 12,220 |
2023 | 13,064 |
2024 | 14,100 |
2025 | 15,190 |
Next 5 years | 90,808 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 613 |
2022 | 715 |
2023 | 806 |
2024 | 851 |
2025 | 989 |
Next 5 years | $ 6,955 |
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, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | $ 1,204 | $ 1,749 |
Total | 349,867 | 281,116 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | 1,204 | 1,749 |
Total | 349,867 | 281,116 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Significant Unobservable 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 | $ 93,609 | $ 90,483 |
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] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | $ 93,609 | $ 90,483 |
Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Fixed Income Funds [Member] | Significant Unobservable 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 | 255,054 | $ 188,884 |
Percent of equities mutual funds in US equities | 50.00% | |
Percent of equities mutual funds in international equities | 50.00% | |
Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 255,054 | $ 188,884 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Equity Securities [Member] | Significant Unobservable 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Contribution Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expenses | $ 14,386 | $ 10,794 | $ 9,301 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Contribution Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expenses | $ 774 | $ 474 | $ 489 |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post-retirement benefit expenses | $ 1,334 | $ 1,231 | $ 1,829 |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |||
Dividend payment restrictions, maximum percentage of statutory surplus required | 10.00% | ||
Available for payment of dividends in 2012 without need for prior regulatory approval | $ 592,082 | ||
Statutory capital and surplus | 5,276,003 | $ 3,739,140 | |
Statutory net income (loss) | $ 595,077 | $ 363,034 | $ (1,317,991) |
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, 2020 | Dec. 31, 2019 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | ||
Regulatory targeted capital | $ 2,489,772 | $ 2,001,226 |
Actual capital | $ 5,276,003 | $ 3,739,140 |
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, 2020 | Dec. 31, 2019 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 140,773 | $ 141,703 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 35,128 | $ 35,082 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 17, 2019 | Oct. 01, 2018 | Dec. 31, 2014 | Mar. 31, 2011 | |
Related Party Transaction [Line Items] | ||||||||
Note Receivable - affiliated | $ 300,000 | $ 300,000 | $ 300,000 | $ 250,000 | ||||
Note receivable interest rate | 1.69% | |||||||
Interest income | $ 5,155 | 211 | $ 4,085 | |||||
Note payable - affiliated | $ 300,000 | |||||||
Interest expense | 3,658 | |||||||
Additional paid-in capital | $ 1,101,092 | $ 1,100,678 | ||||||
Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares purchased and held | 9,719,971 | |||||||
Shares transferred to affiliated entity | 9,719,971 | |||||||
Shares fair value | $ 1,773,214 | |||||||
Redeemable Convertible Preferred Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | |||||||
Preferred shares par value | $ 1,000 | |||||||
Annual dividend rate | 1.75% | |||||||
Global Services [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Additional paid-in capital | $ 227,253 |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Dec. 31, 2020shares |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 32,000,000 |
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 |
Amendment Date, 05/22/2020 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 2,000,000 |
Related-Party Transactions (Div
Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related-Party Transactions [Abstract] | |||
Expenses incurred | $ 124,486 | $ 107,851 | $ 81,346 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration credit risk | 5.00% | 5.00% | |
