Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | ||
Auditor Firm Id | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | New York, New York | ||
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 3.50% [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 | ||
Senior Notes 3.125% [Member] | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 3.125% Senior Notes Due 2052 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NYSE | ||
Subordinated Notes 6.60% [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, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2021, $12,733,499; 2020, $10,248,650 allowances for credit losses: 2021, $(27,491); 2020, $(1,566)) | $ 12,860,395 | $ 10,643,565 |
Equity securities, at fair value | 1,757,792 | 1,288,767 |
Short-term investments (cost: 2021, $695,935; 2020, $708,043) | 695,886 | 707,905 |
Other invested assets | 1,674,639 | 1,094,933 |
Other invested assets, at fair value | 2,030,816 | 1,796,479 |
Cash | 699,266 | 378,518 |
Total investments and cash | 19,718,794 | 15,910,167 |
Note Receivable - affiliated | 500,000 | 300,000 |
Accrued investment income | 89,966 | 80,196 |
Premiums receivable | 1,719,961 | 1,591,980 |
Reinsurance recoverables - unaffiliated | 1,569,328 | 1,505,650 |
Reinsurance recoverables - affiliated | 2,298,769 | 2,701,655 |
Funds held by reinsureds | 299,204 | 267,599 |
Deferred acquisition costs | 471,931 | 379,707 |
Prepaid reinsurance premiums | 431,055 | 363,489 |
Other assets | 595,970 | 539,786 |
TOTAL ASSETS | 27,694,978 | 23,640,229 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 13,121,177 | 11,578,096 |
Unearned premium reserve | 2,992,878 | 2,385,174 |
Funds held under reinsurance treaties | 48,410 | 46,894 |
Other net payable to reinsurers | 391,577 | 277,390 |
Losses in course of payment | 272,592 | 161,154 |
Income taxes | 246,348 | 192,877 |
Senior notes | 2,345,800 | 1,376,718 |
Long term notes | 223,774 | 223,674 |
Borrowings from FHLB | 519,000 | 310,000 |
Accrued interest on debt and borrowings | 17,348 | 10,460 |
Unsettled securities payable | 15,196 | 206,693 |
Other liabilities | 462,831 | 456,786 |
Total liabilities | 20,656,931 | 17,225,916 |
Commitments and Contingencies (Note 15) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2021 and 2020) | ||
Additional paid-in capital | 1,101,527 | 1,101,092 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) $24,279 at 2021 and $71,080 at 2020 | 91,469 | 268,018 |
Retained earnings | 5,845,051 | 5,045,203 |
Total stockholder's equity | 7,038,047 | 6,414,313 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 27,694,978 | $ 23,640,229 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fixed maturities - available for sale, at amortized cost | $ 12,733,499 | $ 10,248,650 |
Fixed maturities - available for sale, at market value, allowance for credit loss | 27,491 | 1,566 |
Short-term investments, cost | $ 695,935 | $ 708,043 |
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) | $ 24,279 | $ 71,080 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUES: | |||
Premiums earned | $ 7,178,592 | $ 6,406,576 | $ 5,489,035 |
Net investment income | 744,954 | 375,906 | 356,211 |
Net realized capital gains (losses): | |||
Credit allowances on fixed maturity securities | (25,924) | (1,566) | |
Other-than-temporary impairments on fixed maturity securities | (19,643) | ||
Net realized capital gains (losses) | 527,210 | 51,370 | 439,010 |
Total net realized capital gains (losses) | 501,286 | 49,804 | 419,367 |
Other income (expense) | 23,383 | (14,579) | (1,589) |
Total revenues | 8,448,215 | 6,817,707 | 6,263,024 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 5,386,856 | 4,608,144 | 3,829,122 |
Commission, brokerage, taxes and fees | 1,512,502 | 1,373,355 | 1,270,053 |
Other underwriting expenses | 454,064 | 401,033 | 350,901 |
Corporate expenses | 33,334 | 15,985 | 13,063 |
Interest, fee and bond issue cost amortization expense | 69,974 | 35,659 | 34,931 |
Total claims and expenses | 7,456,730 | 6,434,176 | 5,498,070 |
INCOME (LOSS) BEFORE TAXES | 991,485 | 383,531 | 764,955 |
Income tax expense (benefit) | 191,636 | 31,658 | 135,228 |
NET INCOME (LOSS) | 799,849 | 351,873 | 629,727 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (200,307) | 163,080 | 175,482 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 9,014 | 25,468 | 5,080 |
Total URA(D) on securities arising during the period | (191,293) | 188,548 | 180,562 |
Foreign currency translation adjustments | (8,734) | 14,461 | 17,153 |
Benefit plan actuarial net gain (loss) for the period | 6,251 | (5,615) | (12,591) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 17,227 | 6,300 | 5,453 |
Total benefit plan net gain (loss) for the period | 23,478 | 685 | (7,138) |
Total other comprehensive income (loss), net of tax | (176,549) | 203,694 | 190,577 |
COMPREHENSIVE INCOME (LOSS) | $ 623,300 | $ 555,567 | $ 820,304 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] |
Beginning balance at Dec. 31, 2018 | $ 1,100,315 | $ (126,254) | $ 4,062,696 | |||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2018 | ||||||
Beginning balance, shares at Dec. 31, 2018 | 1,000 | |||||
Share-based compensation plans | 363 | |||||
Current period change | $ 190,577 | 190,577 | ||||
Net income (loss) | 629,727 | 629,727 | ||||
Ending balance, shares at Dec. 31, 2019 | 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 | |||||
Share-based compensation plans | 414 | |||||
Current period change | 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 | ||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | ||||||
Share-based compensation plans | 435 | |||||
Current period change | (176,549) | (176,549) | ||||
Net income (loss) | $ 799,849 | 799,849 | ||||
Ending balance, shares at Dec. 31, 2021 | 1,000 | 1,000 | ||||
Ending balance at Dec. 31, 2021 | $ 7,038,047 | $ 1,101,527 | $ 91,469 | $ 5,845,051 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 799,849 | $ 351,873 | $ 629,727 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (128,091) | (252,850) | (24,618) |
Decrease (increase) in funds held by reinsureds, net | (30,281) | (33,519) | (57) |
Decrease (increase) in reinsurance recoverables | 336,586 | 247,165 | 405,574 |
Decrease (increase) in income taxes | 100,088 | 204,419 | 295,667 |
Decrease (increase) in prepaid reinsurance premiums | (67,713) | 51,352 | (84,181) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 1,478,040 | 1,430,417 | (37,727) |
Increase (decrease) in unearned premiums | 609,059 | 183,417 | 370,246 |
Increase (decrease) in other net payable to reinsurers | 114,061 | 8,078 | (50,560) |
Increase (decrease) in losses in course of payment | 110,693 | 90,044 | 113,306 |
Change in equity adjustments in limited partnerships | (368,354) | (39,880) | (45,843) |
Distribution of limited partnership income | 113,849 | 91,403 | 51,982 |
Change in other assets and liabilities, net | (9,549) | (88,105) | (1,124) |
Non-cash compensation expense | 36,233 | 32,217 | 27,421 |
Amortization of bond premium (accrual of bond discount) | 31,404 | 13,926 | 4,308 |
Net realized capital (gains) losses | (501,286) | (49,804) | (419,367) |
Net cash provided by (used in) operating activities | 2,624,588 | 2,240,153 | 1,234,754 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 2,329,839 | 1,126,309 | 937,871 |
Proceeds from fixed maturities sold - available for sale, at market value | 961,050 | 626,378 | 2,400,869 |
Proceeds from fixed maturities sold - available for sale, at fair value | 4,907 | 2,917 | |
Proceeds from equity securities sold - at fair value | 861,801 | 375,112 | 283,707 |
Distributions from other invested assets | 126,690 | 243,002 | 185,116 |
Cost of fixed maturities acquired - available for sale, at market value | (5,831,618) | (4,695,090) | (3,626,139) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,243) | ||
Cost of equity securities acquired- at fair value | (1,052,277) | (625,694) | (325,546) |
Cost of other invested assets acquired | (430,205) | (363,101) | (323,453) |
Net change in short-term investments | 12,930 | (425,878) | (102,302) |
Net change in unsettled securities transactions | (205,690) | 200,070 | (30,904) |
Proceeds from repayment (cost of issuance) of note receivable - affiliated | (200,000) | (300,000) | |
Net cash provided by (used in) investing activities | (3,427,480) | (3,533,985) | (902,107) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Tax benefit from share-based compensation, net of expense | (35,798) | (31,803) | (27,059) |
FHLB borrowings (repayments) | 209,000 | 310,000 | |
Cost of debt repurchase | (10,647) | ||
Proceeds from issuance of senior notes | 968,357 | 979,417 | |
Proceeds from issuance (cost of repayment) for note payable - affiliated | (300,000) | ||
Net cash provided by (used in) financing activities | 1,141,559 | 1,246,967 | (327,059) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (17,920) | 14,261 | 1,012 |
Net increase (decrease) in cash | 320,748 | (32,604) | 6,600 |
Cash, beginning of period | 378,518 | 411,122 | 404,522 |
Cash, end of period | 699,266 | 378,518 | 411,122 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | 91,228 | (173,056) | (160,748) |
Interest paid | $ 62,194 | $ 27,670 | $ 34,928 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Business and Basis of Presentation. Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Re Group, Ltd. (“Group”), through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, “Company” means Holdings and its subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsurance 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, LLC, 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 Managers, L.L.C. All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2021 presentation. Out of Period Adjustments For the year ended December 31, 2021, the Company recorded out of period adjustments relating to prior years that decreased net income by $ 46 million. The out of period adjustments are related to the accounting for certain affiliated reinsurance agreements. Had these adjustments, which were determined not to be material, been recorded in the originating periods, net income for the years ended December 31, 2020 and 2019 would have decreased by $ 31 million and $ 20 million, respectively. The out of period adjustments also impacted previously issued interim consolidated financial statements, which were determined not to be material. Had these adjustments been recorded in the originating periods, net income for the three-months ended March 31, 2021 would have increased by $ 29 million; net income for the three-months ended June 30, 2021 would have decreased by $ 17 million and net income for the six-months ended June 30, 2021 would have increased by $ 12 million; and net income for the three- and nine-months ended September 30, 2021 would have decreased by $ 17 million and $ 5 million, respectively. In addition, had results for the first three quarters of 2021 been adjusted, net income for the three-months ended December 31, 2021 would have been $ 46 million more than that reported. Furthermore, net income for the three-months ended March 31, 2020 would have increased by $ 6 million; net income for the three and six-months ended June 30, 2020 would have decreased by $ 12 million and $ 6 million, respectively; and net income for the three and nine-months ended September 30, 2020 would have decreased by $ 12 million and $ 19 million, respectively. The Company assessed the materiality of these adjustments described above on prior period financial statements and have determined that these adjustments were not material to the financial statements of any prior annual or interim period. B. Investments. Fixed maturity investments available for sale reflect unrealized appreciation and depreciation, as a result of changes in market value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets, since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. 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 impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment 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. 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. For equity securities the Company reflects changes in value as net realized capital gains and losses. 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). 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 prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used as an input to the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts. 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 values of the Preferred Holdings convertible preferred stock at December 31, 2021 and December 31, 2020 were determined using a pricing model. C. Allowance for Premium Receivable and Reinsurance Recoverables. 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 recoverable 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, solvency 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 and reasonable and supportable forecasts, when appropriate. A portion of the Company's Commercial Lines business is written with large deductibles 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 deductible 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 recorded within Other assets in the Consolidated Balance Sheets. The allowance 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 cycles. 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 environment as well as the probability-weighted macroeconomic scenarios. The Company records total credit loss expenses related to premiums receivable in Other underwriting expenses and records credit loss expenses related to deductibles in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable 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 recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, 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 recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable 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 recoverable 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 recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable 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) 2021 2020 Reinsurance recoverable, premium receivables and deductibles $ 36,985 $ 33,370 D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. 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. Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures and COVID-19 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 and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. F. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. G. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2021 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. Corporation 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 aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. I. Foreign Currency. The Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to foreign currency denominated monetary assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in stockholder’s equity. J. Segmentation. The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. See also Note 17. K. Retroactive Reinsurance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially determined expected payout period. Any future loss is recognized immediately and charged against earnings. L. Application of Recently Issued Accounting Guidance. Reference Rate Reform - LIBOR. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, which outlines the issues surrounding the cessation of LIBOR as a reference rate for contractual debt agreements. The guidance also details the potential alternative expedients and sources available for use in determination of rates and terms for such debt agreements in order to apply appropriate accounting policy. The guidance is effective for annual reporting periods beginning after December 15, 2021. The Company has reviewed its inventory of investments, debt issuances and business contracts to evaluate the impact of elimination of LIBOR upon its financial statements and business operations. Due to the existence of modification or default provisions for use of other reference rates after the elimination of LIBOR, the Company has determined that the adoption of ASU 2020-04 did not have a material impact upon its financial statements or business operations. Accounting for Income Taxes . In December 2019, FASB issued 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 guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company adopted the guidance effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’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 of 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 amount 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 related 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 the guidance effective January 1, 2020, on a modified retrospective basis. The adoption resulted in a cumulative adjustment of $ 0.9 million in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of Stockholder’s Equity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | 2. INVESTMENTS The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities as of December 31, 2021 and 2020: At December 31, 2021 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 $ 656,742 $ - $ 9,303 $ ( 3,296) $ 662,749 Obligations of U.S. states and political subdivisions 558,842 ( 151) 29,080 ( 1,150) 586,621 Corporate securities 4,036,000 ( 19,267) 89,172 ( 31,000) 4,074,905 Asset-backed securities 3,464,248 ( 7,680) 20,732 ( 11,014) 3,466,286 Mortgage-backed securities Commercial 586,441 - 20,538 ( 4,085) 602,894 Agency residential 1,255,186 - 15,568 ( 10,076) 1,260,678 Non-agency residential 4,398 - 16 ( 6) 4,408 Foreign government securities 677,327 - 21,658 ( 7,005) 691,980 Foreign corporate securities 1,494,315 ( 393) 34,449 ( 18,497) 1,509,874 Total fixed maturity securities $ 12,733,499 $ ( 27,491) $ 240,516 $ ( 86,129) $ 12,860,395 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 The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At December 31, 2021 At December 31, 2020 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 586,432 $ 583,676 $ 658,561 $ 659,622 Due after one year through five years 3,488,358 3,526,854 2,911,285 3,036,151 Due after five years through ten years 2,260,481 2,309,870 1,927,265 2,079,866 Due after ten years 1,087,955 1,105,729 848,014 875,412 Asset-backed securities 3,464,248 3,466,286 2,450,807 2,474,170 Mortgage-backed securities Commercial 586,441 602,894 512,388 550,080 Agency residential 1,255,186 1,260,678 937,166 965,100 Non-agency residential 4,398 4,408 3,164 3,164 Total fixed maturity securities $ 12,733,499 $ 12,860,395 $ 10,248,650 $ 10,643,565 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods as indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities and short term investments $ ( 242,005) $ 238,634 Change in unrealized appreciation (depreciation), pre-tax ( 242,005) 238,634 Deferred tax benefit (expense) 50,712 ( 50,086) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ ( 191,293) $ 188,548 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 . The amounts presented in the tables below include $ 15.7 million of market value and $( 0.4) million of gross unrealized depreciation as of December 31, 2021 related to fixed maturity securities for which the Company has recorded an allowance for credit losses. Duration of Unrealized Loss at December 31, 2021 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 $ 266,953 $ ( 3,296) $ - $ - $ 266,953 $ ( 3,296) Obligations of U.S. states and political subdivisions 51,094 ( 1,038) 2,558 ( 112) 53,652 ( 1,150) Corporate securities 1,465,259 ( 24,853) 200,637 ( 6,147) 1,665,896 ( 31,000) Asset-backed securities 1,890,876 ( 10,713) 37,910 ( 301) 1,928,786 ( 11,014) Mortgage-backed securities Commercial 138,934 ( 2,467) 34,967 ( 1,618) 173,901 ( 4,085) Agency residential 698,896 ( 6,879) 167,923 ( 3,197) 866,819 ( 10,076) Non-agency residential 1,401 ( 4) 156 ( 2) 1,557 ( 6) Foreign government securities 200,294 ( 4,778) 14,612 ( 2,227) 214,906 ( 7,005) Foreign corporate securities 676,609 ( 16,871) 33,057 ( 1,626) 709,666 ( 18,497) Total fixed maturity securities $ 5,390,316 $ ( 70,899) $ 491,820 $ ( 15,230) $ 5,882,136 $ ( 86,129) Duration of Unrealized Loss at December 31, 2021 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 $ 81,412 $ ( 1,878) $ 35,515 $ ( 3,829) $ 116,927 $ ( 5,707) Due in one year through five years 1,209,378 ( 18,614) 154,449 ( 3,418) 1,363,827 ( 22,032) Due in five years through ten years 852,857 ( 20,678) 34,164 ( 1,977) 887,021 ( 22,655) Due after ten years 516,562 ( 9,666) 26,736 ( 888) 543,298 ( 10,554) Asset-backed securities 1,890,876 ( 10,713) 37,910 ( 301) 1,928,786 ( 11,014) Mortgage-backed securities 839,231 ( 9,350) 203,046 ( 4,817) 1,042,277 ( 14,167) Total fixed maturity securities $ 5,390,316 $ ( 70,899) $ 491,820 $ ( 15,230) $ 5,882,136 $ ( 86,129) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2021 were $ 5.9 billion and $ 86.1 million, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2021, did not exceed 2.1% of the overall market value of the Company’s fixed maturity securities. The market value of the securities for the issuer with the second largest unrealized loss comprised less than 0.4% 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 $ 70.9 million of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities, asset backed securities and agency residential mortgage backed securities. Of these unrealized losses, $ 61.5 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ 15.2 million 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 as well as agency residential mortgage backed securities. Of these unrealized losses $ 12.3 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity 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. The amounts presented in the tables below include $ 0.1 million of market value and $( 0.1) million of gross unrealized depreciation as of December 31, 2020 related to fixed maturity securities for which the Company has recorded an allowance for credit losses. 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 $ 1.2 billion and $ 46.0 million, respectively. 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 addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 16.8 million 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, $ 12.5 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ 29.2 million of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities and foreign government securities. Of these unrealized losses $ 5.9 million were related to securities that were rated investment grade by at least one nationally recognized 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 and principal payments. The components of net investment income are presented in the tables below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturities $ 343,659 $ 305,399 $ 273,122 Equity securities 15,253 11,466 10,782 Short-term investments and cash 517 2,978 10,231 Other invested assets Limited partnerships 321,050 48,899 43,316 Dividends from preferred shares of affiliate 31,032 31,032 31,031 Other 62,945 1,699 14,117 Gross investment income before adjustments 774,456 401,473 382,599 Funds held interest income (expense) 7,656 5,705 6,459 Interest income from Parent 5,952 5,154 211 Gross investment income 788,064 412,332 389,269 Investment expenses ( 43,110) ( 36,426) ( 33,058) Net investment income $ 744,954 $ 375,906 $ 356,211 (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 $ 971.9 million in limited partnerships and private placement loans at December 31, 2021. These commitments will be funded when called in accordance with the partnership and loan agreements, 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 short-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, 2021, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 301.1 million. Other invested assets, at fair value, as of December 31, 2021 and December 31, 2020, were comprised of preferred shares held in Preferred Holdings, an affiliated company. Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. As of December 31, 2021 and 2020, the Company did not hold any securities for which it is the primary beneficiary. The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2021 and 2020 is limited to the total carrying value of $ 1.7 billion and $ 1.1 billion, respectively, which are included in general and limited partnerships and other alternative investments in Other Invested Assets in the Company's Consolidated Balance Sheets. As of December 31, 2021, the Company has outstanding commitments totaling $ 0.8 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-back securities, which includes collateralized loan obligations and are reported in fixed maturities, available-for-sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. 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) 2021 2020 2019 Fixed maturity securities, market value: Allowances for credit losses $ ( 25,924) $ ( 1,566) $ - Other-than-temporary impairments - - ( 19,643) Gains (losses) from sales 8,186 ( 32,614) 7,571 Fixed maturity securities, fair value: Gains (losses) from sales - ( 2,863) 355 Gains (losses) from fair value adjustments - 1,944 1,808 Equity securities, fair value: Gains (losses) from sales 24,426 ( 7,931) 4,144 Gains (losses) from fair value adjustments 254,122 276,093 153,728 Other invested assets 6,142 1,705 6,003 Other invested assets, fair value: Gains (losses) from fair value adjustments 234,337 ( 186,102) 265,245 Short-term investment gains (losses) ( 3) 1,138 156 Total net realized capital gains (losses) $ 501,286 $ 49,804 $ 419,367 Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2021 Asset Obligations of Foreign Corporate Backed U.S. states and Corporate Securities Securities political subdivisions Securities Total Beginning Balance $ ( 1,205) $ - $ - $ ( 361) $ ( 1,566) Credit losses on securities where credit losses were not previously recorded ( 21,178) ( 4,915) ( 151) ( 188) ( 26,432) Increases in allowance on previously impaired securities ( 2,530) ( 2,765) - - ( 5,295) Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals 5,646 - - 156 5,802 Balance as of December 31, 2021 $ ( 19,267) $ ( 7,680) $ ( 151) $ ( 393) $ ( 27,491) 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 proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Proceeds from sales of fixed maturity securities $ 961,050 $ 631,285 $ 2,403,786 Gross gains from sales 32,664 24,177 25,076 Gross losses from sales ( 24,478) ( 59,654) ( 17,150) Proceeds from sales of equity securities $ 861,801 $ 375,112 $ 283,707 Gross gains from sales 39,071 37,403 14,270 Gross losses from sales ( 14,645) ( 45,334) ( 10,126) Securities with a carrying value amount of $ 1.5 billion at December 31, 2021, were on deposit with various state or governmental insurance departments in compliance with insurance law s . |
Reserves For Losses And LAE
Reserves For Losses And LAE | 12 Months Ended |
Dec. 31, 2021 | |
Reserves For Losses And LAE [Abstract] | |
