Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 01, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-15731 | ||
Entity Registrant Name | EVEREST RE GROUP, LTD. | ||
Entity Incorporation State Country Code | D0 | ||
Entity Tax Identification Number | 98-0365432 | ||
Entity Address Address Line 1 | Seon Place – 4 | ||
Entity Address Address Line 2 | 141 Front Street | ||
Entity Address Address Line 3 | PO Box HM 845 | ||
Entity Address City Or Town | Hamilton | ||
Entity Address Postal Zip Code | HM 19 | ||
Entity Address Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 295-0006 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,070,237 | ||
Security 12b Title | Common Shares, $0.01 par value | ||
Trading Symbol | RE | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 40,813,432 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001095073 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2019, $16,473,491 ; 2018, $15,406,572 ) | $ 16,824,944 | $ 15,225,263 |
Fixed maturities - available for sale, at fair value | 5,826 | 2,337 |
Equity securities, at fair value | 931,457 | 716,639 |
Short-term investments (cost: 2019, $414,639 ; 2018, $241,010 ) | 414,706 | 240,987 |
Other invested assets (cost: 2019, $1,763,531 ; 2018, $1,591,745 ) | 1,763,531 | 1,591,745 |
Cash | 808,036 | 656,095 |
Total investments and cash | 20,748,500 | 18,433,066 |
Accrued investment income | 116,804 | 104,619 |
Premiums receivable | 2,259,088 | 2,183,183 |
Reinsurance receivables | 1,763,471 | 1,787,648 |
Funds held by reinsureds | 489,901 | 435,031 |
Deferred acquisition costs | 581,863 | 511,573 |
Prepaid reinsurance premiums | 445,716 | 343,343 |
Income taxes | 305,711 | 594,487 |
Other assets | 612,997 | 358,042 |
TOTAL ASSETS | 27,324,051 | 24,750,992 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 13,611,313 | 13,119,090 |
Future policy benefit reserve | 42,592 | 46,778 |
Unearned premium reserve | 3,056,735 | 2,517,612 |
Funds held under reinsurance treaties | 10,668 | 13,099 |
Other net payable to reinsurers | 291,660 | 218,439 |
Loss in course of payment | 51,950 | 85,519 |
Senior notes due 6/1/2044 | 397,074 | 396,954 |
Long term notes due 5/1/2067 | 236,758 | 236,659 |
Accrued interest on debt and borrowings | 2,878 | 3,093 |
Equity index put option liability | 5,584 | 11,958 |
Unsettled securities payable | 30,650 | 51,112 |
Other liabilities | 453,264 | 189,882 |
Total liabilities | 18,191,126 | 16,890,195 |
Commitments and contingencies (Note 15) | ||
SHAREHOLDERS' EQUITY: | ||
Preferred shares, par value | ||
Common shares, par value: $0.01; 200,000 shares authorized; (2019) 69,464 and (2018) 69,202 outstanding before treasury shares | 694 | 692 |
Additional paid-in capital | 2,219,660 | 2,188,777 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $30,996 at 2019 and ($20,697) at 2018 | 28,152 | (462,557) |
Treasury shares, at cost; 28,665 shares (2019) and 28,551 shares (2018) | (3,422,152) | (3,397,548) |
Retained earnings | 10,306,571 | 9,531,433 |
Total shareholders' equity | 9,132,925 | 7,860,797 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 27,324,051 | $ 24,750,992 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 16,473,491 | $ 15,406,572 |
Short-term investments, at cost | 414,639 | 241,010 |
Other invested assets, at cost | $ 1,763,531 | $ 1,591,745 |
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 Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common shares, outstanding | 69,464,000 | 69,202,000 |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ 30,996 | $ (20,697) |
Treasury shares | 28,665,000 | 28,551,000 |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt instrument, maturity date | Jun. 1, 2044 | |
6.6 % Long Term Subordinated Notes [Member] | Subordinated Debt [Member] | ||
Debt instrument, maturity date | May 1, 2067 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | |||
Premiums earned | $ 7,403,686 | $ 6,931,699 | $ 5,937,840 |
Net Investment Income | 647,139 | 581,183 | 542,898 |
Other-than-temporary impairments on fixed maturity securities | 20,899 | 8,110 | 7,093 |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income | |||
Other net realized capital gains (losses) | 205,903 | (119,026) | 160,287 |
Total net realized capital gains (losses) | 185,004 | (127,136) | 153,194 |
Derivative, Gain (Loss) on Derivative, Net | 6,374 | 520 | 9,581 |
Other income (expense) | (11,034) | (24,771) | (21,215) |
Total revenues | 8,231,169 | 7,361,495 | 6,622,298 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 4,922,898 | 5,651,403 | 4,522,581 |
Commission, brokerage, taxes and fees | 1,703,726 | 1,519,030 | 1,303,963 |
Other underwriting expenses | 440,899 | 371,541 | 318,817 |
Corporate Expenses | 32,966 | 30,672 | 25,923 |
Total claims and expenses | 7,132,182 | 7,603,677 | 6,202,887 |
INCOME (LOSS) BEFORE TAXES | 1,098,987 | (242,182) | 419,411 |
Income tax expense (benefit) | 89,526 | (331,223) | (63,340) |
NET INCOME (LOSS) | 1,009,461 | 89,041 | 482,751 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 496,430 | (255,656) | (64,348) |
Reclassification adjustment for realized losses (gains) included in net income (loss) | (12,613) | 27,496 | (6,950) |
Total URA(D) on securities arising during the period | 483,817 | (228,160) | (71,298) |
Foreign currency translation adjustments | 14,030 | (76,816) | 121,917 |
Benefit plan actuarial net gain (loss) for the period | (12,591) | (510) | 1,027 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,453 | 5,021 | 5,477 |
Total benefit plan net gain (loss) for the period | (7,138) | 4,511 | 6,504 |
Total other comprehensive income (loss), net of tax | 490,709 | (300,465) | 57,123 |
COMPREHENSIVE INCOME (LOSS) | $ 1,500,170 | $ (211,424) | $ 539,874 |
EARNINGS PER COMMON SHARE: | |||
Basic | $ 24.77 | $ 2.18 | $ 11.77 |
Diluted | $ 24.70 | $ 2.17 | $ 11.70 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (1,250) | $ 1,250 | |||||
Balance at Dec. 31, 2016 | $ 689 | $ 2,140,783 | (216,764) | 9,380,653 | $ (3,272,244) | ||
Balance, shares at Dec. 31, 2016 | 40,898,864 | ||||||
Issued during the period, net, shares | 172,901 | ||||||
Treasury shares acquired, shares | (236,493) | ||||||
Issued during the period, net | 2 | ||||||
Share-based compensation plans | 24,985 | ||||||
Net increase (decrease) during the period | $ 57,123 | 57,123 | |||||
Net income (loss) | 482,751 | 482,751 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (207,242) | (207,242) | |||||
Purchase of treasury shares | (50,000) | ||||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (1,201) | 1,201 | |||||
Net income (loss) | 215,186 | 215,186 | |||||
Balance at Mar. 31, 2018 | 8,320,552 | 9,820,559 | |||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Net income (loss) | 275,973 | 275,973 | |||||
Balance at Jun. 30, 2018 | 8,208,613 | 9,828,106 | |||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Net income (loss) | 474,354 | 474,354 | |||||
Balance at Sep. 30, 2018 | 8,289,045 | 9,973,624 | |||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Issued during the period, net, shares | 158,055 | ||||||
Treasury shares acquired, shares | (342,179) | ||||||
Issued during the period, net | 1 | ||||||
Share-based compensation plans | 23,009 | ||||||
Net increase (decrease) during the period | (300,465) | (300,465) | |||||
Net income (loss) | 89,041 | 89,041 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (216,221) | (216,221) | |||||
Purchase of treasury shares | (75,304) | ||||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Balance at Mar. 31, 2018 | $ 8,320,552 | 9,820,559 | |||||
Net income (loss) | 60,787 | 60,787 | |||||
Balance at Jun. 30, 2018 | 8,208,613 | 9,828,106 | |||||
Net income (loss) | 198,381 | 198,381 | |||||
Balance at Sep. 30, 2018 | 8,289,045 | 9,973,624 | |||||
Net income (loss) | (385,313) | ||||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | |||||||
Net income (loss) | $ 354,551 | 354,551 | |||||
Balance at Mar. 31, 2019 | 8,389,273 | 9,828,847 | |||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Net income (loss) | $ 687,419 | ||||||
Balance at Jun. 30, 2019 | 8,836,817 | 10,104,716 | |||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Issued during the period, net, shares | 262,448 | ||||||
Treasury shares acquired, shares | (114,633) | ||||||
Issued during the period, net | 2 | ||||||
Share-based compensation plans | 30,883 | ||||||
Net increase (decrease) during the period | $ 490,709 | 490,709 | |||||
Net income (loss) | 1,009,461 | 1,009,461 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (234,322) | (234,322) | |||||
Purchase of treasury shares | (24,604) | ||||||
Balance at Dec. 31, 2019 | $ 9,132,925 | $ 694 | $ 2,219,660 | $ 28,152 | 10,306,571 | $ (3,422,152) | |
Balance, shares at Dec. 31, 2019 | 69,464,000 | 40,798,963 | |||||
Balance at Mar. 31, 2019 | $ 8,389,273 | 9,828,847 | |||||
Net income (loss) | 332,868 | 332,868 | |||||
Balance at Jun. 30, 2019 | $ 8,836,817 | $ 10,104,716 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | |||
Dividends declared | $ 5.75 | $ 5.30 | $ 5.05 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 1,009,461 | $ 89,041 | $ 482,751 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (62,018) | (382,987) | (350,446) |
Decrease (increase) in funds held by reinsureds, net | (56,722) | (153,627) | (33,220) |
Decrease (increase) in reinsurance receivables | 67,444 | (511,592) | (238,485) |
Decrease (increase) in income taxes | 237,479 | (265,065) | (114,077) |
Decrease (increase) in prepaid reinsurance premiums | (95,207) | (65,925) | (86,049) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 402,380 | 1,377,711 | 1,376,321 |
Increase (decrease) in future policy benefit reserve | (4,186) | (4,236) | (4,060) |
Increase (decrease) in unearned premiums | 521,709 | 542,023 | 401,174 |
Increase (decrease) in other net payable to reinsurers | 66,477 | 12,276 | 10,071 |
Increase (decrease) in losses in course of payment | (33,557) | 123,209 | (105,371) |
Change in equity adjustments in limited partnerships | (108,332) | (102,052) | (82,713) |
Distribution of limited partnership income | 81,300 | 84,623 | 50,825 |
Change in other assets and liabilities, net | (54,176) | (322,107) | (66,998) |
Non-cash compensation expense | 34,018 | 32,369 | 30,297 |
Amortization of bond premium (accrual of bond discount) | 30,936 | 29,272 | 45,867 |
Net realized capital (gains) losses | (185,004) | 127,136 | (153,194) |
Net cash provided by (used in) operating activities | 1,852,002 | 610,069 | 1,162,693 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 2,302,299 | 1,973,652 | 2,160,298 |
Proceeds from fixed maturities sold - available for sale, at market value | 3,280,237 | 3,148,428 | 2,401,844 |
Proceeds from fixed maturities sold - available for sale, at fair value | 2,917 | 1,751 | |
Proceeds from equity securities sold, at market value | 19,574 | ||
Proceeds from equity securities sold, at fair value | 283,965 | 1,199,409 | 631,859 |
Distributions from other invested assets | 284,558 | 3,102,018 | 5,579,043 |
Cost of fixed maturities acquired - available for sale, at market value | (6,613,917) | (5,909,504) | (5,131,098) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,243) | (4,381) | |
Cost of equity securities acquired, at market value | (22,033) | ||
Cost of equity securities acquired, at fair value | (329,417) | (921,937) | (438,641) |
Cost of other invested assets acquired | (425,438) | (3,370,455) | (5,829,271) |
Net change in short-term investments | (167,290) | 455,350 | (73,923) |
Net change in unsettled securities transactions | (26,163) | 46,048 | (30,229) |
Net cash provided by (used in) investing activities | (1,412,492) | (279,621) | (732,577) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Common shares issued during the period for share-based compensation, net of expense | (3,134) | (8,157) | (5,310) |
Purchase of treasury shares | (24,604) | (75,304) | (50,000) |
Dividends paid to shareholders | (234,322) | (216,221) | (207,242) |
Cost of shares withheld on settlements of share-based compensation awards | (13,627) | (16,912) | (12,906) |
Net cash provided by (used in) financing activities | (275,687) | (316,594) | (275,458) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (11,882) | 7,174 | (1,513) |
Net increase (decrease) in cash | 151,941 | 21,028 | 153,145 |
Cash, beginning of period | 656,095 | 635,067 | 481,922 |
Cash, end of period | 808,036 | 656,095 | 635,067 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | (148,585) | (65,064) | 164,856 |
Interest paid | 31,689 | 30,447 | 35,973 |
NON-CASH TRANSACTIONS: | |||
Fixed maturities - available for sale, at market value | 143,656 | ||
Short-term investments | 243,864 | ||
Other invested assets | $ (387,520) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Business and Basis of Presentation. Everest 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. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), designated activity company (“Ireland Insurance”), Everest Reinsurance Company (Ireland), designated activity company (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”) and Everest Security Insurance Company (“Everest Security”). All amounts are reported in U.S. dollars. 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 have control and 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. Effective January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis” issued by the United States Financial Accounting Standards Board (“FASB”), which changed the method in which the Company determines whether entities are consolidated by the Company. The adoption of this amended accounting guidance was implemented utilizing a full retrospective application for prior periods. The amended guidance includes changes in the identification of the primary beneficiary of companies considered to be VIEs. These changes resulted in the Company concluding that Mt. Logan Re, Ltd. (Bermuda) (“Mt. Logan Re”) is a VIE given it has insufficient equity at risk and that each underlying separate segregated account is likewise a VIE. The Company has concluded that it is the primary beneficiary of Mt. Logan Re, but not of the underlying separate segregated accounts and therefore has deconsolidated these segregated accounts. This change had no impact to the net income or retained earnings of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2019 presentation. B. Investments. Fixed maturity investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. Fixed maturity and equity securities carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders’ equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. As of January 1, 2018, the Company carries all of its equity securities at fair value. For equity securities, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are reviewed by the Company for reasonableness. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts and prior to July 1, 2018, a private placement liquidity sweep facility. Cash contributions to and cash distributions from the sweep facility were reported gross in cash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management’s assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 Reinsurance receivables and premium receivables $ 25,605 25,611 D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Deferred acquisition costs $ 1,703,726 $ 1,519,030 $ 1,303,963 E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental (“A&E”) exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. F. Future Policy Benefit Reserve. Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. G. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. H. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2019 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company. I. Income Taxes. Holdings and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign subsidiaries and branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. J. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in shareholders’ equity. K. 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. Years Ended December 31, (Dollars in thousands, except per share amounts) 2019 2018 2017 Net income (loss) per share: Numerator Net income (loss) $ 1,009,461 $ 89,041 $ 482,751 Less: dividends declared-common shares and nonvested common shares ( 234,322) ( 216,221) ( 207,242) Undistributed earnings 775,139 ( 127,180) 275,508 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 766,386 ( 125,848) 272,589 Add: dividends declared-common shareholders 231,796 214,088 205,182 Numerator for basic and diluted earnings per common share $ 998,182 $ 88,239 $ 477,771 Denominator Denominator for basic earnings per weighted-average common shares 40,291 40,388 40,595 Effect of dilutive securities: Options 129 198 248 Denominator for diluted earnings per adjusted weighted-average common shares 40,420 40,586 40,843 Per common share net income (loss) Basic $ 24.77 $ 2.18 $ 11.77 Diluted $ 24.70 $ 2.17 $ 11.70 (1) Basic weighted-average common shares outstanding 40,291 40,388 40,595 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,751 40,816 41,030 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the years ended December 31, 2019, 2018 and 2017. All outstanding options expire on or between February 24, 2020 and September 19, 2022. L. Segmentation. The Company, through its subsidiaries, operates in four segments: U.S. Reinsurance, International, Bermuda and Insurance. See also Note 17. M. Derivatives. The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company’s position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2019, four of these contracts had already expired, with no liability due under the terms of the contract. 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 December 31, hedging instruments in balance sheets 2019 2018 Equity index put option contracts Equity index put option liability $ 5,584 $ 11,958 Total $ 5,584 $ 11,958 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) Location of gain (loss) in statements of operations and comprehensive income (loss) For the Years Ended December 31, Derivatives not designated as hedging instruments 2019 2018 2017 Equity index put option contracts Net derivative gain (loss) $ 6,374 $ 520 $ 9,581 Total $ 6,374 $ 520 $ 9,581 N. Deposit Assets and Liabilities. In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company’s consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). O. Share-Based Compensation. Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 16. P. Application of Recently Issued Accounting Guidance. Accounting for Income Taxes . In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its financial statements. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchange Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simplification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main changes addressed by the Rule that are applicable to the Company are 1) elimination of the requirement to disclose dividend per share information on the face of the Statements of Operations and Comprehensive Income (Loss) and 2) a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders’ Equity which was to be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company does not expect the adoption of ASU 2018-15 to have a material impact on its financial statements. Accounting for Long Duration Contracts. In August 2018, FASB issued ASU 2018-12, which discusses changes to the recognition, measurement and presentation of long duration contracts. The main provisions of this guidance address the following: 1) In determining liability for future policy benefits, companies must review cash flow assumptions at least annually and the discount rate assumption at each reporting period date 2) Amortization of deferred acquisition costs has been simplified to be in constant level proportion to either premiums, gross profits or gross margins 3) Disaggregated roll forwards of beginning and ending liabilities for future policy benefits are required. The guidance was originally effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. However, FASB issued ASU 2019-09 in November 2019 which defers the effective date of ASU 2018-12 until annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its financial statements. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02 which outlines guidance on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. The new guidance allows the amount of trapped deferred taxes in AOCI, resulting from the change in the U.S. tax rate from 35% to 21% upon enactment of the Tax Cuts and Jobs Act (“TCJA”), to be reclassified as part of retained earnings in the consolidated balance sheets. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is allowed. The Company decided to early adopt the guidance as of December 31, 2017. The adoption resulted in a reclass of $ 1,250 thousand between AOCI and retained earnings during the fourth quarter of 2017. As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. Accounting for Impact on Income Taxes due to Tax Reform. In December 2017, the SEC issued Staff Accounting Bulletin (“SAB”) 118 which provides guidance on the application of FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, due to the enactment of TCJA. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount of tax expense it recorded in 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company’s financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which outlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The adoption of ASU 2017-08 did not have a material impact on the Company’s financial statements. Presentation and Disclosure of Net Periodic Benefit Costs. In March 2017, FASB issued ASU 2017-07 which outlines guidance on the presentation of net periodic costs of benefit plans. The new guidance requires that the service cost component of net periodic benefit costs be reported within the same line item of the statements of operations as other compensation costs are reported. Other components of net periodic benefit costs should be reported separately. Footnote disclosure is required to state within which line items of the statements of operations the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impact on the Company’s financial statements. Disclosure of Restricted Cash. In November 2016, FASB issued ASU 2016-18 and in August 2016, FASB issued ASU 2016-15 which outline guidance on the presentation in the statements of cash flows of changes in restricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in total and not segregated individually. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-18 and ASU 2016-15 did not have a material impact on the Company’s financial statements. Intra-Entity Asset Transfers. In October 2016, FASB issued ASU 2016-16 which outlines guidance on the tax accounting for intra-entity asset sales and transfers, other than inventory. The new guidance requires that reporting entities recognize tax expense from the intra-entity transfer of an asset in the seller’s tax jurisdiction at the time of transfer and recognize any deferred tax asset in the buyer’s tax jurisdiction at the time of transfer. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-16 did not have a material impact on the Company’s financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline guidance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company does not expect the adoption of ASU 2016-13, 2019-11 and 2019-10 to have a material impact on its financial statements. Accounting for Share-Based Compensation. In March 2016, the FASB issued ASU 2016-09, authoritative guidance regarding the accounting for share-based compensation. This guidance requires that the income tax effects resulting from the change in the value of share-based compensation awards between grant and settlement will be recorded as part of the consolidated statements of operations and comprehensive income/(loss). Previously, excess tax benefits have been recorded as part of the additional paid in capital within the consolidated balance sheets. The guidance is effective for annual reporting periods beginning after December 15, 2016 and interim periods within that annual reporting period. The Company has implemented this guidance prospectively as of January 1, 2017. The guidance also requires that the cost of employee taxes paid via shares withheld upon settlement of share-based compensation awards must be shown as a financing activity within the Statements of Cash Flows. The Company has implemented this guidance retrospectively as of January 1, 2017. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | 2. INVESTMENTS The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, 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 December 31, 2019 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,489,660 $ 28,357 $ ( 2,214) $ 1,515,803 $ - Obligations of U.S. states and political subdivisions 507,353 29,651 ( 89) 536,915 - Corporate securities 6,227,661 185,052 ( 37,767) 6,374,946 469 Asset-backed securities 892,373 6,818 ( 1,858) 897,333 - Mortgage-backed securities Commercial 814,570 31,236 ( 1,249) 844,557 - Agency residential 2,173,099 36,361 ( 10,879) 2,198,581 - Non-agency residential 5,723 - ( 20) 5,703 - Foreign government securities 1,492,315 47,148 ( 33,513) 1,505,950 71 Foreign corporate securities 2,870,737 107,999 ( 33,580) 2,945,156 447 Total fixed maturity securities $ 16,473,491 $ 472,622 $ ( 121,169) $ 16,824,944 $ 987 At December 31, 2018 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,629,454 $ 16,781 $ ( 15,101) $ 2,631,134 $ - Obligations of U.S. states and political subdivisions 490,018 12,915 ( 2,839) 500,094 439 Corporate securities 5,538,582 48,465 ( 141,515) 5,445,532 1,688 Asset-backed securities 545,427 162 ( 5,492) 540,097 - Mortgage-backed securities Commercial 329,883 2,167 ( 5,340) 326,710 - Agency residential 1,832,760 7,325 ( 43,821) 1,796,264 - Non-agency residential 10,198 37 ( 26) 10,209 - Foreign government securities 1,335,328 34,743 ( 55,906) 1,314,165 98 Foreign corporate securities 2,694,922 63,994 ( 97,858) 2,661,058 320 Total fixed maturity securities $ 15,406,572 $ 186,589 $ ( 367,898) $ 15,225,263 $ 2,545 (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. The amortized cost and market value of fixed maturity securities are shown in the following 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 December 31, 2019 At December 31, 2018 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,456,960 $ 1,457,919 $ 1,328,571 $ 1,330,534 Due after one year through five years 6,757,107 6,869,359 8,114,247 8,016,490 Due after five years through ten years 3,471,370 3,609,816 2,455,911 2,413,846 Due after ten years 902,289 941,676 789,575 791,113 Asset-backed securities 892,373 897,333 545,427 540,097 Mortgage-backed securities: Commercial 814,570 844,557 329,883 326,710 Agency residential 2,173,099 2,198,581 1,832,760 1,796,264 Non-agency residential 5,723 5,703 10,198 10,209 Total fixed maturity securities $ 16,473,491 $ 16,824,944 $ 15,406,572 $ 15,225,263 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 534,410 $ ( 247,497) Fixed maturity securities, other-than-temporary impairment ( 1,559) ( 1,071) Change in unrealized appreciation (depreciation), pre-tax 532,851 ( 248,568) Deferred tax benefit (expense) ( 49,149) 20,543 Deferred tax benefit (expense), other-than-temporary impairment 115 ( 135) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ 483,817 $ ( 228,160) The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80% of their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value. Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the carrying value of the investment is written down to fair value. The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. Retrospective adjustments are 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 December 31, 2019 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 $ 85,527 $ ( 1,005) $ 249,371 $ ( 1,209) $ 334,898 $ ( 2,214) Obligations of U.S. states and political subdivisions 4,600 ( 38) 5,522 ( 51) 10,122 ( 89) Corporate securities 547,120 ( 9,877) 395,369 ( 27,890) 942,489 ( 37,767) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities Commercial 83,127 ( 689) 23,063 ( 560) 106,190 ( 1,249) Agency residential 344,267 ( 1,834) 488,680 ( 9,045) 832,947 ( 10,879) Non-agency residential 332 - 3,976 ( 20) 4,308 ( 20) Foreign government securities 210,766 ( 4,770) 283,648 ( 28,743) 494,414 ( 33,513) Foreign corporate securities 278,403 ( 7,553) 365,808 ( 26,027) 644,211 ( 33,580) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) Duration of Unrealized Loss at December 31, 2019 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 $ 67,879 $ ( 1,237) $ 416,583 $ ( 23,004) $ 484,462 $ ( 24,241) Due in one year through five years 464,753 ( 7,960) 689,195 ( 38,138) 1,153,948 ( 46,098) Due in five years through ten years 495,741 ( 12,388) 103,612 ( 11,100) 599,353 ( 23,488) Due after ten years 98,043 ( 1,658) 90,328 ( 11,678) 188,371 ( 13,336) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities 427,726 ( 2,523) 515,719 ( 9,625) 943,445 ( 12,148) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2019 were $ 3,639,991 thousand and $ 121,169 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2019, did not exceed 0.8% of the overall market value of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 26,793 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities and foreign government securities. Of these unrealized losses, $ 23,104 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 94,376 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to foreign and domestic corporate securities, foreign government securities and agency residential mortgage-backed securities. Of these unrealized losses, $ 73,144 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no 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, 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 $ 76,226 $ ( 158) $ 777,409 $ ( 14,943) $ 853,635 $ ( 15,101) Obligations of U.S. states and political subdivisions 71,559 ( 1,444) 38,105 ( 1,395) 109,664 ( 2,839) Corporate securities 2,513,463 ( 69,619) 1,683,729 ( 71,896) 4,197,192 ( 141,515) Asset-backed securities 230,285 ( 2,746) 245,300 ( 2,746) 475,585 ( 5,492) Mortgage-backed securities Commercial 71,167 ( 1,128) 154,201 ( 4,212) 225,368 ( 5,340) Agency residential 156,930 ( 975) 1,373,629 ( 42,846) 1,530,559 ( 43,821) Non-agency residential 10,174 ( 26) - - 10,174 ( 26) Foreign government securities 196,303 ( 9,719) 494,156 ( 46,187) 690,459 ( 55,906) Foreign corporate securities 939,808 ( 35,023) 782,405 ( 62,835) 1,722,213 ( 97,858) Total fixed maturity securities $ 4,265,915 $ ( 120,838) $ 5,548,934 $ ( 247,060) $ 9,814,849 $ ( 367,898) Duration of Unrealized Loss at December 31, 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 $ 454,239 $ ( 2,558) $ 427,513 $ ( 20,675) $ 881,752 $ ( 23,233) Due in one year through five years 2,014,704 ( 45,148) 2,764,981 ( 129,940) 4,779,685 ( 175,088) Due in five years through ten years 1,082,568 ( 51,300) 492,216 ( 34,210) 1,574,784 ( 85,510) Due after ten years 245,848 ( 16,957) 91,094 ( 12,431) 336,942 ( 29,388) Asset-backed securities 230,285 ( 2,746) 245,300 ( 2,746) 475,585 ( 5,492) Mortgage-backed securities 238,271 ( 2,129) 1,527,830 ( 47,058) 1,766,101 ( 49,187) Total fixed maturity securities $ 4,265,915 $ ( 120,838) $ 5,548,934 $ ( 247,060) $ 9,814,849 $ ( 367,898) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2018 were $ 9,814,849 thousand and $ 367,898 thousand, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2018, did not exceed 5.7% of the overall market value of the Company’s fixed maturity securities. The market value of the securities for the issuer with the second largest unrealized loss comprised less than 1.0% of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 120,838 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities and asset-backed securities. Of these unrealized losses, $ 74,729 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 247,060 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities, agency residential mortgage-backed securities and U.S. government agencies and corporations. Of these unrealized losses, $ 230,560 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no The components of net investment income are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturities $ 520,291 $ 465,793 $ 427,379 Equity securities 19,505 25,327 34,523 Short-term investments and cash 17,619 14,395 4,177 Other invested assets Limited partnerships 105,815 93,327 83,569 Other 14,117 16,960 10,125 Gross investment income before adjustments 677,347 615,802 559,773 Funds held interest income (expense) 13,271 6,300 11,874 Future policy benefit reserve income (expense) ( 1,380) ( 1,419) ( 1,282) Gross investment income 689,238 620,683 570,365 Investment expenses ( 42,099) ( 39,500) ( 27,467) Net investment income $ 647,139 $ 581,183 $ 542,898 The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. The Company had contractual commitments to invest up to an additional $ 1,016,811 thousand in limited partnerships and private placement loans at December 31, 2019. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026 Beginning in 2016, the Company participated in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. Through the second quarter of 2018, the Company’s participation in the facility was classified within other invested assets on the Company’s Balance Sheets. Starting in the third quarter of 2018, the Company 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 reclassified $ 143,656 thousand from other invested assets to fixed maturity securities, available for sale, at market value and reclassified $ 243,864 thousand from other invested assets to short-term investments. As of December 31, 2019, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 308,711 thousand. The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturity securities, market value: Other-than-temporary impairments $ ( 20,899) $ ( 8,110) $ ( 7,093) Gains (losses) from sales 28,025 ( 21,719) 17,714 Fixed maturity securities, fair value: Gains (losses) from sales 355 ( 1,799) - Gains (losses) from fair value adjustments 1,808 1,506 - Equity securities, market value: Gains (losses) from sales - - ( 3,424) Equity securities, fair value: Gains (losses) from sales 4,148 ( 29,941) 6,969 Gains (losses) from fair value adjustments 165,200 ( 68,832) 138,973 Other invested assets 6,003 1,815 61 Short-term investments gain (loss) 364 ( 56) ( 6) Total net realized capital gains (losses) $ 185,004 $ ( 127,136) $ 153,194 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: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Proceeds from sales of fixed maturity securities $ 3,283,154 $ 3,150,179 $ 2,401,844 Gross gains from sales 63,721 33,996 58,589 Gross losses from sales ( 35,341) ( 57,514) ( 40,875) Proceeds from sales of equity securities $ 283,965 $ 1,199,409 $ 651,433 Gross gains from sales 14,274 31,718 24,809 Gross losses from sales ( 10,126) ( 61,659) ( 21,264) |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 12 Months Ended |
Dec. 31, 2019 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses LAE And Future Policy Benefit Reserve | 3. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Reserves for losses and LAE. Activity in the reserve for losses and LAE is summarized for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross reserves beginning of period $ 13,119,090 $ 11,884,321 10,312,313 Less reinsurance recoverables ( 1,619,641) ( 1,212,649) ( 990,862) Net reserves beginning of period 11,499,449 10,671,672 9,321,451 Incurred related to: Current year 4,986,456 5,264,327 4,815,967 Prior years ( 63,558) 387,076 ( 293,386) Total incurred losses and LAE 4,922,898 5,651,403 4,522,581 Paid related to: Current year 2,042,246 1,700,765 1,280,605 Prior years 2,460,825 3,011,175 2,062,634 Total paid losses and LAE 4,503,071 4,711,940 3,343,239 Foreign exchange/translation adjustment 51,325 ( 111,686) 170,879 Net reserves end of period 11,970,601 11,499,449 10,671,672 Plus reinsurance recoverables 1,640,712 1,619,641 1,212,649 Gross reserves end of period $ 13,611,313 $ 13,119,090 11,884,321 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 4,986,456 thousand, $ 5,264,327 thousand and $ 4,815,967 thousand at December 31, 2019, 2018 and 2017, respectively. The decrease in current year incurred losses from 2018 to 2019 was primarily due to $ 693,458 thousand of lower catastrophe losses in 2019 compared to 2018, partially offset by $ 415,585 thousand of additional attritional losses related to higher premiums earned in 2019 compared to 2018. Incurred prior years losses decreased by $ 63,558 thousand in 2019, increased by $ 387,076 thousand in 2018 and decreased by $293,386 thousand in 2017. The decrease for 2019 primarily related to reserve reductions associated short-tail lines of business and worker’s compensation. The increase for 2018 was mainly due to $ 561,197 thousand of adverse development on prior years catastrophe losses, primarily related to Hurricanes Harvey, Irma and Maria, as well as the 2017 California wildfires. The increase in loss estimates for Hurricanes Harvey, Irma and Maria was mostly driven by re-opened claims, loss inflation from higher than expected loss adjustment expenses and in particular, their impact on aggregate covers. This reserve increase was partially offset by $ 174,121 thousand of favorable development on prior years attritional losses which mainly related to U.S. and international property and casualty reinsurance business, as well as favorable development in the Insurance segment which largely related to workers’ compensation business. The decrease for 2017 was attributable to favorable development in the reinsurance segments of $ 238,378 thousand, related primarily to property and short-tail business in the U.S. and Bermuda as well as favorable development on prior year catastrophe losses, partially offset by $ 37,137 thousand of adverse development on A&E reserves. The insurance segment also experienced favorable development on prior year reserves of $ 55,007 thousand mainly on its workers compensation business, which is largely written in California. The following is information about incurred and paid claims development as of December 31, 2019, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2018 is presented as supplementary information. These tables present eight years of incurred and paid claims development as it is impracticable to retrospectively create the tables for ten years. For the reinsurance groups, for the years prior to 2012, the total of IBNR plus expected development on reported claims was not prepared on an accident year basis. The Company calculated these IBNR amounts in the aggregate for each business unit in total as of prior year end points in time. While business written in the United States would have been allocated to accident year for regulatory reporting purposes, business written outside of the United States would not have been similarly allocated. Attempting to allocate the non-U.S. business IBNR reserves to accident year currently for older year end valuations would require making assumptions and estimates which may not be in line with assumptions that would have been made at the time. A similar situation applies to insurance where the accumulation of the business lines reported in the regulatory filings are not consistent with the breakout of the tables presented below. As a result of not being able to present the information prior to 2012, prospectively an additional year will be added to the tables each reporting year until a ten year table is presented. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. The following tables present the ultimate loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. U.S. Reinsurance – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 401,018 $ 395,794 $ 329,084 $ 325,134 $ 321,099 $ 320,958 $ 324,139 $ 312,483 1,539 N/A 2013 310,935 388,323 385,643 388,287 372,409 362,781 355,118 3,851 N/A 2014 367,492 383,657 392,379 375,404 357,608 351,033 2,232 N/A 2015 326,346 354,265 352,983 350,790 337,332 10,184 N/A 2016 330,362 354,822 355,804 343,004 56,353 N/A 2017 346,836 347,147 342,896 105,550 N/A 2018 484,218 472,532 259,800 N/A 2019 767,529 488,182 N/A $ 3,281,926 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 9,986 $ 38,496 $ 82,995 $ 143,510 $ 187,286 $ 218,653 $ 272,046 $ 286,409 2013 14,842 48,929 108,801 170,868 211,273 285,756 310,168 2014 18,809 54,255 110,249 164,552 254,077 294,533 2015 19,902 53,621 107,458 206,397 257,511 2016 18,927 58,310 137,219 193,804 2017 25,800 73,023 142,335 2018 63,140 104,690 2019 103,453 $ 1,692,901 All outstanding liabilities prior to 2012, net of reinsurance 607,385 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,196,410 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 8.4 % 10.3 % 17.7 % 19.6 % 16.6 % 14.4 % 11.7 % 4.6 % U.S. Reinsurance – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 937,720 $ 723,851 $ 723,151 $ 715,961 $ 713,237 $ 706,782 $ 692,079 $ 694,576 1,112 N/A 2013 622,108 405,338 352,687 314,637 310,942 308,557 310,199 1,099 N/A 2014 603,258 516,189 437,409 402,129 396,641 397,683 2,674 N/A 2015 673,913 534,178 476,348 451,694 456,195 5,655 N/A 2016 972,881 816,765 797,339 788,551 10,293 N/A 2017 1,564,165 2,117,747 2,231,384 16,538 N/A 2018 1,728,705 1,572,138 88,063 N/A 2019 970,831 329,576 N/A $ 7,421,556 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 242,315 $ 402,305 $ 520,244 $ 598,289 $ 621,013 $ 646,572 $ 651,550 $ 666,768 2013 234,464 250,850 269,014 289,130 296,074 300,708 302,756 2014 189,598 289,430 338,030 362,825 373,060 375,988 2015 225,655 320,310 378,235 405,614 419,757 2016 291,462 582,985 681,502 735,678 2017 545,551 1,422,328 1,744,822 2018 409,225 1,064,431 2019 568,556 $ 5,878,758 All outstanding liabilities prior to 2012, net of reinsurance 29,929 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,572,727 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 36.5 % 34.0 % 13.6 % 7.7 % 2.9 % 2.4 % 0.7 % 2.2 % International – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 224,614 $ 146,421 $ 135,234 $ 135,230 $ 117,350 $ 118,941 $ 116,283 101,872 6,225 N/A 2013 184,497 168,277 164,973 144,869 141,645 138,355 130,124 13,641 N/A 2014 195,753 187,451 168,865 166,576 166,605 158,117 27,302 N/A 2015 193,714 179,392 172,811 172,061 167,290 30,299 N/A 2016 184,267 180,284 177,979 178,255 46,648 N/A 2017 191,492 139,214 150,276 48,308 N/A 2018 309,673 319,752 148,582 N/A 2019 291,237 189,506 N/A $ 1,496,922 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 18,875 $ 30,090 $ 46,015 $ 56,420 $ 66,234 $ 76,921 $ 83,253 $ 88,278 2013 17,865 41,481 54,619 67,605 75,964 86,851 95,799 2014 25,910 44,805 62,508 73,955 86,607 99,522 2015 24,237 48,806 69,674 82,465 96,180 2016 26,446 50,824 70,108 87,191 2017 26,541 52,774 77,614 2018 57,962 97,222 2019 52,808 $ 694,615 All outstanding liabilities prior to 2012, net of reinsurance 116,104 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 918,411 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 16.7 % 13.9 % 12.6 % 8.8 % 8.0 % 8.8 % 6.6 % 4.9 % International – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 437,946 $ 397,747 $ 338,496 $ 346,116 $ 342,251 $ 340,618 $ 344,626 $ 358,428 754 N/A 2013 473,767 413,959 374,216 366,182 365,106 362,370 369,876 920 N/A 2014 589,489 541,484 497,317 443,210 445,914 446,412 3,613 N/A 2015 545,360 393,027 388,795 384,816 385,980 4,466 N/A 2016 539,447 543,428 593,567 595,512 15,930 N/A 2017 857,100 954,835 970,874 15,997 N/A 2018 544,258 574,521 84,717 N/A 2019 879,698 389,242 N/A $ 4,581,301 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 126,001 $ 230,203 $ 279,611 $ 303,002 $ 311,706 $ 319,112 $ 324,936 $ 355,887 2013 121,461 246,893 294,024 325,155 337,087 341,831 354,102 2014 162,647 295,731 360,679 392,731 410,715 416,735 2015 127,511 235,921 299,773 334,271 345,693 2016 159,425 316,190 447,094 481,029 2017 247,895 641,832 773,790 2018 90,429 330,681 2019 151,893 $ 3,209,811 All outstanding liabilities prior to 2012, net of reinsurance 54,040 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,425,530 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 25.9 % 34.1 % 15.6 % 7.2 % 3.2 % 1.5 % 2.5 % 8.6 % Bermuda – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 284,509 $ 262,122 $ 240,949 $ 230,441 $ 236,883 $ 237,315 $ 241,312 $ 241,631 30,273 N/A 2013 228,258 258,432 252,704 261,259 250,627 234,668 230,654 33,689 N/A 2014 211,439 244,163 261,523 257,904 234,196 226,434 48,168 N/A 2015 273,468 301,791 307,957 308,042 309,983 82,925 N/A 2016 292,353 351,182 349,522 357,169 114,651 N/A 2017 354,391 365,767 365,823 181,139 N/A 2018 547,267 546,367 376,744 N/A 2019 667,150 551,529 N/A $ 2,945,212 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 12,864 $ 29,660 $ 51,278 $ 75,680 $ 102,019 $ 130,159 $ 149,629 $ 164,775 2013 16,996 33,951 52,270 77,270 102,866 124,708 144,010 2014 13,580 24,915 42,872 67,716 91,981 115,098 2015 13,643 58,956 93,220 127,930 153,080 2016 45,671 84,152 121,553 155,397 2017 29,904 64,197 103,915 2018 36,678 93,727 2019 61,239 $ 991,242 All outstanding liabilities prior to 2012, net of reinsurance 356,351 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,310,321 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 7.8 % 9.7 % 9.8 % 10.5 % 10.0 % 10.5 % 8.2 % 6.3 % Bermuda – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 238,152 $ 180,775 $ 119,168 $ 117,221 $ 117,909 $ 118,999 $ 117,734 $ 120,824 593 N/A 2013 217,531 142,666 124,191 115,029 114,252 114,800 112,900 272 N/A 2014 186,492 164,139 138,381 134,776 137,389 136,813 1,092 N/A 2015 192,520 157,711 143,625 146,196 143,266 2,204 N/A 2016 206,279 181,593 186,735 187,607 4,619 N/A 2017 393,969 365,405 346,472 10,115 N/A 2018 394,542 396,488 85,786 N/A 2019 343,602 184,640 N/A $ 1,787,971 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 45,573 $ 85,175 $ 90,147 $ 108,172 $ 111,772 $ 113,508 $ 113,816 $ 116,429 2013 34,745 64,560 101,614 108,535 110,378 111,655 111,833 2014 32,813 86,611 106,564 126,552 129,891 131,455 2015 33,814 73,041 109,401 131,387 134,862 2016 26,737 78,499 130,319 167,562 2017 38,106 137,127 250,661 2018 72,580 170,831 2019 66,370 $ 1,150,003 All outstanding liabilities prior to 2012, net of reinsurance 26,236 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 664,204 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 19.6 % 28.5 % 25.2 % 14.9 % 2.4 % 1.2 % 0.2 % 2.2 % Insurance – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 349,597 $ 351,402 $ 346,953 $ 348,180 $ 353,320 $ 343,931 $ 346,882 $ 351,320 20,199 15,769 2013 393,539 393,390 392,827 393,035 351,295 344,388 350,815 23,120 21,350 2014 431,068 457,043 454,576 460,642 397,061 397,834 38,872 25,188 2015 519,509 528,050 535,671 542,176 468,584 54,740 26,896 2016 553,437 551,321 580,323 615,168 166,117 31,517 2017 612,967 602,985 625,039 226,898 34,701 2018 705,789 711,001 353,806 33,817 2019 850,832 653,255 30,144 $ 4,370,593 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,185 $ 101,288 $ 157,897 $ 213,451 $ 246,407 $ 272,055 $ 294,380 $ 306,833 2013 33,311 117,037 176,312 224,611 260,184 285,822 303,726 2014 41,190 124,915 201,646 256,807 297,644 325,856 2015 44,311 134,730 218,853 291,943 353,232 2016 54,731 164,225 268,909 342,325 2017 53,898 172,200 280,797 2018 63,492 208,081 2019 72,375 $ 2,193,224 All outstanding liabilities prior to 2012, net of reinsurance 300,347 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,477,716 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 9.1 % 19.8 % 17.4 % 14.0 % 10.9 % 7.2 % 6.7 % 3.3 % Insurance – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 106,325 $ 89,000 $ 81,747 $ 82,448 $ 82,019 $ 81,802 $ 81,979 $ 82,526 68 N/A 2013 112,037 98,106 91,251 92,144 92,233 92,393 92,246 471 N/A 2014 131,679 123,668 119,928 119,464 119,282 119,413 407 N/A 2015 172,904 152,895 143,944 146,780 144,769 405 N/A 2016 290,264 275,154 280,170 291,672 736 N/A 2017 496,905 501,407 494,844 13,043 N/A 2018 407,855 401,900 14,862 N/A 2019 348,590 81,655 N/A $ 1,975,961 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,504 $ 81,772 $ 80,469 $ 81,749 $ 81,891 $ 81,682 $ 81,820 $ 82,457 2013 68,695 93,110 91,841 92,110 91,720 91,759 91,777 2014 81,827 116,037 118,220 118,211 118,545 118,660 2015 102,170 141,280 142,437 145,225 146,719 2016 162,548 249,517 271,938 289,194 2017 178,666 424,181 458,811 2018 244,772 358,324 2019 227,387 $ 1,773,329 All outstanding liabilities prior to 2012, net of reinsurance 644 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 203,277 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 56.8 % 35.0 % 4.7 % 3.0 % 0.4 % - % 0.1 % - % Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2019 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 2,196,410 U.S. Reinsurance Property 1,572,727 International Casualty 918,411 International Property 1,425,530 Bermuda Casualty 2,310,321 Bermuda Property 664,204 Insurance Casualty 2,477,716 Insurance Property 203,277 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 11,768,596 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 363,925 U.S. Reinsurance Property 207,967 International Casualty 91,193 International Property 149,803 Bermuda Casualty 9,975 Bermuda Property 68,639 Insurance Casualty 631,827 Insurance Property 117,382 Total reinsurance recoverable on unpaid claims 1,640,712 Insurance lines other than short-duration - Unallocated claims adjustment expenses 163,563 Other 38,442 202,005 Total gross liability for unpaid claims and claim adjustment expense $ 13,611,313 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company’s best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income (gain or loss) will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. On the other hand, casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatility than those for the longer tail lines. The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted. The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from Mt. McKinley’s direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 2017 Gross basis: Beginning of period reserves $ 347,495 $ 448,994 $ 441,111 Incurred losses |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value [Abstract] | |