Reinsurance Recoverable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration credit risk | 20.10% | 25.80% | 21.10% |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | $ 2,698,100 | $ 2,449,198 | $ 1,996,606 | ||||||||
Net written premiums | $ 1,772,741 | $ 1,725,701 | $ 1,501,550 | $ 1,638,708 | $ 1,492,886 | $ 1,569,954 | $ 1,319,865 | $ 1,392,243 | 6,638,700 | 5,774,949 | 5,031,862 |
Premiums earned | $ 1,758,154 | $ 1,615,457 | $ 1,538,960 | $ 1,494,005 | $ 1,414,558 | $ 1,428,400 | $ 1,375,623 | $ 1,270,454 | 6,406,576 | 5,489,035 | 4,839,058 |
Incurred losses and LAE | 4,608,144 | 3,829,122 | 4,811,018 | ||||||||
Commission and brokerage | 1,373,355 | 1,270,053 | 1,141,714 | ||||||||
Other underwriting expenses | 401,033 | 350,901 | 293,347 | ||||||||
Underwriting gain (loss) | 24,044 | 38,959 | (1,407,021) | ||||||||
Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 5,265,698 | 4,600,373 | 4,569,582 | ||||||||
Net written premiums | 4,632,265 | 3,923,799 | 3,519,704 | ||||||||
Premiums earned | 4,484,693 | 3,796,136 | 3,386,386 | ||||||||
Incurred losses and LAE | 3,209,160 | 2,692,680 | 3,811,747 | ||||||||
Commission and brokerage | 1,119,966 | 1,027,286 | 923,902 | ||||||||
Other underwriting expenses | 119,320 | 110,032 | 97,927 | ||||||||
Underwriting gain (loss) | 36,247 | (33,862) | (1,447,190) | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,691,340 | 2,452,691 | 2,004,093 | ||||||||
Net written premiums | 2,006,435 | 1,851,150 | 1,512,158 | ||||||||
Premiums earned | 1,921,883 | 1,692,899 | 1,452,672 | ||||||||
Incurred losses and LAE | 1,398,984 | 1,136,442 | 999,271 | ||||||||
Commission and brokerage | 253,389 | 242,767 | 217,812 | ||||||||
Other underwriting expenses | 281,713 | 240,869 | 195,420 | ||||||||
Underwriting gain (loss) | $ (12,203) | $ 72,821 | $ 40,169 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||||||||||
Underwriting gain (loss) | $ 24,044 | $ 38,959 | $ (1,407,021) | ||||||||
Net investment income | $ 131,124 | $ 135,428 | $ 35,153 | $ 74,201 | $ 85,376 | $ 95,592 | $ 90,709 | $ 84,534 | 375,906 | 356,211 | 314,381 |
Net realized capital gains (losses) | $ 157,104 | $ 115,193 | $ (479,360) | $ 256,867 | $ 29,206 | $ 112,542 | $ 142,563 | $ 135,056 | 49,804 | 419,367 | (185,356) |
Corporate expense | (15,985) | (13,063) | (11,034) | ||||||||
Interest, fee and bond issue cost amortization expense | (35,659) | (34,931) | (30,611) | ||||||||
Other income (expense) | (14,579) | (1,589) | (9,568) | ||||||||
INCOME (LOSS) BEFORE TAXES | $ 383,531 | $ 764,955 | $ (1,329,209) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 2,698,100 | $ 2,449,198 | $ 1,996,606 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 320,665 | $ 214,594 | $ 173,530 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Gross written premiums | $ 2,078,865 | $ 2,064,961 | $ 1,838,247 | $ 1,974,965 | $ 1,790,142 | $ 1,890,002 | $ 1,688,038 | $ 1,684,882 | |||
Net written premiums | 1,772,741 | 1,725,701 | 1,501,550 | 1,638,708 | 1,492,886 | 1,569,954 | 1,319,865 | 1,392,243 | $ 6,638,700 | $ 5,774,949 | $ 5,031,862 |
Premiums earned | 1,758,154 | 1,615,457 | 1,538,960 | 1,494,005 | 1,414,558 | 1,428,400 | 1,375,623 | 1,270,454 | 6,406,576 | 5,489,035 | 4,839,058 |
Net investment income | 131,124 | 135,428 | 35,153 | 74,201 | 85,376 | 95,592 | 90,709 | 84,534 | 375,906 | 356,211 | 314,381 |
Net realized capital gains (losses) | 157,104 | 115,193 | (479,360) | 256,867 | 29,206 | 112,542 | 142,563 | 135,056 | 49,804 | 419,367 | (185,356) |
Total claims and underwriting expenses | 1,812,710 | 1,720,362 | 1,436,098 | 1,465,006 | 1,505,892 | 1,562,452 | 1,255,551 | 1,174,175 | 6,434,176 | 5,498,070 | 6,287,724 |
Net income (loss) | $ 186,015 | $ 119,806 | $ (270,593) | $ 316,645 | $ 36,060 | $ 61,137 | $ 280,922 | $ 251,608 | $ 351,873 | $ 629,727 | $ (962,184) |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) | Dec. 31, 2020USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 15,130,682,000 |
Total investments and cash, Market Value | 15,910,167,000 |