Reserves For Losses And LAE | 3. RESERVES FOR LOSSES AND LAE The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE is summarized for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 2019 Gross reserves beginning of period $ 11,578,096 $ 10,129,462 $ 10,146,086 Less reinsurance recoverables ( 3,951,474) ( 4,215,348) ( 4,697,543) Net reserves beginning of period 7,626,622 5,914,114 5,448,543 Incurred related to: Current year 5,381,550 4,407,795 3,784,771 Prior years 5,306 200,349 44,351 Total incurred losses and LAE 5,386,856 4,608,144 3,829,122 Paid related to: Current year 2,373,958 1,901,971 1,885,443 Prior years 1,126,618 1,017,557 1,490,460 Total paid losses and LAE 3,500,576 2,919,528 3,375,903 Foreign exchange/translation adjustment ( 42,441) 23,892 12,352 Net reserves end of period 9,470,461 7,626,622 5,914,114 Plus reinsurance recoverables 3,650,716 3,951,474 4,215,348 Gross reserves end of period $ 13,121,177 $ 11,578,096 $ 10,129,462 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 5.4 billion, $ 4.4 billion and $ 3.8 billion at December 31, 2021, 2020 and 2019, respectively. The increase in current year incurred losses in 2021 compared to 2020 primarily related to an increase of $ 532.2 million in current year catastrophe losses and an increase of $ 441.6 million in current year attritional losses including the impact of a change in the Company’s reinsurance program with an affiliate. The increase in current year attritional losses was mainly due to the growth in premiums earned, partially mitigated by $ 154.8 million of losses related to COVID-19 in 2020 which did not recur in 2021. The increase in current year incurred losses from 2019 to 2020 was primarily due to an increase of $ 571.0 million in current year attritional losses primarily due to higher premiums earned and the previously mentioned $ 154.8 million of losses related to COVID-19 in 2020, partially offset by a $ 102.7 million decline in current year catastrophe losses. Incurred prior years’ reserves increased by $ 5.3 million, $ 200.3 million and $ 44.4 million in 2021, 2020 and 2019 respectively. The increase for 2021 related mainly to increases in insurance casualty reserves. 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, notably 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 following is information about incurred and paid claims development as of December 31, 2021, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2020 is presented as supplementary information. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. Cessions under affiliated quota share agreements reduce net losses but do not impact claim counts. The following tables present the incurred loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. Reinsurance – Casualty Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 374,264 $ 267,240 $ 174,383 $ 181,654 $ 188,478 $ 190,701 $ 190,701 $ 190,701 $ 190,701 $ 190,701 442 N/A 2013 177,680 223,263 221,054 227,822 217,141 217,141 217,141 217,141 217,141 469 N/A 2014 255,341 234,568 256,783 228,097 228,097 228,097 228,097 228,097 3,077 N/A 2015 208,309 248,848 237,190 237,190 237,190 237,190 237,190 9,358 N/A 2016 241,914 238,215 238,215 238,215 238,215 238,215 19,816 N/A 2017 197,617 203,379 203,379 203,379 203,379 38,680 N/A 2018 768,393 752,960 799,254 820,853 137,593 N/A 2019 974,064 1,022,213 1,022,606 449,537 N/A 2020 1,066,376 1,038,290 772,012 N/A 2021 1,348,723 931,304 N/A $ 5,545,195 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 13,205 $ 29,560 $ 59,883 $ 94,889 $ 120,798 $ 125,361 $ 149,126 $ 152,963 $ 158,734 $ 163,440 2013 12,437 28,105 63,619 97,298 125,905 157,967 178,119 183,897 186,205 2014 14,576 34,231 75,579 106,207 142,595 174,830 184,167 188,462 2015 15,144 37,998 84,178 145,819 169,256 186,975 195,226 2016 16,907 52,674 88,115 147,710 159,910 187,253 2017 25,901 85,219 98,032 126,846 145,370 2018 118,244 195,365 300,740 407,182 2019 149,304 243,937 369,040 2020 133,237 225,810 2021 160,388 $ 2,228,375 All outstanding liabilities prior to 2012, net of reinsurance 417,209 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,734,028 (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 10 Casualty 11.9 % 10.3 % 13.7 % 16.7 % 11.0 % 10.3 % 7.0 % 2.2 % 2.0 % 2.5 % Reinsurance – Property Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 679,785 $ 587,520 $ 523,948 $ 549,441 $ 539,374 $ 541,323 $ 526,815 $ 523,856 $ 522,297 $ 520,333 1,026 N/A 2013 403,975 300,432 258,467 219,064 218,494 218,393 218,393 218,393 218,393 293 N/A 2014 598,906 520,558 398,417 369,381 370,501 370,501 370,501 370,501 513 N/A 2015 556,750 362,015 336,155 336,155 336,155 336,155 336,155 1,175 N/A 2016 638,865 673,684 673,998 670,154 668,786 669,430 3,993 N/A 2017 1,272,428 1,856,678 2,025,190 2,118,950 2,171,546 5,340 N/A 2018 2,247,228 2,136,005 2,126,144 2,073,974 3,926 N/A 2019 1,752,412 1,758,026 1,685,107 130,235 N/A 2020 1,889,425 1,933,200 376,021 N/A 2021 2,172,649 1,048,869 N/A $ 12,151,287 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 149,680 $ 290,697 $ 366,373 $ 432,118 $ 450,309 $ 479,080 $ 491,667 $ 492,822 $ 494,581 $ 499,386 2013 134,914 166,776 180,524 195,395 203,843 211,113 214,264 215,325 216,097 2014 159,404 254,954 316,111 346,325 358,577 361,190 365,719 368,078 2015 161,394 239,320 296,683 314,114 321,199 326,643 331,154 2016 249,085 556,082 654,563 656,722 658,337 663,957 2017 808,372 1,628,572 1,991,813 2,098,073 2,157,355 2018 486,807 1,397,399 1,723,729 1,865,968 2019 704,540 1,205,478 1,461,033 2020 555,171 1,176,568 2021 638,780 $ 9,378,377 All outstanding liabilities prior to 2012, net of reinsurance 154,467 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,927,377 (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 10 Property 33.3 % 35.1 % 15.6 % 6.0 % 2.5 % 2.4 % 1.7 % 0.4 % 0.3 % 0.9 % Insurance – Casualty Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 212,020 $ 175,028 $ 185,368 $ 184,658 $ 188,272 $ 185,808 $ 185,808 $ 185,859 $ 186,976 $ 186,976 1,017 15,782 2013 256,168 228,206 230,727 224,705 194,720 194,729 194,894 195,442 195,442 1,938 21,360 2014 238,062 239,066 240,960 255,016 255,140 255,099 256,254 256,254 2,301 25,265 2015 259,199 259,516 278,169 278,168 278,338 266,805 266,805 2,538 27,044 2016 351,988 276,918 279,642 281,718 288,365 288,365 3,687 31,674 2017 304,338 237,963 238,151 237,543 237,550 3,703 35,627 2018 645,821 645,105 666,576 690,035 171,007 36,041 2019 768,835 755,941 794,498 204,649 39,219 2020 817,231 792,661 510,532 34,983 2021 1,112,359 708,987 31,679 $ 4,820,945 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,687 $ 55,230 $ 84,407 $ 116,622 $ 133,278 $ 147,010 $ 154,410 $ 168,865 $ 171,160 $ 174,799 2013 17,120 68,588 101,648 129,755 149,774 167,583 182,788 189,216 193,325 2014 20,377 71,918 114,198 143,892 228,998 229,606 250,487 253,265 2015 19,962 67,995 116,979 199,529 244,473 259,190 264,189 2016 24,808 101,233 275,797 299,126 308,336 313,458 2017 22,806 151,275 156,995 216,906 233,798 2018 63,227 189,296 271,718 383,255 2019 10,609 216,399 350,310 2020 94,546 222,904 2021 200,730 $ 2,590,034 All outstanding liabilities prior to 2012, net of reinsurance 28,430 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,259,340 (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 10 Casualty 10.2 % 15.1 % 18.9 % 17.3 % 13.5 % 4.4 % 3.2 % 3.7 % 1.7 % 1.9 % Insurance – Property Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,482 $ 47,227 $ 43,423 $ 44,867 $ 44,297 $ 44,105 $ 44,149 $ 44,098 $ $ 43,981 $ 43,981 - N/A 2013 64,491 56,350 52,175 52,865 52,676 52,667 52,501 52,604 52,604 1 N/A 2014 67,658 70,075 67,446 66,644 66,519 66,560 66,661 66,661 1 N/A 2015 81,132 75,671 75,828 75,785 75,614 88,916 88,916 6 N/A 2016 143,312 169,794 165,081 164,068 159,296 159,299 15 N/A 2017 230,648 293,606 297,609 300,168 306,076 177 N/A 2018 376,799 373,382 377,908 377,527 159 N/A 2019 337,988 349,802 348,349 334 N/A 2020 510,496 508,786 4,771 N/A 2021 541,106 160,032 N/A $ 2,493,303 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,868 $ 44,407 $ 42,865 $ 44,516 $ 44,230 $ 44,040 $ 44,049 $ 44,075 $ 43,880 $ 43,916 2013 35,201 54,219 52,587 52,848 52,473 52,458 52,465 52,436 52,495 2014 40,277 66,435 66,600 65,967 66,448 66,481 66,557 66,566 2015 45,421 70,397 75,166 75,190 75,047 76,312 76,370 2016 72,262 153,113 169,128 164,453 163,284 163,711 2017 161,592 293,419 282,606 296,783 299,146 2018 236,427 342,824 368,751 375,508 2019 218,337 337,086 347,014 2020 263,475 364,032 2021 359,621 $ 2,148,377 All outstanding liabilities prior to 2012, net of reinsurance 144 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 345,070 (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 10 Property 58.5 % 33.4 % 3.0 % 1.6 % 1.6 % 1.4 % 0.1 % 0.3 % 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, 2021 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 3,734,028 Reinsurance Property 2,927,377 Insurance Casualty 2,259,340 Insurance Property 345,070 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 9,265,815 Reinsurance recoverable on unpaid claims Reinsurance Casualty 908,589 Reinsurance Property 1,010,858 Insurance Casualty 1,541,726 Insurance Property 189,544 Total reinsurance recoverable on unpaid claims 3,650,716 Unallocated claims adjustment expenses 173,945 Other 30,701 204,646 Total gross liability for unpaid claims and claim adjustment expense $ 13,121,177 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company’s best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits of domestic ceding companies. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics 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, generally 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 appropriate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor do we supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted. 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 an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 2019 Gross basis: Beginning of period reserves $ 219,341 $ 257,921 $ 347,495 Incurred losses 10,861 1,540 2,071 Paid losses ( 55,048) ( 40,120) ( 91,645) End of period reserves $ 175,154 $ 219,341 $ 257,921 Net basis: Beginning of period reserves $ 167,439 $ 196,574 $ 223,548 Incurred losses ( 3,148) ( 4,753) - Paid losses ( 35,857) ( 24,382) ( 26,974) End of period reserves $ 128,434 $ 167,439 $ 196,574 Reinsurance Recoverables . Reinsurance recoverables for both paid and unpaid losses totaled $ 3.9 billion and $ 4.2 billion at December 31, 2021 and 2020, respectively. At December 31, 2021, $ 2.3 billion, or 59.2%, was receivable from Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), an affiliated entity, and is fully collateralized by a trust agreement and $ 391.5 million, or 10.1%, 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, 2021 | |
Fair Value [Abstract] | |
Fair Value | 4. FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers 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 daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. 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. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. 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, 2021, $ 2.0 billion of fixed maturities, market value were fair valued using unobservable inputs. The majority of these fixed maturities 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, 2020, $ 1.3 billion of fixed maturities, market value were fair valued using unobservable inputs. The Company internally manages a public equity portfolio which had a fair value at December 31, 2021 and December 31, 2020 of $ 1.3 billion and $ 784.7 million, respectively. During the fourth quarter of 2021, the Company began to internally manage a portfolio of collateralized loan obligations included in asset-backed securities which had a fair value of $ 2.0 billion at December 31, 2021. All prices for these securities were obtained from publicly published sources or nationally recognized pricing vendors. Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by a nationally recognized source. Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In addition to the valuations from investment managers, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. 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 credit spreads; Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source. Other invested assets, at fair value, were categorized as Level 3 at December 31, 2021 and December 31, 2020, 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) 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 662,749 $ - $ 662,749 $ - Obligations of U.S. States and political subdivisions 586,621 - 586,621 - Corporate securities 4,074,905 - 3,344,980 729,925 Asset-backed securities 3,466,286 - 2,215,005 1,251,281 Mortgage-backed securities Commercial 602,894 - 602,894 - Agency residential 1,260,678 - 1,260,678 - Non-agency residential 4,408 - 4,408 - Foreign government securities 691,980 - 691,980 - Foreign corporate securities 1,509,874 - 1,493,859 16,015 Total fixed maturities, market value 12,860,395 - 10,863,174 1,997,221 Equity securities, fair value 1,757,792 1,721,762 36,030 - Other invested assets, fair value 2,030,816 - - 2,030,816 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 In addition, $ 286.6 million and $ 224.7 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2021 and December 31, 2020, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical expedient to determine fair value. The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value December 31, 2021 December 31, 2020 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 630,843 $ 623,033 $ 5,700 $ 1,259,576 $ 546,939 $ 153,641 $ 1,751 $ 702,331 Total gains or (losses) (realized/unrealized) Included in earnings ( 11,717) ( 6,469) 399 ( 17,787) 1,216 681 ( 125) 1,772 Included in other comprehensive income (loss) 4,007 ( 6,603) 184 ( 2,412) ( 1,115) 11,678 147 10,710 Purchases, issuances and settlements 106,791 641,320 9,733 757,844 84,840 457,033 3,814 545,687 Transfers in and/or (out) of Level 3 - - - - ( 1,037) - 113 ( 924) Ending balance $ 729,925 $ 1,251,281 $ 16,015 $ 1,997,221 $ 630,843 $ 623,033 $ 5,700 $ 1,259,576 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 $ ( 16,467) $ ( 7,679) $ - $ ( 24,146) $ ( 539) $ - $ - $ ( 539) (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2021 December 31, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value - - 5,826 5,826 Total gains or (losses) (realized/unrealized) Included in earnings - - ( 919) ( 919) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - ( 4,907) ( 4,907) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - (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 $( 0.9) million for the year ended December 31, 2020. The transfers during 2020 related to securities that were previously priced by investment managers and were subsequently priced using a recognized pricing service as of December 31, 2020. The net transfers to/(from) Level 3, fair value measurements using significant unobservable inputs for equity securities, fair value were ($ 9.9) million for 2020. The transfer of ($ 9.9) million during 2020, was 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 December 31, 2020. There were no such transfers during 2021. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2021 | |
Senior Notes [Abstract] | |
Senior Notes | 5. SENIOR NOTES The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. December 31, 2021 December 31, 2020 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 $ 397,314 $ 503,840 $ 397,194 $ 528,000 3.5% Senior notes 10/7/2020 10/15/2050 1,000,000 $ 980,046 $ 1,054,520 $ 979,524 $ 1,138,100 3.125% Senior notes 10/4/2021 10/15/2052 1,000,000 $ 968,440 $ 983,140 $ - $ - 2,400,000 $ 2,345,800 $ 2,541,500 $ 1,376,718 $ 1,666,100 On October 4, 2021, Holdings issued $ 1.0 billion of 31 year senior notes an interest coupon rate of 3.125% which will mature on October 15, 2052. Interest is paid semi-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) Interest Paid Payable Dates 2021 2020 2019 4.868% Senior notes semi-annually June 1/December 1 $ 19,472 $ 19,472 $ 19,472 3.5% Senior notes semi-annually April 15/October 15 $ 35,221 $ 8,115 $ - 3.125% Senior notes semi-annually April 15/October 15 $ 7,635 $ - $ - $ 62,328 $ 27,587 $ 19,472 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 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 $ 223,774 $ 216,289 $ 223,674 $ 206,447 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 2.54%. Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid 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 notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. The Company repurchased and retired $ 13.2 million of its outstanding long term subordinated notes during the year ended December 31, 2020. The Company realized a gain of $ 2.5 million from the repurchase of the long term subordinated notes the year ended December 2020. No repurchases of debt were made during the year ended December 31, 2021. 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 outstanding debt by $ 161.4 million. In addition, during 2020, the Company repurchased and retired $ 13.2 million of these notes. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest expense incurred $ 5,818 $ 7,645 $ 11,587 |
Federal Home Loan Bank Membersh
Federal Home Loan Bank Membership | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Bank Membership [Abstract] | |
Federal Home Loan Bank Membership | 7. FEDERAL HOME LOAN BANK MEMBERSHIP Everest Re is 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, 2021, Everest Re had admitted assets of approximately $ 20.2 billion which provides borrowing capacity of up to approximately $ 2.02 billion. As of December 31, 2021, Everest Re has $ 519.0 million of borrowings outstanding, with maturities in 2022 and interest payable at interest rates between 0.53% and 0.65%. Everest incurred interest expense of $ 1.2 million and $ 0.2 million for the years ended December 31, 2021 and 2020, respectively. 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, 2021 | |
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, 2021, the total amount on deposit in the trust account was $ 1.1 billion. The Company entered into various 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 named storm and earthquake events. The table below summarizes the various agreements: (Dollars in thousands) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2017-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 50,000 Aggregate Series 2017-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 75,000 Aggregate Series 2017-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 175,000 Aggregate Series 2018-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 62,500 Aggregate Series 2018-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 200,000 Aggregate Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 62,500 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200,000 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150,000 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275,000 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150,000 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275,000 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150,000 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150,000 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Total available limit as of December 31, 2021 $ 2,325,000 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 location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the published insured loss estimates for catastrophe events during 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 reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the Notes listed below are held in reinsurance trusts 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. (Dollars in thousands) Note Series Issue Date Maturity Date Amount Series 2017-1 Class A-2 4/13/2017 4/13/2022 50,000 Series 2017-1 Class B-2 4/13/2017 4/13/2022 75,000 Series 2017-1 Class C-2 4/13/2017 4/13/2022 175,000 Series 2018-1 Class A-1 4/30/2018 5/6/2022 62,500 Series 2018-1 Class B-1 4/30/2018 5/6/2022 200,000 Series 2018-1 Class A-2 4/30/2018 5/5/2023 62,500 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200,000 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150,000 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275,000 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150,000 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275,000 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150,000 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150,000 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90,000 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90,000 $ 2,325,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 9. 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 payments 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 follows for the periods indicated: Year Ended December 31, (Dollars in thousands) 2021 2020 Lease expense incurred: Operating lease cost $ 23,998 $ 29,822 At December 31, (Dollars in thousands) 2021 2020 Operating lease right of use assets $ 131,295 $ 139,835 Operating lease liabilities 149,501 155,144 Year Ended December 31, (Dollars in thousands) 2021 2020 Operating cash flows from operating leases $ ( 15,905) $ ( 18,411) At December 31, 2021 2020 Weighted average remaining operating lease term 11.8 years 12.5 years Weighted average discount rate on operating leases 4.00 % 4.02 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) 2022 $ 18,459 2023 18,192 2024 18,226 2025 15,235 2026 14,108 Thereafter 102,104 Undiscounted lease payments 186,324 Less: present value adjustment 36,823 Total operating lease liability $ 149,501 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 be approximately $ 650 thousand per month or $ 7.8 million 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, 2021 | |
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, provided 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 with 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 including interest in 2020. The significant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Current tax expense (benefit): U.S. $ 101,499 $ ( 106,719) $ ( 1,684) Foreign 7 ( 11) 77 Total current tax expense (benefit) 101,506 ( 106,730) ( 1,607) Total deferred U.S. tax expense (benefit) 90,130 138,388 136,834 Total income tax expense (benefit) $ 191,636 $ 31,658 $ 135,228 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) 2021 2020 2019 Expected income tax provision at the U.S. statutory tax rate $ 208,103 $ 80,588 $ 160,762 Increase (decrease) in taxes resulting from: Tax exempt income ( 3,927) ( 3,598) ( 3,680) Dividend received deduction ( 840) ( 1,100) ( 998) Proration 1,048 1,049 1,050 Creditable foreign premium tax ( 13,392) ( 11,513) ( 9,852) Tax audit settlement - - ( 1,576) Share based compensation tax benefits formerly in APIC ( 1,951) ( 2,612) ( 2,987) Impact of CARES Act - ( 32,500) - Change in uncertain tax positions - - ( 8,434) Other 2,595 1,345 942 Total income tax provision $ 191,636 $ 31,658 $ 135,228 (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) 2021 2020 2019 Balance at January 1 $ - $ - $ 8,434 Additions based on tax positions related to the current year - - - 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 $ - $ - $ - At December 31, 2021, 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, 2021, the Company accrued $ 0 thousand for the payment of interest (net of the federal benefit) and penalties. At December 31, 2021 and 2020, there were no accrued liabilities, respectively, for the payment of interest and penalties. The Company’s 2014 through 2018 U.S. tax years are under audit by the IRS. To date, the Company has received only one notice of proposed adjustment for an immaterial amount of tax for the 2014 tax year. Also, the Company proposed affirmative beneficial income tax return adjustments to the IRS at the start of the 2014 audit. Subsequent to the Company’s CARES Act net operating loss carryback, the Company received a tax refund of $ 16.3 million of recaptured foreign tax credits related to the affirmative adjustments. In addition, tax years 2019 and 2020 are open for examination by the U.S. Federal jurisdiction. To date, the Company has not received any Information Document Requests (“IDRs”) or notices of proposed adjustment for 2015 to 2018. The Company had filed amended tax returns requesting refunds for 2015 and 2016 for $ 1.5 million and $ 4.7 million respectively. Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by U.S. tax laws 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) 2021 2020 Deferred tax assets: Loss reserves $ 129,861 $ 96,840 Unearned premium reserve 107,724 85,028 Lease Liability 30,885 31,989 Foreign tax credits 21,787 46,109 Net unrecognized losses on benefit plans 13,395 19,636 Equity compensation 6,869 6,749 Investment impairments 6,160 1,121 Unrealized foreign currency losses 4,480 597 Uncollectible reinsurance reserve 3,142 3,142 Net operating loss 834 684 Deferred expense 679 622 Other tax credits 213 4,591 Other assets 7,355 6,559 Total deferred tax assets 333,384 303,667 Deferred tax liabilities: Net fair value income 349,017 277,525 Deferred acquisition costs 99,395 79,994 Partnership Investments 56,699 26,119 Net unrealized investment gains 35,228 84,869 Right of use asset 27,111 28,822 Bond market discount 3,087 2,257 Benefit plan asset 1,667 1,765 Other liabilities 7,253 5,056 Total deferred tax liabilities 579,457 506,407 Net deferred tax assets/(liabilities) $ ( 246,073) $ ( 202,740) 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 $ 46.1 million. The remaining FTC carryforwards as of December 31, 2021 begin to expire in 2028 Tax effected U.S. Separate Return Limitation Year NOLs of $ 0.8 million begin to expire in 2037 The Company follows ASU 2016-09 in regards to 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 ASU 2016-09 , the Company recorded excess tax benefits of $ 2.0 million, $ 2.6 million and $ 3.0 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2021, 2020 and 2019, respectively. ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of 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 $ 0.4 million, $ 0.4 million and $ 0.4 million in 2021, 2020 and 2019, respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance [Abstract] | |