Fair Value | 4. FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it 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. At December 31, 2019, $ 772,979 thousand of fixed maturities, market value and $ 5,826 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 610,873 thousand, were valued by investment managers’ valuation committees and a majority of these fair values and all of the $ 5,826 thousand of fixed maturities, fair value were substantiated by valuations from independent third parties. The Company has procedures in place to review and evaluate these independent third party valuations. The remaining Level 3 fixed maturities of $ 162,106 thousand were valued at either par or amortized cost, which the Company believes approximates fair value. At December 31, 2018, $ 435,959 thousand of fixed maturities, market value and $ 2,337 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 354,143 thousand and all of the $ 2,337 thousand of fixed maturities, fair value were valued by investment managers’ valuation committees and a majority of these fair values were substantiated by valuations from independent third parties. The remaining Level 3 fixed maturities of $ 80,663 thousand were fair valued by the Company at either par or amortized cost and $ 1,153 thousand were priced using a non-binding broker quote. The Company internally manages a public equity portfolio which had a fair value at December 31, 2019 and December 31, 2018 of $ 170,888 thousand and $ 124,228 thousand, respectively, and all prices were obtained from publicly published sources. Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as level 1 since the 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 equity index put option contracts, based on two indices, in 2001 and 2005. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company’s position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). Four of these contracts had expired prior to December 31, 2019 with no liabilities due under the terms of the expired contracts. The Company had two remaining equity index put option contracts at December 31, 2019, based on the Standard & Poor’s 500 (“S&P 500”) index. Based on historical index volatilities and trends and the December 31, 2019 S&P 500 index value, the Company estimates the probability that each equity index put option contract of the S&P 500 index falling below the strike price on the exercise date to be less than 0.4%. The theoretical maximum payouts under these equity index put option contracts would occur if on each of the exercise dates the S&P 500 index value were zero. At December 31, 2019, the present value of the theoretical maximum payouts using a 3% discount factor was $ 208,359 thousand. Conversely, if the contracts had all expired on December 31, 2019, with the S&P index at 3,230.78, there would have been no settlement amount. The Company has one equity index put option contract based on the FTSE 100 index. Based on historical index volatilities and trends and the December 31, 2019 FTSE 100 index value, the Company estimates the probability that the equity index put option contract of the FTSE 100 index will fall below the strike price on the exercise date to be less than 4%. The theoretical maximum payout under the equity index put option contract would occur if on the exercise date the FTSE 100 index value was zero. At December 31, 2019, the present value of the theoretical maximum payout using a 3% discount factor and current exchange rate was $ 42,899 thousand. Conversely, if the contract had expired on December 31, 2019, with the FTSE index at 7,542.44, there would have been no settlement amount. At December 31, 2019 and December 31, 2018, the fair value for these equity put options was $ 5,584 thousand and $ 11,958 thousand, respectively. 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) December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,515,803 $ - $ 1,515,803 $ - Obligations of U.S. States and political subdivisions 536,915 - 536,915 - Corporate securities 6,374,946 - 5,757,358 617,588 Asset-backed securities 897,333 - 743,692 153,641 Mortgage-backed securities Commercial 844,557 - 844,557 - Agency residential 2,198,581 - 2,198,581 - Non-agency residential 5,703 - 5,703 - Foreign government securities 1,505,950 - 1,505,950 - Foreign corporate securities 2,945,156 - 2,943,406 1,750 Total fixed maturities, market value 16,824,944 - 16,051,965 772,979 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 931,457 864,584 66,873 - Liabilities: Equity index put option contracts $ 5,584 $ - $ - $ 5,584 There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2019. The following table presents the fair value measurement levels for all assets 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, 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,631,134 $ - $ 2,631,134 $ - Obligations of U.S. States and political subdivisions 500,094 - 500,094 - Corporate securities 5,445,532 - 5,017,317 428,215 Asset-backed securities 540,097 - 540,097 - Mortgage-backed securities Commercial 326,710 - 326,710 - Agency residential 1,796,264 - 1,796,264 - Non-agency residential 10,209 - 10,209 - Foreign government securities 1,314,165 - 1,314,165 - Foreign corporate securities 2,661,058 - 2,653,314 7,744 Total fixed maturities, market value 15,225,263 - 14,789,304 435,959 Fixed maturities, fair value 2,337 - - 2,337 Equity securities, fair value 716,639 674,433 42,206 - Liabilities: Equity index put option contracts $ 11,958 $ - $ - $ 11,958 In addition, $ 209,578 thousand and $ 117,662 thousand of investments within other invested assets on the consolidated balance sheets as of December 31, 2019 and 2018, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical expedient to determine fair value. The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value December 31, 2019 December 31, 2018 Corporate Asset-Backed Foreign Corporate Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 428,215 $ - $ 7,744 $ 435,959 $ 210,186 $ 6,952 $ 217,138 Total gains or (losses) (realized/unrealized) Included in earnings 4,937 - ( 12) 4,925 ( 92) ( 660) ( 752) Included in other comprehensive income (loss) ( 20) 3,632 ( 110) 3,502 1,091 - 1,091 Purchases, issuances and settlements 179,761 150,009 ( 5,872) 323,898 215,838 ( 298) 215,540 Transfers in and/or (out) of Level 3 4,695 - - 4,695 1,192 1,750 2,942 Ending balance $ 617,588 $ 153,641 $ 1,750 $ 772,979 $ 428,215 $ 7,744 $ 435,959 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2019 December 31, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 2,337 $ 2,337 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings 2,163 2,163 ( 293) ( 293) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 1,326 1,326 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 5,826 $ 5,826 $ 2,337 $ 2,337 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 1,795 $ 1,795 $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers to/(from) level 3, fair value measurements using significant unobservable inputs for fixed maturities, market value were $ 4,695 thousand and $ 2,942 thousand as of December 31, 2019 and 2018, respectively. The transfers during 2019 and 2018 were related to securities that were priced using a recognized pricing service as of December 31, 2018 and 2017, respectively. These securities were subsequently priced by investment managers as of December 31, 2019 and 2018, respectively. The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for equity index put option contracts, for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Liabilities: Balance, beginning of period $ 11,958 $ 12,477 Total (gains) or losses (realized/unrealized) Included in earnings ( 6,374) ( 520) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 5,584 $ 11,958 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.) |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Credit Facilities [Abstract] | |
Credit Facilities | 5. CREDIT FACILITIES The Company has two active credit facilities for a total commitment of up to $ 1,000,000 thousand and an additional credit facility for a total commitment of up to £, 47000 thousand, providing for the issuance of letters of credit and/or unsecured revolving credit lines. The following table presents the interest and fees incurred in connection with the two credit facilities for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Credit facility interest and fees incurred $ 420 $ 420 $ 420 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 thousand senior credit facility with a syndicate of lenders, which amended and restated in its entirety the June 22, 2012, four year, $ 800,000 thousand senior credit facility. Both the May 26, 2016 and June 22, 2012 senior credit facilities, which have similar terms, are referred to as the “Group Credit Facility”. Wells Fargo Corporation (“Wells Fargo Bank”) is the administrative agent for the Group Credit Facility, which consists of two tranches. Tranche one provides up to $ 200,000 thousand of unsecured revolving credit for liquidity and general corporate purposes, and for the issuance of unsecured standby letters of credit. The interest on the revolving loans shall, at the Company’s option, be either (1) the Base Rate (as defined below) or (2) an adjusted London Interbank Offered Rate (“LIBOR”) plus a margin. The Base Rate is the higher of (a) the prime commercial lending rate established by Wells Fargo Bank, (b) the Federal Funds Rate plus 0.5% per annum or (c) the one month LIBOR Rate plus 1.0% per annum. The amount of margin and the fees payable for the Group Credit Facility depends on Group’s senior unsecured debt rating. Tranche two exclusively provides up to $ 600,000 thousand for the issuance of standby letters of credit on a collateralized basis. The Group Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $ 5,370,979 thousand plus 25% of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after March 31, 2016 and for which consolidated net income is positive, plus 25% of any increase in consolidated net worth during such period attributable to the issuance of ordinary and preferred shares, which at December 31, 2019, was $ 6,256,094 thousand. As of December 31, 2019, the Company was in compliance with all Group Credit Facility covenants. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 33,737 12/31/2020 $ 200,000 $ - Tranche Two 2,381 7/29/2020 Tranche Two 1,649 9/30/2020 Tranche Two 573,353 12/31/2020 Tranche Two 600,000 12,364 1/4/2021 600,000 558,818 12/31/2019 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 623,484 $ 800,000 $ 558,818 Bermuda Re Letter of Credit Facility Effective December 31, 2019, Bermuda Re renewed its letter of credit issuance facility with Citibank N.A. referred to as the “Bermuda Re Letter of Credit Facility”, which commitment is reconfirmed annually with updated fees. The current renewal of the Bermuda Re Letter of Credit Facility provides for the issuance of up to $ 200,000 thousand of secured letters of credit to collateralize reinsurance obligations as a non-admitted reinsurer. The interest on drawn letters of credit shall be (A) 0.35% per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) and (B) 0.45% per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). The commitment fee on undrawn credit shall be 0.15% per annum. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 4,425 02/29/2020 $ 200,000 $ 3,482 02/28/2019 512 09/03/2020 3,672 11/24/2019 3,672 11/24/2020 72,443 12/31/2019 177 12/16/2020 296 08/15/2020 125 12/20/2020 177 12/16/2020 101,404 12/31/2020 125 12/20/2020 559 08/15/2021 1,851 11/04/2022 37,096 12/30/2023 407 11/13/2022 - 59,293 12/30/2022 Total Citibank Bilateral Agreement $ 200,000 $ 147,970 $ 200,000 $ 141,746 Everest International Credit Facility Effective November 7, 2019, Everest International renewed its credit facility with Lloyds Bank plc (“Everest International Credit Facility”). The current renewal of the Everest International Credit Facility has a four year term and provides up to £ 47,000 thousand for the issuance of standby letters of credit on a collateralized basis. The Company pays a commitment fee of 0.1% per annum on the average daily amount of the remainder of (1) the aggregate amount available under the facility and (2) the aggregate amount of drawings outstanding under the facility. The Company pays a credit commission fee of 0.35% per annum on drawings outstanding under the facility. The Everest International Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $ 5,326,009 thousand ( 70% of consolidated net worth as of December 31, 2015), plus 25% of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after January 1, 2015 and for which net income is positive, plus 25% of any increase in consolidated net worth of Group during such period attributable to the issuance of ordinary and preferred shares, which at December 31, 2019, was $ 6,246,842 thousand. As of December 31, 2019, the Company was in compliance with all Everest International Credit Facility requirements. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 47,000 £ 47,000 12/31/2023 £ 30,000 £ 26,000 12/31/2022 - - - - Total Lloyd's Bank Credit Facility £ 47,000 £ 47,000 £ 30,000 £ 26,000 Federal Home Loan Bank Membership Effective August 15, 2019, Everest Reinsurance Company (“Everest Re”) became a member of the Federal Home Loan Bank (“FHLB”) organization, which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2019, Everest Re had admitted assets of $ 12,518,844 thousand which provides borrowing capacity of up to $ 1,251,884 thousand. Through December 31, 2019, Everest had no borrowings through the FLHB. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
Senior Notes [Abstract] | |
Senior Notes | 6. SENIOR NOTES The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. December 31, 2019 December 31, 2018 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value Senior notes 6/5/2014 6/1/2044 400,000 $ 397,074 $ 452,848 $ 396,954 $ 396,968 On June 5, 2014, Holdings issued $ 400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year. Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Years Ended December 31, (Dollars In thousands 2019 2018 2017 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 7. 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 December 31, 2019 December 31, 2018 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value Long term subordinated notes 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 236,758 $ 233,191 $ 236,659 $ 200,390 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten 4.3%. Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. 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 thousand. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest expense incurred $ 11,587 $ 10,926 $ 11,498 |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS 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 December 31, 2019, the total amount on deposit in trust accounts was $ 989,693 thousand. 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% of the voting common shares are owned by Group. Separate segregated accounts for Mt. Logan Re began being established effective July 1, 2013 and non-voting, redeemable preferred shares have been issued to capitalize the segregated accounts. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally. 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. Years Ended December 31, Mt. Logan Re Segregated Accounts 2019 2018 2017 (Dollars in thousands) Ceded written premiums 291,979 260,612 245,453 Ceded earned premiums 294,762 262,518 242,793 Ceded losses and LAE 187,192 319,046 320,315 Assumed written premiums 17,005 11,032 25,970 Assumed earned premiums 17,005 11,032 25,970 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 $ 993,036 thousand and $ 1,156,853 thousand at December 31, 2019 and 2018, respectively. Of this amount, Group had investments recorded at $ 46,390 thousand and $ 45,625 thousand at December 31, 2019 and 2018, respectively, in the segregated accounts. 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 thousand of casualty reserves held by Bermuda Re related to accident years 2002 through 2015. As consideration for entering the agreement, the Company transferred cash of $ 252,000 thousand to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $ 319,000 thousand. The Company will retain liability for any amounts exceeding the maximum liability. On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events. The first agreement provides up to $ 250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States. The second agreement provides up to $ 200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia. These reinsurance agreements expired in April, 2018 On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. This agreement is a multi-year reinsurance contract which covers specified earthquake events. The agreement provides up to $ 500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada. These reinsurance agreements expired in November, 2019 On December 1, 2015 the Company entered into two collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first agreement provides up to $ 300,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The second agreement provides up to $ 325,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 13, 2017 the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with annual aggregate catastrophe reinsurance coverage. The initial three agreements are four year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 225,000 thousand, $ 400,000 thousand and $ 325,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 50,000 thousand, $ 75,000 thousand and $ 175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 30, 2018 the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. On December 12, 2019, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $ 150,000 thousand and $ 275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 150,000 thousand and $ 275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United State, Puerto Rico, the U.S. Virgin Islands and Canada. Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the published insured loss estimates for catastrophe events during the applicable covered periods of the various agreements have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 thousand of notes (“Series 2014-1 Notes”). The $ 450,000 thousand of Series 2014-1 Notes were fully redeemed on April 30, 2018 and are no longer outstanding. On November 18, 2014, Kilimanjaro issued $ 500,000 thousand of notes (“Series 2014-2 Notes”). On December 1, 2015, Kilimanjaro issued $ 625,000 thousand of notes (“Series 2015-1 Notes”). On April 13, 2017, Kilimanjaro issued $ 950,000 thousand of notes (“Series 2017-1 Notes”) and $ 300,000 thousand of notes (“Series 2017-2 Notes”). On April 30, 2018, Kilimanjaro issued $ 262,500 thousand of notes (“Series 2018-1 Notes”) and $ 262,500 thousand of notes (“Series 2018-2 Notes”). On December 12, 2019, Kilimanjaro issued $ 425,000 thousand of notes (“Series 2019-1 Notes”) and $ 425,000 thousand of notes (“Series 2019-2 Notes”).The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 9. LEASES Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follows for the periods indicated: Year Ended December 31, (Dollars in thousands) 2019 Lease expense incurred: Operating lease cost $ 24,524 At December 31, (Dollars in thousands) 2019 Operating lease right of use assets $ 161,435 Operating lease liabilities 169,909 Year Ended December 31, (Dollars in thousands) 2019 Operating cash flows from operating leases $ ( 20,041) At December 31, 2019 Weighted average remaining operating lease term 12.6 years Weighted average discount rate on operating leases 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) 2020 $ 19,945 2021 17,153 2022 18,985 2023 18,169 2024 17,872 Thereafter 126,250 Undiscounted lease payments 218,374 Less: present value adjustment 48,465 Total operating lease liability $ 169,909 As of December 31, 2018, the Company accounted for leases per the guidance codified in Accounting Standards Codification, Topic 740-Leases. Based on prior guidance, the future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2018, for all of the Company’s operating leases were $ 91,841 thousand. The breakdown of the minimum rental commitments as of December 31, 2018, were as follows: $ 18,992 thousand for 2019, $ 18,365 thousand for 2020, $ 9,469 thousand for 2021, $ 9,180 thousand for 2022, $ 8,919 thousand for 2023 and $ 26,916 thousand for all years thereafter. On July 2, 2019, the Company entered into a lease agreement to relocate its corporate offices from Liberty Corner, New Jersey to a corporate complex in Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, became effective in October, 2019 and runs through 2036. The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7,800 thousand per year. The Company expects to relocate the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex during 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 10. INCOME TAXES Under Bermuda law, no income or capital gains taxes are imposed on Group and its Bermuda Subsidiaries. The Minister of Finance of Bermuda has assured Group and its Bermuda subsidiaries that, pursuant to The Exempted Undertakings Tax Protection Amendment Act of 2011, they will be exempt until 2035 from imposition of any such taxes. All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies, in particular the UK branch of Bermuda Re, is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity. The TCJA, enacted on December 22, 2017, caused the Company to record income tax expense of $ 8,246 thousand in 2017. The income tax expense reflects the lower 21% tax benefit to be realized by the Company under the TCJA upon the reversal of the temporary differences in its deferred tax inventory account versus the 35% tax benefit that had been expected to be realized before TCJA. The significant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Current tax expense (benefit): U.S. $ ( 5,044) $ ( 38,625) $ ( 117,173) Non-U.S. 14,420 6,497 2,849 Total current tax expense (benefit) 9,376 ( 32,128) ( 114,324) Deferred tax expense (benefit): U.S. 80,247 ( 298,998) 50,207 Non-U.S. ( 97) ( 97) 777 Total deferred tax expense (benefit) 80,150 ( 299,095) 50,984 Total income tax expense (benefit) $ 89,526 $ ( 331,223) $ ( 63,340) (Some amounts may not reconcile due to rounding.) The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below: Years Ended December 31, 2019 2018 2017 (Dollars in thousands) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ 38,964 $ 297,199 $ ( 1,407,020) $ 796,745 $ ( 516,167) $ 308,646 Net investment income 325,179 321,960 283,569 297,614 255,310 287,588 Net realized capital gains (losses) 155,609 29,394 ( 90,033) ( 37,103) 148,099 5,095 Net derivative gain (loss) - 6,374 - 520 - 9,581 Corporate expenses ( 13,063) ( 19,903) ( 11,035) ( 19,637) ( 7,394) ( 18,529) Interest, fee and bond issue cost amortization expense ( 34,931) 3,239 ( 30,611) ( 420) ( 31,183) ( 420) Other income (expense) ( 1,976) ( 9,057) ( 5,894) ( 18,877) 32,441 ( 53,656) Pre-tax income (loss) $ 469,782 $ 629,206 $ ( 1,261,024) $ 1,018,842 $ ( 118,894) $ 538,305 Expected tax provision at the applicable statutory rate(s) 98,766 17,205 ( 264,912) 9,647 ( 41,614) 6,843 Increase (decrease) in taxes resulting from: Tax exempt income ( 3,680) - ( 3,824) - ( 8,488) - Dividend received deduction ( 998) - ( 1,520) - ( 4,639) - Proration 1,050 - 1,150 - 1,760 - Affiliated preferred stock dividends 6,517 - 6,517 - 10,861 - Creditable foreign premium tax ( 9,852) - ( 13,475) - ( 7,515) - Tax audit settlement ( 1,576) - ( 2,094) - ( 11,516) - U.S. rate differential on carryback of net operation losses to PY - - ( 43,734) - - - U.S. rate differential on deferred tax 2017 return to provision - - ( 28,411) - - - Share based compensation tax benefits formerly in APIC ( 2,984) ( 373) ( 3,333) ( 120) ( 6,716) ( 235) Impact of U.S. tax reform - - - - 8,246 - Impact of prior year accounting adjustment - - - - ( 8,986) - Change in uncertain tax positions ( 8,434) - 8,434 - - - Other ( 3,606) ( 2,509) 7,579 ( 3,127) 1,641 ( 2,982) Total income tax provision $ 75,203 $ 14,323 $ ( 337,623) $ 6,400 $ ( 66,966) $ 3,626 (Some amounts may not reconcile due to rounding.) Reconciliation of the beginning and ending unrecognized tax benefits, for the periods indicated, is as follows: (Dollars in thousands) 2019 2018 2017 Balance at January 1 $ 8,434 $ - $ - Additions based on tax positions related to the current year - - - Additions for tax positions of prior years - 8,434 - Reductions for tax positions of prior years ( 8,434) - - Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ - $ 8,434 $ - At December 31, 2019, the Company’s unrecognized tax benefits, excluding interest and penalties, that would impact the effective tax rate was $ 0 Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2019, the Company accrued $ 0 thousand for the payment of interest (net of the federal benefit) and penalties. At December 31, 2019 and 2018, there were no accrued liabilities, respectively, for the payment of interest and penalties. The Company’s 2014 and subsequent U.S. tax years are open to audit by the IRS. In 2018, the IRS opened an audit of the 2014 tax year. To date, the Company has received only one notice of proposed adjustment for an immaterial amount of tax. The Company did propose affirmative beneficial tax return adjustments to the IRS at the start of the audit. In total, the Company expects a net tax refund of $ 34,972 thousand plus net interest of $ 2,421 thousand for the 2014 tax year. The refund is subject to IRS Joint Committee review and approval. In 2019, the IRS opened an audit of the 2015 through 2017 tax years. To date, the Company has not received any Information Document Requests or notices of proposed adjustment. The Company had filed amended tax returns for 2015 and 2016 for $ 1,519 thousand and $ 4,685 thousand respectively. Those refunds, plus accrued interest of $ 978 thousand and $ 247 thousand respectively, will be settled at the conclusion of the audit. Deferred Income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Deferred tax assets: Foreign Tax Credits $ 186,706 $ 167,685 Unearned premium reserves 75,130 63,309 Loss reserves 66,025 64,135 Net operating loss carryforward 31,698 106,543 Net unrealized losses on benefit plans 19,818 17,921 Unrealized foreign currency losses 7,964 12,596 Investment impairments 3,961 1,291 Uncollectible reinsurance reserves 3,142 3,142 Other Tax Credits 2,294 - Net unrealized investment losses - 10,815 Net fair value losses - 7,196 Other assets 13,869 11,521 Total deferred tax assets 410,607 466,154 Deferred tax liabilities: Deferred acquisition costs 81,931 74,736 Net unrealized investment gains 39,413 - Net fair value income 25,936 - Partnership investments 15,039 14,936 Benefit plan asset 2,333 3,600 Other liabilities 4,937 3,868 Total deferred tax liabilities 169,589 97,140 Net deferred tax assets 241,018 369,014 Less: Valuation allowance ( 12,997) ( 9,309) Total net deferred tax assets $ 228,021 $ 359,705 (Some amounts may not reconcile due to rounding.) At December 31, 2019, the Company has $ 186,706 thousand of Foreign Tax Credits (“FTCs”). The FTCs expire in various amounts between 2020 2029 19,027 thousand. This NOL carryforward expires in 2038 In performing our assessment of the recoverability of the Company’s deferred tax assets pursuant to ASC 740, we considered the tax laws governing the utilization of the NOL and FTC carryforwards as well as our other deferred tax assets in each applicable tax jurisdiction. We then evaluated all the positive and negative evidence impacting the realizability of the Company’s deferred tax assets as of December 31, 2019 in the U.S. tax jurisdiction. Evidence considered in the analysis included the Company’s ability to carryback the net operating losses generated in 2017 and 2018 as well as that a company generally must use any remaining net operating loss carryforward before it can utilize its foreign tax credit carryforwards. Consequently, the Company implemented planning actions during 2018, 2019 and early 2020 to increase its planned U.S. source and foreign source income to better enable it to utilize its U.S. deferred tax assets and tax attributes. As of December 31, 2019, based on all available evidence, the Company concluded that it is “more likely than not” that it will use its U.S. NOL and FTC carryforwards prior to their respective expirations and, thus, no valuation allowance has been established in the U.S. jurisdiction. With respect to operations in foreign tax jurisdictions, a valuation allowance of $ 12,671 thousand and $ 9,309 thousand has been recorded in 2019 and 2018, respectively, against the NOL deferred tax assets in its Canadian and UK subsidiaries. The tax-effected Canadian NOLs of $ 2,511 begin to expire in 2035 10,160 do not expire. As a result of the TCJA, the Company recognized an $ 8,246 thousand tax expense in the Company’s Consolidated Statements of Operations for the year ended December 31, 2017. In accordance with SEC Staff Accounting Bulletin 118, in 2017 the Company recorded the effects of the TCJA at that time using reasonable estimates due to the need for further analysis to complete the accounting. During 2018, the Company completed its accounting, including interpretation of additional guidance issued by the IRS and U.S. Department of the Treasury, and recognized an income tax benefit of $ 28,411 thousand primarily related to the 2017 tax return to tax provision true-up recorded in 2018. Effective January 1, 2017, the Company adopted ASU 2016-09 which provided new guidance on the treatment of the tax effects of share based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per the new guidance, the Company recorded excess tax benefits of $ 3,357 thousand, $ 3,453 thousand and $ 6,951 thousand related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2019, 2018 and 2017, respectively. In years prior to 2017, the Company recorded tax benefits related to restricted stock vestings and stock option exercises as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets. The adoption of ASU 2016-09 did not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $ 484 thousand, $ 403 thousand and $ 626 thousand in 2019, 2018 and 2017, respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance [Abstract] | |
Reinsurance | 11. REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1C, Note 3 and Note 8. Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Written premiums: Direct $ 2,783,036 $ 2,240,951 $ 2,083,555 Assumed 6,350,328 6,234,203 5,090,367 Ceded ( 1,308,940) ( 1,060,726) ( 929,261) Net written premiums $ 7,824,424 $ 7,414,428 $ 6,244,661 Premiums earned: Direct $ 2,551,662 $ 2,129,320 $ 1,825,705 Assumed 6,059,222 5,807,332 4,945,522 Ceded ( 1,207,198) ( 1,004,953) ( 833,387) Net premiums earned $ 7,403,686 $ 6,931,699 $ 5,937,840 Incurred losses and LAE: Direct $ 1,618,686 $ 1,372,589 $ 1,311,682 Assumed 3,923,298 5,046,947 3,909,816 Ceded ( 619,086) ( 768,133) ( 698,917) Net incurred losses and LAE $ 4,922,898 $ 5,651,403 $ 4,522,581 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 12. OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Years Ended December 31, 2019 2019 2018 2017 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 547,539 $ ( 49,665) $ 497,874 $ ( 275,511) $ 21,061 $ ( 254,450) $ ( 81,915) $ 21,597 $ ( 60,318) URA(D) on securities - OTTI ( 1,559) 115 ( 1,444) ( 1,071) ( 135) ( 1,206) ( 5,618) 1,588 ( 4,030) Reclassification of net realized losses (gains) included in net income (loss) ( 13,129) 516 ( 12,613) 28,014 ( 518) 27,496 ( 7,258) 308 ( 6,950) Foreign currency translation adjustments 18,585 ( 4,555) 14,030 ( 86,520) 9,704 ( 76,816) 142,054 ( 20,137) 121,917 Benefit plan actuarial net gain (loss) ( 15,938) 3,347 ( 12,591) ( 646) 136 ( 510) 1,300 ( 273) 1,027 Reclassification of benefit plan liability amortization included in net income (loss) 6,902 ( 1,449) 5,453 6,356 ( 1,335) 5,021 8,426 ( 2,949) 5,477 Total other comprehensive income (loss) $ 542,400 $ ( 51,691) $ 490,709 $ ( 329,378) $ 28,913 $ ( 300,465) $ 56,989 $ 134 $ 57,123 The following table presents details of the amounts reclassified from AOCI for the periods indicated: Years Ended December 31, Affected line item within the statements of AOCI component 2019 2018 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ ( 13,129) $ 28,014 Other net realized capital gains (losses) 516 ( 518) Income tax expense (benefit) $ ( 12,613) $ 27,496 Net income (loss) Benefit plan net gain (loss) $ 6,902 $ 6,356 Other underwriting expenses ( 1,449) ( 1,335) Income tax expense (benefit) $ 5,453 $ 5,021 Net income (loss) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Beginning balance of URA (D) on securities $ ( 179,392) $ 49,969 Change to beginning balance due to adoption of ASU 2016-01 - ( 1,201) Current period change in URA (D) of investments - temporary 485,261 ( 226,954) Current period change in URA (D) of investments - non-credit OTTI ( 1,444) ( 1,206) Ending balance of URA (D) on securities 304,425 ( 179,392) Beginning balance of foreign currency translation adjustments ( 215,747) ( 138,931) Current period change in foreign currency translation adjustments 14,030 ( 76,816) Ending balance of foreign currency translation adjustments ( 201,717) ( 215,747) Beginning balance of benefit plan net gain (loss) ( 67,418) ( 71,929) Current period change in benefit plan net gain (loss) ( 7,138) 4,511 Ending balance of benefit plan net gain (loss) ( 74,556) ( 67,418) Ending balance of accumulated other comprehensive income (loss) $ 28,152 $ ( 462,557) (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans. The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits. Although not required to make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Company contributions $ 4,750 $ 77,743 $ 10,534 The following table summarizes the Company’s pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Pension expense $ 10,042 $ 9,728 $ 16,299 The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 300,244 $ 316,202 Service cost 8,255 9,801 Interest cost 11,712 10,290 Actuarial (gain)/loss 46,206 ( 29,966) Curtailment - - Benefits paid ( 11,062) ( 6,084) Projected benefit obligation at end of year 355,356 300,244 Change in plan assets: Fair value of plan assets at beginning of year 260,531 210,267 Actual return on plan assets 47,247 ( 21,395) Actual contributions during the year 4,750 77,743 Administrative expenses paid - - Benefits paid ( 11,062) ( 6,084) Fair value of plan assets at end of year 301,467 260,531 Funded status at end of year $ ( 53,889) $ ( 39,713) (Some amounts may not reconcile due to rounding.) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) ( 7,362) ( 7,530) Other liabilities (due beyond one year) ( 46,527) ( 32,182) Net amount recognized in the consolidated balance sheets $ ( 53,889) $ ( 39,713) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ ( 97,466) $ ( 88,580) Accumulated other comprehensive income (loss) $ ( 97,466) $ ( 88,580) (Some amounts may not reconcile due to rounding.) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ ( 88,580) $ ( 86,788) Net gain (loss) arising during period ( 16,927) ( 8,631) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,042 6,839 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ ( 97,466) $ ( 88,580) (Some amounts may not reconcile due to rounding.) Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost $ 8,255 $ 9,801 $ 10,949 Interest cost 11,712 10,290 10,034 Expected return on assets ( 17,968) ( 17,202) ( 13,050) Amortization of actuarial loss from earlier periods 7,635 6,839 8,366 Settlement 408 - - Net periodic benefit cost $ 10,042 $ 9,728 $ 16,299 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 8,885 1,792 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 18,927 $ 11,520 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year are $ 0 thousand, $ 9,461 thousand and $ 0 thousand, respectively. The weighted average discount rates used to determine net periodic benefit cost for 2019, 2018 and 2017 were 4.27%, 3.62% and 4.16%, respectively. The rate of compensation increase used to determine the net periodic benefit cost for 2019, 2018 and 2017 was 4.00%. The expected long-term rate of return on plan assets was 7.00% for 2019, 7.00% for 2018 and was 7.50% for 2017 based on expected portfolio returns and allocations. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2019, 2018 and 2017 were 3.28%, 4.27% and 3.62%, respectively. The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Qualified Plan $ 288,328 $ 237,855 Non-qualified Plan 21,642 24,472 Total $ 309,970 $ 262,327 (Some amounts may not reconcile due to rounding.) The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Projected benefit obligation $ 333,715 $ 275,772 Fair value of plan assets 301,467 260,531 Non-qualified Plan Projected benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2019 15,670 2020 11,458 2021 12,198 2022 12,902 2023 13,985 Next 5 years 84,334 Plan assets consist of shares in investment trusts with 62%, 30%, 7% and 1% of the underlying assets consisting of equity securities, fixed maturities, limited partnerships and multi-strategy equity funds and cash, respectively. The Company manages the qualified plan investments for U.S. employees. The assets in the plan consist of debt and equity mutual funds. Due to the long term nature of the plan, the target asset allocation has historically been 70% equities and 30% bonds. The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,749 $ 1,749 $ - $ - Mutual funds, fair value Fixed income (b) 90,483 90,483 - - Equities (c) 188,884 188,884 - - Total $ 281,116 $ 281,116 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2018. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2018 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,872 $ 2,872 $ - $ - Mutual funds, fair value Fixed income (b) 82,633 82,633 - - Equities (c) 154,935 154,935 - - Total $ 240,440 $ 240,440 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. In addition, $ 20,351 thousand and $ 20,091 thousand of investments which were recorded as part of the qualified plan assets at December 31, 2019 and 2018, respectively, are not included within the fair value hierarchy tables as the assets are valued using the NAV practical expedient guidance within ASU 2015-07. The Company contributed $ 0 77,000 thousand to the qualified pension benefit plan for the years ended December 31, 2019 and 2018, respectively. Defined Contribution Plans. The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee. The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations. In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age. These contributions will be 100% vested after three years. The following table presents the Company’s incurred expenses related to these plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 10,794 $ 9,301 $ 7,167 In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each non-U.S. office (Brazil, Canada, London, Belgium, Singapore, Ireland, Zurich and Bermuda) maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. In the current year, the contributions as a percentage of salary for the branch offices ranged from 4.9% to 45.7%. The contributions are generally used to purchase pension benefits from local insurance providers. The following table presents the Company’s incurred expenses related to these plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 2,216 $ 2,057 $ 1,849 Post-Retirement Plan. The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependants), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 7.00% in 2019 was assumed to decrease gradually to 4.50% in 2029 and then remain at that level. Changes in the assumed healthcare cost trend can have a significant effect on the amounts reported for the healthcare plans. A one percent change in the rate would have the following effects on: Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 434 $ ( 335) b. Effect on accumulated post-retirement benefit obligation 6,257 ( 4,833) The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Post-retirement benefit expenses $ 1,231 $ 1,829 $ 2,814 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 28,483 $ 34,717 Service cost 983 1,312 Interest cost 980 999 Amendments ( 582) - Actuarial (gain)/loss - ( 7,985) Benefits paid ( 488) ( 561) Benefit obligation at end of year 29,376 28,483 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 488 561 Benefits paid ( 488) ( 561) Fair value of plan assets at end of year - - Funded status at end of year $ ( 29,376) $ ( 28,483) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Other liabilities (due within one year) $ ( 611) $ ( 608) Other liabilities (due beyond one year) ( 28,764) ( 27,875) Net amount recognized in the consolidated balance sheets $ ( 29,376) $ ( 28,483) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ 188 $ ( 238) Accumulated prior service credit (cost) 2,904 3,480 Accumulated other comprehensive income (loss) $ 3,092 $ 3,242 Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ 3,242 $ ( 4,260) Net gain (loss) arising during period 582 7,985 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) ( 155) 94 Prior service cost ( 577) ( 577) Other comprehensive income (loss) at December 31, current year $ 3,092 $ 3,242 Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost $ 983 $ 1,312 $ 1,570 Interest cost 980 999 1,184 Prior service credit recognition ( 577) ( 577) ( 131) Net gain recognition ( 155) 94 192 Net periodic cost $ 1,231 $ 1,829 $ 2,814 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year 150 ( 7,502) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,381 $ ( 5,673) (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service credit that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $ 0 thousand, $ 0 thousand and ($ 577) thousand, respectively. The weighted average discount rates used to determine net periodic benefit cost for 2019, 2018 and 2017 were 4.27 %, 3.62% and 4.16%, respectively. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2019, 2018 and 2017 were 3.28%, 4.27% and 3.62%, respectively. The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2019 $ 611 2020 673 2021 768 2022 851 2023 896 Next 5 years 6,377 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Group and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law. Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the Bermuda Monetary Authority (“BMA”) and Everest Re is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”). These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus. Dividend Restrictions. Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts. Group’s ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries. Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. As a long term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $ 250 thousand minimum solvency margin. Prior approval of the BMA is required if Bermuda Re’s dividend payments would exceed 25% of their prior year-end total statutory capital and surplus. Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. The statutory capital and surplus of Bermuda Re was $ 3,197,418 thousand and $ 3,068,534 thousand at December 31, 2019 and 2018, respectively. The statutory net income of Bermuda Re was $ 503,610 thousand, $ 873,111 thousand and $ 582,128 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. At December 31, 2019, Everest Re has $ 373,914 thousand available for payment of dividends in 2020 without the need for prior regulatory approval. Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ 3,739,140 thousand and $ 3,650,594 thousand at December 31, 2019 and 2018, respectively. The statutory net income of Everest Re was $ 363,034 thousand for the year ended December 31, 2019, and statutory net loss of Everest Re was $ 1,317,991 thousand and $ 391,419 thousand for the years ended December 31, 2018 and 2017, respectively. There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Restrictions. In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA. No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company. The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows: Bermuda Re (1) Everest Re (1) At December 31, At December 31, (Dollars in thousands) 2019 (1) 2018 2019 2018 Regulatory targeted capital $ - $ 1,753,156 $ 2,001,226 $ 2,172,958 Actual capital $ 3,197,418 $ 3,068,534 $ 3,739,140 $ 3,650,594 (a) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. (b) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. (c) The 2019 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2019 actual capital will exceed the targeted capital level. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. The Company has entered into separate annuity agreements with The Prudential Insurance of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,703 $ 142,754 Unaffiliated life insurance company 35,082 34,717 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 16. SHARE-BASED COMPENSATION PLANS The Company has a 2010 Stock Incentive Plan (“2010 Employee Plan”), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan (“2009 Director Plan”) and a 2003 Non-Employee Director Equity Compensation Plan (“2003 Director Plan”). Under the 2010 Employee Plan, 4,000,000 common shares have been authorized to be granted as non-qualified share options, incentive share options, share appreciation rights, restricted share awards or performance share unit awards to officers and key employees of the Company. At December 31, 2019, there were 2,303,555 remaining shares available to be granted under the 2010 Employee Plan. The 2010 Employee Plan replaced a 2002 Employee Plan, which replaced a 1995 Employee Plan; therefore, no 37,439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company. At December 31, 2019, there were 34,957 remaining shares available to be granted under the 2009 Director Plan. The 2009 Director Plan replaced a 1995 Director Plan, which expired. Under the 2003 Director Plan, 500,000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the Company. At December 31, 2019 there were 324,913 remaining shares available to be granted under the 2003 Director Plan. Options and restricted shares granted under the 2010 Employee Plan and the 2002 Employee Plan vest at the earliest of 20% per year over five years or in accordance with any applicable employment agreement. Options and restricted shares granted under the 2003 Director Plan generally vest at 33% per year over three years, unless an alternate vesting period is authorized by the Board. Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement. All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant. Performance Share Unit awards granted under the 2010 Employee Plan will vest 100% after three years. The Performance Share Unit awards represent the right to receive between and 0 1.75 shares of stock for each unit awarded depending upon performance in relation to certain metrics. The performance share unit valuation will be based 50% on growth in book value per share over the three year vesting period, compared to designated peer companies. The remaining 50% of the performance share valuation will be based upon operating return on equity for each of the separate operating years within the vesting period. For share options, restricted shares and performance share units granted under the 2010 Employee Plan, the 2002 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $ 34,018 thousand, $ 32,369 thousand and $ 30,297 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $ 8,384 thousand, $ 7,401 thousand and $ 14,824 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. In accordance with ASU 2016-09, the income tax effect resulting from the change in the value of share based compensation awards between grant date and settlement date has been recorded as part of the income tax benefit in the consolidation statements of operations and comprehensive income (loss) effective January 1, 2017. Prior to that date, the income tax impact of the change in value of share based compensation awards between grant date and settlement date was recorded within additional paid in capital in the Consolidated Balance Sheets. For the year ended December 31, 2019, a total of 232,601 restricted shares were granted on February 27, 2019, May 15, 2019, May 23, 2019, September 18, 2019, and November 19, 2019, with a fair value of $223.45, $247.93, $249.83, $260.555 and $266.2325 per share, respectively. Additionally, 16,855 performance share units were awarded on February 27, 2019, with a fair value of $223.45 per unit. No The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $ 484 thousand, $ 403 thousand and $ 626 thousand, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares. A summary of the option activity under the Company’s shareholder approved plans as of December 31, 2019, 2018 and 2017, and changes during the year then ended is presented in the following tables: Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2019 279,164 $ 83.84 Granted – - Exercised 108,460 78.58 Forfeited/Cancelled/Expired – - Outstanding at December 31, 2019 170,704 87.18 1.4 $ 32,376 . Exercisable at December 31, 2019 170,704 87.18 1.4 $ 32,376 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2018 360,364 $ 84.10 Granted - - Exercised 81,200 84.99 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2018 279,164 83.84 1.9 $ 37,386 Exercisable at December 31, 2018 279,164 83.84 1.9 $ 37,386 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2017 454,994 $ 84.88 Granted - - Exercised 94,630 87.84 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2017 360,364 84.10 2.7 $ 49,428 Exercisable at December 31, 2017 360,364 84.10 2.7 $ 49,428 There were no 16,297 thousand, $ 11,737 thousand and $ 14,130 thousand, respectively. The cash received from the exercised share options for the year ended December 31, 2019 was $ 8,523 thousand. The tax benefit realized from the options exercised for the year ended December 31, 2019 was $ 3,198 thousand. The following table summarizes information about share options outstanding for the period indicated: At December 31, 2019 Options Outstanding Opotions Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/19 Life Price at 12/31/19 Price $ 84.6300 - $ 85.6300 31,100 0.2 $ 84.63 31,100 $ 84.63 $ 85.6400 - $ 87.4700 59,900 1.2 86.62 59,900 86.62 $ 87.4800 - $ 89.4100 73,750 2.1 88.32 73,750 88.32 $ 89.4200 - $ 110.1300 5,954 1.5 91.99 5,954 91.99 170,704 1.4 87.18 170,704 87.18 The following table summarizes the status of the Company’s non-vested shares and changes for the periods indicated: Years Ended December 31, 2019 2018 2017 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 414,407 $ 217.15 421,261 $ 194.01 435,338 $ 164.21 Granted 232,601 - 173,065 240.59 160,185 234.01 Vested 138,322 - 141,982 178.31 152,397 151.80 Forfeited 13,549 - 37,937 212.48 21,865 187.82 Outstanding at December 31, 495,137 - 414,407 217.15 421,261 194.01 As of December 31, 2019, there was $ 79,780 thousand of total unrecognized compensation cost related to non-vested share-based compensation expense. That cost is expected to be recognized over a weighted-average period of 3.4 years. The total fair value of shares vested during the years ended December 31, 2019, 2018 and 2017, was $ 28,135 thousand, $ 25,317 thousand and $ 23,134 thousand, respectively. The tax benefit realized from the shares vested for the year ended December 31, 2019 was $ 5,774 thousand. In addition to the 2010 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 459 common shares in 2019, 480 common shares in 2018 and 404 common shares in 2017 to the Company’s non-employee directors as compensation for their service as directors. These issuances had aggregate values of approximately $ 107 thousand, $ 113 thousand and $ 94 thousand, respectively. Since its 1995 initial public offering, the Company has issued to certain key employees of the Company 2,525,422 restricted common shares, of which 331,938 restricted shares have been cancelled. The Company has issued to non-employee directors of the Company 167,618 restricted common shares, of which no restricted shares have been cancelled. The Company acquired 71,437, 65,974 and 60,453 common shares at a cost of $ 14,181 thousand, $ 14,202 thousand and $ 14,240 thousand in 2019, 2018 and 2017, respectively, from employees who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares. The following table summarized the status of the Company’s non-vested performance share unit awards and changes for the period indicated: Years Ended December 31, 2019 2018 2017 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 32,382 $ - 33,454 $ - 21,223 $ - Granted 16,855 223.45 13,325 242.39 11,245 234.03 Increase/(Decrease) on vesting units due to performance ( 3,455) - ( 267) - 986 - Vested 10,922 223.45 12,435 242.39 - - Forfeited - - 1,695 - - - Outstanding at December 31, 34,850 - 32,382 - 33,454 - The Company acquired 5,008 and 5,214 common shares at a cost of $ 1,119 thousand and $ 1,264 thousand in 2019 and 2018, respectively, from employees who chose to pay required withholding taxes on performance shares units settlements by withholding shares. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. 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: U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,962,416 $ 3,014,338 $ 2,592,972 Net written premiums 2,513,579 2,642,182 2,245,422 Premiums earned $ 2,471,447 $ 2,528,991 $ 2,181,160 Incurred losses and LAE 1,514,151 2,784,181 1,632,795 Commission and brokerage 703,803 568,374 462,487 Other underwriting expenses 68,796 60,266 55,881 Underwriting gain (loss) $ 184,697 $ ( 883,830) $ 29,997 International Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 1,648,598 $ 1,543,946 $ 1,316,701 Net written premiums 1,551,753 1,458,745 1,229,597 Premiums earned $ 1,475,669 $ 1,439,882 $ 1,202,043 Incurred losses and LAE 1,193,816 992,704 1,059,640 Commission and brokerage 342,400 364,010 287,688 Other underwriting expenses 41,690 39,042 38,844 Underwriting gain (loss) $ ( 102,237) $ 44,126 $ ( 184,129) Bermuda Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 1,744,875 $ 1,666,317 $ 1,205,001 Net written premiums 1,666,940 1,605,526 1,139,082 Premiums earned $ 1,544,180 $ 1,324,198 $ 1,093,250 Incurred losses and LAE 967,211 808,717 735,292 Commission and brokerage 354,044 319,197 303,707 Other underwriting expenses 50,348 43,566 38,011 Underwriting gain (loss) $ 172,577 $ 152,718 $ 16,240 Insurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,777,475 $ 2,250,552 $ 2,059,248 Net written premiums 2,092,152 1,707,975 1,630,560 Premiums earned $ 1,912,390 $ 1,638,628 $ 1,461,387 Incurred losses and LAE 1,247,720 1,065,801 1,094,854 Commission and brokerage 303,479 267,449 250,081 Other underwriting expenses 280,065 228,667 186,081 Underwriting gain (loss) $ 81,126 $ 76,711 $ ( 69,629) 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: Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Underwriting gain (loss) $ 336,163 $ ( 610,275) $ ( 207,521) Net investment income 647,139 581,183 542,898 Net realized capital gains (losses) 185,004 ( 127,136) 153,194 Net derivative gain (loss) 6,374 520 9,581 Corporate expenses ( 32,966) ( 30,672) ( 25,923) Interest, fee and bond issue cost amortization expense ( 31,693) ( 31,031) ( 31,603) Other income (expense) ( 11,034) ( 24,771) ( 21,215) Income (loss) before taxes $ 1,098,987 $ ( 242,182) $ 419,411 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: Year Ended December 31, (Dollars in thousands) 2019 2018 2017 United Kingdom gross written premium $ 964,358 $ 914,612 $ 730,826 Approximately 23.1%, 19.7% and 20.4% of the Company’s gross written premiums in 2019, 2018 and 2017, respectively, were sourced through the Company’s largest intermediary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In late 2019 and early 2020, wildfires, flooding and hailstorms have been impacting Australia. In addition, the Coronavirus outbreak is currently affecting many countries around the world. Due to the recentness of these events, the Company is unable to estimate the amount of losses at this time. However, the Company anticipates that the losses from these events will adversely impact first quarter 2020 financial statements. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 19. UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2019 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 2,127,108 $ 2,166,655 $ 2,403,274 $ 2,436,327 Net written premiums 1,851,698 1,783,983 2,068,557 2,120,186 Premiums earned 1,732,697 1,817,299 1,905,619 1,948,071 Net investment income 140,976 179,028 181,058 146,077 Net realized capital gains (losses) 92,232 30,272 ( 12,943) 75,443 Total claims and underwriting expenses 1,537,009 1,620,413 1,933,158 1,976,943 Net income (loss) 354,551 332,868 104,398 217,644 Earnings per common share attributable to Everest Re Group: Basic $ 8.70 $ 8.17 $ 2.56 $ 5.34 Diluted $ 8.67 $ 8.15 $ 2.56 $ 5.32 2018 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,931,607 $ 2,066,521 $ 2,198,664 $ 2,278,361 Net written premiums 1,672,206 1,746,378 1,938,773 2,057,071 Premiums earned 1,619,427 1,729,818 1,731,479 1,850,975 Net investment income 138,294 141,322 161,363 140,204 Net realized capital gains (losses) ( 24,901) 15,776 54,804 ( 172,815) Total claims and underwriting expenses 1,511,100 1,817,815 1,731,201 2,481,858 Net income (loss) 215,186 60,787 198,381 ( 385,313) Earnings per common share attributable to Everest Re Group: Basic $ 5.26 $ 1.49 $ 4.87 $ ( 9.58) Diluted $ 5.23 $ 1.48 $ 4.84 $ ( 9.58) |
Revisions To Financial Statemen
Revisions To Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 20. REVISIONS TO FINANCIAL STATEMENTS In preparing its current period financial statements, the Company identified errors in the handling of foreign exchange related to premium funds held from reinsureds. Although management determined that the impact of the foreign exchange differences were not material to prior period financial statements, the impact of recording the cumulative difference would have significantly impacted results within the current period. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to correct the foreign exchange adjustments. Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised. The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. CONSOLIDATED BALANCE SHEETS December 31, 2018 December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,218,283 $ ( 35,100) $ 2,183,183 $ 1,844,881 $ ( 25,106) $ 1,819,775 Funds held by reinsureds 445,040 ( 10,009) 435,031 292,927 ( 4,292) 288,635 Income taxes 592,385 2,102 594,487 299,438 902 300,340 TOTAL ASSETS $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 SHAREHOLDERS' EQUITY: Retained earnings 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 Total shareholders' equity 7,903,804 ( 43,007) 7,860,797 8,369,232 ( 28,496) 8,340,736 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 CONSOLIDATED BALANCE SHEETS June 30, 2019 March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,389,943 $ ( 38,836) $ 2,351,107 $ 2,392,094 $ ( 29,831) $ 2,362,263 Funds held by reinsureds 498,043 ( 10,768) 487,275 432,736 ( 9,525) 423,211 Income taxes 358,457 2,261 360,718 475,851 2,000 477,851 TOTAL ASSETS $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 SHAREHOLDERS' EQUITY: Retained earnings 10,152,059 ( 47,343) 10,104,716 9,866,203 ( 37,356) 9,828,847 Total stockholder's equity 8,884,160 ( 47,343) 8,836,817 8,426,629 ( 37,356) 8,389,273 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Year Ended December 31, 2018 Year Ended December 31, 2017 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,060) $ ( 15,711) $ ( 24,771) $ ( 35,442) $ 14,227 $ ( 21,215) Total revenues $ 7,377,206 $ ( 15,711) $ 7,361,495 $ 6,608,071 $ 14,227 $ 6,622,298 INCOME (LOSS) BEFORE TAXES $ ( 226,471) $ ( 15,711) $ ( 242,182) $ 405,184 $ 14,227 $ 419,411 Income tax expense (benefit) ( 330,023) ( 1,200) ( 331,223) ( 63,784) 444 ( 63,340) NET INCOME (LOSS) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 COMPREHENSIVE INCOME (LOSS) $ ( 196,913) $ ( 14,511) $ ( 211,424) $ 526,091 $ 13,783 $ 539,874 EARNINGS PER COMMON SHARE: Basic $ 2.54 $ ( 0.36) $ 2.18 $ 11.43 $ 0.34 $ 11.77 Diluted $ 2.53 $ ( 0.36) $ 2.17 $ 11.36 $ 0.34 $ 11.70 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 7,977) $ ( 10,248) $ ( 18,225) $ ( 17,030) $ ( 4,495) $ ( 21,525) Total revenues $ 2,018,975 $ ( 10,248) $ 2,008,727 $ 3,979,058 $ ( 4,495) $ 3,974,563 INCOME (LOSS) BEFORE TAXES $ 382,593 $ ( 10,248) $ 372,345 $ 791,384 $ ( 4,495) $ 786,889 Income tax expense (benefit) 39,738 ( 261) 39,477 99,629 ( 159) 99,470 NET INCOME (LOSS) $ 342,855 $ ( 9,987) $ 332,868 $ 691,755 $ ( 4,336) $ 687,419 COMPREHENSIVE INCOME (LOSS) $ 514,064 $ ( 9,987) $ 504,077 $ 1,109,410 $ ( 4,336) $ 1,105,074 EARNINGS PER COMMON SHARE: Basic $ 8.42 $ ( 0.25) $ 8.17 $ 16.98 $ ( 0.10) $ 16.88 Diluted $ 8.39 $ ( 0.24) $ 8.15 $ 16.93 $ ( 0.11) $ 16.82 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2,019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,053) $ 5,753 $ ( 3,300) Total revenues $ 1,960,083 $ 5,753 $ 1,965,836 INCOME (LOSS) BEFORE TAXES $ 408,791 $ 5,753 $ 414,544 Income tax expense (benefit) 59,891 102 59,993 NET INCOME (LOSS) $ 348,900 $ 5,651 $ 354,551 COMPREHENSIVE INCOME (LOSS) $ 595,346 $ 5,651 $ 600,997 EARNINGS PER COMMON SHARE: Basic $ 8.57 $ 0.13 $ 8.70 Diluted $ 8.54 $ 0.13 $ 8.67 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 5,458) $ ( 7,950) $ ( 13,408) $ 9,642 $ ( 12,590) $ ( 2,948) Total revenues $ 1,944,413 $ ( 7,950) $ 1,936,463 $ 5,582,509 $ ( 12,590) $ 5,569,919 INCOME (LOSS) BEFORE TAXES $ 197,421 $ ( 7,950) $ 189,471 $ 475,827 $ ( 12,590) $ 463,237 Income tax expense (benefit) ( 8,192) ( 718) ( 8,910) ( 9,999) ( 1,118) ( 11,117) NET INCOME (LOSS) $ 205,613 $ ( 7,232) $ 198,381 $ 485,826 $ ( 11,472) $ 474,354 COMPREHENSIVE INCOME (LOSS) $ 180,634 $ ( 7,232) $ 173,402 $ 177,601 $ ( 11,472) $ 166,129 EARNINGS PER COMMON SHARE: Basic $ 5.04 $ ( 0.17) $ 4.87 $ 11.89 $ ( 0.28) $ 11.61 Diluted $ 5.02 $ ( 0.18) $ 4.84 $ 11.83 $ ( 0.28) $ 11.55 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 3,036 $ ( 9,609) $ ( 6,573) $ 15,100 $ ( 4,640) $ 10,460 Total revenues $ 1,892,939 $ ( 9,609) $ 1,883,330 $ 3,638,096 $ ( 4,640) $ 3,633,456 INCOME (LOSS) BEFORE TAXES $ 60,763 $ ( 9,609) $ 51,154 $ 278,406 $ ( 4,640) $ 273,766 Income tax expense (benefit) ( 9,132) ( 501) ( 9,633) ( 1,807) ( 400) ( 2,207) NET INCOME (LOSS) $ 69,895 $ ( 9,108) $ 60,787 $ 280,213 $ ( 4,240) $ 275,973 COMPREHENSIVE INCOME (LOSS) $ ( 33,469) $ ( 9,108) $ ( 42,577) $ ( 3,033) $ ( 4,240) $ ( 7,273) EARNINGS PER COMMON SHARE: Basic $ 1.71 $ ( 0.22) $ 1.49 $ 6.85 $ ( 0.10) $ 6.75 Diluted $ 1.70 $ ( 0.22) $ 1.48 $ 6.81 $ ( 0.10) $ 6.71 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 12,064 $ 4,969 $ 17,033 Total revenues $ 1,745,157 $ 4,969 $ 1,750,126 INCOME (LOSS) BEFORE TAXES $ 217,643 $ 4,969 $ 222,612 Income tax expense (benefit) 7,325 101 7,426 NET INCOME (LOSS) $ 210,318 $ 4,868 $ 215,186 COMPREHENSIVE INCOME (LOSS) $ 30,436 $ 4,868 $ 35,304 EARNINGS PER COMMON SHARE: Basic $ 5.14 $ 0.12 $ 5.26 Diluted $ 5.11 $ 0.12 $ 5.23 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2018 Year Ended December 31, 2017 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 $ 9,422,932 $ ( 42,279) $ 9,380,653 Net income (loss) 103,552 ( 14,511) 89,041 468,968 13,783 482,751 Balance, end of period 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 7,903,804 $ ( 43,007) $ 7,860,797 $ 8,369,232 $ ( 28,496) $ 8,340,736 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 9,574,440 $ ( 43,007) $ 9,531,433 $ 9,574,440 $ ( 43,007) $ 9,531,433 Net income (loss) 348,900 5,651 354,551 348,900 5,651 354,551 Balance, March 31 9,866,203 ( 37,356) 9,828,847 9,866,203 ( 37,356) 9,828,847 Net income (loss) 342,855 ( 9,987) 332,868 Balance, June 30, 10,152,059 ( 47,343) 10,104,716 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 8,884,160 $ ( 47,343) $ 8,836,817 $ 8,426,629 $ ( 37,356) $ 8,389,273 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,860,842 $ ( 32,736) $ 9,828,106 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 205,613 ( 7,232) 198,381 485,826 ( 11,472) 474,354 Balance, end of period 10,013,592 ( 39,968) 9,973,624 10,013,592 ( 39,968) 9,973,624 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,329,013 $ ( 39,968) $ 8,289,045 $ 8,329,013 $ ( 39,968) $ 8,289,045 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,844,187 $ ( 23,628) $ 9,820,559 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 69,895 ( 9,108) 60,787 280,213 ( 4,240) 275,973 Balance, end of period 9,860,842 ( 32,736) 9,828,106 9,860,842 ( 32,736) 9,828,106 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,241,349 $ ( 32,736) $ 8,208,613 $ 8,241,349 $ ( 32,736) $ 8,208,613 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 210,318 4,868 215,186 Balance, end of period 9,844,187 ( 23,628) 9,820,559 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,344,180 $ ( 23,628) $ 8,320,552 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Year Ended December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 Decrease (increase) in premiums receivable ( 392,981) 9,994 ( 382,987) ( 338,335) ( 12,111) ( 350,446) Decrease (increase) in funds held by reinsureds, net ( 159,344) 5,717 ( 153,627) ( 31,104) ( 2,116) ( 33,220) Decrease (increase) in income taxes ( 263,865) ( 1,200) ( 265,065) ( 114,521) 444 ( 114,077) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 691,755 $ ( 4,336) $ 687,419 $ 348,900 $ 5,651 $ 354,551 Decrease (increase) in premiums receivable ( 178,319) 3,736 ( 174,583) ( 163,108) ( 5,269) ( 168,377) Decrease (increase) in funds held by reinsureds, net ( 56,180) 759 ( 55,421) 9,837 ( 484) 9,353 Decrease (increase) in income taxes 180,285 ( 159) 180,126 91,754 102 91,856 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 Six Months Ended June 30, 2018 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 485,826 $ ( 11,472) $ 474,354 $ 280,213 $ ( 4,240) $ 275,973 Decrease (increase) in premiums receivable ( 264,556) 7,265 ( 257,291) ( 126,355) 2,733 ( 123,622) Decrease (increase) in funds held by reinsureds, net ( 78,514) 5,325 ( 73,189) ( 77,794) 1,907 ( 75,887) Decrease (increase) in income taxes 59,034 ( 1,118) 57,916 43,516 ( 400) 43,116 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 210,318 $ 4,868 $ 215,186 Decrease (increase) in premiums receivable ( 56,826) ( 4,489) ( 61,315) Decrease (increase) in funds held by reinsureds, net 95,416 ( 480) 94,936 Decrease (increase) in income taxes 55,905 101 56,006 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2019 Column A Column B Column C Column D Amount Shown in Market Balance (Dollars in thousands) Cost Value Sheet Fixed maturities-available for sale Bonds: U.S. government and government agencies $ 1,489,660 $ 1,515,803 $ 1,515,803 State, municipalities and political subdivisions 507,353 536,915 536,915 Foreign government securities 1,492,315 1,505,950 1,505,950 Foreign corporate securities 2,870,737 2,945,156 2,945,156 Public utilities 322,525 332,818 332,818 All other corporate bonds 6,789,362 6,931,485 6,931,485 Mortgage - backed securities: Commercial 814,570 844,557 844,557 Agency residential 2,173,099 2,198,581 2,198,581 Non-agency residential 5,723 5,703 5,703 Redeemable preferred stock 8,147 7,976 7,976 Total fixed maturities-available for sale 16,473,491 16,824,944 16,824,944 Fixed maturities - available for sale at fair value (1) 3,966 5,826 5,826 Equity securities - at fair value (1) 814,548 931,457 931,457 Short-term investments 414,639 414,706 414,706 Other invested assets 1,763,531 1,763,531 1,763,531 Cash 808,036 808,036 808,036 Total investments and cash $ 20,278,211 $ 20,748,500 $ 20,748,500 (1) Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss). |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2019 | |