Total investments and cash, Amount Shown In Balance Sheet | 15,910,167,000 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 10,248,650,000 |
Total investments and cash, Market Value | 10,643,565,000 |
Total investments and cash, Amount Shown In Balance Sheet | 10,643,565,000 |
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 | 659,957,000 |
Total investments and cash, Market Value | 681,989,000 |
Total investments and cash, Amount Shown In Balance Sheet | 681,989,000 |
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 | 543,646,000 |
Total investments and cash, Market Value | 577,046,000 |
Total investments and cash, Amount Shown In Balance Sheet | 577,046,000 |
Foreign Government Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 694,132,000 |
Total investments and cash, Market Value | 742,238,000 |
Total investments and cash, Amount Shown In Balance Sheet | 742,238,000 |
Foreign Corporate Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,130,865,000 |
Total investments and cash, Market Value | 1,199,866,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,199,866,000 |
Public Utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 113,206,000 |
Total investments and cash, Market Value | 120,749,000 |
Total investments and cash, Amount Shown In Balance Sheet | 120,749,000 |
All Other Corporate Bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 5,645,979,000 |
Total investments and cash, Market Value | 5,796,383,000 |
Total investments and cash, Amount Shown In Balance Sheet | 5,796,383,000 |
Commercial Mortgage Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 512,388,000 |
Total investments and cash, Market Value | 550,080,000 |
Total investments and cash, Amount Shown In Balance Sheet | 550,080,000 |
Agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 937,166,000 |
Total investments and cash, Market Value | 965,100,000 |
Total investments and cash, Amount Shown In Balance Sheet | 965,100,000 |
Non-agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 3,164,000 |
Total investments and cash, Market Value | 3,164,000 |
Total investments and cash, Amount Shown In Balance Sheet | 3,164,000 |
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 | 6,950,000 |
Total investments and cash, Amount Shown In Balance Sheet | 6,950,000 |
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 | |
Total investments and cash, Market Value | |
Total investments and cash, Amount Shown In Balance Sheet | |
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 | 927,324,000 |
Total investments and cash, Market Value | 1,288,767,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,288,767,000 |
Short-Term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 708,043,000 |
Total investments and cash, Market Value | 707,905,000 |
Total investments and cash, Amount Shown In Balance Sheet | 707,905,000 |
Other Invested Assets [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,094,933,000 |
Total investments and cash, Market Value | 1,094,933,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,094,933,000 |
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 | 1,796,479,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,796,479,000 |
Cash [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 378,518,000 |
Total investments and cash, Market Value | 378,518,000 |
Total investments and cash, Amount Shown In Balance Sheet | $ 378,518,000 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 17, 2019 | Feb. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Condensed Financial Statements Captions [Line Items] | ||||||||
Note Receivable - affiliated | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | $ 250,000 | |||
Note payable - affiliated | $ 300,000 | |||||||
Common Stock [Member] | ||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||
Shares transferred to affiliated entity | 9,719,971 | |||||||
Shares fair value | $ 1,773,214 | |||||||
Redeemable Convertible Preferred Stock [Member] | ||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | |||||||
Preferred shares par value | $ 1,000 | |||||||
Annual dividend rate | 1.75% | |||||||