Reinsurance | 11. REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverables balances. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverable include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables 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 reinsurers 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 recoverable 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 recoverables 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 performance, 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. See Note 1C for discussion of allowance on reinsurance recoverables. Insurance companies, 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 hold 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 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. Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Written premiums: Direct $ 3,300,459 $ 2,698,100 $ 2,449,198 Assumed 6,030,568 5,258,938 4,603,866 Ceded ( 1,611,587) ( 1,318,338) ( 1,278,115) Net written premiums $ 7,719,441 $ 6,638,700 $ 5,774,949 Premiums earned: Direct $ 2,981,927 $ 2,591,613 $ 2,255,388 Assumed 5,740,688 5,183,399 4,427,006 Ceded ( 1,544,024) ( 1,368,436) ( 1,193,359) Net premiums earned $ 7,178,592 $ 6,406,576 $ 5,489,035 Incurred losses and LAE: Direct $ 2,042,814 $ 1,784,616 $ 1,401,251 Assumed 3,871,643 3,576,252 2,913,987 Ceded ( 527,601) ( 752,724) ( 486,116) Net incurred losses and LAE $ 5,386,856 $ 4,608,144 $ 3,829,122 The Company has engaged in reinsurance transactions with Bermuda Re, Everest Reinsurance Company (Ireland) dac (“Ireland Re”), Everest Insurance (Ireland) dac (“Ireland Insurance”), Everest International Reinsurance Ltd. (“Everest International”), Everest Insurance Company of Canada (“Everest Canada”), Lloyd’s Syndicate 2786 and Mt. Logan Re, 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 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 was most recently renewed effective January 1, 2021. Everest Re entered into a property catastrophe excess of loss reinsurance contract with Bermuda Re, effective January 1, 2019. The contract provides $ 100.0 million of reinsurance coverage for property catastrophe losses above certain attachment points. This agreement expired on December 31, 2019 and was not renewed. Everest Re entered into a catastrophe excess of loss reinsurance contract with Bermuda Re (UK Branch), effective January 1, 2021 through December 31, 2021, subject to renewal thereafter. The contract provides Bermuda Re (UK Branch), with up to £ 100.0 million of reinsurance coverage for each catastrophe occurrence above £ 40.0 million. Bermuda Re (UK Branch) paid Everest Re £ 3.5 million for this coverage. Everest Re entered into a catastrophe excess of loss reinsurance contract with Ireland Re, effective February 1, 2021 through January 31, 2022, subject to renewal thereafter. The contract provides Ireland Re with up to € 145.0 million of reinsurance coverage for each catastrophe occurrence above € 16.0 million. Ireland Re paid Everest Re € 9.8 million for this coverage. The table below represents loss portfolio 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 $ 2.3 billion for accident years 2017 and prior. As a result of the LPT agreement, the Company transferred $ 1.0 billion of cash and fixed maturity securities and transferred $ 970.0 million of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $ 500.0 million of adverse development coverage on the subject loss reserves. As of December 31, 2021, and December 31, 2020, the Company has a reinsurance recoverable of $ 856.4 million and $ 886.4 million, respectively, recorded on its balance sheet due from Bermuda Re. The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada, Everest Ireland and Lloyd’s syndicate 2786 for the periods indicated: Bermuda Re Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Ceded written premiums $ 303,235 $ 133,137 $ 100,347 Ceded earned premiums 299,711 132,016 101,681 Ceded losses and LAE ( 58,992) 109,830 ( 51,454) Assumed written premiums 4,820 - - Assumed earned premiums 3,799 249 248 Assumed losses and LAE 79 144 89 Everest International & Canada Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Ceded written premiums $ - $ - $ - Ceded earned premiums - - - Ceded losses and LAE ( 15) ( 503) 324 Assumed written premiums - 1 - Assumed earned premiums - ( 7) - Assumed losses and LAE 10,723 ( 2,102) 3,024 Ireland Re Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Assumed written premiums $ 15,947 $ - $ - Assumed earned premiums 14,973 - - Assumed losses and LAE 64,074 - - Ireland Insurance Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Assumed written premiums $ 8,508 $ 5,499 $ 2,712 Assumed earned premiums 5,831 3,901 1,615 Assumed losses and LAE 3,052 2,256 810 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Assumed written premiums $ 583 $ ( 3,592) $ ( 11,470) Assumed earned premiums 585 ( 3,375) ( 18,650) Assumed losses and LAE 872 ( 2,636) 8,355 In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures. The following table 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) 2021 2020 2019 Ceded written premiums $ 286,049 $ 263,487 $ 240,721 Ceded earned premiums 280,048 265,381 235,500 Ceded losses and LAE 194,167 175,087 171,900 Assumed written premiums - - - Assumed earned premiums - - - Assumed losses and LAE - - - |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 December 31, 2019 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 $ ( 253,601) 53,294 $ ( 200,307) $ 206,159 ( 43,078) $ 163,080 $ 222,884 ( 46,971) $ 175,913 URA(D) on securities - OTTI - - - - - - ( 546) 115 ( 431) Reclassification of net realized losses (gains) included in net income (loss) 11,596 ( 2,582) 9,014 32,475 ( 7,007) 25,468 6,068 ( 988) 5,080 Foreign currency translation adjustments ( 11,064) 2,330 ( 8,734) 18,277 ( 3,815) 14,461 21,708 ( 4,555) 17,153 Benefit plan actuarial net gain (loss) 7,912 ( 1,662) 6,251 ( 7,107) 1,492 ( 5,615) ( 15,938) 3,347 ( 12,591) Reclassification of amortization of net gain (loss) included in net income (loss) 21,807 ( 4,580) 17,227 7,974 ( 1,674) 6,300 6,902 ( 1,449) 5,453 Total other comprehensive income (loss) $ ( 223,350) $ 46,800 $ ( 176,549) $ 257,778 $ ( 54,082) $ 203,694 $ 241,078 $ ( 50,501) $ 190,577 (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 2021 2020 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 11,596 $ 32,475 Other net realized capital gains (losses) ( 2,582) ( 7,007) Income tax expense (benefit) $ 9,014 $ 25,468 Net income (loss) Benefit plan net gain (loss) $ 21,807 $ 7,974 Other underwriting expenses ( 4,580) ( 1,674) Income tax expense (benefit) $ 17,227 $ 6,300 Net income (loss) (Some amounts may not reconcile due to rounding) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 Beginning balance of URA (D) on securities $ 313,161 $ 124,612 Current period change in URA (D) of investments - temporary ( 191,293) 188,548 Ending balance of URA (D) on securities 121,869 313,161 Beginning balance of foreign currency translation adjustments 28,727 14,267 Current period change in foreign currency translation adjustments ( 8,734) 14,461 Ending balance of foreign currency translation adjustments 19,992 28,727 Beginning balance of benefit plan net gain (loss) ( 73,870) ( 74,556) Current period change in benefit plan net gain (loss) 23,478 685 Ending balance of benefit plan net gain (loss) ( 50,392) ( 73,870) Ending balance of accumulated other comprehensive income (loss) $ 91,469 $ 268,018 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
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 make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Company contributions $ 3,821 $ 6,825 $ 4,750 The following table summarizes the Company’s pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Pension expense $ 3,388 $ 8,429 $ 10,042 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) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 404,471 $ 355,356 Service cost 10,637 9,522 Interest cost 8,253 10,112 Actuarial (gain)/loss ( 8,587) 43,595 Curtailment - - Benefits paid ( 12,147) ( 14,115) Projected benefit obligation at end of year 402,626 404,471 Change in plan assets: Fair value of plan assets at beginning of year 354,464 301,467 Actual return on plan assets 31,166 60,286 Actual contributions during the year 3,821 6,825 Benefits paid ( 12,147) ( 14,115) Fair value of plan assets at end of year 377,303 354,464 Funded status at end of year $ ( 25,323) $ ( 50,007) (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) 2021 2020 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) ( 1,469) ( 2,197) Other liabilities (due beyond one year) ( 23,854) ( 47,810) Net amount recognized in the consolidated balance sheets $ ( 25,323) $ ( 50,007) 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) 2021 2020 Accumulated income (loss) $ ( 67,729) $ ( 91,979) Accumulated other comprehensive income (loss) $ ( 67,729) $ ( 91,979) (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) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 91,979) $ ( 97,466) Net gain (loss) arising during period 15,298 ( 4,090) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,953 9,576 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ ( 67,729) $ ( 91,979) (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) 2021 2020 2019 Service cost $ 10,637 $ 9,522 $ 8,255 Interest cost 8,253 10,112 11,712 Expected return on assets ( 24,454) ( 20,781) ( 17,968) Amortization of actuarial loss from earlier periods 8,489 8,551 7,635 Settlement 464 1,025 408 Net periodic benefit cost $ 3,388 $ 8,429 $ 10,042 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year ( 24,251) ( 5,486) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 20,863) $ 2,943 (Some amounts may not reconcile due to rounding.) The weighted average discount rates used to determine net periodic benefit cost for 2021, 2020 and 2019 were 2.55%, 3.28% and 4.27%, respectively. The rate of compensation increase used to determine the net periodic benefit cost for 2021, 2020 and 2019 was 4.00%. The expected long-term rate of return on plan assets was 7.00% for 2021, 2020 and 2019 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 2021, 2020 and 2019 were 2.86%, 2.55% and 3.28%, respectively. The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Qualified Plan $ 339,360 $ 336,027 Non-qualified Plan 12,190 16,258 Total $ 351,550 $ 352,285 (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) 2021 2020 Qualified Plan Projected benefit obligation $ 390,437 $ 388,213 Fair value of plan assets 377,303 354,464 Non-qualified Plan Projected benefit obligation $ 12,190 $ 16,258 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) 2021 2020 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 12,189 $ 16,258 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2022 $ 16,662 2023 12,639 2024 13,565 2025 14,550 2026 15,439 Next 5 years 95,005 Plan assets consist of shares in investment trusts with 76%, 22%, 1% and 1% of the underlying assets consisting of equity securities, fixed maturities, limited partnerships and cash, respectively. The Company manages the qualified plan investments for U.S. employees. The assets in the plan consist of debt and equity mutual funds. Due to the long term nature of the plan, the target asset allocation has historically been 70% equities and 30% bonds. The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in thousands) 2021 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,540 $ 2,540 $ - $ - Mutual funds, fair value Fixed income (b) 84,663 84,663 - - Equities (c) 287,382 287,382 - - Total $ 374,585 $ 374,585 $ - $ - (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, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international 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) 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, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. In addition, $ 2.6 million and $ 4.6 million of investments which were recorded as part of the qualified plan assets at December 31, 2021 and 2020, respectively, are not included within the fair value hierarchy tables as the assets are valued using the NAV practical expedient guidance within ASU 2015-07. No contributions were made to the qualified pension benefit plan for the years ended December 31, 2021 and 2020. Defined Contribution Plans. The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3% of the 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, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age. These contributions will be 100% vested after three years. The Company incurred expenses related to these plans of $ 14.8 million, $ 14.4 million and $ 10.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. . In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each international office 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. In the current year, the contributions as a percentage of salary for the international offices ranged from 7.7% to 9.8%. The contributions are generally used to purchase pension benefits from local insurance providers. The Company incurred expenses related to these plans of $ 0.6 million, $ 0.8 million and $ 0.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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 dependents), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 6.50% in 2021 was assumed to decrease gradually to 4.75% in 2030 and then remain at that level. The Company incurred expenses of $ 1.2 million, $ 1.3 million and $ 1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 35,098 $ 29,376 Service cost 1,096 1,066 Interest cost 641 845 Amendments - - Actuarial (gain)/loss ( 6,044) 4,042 Benefits paid ( 267) ( 232) Benefit obligation at end of year 30,523 35,098 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 267 232 Benefits paid ( 267) ( 232) Fair value of plan assets at end of year - - Funded status at end of year $ ( 30,523) $ ( 35,098) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Other liabilities (due within one year) $ ( 682) $ ( 613) Other liabilities (due beyond one year) ( 29,840) ( 34,484) Net amount recognized in the consolidated balance sheets $ ( 30,523) $ ( 35,098) (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) 2021 2020 Accumulated income (loss) $ 2,191 $ ( 3,854) Accumulated prior service credit (cost) 1,750 2,327 Accumulated other comprehensive income (loss) $ 3,941 $ ( 1,527) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 1,527) $ 3,092 Net gain (loss) arising during period 6,044 ( 4,042) Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - - Prior service cost ( 577) ( 577) Other comprehensive income (loss) at December 31, current year $ 3,941 $ ( 1,527) Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 1,096 $ 1,066 $ 983 Interest cost 641 845 980 Prior service credit recognition ( 577) ( 577) ( 577) Net gain recognition - - ( 155) Net periodic cost $ 1,161 $ 1,334 $ 1,231 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year ( 5,468) 4,619 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 4,307) $ 5,953 (Some amounts may not reconcile due to rounding.) The weighted average discount rates used to determine net periodic benefit cost for 2021, 2020 and 2019 were 2.55%, 3.28% and 4.27%, respectively. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2021, 2020 and 2019 were 2.86%, 2.55% and 3.28%, respectively. The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2022 $ 683 2023 779 2024 831 2025 974 2026 1,084 Next 5 years 7,252 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Holdings and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Holdings’ primary operating subsidiary, Everest Re, is regulated by Delaware law and is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”). This model represents the aggregate regulatory restrictions on net assets and statutory capital and surplus. Dividend Restrictions. Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. At December 31, 2021, Everest Re has $ 571.7 million available for payment of dividends in 2022 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 $ 5.7 billion and $ 5.3 billion at December 31, 2021 and 2020, respectively. The statutory net income of Everest Re was $ 263.7 million, $ 595.1 million and $ 363.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Restrictions. In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company. The regulatory targeted capital and the actual statutory capital for Everest Re is as follows: Everest Re (1) At December 31, (Dollars in thousands) 2021 2020 Regulatory targeted capital $ 2,960,047 $ 2,489,772 Actual capital $ 5,717,114 $ 5,276,003 (1) 200% of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 The Prudential $ 138,285 $ 140,773 Unaffiliated life insurance company 34,847 35,128 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 16. RELATED-PARTY TRANSACTIONS Group Group entered into a $ 300.0 million 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 Consolidated Balance Sheet of Holdings. The Company recognized interest income related to this long term note of $ 5.1 million and $ 5.2 million for years ended December 31, 2021 and 2020, respectively. Group entered into a $ 200.0 million long term note agreement with Everest Re as of August 5, 2021. The note will pay interest annually at a rate of 1.00% and is scheduled to mature in August, 2030. The Company recognized interest income related to this long term note of $ 0.8 million for the year ended December 31, 2021. Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated transactions or both. The most recent amendment from the Board, approved on May 22, 2020, increased the cumulative number of shares that may be repurchased under the program to 32.0 million shares. 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 $ 1.8 billion, to Preferred Holdings in exchange for 1,773.214 preferred shares of Preferred Holdings with a $ 1.0 million par value and 1.75% annual dividend rate. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on the preferred shares of Preferred Holdings and on 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) 2021 2020 2019 Dividends received on preferred stock of affiliate $ 31,032 $ 31,032 $ 31,032 Affiliated Companies Everest Global Services, Inc. (“Global Services”), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings’ consolidated structure. Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others. The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated. Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Expenses incurred $ 133,353 $ 124,486 $ 107,851 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
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 indicated: Year Ended December 31, 2021 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 6,028,206 $ 3,302,821 $ 9,331,027 Net written premiums 5,264,652 2,454,789 7,719,441 Premiums earned $ 4,948,706 $ 2,229,885 $ 7,178,592 Incurred losses and LAE 3,761,051 1,625,805 5,386,856 Commission and brokerage 1,250,145 262,357 1,512,502 Other underwriting expenses 143,106 310,958 454,064 Underwriting gain (loss) $ ( 205,596) $ 30,765 $ ( 174,830) Net investment income 744,954 Net realized capital gains (losses) 501,286 Corporate expenses ( 33,334) Interest, fee and bond issue cost amortization expense ( 69,974) Other income (expense) 23,383 Income (loss) before taxes $ 991,485 Year Ended December 31, 2020 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 5,265,698 $ 2,691,340 $ 7,957,038 Net written premiums 4,632,265 2,006,435 6,638,700 Premiums earned $ 4,484,693 $ 1,921,883 $ 6,406,576 Incurred losses and LAE 3,209,160 1,398,984 4,608,144 Commission and brokerage 1,119,966 253,389 1,373,355 Other underwriting expenses 119,320 281,713 401,033 Underwriting gain (loss) $ 36,247 $ ( 12,203) $ 24,044 Net investment income 375,906 Net realized capital gains (losses) 49,804 Corporate expenses ( 15,985) Interest, fee and bond issue cost amortization expense ( 35,659) Other income (expense) ( 14,579) Income (loss) before taxes $ 383,531 Year Ended December 31, 2019 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 4,600,373 $ 2,452,691 $ 7,053,064 Net written premiums 3,923,799 1,851,150 5,774,949 Premiums earned $ 3,796,136 $ 1,692,899 $ 5,489,035 Incurred losses and LAE 2,692,680 1,136,442 3,829,122 Commission and brokerage 1,027,286 242,767 1,270,053 Other underwriting expenses 110,032 240,869 350,901 Underwriting gain (loss) $ ( 33,862) $ 72,821 $ 38,959 Net investment income 356,211 Net realized capital gains (losses) 419,367 Corporate expenses ( 13,063) Interest, fee and bond issue cost amortization expense ( 34,931) Other income (expense) ( 1,589) Income (loss) before taxes $ 764,955 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) 2021 2020 2019 Canada gross written premiums $ 251,560 $ 320,665 $ 214,594 No other country represented more than 5% of the Company’s revenues. Approximately 19.3%, 20.1% and 25.8% of the Company’s gross written premiums in 2021, 2020 and 2019, respectively, were sourced through the Company’s largest intermediary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 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 $ 656,742 $ 662,749 $ 662,749 State, municipalities and political subdivisions 558,842 586,621 586,621 Foreign government securities 677,327 691,980 691,980 Foreign corporate securities 1,494,315 1,509,874 1,509,874 Public utilities 109,283 112,506 112,506 All other corporate bonds 6,976,219 7,018,541 7,018,541 Mortgage - backed securities Commercial 586,441 602,894 602,894 Agency residential 1,255,186 1,260,678 1,260,678 Non-agency residential 4,398 4,408 4,408 Redeemable preferred stock 414,746 410,144 410,144 Total fixed maturities-available for sale 12,733,499 12,860,395 12,860,395 Equity securities at fair value(1) 1,290,861 1,757,792 1,757,792 Short-term investments 695,935 695,886 695,886 Other invested assets 1,674,639 1,674,639 1,674,639 Other invested assets, at fair value (1) 1,773,214 2,030,816 2,030,816 Cash 699,266 699,266 699,266 Total investments and cash $ 18,867,414 $ 19,718,794 $ 19,718,794 (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, 2021 | |
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) 2021 2020 ASSETS: Fixed maturities - available for sale $ 147,310 $ - (amortized cost: 2021, $ 147,970; 2020, $ 0 Equity securities - at fair value 678,539 311,009 Other invested assets 241,520 146,968 Other invested assets, at fair value 2,030,816 1,796,479 Short-term investments 5,401 9,985 Cash 284 10,482 Total investments and cash 3,103,870 2,274,923 Investment in subsidiaries, at equity in the underlying net assets 6,370,660 6,115,130 Note receivable - affiliated 470,000 - Accrued investment income 4,759 87 Advances to affiliates 203 165 Other assets ( 1,867) ( 104) TOTAL ASSETS $ 9,947,625 $ 8,390,201 LIABILITIES: Senior notes $ 2,345,800 $ 1,376,718 Long term notes 223,774 223,674 Accrued interest on debt and borrowings 17,144 10,388 Income taxes 316,899 362,393 Due to affiliates 5,494 1,835 Other liabilities 467 880 Total liabilities $ 2,909,578 $ 1,975,888 STOCKHOLDER'S EQUITY: Common stock, par value: $ 0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2021 and 2020) - - Additional paid-in capital 1,101,527 1,101,092 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $ 24,279 at 2021 and $ 71,080 at 2020 91,469 268,018 Retained earnings 5,845,051 5,045,203 Total stockholder's equity 7,038,047 6,414,313 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 9,947,625 $ 8,390,201 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) 2021 2020 2019 REVENUES: Net investment income $ 70,339 $ 26,021 $ 34,970 Net investment income - Affiliated 2,970 320 412 Net realized capital gains (losses) 328,584 ( 73,338) 274,110 Other income (expense) 498 3,105 524 Net income (loss) of subsidiaries 551,370 393,552 370,084 Total revenues 953,762 349,659 680,100 EXPENSES: Interest expense 68,728 35,508 34,931 Corporate expense 17,602 9,392 6,810 Total expenses 86,330 44,900 41,741 INCOME (LOSS) BEFORE TAXES 867,432 304,760 638,359 Income tax expense (benefit) 67,583 ( 47,113) 8,632 NET INCOME (LOSS) $ 799,849 $ 351,873 $ 629,727 Other comprehensive income (loss), net of tax : Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period ( 200,307) 163,080 175,482 Less: reclassification adjustment for realized losses (gains) included in net income (loss) 9,014 25,468 5,080 Total URA(D) on securities arising during the period ( 191,293) 188,548 180,562 Foreign currency translation adjustments ( 8,734) 14,461 17,153 Benefit plan actuarial net gain (loss) for the period 6,251 ( 5,615) ( 12,591) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 17,227 6,300 5,453 Total benefit plan net gain (loss) for the period 23,478 685 ( 7,138) Total other comprehensive income (loss), net of tax ( 176,549) 203,694 190,577 COMPREHENSIVE INCOME (LOSS) $ 623,300 $ 555,567 $ 820,304 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) 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 799,849 $ 351,873 $ 629,727 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) deficit of subsidiaries ( 551,370) ( 393,552) ( 370,084) Dividends received from subsidiary - - 300,000 Increase (decrease) in income taxes ( 45,355) 119,331 40,695 Change in equity adjustments in limited partnerships ( 32,802) 8,491 2,468 Change in other assets and liabilities, net 39,852 20,179 ( 16,615) Amortization of bond premium (accrual of bond discount) 301 63 13 Net realized capital losses (gains) ( 328,584) 73,338 ( 274,110) Net cash provided by (used in) operating activities ( 118,109) 179,722 312,094 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries 87,973 ( 949,464) 15,174 Proceeds from fixed maturities matured/called - available for sale, at market value - 1,750 - Proceeds from fixed maturities sold - available for sale, at market value - - 12,000 Proceeds from equity maturities sold - at fair value 242,996 61,883 18,905 Distributions from other invested assets 2,014,483 1,113,176 389,200 Cost of fixed maturities acquired - available for sale, at market value ( 147,970) - - Cost of equity securities acquired - at fair value ( 516,279) ( 184,542) ( 32,597) Cost of other invested assets acquired ( 2,076,233) ( 1,211,726) ( 388,598) Net change in short-term investments 4,584 10,529 ( 16,403) Proceeds from repayment (cost of issuance) of note receivable (payable), affiliated ( 470,000) 10,000 ( 10,000) Net cash provided by (used in) investing activities ( 860,446) ( 1,148,394) ( 12,319) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of senior notes 968,357 979,417 - Cost of debt repurchase - ( 10,647) - Proceeds from issuance (cost of repayment) for note payable, affiliated - - ( 300,000) Net cash provided by (used in) financing activities 968,357 968,770 ( 300,000) Net increase (decrease) in cash ( 10,198) 98 ( 225) Cash, beginning of period 10,482 10,384 10,609 Cash, end of period $ 284 $ 10,482 $ 10,384 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) Effective October 21, 2021, Everest Reinsurance Holdings, Inc. entered into a $ 470.0 million long term promissory note with Everest Reinsurance Company, a subsidiary entity. The promissory note has an interest rate of 3.25% payable annually and is scheduled to mature on October 21, 2051. 4) Effective February 19, 2019, Everest Reinsurance Holdings, Inc. entered into a $ 10.0 million 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. 5) 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 $ 1.8 billion, 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 million 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, 2021 | |
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 Segments 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, 2021 Reinsurance $ 314,784 $ 8,829,380 $ 1,426,730 $ 4,948,706 $ 501,287 $ 3,761,051 $ 1,250,145 $ 143,106 $ 5,264,652 Insurance 157,147 4,291,797 1,566,148 2,229,885 243,667 1,625,805 262,357 310,958 2,454,789 Total $ 471,931 $ 13,121,177 $ 2,992,878 $ 7,178,592 $ 744,954 $ 5,386,856 $ 1,512,502 $ 454,064 $ 7,719,441 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 3,682,020 1,257,359 1,921,883 121,235 1,398,984 253,389 281,713 2,006,435 Total $ 379,707 $ 11,578,096 $ 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 2,990,662 1,129,103 1,692,899 107,138 1,136,442 242,767 240,869 1,851,150 Total $ 388,238 $ 10,129,462 $ 2,198,932 $ 5,489,035 $ 356,211 $ 3,829,122 $ 1,270,053 $ 350,901 $ 5,774,949 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Total property and liability insurance premiums earned $ 2,981,927 $ 1,544,024 $ 5,740,688 $ 7,178,592 $ 80.0% 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% |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Business and Basis of Presentation. Everest Reinsurance Holdings, Inc. (“Holdings”), a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”), which is a direct subsidiary of Everest Re Group, Ltd. (“Group”), through its subsidiaries, principally provides property and casualty reinsurance and insurance in the United States of America and internationally. As used in this document, “Company” means Holdings and its subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of the Company: Everest Reinsurance Company (“Everest Re”), Everest Global Services, Inc. (“Global Services”), Everest National Insurance Company (“Everest National”), Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Security Insurance Company (“Everest Security”), Everest Reinsurance 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, LLC, 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 Managers, L.L.C. All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2021 presentation. Out of Period Adjustments For the year ended December 31, 2021, the Company recorded out of period adjustments relating to prior years that decreased net income by $ 46 million. The out of period adjustments are related to the accounting for certain affiliated reinsurance agreements. Had these adjustments, which were determined not to be material, been recorded in the originating periods, net income for the years ended December 31, 2020 and 2019 would have decreased by $ 31 million and $ 20 million, respectively. The out of period adjustments also impacted previously issued interim consolidated financial statements, which were determined not to be material. Had these adjustments been recorded in the originating periods, net income for the three-months ended March 31, 2021 would have increased by $ 29 million; net income for the three-months ended June 30, 2021 would have decreased by $ 17 million and net income for the six-months ended June 30, 2021 would have increased by $ 12 million; and net income for the three- and nine-months ended September 30, 2021 would have decreased by $ 17 million and $ 5 million, respectively. In addition, had results for the first three quarters of 2021 been adjusted, net income for the three-months ended December 31, 2021 would have been $ 46 million more than that reported. Furthermore, net income for the three-months ended March 31, 2020 would have increased by $ 6 million; net income for the three and six-months ended June 30, 2020 would have decreased by $ 12 million and $ 6 million, respectively; and net income for the three and nine-months ended September 30, 2020 would have decreased by $ 12 million and $ 19 million, respectively. The Company assessed the materiality of these adjustments described above on prior period financial statements and have determined that these adjustments were not material to the financial statements of any prior annual or interim period. |