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS December 31, (Dollars and share amounts in thousands, except par value per share) 2019 2018 ASSETS: Fixed maturities - available for sale, at market value $ 201,666 $ 76,170 (amortized cost: 2019, $ 201,581; 2018, $ 76,274) Other invested assets (cost: 2019, $ 41,700; 2018, $ 91) 41,700 91 Cash 3,471 198 Investment in subsidiaries, at equity in the underlying net assets 9,134,038 7,733,933 Accrued investment income 652 277 Receivable from subsidiaries 9,361 6,726 Other assets 44,646 44,737 TOTAL ASSETS $ 9,435,534 $ 7,862,132 LIABILITIES: Long term note payable, affiliated due 12/1/2028 $ 300,000 $ - Due to subsidiaries 1,491 1,065 Other liabilities 1,118 270 Total liabilities 302,609 1,335 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 (2019) 69,464and (2018) 69,202 issued outstanding before treasury shares 694 692 Additional paid-in capital 2,219,660 2,188,777 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $ 30,996 at 2019 and $( 20,697) at 2018 28,152 ( 462,557) Treasury shares, at cost; 28,665 shares (2019) and 28,551 shares (2018) ( 3,422,152) ( 3,397,548) Retained earnings 10,306,571 9,531,433 Total shareholders' equity 9,132,925 7,860,797 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 9,435,534 $ 7,862,132 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2019 2018 2017 (Dollars in thousands) REVENUES: Net investment income $ 3,484 $ 3,790 $ 1,344 Net realized capital gains (losses) ( 66) ( 57) 80 Other income (expense) 458 ( 5,299) ( 6,872) Net income (loss) of subsidiaries 1,026,233 112,859 509,279 Total revenues 1,030,109 111,293 503,831 EXPENSES: Interest expense - affiliated 2,087 4,085 4,300 Other expenses 18,561 18,167 16,780 Total expenses 20,648 22,252 21,080 INCOME (LOSS) BEFORE TAXES 1,009,461 89,041 482,751 NET INCOME (LOSS) $ 1,009,461 $ 89,041 $ 482,751 Other comprehensive income (loss), net of tax: Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 496,430 ( 255,656) ( 64,348) Reclassification adjustment for realized losses (gains) included in net income (loss) ( 12,613) 27,496 ( 6,950) Total URA(D) on securities arising during the period 483,817 ( 228,160) ( 71,298) Foreign currency translation adjustments 14,030 ( 76,816) 121,917 Benefit plan actuarial net gain (loss) for the period ( 12,591) ( 510) 1,027 Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 5,453 5,021 5,477 Total benefit plan net gain (loss) for the period ( 7,138) 4,511 6,504 Total other comprehensive income (loss), net of tax 490,709 ( 300,465) 57,123 COMPREHENSIVE INCOME (LOSS) $ 1,500,170 $ ( 211,424) $ 539,874 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (Dollars in thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 1,009,461 $ 89,041 $ 482,751 Adjustments to reconcile net income to net cash provided by operating activities: Equity in retained (earnings) deficit of subsidiaries ( 1,026,233) ( 112,859) ( 509,279) Dividends received from Bermuda Re 600,000 750,000 400,000 Dividends received from Everest International - 200,000 - Dividends received from Mt. Logan Re - - 25,000 Change in other assets and liabilities, net 564 4,824 6,107 Increase (decrease) in due to/from affiliates ( 2,209) 683 ( 6,470) Amortization of bond premium (accrual of bond discount) ( 9) ( 577) 12 Realized capital losses (gains) 66 57 ( 80) Non-cash compensation expense 2,796 2,740 3,448 Net cash provided by (used in) operating activities 584,436 933,909 401,489 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries ( 478,125) ( 542,965) ( 109,815) Proceeds from fixed maturities matured/called - available for sale, at market value 63 93 696 Proceeds from fixed maturities sold - available for sale, at market value 74,841 24,856 90,154 Distribution from other invested assets 644,918 1,026,297 546,414 Cost of fixed maturities acquired - available for sale, at market value ( 200,267) - ( 189,308) Cost of other invested assets acquired ( 686,528) ( 923,828) ( 503,937) Net change in short-term investments - - - Net cash provided by (used in) investing activities ( 645,098) ( 415,547) ( 165,796) CASH FLOWS FROM FINANCING ACTIVITIES: Common shares issued during the period, net 22,861 20,086 22,790 Purchase of treasury shares ( 24,604) ( 75,304) ( 50,000) Dividends paid to shareholders ( 234,322) ( 216,221) ( 207,242) Proceeds from issuance (cost of repayment) of long term note - affiliated 300,000 (250,000) - Net cash provided by (used in) financing activities 63,935 ( 521,439) ( 234,452) EFFECT OF EXCHANGE RATE CHANGES ON CASH - - - Net increase (decrease) in cash 3,273 ( 3,077) 1,241 Cash, beginning of period 198 3,275 2,034 Cash, end of period $ 3,471 $ 198 $ 3,275 See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES to conDENSED financial information 1.) The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related Notes of Everest Re Group, Ltd. and its Subsidiaries. 2.) Everest Re Group, Ltd. entered into a $ 300,000 thousand long term note agreement with Everest Reinsurance Company, an affiliated company, as of December 17, 2019. The note will pay interest annually at a rate of 1.69 % and is scheduled to mature in December, 2028 3.) Everest Re Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, Ltd. (“Mt. Logan Re”), an affiliated entity. On the Condensed Balance Sheets, investments in Mt. Logan Re valued at $ 46,390 thousand and $ 45,625 thousand as of December 31, 2019 and 2018, respectively, have been recorded within Other Assets. On the Condensed Statements of Operations, income of $ 765 thousand, expense of $, 4695 thousand and expense of $ 6,352 thousand for the years ended December 31, 2019, 2018 and 2017, respectively, have been recorded in other income (expense). |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Geographic Area for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of Deferred Other Net Acquisition Adjustment Premium Premiums Investment Adjustment Acquisition Operating Written (Dollars in thousands) Costs Expenses Reserves Earned Income Expenses Costs Expenses Premium As of and the Year Ended December 31, 2019 Domestic $ 358,108 $ 7,823,095 $ 2,014,712 $ 4,383,837 $ 320,923 $ 2,761,871 $ 1,007,282 $ 348,861 $ 4,605,731 International 66,183 2,655,458 344,222 1,475,669 37,297 1,193,816 342,400 41,690 1,551,753 Bermuda 157,572 3,132,760 697,801 1,544,180 288,919 967,211 354,044 50,348 1,666,940 Total $ 581,863 $ 13,611,313 $ 3,056,735 $ 7,403,686 $ 647,139 $ 4,922,898 $ 1,703,726 $ 440,899 $ 7,824,424 As of and the Year Ended December 31, 2018 Domestic $ 334,818 $ 8,154,003 $ 1,695,208 $ 4,167,619 $ 287,002 $ 3,849,982 $ 835,823 $ 288,933 $ 4,350,157 International 54,253 2,209,202 261,611 1,439,882 34,965 992,704 364,010 39,042 1,458,745 Bermuda 122,502 2,755,885 560,793 1,324,198 259,216 808,717 319,197 43,566 1,605,526 Total $ 511,573 $ 13,119,090 $ 2,517,612 $ 6,931,699 $ 581,183 $ 5,651,403 $ 1,519,030 $ 371,541 $ 7,414,428 As of and the Year Ended December 31, 2017 Domestic $ 289,636 7,254,043 $ 1,460,291 $ 3,642,547 $ 259,621 $ 2,727,649 $ 712,568 $ 241,962 $ 3,875,982 International 53,186 2,175,500 253,626 1,202,043 32,407 1,059,640 287,688 38,844 1,229,597 Bermuda 68,765 2,454,778 286,639 1,093,250 250,870 735,292 303,707 38,011 1,139,082 Total $ 411,587 $ 11,884,321 $ 2,000,556 $ 5,937,840 $ 542,898 $ 4,522,581 $ 1,303,963 $ 318,817 $ 6,244,661 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV — REINSURANCE Column A Column B Column C Column D Column E Column F Ceded to Assumed Gross Other from Other Net Assumed (Dollars in thousands) Amount Companies Companies Amount to Net December 31, 2019 Total property and liability insurance premiums earned $ 2,556,386 $ 1,207,198 $ 6,054,498 $ 7,403,686 $ 81.8% December 31, 2018 Total property and liability insurance premiums earned $ 2,129,320 $ 1,004,953 $ 5,807,332 $ 6,931,699 $ 83.8% December 31, 2017 Total property and liability insurance premiums earned $ 1,825,705 $ 833,387 $ 4,945,522 $ 5,937,840 $ 83.3% |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Business and Basis of Presentation. Everest 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. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), designated activity company (“Ireland Insurance”), Everest Reinsurance Company (Ireland), designated activity company (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”) and Everest Security Insurance Company (“Everest Security”). All amounts are reported in U.S. dollars. 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 have control and 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. Effective January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis” issued by the United States Financial Accounting Standards Board (“FASB”), which changed the method in which the Company determines whether entities are consolidated by the Company. The adoption of this amended accounting guidance was implemented utilizing a full retrospective application for prior periods. The amended guidance includes changes in the identification of the primary beneficiary of companies considered to be VIEs. These changes resulted in the Company concluding that Mt. Logan Re, Ltd. (Bermuda) (“Mt. Logan Re”) is a VIE given it has insufficient equity at risk and that each underlying separate segregated account is likewise a VIE. The Company has concluded that it is the primary beneficiary of Mt. Logan Re, but not of the underlying separate segregated accounts and therefore has deconsolidated these segregated accounts. This change had no impact to the net income or retained earnings of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2019 presentation. |
Investments | B. Investments. Fixed maturity investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. Fixed maturity and equity securities carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders’ equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. As of January 1, 2018, the Company carries all of its equity securities at fair value. For equity securities, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are reviewed by the Company for reasonableness. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts and prior to July 1, 2018, a private placement liquidity sweep facility. Cash contributions to and cash distributions from the sweep facility were reported gross in cash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. |
Uncollectible Receivable Balances | C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management’s assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 Reinsurance receivables and premium receivables $ 25,605 25,611 |
Deferred Acquisition Costs | D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Deferred acquisition costs $ 1,703,726 $ 1,519,030 $ 1,303,963 |
Reserve For Losses And Loss Adjustment Expenses | E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental (“A&E”) exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. |
Future Policy Benefit Reserve | F. Future Policy Benefit Reserve. Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. |
Premium Revenues | G. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. |
Prepaid Reinsurance Premiums | H. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2019 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company. |
Income Taxes | I. Income Taxes. Holdings and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign subsidiaries and branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. |
Foreign Currency | J. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in shareholders’ equity. |
Earnings Per Common Share | K. 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. Years Ended December 31, (Dollars in thousands, except per share amounts) 2019 2018 2017 Net income (loss) per share: Numerator Net income (loss) $ 1,009,461 $ 89,041 $ 482,751 Less: dividends declared-common shares and nonvested common shares ( 234,322) ( 216,221) ( 207,242) Undistributed earnings 775,139 ( 127,180) 275,508 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 766,386 ( 125,848) 272,589 Add: dividends declared-common shareholders 231,796 214,088 205,182 Numerator for basic and diluted earnings per common share $ 998,182 $ 88,239 $ 477,771 Denominator Denominator for basic earnings per weighted-average common shares 40,291 40,388 40,595 Effect of dilutive securities: Options 129 198 248 Denominator for diluted earnings per adjusted weighted-average common shares 40,420 40,586 40,843 Per common share net income (loss) Basic $ 24.77 $ 2.18 $ 11.77 Diluted $ 24.70 $ 2.17 $ 11.70 (1) Basic weighted-average common shares outstanding 40,291 40,388 40,595 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,751 40,816 41,030 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the years ended December 31, 2019, 2018 and 2017. All outstanding options expire on or between February 24, 2020 and September 19, 2022. |
Segmentation | L. Segmentation. The Company, through its subsidiaries, operates in four segments: U.S. Reinsurance, International, Bermuda and Insurance. See also Note 17. |
Derivatives | M. Derivatives. The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company’s position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2019, four of these contracts had already expired, with no liability due under the terms of the contract. 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 December 31, hedging instruments in balance sheets 2019 2018 Equity index put option contracts Equity index put option liability $ 5,584 $ 11,958 Total $ 5,584 $ 11,958 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) Location of gain (loss) in statements of operations and comprehensive income (loss) For the Years Ended December 31, Derivatives not designated as hedging instruments 2019 2018 2017 Equity index put option contracts Net derivative gain (loss) $ 6,374 $ 520 $ 9,581 Total $ 6,374 $ 520 $ 9,581 |
Deposit Assets And Liabilities | N. Deposit Assets and Liabilities. In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company’s consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). |
Share-Based Compensation | O. Share-Based Compensation. Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 16. |
Application Of Recently Issued Accounting Guidance | P. Application of Recently Issued Accounting Guidance. Accounting for Income Taxes . In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its financial statements. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchange Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simplification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main changes addressed by the Rule that are applicable to the Company are 1) elimination of the requirement to disclose dividend per share information on the face of the Statements of Operations and Comprehensive Income (Loss) and 2) a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders’ Equity which was to be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company does not expect the adoption of ASU 2018-15 to have a material impact on its financial statements. Accounting for Long Duration Contracts. In August 2018, FASB issued ASU 2018-12, which discusses changes to the recognition, measurement and presentation of long duration contracts. The main provisions of this guidance address the following: 1) In determining liability for future policy benefits, companies must review cash flow assumptions at least annually and the discount rate assumption at each reporting period date 2) Amortization of deferred acquisition costs has been simplified to be in constant level proportion to either premiums, gross profits or gross margins 3) Disaggregated roll forwards of beginning and ending liabilities for future policy benefits are required. The guidance was originally effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. However, FASB issued ASU 2019-09 in November 2019 which defers the effective date of ASU 2018-12 until annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its financial statements. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02 which outlines guidance on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. The new guidance allows the amount of trapped deferred taxes in AOCI, resulting from the change in the U.S. tax rate from 35% to 21% upon enactment of the Tax Cuts and Jobs Act (“TCJA”), to be reclassified as part of retained earnings in the consolidated balance sheets. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is allowed. The Company decided to early adopt the guidance as of December 31, 2017. The adoption resulted in a reclass of $ 1,250 thousand between AOCI and retained earnings during the fourth quarter of 2017. As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. Accounting for Impact on Income Taxes due to Tax Reform. In December 2017, the SEC issued Staff Accounting Bulletin (“SAB”) 118 which provides guidance on the application of FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, due to the enactment of TCJA. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount of tax expense it recorded in 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company’s financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which outlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The adoption of ASU 2017-08 did not have a material impact on the Company’s financial statements. Presentation and Disclosure of Net Periodic Benefit Costs. In March 2017, FASB issued ASU 2017-07 which outlines guidance on the presentation of net periodic costs of benefit plans. The new guidance requires that the service cost component of net periodic benefit costs be reported within the same line item of the statements of operations as other compensation costs are reported. Other components of net periodic benefit costs should be reported separately. Footnote disclosure is required to state within which line items of the statements of operations the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impact on the Company’s financial statements. Disclosure of Restricted Cash. In November 2016, FASB issued ASU 2016-18 and in August 2016, FASB issued ASU 2016-15 which outline guidance on the presentation in the statements of cash flows of changes in restricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in total and not segregated individually. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-18 and ASU 2016-15 did not have a material impact on the Company’s financial statements. Intra-Entity Asset Transfers. In October 2016, FASB issued ASU 2016-16 which outlines guidance on the tax accounting for intra-entity asset sales and transfers, other than inventory. The new guidance requires that reporting entities recognize tax expense from the intra-entity transfer of an asset in the seller’s tax jurisdiction at the time of transfer and recognize any deferred tax asset in the buyer’s tax jurisdiction at the time of transfer. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-16 did not have a material impact on the Company’s financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline guidance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company does not expect the adoption of ASU 2016-13, 2019-11 and 2019-10 to have a material impact on its financial statements. Accounting for Share-Based Compensation. In March 2016, the FASB issued ASU 2016-09, authoritative guidance regarding the accounting for share-based compensation. This guidance requires that the income tax effects resulting from the change in the value of share-based compensation awards between grant and settlement will be recorded as part of the consolidated statements of operations and comprehensive income/(loss). Previously, excess tax benefits have been recorded as part of the additional paid in capital within the consolidated balance sheets. The guidance is effective for annual reporting periods beginning after December 15, 2016 and interim periods within that annual reporting period. The Company has implemented this guidance prospectively as of January 1, 2017. The guidance also requires that the cost of employee taxes paid via shares withheld upon settlement of share-based compensation awards must be shown as a financing activity within the Statements of Cash Flows. The Company has implemented this guidance retrospectively as of January 1, 2017. Leases . In February 2016, FASB issued ASU 2016-02 (and subsequently issued ASU 2018-11 in July, 2018) which outline new guidance on the accounting for leases. The new guidance requires the recognition of lease assets and lease liabilities on the balance sheets for most leases that were previously deemed operating leases and required only lease expense presentation in the statements of operations. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The Company adopted ASU 2016-02 effective January 1, 2019 and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply the package of practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption. The Company did not elect the hindsight practical expedient to determine the lease term of existing leases (e.g. The Company did not re-assess lease renewals, termination options nor purchase options in determining lease terms). The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $ 69,869 77,270 zero. The adoption of the updated guidance did not have a material effect on the Company’s results of operations or liquidity. Recognition and Measurement of Financial Instruments. In January 2016, the FASB issued ASU 2016-01 which outlines revised guidance on the accounting for equity investments. The new guidance states that all equity investments in unconsolidated entities will be measured at fair value, with the change in value being recorded through the income statement rather than being recorded within other comprehensive income. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-01 resulted in a cumulative change adjustment of $ 1,201 thousand between AOCI and retained earnings, which is disclosed separately within the consolidated statement of changes in shareholders’ equity. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09 and in August 2015, FASB issued ASU 2015-14 which outline revised guidance on the recognition of revenue arising from contracts with customers. The new guidance states that reporting entities should apply certain steps to determine when revenue should be recognized, based upon fulfillment of performance obligations to complete contracts. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2014-09 and ASU 2015-14 did not have a material impact on the Company’s financial statements. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2019 2018 Reinsurance receivables and premium receivables $ 25,605 25,611 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Deferred acquisition costs $ 1,703,726 $ 1,519,030 $ 1,303,963 |
Net Income (Loss) Per Common Share | Years Ended December 31, (Dollars in thousands, except per share amounts) 2019 2018 2017 Net income (loss) per share: Numerator Net income (loss) $ 1,009,461 $ 89,041 $ 482,751 Less: dividends declared-common shares and nonvested common shares ( 234,322) ( 216,221) ( 207,242) Undistributed earnings 775,139 ( 127,180) 275,508 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 766,386 ( 125,848) 272,589 Add: dividends declared-common shareholders 231,796 214,088 205,182 Numerator for basic and diluted earnings per common share $ 998,182 $ 88,239 $ 477,771 Denominator Denominator for basic earnings per weighted-average common shares 40,291 40,388 40,595 Effect of dilutive securities: Options 129 198 248 Denominator for diluted earnings per adjusted weighted-average common shares 40,420 40,586 40,843 Per common share net income (loss) Basic $ 24.77 $ 2.18 $ 11.77 Diluted $ 24.70 $ 2.17 $ 11.70 (1) Basic weighted-average common shares outstanding 40,291 40,388 40,595 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,751 40,816 41,030 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % (Some amounts may not reconcile due to rounding.) |
