Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EVEREST RE GROUP LTD | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Central Index Key | 1,095,073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,647,998 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2018, $14,870,380; 2017, $14,689,598) | $ 14,655,484 | $ 14,756,834 |
Fixed maturities - available for sale, at fair value | 2,373 | |
Equity securities , at market value (cost: 2018, $0; 2017, $130,287) | 129,530 | |
Equity securities, at fair value | 1,166,540 | 963,572 |
Short-term investments (cost: 2018, $693,117; 2017, $509,682) | 693,111 | 509,682 |
Other invested assets (cost: 2018, $1508,629; 2017, $1,628,753) | 1,508,629 | 1,631,850 |
Cash | 639,761 | 635,067 |
Total investments and cash | 18,665,898 | 18,626,535 |
Accrued investment income | 102,778 | 97,704 |
Premiums receivable | 2,097,259 | 1,844,881 |
Reinsurance receivables | 1,738,706 | 1,348,226 |
Funds held by reinsureds | 369,503 | 292,927 |
Deferred acquisition costs | 460,216 | 411,587 |
Prepaid reinsurance premiums | 374,102 | 288,211 |
Income taxes | 266,464 | 299,438 |
Other assets | 335,931 | 382,283 |
TOTAL ASSETS | 24,410,857 | 23,591,792 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 12,390,153 | 11,884,321 |
Future policy benefit reserve | 47,871 | 51,014 |
Unearned premium reserve | 2,351,312 | 2,000,556 |
Funds held under reinsurance treaties | 17,563 | 18,030 |
Other net payable to reinsurers | 289,961 | 218,017 |
4.868% Senior notes due 6/1/2044 | 396,924 | 396,834 |
6.6% Long term notes due 5/1/2067 | 236,634 | 236,561 |
Accrued interest on debt and borrowings | 7,869 | 2,727 |
Equity index put option liability | 6,993 | 12,477 |
Unsettled securities payable | 103,682 | 38,743 |
Other liabilities | 232,882 | 363,280 |
Total liabilities | 16,081,844 | 15,222,560 |
Commitments and contingencies (Note 8) | ||
SHAREHOLDERS' EQUITY: | ||
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ||
Common shares, par value: $0.01; 200,000 shares authorized; (2018) 69,198 and (2017) 69,044 outstanding before treasury shares | 692 | 691 |
Additional paid-in capital | 2,182,594 | 2,165,768 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($17,384) at 2018 and $9,356 at 2017 | (470,317) | (160,891) |
Treasury shares, at cost; 28,551 shares (2018) and 28,208 shares (2017) | (3,397,548) | (3,322,244) |
Retained earnings | 10,013,592 | 9,685,908 |
Total shareholders' equity | 8,329,013 | 8,369,232 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 24,410,857 | $ 23,591,792 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 14,870,380 | $ 14,689,598 |
Equity securities, at market value, cost | 0 | 130,287 |
Short-term investments, at cost | 693,117 | 509,682 |
Other invested assets, at cost | $ 1,508,629 | $ 1,628,753 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 50,000,000 | 50,000,000 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 200,000,000 | 200,000,000 |
Common shares, outstanding | 69,198,000 | 69,044,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ (17,384) | $ 9,356 |
Treasury shares | 28,551,000 | 28,208,000 |
6.6 % Long Term Subordinated Notes [Member] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | May 1, 2067 | |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUES: | ||||
Premiums earned | $ 1,731,479 | $ 1,598,875 | $ 5,080,724 | $ 4,280,653 |
Net investment income | 161,363 | 136,973 | 440,979 | 393,770 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (3,825) | (1,485) | (4,783) | (5,188) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Other net realized capital gains (losses) | 58,629 | 43,020 | 50,462 | 124,719 |
Total net realized capital gains (losses) | 54,804 | 41,535 | 45,679 | 119,531 |
Net derivative gain (loss) | 2,225 | 2,656 | 5,485 | 6,052 |
Other income (expense) | (5,458) | (54,568) | 9,642 | (59,146) |
Total revenues | 1,944,413 | 1,725,471 | 5,582,509 | 4,740,860 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 1,251,858 | 2,210,082 | 3,650,349 | 3,842,145 |
Commission, brokerage, taxes and fees | 381,401 | 333,113 | 1,122,442 | 915,338 |
Other underwriting expenses | 97,942 | 73,145 | 287,325 | 227,901 |
Corporate expenses | 7,890 | 5,932 | 23,519 | 21,308 |
Interest, fees and bond issue cost amortization expense | 7,901 | 7,266 | 23,047 | 24,289 |
Total claims and expenses | 1,746,992 | 2,629,538 | 5,106,682 | 5,030,981 |
INCOME (LOSS) BEFORE TAXES | 197,421 | (904,067) | 475,827 | (290,121) |
Income tax expense (benefit) | (8,192) | (264,693) | (9,999) | (188,064) |
NET INCOME (LOSS) | 205,613 | (639,374) | 485,826 | (102,057) |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (22,282) | (5,671) | (254,682) | 18,745 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 1,417 | (5,537) | (7,106) | (16,729) |
Total URA(D) on securities arising during the period | (20,865) | (11,208) | (261,788) | 2,016 |
Foreign currency translation adjustments | (5,930) | 77,564 | (51,883) | 125,124 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 1,816 | 1,369 | 5,446 | 5,377 |
Total benefit plan net gain (loss) for the period | 1,816 | 1,369 | 5,446 | 5,377 |
Total other comprehensive income (loss), net of tax | (24,979) | 67,725 | (308,225) | 132,517 |
COMPREHENSIVE INCOME (LOSS) | $ 180,634 | $ (571,649) | $ 177,601 | $ 30,460 |
EARNINGS PER COMMON SHARE: | ||||
Basic | $ 5.04 | $ (15.73) | $ 11.89 | $ (2.51) |
Diluted | $ 5.02 | $ (15.73) | $ 11.83 | $ (2.51) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Shares At Cost [Member] | Total |
Balance, beginning of period, shares at Dec. 31, 2016 | 40,898,864 | |||||
Issued during the period, net, shares | 169,244 | |||||
Balance, beginning of period at Dec. 31, 2016 | $ 689 | $ 2,140,783 | $ (216,764) | $ 9,422,932 | $ (3,272,244) | |
Issued during the period, net | $ 2 | |||||
Share-based compensation plans | 17,360 | |||||
Net increase (decrease) during the period | 132,517 | $ 132,517 | ||||
Net income (loss) | (102,057) | (102,057) | ||||
Dividends declared ($1.30 per share in third quarter 2018 and $3.90 year-to-date per share in 2018 and $1.25 per share in third quarter 2017 and $3.75 year-to-date per share in 2017) | (153,887) | (153,887) | ||||
Purchase of treasury shares | ||||||
Balance, end of period, shares at Sep. 30, 2017 | 41,068,108 | |||||
Balance, end of period at Sep. 30, 2017 | $ 691 | 2,158,143 | (84,247) | 9,166,988 | (3,272,244) | $ 7,969,331 |
Balance, beginning of period, shares at Dec. 31, 2016 | 40,898,864 | |||||
Balance, beginning of period at Dec. 31, 2016 | $ 689 | 2,140,783 | (216,764) | 9,422,932 | (3,272,244) | |
Balance, end of period, shares at Dec. 31, 2017 | 40,835,272 | 69,044,000 | ||||
Balance, end of period at Dec. 31, 2017 | $ 691 | 2,165,768 | (160,891) | 9,685,908 | (3,322,244) | $ 8,369,232 |
Balance, beginning of period, shares at Jun. 30, 2017 | 41,065,212 | |||||
Issued during the period, net, shares | 2,896 | |||||
Balance, beginning of period at Jun. 30, 2017 | $ 691 | 2,150,659 | (151,972) | 9,857,664 | (3,272,244) | |
Share-based compensation plans | 7,484 | |||||
Net increase (decrease) during the period | 67,725 | 67,725 | ||||
Net income (loss) | (639,374) | (639,374) | ||||
Dividends declared ($1.30 per share in third quarter 2018 and $3.90 year-to-date per share in 2018 and $1.25 per share in third quarter 2017 and $3.75 year-to-date per share in 2017) | (51,302) | (51,302) | ||||
Purchase of treasury shares | ||||||
Balance, end of period, shares at Sep. 30, 2017 | 41,068,108 | |||||
Balance, end of period at Sep. 30, 2017 | $ 691 | 2,158,143 | (84,247) | 9,166,988 | (3,272,244) | $ 7,969,331 |
Balance, beginning of period, shares at Dec. 31, 2017 | 40,835,272 | 69,044,000 | ||||
Issued during the period, net, shares | 154,032 | |||||
Treasury shares acquired, shares | (342,179) | |||||
Balance, beginning of period at Dec. 31, 2017 | $ 691 | 2,165,768 | (160,891) | 9,685,908 | (3,322,244) | $ 8,369,232 |
Issued during the period, net | $ 1 | |||||
Share-based compensation plans | 16,826 | |||||
Net increase (decrease) during the period | (308,225) | (308,225) | ||||
Net income (loss) | 485,826 | 485,826 | ||||
Dividends declared ($1.30 per share in third quarter 2018 and $3.90 year-to-date per share in 2018 and $1.25 per share in third quarter 2017 and $3.75 year-to-date per share in 2017) | (159,343) | $ (159,343) | ||||
Purchase of treasury shares | (75,304) | |||||
Balance, end of period, shares at Sep. 30, 2018 | 40,647,125 | 69,198,000 | ||||
Balance, end of period at Sep. 30, 2018 | $ 692 | 2,182,594 | (470,317) | 10,013,592 | (3,397,548) | $ 8,329,013 |
Balance, beginning of period, shares at Jun. 30, 2018 | 40,860,169 | |||||
Issued during the period, net, shares | 16,388 | |||||
Treasury shares acquired, shares | (229,432) | |||||
Balance, beginning of period at Jun. 30, 2018 | $ 692 | 2,172,701 | (445,338) | 9,860,842 | (3,347,548) | |
Share-based compensation plans | 9,893 | |||||
Net increase (decrease) during the period | (24,979) | (24,979) | ||||
Net income (loss) | 205,613 | 205,613 | ||||
Dividends declared ($1.30 per share in third quarter 2018 and $3.90 year-to-date per share in 2018 and $1.25 per share in third quarter 2017 and $3.75 year-to-date per share in 2017) | (52,863) | $ (52,863) | ||||
Purchase of treasury shares | (50,000) | |||||
Balance, end of period, shares at Sep. 30, 2018 | 40,647,125 | 69,198,000 | ||||
Balance, end of period at Sep. 30, 2018 | $ 692 | $ 2,182,594 | (470,317) | 10,013,592 | $ (3,397,548) | $ 8,329,013 |
Cumulative change due to adoption of Accounting Standards Update 2016-01 | $ (1,201) | $ 1,201 | $ (1,201) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||
Dividends declared | $ 1.3 | $ 1.25 | $ 3.9 | $ 3.75 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 485,826 | $ (102,057) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (264,556) | (564,080) |
Decrease (increase) in funds held by reinsureds, net | (78,514) | (4,742) |
Decrease (increase) in reinsurance receivables | (430,839) | (245,275) |
Decrease (increase) in income taxes | 59,034 | (247,571) |
Decrease (increase) in prepaid reinsurance premiums | (92,174) | (109,913) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 591,385 | 1,927,538 |
Increase (decrease) in future policy benefit reserve | (3,143) | (795) |
Increase (decrease) in unearned premiums | 364,299 | 389,731 |
Increase (decrease) in other net payable to reinsurers | 79,219 | 59,356 |
Increase (decrease) in losses in course of payment | 98,947 | 137,805 |
Change in equity adjustments in limited partnerships | (88,377) | (54,155) |
Distribution of limited partnership income | 69,078 | 36,859 |
Change in other assets and liabilities, net | (251,472) | (116,620) |
Non-cash compensation expense | 25,791 | 23,011 |
Amortization of bond premium (accrual of bond discount) | 24,804 | 34,657 |
Net realized capital (gains) losses | (45,679) | (119,531) |
Net cash provided by (used in) operating activities | 543,629 | 1,044,218 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,444,452 | 1,619,552 |
Proceeds from fixed maturities sold - available for sale, at market value | 1,756,139 | 1,691,937 |
Proceeds from fixed maturities sold - available for sale, at fair value | 1,751 | |
Proceeds from equity securities sold, at market value | 18,802 | |
Proceeds from equity securities sold, at fair value | 785,819 | 316,087 |
Distributions from other invested assets | 3,061,938 | 3,555,941 |
Cost of fixed maturities acquired - available for sale, at market value | (3,358,333) | (3,774,584) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,381) | |
Cost of equity securities acquired, at market value | (19,196) | |
Cost of equity securities acquired, at fair value | (820,924) | (351,220) |
Cost of other invested assets acquired | (3,244,817) | (3,676,606) |
Net change in short-term investments | 535 | 74,000 |
Net change in unsettled securities transactions | 100,647 | (219,208) |
Net cash provided by (used in) investing activities | (277,174) | (764,495) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common shares issued during the period for share-based compensation, net of expense | (7,763) | (5,650) |
Purchase of treasury shares | (75,304) | |
Dividends paid to shareholders | (159,343) | (153,887) |
Cost of shares withheld for taxes on settlements of share-based compensation awards | (15,259) | (12,707) |
Net cash provided by (used in) financing activities | (257,669) | (172,244) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (4,092) | (4,006) |
Net increase (decrease) in cash | 4,694 | 103,473 |
Cash, beginning of period | 635,067 | 481,922 |
Cash, end of period | 639,761 | 585,395 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | (67,941) | 58,701 |
Interest paid | 17,741 | $ 20,098 |
NON-CASH TRANSACTIONS: | ||
Fixed maturities - available for sale, at market value | 143,656 | |
Short-term investments | 243,864 | |
Other invested assets | $ (387,520) |
General
General | 9 Months Ended |
Sep. 30, 2018 | |
General [Abstract] | |
General | 1. GENERAL Everest Re Group, Ltd. ("Group"), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, "Company" means Group and its subsidiaries. During the fourth quarter of 2017, the Company established a new Irish insurance subsidiary, Everest Insurance Ireland, designated activity company ("Ireland Insurance"), which will write insurance business mainly in the European markets. During the third quarter of 2016, the Company established domestic subsidiaries, Everest Premier Insurance Company ("Everest Premier") and Everest Denali Insurance Company ("Everest Denali"), which will be used in the continued expansion of the Insurance operations. Effective July 1, 2016, the Company established a new Irish holding company, Everest Dublin Insurance Holdings Limited (Ireland) ("Everest Dublin Holdings"). |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company for the three and nine months ended September 30, 2018 and 2017 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), has been omitted since it is not required for interim reporting purposes. The December 31, 2017 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2017, 2016 and 2015 included in the Company's most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior year's amounts to conform to the 2018 presentation. Application of Recently Issued Accounting Standard Changes. Simplification of Disclosure Requirements. 30 Accounting for Cloud Computing Arrangement. Accounting for Long Duration Contracts. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). 35 21 1,250 Accounting for Impact on Income Taxes due to Tax Reform. Amortization of Bond Premium. Presentation and Disclosure of Net Periodic Benefit Costs. Disclosure of Restricted Cash. Intra-Entity Asset Transfers. Valuation of Financial Instruments. Accounting for Share-Based Compensation. Leases. Recognition and Measurement of Financial Instruments. 1,201 Disclosures about Short-Duration Contracts. Revenue Recognition. 