Investments | B. Investments. Fixed maturity investments available for sale reflect unrealized appreciation and depreciation, as a result of changes in market value during the period, in stockholder’s equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets, since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. 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 impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment 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. 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. For equity securities the Company reflects changes in value as net realized capital gains and losses. 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). 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 prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used as an input to the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts. 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 values of the Preferred Holdings convertible preferred stock at December 31, 2021 and December 31, 2020 were determined using a pricing model. |
Allowance For Premium Receivable And Reinsurance Recoverables | C. Allowance for Premium Receivable and Reinsurance Recoverables. 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 recoverable 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, solvency 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 and reasonable and supportable forecasts, when appropriate. A portion of the Company's Commercial Lines business is written with large deductibles 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 deductible 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 recorded within Other assets in the Consolidated Balance Sheets. The allowance 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 cycles. 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 environment as well as the probability-weighted macroeconomic scenarios. The Company records total credit loss expenses related to premiums receivable in Other underwriting expenses and records credit loss expenses related to deductibles in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable 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 recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, 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 recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable 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 recoverable 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 recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable 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) 2021 2020 Reinsurance recoverable, premium receivables and deductibles $ 36,985 $ 33,370 |
Deferred Acquisition Costs | D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. |
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. Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures and COVID-19 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 and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. |
Premium Revenues | F. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. |
Prepaid Reinsurance Premiums | G. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2021 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. Corporation 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 aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. |
Foreign Currency | I. Foreign Currency. The Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to foreign currency denominated monetary assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in stockholder’s equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in stockholder’s equity. |
Segmentation | J. Segmentation. The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. See also Note 17. |
Retroactive Reinsurance | K. Retroactive Reinsurance. Premiums on ceded retroactive contracts are earned when written with a corresponding reinsurance recoverable established for the amount of reserves ceded. The initial gain, if applicable, is deferred and amortized into income over an actuarially determined expected payout period. Any future loss is recognized immediately and charged against earnings. |
Application Of Recently Issued Accounting Guidance | L. Application of Recently Issued Accounting Guidance. Reference Rate Reform - LIBOR. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, which outlines the issues surrounding the cessation of LIBOR as a reference rate for contractual debt agreements. The guidance also details the potential alternative expedients and sources available for use in determination of rates and terms for such debt agreements in order to apply appropriate accounting policy. The guidance is effective for annual reporting periods beginning after December 15, 2021. The Company has reviewed its inventory of investments, debt issuances and business contracts to evaluate the impact of elimination of LIBOR upon its financial statements and business operations. Due to the existence of modification or default provisions for use of other reference rates after the elimination of LIBOR, the Company has determined that the adoption of ASU 2020-04 did not have a material impact upon its financial statements or business operations. Accounting for Income Taxes . In December 2019, FASB issued 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 guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company adopted the guidance effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’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 of 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 amount 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 related 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 the guidance effective January 1, 2020, on a modified retrospective basis. The adoption resulted in a cumulative adjustment of $ 0.9 million in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of Stockholder’s Equity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Allowance For Reinsurance Receivables And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2021 2020 Reinsurance recoverable, premium receivables and deductibles $ 36,985 $ 33,370 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 2021 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 $ 656,742 $ - $ 9,303 $ ( 3,296) $ 662,749 Obligations of U.S. states and political subdivisions 558,842 ( 151) 29,080 ( 1,150) 586,621 Corporate securities 4,036,000 ( 19,267) 89,172 ( 31,000) 4,074,905 Asset-backed securities 3,464,248 ( 7,680) 20,732 ( 11,014) 3,466,286 Mortgage-backed securities Commercial 586,441 - 20,538 ( 4,085) 602,894 Agency residential 1,255,186 - 15,568 ( 10,076) 1,260,678 Non-agency residential 4,398 - 16 ( 6) 4,408 Foreign government securities 677,327 - 21,658 ( 7,005) 691,980 Foreign corporate securities 1,494,315 ( 393) 34,449 ( 18,497) 1,509,874 Total fixed maturity securities $ 12,733,499 $ ( 27,491) $ 240,516 $ ( 86,129) $ 12,860,395 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 |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 2021 At December 31, 2020 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 586,432 $ 583,676 $ 658,561 $ 659,622 Due after one year through five years 3,488,358 3,526,854 2,911,285 3,036,151 Due after five years through ten years 2,260,481 2,309,870 1,927,265 2,079,866 Due after ten years 1,087,955 1,105,729 848,014 875,412 Asset-backed securities 3,464,248 3,466,286 2,450,807 2,474,170 Mortgage-backed securities Commercial 586,441 602,894 512,388 550,080 Agency residential 1,255,186 1,260,678 937,166 965,100 Non-agency residential 4,398 4,408 3,164 3,164 Total fixed maturity securities $ 12,733,499 $ 12,860,395 $ 10,248,650 $ 10,643,565 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 2021 2020 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities and short term investments $ ( 242,005) $ 238,634 Change in unrealized appreciation (depreciation), pre-tax ( 242,005) 238,634 Deferred tax benefit (expense) 50,712 ( 50,086) Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ ( 191,293) $ 188,548 |
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, 2021 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 $ 266,953 $ ( 3,296) $ - $ - $ 266,953 $ ( 3,296) Obligations of U.S. states and political subdivisions 51,094 ( 1,038) 2,558 ( 112) 53,652 ( 1,150) Corporate securities 1,465,259 ( 24,853) 200,637 ( 6,147) 1,665,896 ( 31,000) Asset-backed securities 1,890,876 ( 10,713) 37,910 ( 301) 1,928,786 ( 11,014) Mortgage-backed securities Commercial 138,934 ( 2,467) 34,967 ( 1,618) 173,901 ( 4,085) Agency residential 698,896 ( 6,879) 167,923 ( 3,197) 866,819 ( 10,076) Non-agency residential 1,401 ( 4) 156 ( 2) 1,557 ( 6) Foreign government securities 200,294 ( 4,778) 14,612 ( 2,227) 214,906 ( 7,005) Foreign corporate securities 676,609 ( 16,871) 33,057 ( 1,626) 709,666 ( 18,497) Total fixed maturity securities $ 5,390,316 $ ( 70,899) $ 491,820 $ ( 15,230) $ 5,882,136 $ ( 86,129) 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) |
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, 2021 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 $ 81,412 $ ( 1,878) $ 35,515 $ ( 3,829) $ 116,927 $ ( 5,707) Due in one year through five years 1,209,378 ( 18,614) 154,449 ( 3,418) 1,363,827 ( 22,032) Due in five years through ten years 852,857 ( 20,678) 34,164 ( 1,977) 887,021 ( 22,655) Due after ten years 516,562 ( 9,666) 26,736 ( 888) 543,298 ( 10,554) Asset-backed securities 1,890,876 ( 10,713) 37,910 ( 301) 1,928,786 ( 11,014) Mortgage-backed securities 839,231 ( 9,350) 203,046 ( 4,817) 1,042,277 ( 14,167) Total fixed maturity securities $ 5,390,316 $ ( 70,899) $ 491,820 $ ( 15,230) $ 5,882,136 $ ( 86,129) 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) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturities $ 343,659 $ 305,399 $ 273,122 Equity securities 15,253 11,466 10,782 Short-term investments and cash 517 2,978 10,231 Other invested assets Limited partnerships 321,050 48,899 43,316 Dividends from preferred shares of affiliate 31,032 31,032 31,031 Other 62,945 1,699 14,117 Gross investment income before adjustments 774,456 401,473 382,599 Funds held interest income (expense) 7,656 5,705 6,459 Interest income from Parent 5,952 5,154 211 Gross investment income 788,064 412,332 389,269 Investment expenses ( 43,110) ( 36,426) ( 33,058) Net investment income $ 744,954 $ 375,906 $ 356,211 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturity securities, market value: Allowances for credit losses $ ( 25,924) $ ( 1,566) $ - Other-than-temporary impairments - - ( 19,643) Gains (losses) from sales 8,186 ( 32,614) 7,571 Fixed maturity securities, fair value: Gains (losses) from sales - ( 2,863) 355 Gains (losses) from fair value adjustments - 1,944 1,808 Equity securities, fair value: Gains (losses) from sales 24,426 ( 7,931) 4,144 Gains (losses) from fair value adjustments 254,122 276,093 153,728 Other invested assets 6,142 1,705 6,003 Other invested assets, fair value: Gains (losses) from fair value adjustments 234,337 ( 186,102) 265,245 Short-term investment gains (losses) ( 3) 1,138 156 Total net realized capital gains (losses) $ 501,286 $ 49,804 $ 419,367 Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2021 Asset Obligations of Foreign Corporate Backed U.S. states and Corporate Securities Securities political subdivisions Securities Total Beginning Balance $ ( 1,205) $ - $ - $ ( 361) $ ( 1,566) Credit losses on securities where credit losses were not previously recorded ( 21,178) ( 4,915) ( 151) ( 188) ( 26,432) Increases in allowance on previously impaired securities ( 2,530) ( 2,765) - - ( 5,295) Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals 5,646 - - 156 5,802 Balance as of December 31, 2021 $ ( 19,267) $ ( 7,680) $ ( 151) $ ( 393) $ ( 27,491) 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) 2021 2020 2019 Proceeds from sales of fixed maturity securities $ 961,050 $ 631,285 $ 2,403,786 Gross gains from sales 32,664 24,177 25,076 Gross losses from sales ( 24,478) ( 59,654) ( 17,150) Proceeds from sales of equity securities $ 861,801 $ 375,112 $ 283,707 Gross gains from sales 39,071 37,403 14,270 Gross losses from sales ( 14,645) ( 45,334) ( 10,126) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in thousands) 2021 2020 2019 Gross reserves beginning of period $ 11,578,096 $ 10,129,462 $ 10,146,086 Less reinsurance recoverables ( 3,951,474) ( 4,215,348) ( 4,697,543) Net reserves beginning of period 7,626,622 5,914,114 5,448,543 Incurred related to: Current year 5,381,550 4,407,795 3,784,771 Prior years 5,306 200,349 44,351 Total incurred losses and LAE 5,386,856 4,608,144 3,829,122 Paid related to: Current year 2,373,958 1,901,971 1,885,443 Prior years 1,126,618 1,017,557 1,490,460 Total paid losses and LAE 3,500,576 2,919,528 3,375,903 Foreign exchange/translation adjustment ( 42,441) 23,892 12,352 Net reserves end of period 9,470,461 7,626,622 5,914,114 Plus reinsurance recoverables 3,650,716 3,951,474 4,215,348 Gross reserves end of period $ 13,121,177 $ 11,578,096 $ 10,129,462 (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, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 374,264 $ 267,240 $ 174,383 $ 181,654 $ 188,478 $ 190,701 $ 190,701 $ 190,701 $ 190,701 $ 190,701 442 N/A 2013 177,680 223,263 221,054 227,822 217,141 217,141 217,141 217,141 217,141 469 N/A 2014 255,341 234,568 256,783 228,097 228,097 228,097 228,097 228,097 3,077 N/A 2015 208,309 248,848 237,190 237,190 237,190 237,190 237,190 9,358 N/A 2016 241,914 238,215 238,215 238,215 238,215 238,215 19,816 N/A 2017 197,617 203,379 203,379 203,379 203,379 38,680 N/A 2018 768,393 752,960 799,254 820,853 137,593 N/A 2019 974,064 1,022,213 1,022,606 449,537 N/A 2020 1,066,376 1,038,290 772,012 N/A 2021 1,348,723 931,304 N/A $ 5,545,195 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 13,205 $ 29,560 $ 59,883 $ 94,889 $ 120,798 $ 125,361 $ 149,126 $ 152,963 $ 158,734 $ 163,440 2013 12,437 28,105 63,619 97,298 125,905 157,967 178,119 183,897 186,205 2014 14,576 34,231 75,579 106,207 142,595 174,830 184,167 188,462 2015 15,144 37,998 84,178 145,819 169,256 186,975 195,226 2016 16,907 52,674 88,115 147,710 159,910 187,253 2017 25,901 85,219 98,032 126,846 145,370 2018 118,244 195,365 300,740 407,182 2019 149,304 243,937 369,040 2020 133,237 225,810 2021 160,388 $ 2,228,375 All outstanding liabilities prior to 2012, net of reinsurance 417,209 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,734,028 (Some amounts may not reconcile due to rounding.) Reinsurance – Property Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 679,785 $ 587,520 $ 523,948 $ 549,441 $ 539,374 $ 541,323 $ 526,815 $ 523,856 $ 522,297 $ 520,333 1,026 N/A 2013 403,975 300,432 258,467 219,064 218,494 218,393 218,393 218,393 218,393 293 N/A 2014 598,906 520,558 398,417 369,381 370,501 370,501 370,501 370,501 513 N/A 2015 556,750 362,015 336,155 336,155 336,155 336,155 336,155 1,175 N/A 2016 638,865 673,684 673,998 670,154 668,786 669,430 3,993 N/A 2017 1,272,428 1,856,678 2,025,190 2,118,950 2,171,546 5,340 N/A 2018 2,247,228 2,136,005 2,126,144 2,073,974 3,926 N/A 2019 1,752,412 1,758,026 1,685,107 130,235 N/A 2020 1,889,425 1,933,200 376,021 N/A 2021 2,172,649 1,048,869 N/A $ 12,151,287 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 149,680 $ 290,697 $ 366,373 $ 432,118 $ 450,309 $ 479,080 $ 491,667 $ 492,822 $ 494,581 $ 499,386 2013 134,914 166,776 180,524 195,395 203,843 211,113 214,264 215,325 216,097 2014 159,404 254,954 316,111 346,325 358,577 361,190 365,719 368,078 2015 161,394 239,320 296,683 314,114 321,199 326,643 331,154 2016 249,085 556,082 654,563 656,722 658,337 663,957 2017 808,372 1,628,572 1,991,813 2,098,073 2,157,355 2018 486,807 1,397,399 1,723,729 1,865,968 2019 704,540 1,205,478 1,461,033 2020 555,171 1,176,568 2021 638,780 $ 9,378,377 All outstanding liabilities prior to 2012, net of reinsurance 154,467 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,927,377 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 212,020 $ 175,028 $ 185,368 $ 184,658 $ 188,272 $ 185,808 $ 185,808 $ 185,859 $ 186,976 $ 186,976 1,017 15,782 2013 256,168 228,206 230,727 224,705 194,720 194,729 194,894 195,442 195,442 1,938 21,360 2014 238,062 239,066 240,960 255,016 255,140 255,099 256,254 256,254 2,301 25,265 2015 259,199 259,516 278,169 278,168 278,338 266,805 266,805 2,538 27,044 2016 351,988 276,918 279,642 281,718 288,365 288,365 3,687 31,674 2017 304,338 237,963 238,151 237,543 237,550 3,703 35,627 2018 645,821 645,105 666,576 690,035 171,007 36,041 2019 768,835 755,941 794,498 204,649 39,219 2020 817,231 792,661 510,532 34,983 2021 1,112,359 708,987 31,679 $ 4,820,945 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 15,687 $ 55,230 $ 84,407 $ 116,622 $ 133,278 $ 147,010 $ 154,410 $ 168,865 $ 171,160 $ 174,799 2013 17,120 68,588 101,648 129,755 149,774 167,583 182,788 189,216 193,325 2014 20,377 71,918 114,198 143,892 228,998 229,606 250,487 253,265 2015 19,962 67,995 116,979 199,529 244,473 259,190 264,189 2016 24,808 101,233 275,797 299,126 308,336 313,458 2017 22,806 151,275 156,995 216,906 233,798 2018 63,227 189,296 271,718 383,255 2019 10,609 216,399 350,310 2020 94,546 222,904 2021 200,730 $ 2,590,034 All outstanding liabilities prior to 2012, net of reinsurance 28,430 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,259,340 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2021 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 2021 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 58,482 $ 47,227 $ 43,423 $ 44,867 $ 44,297 $ 44,105 $ 44,149 $ 44,098 $ $ 43,981 $ 43,981 - N/A 2013 64,491 56,350 52,175 52,865 52,676 52,667 52,501 52,604 52,604 1 N/A 2014 67,658 70,075 67,446 66,644 66,519 66,560 66,661 66,661 1 N/A 2015 81,132 75,671 75,828 75,785 75,614 88,916 88,916 6 N/A 2016 143,312 169,794 165,081 164,068 159,296 159,299 15 N/A 2017 230,648 293,606 297,609 300,168 306,076 177 N/A 2018 376,799 373,382 377,908 377,527 159 N/A 2019 337,988 349,802 348,349 334 N/A 2020 510,496 508,786 4,771 N/A 2021 541,106 160,032 N/A $ 2,493,303 (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 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 26,868 $ 44,407 $ 42,865 $ 44,516 $ 44,230 $ 44,040 $ 44,049 $ 44,075 $ 43,880 $ 43,916 2013 35,201 54,219 52,587 52,848 52,473 52,458 52,465 52,436 52,495 2014 40,277 66,435 66,600 65,967 66,448 66,481 66,557 66,566 2015 45,421 70,397 75,166 75,190 75,047 76,312 76,370 2016 72,262 153,113 169,128 164,453 163,284 163,711 2017 161,592 293,419 282,606 296,783 299,146 2018 236,427 342,824 368,751 375,508 2019 218,337 337,086 347,014 2020 263,475 364,032 2021 359,621 $ 2,148,377 All outstanding liabilities prior to 2012, net of reinsurance 144 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 345,070 (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 10 Casualty 11.9 % 10.3 % 13.7 % 16.7 % 11.0 % 10.3 % 7.0 % 2.2 % 2.0 % 2.5 % 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 10 Property 33.3 % 35.1 % 15.6 % 6.0 % 2.5 % 2.4 % 1.7 % 0.4 % 0.3 % 0.9 % 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 10 Casualty 10.2 % 15.1 % 18.9 % 17.3 % 13.5 % 4.4 % 3.2 % 3.7 % 1.7 % 1.9 % Insurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 58.5 % 33.4 % 3.0 % 1.6 % 1.6 % 1.4 % 0.1 % 0.3 % 0.1 % 0.1 % |
Reconciliation of the Net Incurred and Paid Claims Development | At December 31, 2021 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 3,734,028 Reinsurance Property 2,927,377 Insurance Casualty 2,259,340 Insurance Property 345,070 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 9,265,815 Reinsurance recoverable on unpaid claims Reinsurance Casualty 908,589 Reinsurance Property 1,010,858 Insurance Casualty 1,541,726 Insurance Property 189,544 Total reinsurance recoverable on unpaid claims 3,650,716 Unallocated claims adjustment expenses 173,945 Other 30,701 204,646 Total gross liability for unpaid claims and claim adjustment expense $ 13,121,177 (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) 2021 2020 2019 Gross basis: Beginning of period reserves $ 219,341 $ 257,921 $ 347,495 Incurred losses 10,861 1,540 2,071 Paid losses ( 55,048) ( 40,120) ( 91,645) End of period reserves $ 175,154 $ 219,341 $ 257,921 Net basis: Beginning of period reserves $ 167,439 $ 196,574 $ 223,548 Incurred losses ( 3,148) ( 4,753) - Paid losses ( 35,857) ( 24,382) ( 26,974) End of period reserves $ 128,434 $ 167,439 $ 196,574 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 662,749 $ - $ 662,749 $ - Obligations of U.S. States and political subdivisions 586,621 - 586,621 - Corporate securities 4,074,905 - 3,344,980 729,925 Asset-backed securities 3,466,286 - 2,215,005 1,251,281 Mortgage-backed securities Commercial 602,894 - 602,894 - Agency residential 1,260,678 - 1,260,678 - Non-agency residential 4,408 - 4,408 - Foreign government securities 691,980 - 691,980 - Foreign corporate securities 1,509,874 - 1,493,859 16,015 Total fixed maturities, market value 12,860,395 - 10,863,174 1,997,221 Equity securities, fair value 1,757,792 1,721,762 36,030 - Other invested assets, fair value 2,030,816 - - 2,030,816 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 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value December 31, 2021 December 31, 2020 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 630,843 $ 623,033 $ 5,700 $ 1,259,576 $ 546,939 $ 153,641 $ 1,751 $ 702,331 Total gains or (losses) (realized/unrealized) Included in earnings ( 11,717) ( 6,469) 399 ( 17,787) 1,216 681 ( 125) 1,772 Included in other comprehensive income (loss) 4,007 ( 6,603) 184 ( 2,412) ( 1,115) 11,678 147 10,710 Purchases, issuances and settlements 106,791 641,320 9,733 757,844 84,840 457,033 3,814 545,687 Transfers in and/or (out) of Level 3 - - - - ( 1,037) - 113 ( 924) Ending balance $ 729,925 $ 1,251,281 $ 16,015 $ 1,997,221 $ 630,843 $ 623,033 $ 5,700 $ 1,259,576 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 $ ( 16,467) $ ( 7,679) $ - $ ( 24,146) $ ( 539) $ - $ - $ ( 539) (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2021 December 31, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value - - 5,826 5,826 Total gains or (losses) (realized/unrealized) Included in earnings - - ( 919) ( 919) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - ( 4,907) ( 4,907) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2021 December 31, 2020 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 $ 397,314 $ 503,840 $ 397,194 $ 528,000 3.5% Senior notes 10/7/2020 10/15/2050 1,000,000 $ 980,046 $ 1,054,520 $ 979,524 $ 1,138,100 3.125% Senior notes 10/4/2021 10/15/2052 1,000,000 $ 968,440 $ 983,140 $ - $ - 2,400,000 $ 2,345,800 $ 2,541,500 $ 1,376,718 $ 1,666,100 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) Interest Paid Payable Dates 2021 2020 2019 4.868% Senior notes semi-annually June 1/December 1 $ 19,472 $ 19,472 $ 19,472 3.5% Senior notes semi-annually April 15/October 15 $ 35,221 $ 8,115 $ - 3.125% Senior notes semi-annually April 15/October 15 $ 7,635 $ - $ - $ 62,328 $ 27,587 $ 19,472 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | December 31, 2021 December 31, 2020 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 $ 223,774 $ 216,289 $ 223,674 $ 206,447 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest expense incurred $ 5,818 $ 7,645 $ 11,587 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Summary of Collateralized Reinsurance Agreements | (Dollars in thousands) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2017-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 50,000 Aggregate Series 2017-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 75,000 Aggregate Series 2017-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 175,000 Aggregate Series 2018-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 62,500 Aggregate Series 2018-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 200,000 Aggregate Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 62,500 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200,000 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150,000 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275,000 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150,000 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275,000 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150,000 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150,000 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Total available limit as of December 31, 2021 $ 2,325,000 |
Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts [Table Text Block] | (Dollars in thousands) Note Series Issue Date Maturity Date Amount Series 2017-1 Class A-2 4/13/2017 4/13/2022 50,000 Series 2017-1 Class B-2 4/13/2017 4/13/2022 75,000 Series 2017-1 Class C-2 4/13/2017 4/13/2022 175,000 Series 2018-1 Class A-1 4/30/2018 5/6/2022 62,500 Series 2018-1 Class B-1 4/30/2018 5/6/2022 200,000 Series 2018-1 Class A-2 4/30/2018 5/5/2023 62,500 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200,000 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150,000 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275,000 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150,000 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275,000 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150,000 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150,000 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90,000 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90,000 $ 2,325,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in thousands) 2021 2020 Lease expense incurred: Operating lease cost $ 23,998 $ 29,822 At December 31, (Dollars in thousands) 2021 2020 Operating lease right of use assets $ 131,295 $ 139,835 Operating lease liabilities 149,501 155,144 Year Ended December 31, (Dollars in thousands) 2021 2020 Operating cash flows from operating leases $ ( 15,905) $ ( 18,411) At December 31, 2021 2020 Weighted average remaining operating lease term 11.8 years 12.5 years Weighted average discount rate on operating leases 4.00 % 4.02 % |
Maturities of Lease Liabilities | (Dollars in thousands) 2022 $ 18,459 2023 18,192 2024 18,226 2025 15,235 2026 14,108 Thereafter 102,104 Undiscounted lease payments 186,324 Less: present value adjustment 36,823 Total operating lease liability $ 149,501 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Current tax expense (benefit): U.S. $ 101,499 $ ( 106,719) $ ( 1,684) Foreign 7 ( 11) 77 Total current tax expense (benefit) 101,506 ( 106,730) ( 1,607) Total deferred U.S. tax expense (benefit) 90,130 138,388 136,834 Total income tax expense (benefit) $ 191,636 $ 31,658 $ 135,228 |