Fair Value Of The Equity Index Put Options | (Dollars in thousands) Derivatives not designated as Location of fair value At December 31, hedging instruments in balance sheets 2019 2018 Equity index put option contracts Equity index put option liability $ 5,584 $ 11,958 Total $ 5,584 $ 11,958 |
Change In Fair Value Of The Equity Index Put Option Contracts | (Dollars in thousands) Location of gain (loss) in statements of operations and comprehensive income (loss) For the Years Ended December 31, Derivatives not designated as hedging instruments 2019 2018 2017 Equity index put option contracts Net derivative gain (loss) $ 6,374 $ 520 $ 9,581 Total $ 6,374 $ 520 $ 9,581 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 2019 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,489,660 $ 28,357 $ ( 2,214) $ 1,515,803 $ - Obligations of U.S. states and political subdivisions 507,353 29,651 ( 89) 536,915 - Corporate securities 6,227,661 185,052 ( 37,767) 6,374,946 469 Asset-backed securities 892,373 6,818 ( 1,858) 897,333 - Mortgage-backed securities Commercial 814,570 31,236 ( 1,249) 844,557 - Agency residential 2,173,099 36,361 ( 10,879) 2,198,581 - Non-agency residential 5,723 - ( 20) 5,703 - Foreign government securities 1,492,315 47,148 ( 33,513) 1,505,950 71 Foreign corporate securities 2,870,737 107,999 ( 33,580) 2,945,156 447 Total fixed maturity securities $ 16,473,491 $ 472,622 $ ( 121,169) $ 16,824,944 $ 987 At December 31, 2018 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,629,454 $ 16,781 $ ( 15,101) $ 2,631,134 $ - Obligations of U.S. states and political subdivisions 490,018 12,915 ( 2,839) 500,094 439 Corporate securities 5,538,582 48,465 ( 141,515) 5,445,532 1,688 Asset-backed securities 545,427 162 ( 5,492) 540,097 - Mortgage-backed securities Commercial 329,883 2,167 ( 5,340) 326,710 - Agency residential 1,832,760 7,325 ( 43,821) 1,796,264 - Non-agency residential 10,198 37 ( 26) 10,209 - Foreign government securities 1,335,328 34,743 ( 55,906) 1,314,165 98 Foreign corporate securities 2,694,922 63,994 ( 97,858) 2,661,058 320 Total fixed maturity securities $ 15,406,572 $ 186,589 $ ( 367,898) $ 15,225,263 $ 2,545 (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 2019 At December 31, 2018 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,456,960 $ 1,457,919 $ 1,328,571 $ 1,330,534 Due after one year through five years 6,757,107 6,869,359 8,114,247 8,016,490 Due after five years through ten years 3,471,370 3,609,816 2,455,911 2,413,846 Due after ten years 902,289 941,676 789,575 791,113 Asset-backed securities 892,373 897,333 545,427 540,097 Mortgage-backed securities: Commercial 814,570 844,557 329,883 326,710 Agency residential 2,173,099 2,198,581 1,832,760 1,796,264 Non-agency residential 5,723 5,703 10,198 10,209 Total fixed maturity securities $ 16,473,491 $ 16,824,944 $ 15,406,572 $ 15,225,263 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 2019 2018 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 534,410 $ ( 247,497) Fixed maturity securities, other-than-temporary impairment ( 1,559) ( 1,071) Change in unrealized appreciation (depreciation), pre-tax 532,851 ( 248,568) Deferred tax benefit (expense) ( 49,149) 20,543 Deferred tax benefit (expense), other-than-temporary impairment 115 ( 135) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ 483,817 $ ( 228,160) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at December 31, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross 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 $ 85,527 $ ( 1,005) $ 249,371 $ ( 1,209) $ 334,898 $ ( 2,214) Obligations of U.S. states and political subdivisions 4,600 ( 38) 5,522 ( 51) 10,122 ( 89) Corporate securities 547,120 ( 9,877) 395,369 ( 27,890) 942,489 ( 37,767) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities Commercial 83,127 ( 689) 23,063 ( 560) 106,190 ( 1,249) Agency residential 344,267 ( 1,834) 488,680 ( 9,045) 832,947 ( 10,879) Non-agency residential 332 - 3,976 ( 20) 4,308 ( 20) Foreign government securities 210,766 ( 4,770) 283,648 ( 28,743) 494,414 ( 33,513) Foreign corporate securities 278,403 ( 7,553) 365,808 ( 26,027) 644,211 ( 33,580) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) Duration of Unrealized Loss at December 31, 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 $ 76,226 $ ( 158) $ 777,409 $ ( 14,943) $ 853,635 $ ( 15,101) Obligations of U.S. states and political subdivisions 71,559 ( 1,444) 38,105 ( 1,395) 109,664 ( 2,839) Corporate securities 2,513,463 ( 69,619) 1,683,729 ( 71,896) 4,197,192 ( 141,515) Asset-backed securities 230,285 ( 2,746) 245,300 ( 2,746) 475,585 ( 5,492) Mortgage-backed securities Commercial 71,167 ( 1,128) 154,201 ( 4,212) 225,368 ( 5,340) Agency residential 156,930 ( 975) 1,373,629 ( 42,846) 1,530,559 ( 43,821) Non-agency residential 10,174 ( 26) - - 10,174 ( 26) Foreign government securities 196,303 ( 9,719) 494,156 ( 46,187) 690,459 ( 55,906) Foreign corporate securities 939,808 ( 35,023) 782,405 ( 62,835) 1,722,213 ( 97,858) Total fixed maturity securities $ 4,265,915 $ ( 120,838) $ 5,548,934 $ ( 247,060) $ 9,814,849 $ ( 367,898) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at December 31, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 67,879 $ ( 1,237) $ 416,583 $ ( 23,004) $ 484,462 $ ( 24,241) Due in one year through five years 464,753 ( 7,960) 689,195 ( 38,138) 1,153,948 ( 46,098) Due in five years through ten years 495,741 ( 12,388) 103,612 ( 11,100) 599,353 ( 23,488) Due after ten years 98,043 ( 1,658) 90,328 ( 11,678) 188,371 ( 13,336) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities 427,726 ( 2,523) 515,719 ( 9,625) 943,445 ( 12,148) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) Duration of Unrealized Loss at December 31, 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 $ 454,239 $ ( 2,558) $ 427,513 $ ( 20,675) $ 881,752 $ ( 23,233) Due in one year through five years 2,014,704 ( 45,148) 2,764,981 ( 129,940) 4,779,685 ( 175,088) Due in five years through ten years 1,082,568 ( 51,300) 492,216 ( 34,210) 1,574,784 ( 85,510) Due after ten years 245,848 ( 16,957) 91,094 ( 12,431) 336,942 ( 29,388) Asset-backed securities 230,285 ( 2,746) 245,300 ( 2,746) 475,585 ( 5,492) Mortgage-backed securities 238,271 ( 2,129) 1,527,830 ( 47,058) 1,766,101 ( 49,187) Total fixed maturity securities $ 4,265,915 $ ( 120,838) $ 5,548,934 $ ( 247,060) $ 9,814,849 $ ( 367,898) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturities $ 520,291 $ 465,793 $ 427,379 Equity securities 19,505 25,327 34,523 Short-term investments and cash 17,619 14,395 4,177 Other invested assets Limited partnerships 105,815 93,327 83,569 Other 14,117 16,960 10,125 Gross investment income before adjustments 677,347 615,802 559,773 Funds held interest income (expense) 13,271 6,300 11,874 Future policy benefit reserve income (expense) ( 1,380) ( 1,419) ( 1,282) Gross investment income 689,238 620,683 570,365 Investment expenses ( 42,099) ( 39,500) ( 27,467) Net investment income $ 647,139 $ 581,183 $ 542,898 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Fixed maturity securities, market value: Other-than-temporary impairments $ ( 20,899) $ ( 8,110) $ ( 7,093) Gains (losses) from sales 28,025 ( 21,719) 17,714 Fixed maturity securities, fair value: Gains (losses) from sales 355 ( 1,799) - Gains (losses) from fair value adjustments 1,808 1,506 - Equity securities, market value: Gains (losses) from sales - - ( 3,424) Equity securities, fair value: Gains (losses) from sales 4,148 ( 29,941) 6,969 Gains (losses) from fair value adjustments 165,200 ( 68,832) 138,973 Other invested assets 6,003 1,815 61 Short-term investments gain (loss) 364 ( 56) ( 6) Total net realized capital gains (losses) $ 185,004 $ ( 127,136) $ 153,194 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Proceeds from sales of fixed maturity securities $ 3,283,154 $ 3,150,179 $ 2,401,844 Gross gains from sales 63,721 33,996 58,589 Gross losses from sales ( 35,341) ( 57,514) ( 40,875) Proceeds from sales of equity securities $ 283,965 $ 1,199,409 $ 651,433 Gross gains from sales 14,274 31,718 24,809 Gross losses from sales ( 10,126) ( 61,659) ( 21,264) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross reserves beginning of period $ 13,119,090 $ 11,884,321 10,312,313 Less reinsurance recoverables ( 1,619,641) ( 1,212,649) ( 990,862) Net reserves beginning of period 11,499,449 10,671,672 9,321,451 Incurred related to: Current year 4,986,456 5,264,327 4,815,967 Prior years ( 63,558) 387,076 ( 293,386) Total incurred losses and LAE 4,922,898 5,651,403 4,522,581 Paid related to: Current year 2,042,246 1,700,765 1,280,605 Prior years 2,460,825 3,011,175 2,062,634 Total paid losses and LAE 4,503,071 4,711,940 3,343,239 Foreign exchange/translation adjustment 51,325 ( 111,686) 170,879 Net reserves end of period 11,970,601 11,499,449 10,671,672 Plus reinsurance recoverables 1,640,712 1,619,641 1,212,649 Gross reserves end of period $ 13,611,313 $ 13,119,090 11,884,321 (Some amounts may not reconcile due to rounding.) |
Ultimate Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | U.S. Reinsurance – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 401,018 $ 395,794 $ 329,084 $ 325,134 $ 321,099 $ 320,958 $ 324,139 $ 312,483 1,539 N/A 2013 310,935 388,323 385,643 388,287 372,409 362,781 355,118 3,851 N/A 2014 367,492 383,657 392,379 375,404 357,608 351,033 2,232 N/A 2015 326,346 354,265 352,983 350,790 337,332 10,184 N/A 2016 330,362 354,822 355,804 343,004 56,353 N/A 2017 346,836 347,147 342,896 105,550 N/A 2018 484,218 472,532 259,800 N/A 2019 767,529 488,182 N/A $ 3,281,926 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 9,986 $ 38,496 $ 82,995 $ 143,510 $ 187,286 $ 218,653 $ 272,046 $ 286,409 2013 14,842 48,929 108,801 170,868 211,273 285,756 310,168 2014 18,809 54,255 110,249 164,552 254,077 294,533 2015 19,902 53,621 107,458 206,397 257,511 2016 18,927 58,310 137,219 193,804 2017 25,800 73,023 142,335 2018 63,140 104,690 2019 103,453 $ 1,692,901 All outstanding liabilities prior to 2012, net of reinsurance 607,385 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,196,410 (Some amounts may not reconcile due to rounding.) U.S. Reinsurance – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 937,720 $ 723,851 $ 723,151 $ 715,961 $ 713,237 $ 706,782 $ 692,079 $ 694,576 1,112 N/A 2013 622,108 405,338 352,687 314,637 310,942 308,557 310,199 1,099 N/A 2014 603,258 516,189 437,409 402,129 396,641 397,683 2,674 N/A 2015 673,913 534,178 476,348 451,694 456,195 5,655 N/A 2016 972,881 816,765 797,339 788,551 10,293 N/A 2017 1,564,165 2,117,747 2,231,384 16,538 N/A 2018 1,728,705 1,572,138 88,063 N/A 2019 970,831 329,576 N/A $ 7,421,556 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 242,315 $ 402,305 $ 520,244 $ 598,289 $ 621,013 $ 646,572 $ 651,550 $ 666,768 2013 234,464 250,850 269,014 289,130 296,074 300,708 302,756 2014 189,598 289,430 338,030 362,825 373,060 375,988 2015 225,655 320,310 378,235 405,614 419,757 2016 291,462 582,985 681,502 735,678 2017 545,551 1,422,328 1,744,822 2018 409,225 1,064,431 2019 568,556 $ 5,878,758 All outstanding liabilities prior to 2012, net of reinsurance 29,929 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,572,727 (Some amounts may not reconcile due to rounding.) International – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 224,614 $ 146,421 $ 135,234 $ 135,230 $ 117,350 $ 118,941 $ 116,283 101,872 6,225 N/A 2013 184,497 168,277 164,973 144,869 141,645 138,355 130,124 13,641 N/A 2014 195,753 187,451 168,865 166,576 166,605 158,117 27,302 N/A 2015 193,714 179,392 172,811 172,061 167,290 30,299 N/A 2016 184,267 180,284 177,979 178,255 46,648 N/A 2017 191,492 139,214 150,276 48,308 N/A 2018 309,673 319,752 148,582 N/A 2019 291,237 189,506 N/A $ 1,496,922 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 18,875 $ 30,090 $ 46,015 $ 56,420 $ 66,234 $ 76,921 $ 83,253 $ 88,278 2013 17,865 41,481 54,619 67,605 75,964 86,851 95,799 2014 25,910 44,805 62,508 73,955 86,607 99,522 2015 24,237 48,806 69,674 82,465 96,180 2016 26,446 50,824 70,108 87,191 2017 26,541 52,774 77,614 2018 57,962 97,222 2019 52,808 $ 694,615 All outstanding liabilities prior to 2012, net of reinsurance 116,104 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 918,411 (Some amounts may not reconcile due to rounding.) International – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 437,946 $ 397,747 $ 338,496 $ 346,116 $ 342,251 $ 340,618 $ 344,626 $ 358,428 754 N/A 2013 473,767 413,959 374,216 366,182 365,106 362,370 369,876 920 N/A 2014 589,489 541,484 497,317 443,210 445,914 446,412 3,613 N/A 2015 545,360 393,027 388,795 384,816 385,980 4,466 N/A 2016 539,447 543,428 593,567 595,512 15,930 N/A 2017 857,100 954,835 970,874 15,997 N/A 2018 544,258 574,521 84,717 N/A 2019 879,698 389,242 N/A $ 4,581,301 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 126,001 $ 230,203 $ 279,611 $ 303,002 $ 311,706 $ 319,112 $ 324,936 $ 355,887 2013 121,461 246,893 294,024 325,155 337,087 341,831 354,102 2014 162,647 295,731 360,679 392,731 410,715 416,735 2015 127,511 235,921 299,773 334,271 345,693 2016 159,425 316,190 447,094 481,029 2017 247,895 641,832 773,790 2018 90,429 330,681 2019 151,893 $ 3,209,811 All outstanding liabilities prior to 2012, net of reinsurance 54,040 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,425,530 (Some amounts may not reconcile due to rounding.) Bermuda – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 284,509 $ 262,122 $ 240,949 $ 230,441 $ 236,883 $ 237,315 $ 241,312 $ 241,631 30,273 N/A 2013 228,258 258,432 252,704 261,259 250,627 234,668 230,654 33,689 N/A 2014 211,439 244,163 261,523 257,904 234,196 226,434 48,168 N/A 2015 273,468 301,791 307,957 308,042 309,983 82,925 N/A 2016 292,353 351,182 349,522 357,169 114,651 N/A 2017 354,391 365,767 365,823 181,139 N/A 2018 547,267 546,367 376,744 N/A 2019 667,150 551,529 N/A $ 2,945,212 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 12,864 $ 29,660 $ 51,278 $ 75,680 $ 102,019 $ 130,159 $ 149,629 $ 164,775 2013 16,996 33,951 52,270 77,270 102,866 124,708 144,010 2014 13,580 24,915 42,872 67,716 91,981 115,098 2015 13,643 58,956 93,220 127,930 153,080 2016 45,671 84,152 121,553 155,397 2017 29,904 64,197 103,915 2018 36,678 93,727 2019 61,239 $ 991,242 All outstanding liabilities prior to 2012, net of reinsurance 356,351 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,310,321 (Some amounts may not reconcile due to rounding.) Bermuda – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 238,152 $ 180,775 $ 119,168 $ 117,221 $ 117,909 $ 118,999 $ 117,734 $ 120,824 593 N/A 2013 217,531 142,666 124,191 115,029 114,252 114,800 112,900 272 N/A 2014 186,492 164,139 138,381 134,776 137,389 136,813 1,092 N/A 2015 192,520 157,711 143,625 146,196 143,266 2,204 N/A 2016 206,279 181,593 186,735 187,607 4,619 N/A 2017 393,969 365,405 346,472 10,115 N/A 2018 394,542 396,488 85,786 N/A 2019 343,602 184,640 N/A $ 1,787,971 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 45,573 $ 85,175 $ 90,147 $ 108,172 $ 111,772 $ 113,508 $ 113,816 $ 116,429 2013 34,745 64,560 101,614 108,535 110,378 111,655 111,833 2014 32,813 86,611 106,564 126,552 129,891 131,455 2015 33,814 73,041 109,401 131,387 134,862 2016 26,737 78,499 130,319 167,562 2017 38,106 137,127 250,661 2018 72,580 170,831 2019 66,370 $ 1,150,003 All outstanding liabilities prior to 2012, net of reinsurance 26,236 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 664,204 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 349,597 $ 351,402 $ 346,953 $ 348,180 $ 353,320 $ 343,931 $ 346,882 $ 351,320 20,199 15,769 2013 393,539 393,390 392,827 393,035 351,295 344,388 350,815 23,120 21,350 2014 431,068 457,043 454,576 460,642 397,061 397,834 38,872 25,188 2015 519,509 528,050 535,671 542,176 468,584 54,740 26,896 2016 553,437 551,321 580,323 615,168 166,117 31,517 2017 612,967 602,985 625,039 226,898 34,701 2018 705,789 711,001 353,806 33,817 2019 850,832 653,255 30,144 $ 4,370,593 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,185 $ 101,288 $ 157,897 $ 213,451 $ 246,407 $ 272,055 $ 294,380 $ 306,833 2013 33,311 117,037 176,312 224,611 260,184 285,822 303,726 2014 41,190 124,915 201,646 256,807 297,644 325,856 2015 44,311 134,730 218,853 291,943 353,232 2016 54,731 164,225 268,909 342,325 2017 53,898 172,200 280,797 2018 63,492 208,081 2019 72,375 $ 2,193,224 All outstanding liabilities prior to 2012, net of reinsurance 300,347 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,477,716 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2019 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 2017 2018 2019 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 106,325 $ 89,000 $ 81,747 $ 82,448 $ 82,019 $ 81,802 $ 81,979 $ 82,526 68 N/A 2013 112,037 98,106 91,251 92,144 92,233 92,393 92,246 471 N/A 2014 131,679 123,668 119,928 119,464 119,282 119,413 407 N/A 2015 172,904 152,895 143,944 146,780 144,769 405 N/A 2016 290,264 275,154 280,170 291,672 736 N/A 2017 496,905 501,407 494,844 13,043 N/A 2018 407,855 401,900 14,862 N/A 2019 348,590 81,655 N/A $ 1,975,961 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,504 $ 81,772 $ 80,469 $ 81,749 $ 81,891 $ 81,682 $ 81,820 $ 82,457 2013 68,695 93,110 91,841 92,110 91,720 91,759 91,777 2014 81,827 116,037 118,220 118,211 118,545 118,660 2015 102,170 141,280 142,437 145,225 146,719 2016 162,548 249,517 271,938 289,194 2017 178,666 424,181 458,811 2018 244,772 358,324 2019 227,387 $ 1,773,329 All outstanding liabilities prior to 2012, net of reinsurance 644 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 203,277 (Some amounts may not reconcile due to rounding.) |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | U.S. Reinsurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 8.4 % 10.3 % 17.7 % 19.6 % 16.6 % 14.4 % 11.7 % 4.6 % U.S. Reinsurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 36.5 % 34.0 % 13.6 % 7.7 % 2.9 % 2.4 % 0.7 % 2.2 % International – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 16.7 % 13.9 % 12.6 % 8.8 % 8.0 % 8.8 % 6.6 % 4.9 % International – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 25.9 % 34.1 % 15.6 % 7.2 % 3.2 % 1.5 % 2.5 % 8.6 % Bermuda – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 7.8 % 9.7 % 9.8 % 10.5 % 10.0 % 10.5 % 8.2 % 6.3 % Bermuda – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 19.6 % 28.5 % 25.2 % 14.9 % 2.4 % 1.2 % 0.2 % 2.2 % Insurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Casualty 9.1 % 19.8 % 17.4 % 14.0 % 10.9 % 7.2 % 6.7 % 3.3 % Insurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 Property 56.8 % 35.0 % 4.7 % 3.0 % 0.4 % - % 0.1 % - % |
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2019 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 2,196,410 U.S. Reinsurance Property 1,572,727 International Casualty 918,411 International Property 1,425,530 Bermuda Casualty 2,310,321 Bermuda Property 664,204 Insurance Casualty 2,477,716 Insurance Property 203,277 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 11,768,596 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 363,925 U.S. Reinsurance Property 207,967 International Casualty 91,193 International Property 149,803 Bermuda Casualty 9,975 Bermuda Property 68,639 Insurance Casualty 631,827 Insurance Property 117,382 Total reinsurance recoverable on unpaid claims 1,640,712 Insurance lines other than short-duration - Unallocated claims adjustment expenses 163,563 Other 38,442 202,005 Total gross liability for unpaid claims and claim adjustment expense $ 13,611,313 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in thousands) 2019 2018 2017 Gross basis: Beginning of period reserves $ 347,495 $ 448,994 $ 441,111 Incurred losses 2,070 ( 2,473) 90,009 Paid losses ( 91,644) ( 99,026) ( 82,126) End of period reserves $ 257,921 $ 347,495 $ 448,994 Net basis: Beginning of period reserves $ 261,456 $ 318,081 $ 319,072 Incurred losses - - 37,137 Paid losses ( 32,756) ( 56,624) ( 38,128) End of period reserves $ 228,701 $ 261,456 $ 318,081 |
Summary Of Activity In The Reserve For Future Policy Benefits | At December 31, (Dollars in thousands) 2019 2018 2017 Balance at beginning of year $ 46,778 $ 51,014 $ 55,074 Liabilities assumed 53 110 115 Adjustments to reserves 350 806 ( 437) Benefits paid in the current year ( 4,589) ( 5,151) ( 3,738) Balance at end of year $ 42,592 $ 46,778 $ 51,014 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,515,803 $ - $ 1,515,803 $ - Obligations of U.S. States and political subdivisions 536,915 - 536,915 - Corporate securities 6,374,946 - 5,757,358 617,588 Asset-backed securities 897,333 - 743,692 153,641 Mortgage-backed securities Commercial 844,557 - 844,557 - Agency residential 2,198,581 - 2,198,581 - Non-agency residential 5,703 - 5,703 - Foreign government securities 1,505,950 - 1,505,950 - Foreign corporate securities 2,945,156 - 2,943,406 1,750 Total fixed maturities, market value 16,824,944 - 16,051,965 772,979 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 931,457 864,584 66,873 - Liabilities: Equity index put option contracts $ 5,584 $ - $ - $ 5,584 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,631,134 $ - $ 2,631,134 $ - Obligations of U.S. States and political subdivisions 500,094 - 500,094 - Corporate securities 5,445,532 - 5,017,317 428,215 Asset-backed securities 540,097 - 540,097 - Mortgage-backed securities Commercial 326,710 - 326,710 - Agency residential 1,796,264 - 1,796,264 - Non-agency residential 10,209 - 10,209 - Foreign government securities 1,314,165 - 1,314,165 - Foreign corporate securities 2,661,058 - 2,653,314 7,744 Total fixed maturities, market value 15,225,263 - 14,789,304 435,959 Fixed maturities, fair value 2,337 - - 2,337 Equity securities, fair value 716,639 674,433 42,206 - Liabilities: Equity index put option contracts $ 11,958 $ - $ - $ 11,958 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value December 31, 2019 December 31, 2018 Corporate Asset-Backed Foreign Corporate Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 428,215 $ - $ 7,744 $ 435,959 $ 210,186 $ 6,952 $ 217,138 Total gains or (losses) (realized/unrealized) Included in earnings 4,937 - ( 12) 4,925 ( 92) ( 660) ( 752) Included in other comprehensive income (loss) ( 20) 3,632 ( 110) 3,502 1,091 - 1,091 Purchases, issuances and settlements 179,761 150,009 ( 5,872) 323,898 215,838 ( 298) 215,540 Transfers in and/or (out) of Level 3 4,695 - - 4,695 1,192 1,750 2,942 Ending balance $ 617,588 $ 153,641 $ 1,750 $ 772,979 $ 428,215 $ 7,744 $ 435,959 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2019 December 31, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 2,337 $ 2,337 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings 2,163 2,163 ( 293) ( 293) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 1,326 1,326 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 5,826 $ 5,826 $ 2,337 $ 2,337 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ 1,795 $ 1,795 $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Years Ended December 31, (Dollars in thousands) 2019 2018 Liabilities: Balance, beginning of period $ 11,958 $ 12,477 Total (gains) or losses (realized/unrealized) Included in earnings ( 6,374) ( 520) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 5,584 $ 11,958 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.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Credit facility interest and fees incurred $ 420 $ 420 $ 420 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 33,737 12/31/2020 $ 200,000 $ - Tranche Two 2,381 7/29/2020 Tranche Two 1,649 9/30/2020 Tranche Two 573,353 12/31/2020 Tranche Two 600,000 12,364 1/4/2021 600,000 558,818 12/31/2019 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 623,484 $ 800,000 $ 558,818 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 4,425 02/29/2020 $ 200,000 $ 3,482 02/28/2019 512 09/03/2020 3,672 11/24/2019 3,672 11/24/2020 72,443 12/31/2019 177 12/16/2020 296 08/15/2020 125 12/20/2020 177 12/16/2020 101,404 12/31/2020 125 12/20/2020 559 08/15/2021 1,851 11/04/2022 37,096 12/30/2023 407 11/13/2022 - 59,293 12/30/2022 Total Citibank Bilateral Agreement $ 200,000 $ 147,970 $ 200,000 $ 141,746 |