Parent Company [Member] | ||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||
Note Receivable - affiliated | $ 10,000 | $ 300,000 | $ 250,000 | |||||
Note receivable maturity date | Dec. 31, 2023 | |||||||
Parent Company [Member] | Common Stock [Member] | ||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||
Shares transferred to affiliated entity | 9,719,971 | |||||||
Shares fair value | $ 1,773,214 | |||||||
Parent Company [Member] | Redeemable Convertible Preferred Stock [Member] | ||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | |||||||
Preferred shares par value | $ 1,000 | |||||||
Annual dividend rate | 1.75% | |||||||
Parent Company [Member] | Note Payable - Affiliated [Member] | ||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||
Note payable - affiliated | $ 10,000 | |||||||
Maturity date | Feb. 19, 2049 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 17, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
Condensed Financial Statements Captions [Line Items] | |||||
Fixed maturity securities - available for sale, Market Value | $ 10,643,565 | $ 7,492,079 | |||
Equity securities - available for sale, at fair value | 1,288,767 | 764,049 | |||
Other invested assets | 1,094,933 | 1,020,766 | |||
Other invested assets, at fair value | 1,796,479 | 1,982,582 | |||
Short-term investments | 707,905 | 279,879 | |||
Cash | 378,518 | 411,122 | |||
Total investments and cash | 15,910,167 | 11,956,303 | |||
Note Receivable - affiliated | 300,000 | 300,000 | $ 300,000 | $ 250,000 | |
Accrued investment income | 80,196 | 54,383 | |||
Other assets | 616,640 | 518,127 | |||
TOTAL ASSETS | 23,717,083 | 19,706,186 | |||
Note payable - affiliated | $ 300,000 | ||||
Accrued interest on debt and borrowings | 10,460 | 2,878 | |||
Other liabilities | 456,786 | 399,229 | |||
Total liabilities | 17,302,770 | 13,848,761 | |||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2020 and 2019) | |||||
Additional paid-in capital | 1,101,092 | 1,100,678 | |||
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $71,080 at 2020 and $16,997 at 2019 | 268,018 | 64,324 | |||
Retained earnings | 5,045,203 | 4,692,423 | |||
Total stockholder's-equity | 6,414,313 | 5,857,425 | 5,036,757 | ||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 23,717,083 | 19,706,186 | |||
Fixed maturities - available for sale, at amortized cost | $ 10,248,650 | $ 7,334,425 | |||
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) | $ 71,080 | $ 16,997 | |||
Senior Notes 4.868% [Member] | Senior Notes [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Senior notes | $ 397,194 | 397,074 | |||
Maturity date | Jun. 1, 2044 | ||||
Subordinated Notes 6.6% [Member] | Subordinated Debt [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Maturity date | May 1, 2067 | ||||
Senior Notes 3.5% [Member] | Senior Notes [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Senior notes | $ 979,524 | ||||
Maturity date | Oct. 15, 2050 | ||||
Parent Company [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Fixed maturity securities - available for sale, Market Value | 1,750 | ||||
Equity securities - available for sale, at fair value | 311,009 | 75,585 | |||
Other invested assets | 146,968 | 56,909 | |||
Other invested assets, at fair value | 1,796,479 | 1,982,582 | |||
Short-term investments | 9,985 | 20,514 | |||
Cash | 10,482 | 10,384 | |||
Total investments and cash | 2,274,923 | 2,147,724 | |||
Investment in subsidiaries, at equity in the underlying net assets | 6,115,130 | 4,580,852 | |||
Note Receivable - affiliated | 10,000 | $ 300,000 | $ 250,000 | ||
Accrued investment income | 87 | 573 | |||
Advances to affiliates | 165 | (39) | |||
Other assets | (104) | 162 | |||
TOTAL ASSETS | 8,390,201 | 6,739,272 | |||
Long term notes due 5/1/2067 | 223,674 | 236,758 | |||
Accrued interest on debt and borrowings | 10,388 | 2,878 | |||
Income taxes | 362,393 | 243,062 | |||
Due to affiliates | 1,835 | 1,016 | |||
Other liabilities | 880 | 1,059 | |||
Total liabilities | 1,975,888 | 881,847 | |||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2020 and 2019) | |||||