Reconciliation Of Total Income Tax Provision Using U.S. Federal Income Tax Rate To Company's Total Income Tax Provision | (Dollars in thousands) 2021 2020 2019 Expected income tax provision at the U.S. statutory tax rate $ 208,103 $ 80,588 $ 160,762 Increase (decrease) in taxes resulting from: Tax exempt income ( 3,927) ( 3,598) ( 3,680) Dividend received deduction ( 840) ( 1,100) ( 998) Proration 1,048 1,049 1,050 Creditable foreign premium tax ( 13,392) ( 11,513) ( 9,852) Tax audit settlement - - ( 1,576) Share based compensation tax benefits formerly in APIC ( 1,951) ( 2,612) ( 2,987) Impact of CARES Act - ( 32,500) - Change in uncertain tax positions - - ( 8,434) Other 2,595 1,345 942 Total income tax provision $ 191,636 $ 31,658 $ 135,228 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) 2021 2020 2019 Balance at January 1 $ - $ - $ 8,434 Additions based on tax positions related to the current year - - - 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 $ - $ - $ - |
Net Deferred Income Tax Assets/(Liabilities) | At December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Loss reserves $ 129,861 $ 96,840 Unearned premium reserve 107,724 85,028 Lease Liability 30,885 31,989 Foreign tax credits 21,787 46,109 Net unrecognized losses on benefit plans 13,395 19,636 Equity compensation 6,869 6,749 Investment impairments 6,160 1,121 Unrealized foreign currency losses 4,480 597 Uncollectible reinsurance reserve 3,142 3,142 Net operating loss 834 684 Deferred expense 679 622 Other tax credits 213 4,591 Other assets 7,355 6,559 Total deferred tax assets 333,384 303,667 Deferred tax liabilities: Net fair value income 349,017 277,525 Deferred acquisition costs 99,395 79,994 Partnership Investments 56,699 26,119 Net unrealized investment gains 35,228 84,869 Right of use asset 27,111 28,822 Bond market discount 3,087 2,257 Benefit plan asset 1,667 1,765 Other liabilities 7,253 5,056 Total deferred tax liabilities 579,457 506,407 Net deferred tax assets/(liabilities) $ ( 246,073) $ ( 202,740) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Written premiums: Direct $ 3,300,459 $ 2,698,100 $ 2,449,198 Assumed 6,030,568 5,258,938 4,603,866 Ceded ( 1,611,587) ( 1,318,338) ( 1,278,115) Net written premiums $ 7,719,441 $ 6,638,700 $ 5,774,949 Premiums earned: Direct $ 2,981,927 $ 2,591,613 $ 2,255,388 Assumed 5,740,688 5,183,399 4,427,006 Ceded ( 1,544,024) ( 1,368,436) ( 1,193,359) Net premiums earned $ 7,178,592 $ 6,406,576 $ 5,489,035 Incurred losses and LAE: Direct $ 2,042,814 $ 1,784,616 $ 1,401,251 Assumed 3,871,643 3,576,252 2,913,987 Ceded ( 527,601) ( 752,724) ( 486,116) Net incurred losses and LAE $ 5,386,856 $ 4,608,144 $ 3,829,122 |
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 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) 2021 2020 2019 Ceded written premiums $ 303,235 $ 133,137 $ 100,347 Ceded earned premiums 299,711 132,016 101,681 Ceded losses and LAE ( 58,992) 109,830 ( 51,454) Assumed written premiums 4,820 - - Assumed earned premiums 3,799 249 248 Assumed losses and LAE 79 144 89 Everest International & Canada Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Ceded written premiums $ - $ - $ - Ceded earned premiums - - - Ceded losses and LAE ( 15) ( 503) 324 Assumed written premiums - 1 - Assumed earned premiums - ( 7) - Assumed losses and LAE 10,723 ( 2,102) 3,024 Ireland Re Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Assumed written premiums $ 15,947 $ - $ - Assumed earned premiums 14,973 - - Assumed losses and LAE 64,074 - - Ireland Insurance Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Assumed written premiums $ 8,508 $ 5,499 $ 2,712 Assumed earned premiums 5,831 3,901 1,615 Assumed losses and LAE 3,052 2,256 810 Lloyd's Syndicate 2786 Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Assumed written premiums $ 583 $ ( 3,592) $ ( 11,470) Assumed earned premiums 585 ( 3,375) ( 18,650) Assumed losses and LAE 872 ( 2,636) 8,355 Mt. Logan Re Segregated Accounts Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Ceded written premiums $ 286,049 $ 263,487 $ 240,721 Ceded earned premiums 280,048 265,381 235,500 Ceded losses and LAE 194,167 175,087 171,900 Assumed written premiums - - - Assumed earned premiums - - - Assumed losses and LAE - - - |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 December 31, 2019 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 $ ( 253,601) 53,294 $ ( 200,307) $ 206,159 ( 43,078) $ 163,080 $ 222,884 ( 46,971) $ 175,913 URA(D) on securities - OTTI - - - - - - ( 546) 115 ( 431) Reclassification of net realized losses (gains) included in net income (loss) 11,596 ( 2,582) 9,014 32,475 ( 7,007) 25,468 6,068 ( 988) 5,080 Foreign currency translation adjustments ( 11,064) 2,330 ( 8,734) 18,277 ( 3,815) 14,461 21,708 ( 4,555) 17,153 Benefit plan actuarial net gain (loss) 7,912 ( 1,662) 6,251 ( 7,107) 1,492 ( 5,615) ( 15,938) 3,347 ( 12,591) Reclassification of amortization of net gain (loss) included in net income (loss) 21,807 ( 4,580) 17,227 7,974 ( 1,674) 6,300 6,902 ( 1,449) 5,453 Total other comprehensive income (loss) $ ( 223,350) $ 46,800 $ ( 176,549) $ 257,778 $ ( 54,082) $ 203,694 $ 241,078 $ ( 50,501) $ 190,577 (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 2021 2020 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 11,596 $ 32,475 Other net realized capital gains (losses) ( 2,582) ( 7,007) Income tax expense (benefit) $ 9,014 $ 25,468 Net income (loss) Benefit plan net gain (loss) $ 21,807 $ 7,974 Other underwriting expenses ( 4,580) ( 1,674) Income tax expense (benefit) $ 17,227 $ 6,300 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) 2021 2020 Beginning balance of URA (D) on securities $ 313,161 $ 124,612 Current period change in URA (D) of investments - temporary ( 191,293) 188,548 Ending balance of URA (D) on securities 121,869 313,161 Beginning balance of foreign currency translation adjustments 28,727 14,267 Current period change in foreign currency translation adjustments ( 8,734) 14,461 Ending balance of foreign currency translation adjustments 19,992 28,727 Beginning balance of benefit plan net gain (loss) ( 73,870) ( 74,556) Current period change in benefit plan net gain (loss) 23,478 685 Ending balance of benefit plan net gain (loss) ( 50,392) ( 73,870) Ending balance of accumulated other comprehensive income (loss) $ 91,469 $ 268,018 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 2019 Company contributions $ 3,821 $ 6,825 $ 4,750 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Pension expense $ 3,388 $ 8,429 $ 10,042 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 404,471 $ 355,356 Service cost 10,637 9,522 Interest cost 8,253 10,112 Actuarial (gain)/loss ( 8,587) 43,595 Curtailment - - Benefits paid ( 12,147) ( 14,115) Projected benefit obligation at end of year 402,626 404,471 Change in plan assets: Fair value of plan assets at beginning of year 354,464 301,467 Actual return on plan assets 31,166 60,286 Actual contributions during the year 3,821 6,825 Benefits paid ( 12,147) ( 14,115) Fair value of plan assets at end of year 377,303 354,464 Funded status at end of year $ ( 25,323) $ ( 50,007) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2021 2020 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) ( 1,469) ( 2,197) Other liabilities (due beyond one year) ( 23,854) ( 47,810) Net amount recognized in the consolidated balance sheets $ ( 25,323) $ ( 50,007) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2021 2020 Accumulated income (loss) $ ( 67,729) $ ( 91,979) Accumulated other comprehensive income (loss) $ ( 67,729) $ ( 91,979) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 91,979) $ ( 97,466) Net gain (loss) arising during period 15,298 ( 4,090) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,953 9,576 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ ( 67,729) $ ( 91,979) (Some amounts may not reconcile due to rounding.) |
Summary Of Net Periodic Benefit Cost | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 10,637 $ 9,522 $ 8,255 Interest cost 8,253 10,112 11,712 Expected return on assets ( 24,454) ( 20,781) ( 17,968) Amortization of actuarial loss from earlier periods 8,489 8,551 7,635 Settlement 464 1,025 408 Net periodic benefit cost $ 3,388 $ 8,429 $ 10,042 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year ( 24,251) ( 5,486) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 20,863) $ 2,943 (Some amounts may not reconcile due to rounding.) |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2021 2020 Qualified Plan $ 339,360 $ 336,027 Non-qualified Plan 12,190 16,258 Total $ 351,550 $ 352,285 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2021 2020 Qualified Plan Projected benefit obligation $ 390,437 $ 388,213 Fair value of plan assets 377,303 354,464 Non-qualified Plan Projected benefit obligation $ 12,190 $ 16,258 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2021 2020 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 12,189 $ 16,258 Fair value of plan assets - - |
Expected Benefit Payments | (Dollars in thousands) 2022 $ 16,662 2023 12,639 2024 13,565 2025 14,550 2026 15,439 Next 5 years 95,005 |
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) 2021 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,540 $ 2,540 $ - $ - Mutual funds, fair value Fixed income (b) 84,663 84,663 - - Equities (c) 287,382 287,382 - - Total $ 374,585 $ 374,585 $ - $ - (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, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international 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) 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, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 35,098 $ 29,376 Service cost 1,096 1,066 Interest cost 641 845 Amendments - - Actuarial (gain)/loss ( 6,044) 4,042 Benefits paid ( 267) ( 232) Benefit obligation at end of year 30,523 35,098 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 267 232 Benefits paid ( 267) ( 232) Fair value of plan assets at end of year - - Funded status at end of year $ ( 30,523) $ ( 35,098) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2021 2020 Other liabilities (due within one year) $ ( 682) $ ( 613) Other liabilities (due beyond one year) ( 29,840) ( 34,484) Net amount recognized in the consolidated balance sheets $ ( 30,523) $ ( 35,098) (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) 2021 2020 Accumulated income (loss) $ 2,191 $ ( 3,854) Accumulated prior service credit (cost) 1,750 2,327 Accumulated other comprehensive income (loss) $ 3,941 $ ( 1,527) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 1,527) $ 3,092 Net gain (loss) arising during period 6,044 ( 4,042) Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - - Prior service cost ( 577) ( 577) Other comprehensive income (loss) at December 31, current year $ 3,941 $ ( 1,527) |
Summary Of Net Periodic Benefit Cost | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 1,096 $ 1,066 $ 983 Interest cost 641 845 980 Prior service credit recognition ( 577) ( 577) ( 577) Net gain recognition - - ( 155) Net periodic cost $ 1,161 $ 1,334 $ 1,231 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year ( 5,468) 4,619 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 4,307) $ 5,953 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2022 $ 683 2023 779 2024 831 2025 974 2026 1,084 Next 5 years 7,252 |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And Actual Statutory Capital | Everest Re (1) At December 31, (Dollars in thousands) 2021 2020 Regulatory targeted capital $ 2,960,047 $ 2,489,772 Actual capital $ 5,717,114 $ 5,276,003 (1) 200% of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At December 31, (Dollars in thousands) 2021 2020 The Prudential $ 138,285 $ 140,773 Unaffiliated life insurance company 34,847 35,128 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related-Party Transactions [Abstract] | |
Dividends Received On Preferred Shares | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 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) 2021 2020 2019 Expenses incurred $ 133,353 $ 124,486 $ 107,851 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Year Ended December 31, 2021 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 6,028,206 $ 3,302,821 $ 9,331,027 Net written premiums 5,264,652 2,454,789 7,719,441 Premiums earned $ 4,948,706 $ 2,229,885 $ 7,178,592 Incurred losses and LAE 3,761,051 1,625,805 5,386,856 Commission and brokerage 1,250,145 262,357 1,512,502 Other underwriting expenses 143,106 310,958 454,064 Underwriting gain (loss) $ ( 205,596) $ 30,765 $ ( 174,830) Net investment income 744,954 Net realized capital gains (losses) 501,286 Corporate expenses ( 33,334) Interest, fee and bond issue cost amortization expense ( 69,974) Other income (expense) 23,383 Income (loss) before taxes $ 991,485 Year Ended December 31, 2020 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 5,265,698 $ 2,691,340 $ 7,957,038 Net written premiums 4,632,265 2,006,435 6,638,700 Premiums earned $ 4,484,693 $ 1,921,883 $ 6,406,576 Incurred losses and LAE 3,209,160 1,398,984 4,608,144 Commission and brokerage 1,119,966 253,389 1,373,355 Other underwriting expenses 119,320 281,713 401,033 Underwriting gain (loss) $ 36,247 $ ( 12,203) $ 24,044 Net investment income 375,906 Net realized capital gains (losses) 49,804 Corporate expenses ( 15,985) Interest, fee and bond issue cost amortization expense ( 35,659) Other income (expense) ( 14,579) Income (loss) before taxes $ 383,531 Year Ended December 31, 2019 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 4,600,373 $ 2,452,691 $ 7,053,064 Net written premiums 3,923,799 1,851,150 5,774,949 Premiums earned $ 3,796,136 $ 1,692,899 $ 5,489,035 Incurred losses and LAE 2,692,680 1,136,442 3,829,122 Commission and brokerage 1,027,286 242,767 1,270,053 Other underwriting expenses 110,032 240,869 350,901 Underwriting gain (loss) $ ( 33,862) $ 72,821 $ 38,959 Net investment income 356,211 Net realized capital gains (losses) 419,367 Corporate expenses ( 13,063) Interest, fee and bond issue cost amortization expense ( 34,931) Other income (expense) ( 1,589) Income (loss) before taxes $ 764,955 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Canada gross written premiums $ 251,560 $ 320,665 $ 214,594 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Net income (loss) | $ 799,849 | $ 351,873 | $ 629,727 | ||||||||||||
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10.00% | ||||||||||||||
Number of operating segments | 2 | ||||||||||||||
Stockholders Equity | $ (7,038,047) | $ (7,038,047) | (6,414,313) | (5,857,425) | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Stockholders Equity | (91,469) | (91,469) | (268,018) | (64,324) | $ 126,254 | ||||||||||
Retained Earnings [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Net income (loss) | 799,849 | 351,873 | 629,727 | ||||||||||||
Stockholders Equity | (5,845,051) | (5,845,051) | (5,045,203) | (4,692,423) | (4,062,696) | ||||||||||
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) | ||||||||||||||
Restatement Adjustment [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Net income (loss) | $ 46,000 | $ (17,000) | $ (17,000) | $ 29,000 | $ (12,000) | $ (12,000) | $ 6,000 | $ 12,000 | $ (6,000) | $ (5,000) | $ (19,000) | $ (46,000) | $ (31,000) | $ (20,000) |
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, 2021 | Dec. 31, 2020 |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance recoverable, premium receivables and deductibles | $ 36,985 | $ 33,370 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 5,882,136 | $ 1,150,395 |
Gross unrealized losses on investments in unrealized loss position | 86,129 | 45,952 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 70,899 | 16,792 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 15,230 | 29,160 |
Additional contractual commitments | $ 971,900 | |
Contractual commitments, investment period expiration date | 2026 | |
Fixed maturities- available for sale, at fair value | $ 12,860,395 | 10,643,565 |
Maximum exposure to loss | 1,700,000 | 1,100,000 |
Commitments to fund investments | 800,000 | |
Securities, carrying value | 1,500,000 | |
Recorded An Allowance For Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 15,700 | 100 |
Gross unrealized losses on investments in unrealized loss position | 400 | 100 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 5,900,000 | 1,200,000 |
Gross unrealized losses on investments in unrealized loss position | 86,100 | 46,000 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 70,900 | 16,800 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 15,200 | $ 29,200 |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.20% | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | Issuer with the second largest unrealized loss position [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.40% | |
Fixed Maturity Securities [Member] | US Government Debt Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 2.10% | |
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 | $ 61,500 | $ 12,500 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 12,300 | $ 5,900 |
Private Placement Liquidity Sweep [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturities- available for sale, at fair value | $ 301,100 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 12,733,499 | $ 10,248,650 | |
Allowance for credit loss | (27,491) | (1,566) | |
Unrealized Appreciation | 240,516 | 442,433 | |
Unrealized Depreciation | (86,129) | (45,952) | |
Fixed maturities, fair value | 12,860,395 | 10,643,565 | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 656,742 | 659,957 | |
Allowance for credit loss | |||
Unrealized Appreciation | 9,303 | 22,032 | |
Unrealized Depreciation | (3,296) | ||
Fixed maturities, fair value | 662,749 | 681,989 | |
Obligation of U.S. States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 558,842 | 543,646 | |
Allowance for credit loss | (151) | ||
Unrealized Appreciation | 29,080 | 34,655 | |
Unrealized Depreciation | (1,150) | (1,255) | |
Fixed maturities, fair value | 586,621 | 577,046 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 4,036,000 | 3,316,525 | |
Allowance for credit loss | (19,267) | (1,205) | |
Unrealized Appreciation | 89,172 | 166,072 | |
Unrealized Depreciation | (31,000) | (31,480) | |
Fixed maturities, fair value | 4,074,905 | 3,449,912 | |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 3,464,248 | 2,450,807 | |
Allowance for credit loss | (7,680) | ||
Unrealized Appreciation | 20,732 | 28,585 | |
Unrealized Depreciation | (11,014) | (5,222) | |
Fixed maturities, fair value | 3,466,286 | 2,474,170 | |
Commercial [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 586,441 | 512,388 | |
Allowance for credit loss | |||
Unrealized Appreciation | 20,538 | 37,875 | |
Unrealized Depreciation | (4,085) | (183) | |
Fixed maturities, fair value | 602,894 | 550,080 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,255,186 | 937,166 | |
Allowance for credit loss | |||
Unrealized Appreciation | 15,568 | 28,630 | |
Unrealized Depreciation | (10,076) | (696) | |
Fixed maturities, fair value | 1,260,678 | 965,100 | |
Non-agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 4,398 | 3,164 | |
Allowance for credit loss | |||
Unrealized Appreciation | 16 | 2 | |
Unrealized Depreciation | (6) | (2) | |
Fixed maturities, fair value | 4,408 | 3,164 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 677,327 | 694,132 | |
Allowance for credit loss | |||
Unrealized Appreciation | 21,658 | 51,317 | |
Unrealized Depreciation | (7,005) | (3,211) | |
Fixed maturities, fair value | 691,980 | 742,238 | |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,494,315 | 1,130,865 | |
Allowance for credit loss | (393) | (361) | |
Unrealized Appreciation | 34,449 | 73,265 | |
Unrealized Depreciation | (18,497) | (3,903) | |
Fixed maturities, fair value | $ 1,509,874 | $ 1,199,866 |
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, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 12,733,499 | $ 10,248,650 |
Fixed maturity securities - available for sale | 12,860,395 | 10,643,565 |
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 | 586,432 | 658,561 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 3,488,358 | 2,911,285 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,260,481 | 1,927,265 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 1,087,955 | 848,014 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 583,676 | 659,622 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 3,526,854 | 3,036,151 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,309,870 | 2,079,866 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,105,729 | 875,412 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 3,464,248 | 2,450,807 |
Fixed maturity securities - available for sale | 3,466,286 | 2,474,170 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 586,441 | 512,388 |
Fixed maturity securities - available for sale | 602,894 | 550,080 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 1,255,186 | 937,166 |
Fixed maturity securities - available for sale | 1,260,678 | 965,100 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 4,398 | 3,164 |
Fixed maturity securities - available for sale | $ 4,408 | $ 3,164 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (242,005) | $ 238,634 | |
Deferred tax benefit (expense) | 50,712 | (50,086) | |
Total URA(D) on securities arising during the period | (191,293) | 188,548 | $ 180,562 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (242,005) | $ 238,634 |
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, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 5,390,316 | $ 825,833 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (70,899) | (16,792) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 491,820 | 324,562 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (15,230) | (29,160) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,882,136 | 1,150,395 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (86,129) | (45,952) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (70,900) | (16,800) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (15,200) | (29,200) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,900,000 | 1,200,000 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (86,100) | (46,000) |
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 | 266,953 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (3,296) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ||
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 266,953 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (3,296) | |
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 | 51,094 | 19,524 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,038) | (999) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,558 | 4,059 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (112) | (256) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 53,652 | 23,583 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,150) | (1,255) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,465,259 | 240,601 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (24,853) | (7,799) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 200,637 | 188,853 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (6,147) | (23,681) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,665,896 | 429,454 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (31,000) | (31,480) |
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 | 1,890,876 | 223,919 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (10,713) | (4,573) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 37,910 | 81,952 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (301) | (649) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,928,786 | 305,871 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11,014) | (5,222) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 138,934 | 37,414 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,467) | (182) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 34,967 | 3,983 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,618) | (1) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 173,901 | 41,397 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (4,085) | (183) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 698,896 | 235,809 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (6,879) | (682) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 167,923 | 1,573 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,197) | (14) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 866,819 | 237,382 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,076) | (696) |
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 | 1,401 | 161 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 156 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,557 | 161 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (6) | (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 | 200,294 | 10,505 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,778) | (373) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 14,612 | 25,793 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,227) | (2,838) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 214,906 | 36,298 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (7,005) | (3,211) |
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 | 676,609 | 57,900 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (16,871) | (2,182) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 33,057 | 18,349 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,626) | (1,721) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 709,666 | 76,249 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (18,497) | $ (3,903) |
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, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 5,390,316 | $ 825,833 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (70,899) | (16,792) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 491,820 | 324,562 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (15,230) | (29,160) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,882,136 | 1,150,395 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (86,129) | (45,952) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (70,900) | (16,800) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (15,200) | (29,200) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,900,000 | 1,200,000 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (86,100) | (46,000) |
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 | 81,412 | 28,802 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,878) | (1,218) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 35,515 | 34,555 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,829) | (4,142) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 116,927 | 63,357 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,707) | (5,360) |
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 | 1,209,378 | 150,106 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (18,614) | (5,828) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 154,449 | 116,987 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,418) | (4,783) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,363,827 | 267,093 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (22,032) | (10,611) |
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 | 852,857 | 81,492 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (20,678) | (1,634) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 34,164 | 13,118 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,977) | (435) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 887,021 | 94,610 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (22,655) | (2,069) |