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 | 9 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, equity security investments, carried at market value and other-than-temporary impairments ("OTTI") in accumulated other comprehensive income ("AOCI") are as follows for the periods indicated: At September 30, 2018 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,247,162 $ 10,305 $ (29,341 ) $ 1,228,126 $ - Obligations of U.S. states and political subdivisions 506,023 11,064 (3,060 ) 514,027 471 Corporate securities 5,991,450 51,824 (116,696 ) 5,926,578 2,941 Asset-backed securities 565,918 154 (5,910 ) 560,162 - Mortgage-backed securities Commercial 230,632 - (6,830 ) 223,802 - Agency residential 2,050,071 6,465 (78,945 ) 1,977,591 - Non-agency residential 8,017 49 (2 ) 8,064 - Foreign government securities 1,304,936 31,422 (55,311 ) 1,281,047 156 Foreign corporate securities 2,966,171 59,923 (90,007 ) 2,936,087 387 Total fixed maturity securities $ 14,870,380 $ 171,206 $ (386,102 ) $ 14,655,484 $ 3,955 Equity securities $ - $ - $ - $ - $ - At December 31, 2017 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,540,952 $ 9,816 $ (14,076 ) $ 1,536,692 $ - Obligations of U.S. states and political subdivisions 563,790 22,123 (444 ) 585,469 - Corporate securities 5,658,456 81,724 (41,175 ) 5,699,005 2,488 Asset-backed securities 532,473 869 (1,982 ) 531,360 - Mortgage-backed securities Commercial 235,794 616 (2,369 ) 234,041 - Agency residential 2,236,361 10,379 (35,838 ) 2,210,902 - Non-agency residential 497 41 (44 ) 494 - Foreign government securities 1,305,070 43,804 (34,847 ) 1,314,027 178 Foreign corporate securities 2,616,205 77,045 (48,406 ) 2,644,844 950 Total fixed maturity securities $ 14,689,598 $ 246,417 $ (179,181 ) $ 14,756,834 $ 3,616 Equity securities $ 130,287 $ 2,615 $ (3,372 ) $ 129,530 $ - (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date Effective January 1, 2018, the Company adopted ASU 2016-01, which requires equity investments in unconsolidated entities to be measured at fair value, with any change in value being recorded within net realized capital gains/(losses) as part of the consolidated statements of operations and comprehensive income (loss). Previously, changes in the market value had been recorded within AOCI as part of the consolidated balance sheets. Therefore, effective January 1, 2018, equity security investments no longer have an impact upon the AOCI balance. The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At September 30, 2018 At December 31, 2017 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,385,803 $ 1,387,726 $ 1,041,885 $ 1,050,094 Due after one year through five years 7,365,268 7,246,784 7,545,731 7,554,248 Due after five years through ten years 2,437,394 2,404,213 2,214,473 2,231,456 Due after ten years 827,277 847,142 882,384 944,239 Asset-backed securities 565,918 560,162 532,473 531,360 Mortgage-backed securities: Commercial 230,632 223,802 235,794 234,041 Agency residential 2,050,071 1,977,591 2,236,361 2,210,902 Non-agency residential 8,017 8,064 497 494 Total fixed maturity securities $ 14,870,380 $ 14,655,484 $ 14,689,598 $ 14,756,834 The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (22,073 ) $ (13,993 ) $ (282,479 ) $ (18,184 ) Fixed maturity securities, other-than-temporary impairment 72 306 339 (5,189 ) Equity securities - 2,603 - 9,795 Other invested assets - 1,595 - 2,860 Change in unrealized appreciation (depreciation), pre-tax (22,001 ) (9,489 ) (282,140 ) (10,718 ) Deferred tax benefit (expense) 1,205 (1,774 ) 20,497 11,343 Deferred tax benefit (expense), other-than-temporary impairment (69 ) 55 (145 ) 1,391 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (20,865 ) $ (11,208 ) $ (261,788 ) $ 2,016 The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80 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. Upon the adoption of ASU 2016-01 as of January 1, 2018, all equity investments in unconsolidated entities are recorded at fair value. Prior to the adoption of ASU 2016-01, the Company presented certain equity securities at market value. The majority of the Company's equity securities presented at market value prior to January 1, 2018 were primarily comprised of mutual fund investments whose underlying securities consisted of fixed maturity securities. When a fund's value reflected an unrealized loss, the Company assessed whether the decline in value was temporary or other-than-temporary. In making its assessment, the Company considered the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determined that the declines were temporary and it had the ability and intent to continue to hold the investments, then the declines were recorded as unrealized losses in accumulated other comprehensive income (loss). If declines were deemed to be other-than-temporary, then the carrying value of the investment was written down to fair value and recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company's asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at September 30, 2018 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 793,964 $ (16,012 ) $ 305,095 $ (13,329 ) $ 1,099,059 $ (29,341 ) Obligations of U.S. states and political subdivisions 105,936 (1,377 ) 36,436 (1,683 ) 142,372 (3,060 ) Corporate securities 3,273,494 (62,924 ) 1,017,492 (53,772 ) 4,290,986 (116,696 ) Asset-backed securities 312,406 (4,071 ) 137,587 (1,839 ) 449,993 (5,910 ) Mortgage-backed securities Commercial 138,410 (3,197 ) 85,392 (3,633 ) 223,802 (6,830 ) Agency residential 565,775 (13,519 ) 1,292,740 (65,426 ) 1,858,515 (78,945 ) Non-agency residential 3,530 (2 ) - - 3,530 (2 ) Foreign government securities 374,198 (8,246 ) 453,248 (47,065 ) 827,446 (55,311 ) Foreign corporate securities 1,267,182 (32,641 ) 741,243 (57,366 ) 2,008,425 (90,007 ) Total fixed maturity securities $ 6,834,895 $ (141,989 ) $ 4,069,233 $ (244,113 ) $ 10,904,128 $ (386,102 ) Equity securities - - - - - - Total $ 6,834,895 $ (141,989 ) $ 4,069,233 $ (244,113 ) $ 10,904,128 $ (386,102 ) Duration of Unrealized Loss at September 30, 2018 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 814,411 $ (3,036 ) $ 166,045 $ (16,128 ) $ 980,456 $ (19,164 ) Due in one year through five years 3,637,269 (72,182 ) 1,926,551 (122,322 ) 5,563,820 (194,504 ) Due in five years through ten years 1,088,091 (34,923 ) 416,396 (32,056 ) 1,504,487 (66,979 ) Due after ten years 275,003 (11,059 ) 44,522 (2,709 ) 319,525 (13,768 ) Asset-backed securities 312,406 (4,071 ) 137,587 (1,839 ) 449,993 (5,910 ) Mortgage-backed securities 707,715 (16,718 ) 1,378,132 (69,059 ) 2,085,847 (85,777 ) Total fixed maturity securities $ 6,834,895 $ (141,989 ) $ 4,069,233 $ (244,113 ) $ 10,904,128 $ (386,102 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at September 30, 2018 were $ 10,904,128 386,102 7.5 1.5 141,989 125,423 244,113 239,158 The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2017 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,077,051 $ (8,380 ) $ 224,189 $ (5,696 ) $ 1,301,240 $ (14,076 ) Obligations of U.S. states and political subdivisions 4,400 (27 ) 37,886 (417 ) 42,286 (444 ) Corporate securities 1,779,292 (24,942 ) 700,098 (16,233 ) 2,479,390 (41,175 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities Commercial 101,821 (572 ) 64,272 (1,797 ) 166,093 (2,369 ) Agency residential 610,941 (4,836 ) 1,343,547 (31,002 ) 1,954,488 (35,838 ) Non-agency residential - - 69 (44 ) 69 (44 ) Foreign government securities 327,790 (12,811 ) 331,432 (22,036 ) 659,222 (34,847 ) Foreign corporate securities 691,865 (19,381 ) 450,860 (29,025 ) 1,142,725 (48,406 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) Equity securities - - 113,506 (3,372 ) 113,506 (3,372 ) Total $ 4,894,476 $ (72,416 ) $ 3,338,639 $ (110,137 ) $ 8,233,115 $ (182,553 ) Duration of Unrealized Loss at December 31, 2017 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 247,927 $ (962 ) $ 206,113 $ (7,643 ) $ 454,040 $ (8,605 ) Due in one year through five years 2,930,977 (42,480 ) 1,200,414 (52,143 ) 4,131,391 (94,623 ) Due in five years through ten years 612,702 (20,154 ) 292,245 (12,680 ) 904,947 (32,834 ) Due after ten years 88,792 (1,945 ) 45,693 (941 ) 134,485 (2,886 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities 712,762 (5,408 ) 1,407,888 (32,843 ) 2,120,650 (38,251 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2017 were $ 8,233,115 182,553 8.9 1.1 72,416 68,107 106,765 103,739 no 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 table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Fixed maturities $ 119,513 $ 107,969 $ 343,019 $ 319,336 Equity securities 5,380 8,590 18,879 25,701 Short-term investments and cash 5,005 974 8,829 2,439 Other invested assets Limited partnerships 38,342 23,315 83,719 54,373 Other 2,980 2,095 9,964 6,652 Gross investment income before adjustments 171,220 142,943 464,410 408,501 Funds held interest income (expense) 1,003 2,284 6,572 7,156 Future policy benefit reserve income (expense) (431 ) (280 ) (999 ) (1,015 ) Gross investment income 171,792 144,947 469,983 414,642 Investment expenses (10,429 ) (7,974 ) (29,004 ) (20,872 ) Net investment income $ 161,363 $ 136,973 $ 440,979 $ 393,770 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 $ 616,591 2023 Beginning in the first quarter of 2016, the Company participated in a private placement liquidity sweep facility ("the facility"). The primary purpose of the facility is to enhance the Company's return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. Through the second quarter of 2018, the Company's participation in the facility was classified within other invested assets on the Company's Balance Sheets. Starting in the third quarter of 2018, the Company has consolidated its participation in the facility. As a result of the consolidation of the underlying investments of the facility, effective July 1, 2018, the Company has reclassified $ 143,656 243,864 663,753 The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Fixed maturity securities, market value: Other-than-temporary impairments $ (3,825 ) $ (1,485 ) $ (4,783 ) $ (5,188 ) Gains (losses) from sales 738 7,998 11,087 32,913 Fixed maturity securities, fair value: Gains (losses) from sales (717 ) - (1,799 ) - Gains (losses) from fair value adjustments 584 - 1,542 - Equity securities, market value: Gains (losses) from sales - - - (3,436 ) Equity securities, fair value: Gains (losses) from sales 9,507 (1,525 ) 7,984 3,796 Gains (losses) from fair value adjustments 47,653 36,463 30,200 91,367 Other invested assets 913 85 1,497 84 Short-term investments gain (loss) (49 ) (1 ) (49 ) (5 ) Total net realized capital gains (losses) $ 54,804 $ 41,535 $ 45,679 $ 119,531 The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Proceeds from sales of fixed maturity securities $ 531,452 $ 700,728 $ 1,757,890 $ 1,691,937 Gross gains from sales 5,653 13,743 25,479 46,321 Gross losses from sales (5,632 ) (5,745 ) (16,191 ) (13,408 ) Proceeds from sales of equity securities $ 209,437 $ 57,861 $ 785,819 $ 334,889 Gross gains from sales 14,182 2,258 28,228 14,351 Gross losses from sales (4,675 ) (3,783 ) (20,244 ) (13,991 ) |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 9 Months Ended |
Sep. 30, 2018 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses LAE And Future Policy Benefit Reserve | 4. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and LAE is summarized for the periods indicated: Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2018 2017 Gross reserves at beginning of period $ 11,884,321 $ 10,312,313 Less reinsurance recoverables (1,212,649 ) (990,862 ) Net reserves at beginning of period 10,671,672 9,321,451 Incurred related to: Current year 3,218,162 4,815,967 Prior years 432,187 (293,386 ) Total incurred losses and LAE 3,650,349 4,522,581 Paid related to: Current year 724,791 1,280,605 Prior years 2,730,015 2,062,634 Total paid losses and LAE 3,454,806 3,343,239 Foreign exchange/translation adjustment (78,103 ) 170,879 Net reserves at end of period 10,789,112 10,671,672 Plus reinsurance recoverables 1,601,041 1,212,649 Gross reserves at end of period $ 12,390,153 $ 11,884,321 Incurred prior years' reserves increased by $432,187 thousand for the nine months ended September 30, 2018 and decreased by $293,386 thousand for the twelve months ended December 31, 2017. The increase for the nine months ended September 30, 2018, was due to $ 532,155 99,968 238,378 37,137 55,007 The $ 388,391 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2018 | |
Derivatives [Abstract] | |
Derivatives | 5. DERIVATIVES The Company sold seven two One no The Company has five 1 zero 3 409,488 2,913.98 no The Company has one 11 zero 3 40,729 7,510.20 no At September 30, 2018 and December 31, 2017, the fair value for these equity put options was $ 6,993 12,477 The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2018 December 31, 2017 Equity index put option contracts Equity index put option liability $ 6,993 $ 12,477 Total $ 6,993 $ 12,477 The change in fair value of the equity index put option contracts can be found in the Company's statement of operations and comprehensive income (loss) as follows: (Dollars in thousands) For the Three Months Ended For the Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2018 2017 2018 2017 Equity index put option contracts Net derivative gain (loss) $ 2,225 $ 2,656 $ 5,485 $ 6,052 Total $ 2,225 $ 2,656 $ 5,485 $ 6,052 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value [Abstract] | |
Fair Value | 6. FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company's fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Due to the unavailability of prices for one hundred four one 377,938 three 65,715 sixty-six sixty-five 165,173 one 51,965 The Company internally manages a public equity portfolio which had a fair value at September 30, 2018 and December 31, 2017 of $ 402,700 386,241 Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by nationally recognized sources. All categories of fixed maturity securities listed in the tables below are generally categorized as level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The fixed maturities with fair values categorized as level 3 result when prices are not available from the nationally recognized pricing services. The asset managers will then obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. In limited circumstances when broker prices are not available for private placements, the Company will value the securities using comparable market information or receive fair values from investment managers. The composition and valuation inputs for the presented fixed maturities categories are as follows: · U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; · Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, 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. The Company sold seven two The Company's liability for equity index put options is categorized as level 3 since there is no active market for these equity put options. The fair values for these options are calculated by the Company using an industry accepted pricing model, Black-Scholes. The model inputs and assumptions are: risk free interest rates, equity market indexes values, volatilities and dividend yields and duration. The model results are then adjusted for the Company's credit default swap rate. All of these inputs and assumptions are updated quarterly. One of the option contacts is in British Pound Sterling so the fair value for this contract is converted to U.S. dollars using an exchange rate from a nationally recognized source. The following table presents the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) September 30, 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,228,126 $ - $ 1,228,126 $ - Obligations of U.S. States and political subdivisions 514,027 - 514,027 - Corporate securities 5,926,578 - 5,497,459 429,119 Asset-backed securities 560,162 - 560,162 - Mortgage-backed securities Commercial 223,802 - 223,802 - Agency residential 1,977,591 - 1,977,591 - Non-agency residential 8,064 - 8,064 - Foreign government securities 1,281,047 - 1,281,047 - Foreign corporate securities 2,936,087 - 2,923,926 12,161 Total fixed maturities, market value 14,655,484 - 14,214,204 441,280 Fixed maturities, fair value 2,373 - - 2,373 Equity securities, fair value 1,166,540 1,123,911 42,629 - Liabilities: Equity index put option contracts $ 6,993 $ - $ - $ 6,993 There were no The following table presents the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,536,692 $ - $ 1,536,692 $ - Obligations of U.S. States and political subdivisions 585,469 - 585,469 - Corporate securities 5,699,005 - 5,488,819 210,186 Asset-backed securities 531,360 - 531,360 - Mortgage-backed securities Commercial 234,041 - 234,041 - Agency residential 2,210,902 - 2,210,902 - Non-agency residential 494 - 494 - Foreign government securities 1,314,027 - 1,314,027 - Foreign corporate securities 2,644,844 - 2,637,892 6,952 Total fixed maturities, market value 14,756,834 - 14,539,696 217,138 Equity securities, market value 129,530 113,506 16,024 - Equity securities, fair value 963,572 941,739 21,833 - Liabilities: Equity index put option contracts $ 12,477 $ - $ - $ 12,477 In addition, $ 110,029 79,505 The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 381,215 $ 12,615 $ 393,830 $ 210,186 $ 6,952 $ 217,138 Total gains or (losses) (realized/unrealized) Included in earnings (1,937 ) (472 ) (2,409 ) (591 ) (882 ) (1,473 ) Included in other comprehensive income (loss) (449 ) - (449 ) (24 ) - (24 ) Purchases, issuances and settlements 50,290 18 50,308 219,548 4,341 223,889 Transfers in and/or (out) of Level 3 - - - - 1,750 1,750 Ending balance $ 429,119 $ 12,161 $ 441,280 $ 429,119 $ 12,161 $ 441,280 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Market Value Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 138,105 $ 3,151 $ 141,256 $ 65,197 $ 2,538 $ 67,735 Total gains or (losses) (realized/unrealized) Included in earnings 283 209 492 1,208 313 1,521 Included in other comprehensive income (loss) 18 (184 ) (166 ) 161 (184 ) (23 ) Purchases, issuances and settlements 15,628 742 16,370 87,468 1,251 88,719 Transfers in and/or (out) of Level 3 - - - - - - Ending balance $ 154,034 $ 3,918 $ 157,952 $ 154,034 $ 3,918 $ 157,952 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 3,192 $ 3,192 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings (101 ) (101 ) (257 ) (257 ) Included in other comprehensive income (loss) (32 ) (32 ) - - Purchases, issuances and settlements (686 ) (686 ) 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,373 $ 2,373 $ 2,373 $ 2,373 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ - $ - $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings - - - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - The net transfers to/(from) level 3, fair value measurements using significant unobservable inputs were $ 0 1,750 The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for equity index put option contracts, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Liabilities: Balance, beginning of period $ 9,218 $ 18,662 $ 12,477 $ 22,059 Total (gains) or losses (realized/unrealized) Included in earnings (2,225 ) (2,656 ) (5,485 ) (6,052 ) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 6,993 $ 16,006 $ 6,993 $ 16,006 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 7. EARNINGS PER COMMON SHARE Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. The dilutive calculation is not applicable for the three and nine months ended September 30, 2017 due to net losses. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Net income (loss) per share: Numerator Net income (loss) $ 205,613 $ (639,374 ) $ 485,826 $ (102,057 ) Less: dividends declared-common shares and nonvested common shares (52,863 ) (51,302 ) (159,343 ) (153,887 ) Undistributed earnings 152,750 (690,676 ) 326,484 (255,944 ) Percentage allocated to common shareholders (1) 99.0 % 100.0 % 98.9 % 100.0 % 151,181 (690,676 ) 323,046 (255,944 ) Add: dividends declared-common shareholders 52,356 51,302 157,759 153,887 Numerator for basic and diluted earnings per common share $ 203,537 $ (639,374 ) $ 480,804 $ (102,057 ) Denominator Denominator for basic earnings per weighted-average common shares 40,350 40,638 40,441 40,597 Effect of dilutive securities: Options 192 245 206 255 Denominator for diluted earnings per adjusted weighted-average common shares 40,542 40,883 40,646 40,852 Per common share net income (loss) Basic $ 5.04 $ (15.73 ) $ 11.89 $ (2.51 ) Diluted $ 5.02 $ (15.73 ) $ 11.83 $ (2.51 ) (1) Basic weighted-average common shares outstanding 40,350 40,638 40,441 40,597 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,769 40,638 40,871 40,597 Percentage allocated to common shareholders 99.0 % 100.0 % 98.9 % 100.0 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between February 18, 2019 September 19, 2022 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 8. 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 September 30, At December 31, (Dollars in thousands) 2018 2017 The Prudential $ 143,592 $ 144,618 Unaffiliated life insurance company 34,038 34,444 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 9. OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (24,248 ) $ 1,963 $ (22,285 ) $ (274,679 ) $ 19,803 $ (254,876 ) URA(D) on securities - OTTI 72 (69 ) 3 339 (145 ) 194 Reclassification of net realized losses (gains) included in net income (loss) 2,175 (758 ) 1,417 (7,800 ) 694 (7,106 ) Foreign currency translation adjustments (6,723 ) 793 (5,930 ) (58,580 ) 6,697 (51,883 ) Reclassification of benefit plan liability amortization included in net income (loss) 2,298 (482 ) 1,816 6,893 (1,447 ) 5,446 Total other comprehensive income (loss) $ (26,426 ) $ 1,447 $ (24,979 ) $ (333,827 ) $ 25,602 $ (308,225 ) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (3,197 ) $ (2,835 ) $ (6,032 ) $ 18,844 $ 3,699 $ 22,543 URA(D) on securities - OTTI 306 55 361 (5,189 ) 1,391 (3,798 ) Reclassification of net realized losses (gains) included in net income (loss) (6,598 ) 1,061 (5,537 ) (24,373 ) 7,644 (16,729 ) Foreign currency translation adjustments 96,022 (18,458 ) 77,564 148,395 (23,271 ) 125,124 Reclassification of benefit plan liability amortization included in net income (loss) 2,107 (738 ) 1,369 8,273 (2,896 ) 5,377 Total other comprehensive income (loss) $ 88,640 $ (20,915 ) $ 67,725 $ 145,950 $ (13,433 ) $ 132,517 The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2018 2017 2018 2017 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 2,175 $ (6,598 ) $ (7,800 ) $ (24,373 ) Other net realized capital gains (losses) (758 ) 1,061 694 7,644 Income tax expense (benefit) $ 1,417 $ (5,537 ) $ (7,106 ) $ (16,729 ) Net income (loss) Benefit plan net gain (loss) $ 2,298 $ 2,107 $ 6,893 $ 8,273 Other underwriting expenses (482 ) (738 ) (1,447 ) (2,896 ) Income tax expense (benefit) $ 1,816 $ 1,369 $ 5,446 $ 5,377 Net income (loss) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2018 2017 Beginning balance of URA (D) on securities $ 49,969 $ 115,558 Change to beginning balance due to adoption of Accounting Standards Update 2016-01 (1,201 ) - Current period change in URA (D) of investments - temporary (261,982 ) (67,268 ) Current period change in URA (D) of investments - non-credit OTTI 194 (4,030 ) Reclass due to early adoption of ASU 2018-02 - 5,709 Ending balance of URA (D) on securities (213,020 ) 49,969 Beginning balance of foreign currency translation adjustments (138,931 ) (266,818 ) Current period change in foreign currency translation adjustments (51,883 ) 121,917 Reclass due to early adoption of ASU 2018-02 - 5,970 Ending balance of foreign currency translation adjustments (190,814 ) (138,931 ) Beginning balance of benefit plan net gain (loss) (71,929 ) (65,504 ) Current period change in benefit plan net gain (loss) 5,446 6,504 Reclass due to early adoption of ASU 2018-02 - (12,929 ) Ending balance of benefit plan net gain (loss) (66,483 ) (71,929 ) Ending balance of accumulated other comprehensive income (loss) $ (470,317 ) $ (160,891 ) (Some amounts may not reconcile due to rounding.) |
Credit Facilities
Credit Facilities | 9 Months Ended |
Sep. 30, 2018 | |
Credit Facilities [Abstract] | |
Credit Facilities | 10. CREDIT FACILITIES The Company has two 1,050,000 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Credit facility interest and fees incurred $ 105 $ 105 $ 315 $ 315 The terms and outstanding amounts for each facility are discussed below: Group Credit Facility Effective May 26, 2016, Group, Everest Reinsurance (Bermuda), Ltd. ("Bermuda Re") and Everest International Reinsurance, Ltd. ("Everest International"), both direct subsidiaries of Group, entered into a five year, $ 800,000 800,000 two 200,000 0.5 1.0 600,000 The Group Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 5,370,979 25 25 5,993,378 (Dollars in thousands) At September 30, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ - $ 200,000 $ - Tranche Two 600,000 548,002 12/31/2018 600,000 538,214 12/31/2018 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 548,002 $ 800,000 $ 538,214 Bermuda Re Letter of Credit Facility Effective December 29, 2017 250,000 0.35 0.45 60 0.15 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 250,000 $ 3,672 11/24/2018 $ 250,000 $ 3,297 2/28/2018 59,270 12/31/2018 3,672 11/24/2018 2,412 2/28/2019 73,626 12/31/2018 2,249 12/31/2019 344 8/30/2019 300 8/15/2020 93,855 12/30/2021 76,434 9/30/2022 - Total Citibank Bilateral Agreement $ 250,000 $ 144,337 $ 250,000 $ 174,794 Everest International Credit Facility Effective November 9, 2016 four 145,000 0.1 0.35 The Everest International Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 5,326,009 70 25 25 5,993,378 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 145,000 £ - £ 145,000 £ - - - - - Total Lloyd's Bank Credit Facility £ 145,000 £ - £ 145,000 £ - |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 9 Months Ended |
Sep. 30, 2018 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 11. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS Certain subsidiaries of Group have established trust agreements, which effectively use the Company's investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies. At September 30, 2018, the total amount on deposit in trust accounts was $ 737,921 The Company reinsures some of its catastrophe exposures with the segregated accounts of Mt. Logan Re. Mt. Logan Re is a Class 3 insurer registered in Bermuda effective February 27, 2013 under The Segregated Accounts Companies Act 2000 and 100 The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2018 2017 2018 2017 (Dollars in thousands) Ceded written premiums 63,745 64,003 190,668 160,949 Ceded earned premiums 54,905 55,708 181,381 154,191 Ceded losses and LAE 27,593 197,395 182,424 241,792 Assumed written premiums 3,219 2,587 7,866 9,082 Assumed earned premiums 3,219 2,587 7,866 9,082 Assumed losses and LAE - - - - Each segregated account is permitted to assume net risk exposures equal to the amount of its available posted collateral, which in the aggregate was $ 1,168,237 837,202 46,945 50,373 Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt. Logan Re segregated accounts to retrocede $ 269,198 2002 2015 252,000 319,000 On April 24, 2014, the Company entered into two 250,000 200,000 April, 2018 On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. This agreement is a multi-year reinsurance contract which covers specified earthquake events. The agreement provides up to $ 500,000 On December 1, 2015 the Company entered into two 300,000 325,000 On April 13, 2017 the Company entered into six three four 225,000 400,000 325,000 three five 50,000 75,000 175,000 On April 30, 2018 the Company entered into four two four 62,500 200,000 two five 62,500 200,000 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. As of December 31, 2017, none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery. In addition, the aggregation of the to-date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery. However, if the published estimates for insured losses for the covered 2017 events increase, the aggregate losses may exceed the aggregate event retentions under the agreements resulting in a recovery. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 450,000 500,000 625,000 950,000 300,000 262,500 262,500 |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2018 | |
Senior Notes [Abstract] | |
Senior Notes | 12. 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. September 30, 2018 December 31, 2017 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868 06/05/2014 06/01/2044 400,000 $ 396,924 $ 395,924 $ 396,834 $ 420,340 On June 5, 2014, Holdings issued $400,000 thousand of 30 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 9 Months Ended |
Sep. 30, 2018 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 13. LONG TERM SUBORDINATED NOTES The table below displays Holdings' outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date September 30, 2018 December 31, 2017 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value 6.6 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 236,634 $ 234,981 $ 236,561 $ 233,072 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6 November 15, 2007 4.70 Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100 May 1, 2047 5.40 October 15, 2014 4.868 June 1, 2044 On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $ 161,441 Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense incurred $ 2,875 $ 2,240 $ 7,968 $ 9,210 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. SEGMENT REPORTING The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health ("A&H") business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S. The International operation writes non-U.S. property and casualty reinsurance through Everest Re's branches in Canada and Singapore and through offices in Brazil, Miami and New Jersey. The Bermuda operation provides reinsurance and insurance to worldwide property and casualty markets through brokers and directly with ceding companies from its Bermuda office and reinsurance to the United Kingdom and European markets through its UK branch and Ireland Re. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the U.S., Canada and Europe. These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and loss adjustment expenses ("LAE") incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. For inter-affiliate reinsurance and business written through the Lloyd's Syndicate, business is generally reported within the segment in which the business was first produced, consistent with how the business is managed. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 940,839 $ 908,256 $ 2,237,170 $ 1,962,207 Net written premiums 845,743 809,298 1,957,877 1,711,934 Premiums earned $ 670,663 $ 649,772 $ 1,837,932 $ 1,609,790 Incurred losses and LAE 440,070 925,436 1,494,916 1,455,123 Commission and brokerage 156,500 113,449 432,532 328,230 Other underwriting expenses 16,250 12,095 48,608 40,624 Underwriting gain (loss) $ 57,843 $ (401,208 ) $ (138,124 ) $ (214,187 ) Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 362,651 $ 344,805 $ 1,128,399 $ 931,008 Net written premiums 348,785 330,761 1,049,249 848,792 Premiums earned $ 342,238 $ 305,951 $ 1,049,637 $ 841,348 Incurred losses and LAE 310,400 563,082 738,830 895,071 Commission and brokerage 81,439 68,441 255,704 199,438 Other underwriting expenses 10,191 8,307 31,116 27,601 Underwriting gain (loss) $ (59,792 ) $ (333,879 ) $ 23,987 $ (280,762 ) Three Months Ended Nine Months Ended Bermuda September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 377,916 $ 311,781 $ 1,163,042 $ 870,473 Net written premiums 358,758 287,591 1,108,962 810,437 Premiums earned $ 299,815 $ 267,488 $ 972,647 $ 766,051 Incurred losses and LAE 211,718 301,315 591,328 595,052 Commission and brokerage 76,611 83,861 238,416 205,770 Other underwriting expenses 10,752 9,049 31,647 27,551 Underwriting gain (loss) $ 734 $ (126,737 ) $ 111,256 $ (62,322 ) Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 517,258 $ 480,060 $ 1,668,181 $ 1,483,807 Net written premiums 385,487 370,439 1,241,269 1,179,873 Premiums earned $ 418,763 $ 375,664 $ 1,220,508 $ 1,063,464 Incurred losses and LAE 289,670 420,249 825,275 896,899 Commission and brokerage 66,851 67,362 195,790 181,900 Other underwriting expenses 60,749 43,694 175,954 132,125 Underwriting gain (loss) $ 1,493 $ (155,641 ) $ 23,489 $ (147,460 ) The following table reconciles the underwriting results for the operating segments to income before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Underwriting gain (loss) $ 278 $ (1,017,465 ) $ 20,608 $ (704,731 ) Net investment income 161,363 136,973 440,979 393,770 Net realized capital gains (losses) 54,804 41,535 45,679 119,531 Net derivative gain (loss) 2,225 2,656 5,485 6,052 Corporate expenses (7,890 ) (5,932 ) (23,519 ) (21,308 ) Interest, fee and bond issue cost amortization expense (7,901 ) (7,266 ) (23,047 ) (24,289 ) Other income (expense) (5,458 ) (54,568 ) 9,642 (59,146 ) Income (loss) before taxes $ 197,421 $ (904,067 ) $ 475,827 $ (290,121 ) The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 United Kingdom gross written premium $ 246,580 $ 204,774 $ 681,911 $ 580,559 No other country represented more than 5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2018 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 15. SHARE-BASED COMPENSATION PLANS For the three months ended September 30, 2018, share-based compensation awards granted were 7,860 September 13, 2018 218.065 |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 16. RETIREMENT BENEFITS The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Service cost $ 2,977 $ 2,737 $ 8,931 $ 9,335 Interest cost 2,585 2,509 7,754 7,060 Expected return on plan assets (3,670 ) (3,263 ) (11,011 ) (9,572 ) Amortization of net (income) loss 2,237 2,091 6,710 8,172 Net periodic benefit cost $ 4,129 $ 4,074 $ 12,384 $ 14,995 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Service cost $ 446 $ 392 $ 1,339 $ 1,273 Interest cost 307 296 920 793 Amortization of prior service cost (33 ) (33 ) (98 ) (98 ) Amortization of net (income) loss 94 48 282 199 Net periodic benefit cost $ 814 $ 703 $ 2,443 $ 2,167 (Some amounts may not reconcile due to rounding.) The service cost component of net periodic benefit costs is included within other underwriting expenses on the consolidated statement of operations and comprehensive income (loss). In accordance with ASU 2017-07, other staff compensation costs are also primarily recorded within this line item. The Company contributed $ 77,000 10,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 17. INCOME TAXES The Company is domiciled in Bermuda and has significant subsidiaries and/or branches in Canada, Ireland, Singapore, the United Kingdom, and the United States. The Company's Bermuda domiciled subsidiaries are exempt from income taxation under Bermuda law until 2035. The Company's non-Bermudian subsidiaries and branches are subject to income taxation at varying rates in their respective domiciles. The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annual effective tax rate approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/loss to determine the income tax expense or benefit for the year-to-date period. If the annual effective tax rate approach produces a year-to-date tax benefit which exceeds the amount which is estimated to be recoverable for the full year, then the tax benefit for the interim reporting period will be limited as prescribed under ASC 740-270 to the estimated recoverable based on the year-to-date result. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company's annual pre-tax income/loss and effective tax rate. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In October 2018, Hurricane Michael impacted the Southeastern United States. Due to the recentness of this event, the Company is unable to estimate the amount of loss at this time. However, the Company anticipates that the losses will adversely impact fourth quarter financial statements. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At September 30, 2018 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,247,162 $ 10,305 $ (29,341 ) $ 1,228,126 $ - Obligations of U.S. states and political subdivisions 506,023 11,064 (3,060 ) 514,027 471 Corporate securities 5,991,450 51,824 (116,696 ) 5,926,578 2,941 Asset-backed securities 565,918 154 (5,910 ) 560,162 - Mortgage-backed securities Commercial 230,632 - (6,830 ) 223,802 - Agency residential 2,050,071 6,465 (78,945 ) 1,977,591 - Non-agency residential 8,017 49 (2 ) 8,064 - Foreign government securities 1,304,936 31,422 (55,311 ) 1,281,047 156 Foreign corporate securities 2,966,171 59,923 (90,007 ) 2,936,087 387 Total fixed maturity securities $ 14,870,380 $ 171,206 $ (386,102 ) $ 14,655,484 $ 3,955 Equity securities $ - $ - $ - $ - $ - At December 31, 2017 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,540,952 $ 9,816 $ (14,076 ) $ 1,536,692 $ - Obligations of U.S. states and political subdivisions 563,790 22,123 (444 ) 585,469 - Corporate securities 5,658,456 81,724 (41,175 ) 5,699,005 2,488 Asset-backed securities 532,473 869 (1,982 ) 531,360 - Mortgage-backed securities Commercial 235,794 616 (2,369 ) 234,041 - Agency residential 2,236,361 10,379 (35,838 ) 2,210,902 - Non-agency residential 497 41 (44 ) 494 - Foreign government securities 1,305,070 43,804 (34,847 ) 1,314,027 178 Foreign corporate securities 2,616,205 77,045 (48,406 ) 2,644,844 950 Total fixed maturity securities $ 14,689,598 $ 246,417 $ (179,181 ) $ 14,756,834 $ 3,616 Equity securities $ 130,287 $ 2,615 $ (3,372 ) $ 129,530 $ - (a) |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2018 At December 31, 2017 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,385,803 $ 1,387,726 $ 1,041,885 $ 1,050,094 Due after one year through five years 7,365,268 7,246,784 7,545,731 7,554,248 Due after five years through ten years 2,437,394 2,404,213 2,214,473 2,231,456 Due after ten years 827,277 847,142 882,384 944,239 Asset-backed securities 565,918 560,162 532,473 531,360 Mortgage-backed securities: Commercial 230,632 223,802 235,794 234,041 Agency residential 2,050,071 1,977,591 2,236,361 2,210,902 Non-agency residential 8,017 8,064 497 494 Total fixed maturity securities $ 14,870,380 $ 14,655,484 $ 14,689,598 $ 14,756,834 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (22,073 ) $ (13,993 ) $ (282,479 ) $ (18,184 ) Fixed maturity securities, other-than-temporary impairment 72 306 339 (5,189 ) Equity securities - 2,603 - 9,795 Other invested assets - 1,595 - 2,860 Change in unrealized appreciation (depreciation), pre-tax (22,001 ) (9,489 ) (282,140 ) (10,718 ) Deferred tax benefit (expense) 1,205 (1,774 ) 20,497 11,343 Deferred tax benefit (expense), other-than-temporary impairment (69 ) 55 (145 ) 1,391 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (20,865 ) $ (11,208 ) $ (261,788 ) $ 2,016 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2018 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 793,964 $ (16,012 ) $ 305,095 $ (13,329 ) $ 1,099,059 $ (29,341 ) Obligations of U.S. states and political subdivisions 105,936 (1,377 ) 36,436 (1,683 ) 142,372 (3,060 ) Corporate securities 3,273,494 (62,924 ) 1,017,492 (53,772 ) 4,290,986 (116,696 ) Asset-backed securities 312,406 (4,071 ) 137,587 (1,839 ) 449,993 (5,910 ) Mortgage-backed securities Commercial 138,410 (3,197 ) 85,392 (3,633 ) 223,802 (6,830 ) Agency residential 565,775 (13,519 ) 1,292,740 (65,426 ) 1,858,515 (78,945 ) Non-agency residential 3,530 (2 ) - - 3,530 (2 ) Foreign government securities 374,198 (8,246 ) 453,248 (47,065 ) 827,446 (55,311 ) Foreign corporate securities 1,267,182 (32,641 ) 741,243 (57,366 ) 2,008,425 (90,007 ) Total fixed maturity securities $ 6,834,895 $ (141,989 ) $ 4,069,233 $ (244,113 ) $ 10,904,128 $ (386,102 ) Equity securities - - - - - - Total $ 6,834,895 $ (141,989 ) $ 4,069,233 $ (244,113 ) $ 10,904,128 $ (386,102 ) Duration of Unrealized Loss at December 31, 2017 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,077,051 $ (8,380 ) $ 224,189 $ (5,696 ) $ 1,301,240 $ (14,076 ) Obligations of U.S. states and political subdivisions 4,400 (27 ) 37,886 (417 ) 42,286 (444 ) Corporate securities 1,779,292 (24,942 ) 700,098 (16,233 ) 2,479,390 (41,175 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities Commercial 101,821 (572 ) 64,272 (1,797 ) 166,093 (2,369 ) Agency residential 610,941 (4,836 ) 1,343,547 (31,002 ) 1,954,488 (35,838 ) Non-agency residential - - 69 (44 ) 69 (44 ) Foreign government securities 327,790 (12,811 ) 331,432 (22,036 ) 659,222 (34,847 ) Foreign corporate securities 691,865 (19,381 ) 450,860 (29,025 ) 1,142,725 (48,406 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) Equity securities - - 113,506 (3,372 ) 113,506 (3,372 ) Total $ 4,894,476 $ (72,416 ) $ 3,338,639 $ (110,137 ) $ 8,233,115 $ (182,553 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2018 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 814,411 $ (3,036 ) $ 166,045 $ (16,128 ) $ 980,456 $ (19,164 ) Due in one year through five years 3,637,269 (72,182 ) 1,926,551 (122,322 ) 5,563,820 (194,504 ) Due in five years through ten years 1,088,091 (34,923 ) 416,396 (32,056 ) 1,504,487 (66,979 ) Due after ten years 275,003 (11,059 ) 44,522 (2,709 ) 319,525 (13,768 ) Asset-backed securities 312,406 (4,071 ) 137,587 (1,839 ) 449,993 (5,910 ) Mortgage-backed securities 707,715 (16,718 ) 1,378,132 (69,059 ) 2,085,847 (85,777 ) Total fixed maturity securities $ 6,834,895 $ (141,989 ) $ 4,069,233 $ (244,113 ) $ 10,904,128 $ (386,102 ) Duration of Unrealized Loss at December 31, 2017 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 247,927 $ (962 ) $ 206,113 $ (7,643 ) $ 454,040 $ (8,605 ) Due in one year through five years 2,930,977 (42,480 ) 1,200,414 (52,143 ) 4,131,391 (94,623 ) Due in five years through ten years 612,702 (20,154 ) 292,245 (12,680 ) 904,947 (32,834 ) Due after ten years 88,792 (1,945 ) 45,693 (941 ) 134,485 (2,886 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities 712,762 (5,408 ) 1,407,888 (32,843 ) 2,120,650 (38,251 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Fixed maturities $ 119,513 $ 107,969 $ 343,019 $ 319,336 Equity securities 5,380 8,590 18,879 25,701 Short-term investments and cash 5,005 974 8,829 2,439 Other invested assets Limited partnerships 38,342 23,315 83,719 54,373 Other 2,980 2,095 9,964 6,652 Gross investment income before adjustments 171,220 142,943 464,410 408,501 Funds held interest income (expense) 1,003 2,284 6,572 7,156 Future policy benefit reserve income (expense) (431 ) (280 ) (999 ) (1,015 ) Gross investment income 171,792 144,947 469,983 414,642 Investment expenses (10,429 ) (7,974 ) (29,004 ) (20,872 ) Net investment income $ 161,363 $ 136,973 $ 440,979 $ 393,770 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Fixed maturity securities, market value: Other-than-temporary impairments $ (3,825 ) $ (1,485 ) $ (4,783 ) $ (5,188 ) Gains (losses) from sales 738 7,998 11,087 32,913 Fixed maturity securities, fair value: Gains (losses) from sales (717 ) - (1,799 ) - Gains (losses) from fair value adjustments 584 - 1,542 - Equity securities, market value: Gains (losses) from sales - - - (3,436 ) Equity securities, fair value: Gains (losses) from sales 9,507 (1,525 ) 7,984 3,796 Gains (losses) from fair value adjustments 47,653 36,463 30,200 91,367 Other invested assets 913 85 1,497 84 Short-term investments gain (loss) (49 ) (1 ) (49 ) (5 ) Total net realized capital gains (losses) $ 54,804 $ 41,535 $ 45,679 $ 119,531 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Proceeds from sales of fixed maturity securities $ 531,452 $ 700,728 $ 1,757,890 $ 1,691,937 Gross gains from sales 5,653 13,743 25,479 46,321 Gross losses from sales (5,632 ) (5,745 ) (16,191 ) (13,408 ) Proceeds from sales of equity securities $ 209,437 $ 57,861 $ 785,819 $ 334,889 Gross gains from sales 14,182 2,258 28,228 14,351 Gross losses from sales (4,675 ) (3,783 ) (20,244 ) (13,991 ) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2018 2017 Gross reserves at beginning of period $ 11,884,321 $ 10,312,313 Less reinsurance recoverables (1,212,649 ) (990,862 ) Net reserves at beginning of period 10,671,672 9,321,451 Incurred related to: Current year 3,218,162 4,815,967 Prior years 432,187 (293,386 ) Total incurred losses and LAE 3,650,349 4,522,581 Paid related to: Current year 724,791 1,280,605 Prior years 2,730,015 2,062,634 Total paid losses and LAE 3,454,806 3,343,239 Foreign exchange/translation adjustment (78,103 ) 170,879 Net reserves at end of period 10,789,112 10,671,672 Plus reinsurance recoverables 1,601,041 1,212,649 Gross reserves at end of period $ 12,390,153 $ 11,884,321 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivatives [Abstract] | |
Summary Of The Fair Value Of The Equity Index Put Options | (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2018 December 31, 2017 Equity index put option contracts Equity index put option liability $ 6,993 $ 12,477 Total $ 6,993 $ 12,477 (Dollars in thousands) For the Three Months Ended For the Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2018 2017 2018 2017 Equity index put option contracts Net derivative gain (loss) $ 2,225 $ 2,656 $ 5,485 $ 6,052 Total $ 2,225 $ 2,656 $ 5,485 $ 6,052 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) September 30, 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,228,126 $ - $ 1,228,126 $ - Obligations of U.S. States and political subdivisions 514,027 - 514,027 - Corporate securities 5,926,578 - 5,497,459 429,119 Asset-backed securities 560,162 - 560,162 - Mortgage-backed securities Commercial 223,802 - 223,802 - Agency residential 1,977,591 - 1,977,591 - Non-agency residential 8,064 - 8,064 - Foreign government securities 1,281,047 - 1,281,047 - Foreign corporate securities 2,936,087 - 2,923,926 12,161 Total fixed maturities, market value 14,655,484 - 14,214,204 441,280 Fixed maturities, fair value 2,373 - - 2,373 Equity securities, fair value 1,166,540 1,123,911 42,629 - Liabilities: Equity index put option contracts $ 6,993 $ - $ - $ 6,993 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,536,692 $ - $ 1,536,692 $ - Obligations of U.S. States and political subdivisions 585,469 - 585,469 - Corporate securities 5,699,005 - 5,488,819 210,186 Asset-backed securities 531,360 - 531,360 - Mortgage-backed securities Commercial 234,041 - 234,041 - Agency residential 2,210,902 - 2,210,902 - Non-agency residential 494 - 494 - Foreign government securities 1,314,027 - 1,314,027 - Foreign corporate securities 2,644,844 - 2,637,892 6,952 Total fixed maturities, market value 14,756,834 - 14,539,696 217,138 Equity securities, market value 129,530 113,506 16,024 - Equity securities, fair value 963,572 941,739 21,833 - Liabilities: Equity index put option contracts $ 12,477 $ - $ - $ 12,477 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 381,215 $ 12,615 $ 393,830 $ 210,186 $ 6,952 $ 217,138 Total gains or (losses) (realized/unrealized) Included in earnings (1,937 ) (472 ) (2,409 ) (591 ) (882 ) (1,473 ) Included in other comprehensive income (loss) (449 ) - (449 ) (24 ) - (24 ) Purchases, issuances and settlements 50,290 18 50,308 219,548 4,341 223,889 Transfers in and/or (out) of Level 3 - - - - 1,750 1,750 Ending balance $ 429,119 $ 12,161 $ 441,280 $ 429,119 $ 12,161 $ 441,280 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Market Value Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 138,105 $ 3,151 $ 141,256 $ 65,197 $ 2,538 $ 67,735 Total gains or (losses) (realized/unrealized) Included in earnings 283 209 492 1,208 313 1,521 Included in other comprehensive income (loss) 18 (184 ) (166 ) 161 (184 ) (23 ) Purchases, issuances and settlements 15,628 742 16,370 87,468 1,251 88,719 Transfers in and/or (out) of Level 3 - - - - - - Ending balance $ 154,034 $ 3,918 $ 157,952 $ 154,034 $ 3,918 $ 157,952 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 3,192 $ 3,192 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings (101 ) (101 ) (257 ) (257 ) Included in other comprehensive income (loss) (32 ) (32 ) - - Purchases, issuances and settlements (686 ) (686 ) 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,373 $ 2,373 $ 2,373 $ 2,373 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ - $ - $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings - - - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Liabilities: Balance, beginning of period $ 9,218 $ 18,662 $ 12,477 $ 22,059 Total (gains) or losses (realized/unrealized) Included in earnings (2,225 ) (2,656 ) (5,485 ) (6,052 ) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 6,993 $ 16,006 $ 6,993 $ 16,006 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Net income (loss) per share: Numerator Net income (loss) $ 205,613 $ (639,374 ) $ 485,826 $ (102,057 ) Less: dividends declared-common shares and nonvested common shares (52,863 ) (51,302 ) (159,343 ) (153,887 ) Undistributed earnings 152,750 (690,676 ) 326,484 (255,944 ) Percentage allocated to common shareholders (1) 99.0 % 100.0 % 98.9 % 100.0 % 151,181 (690,676 ) 323,046 (255,944 ) Add: dividends declared-common shareholders 52,356 51,302 157,759 153,887 Numerator for basic and diluted earnings per common share $ 203,537 $ (639,374 ) $ 480,804 $ (102,057 ) Denominator Denominator for basic earnings per weighted-average common shares 40,350 40,638 40,441 40,597 Effect of dilutive securities: Options 192 245 206 255 Denominator for diluted earnings per adjusted weighted-average common shares 40,542 40,883 40,646 40,852 Per common share net income (loss) Basic $ 5.04 $ (15.73 ) $ 11.89 $ (2.51 ) Diluted $ 5.02 $ (15.73 ) $ 11.83 $ (2.51 ) (1) Basic weighted-average common shares outstanding 40,350 40,638 40,441 40,597 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,769 40,638 40,871 40,597 Percentage allocated to common shareholders 99.0 % 100.0 % 98.9 % 100.0 % (Some amounts may not reconcile due to rounding.) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At September 30, At December 31, (Dollars in thousands) 2018 2017 The Prudential $ 143,592 $ 144,618 Unaffiliated life insurance company 34,038 34,444 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (24,248 ) $ 1,963 $ (22,285 ) $ (274,679 ) $ 19,803 $ (254,876 ) URA(D) on securities - OTTI 72 (69 ) 3 339 (145 ) 194 Reclassification of net realized losses (gains) included in net income (loss) 2,175 (758 ) 1,417 (7,800 ) 694 (7,106 ) Foreign currency translation adjustments (6,723 ) 793 (5,930 ) (58,580 ) 6,697 (51,883 ) Reclassification of benefit plan liability amortization included in net income (loss) 2,298 (482 ) 1,816 6,893 (1,447 ) 5,446 Total other comprehensive income (loss) $ (26,426 ) $ 1,447 $ (24,979 ) $ (333,827 ) $ 25,602 $ (308,225 ) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (3,197 ) $ (2,835 ) $ (6,032 ) $ 18,844 $ 3,699 $ 22,543 URA(D) on securities - OTTI 306 55 361 (5,189 ) 1,391 (3,798 ) Reclassification of net realized losses (gains) included in net income (loss) (6,598 ) 1,061 (5,537 ) (24,373 ) 7,644 (16,729 ) Foreign currency translation adjustments 96,022 (18,458 ) 77,564 148,395 (23,271 ) 125,124 Reclassification of benefit plan liability amortization included in net income (loss) 2,107 (738 ) 1,369 8,273 (2,896 ) 5,377 Total other comprehensive income (loss) $ 88,640 $ (20,915 ) $ 67,725 $ 145,950 $ (13,433 ) $ 132,517 |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2018 2017 2018 2017 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 2,175 $ (6,598 ) $ (7,800 ) $ (24,373 ) Other net realized capital gains (losses) (758 ) 1,061 694 7,644 Income tax expense (benefit) $ 1,417 $ (5,537 ) $ (7,106 ) $ (16,729 ) Net income (loss) Benefit plan net gain (loss) $ 2,298 $ 2,107 $ 6,893 $ 8,273 Other underwriting expenses (482 ) (738 ) (1,447 ) (2,896 ) Income tax expense (benefit) $ 1,816 $ 1,369 $ 5,446 $ 5,377 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2018 2017 Beginning balance of URA (D) on securities $ 49,969 $ 115,558 Change to beginning balance due to adoption of Accounting Standards Update 2016-01 (1,201 ) - Current period change in URA (D) of investments - temporary (261,982 ) (67,268 ) Current period change in URA (D) of investments - non-credit OTTI 194 (4,030 ) Reclass due to early adoption of ASU 2018-02 - 5,709 Ending balance of URA (D) on securities (213,020 ) 49,969 Beginning balance of foreign currency translation adjustments (138,931 ) (266,818 ) Current period change in foreign currency translation adjustments (51,883 ) 121,917 Reclass due to early adoption of ASU 2018-02 - 5,970 Ending balance of foreign currency translation adjustments (190,814 ) (138,931 ) Beginning balance of benefit plan net gain (loss) (71,929 ) (65,504 ) Current period change in benefit plan net gain (loss) 5,446 6,504 Reclass due to early adoption of ASU 2018-02 - (12,929 ) Ending balance of benefit plan net gain (loss) (66,483 ) (71,929 ) Ending balance of accumulated other comprehensive income (loss) $ (470,317 ) $ (160,891 ) (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Credit facility interest and fees incurred $ 105 $ 105 $ 315 $ 315 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ - $ 200,000 $ - Tranche Two 600,000 548,002 12/31/2018 600,000 538,214 12/31/2018 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 548,002 $ 800,000 $ 538,214 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 250,000 $ 3,672 11/24/2018 $ 250,000 $ 3,297 2/28/2018 59,270 12/31/2018 3,672 11/24/2018 2,412 2/28/2019 73,626 12/31/2018 2,249 12/31/2019 344 8/30/2019 300 8/15/2020 93,855 12/30/2021 76,434 9/30/2022 - Total Citibank Bilateral Agreement $ 250,000 $ 144,337 $ 250,000 $ 174,794 |
Lloyds Bank plc Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 145,000 £ - £ 145,000 £ - - - - - Total Lloyd's Bank Credit Facility £ 145,000 £ - £ 145,000 £ - |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2018 2017 2018 2017 (Dollars in thousands) Ceded written premiums 63,745 64,003 190,668 160,949 Ceded earned premiums 54,905 55,708 181,381 154,191 Ceded losses and LAE 27,593 197,395 182,424 241,792 Assumed written premiums 3,219 2,587 7,866 9,082 Assumed earned premiums 3,219 2,587 7,866 9,082 Assumed losses and LAE - - - - |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2018 December 31, 2017 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868 06/05/2014 06/01/2044 400,000 $ 396,924 $ 395,924 $ 396,834 $ 420,340 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date September 30, 2018 December 31, 2017 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value 6.6 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 236,634 $ 234,981 $ 236,561 $ 233,072 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense incurred $ 2,875 $ 2,240 $ 7,968 $ 9,210 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 940,839 $ 908,256 $ 2,237,170 $ 1,962,207 Net written premiums 845,743 809,298 1,957,877 1,711,934 Premiums earned $ 670,663 $ 649,772 $ 1,837,932 $ 1,609,790 Incurred losses and LAE 440,070 925,436 1,494,916 1,455,123 Commission and brokerage 156,500 113,449 432,532 328,230 Other underwriting expenses 16,250 12,095 48,608 40,624 Underwriting gain (loss) $ 57,843 $ (401,208 ) $ (138,124 ) $ (214,187 ) Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 362,651 $ 344,805 $ 1,128,399 $ 931,008 Net written premiums 348,785 330,761 1,049,249 848,792 Premiums earned $ 342,238 $ 305,951 $ 1,049,637 $ 841,348 Incurred losses and LAE 310,400 563,082 738,830 895,071 Commission and brokerage 81,439 68,441 255,704 199,438 Other underwriting expenses 10,191 8,307 31,116 27,601 Underwriting gain (loss) $ (59,792 ) $ (333,879 ) $ 23,987 $ (280,762 ) Three Months Ended Nine Months Ended Bermuda September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 377,916 $ 311,781 $ 1,163,042 $ 870,473 Net written premiums 358,758 287,591 1,108,962 810,437 Premiums earned $ 299,815 $ 267,488 $ 972,647 $ 766,051 Incurred losses and LAE 211,718 301,315 591,328 595,052 Commission and brokerage 76,611 83,861 238,416 205,770 Other underwriting expenses 10,752 9,049 31,647 27,551 Underwriting gain (loss) $ 734 $ (126,737 ) $ 111,256 $ (62,322 ) Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Gross written premiums $ 517,258 $ 480,060 $ 1,668,181 $ 1,483,807 Net written premiums 385,487 370,439 1,241,269 1,179,873 Premiums earned $ 418,763 $ 375,664 $ 1,220,508 $ 1,063,464 Incurred losses and LAE 289,670 420,249 825,275 896,899 Commission and brokerage 66,851 67,362 195,790 181,900 Other underwriting expenses 60,749 43,694 175,954 132,125 Underwriting gain (loss) $ 1,493 $ (155,641 ) $ 23,489 $ (147,460 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Underwriting gain (loss) $ 278 $ (1,017,465 ) $ 20,608 $ (704,731 ) Net investment income 161,363 136,973 440,979 393,770 Net realized capital gains (losses) 54,804 41,535 45,679 119,531 Net derivative gain (loss) 2,225 2,656 5,485 6,052 Corporate expenses (7,890 ) (5,932 ) (23,519 ) (21,308 ) Interest, fee and bond issue cost amortization expense (7,901 ) (7,266 ) (23,047 ) (24,289 ) Other income (expense) (5,458 ) (54,568 ) 9,642 (59,146 ) Income (loss) before taxes $ 197,421 $ (904,067 ) $ 475,827 $ (290,121 ) |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 United Kingdom gross written premium $ 246,580 $ 204,774 $ 681,911 $ 580,559 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Summary Of Pension Expense | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Service cost $ 2,977 $ 2,737 $ 8,931 $ 9,335 Interest cost 2,585 2,509 7,754 7,060 Expected return on plan assets (3,670 ) (3,263 ) (11,011 ) (9,572 ) Amortization of net (income) loss 2,237 2,091 6,710 8,172 Net periodic benefit cost $ 4,129 $ 4,074 $ 12,384 $ 14,995 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2018 2017 2018 2017 Service cost $ 446 $ 392 $ 1,339 $ 1,273 Interest cost 307 296 920 793 Amortization of prior service cost (33 ) (33 ) (98 ) (98 ) Amortization of net (income) loss 94 48 282 199 Net periodic benefit cost $ 814 $ 703 $ 2,443 $ 2,167 (Some amounts may not reconcile due to rounding.) |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Item Effected [Line Items] | ||
Cumulative change due to adoption of Accounting Standards Update 2016-01 | $ (1,201) | |
Days after publication in the Federal Reserve | 30 days | |
Tax Cut and Jobs Act [Member] | ||
Item Effected [Line Items] | ||
U.S. tax rate | 21.00% | 35.00% |
Reclass due to early adoption of Accounting Standards Update 2018-02 | $ 1,250 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 80.00% | ||
Aggregate market value of investments in unrealized loss position | $ 10,904,128 | $ 8,233,115 | |
Gross unrealized losses on investments in unrealized loss position | 386,102 | 182,553 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 141,989 | 72,416 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 244,113 | 110,137 | |
Gross unrealized depreciation | 0 | 0 | |
Additional contractual commitments | $ 616,591 | ||
Contractual commitments, investment period expriation date | Jan. 1, 2023 | ||
Fixed maturities, market value | $ 14,655,484 | 14,756,834 | |
Short-term investments | $ 693,111 | 509,682 | |
Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 5.00% | 5.00% | |
Minimum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Limited partnership financial reporting lag time, months | 1 month | ||
Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Limited partnership financial reporting lag time, months | 3 months | ||
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 | $ 125,423 | 103,739 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 239,158 | 68,107 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate market value of investments in unrealized loss position | 10,904,128 | 8,119,609 | |
Gross unrealized losses on investments in unrealized loss position | 386,102 | 179,181 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 141,989 | 72,416 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 244,113 | $ 106,765 | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 1.50% | 1.10% | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | US Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 7.50% | 8.90% | |
Market Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Short-term investments | $ 663,753 | ||
Private Placement Liquidity Sweep [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fixed maturities, market value | 143,656 | ||
Short-term investments | $ 243,864 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 14,870,380 | $ 14,689,598 | |
Unrealized Appreciation | 171,206 | 246,417 | |
Unrealized Depreciation | (386,102) | (179,181) | |
Market Value | 14,655,484 | 14,756,834 | |
OTTI in AOCI | [1] | 3,955 | 3,616 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,247,162 | 1,540,952 | |
Unrealized Appreciation | 10,305 | 9,816 | |
Unrealized Depreciation | (29,341) | (14,076) | |
Market Value | 1,228,126 | 1,536,692 | |
OTTI in AOCI | [1] | ||
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 506,023 | 563,790 | |
Unrealized Appreciation | 11,064 | 22,123 | |
Unrealized Depreciation | (3,060) | (444) | |
Market Value | 514,027 | 585,469 | |
OTTI in AOCI | [1] | 471 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 5,991,450 | 5,658,456 | |
Unrealized Appreciation | 51,824 | 81,724 | |
Unrealized Depreciation | (116,696) | (41,175) | |
Market Value | 5,926,578 | 5,699,005 | |
OTTI in AOCI | [1] | 2,941 | 2,488 |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 565,918 | 532,473 | |
Unrealized Appreciation | 154 | 869 | |
Unrealized Depreciation | (5,910) | (1,982) | |
Market Value | 560,162 | 531,360 | |
OTTI in AOCI | [1] | ||
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 230,632 | 235,794 | |
Unrealized Appreciation | 616 | ||
Unrealized Depreciation | (6,830) | (2,369) | |
Market Value | 223,802 | 234,041 | |
OTTI in AOCI | [1] | ||
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,050,071 | 2,236,361 | |
Unrealized Appreciation | 6,465 | 10,379 | |
Unrealized Depreciation | (78,945) | (35,838) | |
Market Value | 1,977,591 | 2,210,902 | |
OTTI in AOCI | [1] | ||
Non-Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 8,017 | 497 | |
Unrealized Appreciation | 49 | 41 | |
Unrealized Depreciation | (2) | (44) | |
Market Value | 8,064 | 494 | |
OTTI in AOCI | [1] | ||
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,304,936 | 1,305,070 | |
Unrealized Appreciation | 31,422 | 43,804 | |
Unrealized Depreciation | (55,311) | (34,847) | |
Market Value | 1,281,047 | 1,314,027 | |
OTTI in AOCI | [1] | 156 | 178 |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,966,171 | 2,616,205 | |
Unrealized Appreciation | 59,923 | 77,045 | |
Unrealized Depreciation | (90,007) | (48,406) | |
Market Value | 2,936,087 | 2,644,844 | |
OTTI in AOCI | [1] | 387 | 950 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 130,287 | ||
Unrealized Appreciation | 2,615 | ||
Unrealized Depreciation | (3,372) | ||
Market Value | 129,530 | ||
OTTI in AOCI | [1] | ||
[1] | Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 14,870,380 | $ 14,689,598 |
Fixed maturity securities - available for sale, Market Value | 14,655,484 | 14,756,834 |
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 | 1,385,803 | 1,041,885 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 7,365,268 | 7,545,731 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,437,394 | 2,214,473 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 827,277 | 882,384 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,387,726 | 1,050,094 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 7,246,784 | 7,554,248 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,404,213 | 2,231,456 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 847,142 | 944,239 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 565,918 | 532,473 |