Additional paid-in capital | 1,101,092 | 1,100,678 | |||
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $71,080 at 2020 and $16,997 at 2019 | 268,018 | 64,324 | |||
Retained earnings | 5,045,203 | 4,692,423 | |||
Total stockholder's-equity | 6,414,313 | 5,857,425 | |||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 8,390,201 | 6,739,272 | |||
Fixed maturities - available for sale, at amortized cost | $ 1,750 | ||||
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) | $ 71,080 | $ 16,997 | |||
Parent Company [Member] | Senior Notes 4.868% [Member] | Senior Notes [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Senior notes | $ 397,194 | 397,074 | |||
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 | ||||
Parent Company [Member] | Senior Notes 3.5% [Member] | Senior Notes [Member] | |||||
Condensed Financial Statements Captions [Line Items] | |||||
Senior notes | $ 979,524 | ||||
Maturity date | Oct. 15, 2050 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | |||||||||||
Net investment income | $ 131,124 | $ 135,428 | $ 35,153 | $ 74,201 | $ 85,376 | $ 95,592 | $ 90,709 | $ 84,534 | $ 375,906 | $ 356,211 | $ 314,381 |
Other net realized capital gains (losses) | 51,370 | 439,010 | (179,192) | ||||||||
Other income (expense) | (14,579) | (1,589) | (9,568) | ||||||||
Total revenues | 6,817,707 | 6,263,024 | 4,958,515 | ||||||||
Interest expense | 35,659 | 34,931 | 30,611 | ||||||||
Corporate expenses | 15,985 | 13,063 | 11,034 | ||||||||
Total claims and expenses | 1,812,710 | 1,720,362 | 1,436,098 | 1,465,006 | 1,505,892 | 1,562,452 | 1,255,551 | 1,174,175 | 6,434,176 | 5,498,070 | 6,287,724 |
INCOME (LOSS) BEFORE TAXES | 383,531 | 764,955 | (1,329,209) | ||||||||
Income Tax Expense (Benefit) | 31,658 | 135,228 | (367,025) | ||||||||
NET INCOME (LOSS) | $ 186,015 | $ 119,806 | $ (270,593) | $ 316,645 | $ 36,060 | $ 61,137 | $ 280,922 | $ 251,608 | 351,873 | 629,727 | (962,184) |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 163,080 | 175,482 | (92,966) | ||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 25,468 | 5,080 | 2,021 | ||||||||
Total URA(D) on securities arising during the period | 188,548 | 180,562 | (90,945) | ||||||||
Foreign currency translation adjustments | 14,461 | 17,153 | (36,431) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (5,615) | (12,591) | (510) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 6,300 | 5,453 | 5,021 | ||||||||
Total benefit plan net gain (loss) for the period | 685 | (7,138) | 4,511 | ||||||||
Total other comprehensive income (loss), net of tax | 203,694 | 190,577 | (122,865) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 555,567 | 820,304 | (1,085,049) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Net investment income | 26,021 | 34,970 | 38,951 | ||||||||
Other net realized capital gains (losses) | (73,338) | 274,110 | (87,267) | ||||||||
Other income (expense) | 3,105 | 524 | (6,085) | ||||||||
Net income (loss) of subsidiaries | 393,552 | 370,084 | (906,211) | ||||||||
Total revenues | 349,659 | 680,100 | (956,527) | ||||||||
Interest expense | 35,508 | 34,931 | 30,611 | ||||||||
Corporate expenses | 9,392 | 6,810 | 6,337 | ||||||||
Total claims and expenses | 44,900 | 41,741 | 36,948 | ||||||||
INCOME (LOSS) BEFORE TAXES | 304,760 | 638,359 | (993,475) | ||||||||
Income Tax Expense (Benefit) | (47,113) | 8,632 | (31,291) | ||||||||
NET INCOME (LOSS) | 351,873 | 629,727 | (962,184) | ||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 163,080 | 175,482 | (92,966) | ||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 25,468 | 5,080 | 2,021 | ||||||||
Total URA(D) on securities arising during the period | 188,548 | 180,562 | (90,945) | ||||||||
Foreign currency translation adjustments | 14,461 | 17,153 | (36,431) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (5,615) | (12,591) | (510) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 6,300 | 5,453 | 5,021 | ||||||||
Total benefit plan net gain (loss) for the period | 685 | (7,138) | 4,511 | ||||||||