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 | 516,562 | 68,130 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (9,666) | (2,673) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 26,736 | 72,394 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (888) | (19,136) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 543,298 | 140,524 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,554) | (21,809) |
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 | 1,890,876 | 223,919 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (10,713) | (4,573) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 37,910 | 81,952 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (301) | (649) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,928,786 | 305,871 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11,014) | (5,222) |
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 | 839,231 | 273,384 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (9,350) | (866) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 203,046 | 5,556 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (4,817) | (15) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,042,277 | 278,940 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (14,167) | $ (881) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 774,456 | $ 401,473 | $ 382,599 |
Funds held interest income (expense) | 7,656 | 5,705 | 6,459 |
Interest income from Parent | 5,952 | 5,154 | 211 |
Gross investment income | 788,064 | 412,332 | 389,269 |
Investment expenses | (43,110) | (36,426) | (33,058) |
Net investment income | 744,954 | 375,906 | 356,211 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 343,659 | 305,399 | 273,122 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 15,253 | 11,466 | 10,782 |
Short-Term Investments and Cash [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 517 | 2,978 | 10,231 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 321,050 | 48,899 | 43,316 |
Dividends From Preferred Shares Of Affiliate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 31,032 | 31,032 | 31,031 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 62,945 | $ 1,699 | $ 14,117 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Other-than-temporary impairments | $ (19,643) | ||
Total net realized capital gains (losses) | 501,286 | 49,804 | 419,367 |
Beginning Balance | (1,566) | ||
Credit losses on securities where credit losses were not previously recorded | (26,432) | (22,460) | |
Increases in allowance on previously impaired securities | (5,295) | (6,120) | |
Decrease in allowance on previously impaired securities | 2,106 | ||
Reduction in allowance due to disposals | 5,802 | 24,908 | |
Ending Balance | (27,491) | (1,566) | |
Fixed Maturity Securities [Member] | Market Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (25,924) | (1,566) | |
Other-than-temporary impairments | (19,643) | ||
Gains (losses) from sales | 8,186 | (32,614) | 7,571 |
Fixed Maturity Securities [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | (2,863) | 355 | |
Gains (losses) from fair value adjustments | 1,944 | 1,808 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | (1,205) | ||
Credit losses on securities where credit losses were not previously recorded | (21,178) | (21,829) | |
Increases in allowance on previously impaired securities | (2,530) | (5,909) | |
Decrease in allowance on previously impaired securities | 1,824 | ||
Reduction in allowance due to disposals | 5,646 | 24,709 | |
Ending Balance | (19,267) | (1,205) | |
Asset Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | |||
Credit losses on securities where credit losses were not previously recorded | (4,915) | ||
Increases in allowance on previously impaired securities | (2,765) | ||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | |||
Ending Balance | (7,680) | ||
Equity Securities [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | 24,426 | (7,931) | 4,144 |
Gains (losses) from fair value adjustments | 254,122 | 276,093 | 153,728 |
Other Invested Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | 6,142 | 1,705 | 6,003 |
Other Invested Assets [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from fair value adjustments | 234,337 | (186,102) | 265,245 |
Short-Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | (3) | 1,138 | 156 |
U S States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | |||
Credit losses on securities where credit losses were not previously recorded | (151) | ||
Increases in allowance on previously impaired securities | |||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | |||
Ending Balance | (151) | ||
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) | ||
Increases in allowance on previously impaired securities | |||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | 70 | ||
Ending Balance | |||
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | (361) | ||
Credit losses on securities where credit losses were not previously recorded | (188) | (561) | |
Increases in allowance on previously impaired securities | (211) | ||
Decrease in allowance on previously impaired securities | 282 | ||
Reduction in allowance due to disposals | 156 | 129 | |
Ending Balance | $ (393) | $ (361) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 4,907 | $ 2,917 | |
Proceeds from equity securities sold - at fair value | 861,801 | 375,112 | 283,707 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 961,050 | 631,285 | 2,403,786 |
Gross gains from sales | 32,664 | 24,177 | 25,076 |
Gross losses from sales | (24,478) | (59,654) | (17,150) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from equity securities sold - at fair value | 861,801 | 375,112 | 283,707 |
Gross gains from sales | 39,071 | 37,403 | 14,270 |
Gross losses from sales | $ (14,645) | $ (45,334) | $ (10,126) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 5,381,550 | $ 4,407,795 | $ 3,784,771 |
Increase in incurred prior years' reserves | $ 5,306 | 200,349 | $ 44,351 |
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 | $ 3,900,000 | 4,200,000 | |
Bermuda Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance recoverable for paid and unpaid losses | $ 2,300,000 | ||
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 | 59.20% | ||
Catastrophe Losses [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | $ 532,200 | (102,700) | |
Covid-19 [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | 154,800 | 154,800 | |
Higher Premiums Earned [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Current year incurred losses | 441,600 | $ 571,000 | |
Mt Logan Re [Member] | |||
Reserves For Losses And LAE [Line Items] | |||
Reinsurance recoverable for paid and unpaid losses | $ 391,500 | ||
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 | 10.10% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserves For Losses And LAE [Abstract] | |||
Gross reserves beginning of period | $ 11,578,096 | $ 10,129,462 | $ 10,146,086 |
Less reinsurance recoverables | (3,951,474) | (4,215,348) | (4,697,543) |
Net reserves beginning of period | 7,626,622 | 5,914,114 | 5,448,543 |
Incurred related to: Current year | 5,381,550 | 4,407,795 | 3,784,771 |
Incurred related to : Prior years | 5,306 | 200,349 | 44,351 |
Total incurred losses and LAE | 5,386,856 | 4,608,144 | 3,829,122 |
Paid related to: Current year | 2,373,958 | 1,901,971 | 1,885,443 |
Paid related to: Prior years | 1,126,618 | 1,017,557 | 1,490,460 |
Total paid losses and LAE | 3,500,576 | 2,919,528 | 3,375,903 |
Foreign exchange/translation adjustment | (42,441) | 23,892 | 12,352 |
Net reserves end of period | 9,470,461 | 7,626,622 | 5,914,114 |
Plus reinsurance recoverables | 3,650,716 | 3,951,474 | 4,215,348 |
Gross reserves end of period | $ 13,121,177 | $ 11,578,096 | $ 10,129,462 |
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, 2021USD ($)Item | Dec. 31, 2020USD ($) | 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 | $ 9,265,815 | |||||||||
Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 5,545,195 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,228,375 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 417,209 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 3,734,028 | |||||||||
Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 12,151,287 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 9,378,377 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 154,467 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,927,377 | |||||||||
Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 4,820,945 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,590,034 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 28,430 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,259,340 | |||||||||
Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,493,303 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,148,377 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 144 | |||||||||
Liability for claims and claim adjustment expenses, net of reinsurance | 345,070 | |||||||||
2012 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 190,701 | $ 190,701 | $ 190,701 | $ 190,701 | $ 190,701 | $ 188,478 | $ 181,654 | $ 174,383 | $ 267,240 | $ 374,264 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 442 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 163,440 | 158,734 | 152,963 | 149,126 | 125,361 | 120,798 | 94,889 | 59,883 | 29,560 | 13,205 |
2012 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 520,333 | 522,297 | 523,856 | 526,815 | 541,323 | 539,374 | 549,441 | 523,948 | 587,520 | 679,785 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,026 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 499,386 | 494,581 | 492,822 | 491,667 | 479,080 | 450,309 | 432,118 | 366,373 | 290,697 | 149,680 |
2012 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 186,976 | 186,976 | 185,859 | 185,808 | 185,808 | 188,272 | 184,658 | 185,368 | 175,028 | 212,020 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,017 | |||||||||
Cumulative Number of Reported Claims | Item | 15,782 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 174,799 | 171,160 | 168,865 | 154,410 | 147,010 | 133,278 | 116,622 | 84,407 | 55,230 | 15,687 |
2012 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 43,981 | 43,981 | 44,098 | 44,149 | 44,105 | 44,297 | 44,867 | 43,423 | 47,227 | 58,482 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | ||||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 43,916 | 43,880 | 44,075 | 44,049 | 44,040 | 44,230 | 44,516 | 42,865 | 44,407 | $ 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 | 217,141 | 217,141 | 217,141 | 217,141 | 217,141 | 227,822 | 221,054 | 223,263 | 177,680 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 469 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 186,205 | 183,897 | 178,119 | 157,967 | 125,905 | 97,298 | 63,619 | 28,105 | 12,437 | |
2013 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 218,393 | 218,393 | 218,393 | 218,393 | 218,494 | 219,064 | 258,467 | 300,432 | 403,975 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 293 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 216,097 | 215,325 | 214,264 | 211,113 | 203,843 | 195,395 | 180,524 | 166,776 | 134,914 | |
2013 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 195,442 | 195,442 | 194,894 | 194,729 | 194,720 | 224,705 | 230,727 | 228,206 | 256,168 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 1,938 | |||||||||
Cumulative Number of Reported Claims | Item | 21,360 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 193,325 | 189,216 | 182,788 | 167,583 | 149,774 | 129,755 | 101,648 | 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 | 52,604 | 52,604 | 52,501 | 52,667 | 52,676 | 52,865 | 52,175 | 56,350 | 64,491 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,495 | 52,436 | 52,465 | 52,458 | 52,473 | 52,848 | 52,587 | 54,219 | $ 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 | 228,097 | 228,097 | 228,097 | 228,097 | 228,097 | 256,783 | 234,568 | 255,341 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,077 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 188,462 | 184,167 | 174,830 | 142,595 | 106,207 | 75,579 | 34,231 | 14,576 | ||
2014 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 370,501 | 370,501 | 370,501 | 370,501 | 369,381 | 398,417 | 520,558 | 598,906 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 513 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 368,078 | 365,719 | 361,190 | 358,577 | 346,325 | 316,111 | 254,954 | 159,404 | ||
2014 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 256,254 | 256,254 | 255,099 | 255,140 | 255,016 | 240,960 | 239,066 | 238,062 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 2,301 | |||||||||
Cumulative Number of Reported Claims | Item | 25,265 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 253,265 | 250,487 | 229,606 | 228,998 | 143,892 | 114,198 | 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 | 66,661 | 66,661 | 66,560 | 66,519 | 66,644 | 67,446 | 70,075 | 67,658 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,566 | 66,557 | 66,481 | 66,448 | 65,967 | 66,600 | 66,435 | $ 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 | 237,190 | 237,190 | 237,190 | 237,190 | 237,190 | 248,848 | 208,309 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 9,358 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 195,226 | 186,975 | 169,256 | 145,819 | 84,178 | 37,998 | 15,144 | |||
2015 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 336,155 | 336,155 | 336,155 | 336,155 | 336,155 | 362,015 | 556,750 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,175 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 331,154 | 326,643 | 321,199 | 314,114 | 296,683 | 239,320 | 161,394 | |||
2015 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 266,805 | 266,805 | 278,338 | 278,168 | 278,169 | 259,516 | 259,199 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 2,538 | |||||||||
Cumulative Number of Reported Claims | Item | 27,044 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 264,189 | 259,190 | 244,473 | 199,529 | 116,979 | 67,995 | 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 | 88,916 | 88,916 | 75,614 | 75,785 | 75,828 | 75,671 | 81,132 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 6 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 76,370 | 76,312 | 75,047 | 75,190 | 75,166 | 70,397 | $ 45,421 | |||
2016 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 238,215 | 238,215 | 238,215 | 238,215 | 238,215 | 241,914 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 19,816 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 187,253 | 159,910 | 147,710 | 88,115 | 52,674 | 16,907 | ||||
2016 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 669,430 | 668,786 | 670,154 | 673,998 | 673,684 | 638,865 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,993 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 663,957 | 658,337 | 656,722 | 654,563 | 556,082 | 249,085 | ||||
2016 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 288,365 | 288,365 | 281,718 | 279,642 | 276,918 | 351,988 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3,687 | |||||||||
Cumulative Number of Reported Claims | Item | 31,674 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 313,458 | 308,336 | 299,126 | 275,797 | 101,233 | 24,808 | ||||
2016 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 159,299 | 159,296 | 164,068 | 165,081 | 169,794 | 143,312 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 15 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 163,711 | 163,284 | 164,453 | 169,128 | 153,113 | $ 72,262 | ||||
2017 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 203,379 | 203,379 | 203,379 | 203,379 | 197,617 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 38,680 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 145,370 | 126,846 | 98,032 | 85,219 | 25,901 | |||||
2017 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,171,546 | 2,118,950 | 2,025,190 | 1,856,678 | 1,272,428 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,340 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,157,355 | 2,098,073 | 1,991,813 | 1,628,572 | 808,372 | |||||
2017 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 237,550 | 237,543 | 238,151 | 237,963 | 304,338 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 3,703 | |||||||||
Cumulative Number of Reported Claims | Item | 35,627 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 233,798 | 216,906 | 156,995 | 151,275 | 22,806 | |||||
2017 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 306,076 | 300,168 | 297,609 | 293,606 | 230,648 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 177 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 299,146 | 296,783 | 282,606 | 293,419 | $ 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 | 820,853 | 799,254 | 752,960 | 768,393 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 137,593 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 407,182 | 300,740 | 195,365 | 118,244 | ||||||
2018 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,073,974 | 2,126,144 | 2,136,005 | 2,247,228 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,926 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,865,968 | 1,723,729 | 1,397,399 | 486,807 | ||||||
2018 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 690,035 | 666,576 | 645,105 | 645,821 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 171,007 | |||||||||
Cumulative Number of Reported Claims | Item | 36,041 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 383,255 | 271,718 | 189,296 | 63,227 | ||||||
2018 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 377,527 | 377,908 | 373,382 | 376,799 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 159 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 375,508 | 368,751 | 342,824 | $ 236,427 | ||||||
2019 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,022,606 | 1,022,213 | 974,064 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 449,537 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 369,040 | 243,937 | 149,304 | |||||||
2019 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,685,107 | 1,758,026 | 1,752,412 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 130,235 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,461,033 | 1,205,478 | 704,540 | |||||||
2019 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 794,498 | 755,941 | 768,835 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 204,649 | |||||||||
Cumulative Number of Reported Claims | Item | 39,219 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 350,310 | 216,399 | 10,609 | |||||||
2019 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 348,349 | 349,802 | 337,988 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 334 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 347,014 | 337,086 | $ 218,337 | |||||||
2020 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,038,290 | 1,066,376 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 772,012 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 225,810 | 133,237 | ||||||||
2020 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,933,200 | 1,889,425 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 376,021 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,176,568 | 555,171 | ||||||||
2020 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 792,661 | 817,231 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 510,532 | |||||||||
Cumulative Number of Reported Claims | Item | 34,983 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 222,904 | 94,546 | ||||||||
2020 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 508,786 | 510,496 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 4,771 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 364,032 | $ 263,475 | ||||||||
2021 [Member] | Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,348,723 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 931,304 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 160,388 | |||||||||
2021 [Member] | Reinsurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,172,649 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,048,869 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 638,780 | |||||||||
2021 [Member] | Insurance [Member] | Casualty Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,112,359 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 708,987 | |||||||||
Cumulative Number of Reported Claims | 31,679 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 200,730 | |||||||||
2021 [Member] | Insurance [Member] | Property Business [Member] | ||||||||||
Short-duration Insurance Contracts [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 541,106 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 160,032 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 359,621 |
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, 2021 |
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 | 11.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 10.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 13.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 16.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 11.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 10.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 7.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 2.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 2.00% |
Shortduration Insurance Contracts Historical Claims Duration Year Ten | 2.50% |
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 | 33.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 35.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 15.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 6.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 2.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 1.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.30% |
Shortduration Insurance Contracts Historical Claims Duration Year Ten | 0.90% |
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 | 10.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 15.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 18.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 17.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 13.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 4.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 3.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 3.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 1.70% |
Shortduration Insurance Contracts Historical Claims Duration Year Ten | 1.90% |
Insurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 58.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 33.40% |
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 | 1.60% |
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 | 1.40% |
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 | 0.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.10% |
Shortduration Insurance Contracts Historical Claims Duration Year Ten | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | $ 9,265,815 | |||
Total reinsurance recoverable on unpaid claims | 3,650,716 | |||
Unallocated claims adjustment expenses | 173,945 | |||
Other | 30,701 | |||
Total other expenses | 204,646 | |||
Total gross liability for unpaid claims and claim adjustment expense | 13,121,177 | $ 11,578,096 | $ 10,129,462 | $ 10,146,086 |
Reinsurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 3,734,028 | |||
Total reinsurance recoverable on unpaid claims | 908,589 | |||
Reinsurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,927,377 | |||
Total reinsurance recoverable on unpaid claims | 1,010,858 | |||
Insurance [Member] | Casualty Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 2,259,340 | |||
Total reinsurance recoverable on unpaid claims | 1,541,726 | |||
Insurance [Member] | Property Business [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Liability for claims and claim adjustment expenses, net of reinsurance | 345,070 | |||
Total reinsurance recoverable on unpaid claims | $ 189,544 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserves For Losses And LAE [Abstract] | |||
Gross basis: Beginning of period reserves | $ 219,341 | $ 257,921 | $ 347,495 |
Gross basis: Incurred losses | 10,861 | 1,540 | 2,071 |
Gross basis: Paid losses | (55,048) | (40,120) | (91,645) |
Gross basis: End of period reserves | 175,154 | 219,341 | 257,921 |
Net basis: Beginning of period reserves | 167,439 | 196,574 | 223,548 |
Net basis: Incurred losses | (3,148) | (4,753) | |
Net basis: Paid losses | (35,857) | (24,382) | (26,974) |
Net basis: End of period reserves | $ 128,434 | $ 167,439 | $ 196,574 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | Dec. 01, 2015 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value | $ 12,860,395,000 | $ 10,643,565,000 | |
Annual dividend rate | 1.75% | ||
Investments within other invested assets | 2,030,816,000 | 1,796,479,000 | |
Asset-backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value | 3,466,286,000 | 2,474,170,000 | |
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 | 2,030,816,000 | 1,796,479,000 | |
Internally Managed Public Equity Portfolio [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value | 1,300,000,000 | 784,700,000 | |
Internally Managed Portfolio Collateralized Loan Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value | 2,000,000,000 | ||
Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | (924,000) | ||
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] | |||
Investments within other invested assets | 286,600,000 | 224,700,000 | |
Fixed Maturities [Member] | Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fixed maturities- available for sale, at fair value | 2,000,000,000 | 1,300,000,000 | |
Fixed Maturities [Member] | Market Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | (900,000) | ||
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 | $ 0 | $ (9,900,000) | |
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, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 12,860,395 | $ 10,643,565 |
Fixed maturities, fair value | 12,860,395 | 10,643,565 |
Equity securities, at fair value | 1,757,792 | 1,288,767 |
Other invested assets, at fair value | 2,030,816 | 1,796,479 |
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 | ||
Equity securities, at fair value | 1,721,762 | 1,222,158 |
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 | 10,863,174 | 9,383,989 |
Equity securities, at fair value | 36,030 | 66,609 |
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 | 1,997,221 | 1,259,576 |
Equity securities, at fair value | ||
Other invested assets, at fair value | 2,030,816 | 1,796,479 |
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 | 662,749 | 681,989 |
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 | 662,749 | 681,989 |
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 | 586,621 | 577,046 |
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 | 586,621 | 577,046 |
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 | 4,074,905 | 3,449,912 |
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 | 3,344,980 | 2,819,068 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 729,925 | 630,844 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 3,466,286 | 2,474,170 |
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 | 2,215,005 | 1,851,137 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,251,281 | 623,033 |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 602,894 | 550,080 |
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 | 602,894 | 550,080 |
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 | 1,260,678 | 965,100 |
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 | 1,260,678 | 965,100 |
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 | 4,408 | 3,164 |
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 | 4,408 | 3,164 |