Fixed maturity securities - available for sale, Market Value | 560,162 | 531,360 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 230,632 | 235,794 |
Fixed maturity securities - available for sale, Market Value | 223,802 | 234,041 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,050,071 | 2,236,361 |
Fixed maturity securities - available for sale, Market Value | 1,977,591 | 2,210,902 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 8,017 | 497 |
Fixed maturity securities - available for sale, Market Value | $ 8,064 | $ 494 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (22,001) | $ (9,489) | $ (282,140) | $ (10,718) |
Deferred tax benefit (expense) | 1,205 | (1,774) | 20,497 | 11,343 |
Deferred tax benefit (expense), other-than-temporary impairment | (69) | 55 | (145) | 1,391 |
Total URA(D) on securities arising during the period | (20,865) | (11,208) | (261,788) | 2,016 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (22,073) | (13,993) | (282,479) | (18,184) |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 72 | 306 | 339 | (5,189) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 2,603 | 9,795 | ||
Other Invested Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 1,595 | $ 2,860 |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | $ 6,834,895 | $ 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (141,989) | (72,416) |
Fixed maturity securities, Greater than 12 months, Market Value | 4,069,233 | 3,338,639 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (244,113) | (110,137) |
Fixed maturity securities, Total, Market Value | 10,904,128 | 8,233,115 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (386,102) | (182,553) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 6,834,895 | 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (141,989) | (72,416) |
Fixed maturity securities, Greater than 12 months, Market Value | 4,069,233 | 3,225,133 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (244,113) | (106,765) |
Fixed maturity securities, Total, Market Value | 10,904,128 | 8,119,609 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (386,102) | (179,181) |
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, Less than 12 months, Market Value | 793,964 | 1,077,051 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (16,012) | (8,380) |
Fixed maturity securities, Greater than 12 months, Market Value | 305,095 | 224,189 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (13,329) | (5,696) |
Fixed maturity securities, Total, Market Value | 1,099,059 | 1,301,240 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (29,341) | (14,076) |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 105,936 | 4,400 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,377) | (27) |
Fixed maturity securities, Greater than 12 months, Market Value | 36,436 | 37,886 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,683) | (417) |
Fixed maturity securities, Total, Market Value | 142,372 | 42,286 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (3,060) | (444) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 3,273,494 | 1,779,292 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (62,924) | (24,942) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,017,492 | 700,098 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (53,772) | (16,233) |
Fixed maturity securities, Total, Market Value | 4,290,986 | 2,479,390 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (116,696) | (41,175) |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 312,406 | 301,316 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (4,071) | (1,467) |
Fixed maturity securities, Greater than 12 months, Market Value | 137,587 | 72,780 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,839) | (515) |
Fixed maturity securities, Total, Market Value | 449,993 | 374,096 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,910) | (1,982) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 138,410 | 101,821 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (3,197) | (572) |
Fixed maturity securities, Greater than 12 months, Market Value | 85,392 | 64,272 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,633) | (1,797) |
Fixed maturity securities, Total, Market Value | 223,802 | 166,093 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (6,830) | (2,369) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 565,775 | 610,941 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (13,519) | (4,836) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,292,740 | 1,343,547 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (65,426) | (31,002) |
Fixed maturity securities, Total, Market Value | 1,858,515 | 1,954,488 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (78,945) | (35,838) |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 3,530 | |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2) | |
Fixed maturity securities, Greater than 12 months, Market Value | 69 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (44) | |
Fixed maturity securities, Total, Market Value | 3,530 | 69 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2) | (44) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 374,198 | 327,790 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (8,246) | (12,811) |
Fixed maturity securities, Greater than 12 months, Market Value | 453,248 | 331,432 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (47,065) | (22,036) |
Fixed maturity securities, Total, Market Value | 827,446 | 659,222 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (55,311) | (34,847) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 1,267,182 | 691,865 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (32,641) | (19,381) |
Fixed maturity securities, Greater than 12 months, Market Value | 741,243 | 450,860 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (57,366) | (29,025) |
Fixed maturity securities, Total, Market Value | 2,008,425 | 1,142,725 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (90,007) | (48,406) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | ||
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Greater than 12 months, Market Value | 113,506 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,372) | |
Fixed maturity securities, Total, Market Value | 113,506 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (3,372) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 6,834,895 | $ 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (141,989) | (72,416) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 4,069,233 | 3,338,639 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (244,113) | (110,137) |
Fixed maturity securities, Total, Market Value | 10,904,128 | 8,233,115 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (386,102) | (182,553) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 6,834,895 | 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (141,989) | (72,416) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 4,069,233 | 3,225,133 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (244,113) | (106,765) |
Fixed maturity securities, Total, Market Value | 10,904,128 | 8,119,609 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (386,102) | (179,181) |
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 | 814,411 | 247,927 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (3,036) | (962) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 166,045 | 206,113 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (16,128) | (7,643) |
Fixed maturity securities, Total, Market Value | 980,456 | 454,040 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (19,164) | (8,605) |
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 | 3,637,269 | 2,930,977 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (72,182) | (42,480) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,926,551 | 1,200,414 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (122,322) | (52,143) |
Fixed maturity securities, Total, Market Value | 5,563,820 | 4,131,391 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (194,504) | (94,623) |
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 | 1,088,091 | 612,702 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (34,923) | (20,154) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 416,396 | 292,245 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (32,056) | (12,680) |
Fixed maturity securities, Total, Market Value | 1,504,487 | 904,947 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (66,979) | (32,834) |
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 | 275,003 | 88,792 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (11,059) | (1,945) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 44,522 | 45,693 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,709) | (941) |
Fixed maturity securities, Total, Market Value | 319,525 | 134,485 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (13,768) | (2,886) |
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 | 312,406 | 301,316 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (4,071) | (1,467) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 137,587 | 72,780 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,839) | (515) |
Fixed maturity securities, Total, Market Value | 449,993 | 374,096 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,910) | (1,982) |
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 | 707,715 | 712,762 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (16,718) | (5,408) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,378,132 | 1,407,888 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (69,059) | (32,843) |
Fixed maturity securities, Total, Market Value | 2,085,847 | 2,120,650 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (85,777) | $ (38,251) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 171,220 | $ 142,943 | $ 464,410 | $ 408,501 |
Funds held interest income (expense) | 1,003 | 2,284 | 6,572 | 7,156 |
Future policy benefit reserve income (expense) | (431) | (280) | (999) | (1,015) |
Gross investment income | 171,792 | 144,947 | 469,983 | 414,642 |
Investment expenses | (10,429) | (7,974) | (29,004) | (20,872) |
Net investment income | 161,363 | 136,973 | 440,979 | 393,770 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 119,513 | 107,969 | 343,019 | 319,336 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 5,380 | 8,590 | 18,879 | 25,701 |
Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 5,005 | 974 | 8,829 | 2,439 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 38,342 | 23,315 | 83,719 | 54,373 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 2,980 | $ 2,095 | $ 9,964 | $ 6,652 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (3,825) | $ (1,485) | $ (4,783) | $ (5,188) |
Total net realized capital gains (losses) | 54,804 | 41,535 | 45,679 | 119,531 |
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | (3,825) | (1,485) | (4,783) | (5,188) |
Gains (losses) from sales | 738 | 7,998 | 11,087 | 32,913 |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (717) | (1,799) | ||
Gains (losses) from fair value adjustments | 584 | 1,542 | ||
Equity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (3,436) | |||
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 9,507 | (1,525) | 7,984 | 3,796 |
Gains (losses) from fair value adjustments | 47,653 | 36,463 | 30,200 | 91,367 |
Other Invested Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 913 | 85 | 1,497 | 84 |
Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | $ (49) | $ (1) | $ (49) | $ (5) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 531,452 | $ 700,728 | $ 1,757,890 | $ 1,691,937 |
Gross gains from sales | 5,653 | 13,743 | 25,479 | 46,321 |
Gross losses from sales | (5,632) | (5,745) | (16,191) | (13,408) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 209,437 | 57,861 | 785,819 | 334,889 |
Gross gains from sales | 14,182 | 2,258 | 28,228 | 14,351 |
Gross losses from sales | $ (4,675) | $ (3,783) | $ (20,244) | $ (13,991) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Increase (decrease) in insurance business | $ 432,187 | $ (293,386) | |
Partially offset, related to development on A&E reserves | 99,968 | 37,137 | |
Reinsurance Recoverables | 1,601,041 | 1,212,649 | $ 990,862 |
Property and Short-Tail Business [Member] | |||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Increase (decrease) in reinsurance business | 238,378 | ||
Catastrophe Losses [Member] | |||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Increase (decrease) in reinsurance business | 532,155 | ||
Workers Compensation [Member] | |||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Increase (decrease) in insurance business | $ 55,007 | ||
Mt. Logan Re [Member] | Catastrophe Losses [Member] | |||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Reinsurance Recoverables | $ 388,391 |
Reserve For Losses, LAE And F_4
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross reserves at beginning of period | $ 11,884,321 | $ 10,312,313 | |
(Less) Plus Reinsurance recoverable | (1,601,041) | (1,212,649) | $ (990,862) |
Net reserves at beginning of period | 10,671,672 | 9,321,451 | |
Incurred related to: Current year | 3,218,162 | 4,815,967 | |
Incurred related to: Prior years | 432,187 | (293,386) | |
Total incurred losses and LAE | 3,650,349 | 4,522,581 | |
Paid related to: Current year | 724,791 | 1,280,605 | |
Paid related to: Prior years | 2,730,015 | 2,062,634 | |
Total paid losses and LAE | 3,454,806 | 3,343,239 | |
Foreign exchange/translation adjustment | (78,103) | 170,879 | |
Net reserves at end of period | 10,789,112 | 10,671,672 | |
Plus reinsurance recoverable | 1,601,041 | 1,212,649 | |
Gross reserves at end of period | $ 12,390,153 | $ 11,884,321 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 9 Months Ended | |||
Sep. 30, 2018USD ($)itemsecurity | Dec. 31, 2017USD ($) | Dec. 31, 2005security | Dec. 31, 2001security | |
Derivative [Line Items] | ||||
Number of equity index put option contracts | 7 | 7 | 7 | |
Number of equity indices | item | 2 | |||
Equity index put option liability | $ 6,993,000 | $ 12,477,000 | ||
Equity Index Put Option Contracts [Member] | ||||
Derivative [Line Items] | ||||
Number of equity index put option contracts | item | 1 | |||
Equity index put option liability | $ 0 | |||
Equity Index Put Option Contracts [Member] | Fair Value [Member] | ||||
Derivative [Line Items] | ||||
Equity index put option liability | $ 6,993,000 | $ 12,477,000 | ||
Standard & Poor's 500 Index [Member] | ||||
Derivative [Line Items] | ||||
Number of equity index put option contracts | security | 5 | |||
Theoretical maximum payout occurs based on index value | $ 0 | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 409,488,000 | |||
Settlement amount if contracts had expired | $ 0 | |||
Equity Index If Contracts Had Expired | 2,913.98 | |||
Standard & Poor's 500 Index [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 1.00% | |||
FTSE 100 Index [Member] | ||||
Derivative [Line Items] | ||||
Number of equity index put option contracts | security | 1 | |||
Theoretical maximum payout occurs based on index value | $ 0 | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 40,729,000 | |||
Settlement amount if contracts had expired | $ 0 | |||
Equity Index If Contracts Had Expired | item | 7,510.20 | |||
FTSE 100 Index [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 11.00% |
Derivatives (Summary Of The Fai
Derivatives (Summary Of The Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | $ 6,993 | $ 6,993 | $ 12,477 | ||