Total other comprehensive income (loss), net of tax | 203,694 | 190,577 | (122,865) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 555,567 | 820,304 | (1,085,049) | ||||||||
Affiliated Entity [Member] | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Net investment income | $ 320 | $ 412 | $ 4,085 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | |||||||||||
Net income (loss) | $ 186,015 | $ 119,806 | $ (270,593) | $ 316,645 | $ 36,060 | $ 61,137 | $ 280,922 | $ 251,608 | $ 351,873 | $ 629,727 | $ (962,184) |
Decrease (increase) in income taxes | 204,419 | 295,667 | (292,728) | ||||||||
Change in equity adjustments in limited partnerships | (39,880) | (45,843) | (70,494) | ||||||||
Change in other assets and liabilities, net | (84,902) | (60,250) | (143,047) | ||||||||
Amortization of bond premium (accrual of bond discount) | 13,926 | 4,308 | 3,735 | ||||||||
Net realized capital (gains) losses | (157,104) | $ (115,193) | $ 479,360 | (256,867) | (29,206) | $ (112,542) | $ (142,563) | (135,056) | (49,804) | (419,367) | 185,356 |
Net cash provided by (used in) operating activities | 2,240,153 | 1,234,754 | 849,292 | ||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,126,309 | 937,871 | 741,360 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 626,378 | 2,400,869 | 791,368 | ||||||||
Proceeds from equity securities sold - at fair value | 375,112 | 283,707 | 1,029,920 | ||||||||
Distributions from other invested assets | 243,002 | 185,116 | 1,043,131 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (4,695,090) | (3,626,139) | (3,714,695) | ||||||||
Cost of equity securities acquired- at fair value | (625,694) | (325,546) | (702,221) | ||||||||
Cost of other invested assets acquired | (363,101) | (323,453) | (1,138,317) | ||||||||
Net change in short-term investments | (425,878) | (102,302) | 193,623 | ||||||||
Net change in unsettled securities transactions | 200,070 | (30,904) | 55,967 | ||||||||
Proceeds from repayment of long term note receivable, affiliated | (300,000) | 250,000 | |||||||||
Net cash provided by (used in) investing activities | (3,533,985) | (902,107) | (1,452,494) | ||||||||
Capital contribution from parent | 500,324 | ||||||||||
Proceeds from issuance of senior notes | 979,417 | ||||||||||
Cost of debt repurchase | (10,647) | ||||||||||
Proceeds from issuance (cost of repayment) for note payable - affiliated | (300,000) | 300,000 | |||||||||
Net cash provided by (used in) financing activities | 1,246,967 | (327,059) | 789,129 | ||||||||
Cash, beginning of period | 411,122 | 404,522 | 411,122 | 404,522 | 229,552 | ||||||
Cash, end of period | 378,518 | 411,122 | 378,518 | 411,122 | 404,522 | ||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Net income (loss) | 351,873 | 629,727 | (962,184) | ||||||||
Equity in (earnings) deficit of subsidiaries | (393,552) | (370,084) | 906,211 | ||||||||
Dividends received from subsidiary | 300,000 | 90,000 | |||||||||
Decrease (increase) in income taxes | 119,331 | 40,695 | 4,687 | ||||||||
Change in equity adjustments in limited partnerships | 8,491 | 2,468 | (2,617) | ||||||||
Change in other assets and liabilities, net | 20,179 | (16,615) | (20,450) | ||||||||
Amortization of bond premium (accrual of bond discount) | 63 | 13 | 370 | ||||||||
Net realized capital (gains) losses | 73,338 | (274,110) | 87,267 | ||||||||
Net cash provided by (used in) operating activities | 179,722 | 312,094 | 103,284 | ||||||||
Additional investment in subsidiaries | (949,464) | 15,174 | (1,383,659) | ||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,750 | 9,385 | |||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 12,000 | 96,836 | |||||||||
Proceeds from equity securities sold - at fair value | 61,883 | 18,905 | 182,552 | ||||||||
Proceeds from sale of subsidiary (net of cash disposed) | |||||||||||
Distributions from other invested assets | 1,113,176 | 389,200 | 1,401,606 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (13,510) | ||||||||||
Cost of equity securities acquired- at fair value | (184,542) | (32,597) | (39,449) | ||||||||