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 | 691,980 | 742,238 |
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 | 691,980 | 742,238 |
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 | 1,509,874 | 1,199,866 |
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 | 1,493,859 | 1,194,167 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 16,015 | $ 5,699 |
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, 2021 | Dec. 31, 2020 | |
Market Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 1,259,576 | $ 702,331 |
Total gains or (losses) (realized/unrealized), Included in earnings | (17,787) | 1,772 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (2,412) | 10,710 |
Purchases, issuances and settlements | 757,844 | 545,687 |
Transfers in and/or (out) of Level 3 | (924) | |
Ending balance | 1,997,221 | 1,259,576 |
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 | (24,146) | (539) |
Market Value [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 630,843 | 546,939 |
Total gains or (losses) (realized/unrealized), Included in earnings | (11,717) | 1,216 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 4,007 | (1,115) |
Purchases, issuances and settlements | 106,791 | 84,840 |
Transfers in and/or (out) of Level 3 | (1,037) | |
Ending balance | 729,925 | 630,843 |
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 | (16,467) | (539) |
Market Value [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 623,033 | 153,641 |
Total gains or (losses) (realized/unrealized), Included in earnings | (6,469) | 681 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (6,603) | 11,678 |
Purchases, issuances and settlements | 641,320 | 457,033 |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 1,251,281 | 623,033 |
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 | (7,679) | |
Market Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 5,700 | 1,751 |
Total gains or (losses) (realized/unrealized), Included in earnings | 399 | (125) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 184 | 147 |
Purchases, issuances and settlements | 9,733 | 3,814 |
Transfers in and/or (out) of Level 3 | 113 | |
Ending balance | 16,015 | 5,700 |
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 | |
Total gains or (losses) (realized/unrealized), Included in earnings | (919) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (4,907) | |
Transfers in and/or (out) of Level 3 | ||
Ending balance | ||
Fair Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 5,826 | |
Total gains or (losses) (realized/unrealized), Included in earnings | (919) | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (4,907) | |
Transfers in and/or (out) of Level 3 | ||
Ending balance |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Principal Amounts | $ 2,400,000,000 |
Senior Notes 4.868% [Member] | |
Debt Instrument [Line Items] | |
Date Issued | Jun. 5, 2014 |
Principal Amounts | $ 400,000,000 |
Debt instrument, stated interest rate | 4.868% |
Maturity date | Jun. 1, 2044 |
Senior Notes 3.50% [Member] | |
Debt Instrument [Line Items] | |
Date Issued | Oct. 7, 2020 |
Principal Amounts | $ 1,000,000,000 |
Debt instrument, stated interest rate | 3.50% |
Maturity date | Oct. 15, 2050 |
Senior Notes 3.125% [Member] | |
Debt Instrument [Line Items] | |
Date Issued | Oct. 4, 2021 |
Principal Amounts | $ 1,000,000,000 |
Debt maturity term | 31 years |
Debt instrument, stated interest rate | 3.125% |
Maturity date | Oct. 15, 2052 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 2,345,800,000 | $ 1,376,718,000 |
Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Principal Amounts | 2,400,000,000 | |
Consolidated Balance Sheet Amount | 2,345,800,000 | 1,376,718,000 |
Market Value | $ 2,541,500,000 | 1,666,100,000 |
Senior Notes [Member] | 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 | 397,314,000 | 397,194,000 |
Market Value | $ 503,840,000 | 528,000,000 |
Debt instrument, stated interest rate | 4.868% | |
Senior Notes [Member] | Senior Notes 3.50% [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 | 980,046,000 | 979,524,000 |
Market Value | $ 1,054,520,000 | 1,138,100,000 |
Debt instrument, stated interest rate | 3.50% | |
Senior Notes [Member] | Senior Notes 3.125% [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Oct. 4, 2021 | |
Date Due | Oct. 15, 2052 | |
Principal Amounts | $ 1,000,000,000 | |
Consolidated Balance Sheet Amount | 968,440,000 | |
Market Value | $ 983,140,000 | |
Debt instrument, stated interest rate | 3.125% |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 62,328 | $ 27,587 | $ 19,472 |
Senior Notes 4.868% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 19,472 | 19,472 | 19,472 |
Debt instrument, stated interest rate | 4.868% | ||
Senior Notes 3.50% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 35,221 | 8,115 | |
Debt instrument, stated interest rate | 3.50% | ||
Senior Notes 3.125% [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 7,635 | ||
Debt instrument, stated interest rate | 3.125% |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($) | Feb. 14, 2022 | |
Long Term Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding debt reduction | $ 161,400,000 | ||
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 6.60% [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 | $ 0 | $ 13,200,000 | |
Gain on repurchase and retirement of debt | $ 2,500,000 | ||
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Reset quarterly interest rate | 2.54% | ||
Subordinated Notes 6.60% [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 6.60% [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, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 223,774,000 | $ 223,674,000 |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 223,774,000 | 223,674,000 |
Market Value | $ 216,289,000 | $ 206,447,000 |
Subordinated Notes 6.60% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Subordinated Notes 6.60% [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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 5,818 | $ 7,645 | $ 11,587 |
Federal Home Loan Bank Member_2
Federal Home Loan Bank Membership (Narrative) (Details) - Federal Home Loan Bank Of New York [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 20,200 | |
Maximum amount available under FHLB | 2,020 | |
Outstanding | $ 519 | |
Amount of borrowed funds required to be used to acquire additional membership stock, percentage | 4.50% | |
Interest expense | $ 1.2 | $ 0.2 |
Minimum [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
FHLB advance interest rate | 0.53% | |
Maximum [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
FHLB advance interest rate | 0.65% |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Billions | Dec. 31, 2021USD ($) |
Effects of Reinsurance [Line Items] | |
Amount on deposit in trust accounts | $ 1.1 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Summary of Collateralized Reinsurance Agreements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effects of Reinsurance [Line Items] | |||
Limit | $ 1,611,587 | $ 1,318,338 | $ 1,278,115 |
Kilimanjaro Re Limited [Member] | |||
Effects of Reinsurance [Line Items] | |||
Limit | $ 2,325,000 | ||
Kilimanjaro Re Limited [Member] | Series 2017-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 13, 2017 | ||
Expiration date | Apr. 13, 2022 | ||
Limit | $ 50,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2017-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 13, 2017 | ||
Expiration date | Apr. 13, 2022 | ||
Limit | $ 75,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2017-1 Class C-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 13, 2017 | ||
Expiration date | Apr. 13, 2022 | ||
Limit | $ 175,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 30, 2018 | ||
Expiration date | May 6, 2022 | ||
Limit | $ 62,500 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 30, 2018 | ||
Expiration date | May 6, 2022 | ||
Limit | $ 200,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 30, 2018 | ||
Expiration date | May 5, 2023 | ||
Limit | $ 62,500 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 30, 2018 | ||
Expiration date | May 5, 2023 | ||
Limit | $ 200,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2023 | ||
Limit | $ 150,000 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2023 | ||
Limit | $ 275,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2024 | ||
Limit | $ 150,000 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Dec. 12, 2019 | ||
Expiration date | Dec. 19, 2024 | ||
Limit | $ 275,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 8, 2021 | ||
Expiration date | Apr. 21, 2025 | ||
Limit | $ 150,000 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 8, 2021 | ||
Expiration date | Apr. 21, 2025 | ||
Limit | $ 85,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class C-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 8, 2021 | ||
Expiration date | Apr. 21, 2025 | ||
Limit | $ 85,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 8, 2021 | ||
Expiration date | Apr. 20, 2026 | ||
Limit | $ 150,000 | ||
Coverage Basis | Occurrence | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 8, 2021 | ||
Expiration date | Apr. 20, 2026 | ||
Limit | $ 90,000 | ||
Coverage Basis | Aggregate | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class C-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Description | US, Canada, Puerto Rico – Named Storm and Earthquake Events | ||
Effective Date | Apr. 8, 2021 | ||
Expiration date | Apr. 20, 2026 | ||
Limit | $ 90,000 | ||
Coverage Basis | Aggregate |
Collateralized Reinsurance An_5
Collateralized Reinsurance And Trust Agreements (Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts) (Details) - Kilimanjaro Re Limited [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Effects of Reinsurance [Line Items] | |
Amount | $ 2,325,000 |
Series 2017-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 13, 2017 |
Maturity Date | Apr. 13, 2022 |
Amount | $ 50,000 |
Series 2017-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 13, 2017 |
Maturity Date | Apr. 13, 2022 |
Amount | $ 75,000 |
Series 2017-1 Class C-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 13, 2017 |
Maturity Date | Apr. 13, 2022 |
Amount | $ 175,000 |
Series 2018-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 6, 2022 |
Amount | $ 62,500 |
Series 2018-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 6, 2022 |
Amount | $ 200,000 |
Series 2018-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 5, 2023 |
Amount | $ 62,500 |
Series 2018-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 5, 2023 |
Amount | $ 200,000 |
Series 2019-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2023 |
Amount | $ 150,000 |
Series 2019-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2023 |
Amount | $ 275,000 |
Series 2019-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2024 |
Amount | $ 150,000 |
Series 2019-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2024 |
Amount | $ 275,000 |
Series 2021-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 150,000 |
Series 2021-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 85,000 |
Series 2021-1 Class C-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 85,000 |
Series 2021-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 150,000 |
Series 2021-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 90,000 |
Series 2021-1 Class C-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 90,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | 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, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lease expense incurred: Operating lease cost | $ 23,998 | $ 29,822 |
Operating lease right of use assets | 131,295 | 139,835 |
Operating lease liabilities | 149,501 | 155,144 |
Operating cash flows from operating leases | $ (15,905) | $ (18,411) |
Weighted average remaining operating lease term | 11 years 9 months 18 days | 12 years 6 months |
Weighted average discount rate on operating leases | 4.00% | 4.02% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 18,459 | |
2023 | 18,192 | |
2024 | 18,226 | |
2025 | 15,235 | |
2026 | 14,108 | |
Thereafter | 102,104 | |
Undiscounted lease payments | 186,324 | |
Less: present value adjustment | 36,823 | |
Total operating lease liability | $ 149,501 | $ 155,144 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 35.00% |
Income tax expense (benefit) | $ 191,636,000 | $ 31,658,000 | $ 135,228,000 | ||
Net liability (refund) | (16,300,000) | ||||
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 | $ 21,787,000 | 46,109,000 | |||
Tax benefits related to payment of dividends on restricted stock | 400,000 | 400,000 | 400,000 | ||
CARES Act [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense (benefit) | (32,500,000) | ||||
Net liability (refund) | (182,500,000) | ||||
Foreign tax credits | 46,100,000 | ||||
U.S. Separate Return Limitation [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | $ 800,000 | ||||
Minimum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
FTC tax credit carryforward, expiration | Jan. 1, 2020 | ||||
Maximum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
FTC tax credit carryforward, expiration | Dec. 31, 2029 | ||||
ASU 2016-09 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax benefits related to stock vestings and option exercises | $ 2,000,000 | $ 2,600,000 | $ 3,000,000 | ||
Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
NOL carryforward, expiration | Dec. 31, 2037 | ||||
Internal Revenue Service (IRS) [Member] | CARES Act [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards | $ 0 | ||||
Internal Revenue Service (IRS) [Member] | Subsequent To Coronavirus Aid Relief And Economic Security Act [Member] | |||||
Income Tax Contingency [Line Items] | |||||
FTC tax credit carryforward, expiration | Dec. 31, 2028 | ||||
Internal Revenue Service (IRS) [Member] | Tax Year 2015 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net liability (refund) | $ (1,500,000) | ||||
Internal Revenue Service (IRS) [Member] | Tax Year 2016 [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net liability (refund) | $ (4,700,000) |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
U.S. | $ 101,499 | $ (106,719) | $ (1,684) |
Foreign | 7 | (11) | 77 |
Total current tax expense (benefit) | 101,506 | (106,730) | (1,607) |
Total deferred U.S. tax expense (benefit) | 90,130 | 138,388 | 136,834 |
Total income tax expense (benefit) | $ 191,636 | $ 31,658 | $ 135,228 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Total Income Tax Provision Using U.S. Federal Income Tax Rate To Company's Total Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Expected income tax provision at the U.S. statutory tax rate | $ 208,103 | $ 80,588 | $ 160,762 |
Increase (decrease) in taxes resulting from: Tax exempt income | (3,927) | (3,598) | (3,680) |
Increase (decrease) in taxes resulting from: Dividend received deduction | (840) | (1,100) | (998) |
Increase (decrease) in taxes resulting from: Proration | 1,048 | 1,049 | 1,050 |
Increase (decrease) in taxes resulting from: Creditable foreign premium tax | (13,392) | (11,513) | (9,852) |
Increase (decrease) in taxes resulting from: Tax audit settlement | (1,576) | ||
Increase (decrease) in taxes resulting from: Share based compensation tax benefits formerly in APIC | (1,951) | (2,612) | (2,987) |
Increase (decrease) in taxes resulting from: Impact of CARES Act | (32,500) | ||
Increase (decrease) in taxes resulting from: Change in uncertain tax positions | (8,434) | ||
Increase (decrease) in taxes resulting from: Other | 2,595 | 1,345 | 942 |
Total income tax expense (benefit) | $ 191,636 | $ 31,658 | $ 135,228 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 8,434 | ||
Additions based on tax positions related to the current year | |||
Additions for tax positions of prior years | |||
Reductions for tax positions of prior years | (8,434) | ||
Settlements with taxing authorities | |||
Lapses of applicable statutes of limitations | |||
Balance at December 31 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets/(Liabilities)) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Loss reserves | $ 129,861 | $ 96,840 |
Unearned premium reserve | 107,724 | 85,028 |
Lease liability | 30,885 | 31,989 |
Foreign tax credits | 21,787 | 46,109 |
Net unrecognized losses on benefit plans | 13,395 | 19,636 |
Equity compensation | 6,869 | 6,749 |
Investment impairments | 6,160 | 1,121 |
Unrealized foreign currency losses | 4,480 | 597 |
Uncollectible reinsurance reserve | 3,142 | 3,142 |
Net operating loss | 834 | 684 |
Deferred expenses | 679 | 622 |
Other tax credits | 213 | 4,591 |
Other assets | 7,355 | 6,559 |
Total deferred tax assets | 333,384 | 303,667 |
Net fair value income | 349,017 | 277,525 |
Deferred acquisition costs | 99,395 | 79,994 |
Partnership investments | 56,699 | 26,119 |
Net unrealized investment gains | 35,228 | 84,869 |
Right of use asset | 27,111 | 28,822 |
Bond market discount | 3,087 | 2,257 |
Benefit plan assets | 1,667 | 1,765 |
Other liabilities | 7,253 | 5,056 |
Total deferred tax liabilities | 579,457 | 506,407 |
Net deferred tax (liabilities) | $ (246,073) | $ (202,740) |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions | 12 Months Ended | |||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Reinsurance [Line Items] | ||||||
Reinsurance recoverables - affiliated | $ 2,298,769 | $ 2,701,655 | ||||
Subject loss reserves | $ 2,300,000 | |||||
Amount of Transfer | 1,000,000 | |||||
Bermuda Re [Member] | ||||||
Reinsurance [Line Items] | ||||||
Reinsurance recoverables - affiliated | $ 856,400 | $ 886,400 | ||||
Amount of Transfer | 970,000 | |||||
Adverse development coverage | $ 500,000 | |||||
Bermuda Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | ||||||
Reinsurance [Line Items] | ||||||
Reinsurance agreement | £ 100 | $ 100,000 | ||||
Payments for coverage | £ | 3.5 | |||||
Bermuda Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | Coverage for each Catastrophe Occurrence above Specified Amount [Member] | ||||||
Reinsurance [Line Items] | ||||||
Reinsurance agreement | £ | £ 40 | |||||
Ireland Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | ||||||
Reinsurance [Line Items] | ||||||
Reinsurance agreement | € | € 145 | |||||
Payments for coverage | € | 9.8 | |||||
Ireland Re [Member] | Catastrophe Reinsurance [Member] | Everest Re Group, Ltd. [Member] | Coverage for each Catastrophe Occurrence above Specified Amount [Member] | ||||||
Reinsurance [Line Items] | ||||||
Reinsurance agreement | € | € 16 |
Reinsurance (Premiums Written A
Reinsurance (Premiums Written And Earned And Incurred Losses And LAE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance [Abstract] | |||
Written premiums : Direct | $ 3,300,459 | $ 2,698,100 | $ 2,449,198 |
Written premiums: Assumed | 6,030,568 | 5,258,938 | 4,603,866 |
Written premiums: Ceded | (1,611,587) | (1,318,338) | (1,278,115) |
Net written premiums | 7,719,441 | 6,638,700 | 5,774,949 |
Premiums earned: Direct | 2,981,927 | 2,591,613 | 2,255,388 |
Premiums earned: Assumed | 5,740,688 | 5,183,399 | 4,427,006 |
Premiums earned: Ceded | (1,544,024) | (1,368,436) | (1,193,359) |
Net premiums earned | 7,178,592 | 6,406,576 | 5,489,035 |
Incurred losses and LAE: Direct | 2,042,814 | 1,784,616 | 1,401,251 |
Incurred losses and LAE: Assumed | 3,871,643 | 3,576,252 | 2,913,987 |
Incurred losses and LAE: Ceded | (527,601) | (752,724) | (486,116) |
Net incurred losses and LAE | $ 5,386,856 | $ 4,608,144 | $ 3,829,122 |
Reinsurance (Affiliated Quota S
Reinsurance (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 12 months ended Dec. 31, 2021 $ in Thousands, $ in Thousands | CAD ($) | USD ($) |
Coverage Period 01/01/2010-12/31/2010 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 44.00% | 44.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re |
Percent Ceded | 50.00% | 50.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re |
Percent Ceded | 50.00% | 50.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re |
Percent Ceded | 50.00% | 50.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re |
Percent Ceded | 60.00% | 60.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re- Canadian Branch |
Percent Ceded | 60.00% | 60.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property 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 | Everest Re- Canadian Branch |
Percent Ceded | 60.00% | 60.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property 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 | Everest Re- Canadian Branch |
Percent Ceded | 75.00% | 75.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re- Canadian Branch |
Percent Ceded | 75.00% | 75.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Re- Canadian Branch |
Percent Ceded | 75.00% | 75.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty 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 | Everest Canada |
Percent Ceded | 80.00% | 80.00% |
Assuming Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Type of Business | property 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 | Everest International Assurance |
Percent Ceded | 100.00% | 100.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | life 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, 2021 | Dec. 31, 2018 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,611,587 | $ 1,318,338 | $ 1,278,115 |
Ceded earned premiums | 1,544,024 | 1,368,436 | 1,193,359 |
Assumed written premiums | 6,030,568 | 5,258,938 | 4,603,866 |
Assumed earned premiums | 5,740,688 | 5,183,399 | 4,427,006 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 286,049 | 263,487 | 240,721 |
Ceded earned premiums | 280,048 | 265,381 | 235,500 |
Ceded losses and LAE | 194,167 | 175,087 | 171,900 |
Assumed written premiums | |||
Assumed earned premiums | |||
Assumed losses and LAE | |||
Bermuda Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 303,235 | 133,137 | 100,347 |
Ceded earned premiums | 299,711 | 132,016 | 101,681 |
Ceded losses and LAE | (58,992) | 109,830 | (51,454) |
Assumed written premiums | 4,820 | ||
Assumed earned premiums | 3,799 | 249 | 248 |
Assumed losses and LAE | 79 | 144 | 89 |
Everest International and Canada [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | |||
Ceded earned premiums | |||
Ceded losses and LAE | (15) | (503) | 324 |
Assumed written premiums | 1 | ||
Assumed earned premiums | (7) | ||
Assumed losses and LAE | 10,723 | (2,102) | 3,024 |
Ireland Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 15,947 | ||
Assumed earned premiums | 14,973 | ||
Assumed losses and LAE | 64,074 | ||
Ireland Insurance [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 8,508 | 5,499 | 2,712 |
Assumed earned premiums | 5,831 | 3,901 | 1,615 |
Assumed losses and LAE | 3,052 | 2,256 | 810 |
Lloyd's Syndicate [Member] | |||
Effects of Reinsurance [Line Items] | |||
Assumed written premiums | 583 | (3,592) | (11,470) |
Assumed earned premiums | 585 | (3,375) | (18,650) |
Assumed losses and LAE | $ 872 | $ (2,636) | $ 8,355 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | $ 11,596 | ||
Tax Effect | (2,582) | ||
Net of Tax | 9,014 | ||
Reclassification, Before Tax | 21,807 | $ 7,974 | $ 6,902 |
Reclassification, Tax Effect | (4,580) | (1,674) | (1,449) |
Reclassification, Net of Tax | 17,227 | 6,300 | 5,453 |
Total, Before Tax | (223,350) | 257,778 | 241,078 |
Total, Tax Effect | 46,800 | (54,082) | (50,501) |
Total, Net of Tax | (176,549) | 203,694 | 190,577 |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (253,601) | 206,159 | 222,884 |
Tax Effect | 53,294 | (43,078) | (46,971) |
Net of Tax | (200,307) | 163,080 | 175,913 |
Reclassification, Before Tax | 11,596 | 32,475 | 6,068 |
Reclassification, Tax Effect | (2,582) | (7,007) | (988) |
Reclassification, Net of Tax | 9,014 | 25,468 | 5,080 |
Total, Net of Tax | (191,293) | 188,548 | |
URA(D) On Securities - OTTI [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (546) | ||
Tax Effect | 115 | ||
Net of Tax | (431) | ||
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (11,064) | 18,277 | 21,708 |
Tax Effect | 2,330 | (3,815) | (4,555) |
Net of Tax | (8,734) | 14,461 | 17,153 |
Total, Net of Tax | (8,734) | 14,461 | |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 7,912 | (7,107) | (15,938) |
Tax Effect | (1,662) | 1,492 | 3,347 |
Net of Tax | 6,251 | (5,615) | $ (12,591) |
Total, Net of Tax | $ 23,478 | $ 685 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other net realized capital gains (losses) | $ (527,210) | $ (51,370) | $ (439,010) |
Other underwriting expenses | 21,807 | 7,974 | 6,902 |
Income tax expense (benefit) | (4,580) | (1,674) | (1,449) |
Net income (loss) | 17,227 | 6,300 | 5,453 |
URA(D) On Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other underwriting expenses | 11,596 | 32,475 | 6,068 |
Income tax expense (benefit) | (2,582) | (7,007) | (988) |
Net income (loss) | 9,014 | 25,468 | $ 5,080 |
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) | 11,596 | 32,475 | |
Income tax expense (benefit) | (2,582) | (7,007) | |
Net income (loss) | 9,014 | 25,468 | |
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 | 21,807 | 7,974 | |
Income tax expense (benefit) | (4,580) | (1,674) | |
Net income (loss) | $ 17,227 | $ 6,300 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 6,414,313 | $ 5,857,425 | |
Current period change | (176,549) | 203,694 | $ 190,577 |
Ending balance | 7,038,047 | 6,414,313 | 5,857,425 |
URA(D) On Securities [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 313,161 | 124,612 | |
Current period change | (191,293) | 188,548 | |
Ending balance | 121,869 | 313,161 | 124,612 |
Foreign Currency Translation Adjustments [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 28,727 | 14,267 | |
Current period change | (8,734) | 14,461 | |
Ending balance | 19,992 | 28,727 | 14,267 |
Benefit Plan Net Gain (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (73,870) | (74,556) | |
Current period change | 23,478 | 685 | |
Ending balance | (50,392) | (73,870) | (74,556) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 268,018 | 64,324 | (126,254) |
Current period change | (176,549) | 203,694 | 190,577 |
Ending balance | $ 91,469 | $ 268,018 | $ 64,324 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2030 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average discount rate used to determine net periodic benefit cost | 2.55% | 3.28% | 4.27% | |
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 | 2.86% | 2.55% | 3.28% | |
Company contributions | $ 3,821,000 | $ 6,825,000 | $ 4,750,000 | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Private equity limited partnership | 2,600,000 | 4,600,000 | ||
Company contributions | $ 0 | 0 | ||
Defined Contribution Plans [Member] | Us Employees [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% | |||
Incurred expenses | $ 14,800,000 | 14,400,000 | 10,800,000 | |
Defined contribution plans vesting period, years | 3 years | |||
Defined Contribution Plans [Member] | Non US Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Incurred expenses | $ 600,000 | $ 800,000 | $ 500,000 | |
Defined contribution plan employer contribution percentage for branch offices, minimum | 7.70% | |||
Defined contribution plan employer contribution percentage for branch offices, maximum | 9.80% | |||
Post-Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average discount rate used to determine net periodic benefit cost | 2.55% | 3.28% | 4.27% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 2.86% | 2.55% | 3.28% | |
Incurred expenses | $ 1,200,000 | $ 1,300,000 | $ 1,200,000 | |
Health inflation rate | 6.50% | |||
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 | 76.00% | |||
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 | 22.00% | |||