Net derivative gain (loss) | 2,225 | $ 2,656 | 5,485 | $ 6,052 | |
Equity Index Put Option Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | 6,993 | 6,993 | $ 12,477 | ||
Net derivative gain (loss) | $ 2,225 | $ 2,656 | $ 5,485 | $ 6,052 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)securityitem | Sep. 30, 2018USD ($)securityitem | Dec. 31, 2017USD ($)security | Dec. 31, 2005security | Dec. 31, 2001security | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of public equity portfolio | $ 402,700,000 | $ 402,700,000 | $ 386,241,000 | ||
Number of equity index put option contracts | 7 | 7 | 7 | 7 | |
Derivatives, Number Of Indices | item | 2 | ||||
Equity index put option liability | $ 6,993,000 | $ 6,993,000 | 12,477,000 | ||
other invested assets | 335,931,000 | 335,931,000 | 382,283,000 | ||
Transfers between level 1 and 2 | 0 | 0 | |||
Transfers from level 3 | 0 | 1,750,000 | |||
Accounting Standards Update 2015-07 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
other invested assets | $ 110,029,000 | $ 110,029,000 | $ 79,505,000 | ||
Unavailability Of Prices [Member] | Private Placement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of securities | security | 104 | 104 | 66 | ||
Investment Manager's Valuation Committee Value [Member] | Private Placement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of securities | security | 101 | 101 | 65 | ||
Available-for-sale Securities | $ 377,938,000 | $ 377,938,000 | $ 165,173,000 | ||
Standard & Poor's 500 Index [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of equity index put option contracts | security | 5 | 5 | |||
Theoretical maximum payout occurs based on index value | $ 0 | $ 0 | |||
Discount factor | 3.00% | ||||
Present value of theoretical maximum payouts | 409,488,000 | $ 409,488,000 | |||
Settlement amount if contracts had expired | $ 0 | $ 0 | |||
FTSE 100 Index [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of equity index put option contracts | security | 1 | 1 | |||
Theoretical maximum payout occurs based on index value | $ 0 | $ 0 | |||
Discount factor | 3.00% | ||||
Present value of theoretical maximum payouts | 40,729,000 | $ 40,729,000 | |||
Settlement amount if contracts had expired | $ 0 | $ 0 | |||
Maximum [Member] | Standard & Poor's 500 Index [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 1.00% | ||||
Maximum [Member] | FTSE 100 Index [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 11.00% | ||||
Par Value [Member] | Private Placement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of securities | security | 3 | 3 | 1 | ||
Available-for-sale Securities | $ 65,715,000 | $ 65,715,000 | $ 51,965,000 | ||
Equity Index Put Option Contracts [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of equity index put option contracts | item | 1 | 1 | |||
Equity index put option liability | $ 0 | $ 0 | |||
Equity Index Put Option Contracts [Member] | Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity index put option liability | $ 6,993,000 | $ 6,993,000 | $ 12,477,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 14,655,484 | $ 14,756,834 |
Fixed maturities, fair value | 2,373 | |
Equity securities, market value | 129,530 | |
Equity securities, fair value | 1,166,540 | 963,572 |
Equity index put option contracts | 6,993 | 12,477 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, fair value | ||
Equity securities, market value | 113,506 | |
Equity securities, fair value | 1,123,911 | 941,739 |
Equity index put option contracts | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, fair value | ||
Equity securities, market value | 16,024 | |
Equity securities, fair value | 42,629 | 21,833 |
Equity index put option contracts | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, fair value | 2,373 | |
Equity securities, market value | ||
Equity securities, fair value | ||
Equity index put option contracts | 6,993 | 12,477 |
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 14,655,484 | 14,756,834 |
Fixed Maturity 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 | ||
Fixed Maturity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 14,214,204 | 14,539,696 |
Fixed Maturity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 441,280 | 217,138 |
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 | 1,228,126 | 1,536,692 |
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 | 1,228,126 | 1,536,692 |
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 | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 514,027 | 585,469 |
Obligations Of U.S. States And Political Subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Obligations Of U.S. States And Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 514,027 | 585,469 |
Obligations Of U.S. States And Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,926,578 | 5,699,005 |
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 | 5,497,459 | 5,488,819 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 429,119 | 210,186 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 560,162 | 531,360 |
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 | 560,162 | 531,360 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 223,802 | 234,041 |
Commercial Mortgage-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Commercial Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 223,802 | 234,041 |
Commercial Mortgage-Backed Securities [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 | 1,977,591 | 2,210,902 |
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 | 1,977,591 | 2,210,902 |
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 | 8,064 | 494 |
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 | 8,064 | 494 |
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 | 1,281,047 | 1,314,027 |
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 | 1,281,047 | 1,314,027 |
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 | 2,936,087 | 2,644,844 |
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 | 2,923,926 | 2,637,892 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 12,161 | $ 6,952 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Transfers in and/or (out) of Level 3 | $ 0 | $ 1,750 | ||
Market Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 393,830 | $ 141,256 | 217,138 | $ 67,735 |
Total gains or (losses) (realized/unrealized) Included in earnings | (2,409) | 492 | (1,473) | 1,521 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (449) | (166) | (24) | (23) |
Purchases, issuances and settlements | 50,308 | 16,370 | 223,889 | 88,719 |
Transfers in and/or (out) of Level 3 | 1,750 | |||
Ending balance | 441,280 | 157,952 | 441,280 | 157,952 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Market Value [Member] | Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 381,215 | 138,105 | 210,186 | 65,197 |
Total gains or (losses) (realized/unrealized) Included in earnings | (1,937) | 283 | (591) | 1,208 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (449) | 18 | (24) | 161 |
Purchases, issuances and settlements | 50,290 | 15,628 | 219,548 | 87,468 |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 429,119 | 154,034 | 429,119 | 154,034 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Market Value [Member] | Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 12,615 | 3,151 | 6,952 | 2,538 |
Total gains or (losses) (realized/unrealized) Included in earnings | (472) | 209 | (882) | 313 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (184) | (184) | ||
Purchases, issuances and settlements | 18 | 742 | 4,341 | 1,251 |
Transfers in and/or (out) of Level 3 | 1,750 | |||
Ending balance | 12,161 | $ 3,918 | 12,161 | $ 3,918 |
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 fixed maturities | 3,192 | |||
Total gains or (losses) (realized/unrealized) Included in earnings | (101) | (257) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (32) | |||
Purchases, issuances and settlements | (686) | 2,630 | ||
Ending balance | 2,373 | 2,373 | ||
Fair Value [Member] | Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 3,192 | |||
Total gains or (losses) (realized/unrealized) Included in earnings | (101) | (257) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (32) | |||
Purchases, issuances and settlements | (686) | 2,630 | ||
Ending balance | $ 2,373 | $ 2,373 |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value [Abstract] | ||||
Balance, beginning of period | $ 9,218 | $ 18,662 | $ 12,477 | $ 22,059 |
Total (gains) or losses (realized/unrealized) Included in earnings | (2,225) | (2,656) | (5,485) | (6,052) |
Balance, end of period | $ 6,993 | $ 16,006 | $ 6,993 | $ 16,006 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive options | 0 | 0 | 0 | 0 |
Minimum [Member] | ||||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | February 18, 2019 | |||
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | September 19, 2022 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule Of Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Common Share [Abstract] | ||||
Net income (loss) | $ 205,613 | $ (639,374) | $ 485,826 | $ (102,057) |
Less: dividends declared-common shares and nonvested common shares | (52,863) | (51,302) | (159,343) | (153,887) |
Undistributed earnings | $ 152,750 | $ (690,676) | $ 326,484 | $ (255,944) |
Percentage allocated to common shareholders | 99.00% | 100.00% | 98.90% | 100.00% |
Net income (loss) available to common stockholders, total | $ 151,181 | $ (690,676) | $ 323,046 | $ (255,944) |
Add: dividends declared-common shareholders | 52,356 | 51,302 | 157,759 | 153,887 |
Numerator for basic and diluted earnings per common share | $ 203,537 | $ (639,374) | $ 480,804 | $ (102,057) |
Denominator for basic earnings per weighted-average common shares | 40,350 | 40,638 | 40,441 | 40,597 |
Effect of dilutive securities: Options | 192 | 245 | 206 | 255 |
Denominator for diluted earnings per adjusted weighted-average common shares | 40,542 | 40,883 | 40,646 | 40,852 |
Basic | $ 5.04 | $ (15.73) | $ 11.89 | $ (2.51) |
Diluted | $ 5.02 | $ (15.73) | $ 11.83 | $ (2.51) |
Basic weighted-average common shares outstanding | 40,350 | 40,638 | 40,441 | 40,597 |
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 40,769 | 40,638 | 40,871 | 40,597 |
Commitments And Contingencies_2
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 143,592 | $ 144,618 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,038 | $ 34,444 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total, Before Tax | $ (26,426) | $ 88,640 | $ (333,827) | $ 145,950 | |
Total, Tax Effect | 1,447 | (20,915) | 25,602 | (13,433) | |
Total, Net of Tax | (24,979) | 67,725 | (308,225) | 132,517 | |
URA(D) On Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Before Tax | (24,248) | (3,197) | (274,679) | 18,844 | |
Tax Effect | 1,963 | (2,835) | 19,803 | 3,699 | |
Net of Tax | (22,285) | (6,032) | (254,876) | 22,543 | |
Reclassification, Before Tax | 2,175 | (6,598) | (7,800) | (24,373) | |
Reclassification, Tax Effect | (758) | 1,061 | 694 | 7,644 | |
Reclassification, Net of Tax | 1,417 | (5,537) | (7,106) | (16,729) | |
Total, Net of Tax | (261,982) | $ (67,268) | |||
URA(D) On Securities OTTI [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Before Tax | 72 | 306 | 339 | (5,189) | |
Tax Effect | (69) | 55 | (145) | 1,391 | |
Net of Tax | 3 | 361 | 194 | (3,798) | |
Total, Net of Tax | 194 | (4,030) | |||
Foreign Currency Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Before Tax | (6,723) | 96,022 | (58,580) | 148,395 | |
Tax Effect | 793 | (18,458) | 6,697 | (23,271) | |
Net of Tax | (5,930) | 77,564 | (51,883) | 125,124 | |
Total, Net of Tax | (51,883) | 121,917 | |||
Benefit Plan Net Gain (Loss)[Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassification, Before Tax | 2,298 | 2,107 | 6,893 | 8,273 | |
Reclassification, Tax Effect | (482) | (738) | (1,447) | (2,896) | |
Reclassification, Net of Tax | $ 1,816 | $ 1,369 | 5,446 | $ 5,377 | |
Total, Net of Tax | $ 5,446 | $ 6,504 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ 58,629 | $ 43,020 | $ 50,462 | $ 124,719 |
Income tax expense (benefit) | (8,192) | (264,693) | (9,999) | (188,064) |
URA(D) On Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other underwriting expenses | 2,175 | (6,598) | (7,800) | (24,373) |
Income tax expense (benefit) | (758) | 1,061 | 694 | 7,644 |
Net income (loss) | 1,417 | (5,537) | (7,106) | (16,729) |
URA(D) On Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | 2,175 | (6,598) | (7,800) | (24,373) |
Income tax expense (benefit) | (758) | 1,061 | 694 | 7,644 |
Net income (loss) | 1,417 | (5,537) | (7,106) | (16,729) |
Benefit Plan Net Gain (Loss)[Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | (482) | (738) | (1,447) | (2,896) |
Other underwriting expenses | 2,298 | 2,107 | 6,893 | 8,273 |
Income tax expense (benefit) | (482) | (738) | (1,447) | (2,896) |
Net income (loss) | $ 1,816 | $ 1,369 | $ 5,446 | $ 5,377 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance, beginning of period | $ 8,369,232 | ||||
Current period change | $ (24,979) | $ 67,725 | (308,225) | $ 132,517 | |
Cumulative change due to ASU 2016-01 | (1,201) | (1,201) | |||
Balance, end of period | 8,329,013 | 7,969,331 | 8,329,013 | 7,969,331 | $ 8,369,232 |
URA(D) On Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance, beginning of period | 49,969 | 115,558 | 115,558 | ||
Current period change | (261,982) | (67,268) | |||
Cumulative change due to ASU 2016-01 | (1,201) | (1,201) | |||
Balance, end of period | (213,020) | (213,020) | 49,969 | ||
URA(D) On Securities [Member] | Reclass due to early adoption of ASU 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Current period change | 5,709 | ||||
URA(D) On Securities OTTI [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Current period change | 194 | (4,030) | |||
Foreign Currency Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance, beginning of period | (138,931) | (266,818) | (266,818) | ||
Current period change | (51,883) | 121,917 | |||
Balance, end of period | (190,814) | (190,814) | (138,931) | ||
Foreign Currency Adjustment [Member] | Reclass due to early adoption of ASU 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Current period change | 5,970 | ||||
Benefit Plan Net Gain (Loss)[Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance, beginning of period | (71,929) | (65,504) | (65,504) | ||
Current period change | 5,446 | 6,504 | |||
Balance, end of period | (66,483) | (66,483) | (71,929) | ||
Benefit Plan Net Gain (Loss)[Member] | Reclass due to early adoption of ASU 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Current period change | (12,929) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance, beginning of period | (445,338) | (151,972) | (160,891) | (216,764) | (216,764) |
Current period change | (24,979) | 67,725 | (308,225) | 132,517 | |
Cumulative change due to ASU 2016-01 | (1,201) | (1,201) | |||
Balance, end of period | $ (470,317) | $ (84,247) | $ (470,317) | $ (84,247) | $ (160,891) |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) £ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018GBP (£)item | Dec. 31, 2017GBP (£) | Dec. 31, 2015 | Sep. 30, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||
Line of credit facility, number of facilities | item | 2 | ||||
Line of credit facility, commitment | $ 1,050,000 | ||||
Wells Fargo Bank Group Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, number of tranches | item | 2 | 2 | |||
Line of credit facility, term of credit facility | 4 years | ||||
Line of credit facility, commitment | $ 800,000 | $ 800,000 | |||
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | 0.35 | |||
Line of credit facility, required minimum net worth | $ 5,370,979 | ||||