Cost of other invested assets acquired | (1,211,726) | (388,598) | (1,407,352) | ||||||||
Net change in short-term investments | 10,529 | (16,403) | 396 | ||||||||
Net change in unsettled securities transactions | (99) | ||||||||||
Proceeds from repayment of long term note receivable, affiliated | 10,000 | (10,000) | 250,000 | ||||||||
Net cash provided by (used in) investing activities | (1,148,394) | (12,319) | (903,294) | ||||||||
Capital contribution from parent | 500,324 | ||||||||||
Proceeds from issuance of senior notes | 979,417 | ||||||||||
Cost of debt repurchase | (10,647) | ||||||||||
Proceeds from issuance (cost of repayment) for note payable - affiliated | (300,000) | 300,000 | |||||||||
Net cash provided by (used in) financing activities | 968,770 | (300,000) | 800,324 | ||||||||
Net increase (decrease) in cash | 98 | (225) | 314 | ||||||||
Cash, beginning of period | $ 10,384 | $ 10,609 | 10,384 | 10,609 | 10,295 | ||||||
Cash, end of period | $ 10,482 | $ 10,384 | 10,482 | 10,384 | 10,609 | ||||||
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 | ||||||||||
Non-cash contribution to subsidiaries | $ (221) |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | $ 379,707 | $ 388,238 | $ 353,630 |
Reverse for Losses and Loss Adjustment Expenses | 11,654,950 | 10,209,519 | 10,167,018 |
Unearned Premium Reserves | 2,385,174 | 2,198,932 | 1,826,868 |
Premiums Earned | 6,406,576 | 5,489,035 | 4,839,058 |
Net Investment Income | 375,906 | 356,211 | 314,381 |
Incurred Loss and Loss Adjustment Expenses | 4,608,144 | 3,829,122 | 4,811,018 |
Amortization of Deferred Acquisition Costs | 1,373,355 | 1,270,053 | 1,141,714 |
Other Operating Expenses | 401,033 | 350,901 | 293,347 |
Net Written Premium | 6,638,700 | 5,774,949 | 5,031,862 |
Reinsurance [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 169,346 | 182,531 | 185,328 |
Reverse for Losses and Loss Adjustment Expenses | 7,896,076 | 7,138,800 | 7,417,941 |
Unearned Premium Reserves | 1,127,815 | 1,069,829 | 939,693 |
Premiums Earned | 4,484,693 | 3,796,136 | 3,386,386 |
Net Investment Income | 254,671 | 249,073 | 229,375 |
Incurred Loss and Loss Adjustment Expenses | 3,209,160 | 2,692,680 | 3,811,747 |
Amortization of Deferred Acquisition Costs | 1,119,966 | 1,027,286 | 923,902 |
Other Operating Expenses | 119,320 | 110,032 | 97,927 |
Net Written Premium | 4,632,265 | 3,923,799 | 3,519,704 |
Insurance [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 210,361 | 205,707 | 168,302 |
Reverse for Losses and Loss Adjustment Expenses | 3,758,874 | 3,070,719 | 2,749,077 |
Unearned Premium Reserves | 1,257,359 | 1,129,103 | 887,175 |
Premiums Earned | 1,921,883 | 1,692,899 | 1,452,672 |
Net Investment Income | 121,235 | 107,138 | 85,006 |
Incurred Loss and Loss Adjustment Expenses | 1,398,984 | 1,136,442 | 999,271 |
Amortization of Deferred Acquisition Costs | 253,389 | 242,767 | 217,812 |
Other Operating Expenses | 281,713 | 240,869 | 195,420 |
Net Written Premium | $ 2,006,435 | $ 1,851,150 | $ 1,512,158 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||||||||||
Gross Amount | $ 2,591,613 | $ 2,255,388 | $ 1,903,576 | ||||||||
Ceded to Other Companies | 1,368,436 | 1,193,359 | 1,512,380 | ||||||||
Assumed earned premiums | 5,183,399 | 4,427,006 | 4,447,862 | ||||||||
Net Amount | $ 1,758,154 | $ 1,615,457 | $ 1,538,960 | $ 1,494,005 | $ 1,414,558 | $ 1,428,400 | $ 1,375,623 | $ 1,270,454 | 6,406,576 | 5,489,035 | 4,839,058 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||||||||||
Gross Amount | 2,591,613 | 2,255,387 | 1,903,576 | ||||||||
Ceded to Other Companies | 1,368,436 | 1,193,359 | 1,512,380 | ||||||||
Assumed earned premiums | 5,183,399 | 4,427,006 | 4,447,862 | ||||||||
Net Amount | $ 6,406,576 | $ 5,489,034 | $ 4,839,058 | ||||||||
Assumed to Net | 80.90% | 80.70% | 91.90% |
Uncategorized Items - cik000091
Label | Element | Value |
Redeemable Convertible Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Percentage | us-gaap_PreferredStockDividendRatePercentage | 1.75% |
Preferred Stock Term | cik0000914748_PreferredStockTerm | 25 years |