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 | 1.00% | |||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 3,821 | $ 6,825 | $ 4,750 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 3,388 | $ 8,429 | $ 10,042 |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 404,471 | $ 355,356 | |
Service cost | 10,637 | 9,522 | $ 8,255 |
Interest cost | 8,253 | 10,112 | 11,712 |
Actuarial (gain)/loss | (8,587) | 43,595 | |
Curtailment | |||
Benefits paid | (12,147) | (14,115) | |
Projected benefit obligation at end of year | 402,626 | 404,471 | 355,356 |
Fair value of plan assets at beginning of year | 354,464 | 301,467 | |
Actual return on plan assets | 31,166 | 60,286 | |
Actual contributions during the year | 3,821 | 6,825 | |
Benefits paid | (12,147) | (14,115) | |
Fair value of plan assets at end of year | 377,303 | 354,464 | 301,467 |
Funded status at end of year | (25,323) | (50,007) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 35,098 | 29,376 | |
Service cost | 1,096 | 1,066 | 983 |
Interest cost | 641 | 845 | 980 |
Amendments | |||
Actuarial (gain)/loss | (6,044) | 4,042 | |
Benefits paid | (267) | (232) | |
Projected benefit obligation at end of year | 30,523 | 35,098 | 29,376 |
Fair value of plan assets at beginning of year | |||
Actual contributions during the year | 267 | 232 | |
Benefits paid | (267) | (232) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (30,523) | $ (35,098) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (1,469) | (2,197) |
Other liabilities (due beyond one year) | (23,854) | (47,810) |
Net amount recognized in the consolidated balance sheets | (25,323) | (50,007) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (682) | (613) |
Other liabilities (due beyond one year) | (29,840) | (34,484) |
Net amount recognized in the consolidated balance sheets | $ (30,523) | $ (35,098) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (67,729) | $ (91,979) | |
Accumulated other comprehensive income (loss) | (67,729) | (91,979) | $ (97,466) |
Other Postretirement Benefit Plans Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | (2,191) | 3,854 | |
Accumulated prior service credit (cost) | 1,750 | 2,327 | |
Accumulated other comprehensive income (loss) | $ 3,941 | $ (1,527) | $ 3,092 |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | $ (91,979) | $ (97,466) | |
Net gain (loss) arising during period | 15,298 | (4,090) | |
Actuarial loss (gain) | 8,953 | 9,576 | |
Curtailment loss recognized | |||
Other comprehensive income (loss) at December 31, current year | (67,729) | (91,979) | $ (97,466) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other comprehensive income (loss) at December 31, prior year | (1,527) | 3,092 | |
Net gain (loss) arising during period | 6,044 | (4,042) | |
Prior Service credit (cost) arising during period | |||
Actuarial loss (gain) | (155) | ||
Other comprehensive income (loss) at December 31, current year | $ 3,941 | $ (1,527) | $ 3,092 |
Employee Benefit Plans (Summa_4
Employee Benefit Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 10,637 | $ 9,522 | $ 8,255 |
Interest cost | 8,253 | 10,112 | 11,712 |
Expected return on assets | (24,454) | (20,781) | (17,968) |
Net gain recognition | 8,953 | 9,576 | |
Amortization of actuarial loss from earlier periods | 8,489 | 8,551 | 7,635 |
Settlement charge | 464 | 1,025 | 408 |
Net periodic benefit cost | 3,388 | 8,429 | 10,042 |
Other comprehensive gain (loss) attributable to change from prior year | (24,251) | (5,486) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (20,863) | 2,943 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,096 | 1,066 | 983 |
Interest cost | 641 | 845 | 980 |
Prior service credit recognition | (577) | (577) | (577) |
Net gain recognition | (155) | ||
Net periodic benefit cost | 1,161 | 1,334 | $ 1,231 |
Other comprehensive gain (loss) attributable to change from prior year | (5,468) | 4,619 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (4,307) | $ 5,953 |
Employee Benefit Plans (Summa_5
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 351,550 | $ 352,285 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | 339,360 | 336,027 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Accumulated Benefit Obligation | $ 12,190 | $ 16,258 |
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, 2021 | Dec. 31, 2020 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 390,437 | $ 388,213 |
Fair value of plan assets | 377,303 | 354,464 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 12,190 | $ 16,258 |
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, 2021 | Dec. 31, 2020 |
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 | 12,189 | 16,258 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 16,662 |
2023 | 12,639 |
2024 | 13,565 |
2025 | 14,550 |
2026 | 15,439 |
Next 5 years | 95,005 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 683 |
2023 | 779 |
2024 | 831 |
2025 | 974 |
2026 | 1,084 |
Next 5 years | $ 7,252 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent of equities mutual funds in US equities | 50.00% | |
Percent of equities mutual funds in international equities | 50.00% | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | $ 2,540 | $ 1,204 |
Total | 374,585 | 349,867 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | 2,540 | 1,204 |
Total | 374,585 | 349,867 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximate fair value | ||
Total | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | $ 84,663 | $ 93,609 |
Percent of fixed income funds in US securities | 70.00% | 70.00% |
Percent of fixed income funds in international securities | 30.00% | 30.00% |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | 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 | $ 84,663 | $ 93,609 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 287,382 | $ 255,054 |
Percent of equities mutual funds in US equities | 50.00% | |
Percent of equities mutual funds in international equities | 50.00% | |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | 287,382 | $ 255,054 |
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value | ||
Defined Benefit Pension Plans [Member] | Qualified Plan [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual Funds Fair Value |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 571.7 | ||
Statutory capital and surplus | 5,700 | $ 5,300 | |
Statutory net income (loss) | $ 263.7 | $ 595.1 | $ 363 |
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, 2021 | Dec. 31, 2020 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | ||
Regulatory targeted capital | $ 2,960,047 | $ 2,489,772 |
Actual capital | $ 5,717,114 | $ 5,276,003 |
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, 2021 | Dec. 31, 2020 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 138,285 | $ 140,773 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,847 | $ 35,128 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | Aug. 05, 2021 | Dec. 17, 2019 | Dec. 01, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Mar. 31, 2011 |
Related Party Transaction [Line Items] | |||||||
Note Receivable - affiliated | $ 500,000 | $ 300,000 | |||||
Shares purchased and held | 9,719,971 | ||||||
Shares transferred to affiliated entity | 9,719,971 | ||||||
Shares fair value | $ 1,800,000 | ||||||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | ||||||
Common Shares Authorized for Repurchase, amount | 32,000,000 | ||||||
Preferred shares par value | $ 1,000 | ||||||
Annual dividend rate | 1.75% | ||||||
Note Agreement - Maturing December 2028 [Member] | Note Payable - Affiliated [Member] | Everest Re Group, Ltd. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Note Receivable - affiliated | $ 300,000 | ||||||
Note receivable interest rate | 1.69% | ||||||
Interest income | $ 5,100 | $ 5,200 | |||||
Note Agreement - Maturing August 2030 [Member] | Note Payable - Affiliated [Member] | Everest Re Group, Ltd. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Note Receivable - affiliated | $ 200,000 | ||||||
Note receivable interest rate | 1.00% | ||||||
Interest income | $ 800 |
Related-Party Transactions (Div
Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related-Party Transactions [Abstract] | |||
Expenses incurred | $ 133,353 | $ 124,486 | $ 107,851 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | No Other Country [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration credit risk | 5.00% | ||
Premiums Written, Gross [Member] | Customer Concentration Risk [Member] | Largest Intermediary [Member] | |||
Concentration Risk [Line Items] | |||
Concentration credit risk | 19.30% | 20.10% | 25.80% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 9,331,027 | $ 7,957,038 | $ 7,053,064 |
Net written premiums | 7,719,441 | 6,638,700 | 5,774,949 |
Premiums earned | 7,178,592 | 6,406,576 | 5,489,035 |
Incurred losses and LAE | 5,386,856 | 4,608,144 | 3,829,122 |
Commission and brokerage | 1,512,502 | 1,373,355 | 1,270,053 |
Other underwriting expenses | 454,064 | 401,033 | 350,901 |
Underwriting gain (loss) | (174,830) | 24,044 | 38,959 |
Net investment income | 744,954 | 375,906 | 356,211 |
Net realized capital gains (losses) | 501,286 | 49,804 | 419,367 |
Corporate expenses | (33,334) | (15,985) | (13,063) |
Interest, fee and bond issue cost amortization expense | (69,974) | (35,659) | (34,931) |
Other income (expense) | 23,383 | (14,579) | (1,589) |
INCOME (LOSS) BEFORE TAXES | 991,485 | 383,531 | 764,955 |
Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 6,028,206 | 5,265,698 | 4,600,373 |
Net written premiums | 5,264,652 | 4,632,265 | 3,923,799 |
Premiums earned | 4,948,706 | 4,484,693 | 3,796,136 |
Incurred losses and LAE | 3,761,051 | 3,209,160 | 2,692,680 |
Commission and brokerage | 1,250,145 | 1,119,966 | 1,027,286 |
Other underwriting expenses | 143,106 | 119,320 | 110,032 |
Underwriting gain (loss) | (205,596) | 36,247 | (33,862) |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 3,302,821 | 2,691,340 | 2,452,691 |
Net written premiums | 2,454,789 | 2,006,435 | 1,851,150 |
Premiums earned | 2,229,885 | 1,921,883 | 1,692,899 |
Incurred losses and LAE | 1,625,805 | 1,398,984 | 1,136,442 |
Commission and brokerage | 262,357 | 253,389 | 242,767 |
Other underwriting expenses | 310,958 | 281,713 | 240,869 |
Underwriting gain (loss) | $ 30,765 | $ (12,203) | $ 72,821 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 9,331,027 | $ 7,957,038 | $ 7,053,064 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 251,560 | $ 320,665 | $ 214,594 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) | Dec. 31, 2021USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 18,867,414,000 |
Total investments and cash, Market Value | 19,718,794,000 |
Total investments and cash, Amount Shown In Balance Sheet | 19,718,794,000 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 12,733,499,000 |
Total investments and cash, Market Value | 12,860,395,000 |
Total investments and cash, Amount Shown In Balance Sheet | 12,860,395,000 |
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 | 656,742,000 |
Total investments and cash, Market Value | 662,749,000 |
Total investments and cash, Amount Shown In Balance Sheet | 662,749,000 |
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 | 558,842,000 |
Total investments and cash, Market Value | 586,621,000 |
Total investments and cash, Amount Shown In Balance Sheet | 586,621,000 |
Foreign Government Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 677,327,000 |
Total investments and cash, Market Value | 691,980,000 |
Total investments and cash, Amount Shown In Balance Sheet | 691,980,000 |
Foreign Corporate Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,494,315,000 |
Total investments and cash, Market Value | 1,509,874,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,509,874,000 |
Public Utilities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 109,283,000 |
Total investments and cash, Market Value | 112,506,000 |
Total investments and cash, Amount Shown In Balance Sheet | 112,506,000 |
All Other Corporate Bonds [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 6,976,219,000 |
Total investments and cash, Market Value | 7,018,541,000 |
Total investments and cash, Amount Shown In Balance Sheet | 7,018,541,000 |
Commercial Mortgage Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 586,441,000 |
Total investments and cash, Market Value | 602,894,000 |
Total investments and cash, Amount Shown In Balance Sheet | 602,894,000 |
Agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,255,186,000 |
Total investments and cash, Market Value | 1,260,678,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,260,678,000 |
Non-agency Residential [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 4,398,000 |
Total investments and cash, Market Value | 4,408,000 |
Total investments and cash, Amount Shown In Balance Sheet | 4,408,000 |
Redeemable Preferred Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 414,746,000 |
Total investments and cash, Market Value | 410,144,000 |
Total investments and cash, Amount Shown In Balance Sheet | 410,144,000 |
Equity Securities - Available For Sale, At Fair Value [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,290,861,000 |
Total investments and cash, Market Value | 1,757,792,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,757,792,000 |
Short-Term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 695,935,000 |
Total investments and cash, Market Value | 695,886,000 |
Total investments and cash, Amount Shown In Balance Sheet | 695,886,000 |
Other Invested Assets [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,674,639,000 |
Total investments and cash, Market Value | 1,674,639,000 |
Total investments and cash, Amount Shown In Balance Sheet | 1,674,639,000 |
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 | 2,030,816,000 |
Total investments and cash, Amount Shown In Balance Sheet | 2,030,816,000 |
Cash [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Total investments and cash, Cost | 699,266,000 |
Total investments and cash, Market Value | 699,266,000 |
Total investments and cash, Amount Shown In Balance Sheet | $ 699,266,000 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) $ in Thousands | Dec. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2021 | Oct. 21, 2021 | Dec. 31, 2020 | Feb. 19, 2019 | Dec. 31, 2016 |
Condensed Financial Statements Captions [Line Items] | |||||||
Note Receivable - affiliated | $ 500,000 | $ 300,000 | |||||
Shares transferred to affiliated entity | 9,719,971 | ||||||
Shares fair value | $ 1,800,000 | ||||||
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 | $ 470,000 | ||||||
Parent Company [Member] | Common Stock [Member] | |||||||
Condensed Financial Statements Captions [Line Items] | |||||||
Shares transferred to affiliated entity | 9,719,971 | ||||||
Shares fair value | $ 1,800 | ||||||
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] | Everest Reinsurance Company [Member] | |||||||
Condensed Financial Statements Captions [Line Items] | |||||||
Note Receivable - affiliated | $ 470,000 | ||||||
Debt instrument, stated interest rate | 3.25% | ||||||
Parent Company [Member] | Note Payable - Affiliated [Member] | Everest Indemnity Insurance Company [Member] | |||||||
Condensed Financial Statements Captions [Line Items] | |||||||
Note Receivable - affiliated | $ 10,000 | ||||||
Note receivable 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | |||
Fixed maturity securities - available for sale | $ 12,860,395 | $ 10,643,565 | |
Equity securities - at fair value | 1,757,792 | 1,288,767 | |
Other invested assets | 1,674,639 | 1,094,933 | |
Other invested assets, at fair value | 2,030,816 | 1,796,479 | |
Short-term investments | 695,886 | 707,905 | |
Cash | 699,266 | 378,518 | |
Total investments and cash | 19,718,794 | 15,910,167 | |
Note Receivable - affiliated | 500,000 | 300,000 | |
Accrued investment income | 89,966 | 80,196 | |
Other assets | 595,970 | 539,786 | |
TOTAL ASSETS | 27,694,978 | 23,640,229 | |
Senior notes | 2,345,800 | 1,376,718 | |
Long term notes | 223,774 | 223,674 | |
Accrued interest on debt and borrowings | 17,348 | 10,460 | |
Other liabilities | 462,831 | 456,786 | |
Total liabilities | 20,656,931 | 17,225,916 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2021 and 2020) | |||
Additional paid-in capital | 1,101,527 | 1,101,092 | |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) $24,279 at 2021 and $71,080 at 2020 | 91,469 | 268,018 | |
Retained earnings | 5,845,051 | 5,045,203 | |
Total stockholder's equity | 7,038,047 | 6,414,313 | $ 5,857,425 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 27,694,978 | 23,640,229 | |
Fixed maturities - available for sale, at amortized cost | $ 12,733,499 | $ 10,248,650 | |
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) | $ 24,279 | $ 71,080 | |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Fixed maturity securities - available for sale | 147,310 | ||
Equity securities - at fair value | 678,539 | 311,009 | |
Other invested assets | 241,520 | 146,968 | |
Other invested assets, at fair value | 2,030,816 | 1,796,479 | |
Short-term investments | 5,401 | 9,985 | |
Cash | 284 | 10,482 | |
Total investments and cash | 3,103,870 | 2,274,923 | |
Investment in subsidiaries, at equity in the underlying net assets | 6,370,660 | 6,115,130 | |
Note Receivable - affiliated | 470,000 | ||
Accrued investment income | 4,759 | 87 | |
Advances to affiliates | 203 | 165 | |
Other assets | (1,867) | (104) | |
TOTAL ASSETS | 9,947,625 | 8,390,201 | |
Senior notes | 2,345,800 | 1,376,718 | |
Long term notes | 223,774 | 223,674 | |
Accrued interest on debt and borrowings | 17,144 | 10,388 | |
Income taxes | 316,899 | 362,393 | |
Due to affiliates | 5,494 | 1,835 | |
Other liabilities | 467 | 880 | |
Total liabilities | 2,909,578 | 1,975,888 | |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2021 and 2020) | |||
Additional paid-in capital | 1,101,527 | 1,101,092 | |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) $24,279 at 2021 and $71,080 at 2020 | 91,469 | 268,018 | |
Retained earnings | 5,845,051 | 5,045,203 | |
Total stockholder's equity | 7,038,047 | 6,414,313 | |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | 9,947,625 | 8,390,201 | |
Fixed maturities - available for sale, at amortized cost | $ 147,970 | ||
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) | $ 24,279 | $ 71,080 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | |||
Net investment income | $ 744,954 | $ 375,906 | $ 356,211 |
Net realized capital gains (losses) | 527,210 | 51,370 | 439,010 |
Other income (expense) | 23,383 | (14,579) | (1,589) |
Total revenues | 8,448,215 | 6,817,707 | 6,263,024 |
Interest expense | 69,974 | 35,659 | 34,931 |
Corporate expense | 33,334 | 15,985 | 13,063 |
Total claims and expenses | 7,456,730 | 6,434,176 | 5,498,070 |
INCOME (LOSS) BEFORE TAXES | 991,485 | 383,531 | 764,955 |
Income tax expense (benefit) | 191,636 | 31,658 | 135,228 |
NET INCOME (LOSS) | 799,849 | 351,873 | 629,727 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (200,307) | 163,080 | 175,482 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 9,014 | 25,468 | 5,080 |
Total URA(D) on securities arising during the period | (191,293) | 188,548 | 180,562 |
Foreign currency translation adjustments | (8,734) | 14,461 | 17,153 |
Benefit plan actuarial net gain (loss) for the period | 6,251 | (5,615) | (12,591) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 17,227 | 6,300 | 5,453 |
Total benefit plan net gain (loss) for the period | 23,478 | 685 | (7,138) |
Total other comprehensive income (loss), net of tax | (176,549) | 203,694 | 190,577 |
COMPREHENSIVE INCOME (LOSS) | 623,300 | 555,567 | 820,304 |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Net investment income | 70,339 | 26,021 | 34,970 |
Net realized capital gains (losses) | 328,584 | (73,338) | 274,110 |
Other income (expense) | 498 | 3,105 | 524 |
Net income (loss) of subsidiaries | 551,370 | 393,552 | 370,084 |
Total revenues | 953,762 | 349,659 | 680,100 |
Interest expense | 68,728 | 35,508 | 34,931 |
Corporate expense | 17,602 | 9,392 | 6,810 |
Total claims and expenses | 86,330 | 44,900 | 41,741 |
INCOME (LOSS) BEFORE TAXES | 867,432 | 304,760 | 638,359 |
Income tax expense (benefit) | 67,583 | (47,113) | 8,632 |
NET INCOME (LOSS) | 799,849 | 351,873 | 629,727 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (200,307) | 163,080 | 175,482 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 9,014 | 25,468 | 5,080 |
Total URA(D) on securities arising during the period | (191,293) | 188,548 | 180,562 |
Foreign currency translation adjustments | (8,734) | 14,461 | 17,153 |
Benefit plan actuarial net gain (loss) for the period | 6,251 | (5,615) | (12,591) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 17,227 | 6,300 | 5,453 |
Total benefit plan net gain (loss) for the period | 23,478 | 685 | (7,138) |
Total other comprehensive income (loss), net of tax | (176,549) | 203,694 | 190,577 |
COMPREHENSIVE INCOME (LOSS) | 623,300 | 555,567 | 820,304 |
Affiliated Entity [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Net investment income | $ 2,970 | $ 320 | $ 412 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | |||
Net income (loss) | $ 799,849 | $ 351,873 | $ 629,727 |
Increase (decrease) in income taxes | 100,088 | 204,419 | 295,667 |
Change in equity adjustments in limited partnerships | (368,354) | (39,880) | (45,843) |
Change in other assets and liabilities, net | (9,549) | (88,105) | (1,124) |
Amortization of bond premium (accrual of bond discount) | 31,404 | 13,926 | 4,308 |
Net realized capital losses (gains) | (501,286) | (49,804) | (419,367) |
Net cash provided by (used in) operating activities | 2,624,588 | 2,240,153 | 1,234,754 |
Proceeds from fixed maturities matured/called - available for sale, at market value | 2,329,839 | 1,126,309 | 937,871 |
Proceeds from fixed maturities sold - available for sale, at market value | 961,050 | 626,378 | 2,400,869 |
Proceeds from equity securities sold, at fair value | 861,801 | 375,112 | 283,707 |
Distributions from other invested assets | 126,690 | 243,002 | 185,116 |
Cost of fixed maturities acquired - available for sale, at market value | (5,831,618) | (4,695,090) | (3,626,139) |
Cost of equity securities acquired- at fair value | (1,052,277) | (625,694) | (325,546) |
Cost of other invested assets acquired | (430,205) | (363,101) | (323,453) |
Net change in short-term investments | 12,930 | (425,878) | (102,302) |
Net change in unsettled securities transactions | (205,690) | 200,070 | (30,904) |
Proceeds from repayment (cost of issuance) of note receivable - affiliated | (200,000) | (300,000) | |
Net cash provided by (used in) investing activities | (3,427,480) | (3,533,985) | (902,107) |
Proceeds from issuance of senior notes | 968,357 | 979,417 | |
Cost of debt repurchase | (10,647) | ||
Proceeds from issuance (cost of repayment) for note payable - affiliated | (300,000) | ||
Net cash provided by (used in) financing activities | 1,141,559 | 1,246,967 | (327,059) |
Cash, beginning of period | 378,518 | 411,122 | 404,522 |
Cash, end of period | 699,266 | 378,518 | 411,122 |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Net income (loss) | 799,849 | 351,873 | 629,727 |
Equity in (earnings) deficit of subsidiaries | (551,370) | (393,552) | (370,084) |
Dividends received from subsidiary | 300,000 | ||
Increase (decrease) in income taxes | (45,355) | 119,331 | 40,695 |
Change in equity adjustments in limited partnerships | (32,802) | 8,491 | 2,468 |
Change in other assets and liabilities, net | 39,852 | 20,179 | (16,615) |
Amortization of bond premium (accrual of bond discount) | 301 | 63 | 13 |
Net realized capital losses (gains) | (328,584) | 73,338 | (274,110) |
Net cash provided by (used in) operating activities | (118,109) | 179,722 | 312,094 |
Additional investment in subsidiaries | 87,973 | (949,464) | 15,174 |
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,750 | ||
Proceeds from fixed maturities sold - available for sale, at market value | 12,000 | ||
Proceeds from equity securities sold, at fair value | 242,996 | 61,883 | 18,905 |
Distributions from other invested assets | 2,014,483 | 1,113,176 | 389,200 |
Cost of fixed maturities acquired - available for sale, at market value | (147,970) | ||
Cost of equity securities acquired- at fair value | (516,279) | (184,542) | (32,597) |
Cost of other invested assets acquired | (2,076,233) | (1,211,726) | (388,598) |
Net change in short-term investments | 4,584 | 10,529 | (16,403) |
Proceeds from repayment (cost of issuance) of note receivable - affiliated | (470,000) | 10,000 | (10,000) |
Net cash provided by (used in) investing activities | (860,446) | (1,148,394) | (12,319) |
Proceeds from issuance of senior notes | 968,357 | 979,417 | |
Cost of debt repurchase | (10,647) | ||
Proceeds from issuance (cost of repayment) for note payable - affiliated | (300,000) | ||
Net cash provided by (used in) financing activities | 968,357 | 968,770 | (300,000) |
Net increase (decrease) in cash | (10,198) | 98 | (225) |
Cash, beginning of period | 10,482 | 10,384 | 10,609 |
Cash, end of period | $ 284 | $ 10,482 | $ 10,384 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | $ 471,931 | $ 379,707 | $ 388,238 |
Reverse for Losses and Loss Adjustment Expenses | 13,121,177 | 11,578,096 | 10,129,462 |
Unearned Premium Reserves | 2,992,878 | 2,385,174 | 2,198,932 |
Premiums Earned | 7,178,592 | 6,406,576 | 5,489,035 |
Net Investment Income | 744,954 | 375,906 | 356,211 |
Incurred Loss and Loss Adjustment Expenses | 5,386,856 | 4,608,144 | 3,829,122 |
Amortization of Deferred Acquisition Costs | 1,512,502 | 1,373,355 | 1,270,053 |
Other Operating Expenses | 454,064 | 401,033 | 350,901 |
Net Written Premium | 7,719,441 | 6,638,700 | 5,774,949 |
Reinsurance [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 314,784 | 169,346 | 182,531 |
Reverse for Losses and Loss Adjustment Expenses | 8,829,380 | 7,896,076 | 7,138,800 |
Unearned Premium Reserves | 1,426,730 | 1,127,815 | 1,069,829 |
Premiums Earned | 4,948,706 | 4,484,693 | 3,796,136 |
Net Investment Income | 501,287 | 254,671 | 249,073 |
Incurred Loss and Loss Adjustment Expenses | 3,761,051 | 3,209,160 | 2,692,680 |
Amortization of Deferred Acquisition Costs | 1,250,145 | 1,119,966 | 1,027,286 |
Other Operating Expenses | 143,106 | 119,320 | 110,032 |
Net Written Premium | 5,264,652 | 4,632,265 | 3,923,799 |
Insurance [Member] | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 157,147 | 210,361 | 205,707 |
Reverse for Losses and Loss Adjustment Expenses | 4,291,797 | 3,682,020 | 2,990,662 |
Unearned Premium Reserves | 1,566,148 | 1,257,359 | 1,129,103 |
Premiums Earned | 2,229,885 | 1,921,883 | 1,692,899 |
Net Investment Income | 243,667 | 121,235 | 107,138 |
Incurred Loss and Loss Adjustment Expenses | 1,625,805 | 1,398,984 | 1,136,442 |
Amortization of Deferred Acquisition Costs | 262,357 | 253,389 | 242,767 |
Other Operating Expenses | 310,958 | 281,713 | 240,869 |
Net Written Premium | $ 2,454,789 | $ 2,006,435 | $ 1,851,150 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||
Gross Amount | $ 2,981,927 | $ 2,591,613 | $ 2,255,388 |
Ceded to Other Companies | 1,544,024 | 1,368,436 | 1,193,359 |
Assumed earned premiums | 5,740,688 | 5,183,399 | 4,427,006 |
Net Amount | 7,178,592 | 6,406,576 | 5,489,035 |
Total Property And Liability Insurance Premiums Earned [Member] | |||
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentLineItems | |||
Gross Amount | 2,981,927 | 2,591,613 | 2,255,387 |
Ceded to Other Companies | 1,544,024 | 1,368,436 | 1,193,359 |
Assumed earned premiums | 5,740,688 | 5,183,399 | 4,427,006 |
Net Amount | $ 7,178,592 | $ 6,406,576 | $ 5,489,034 |
Assumed to Net | 80.00% | 80.90% | 80.70% |
Uncategorized Items - cik000091
Label | Element | Value |
Redeemable Convertible Preferred Stock [Member] | ||
Preferred Stock Term | cik0000914748_PreferredStockTerm | 25 years |
Preferred Stock, Dividend Rate, Percentage | us-gaap_PreferredStockDividendRatePercentage | 1.75% |