Percentage amount of consolidated net income required to be reserved to maintain compliance with facility covenants | 25.00% | ||||
Percentage amount of increase in consolidated net worth from new issuance required to be reserved to maintain compliance with facility covenants | 25.00% | ||||
Increase in reserves due to new issuance during the period required to maintain compliance with facility covenants | 5,993,378 | ||||
Wells Fargo Bank Group Credit Facility [Member] | Before Amended And Restated Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, term of credit facility | 5 years | ||||
Line of credit facility, commitment | 800,000 | ||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, commitment | 200,000 | 200,000 | |||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Interest Rate Base Rate Option 1(b) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, spread on variable rate basis | 0.50% | ||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Interest Rate Base Rate Option 1(c) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, spread on variable rate basis | 1.00% | ||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Expiration Date | Dec. 31, 2018 | Dec. 31, 2018 | |||
Line of credit facility, commitment | 600,000 | 600,000 | |||
Citibank Holdings Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, term of credit facility | 3 years | ||||
Citibank Bilateral Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, initiation date | Dec. 29, 2017 | ||||
Line of credit facility, commitment | $ 250,000 | $ 250,000 | |||
Per annum commitment fee on undrawn credit | 0.15% | ||||
Citibank Bilateral Agreement [Member] | Interest Rate Base Rate Option 1(a) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of interest on the principal amount of letters of credit issued | 0.35% | ||||
Maximum term allowed to execute issued letters of credit | 15 months | ||||
Citibank Bilateral Agreement [Member] | Interest Rate Base Rate Option 1(b) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of interest on the principal amount of issued extended tenor letters of credit | 0.45% | ||||
Maximum term allowed to execute issued letters of credit | 60 months | ||||
Everest International Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | 0.35 | |||
Line of credit facility, required minimum net worth | $ 5,326,009 | ||||
Consolidated net worth, percentage | 70.00% | ||||
Percentage amount of consolidated net income required to be reserved to maintain compliance with facility covenants | 25.00% | ||||
Percentage amount of increase in consolidated net worth from new issuance required to be reserved to maintain compliance with facility covenants | 25.00% | ||||
Increase in reserves due to new issuance during the period required to maintain compliance with facility covenants | $ 5,993,378 | ||||
Lloyds Bank plc Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, initiation date | Nov. 9, 2016 | ||||
Line of credit facility, term of credit facility | 4 years | ||||
Line of credit facility, commitment | £ | £ 145,000 | £ 145,000 | |||
Percentage commitment fee per annum | 0.10% | ||||
Per annum commitment fee on undrawn credit | 0.35% |
Credit Facilities (Summary Of C
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Credit Facilities [Abstract] | ||||
Credit facility interest and fees incurred | $ 105 | $ 105 | $ 315 | $ 315 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings) (Details) £ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018GBP (£) | Dec. 31, 2017GBP (£) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||||
Commitment | $ 1,050,000 | |||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 200,000 | $ 200,000 | ||
In Use | ||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 600,000 | 600,000 | ||
In Use | 548,002 | 538,214 | ||
Date of Expiry | Dec. 31, 2018 | Dec. 31, 2018 | ||
Wells Fargo Bank Group Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 800,000 | 800,000 | ||
In Use | 548,002 | 538,214 | ||
Citibank Bilateral Letter Of Credit Agreement One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 250,000 | 250,000 | ||
In Use | 3,672 | 3,297 | ||
Date of Expiry | Nov. 24, 2018 | Feb. 28, 2018 | ||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 59,270 | 3,672 | ||
Date of Expiry | Dec. 31, 2018 | Nov. 24, 2018 | ||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 2,412 | 73,626 | ||
Date of Expiry | Feb. 28, 2019 | Dec. 31, 2018 | ||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 2,249 | 344 | ||
Date of Expiry | Dec. 31, 2019 | Aug. 30, 2019 | ||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 300 | 93,855 | ||
Date of Expiry | Aug. 15, 2020 | Dec. 30, 2021 | ||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 76,434 | |||
Date of Expiry | Sep. 30, 2022 | |||
Citibank Bilateral Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 250,000 | 250,000 | ||
In Use | $ 144,337 | $ 174,794 | ||
Lloyds Bank PLC [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | £ | £ 145,000 | £ 145,000 | ||
Lloyd's Bank Issuance One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | £ | ||||
Lloyds Bank plc Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | £ | £ 145,000 | £ 145,000 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Apr. 30, 2018USD ($)item | Apr. 01, 2018USD ($) | Apr. 13, 2017USD ($)item | Dec. 01, 2015USD ($)item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Effects of Reinsurance [Line Items] | ||||||||
Amount on deposit in trust accounts | $ 737,921 | |||||||
Preferred shares | ||||||||
Reinsurance agreements expriation date | Apr. 1, 2018 | |||||||
Kilimanjaro Re Limited [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | item | 6 | 2 | 2 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | item | 4 | |||||||
Reinsurance coverage amount | $ 500,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 Through 3 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | item | 3 | |||||||
Reinsurance Contracts | 4 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 And 2 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | item | 2 | |||||||
Reinsurance Contracts | 4 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 And 4 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | item | 2 | |||||||
Reinsurance Contracts | 5 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 Through 6 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | item | 3 | |||||||
Reinsurance Contracts | 5 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | $ 62,500 | $ 225,000 | $ 300,000 | $ 250,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 200,000 | 400,000 | 325,000 | 200,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 62,500 | 325,000 | ||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 200,000 | 50,000 | ||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 75,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 175,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2014-1 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | $ 450,000 | |||||||
Catastrophe Reinsurance Bonds Redeemed Amount | 450,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2014-2 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | $ 500,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2015-1 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | $ 625,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2017-1 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | 950,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2017-2 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | $ 300,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2018-1 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | 262,500 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2018-2 Notes [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds funded amount | $ 262,500 | |||||||
Mt. Logan Re [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Percentage of voting common shares owned by Group | 100.00% | |||||||
Assumed net risk exposures | $ 1,168,237 | 837,202 | ||||||
Preferred shares | $ 46,945 | $ 50,373 | ||||||
Retrocede amount | $ 269,198 | |||||||
Cash transferred | 252,000 | |||||||
Mt. Logan Re [Member] | Minimum [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Accident year | 2,002 | |||||||
Mt. Logan Re [Member] | Maximum [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Accident year | 2,015 | |||||||
Liability retroceded | $ 319,000 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - Mt. Logan Re Segregated Accounts [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 63,745 | $ 64,003 | $ 190,668 | $ 160,949 |
Ceded earned premiums | 54,905 | 55,708 | 181,381 | 154,191 |
Ceded losses and LAE | 27,593 | 197,395 | 182,424 | 241,792 |
Assumed written premiums | 3,219 | 2,587 | 7,866 | 9,082 |
Assumed earned premiums | 3,219 | 2,587 | 7,866 | 9,082 |
Assumed losses and LAE |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Principal amounts | $ 400,000,000 | |
Debt Instrument, Term | 30 years | |
Debt instrument, stated interest rate | 4.868% | 4.868% |
Maturity Date | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 396,924,000 | $ 396,834,000 |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | |
Principal amounts | $ 400,000,000 | |
Consolidated balance sheet amount | 396,924,000 | $ 396,834,000 |
Market value | $ 395,924,000 | $ 420,340,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 14,604 | $ 14,604 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Redemption date | May 1, 2047 | |
6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Maturity Date | May 1, 2067 | |
Reset quarterly interest rate | 4.70% | |
Percentage of principal amount required for redemption | 100.00% | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Outstanding debt reduction | $ 161,441 | |
Fixed Rate Interest Period [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | |
Interest payment commencement date | Nov. 15, 2007 | |
Interest basis, term of LIBOR rate | 3 months | |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Fixed Rate Interest Period [Member] | 6.6 % Long Term Subordinated Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 3, 2007 | |
Fixed Rate Interest Period [Member] | 6.6 % Long Term Subordinated Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 14, 2017 | |
5.4% Senior notes due 10/15/2014 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Maturity Date | Oct. 15, 2014 | |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Maturity Date | Jun. 1, 2044 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 236,634,000 | $ 236,561,000 |
6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity Date | May 1, 2067 | |
Consolidated balance sheet amount | $ 236,634,000 | $ 236,561,000 |
Market value | $ 234,981,000 | $ 233,072,000 |
Scheduled [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 | |
Final [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 1, 2067 |
Long Term Subordinated Notes _2
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 2,875 | $ 2,240 | $ 7,968 | $ 9,210 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 1,731,479 | $ 1,598,875 | $ 5,080,724 | $ 4,280,653 |
Incurred losses and LAE | 1,251,858 | 2,210,082 | 3,650,349 | 3,842,145 |
Commission and brokerage | 381,401 | 333,113 | 1,122,442 | 915,338 |
Other underwriting expenses | 97,942 | 73,145 | 287,325 | 227,901 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 940,839 | 908,256 | 2,237,170 | 1,962,207 |
Net written premiums | 845,743 | 809,298 | 1,957,877 | 1,711,934 |
Premiums earned | 670,663 | 649,772 | 1,837,932 | 1,609,790 |
Incurred losses and LAE | 440,070 | 925,436 | 1,494,916 | 1,455,123 |
Commission and brokerage | 156,500 | 113,449 | 432,532 | 328,230 |
Other underwriting expenses | 16,250 | 12,095 | 48,608 | 40,624 |
Underwriting gain (loss) | 57,843 | (401,208) | (138,124) | (214,187) |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 362,651 | 344,805 | 1,128,399 | 931,008 |
Net written premiums | 348,785 | 330,761 | 1,049,249 | 848,792 |
Premiums earned | 342,238 | 305,951 | 1,049,637 | 841,348 |
Incurred losses and LAE | 310,400 | 563,082 | 738,830 | 895,071 |
Commission and brokerage | 81,439 | 68,441 | 255,704 | 199,438 |
Other underwriting expenses | 10,191 | 8,307 | 31,116 | 27,601 |
Underwriting gain (loss) | (59,792) | (333,879) | 23,987 | (280,762) |
Bermuda [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 377,916 | 311,781 | 1,163,042 | 870,473 |
Net written premiums | 358,758 | 287,591 | 1,108,962 | 810,437 |
Premiums earned | 299,815 | 267,488 | 972,647 | 766,051 |
Incurred losses and LAE | 211,718 | 301,315 | 591,328 | 595,052 |
Commission and brokerage | 76,611 | 83,861 | 238,416 | 205,770 |
Other underwriting expenses | 10,752 | 9,049 | 31,647 | 27,551 |
Underwriting gain (loss) | 734 | (126,737) | 111,256 | (62,322) |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 517,258 | 480,060 | 1,668,181 | 1,483,807 |
Net written premiums | 385,487 | 370,439 | 1,241,269 | 1,179,873 |
Premiums earned | 418,763 | 375,664 | 1,220,508 | 1,063,464 |
Incurred losses and LAE | 289,670 | 420,249 | 825,275 | 896,899 |
Commission and brokerage | 66,851 | 67,362 | 195,790 | 181,900 |
Other underwriting expenses | 60,749 | 43,694 | 175,954 | 132,125 |
Underwriting gain (loss) | $ 1,493 | $ (155,641) | $ 23,489 | $ (147,460) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net investment income | $ 161,363 | $ 136,973 | $ 440,979 | $ 393,770 |
Net realized capital gains (losses) | 54,804 | 41,535 | 45,679 | 119,531 |
Net derivative gain (loss) | 2,225 | 2,656 | 5,485 | 6,052 |
Corporate expenses | (7,890) | (5,932) | (23,519) | (21,308) |
Interest, fee and bond issue cost amortization expense | (7,901) | (7,266) | (23,047) | (24,289) |
Other income (expense) | (5,458) | (54,568) | 9,642 | (59,146) |
INCOME (LOSS) BEFORE TAXES | 197,421 | (904,067) | 475,827 | (290,121) |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting gain (loss) | 278 | (1,017,465) | 20,608 | (704,731) |
Net investment income | 161,363 | 136,973 | 440,979 | 393,770 |
Net realized capital gains (losses) | 54,804 | 41,535 | 45,679 | 119,531 |
Net derivative gain (loss) | 2,225 | 2,656 | 5,485 | 6,052 |
Corporate expenses | (7,890) | (5,932) | (23,519) | (21,308) |
Interest, fee and bond issue cost amortization expense | (7,901) | (7,266) | (23,047) | (24,289) |
Other income (expense) | (5,458) | (54,568) | 9,642 | (59,146) |
INCOME (LOSS) BEFORE TAXES | $ 197,421 | $ (904,067) | $ 475,827 | $ (290,121) |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
United Kingdom Gross Written Premium [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | $ 246,580 | $ 204,774 | $ 681,911 | $ 580,559 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Narrative) (Details) - Restricted Shares [Member] - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation awards, number of restricted shares granted | 7,860 | |
Share-based compensation awards, grant date | Sep. 13, 2018 | |
Share-based compensation awards, per option fair value | $ 218.065 |
Retirement Benefits (Summary Of
Retirement Benefits (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 77,000 | $ 10,000 | $ 77,000 | $ 10,000 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,977 | 2,737 | 8,931 | 9,335 |
Interest cost | 2,585 | 2,509 | 7,754 | 7,060 |
Expected return on plan assets | (3,670) | (3,263) | (11,011) | (9,572) |
Amortization of net (income) loss | 2,237 | 2,091 | 6,710 | 8,172 |
Net periodic benefit cost | 4,129 | 4,074 | 12,384 | 14,995 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 446 | 392 | 1,339 | 1,273 |
Interest cost | 307 | 296 | 920 | 793 |
Amortization of prior service cost | (33) | (33) | (98) | (98) |
Amortization of net (income) loss | 94 | 48 | 282 | 199 |
Net periodic benefit cost | $ 814 | $ 703 | $ 2,443 | $ 2,167 |