Lloyds Bank plc Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 47,000 £ 47,000 12/31/2023 £ 30,000 £ 26,000 12/31/2022 - - - - Total Lloyd's Bank Credit Facility £ 47,000 £ 47,000 £ 30,000 £ 26,000 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2019 December 31, 2018 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value Senior notes 6/5/2014 6/1/2044 400,000 $ 397,074 $ 452,848 $ 396,954 $ 396,968 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars In thousands 2019 2018 2017 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date December 31, 2019 December 31, 2018 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value Long term subordinated notes 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 236,758 $ 233,191 $ 236,659 $ 200,390 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Interest expense incurred $ 11,587 $ 10,926 $ 11,498 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Years Ended December 31, Mt. Logan Re Segregated Accounts 2019 2018 2017 (Dollars in thousands) Ceded written premiums 291,979 260,612 245,453 Ceded earned premiums 294,762 262,518 242,793 Ceded losses and LAE 187,192 319,046 320,315 Assumed written premiums 17,005 11,032 25,970 Assumed earned premiums 17,005 11,032 25,970 Assumed losses and LAE - - - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in thousands) 2019 Lease expense incurred: Operating lease cost $ 24,524 At December 31, (Dollars in thousands) 2019 Operating lease right of use assets $ 161,435 Operating lease liabilities 169,909 Year Ended December 31, (Dollars in thousands) 2019 Operating cash flows from operating leases $ ( 20,041) At December 31, 2019 Weighted average remaining operating lease term 12.6 years Weighted average discount rate on operating leases 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) 2020 $ 19,945 2021 17,153 2022 18,985 2023 18,169 2024 17,872 Thereafter 126,250 Undiscounted lease payments 218,374 Less: present value adjustment 48,465 Total operating lease liability $ 169,909 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Current tax expense (benefit): U.S. $ ( 5,044) $ ( 38,625) $ ( 117,173) Non-U.S. 14,420 6,497 2,849 Total current tax expense (benefit) 9,376 ( 32,128) ( 114,324) Deferred tax expense (benefit): U.S. 80,247 ( 298,998) 50,207 Non-U.S. ( 97) ( 97) 777 Total deferred tax expense (benefit) 80,150 ( 299,095) 50,984 Total income tax expense (benefit) $ 89,526 $ ( 331,223) $ ( 63,340) (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | Years Ended December 31, 2019 2018 2017 (Dollars in thousands) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ 38,964 $ 297,199 $ ( 1,407,020) $ 796,745 $ ( 516,167) $ 308,646 Net investment income 325,179 321,960 283,569 297,614 255,310 287,588 Net realized capital gains (losses) 155,609 29,394 ( 90,033) ( 37,103) 148,099 5,095 Net derivative gain (loss) - 6,374 - 520 - 9,581 Corporate expenses ( 13,063) ( 19,903) ( 11,035) ( 19,637) ( 7,394) ( 18,529) Interest, fee and bond issue cost amortization expense ( 34,931) 3,239 ( 30,611) ( 420) ( 31,183) ( 420) Other income (expense) ( 1,976) ( 9,057) ( 5,894) ( 18,877) 32,441 ( 53,656) Pre-tax income (loss) $ 469,782 $ 629,206 $ ( 1,261,024) $ 1,018,842 $ ( 118,894) $ 538,305 Expected tax provision at the applicable statutory rate(s) 98,766 17,205 ( 264,912) 9,647 ( 41,614) 6,843 Increase (decrease) in taxes resulting from: Tax exempt income ( 3,680) - ( 3,824) - ( 8,488) - Dividend received deduction ( 998) - ( 1,520) - ( 4,639) - Proration 1,050 - 1,150 - 1,760 - Affiliated preferred stock dividends 6,517 - 6,517 - 10,861 - Creditable foreign premium tax ( 9,852) - ( 13,475) - ( 7,515) - Tax audit settlement ( 1,576) - ( 2,094) - ( 11,516) - U.S. rate differential on carryback of net operation losses to PY - - ( 43,734) - - - U.S. rate differential on deferred tax 2017 return to provision - - ( 28,411) - - - Share based compensation tax benefits formerly in APIC ( 2,984) ( 373) ( 3,333) ( 120) ( 6,716) ( 235) Impact of U.S. tax reform - - - - 8,246 - Impact of prior year accounting adjustment - - - - ( 8,986) - Change in uncertain tax positions ( 8,434) - 8,434 - - - Other ( 3,606) ( 2,509) 7,579 ( 3,127) 1,641 ( 2,982) Total income tax provision $ 75,203 $ 14,323 $ ( 337,623) $ 6,400 $ ( 66,966) $ 3,626 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) 2019 2018 2017 Balance at January 1 $ 8,434 $ - $ - Additions based on tax positions related to the current year - - - Additions for tax positions of prior years - 8,434 - Reductions for tax positions of prior years ( 8,434) - - Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ - $ 8,434 $ - |
Net Deferred Income Tax Assets | Years Ended December 31, (Dollars in thousands) 2019 2018 Deferred tax assets: Foreign Tax Credits $ 186,706 $ 167,685 Unearned premium reserves 75,130 63,309 Loss reserves 66,025 64,135 Net operating loss carryforward 31,698 106,543 Net unrealized losses on benefit plans 19,818 17,921 Unrealized foreign currency losses 7,964 12,596 Investment impairments 3,961 1,291 Uncollectible reinsurance reserves 3,142 3,142 Other Tax Credits 2,294 - Net unrealized investment losses - 10,815 Net fair value losses - 7,196 Other assets 13,869 11,521 Total deferred tax assets 410,607 466,154 Deferred tax liabilities: Deferred acquisition costs 81,931 74,736 Net unrealized investment gains 39,413 - Net fair value income 25,936 - Partnership investments 15,039 14,936 Benefit plan asset 2,333 3,600 Other liabilities 4,937 3,868 Total deferred tax liabilities 169,589 97,140 Net deferred tax assets 241,018 369,014 Less: Valuation allowance ( 12,997) ( 9,309) Total net deferred tax assets $ 228,021 $ 359,705 (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Written premiums: Direct $ 2,783,036 $ 2,240,951 $ 2,083,555 Assumed 6,350,328 6,234,203 5,090,367 Ceded ( 1,308,940) ( 1,060,726) ( 929,261) Net written premiums $ 7,824,424 $ 7,414,428 $ 6,244,661 Premiums earned: Direct $ 2,551,662 $ 2,129,320 $ 1,825,705 Assumed 6,059,222 5,807,332 4,945,522 Ceded ( 1,207,198) ( 1,004,953) ( 833,387) Net premiums earned $ 7,403,686 $ 6,931,699 $ 5,937,840 Incurred losses and LAE: Direct $ 1,618,686 $ 1,372,589 $ 1,311,682 Assumed 3,923,298 5,046,947 3,909,816 Ceded ( 619,086) ( 768,133) ( 698,917) Net incurred losses and LAE $ 4,922,898 $ 5,651,403 $ 4,522,581 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2019 2019 2018 2017 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 547,539 $ ( 49,665) $ 497,874 $ ( 275,511) $ 21,061 $ ( 254,450) $ ( 81,915) $ 21,597 $ ( 60,318) URA(D) on securities - OTTI ( 1,559) 115 ( 1,444) ( 1,071) ( 135) ( 1,206) ( 5,618) 1,588 ( 4,030) Reclassification of net realized losses (gains) included in net income (loss) ( 13,129) 516 ( 12,613) 28,014 ( 518) 27,496 ( 7,258) 308 ( 6,950) Foreign currency translation adjustments 18,585 ( 4,555) 14,030 ( 86,520) 9,704 ( 76,816) 142,054 ( 20,137) 121,917 Benefit plan actuarial net gain (loss) ( 15,938) 3,347 ( 12,591) ( 646) 136 ( 510) 1,300 ( 273) 1,027 Reclassification of benefit plan liability amortization included in net income (loss) 6,902 ( 1,449) 5,453 6,356 ( 1,335) 5,021 8,426 ( 2,949) 5,477 Total other comprehensive income (loss) $ 542,400 $ ( 51,691) $ 490,709 $ ( 329,378) $ 28,913 $ ( 300,465) $ 56,989 $ 134 $ 57,123 |
Reclassification From Accumulated Other Comprehensive Income | Years Ended December 31, Affected line item within the statements of AOCI component 2019 2018 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ ( 13,129) $ 28,014 Other net realized capital gains (losses) 516 ( 518) Income tax expense (benefit) $ ( 12,613) $ 27,496 Net income (loss) Benefit plan net gain (loss) $ 6,902 $ 6,356 Other underwriting expenses ( 1,449) ( 1,335) Income tax expense (benefit) $ 5,453 $ 5,021 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Years Ended December 31, (Dollars in thousands) 2019 2018 Beginning balance of URA (D) on securities $ ( 179,392) $ 49,969 Change to beginning balance due to adoption of ASU 2016-01 - ( 1,201) Current period change in URA (D) of investments - temporary 485,261 ( 226,954) Current period change in URA (D) of investments - non-credit OTTI ( 1,444) ( 1,206) Ending balance of URA (D) on securities 304,425 ( 179,392) Beginning balance of foreign currency translation adjustments ( 215,747) ( 138,931) Current period change in foreign currency translation adjustments 14,030 ( 76,816) Ending balance of foreign currency translation adjustments ( 201,717) ( 215,747) Beginning balance of benefit plan net gain (loss) ( 67,418) ( 71,929) Current period change in benefit plan net gain (loss) ( 7,138) 4,511 Ending balance of benefit plan net gain (loss) ( 74,556) ( 67,418) Ending balance of accumulated other comprehensive income (loss) $ 28,152 $ ( 462,557) (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Company contributions $ 4,750 $ 77,743 $ 10,534 |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2019 2018 Qualified Plan $ 288,328 $ 237,855 Non-qualified Plan 21,642 24,472 Total $ 309,970 $ 262,327 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Projected benefit obligation $ 333,715 $ 275,772 Fair value of plan assets 301,467 260,531 Non-qualified Plan Projected benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2019 2018 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 21,642 $ 24,472 Fair value of plan assets - - |
Incurred Expenses Related To Defined Contribution Plans For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 10,794 $ 9,301 $ 7,167 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Incurred expenses $ 2,216 $ 2,057 $ 1,849 |
Changes In The Assumed Healthcare Cost Trend | Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 434 $ ( 335) b. Effect on accumulated post-retirement benefit obligation 6,257 ( 4,833) |
Defined Benefit Pension Plan [Member] | |
Summary Of Pension Expenses | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Pension expense $ 10,042 $ 9,728 $ 16,299 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 300,244 $ 316,202 Service cost 8,255 9,801 Interest cost 11,712 10,290 Actuarial (gain)/loss 46,206 ( 29,966) Curtailment - - Benefits paid ( 11,062) ( 6,084) Projected benefit obligation at end of year 355,356 300,244 Change in plan assets: Fair value of plan assets at beginning of year 260,531 210,267 Actual return on plan assets 47,247 ( 21,395) Actual contributions during the year 4,750 77,743 Administrative expenses paid - - Benefits paid ( 11,062) ( 6,084) Fair value of plan assets at end of year 301,467 260,531 Funded status at end of year $ ( 53,889) $ ( 39,713) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2019 2018 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) ( 7,362) ( 7,530) Other liabilities (due beyond one year) ( 46,527) ( 32,182) Net amount recognized in the consolidated balance sheets $ ( 53,889) $ ( 39,713) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ ( 97,466) $ ( 88,580) Accumulated other comprehensive income (loss) $ ( 97,466) $ ( 88,580) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ ( 88,580) $ ( 86,788) Net gain (loss) arising during period ( 16,927) ( 8,631) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,042 6,839 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ ( 97,466) $ ( 88,580) (Some amounts may not reconcile due to rounding.) |
Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost $ 8,255 $ 9,801 $ 10,949 Interest cost 11,712 10,290 10,034 Expected return on assets ( 17,968) ( 17,202) ( 13,050) Amortization of actuarial loss from earlier periods 7,635 6,839 8,366 Settlement 408 - - Net periodic benefit cost $ 10,042 $ 9,728 $ 16,299 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 8,885 1,792 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 18,927 $ 11,520 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2019 15,670 2020 11,458 2021 12,198 2022 12,902 2023 13,985 Next 5 years 84,334 |
Fair Value Measurement Levels For Qualified Plan Assets | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,749 $ 1,749 $ - $ - Mutual funds, fair value Fixed income (b) 90,483 90,483 - - Equities (c) 188,884 188,884 - - Total $ 281,116 $ 281,116 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2018 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,872 $ 2,872 $ - $ - Mutual funds, fair value Fixed income (b) 82,633 82,633 - - Equities (c) 154,935 154,935 - - Total $ 240,440 $ 240,440 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. |
Post-Retirement Plan [Member] | |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Post-retirement benefit expenses $ 1,231 $ 1,829 $ 2,814 |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2019 2018 Other liabilities (due within one year) $ ( 611) $ ( 608) Other liabilities (due beyond one year) ( 28,764) ( 27,875) Net amount recognized in the consolidated balance sheets $ ( 29,376) $ ( 28,483) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2019 2018 Accumulated income (loss) $ 188 $ ( 238) Accumulated prior service credit (cost) 2,904 3,480 Accumulated other comprehensive income (loss) $ 3,092 $ 3,242 |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2019 2018 Other comprehensive income (loss) at December 31, prior year $ 3,242 $ ( 4,260) Net gain (loss) arising during period 582 7,985 Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) ( 155) 94 Prior service cost ( 577) ( 577) Other comprehensive income (loss) at December 31, current year $ 3,092 $ 3,242 |
Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Service cost $ 983 $ 1,312 $ 1,570 Interest cost 980 999 1,184 Prior service credit recognition ( 577) ( 577) ( 131) Net gain recognition ( 155) 94 192 Net periodic cost $ 1,231 $ 1,829 $ 2,814 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year 150 ( 7,502) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,381 $ ( 5,673) (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2019 $ 611 2020 673 2021 768 2022 851 2023 896 Next 5 years 6,377 |
Post-Retirement Benefit Expenses | At December 31, (Dollars in thousands) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of year $ 28,483 $ 34,717 Service cost 983 1,312 Interest cost 980 999 Amendments ( 582) - Actuarial (gain)/loss - ( 7,985) Benefits paid ( 488) ( 561) Benefit obligation at end of year 29,376 28,483 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 488 561 Benefits paid ( 488) ( 561) Fair value of plan assets at end of year - - Funded status at end of year $ ( 29,376) $ ( 28,483) |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And The Actual Statutory Capital | Bermuda Re (1) Everest Re (1) At December 31, At December 31, (Dollars in thousands) 2019 (1) 2018 2019 2018 Regulatory targeted capital $ - $ 1,753,156 $ 2,001,226 $ 2,172,958 Actual capital $ 3,197,418 $ 3,068,534 $ 3,739,140 $ 3,650,594 (a) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. (b) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. (c) The 2019 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2019 actual capital will exceed the targeted capital level. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,703 $ 142,754 Unaffiliated life insurance company 35,082 34,717 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Compensation Plans [Abstract] | |
Company's Shareholder Approved Plans | Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2019 279,164 $ 83.84 Granted – - Exercised 108,460 78.58 Forfeited/Cancelled/Expired – - Outstanding at December 31, 2019 170,704 87.18 1.4 $ 32,376 . Exercisable at December 31, 2019 170,704 87.18 1.4 $ 32,376 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2018 360,364 $ 84.10 Granted - - Exercised 81,200 84.99 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2018 279,164 83.84 1.9 $ 37,386 Exercisable at December 31, 2018 279,164 83.84 1.9 $ 37,386 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2017 454,994 $ 84.88 Granted - - Exercised 94,630 87.84 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2017 360,364 84.10 2.7 $ 49,428 Exercisable at December 31, 2017 360,364 84.10 2.7 $ 49,428 |
Share Options Outstanding And Exercisable | At December 31, 2019 Options Outstanding Opotions Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/19 Life Price at 12/31/19 Price $ 84.6300 - $ 85.6300 31,100 0.2 $ 84.63 31,100 $ 84.63 $ 85.6400 - $ 87.4700 59,900 1.2 86.62 59,900 86.62 $ 87.4800 - $ 89.4100 73,750 2.1 88.32 73,750 88.32 $ 89.4200 - $ 110.1300 5,954 1.5 91.99 5,954 91.99 170,704 1.4 87.18 170,704 87.18 |
Summary Of Company's Non-Vested Shares And Changes | Years Ended December 31, 2019 2018 2017 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 414,407 $ 217.15 421,261 $ 194.01 435,338 $ 164.21 Granted 232,601 - 173,065 240.59 160,185 234.01 Vested 138,322 - 141,982 178.31 152,397 151.80 Forfeited 13,549 - 37,937 212.48 21,865 187.82 Outstanding at December 31, 495,137 - 414,407 217.15 421,261 194.01 |
Company's Non-Vested Performance Share Unit Awards | Years Ended December 31, 2019 2018 2017 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 32,382 $ - 33,454 $ - 21,223 $ - Granted 16,855 223.45 13,325 242.39 11,245 234.03 Increase/(Decrease) on vesting units due to performance ( 3,455) - ( 267) - 986 - Vested 10,922 223.45 12,435 242.39 - - Forfeited - - 1,695 - - - Outstanding at December 31, 34,850 - 32,382 - 33,454 - |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,962,416 $ 3,014,338 $ 2,592,972 Net written premiums 2,513,579 2,642,182 2,245,422 Premiums earned $ 2,471,447 $ 2,528,991 $ 2,181,160 Incurred losses and LAE 1,514,151 2,784,181 1,632,795 Commission and brokerage 703,803 568,374 462,487 Other underwriting expenses 68,796 60,266 55,881 Underwriting gain (loss) $ 184,697 $ ( 883,830) $ 29,997 International Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 1,648,598 $ 1,543,946 $ 1,316,701 Net written premiums 1,551,753 1,458,745 1,229,597 Premiums earned $ 1,475,669 $ 1,439,882 $ 1,202,043 Incurred losses and LAE 1,193,816 992,704 1,059,640 Commission and brokerage 342,400 364,010 287,688 Other underwriting expenses 41,690 39,042 38,844 Underwriting gain (loss) $ ( 102,237) $ 44,126 $ ( 184,129) Bermuda Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 1,744,875 $ 1,666,317 $ 1,205,001 Net written premiums 1,666,940 1,605,526 1,139,082 Premiums earned $ 1,544,180 $ 1,324,198 $ 1,093,250 Incurred losses and LAE 967,211 808,717 735,292 Commission and brokerage 354,044 319,197 303,707 Other underwriting expenses 50,348 43,566 38,011 Underwriting gain (loss) $ 172,577 $ 152,718 $ 16,240 Insurance Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Gross written premiums $ 2,777,475 $ 2,250,552 $ 2,059,248 Net written premiums 2,092,152 1,707,975 1,630,560 Premiums earned $ 1,912,390 $ 1,638,628 $ 1,461,387 Incurred losses and LAE 1,247,720 1,065,801 1,094,854 Commission and brokerage 303,479 267,449 250,081 Other underwriting expenses 280,065 228,667 186,081 Underwriting gain (loss) $ 81,126 $ 76,711 $ ( 69,629) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2019 2018 2017 Underwriting gain (loss) $ 336,163 $ ( 610,275) $ ( 207,521) Net investment income 647,139 581,183 542,898 Net realized capital gains (losses) 185,004 ( 127,136) 153,194 Net derivative gain (loss) 6,374 520 9,581 Corporate expenses ( 32,966) ( 30,672) ( 25,923) Interest, fee and bond issue cost amortization expense ( 31,693) ( 31,031) ( 31,603) Other income (expense) ( 11,034) ( 24,771) ( 21,215) Income (loss) before taxes $ 1,098,987 $ ( 242,182) $ 419,411 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Year Ended December 31, (Dollars in thousands) 2019 2018 2017 United Kingdom gross written premium $ 964,358 $ 914,612 $ 730,826 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2019 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 2,127,108 $ 2,166,655 $ 2,403,274 $ 2,436,327 Net written premiums 1,851,698 1,783,983 2,068,557 2,120,186 Premiums earned 1,732,697 1,817,299 1,905,619 1,948,071 Net investment income 140,976 179,028 181,058 146,077 Net realized capital gains (losses) 92,232 30,272 ( 12,943) 75,443 Total claims and underwriting expenses 1,537,009 1,620,413 1,933,158 1,976,943 Net income (loss) 354,551 332,868 104,398 217,644 Earnings per common share attributable to Everest Re Group: Basic $ 8.70 $ 8.17 $ 2.56 $ 5.34 Diluted $ 8.67 $ 8.15 $ 2.56 $ 5.32 2018 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,931,607 $ 2,066,521 $ 2,198,664 $ 2,278,361 Net written premiums 1,672,206 1,746,378 1,938,773 2,057,071 Premiums earned 1,619,427 1,729,818 1,731,479 1,850,975 Net investment income 138,294 141,322 161,363 140,204 Net realized capital gains (losses) ( 24,901) 15,776 54,804 ( 172,815) Total claims and underwriting expenses 1,511,100 1,817,815 1,731,201 2,481,858 Net income (loss) 215,186 60,787 198,381 ( 385,313) Earnings per common share attributable to Everest Re Group: Basic $ 5.26 $ 1.49 $ 4.87 $ ( 9.58) Diluted $ 5.23 $ 1.48 $ 4.84 $ ( 9.58) |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revisions To Financial Statements [Abstract] | |
Schedule of Prior Period Financial Statements | CONSOLIDATED BALANCE SHEETS December 31, 2018 December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,218,283 $ ( 35,100) $ 2,183,183 $ 1,844,881 $ ( 25,106) $ 1,819,775 Funds held by reinsureds 445,040 ( 10,009) 435,031 292,927 ( 4,292) 288,635 Income taxes 592,385 2,102 594,487 299,438 902 300,340 TOTAL ASSETS $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 SHAREHOLDERS' EQUITY: Retained earnings 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 Total shareholders' equity 7,903,804 ( 43,007) 7,860,797 8,369,232 ( 28,496) 8,340,736 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 CONSOLIDATED BALANCE SHEETS June 30, 2019 March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,389,943 $ ( 38,836) $ 2,351,107 $ 2,392,094 $ ( 29,831) $ 2,362,263 Funds held by reinsureds 498,043 ( 10,768) 487,275 432,736 ( 9,525) 423,211 Income taxes 358,457 2,261 360,718 475,851 2,000 477,851 TOTAL ASSETS $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 SHAREHOLDERS' EQUITY: Retained earnings 10,152,059 ( 47,343) 10,104,716 9,866,203 ( 37,356) 9,828,847 Total stockholder's equity 8,884,160 ( 47,343) 8,836,817 8,426,629 ( 37,356) 8,389,273 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Year Ended December 31, 2018 Year Ended December 31, 2017 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,060) $ ( 15,711) $ ( 24,771) $ ( 35,442) $ 14,227 $ ( 21,215) Total revenues $ 7,377,206 $ ( 15,711) $ 7,361,495 $ 6,608,071 $ 14,227 $ 6,622,298 INCOME (LOSS) BEFORE TAXES $ ( 226,471) $ ( 15,711) $ ( 242,182) $ 405,184 $ 14,227 $ 419,411 Income tax expense (benefit) ( 330,023) ( 1,200) ( 331,223) ( 63,784) 444 ( 63,340) NET INCOME (LOSS) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 COMPREHENSIVE INCOME (LOSS) $ ( 196,913) $ ( 14,511) $ ( 211,424) $ 526,091 $ 13,783 $ 539,874 EARNINGS PER COMMON SHARE: Basic $ 2.54 $ ( 0.36) $ 2.18 $ 11.43 $ 0.34 $ 11.77 Diluted $ 2.53 $ ( 0.36) $ 2.17 $ 11.36 $ 0.34 $ 11.70 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 7,977) $ ( 10,248) $ ( 18,225) $ ( 17,030) $ ( 4,495) $ ( 21,525) Total revenues $ 2,018,975 $ ( 10,248) $ 2,008,727 $ 3,979,058 $ ( 4,495) $ 3,974,563 INCOME (LOSS) BEFORE TAXES $ 382,593 $ ( 10,248) $ 372,345 $ 791,384 $ ( 4,495) $ 786,889 Income tax expense (benefit) 39,738 ( 261) 39,477 99,629 ( 159) 99,470 NET INCOME (LOSS) $ 342,855 $ ( 9,987) $ 332,868 $ 691,755 $ ( 4,336) $ 687,419 COMPREHENSIVE INCOME (LOSS) $ 514,064 $ ( 9,987) $ 504,077 $ 1,109,410 $ ( 4,336) $ 1,105,074 EARNINGS PER COMMON SHARE: Basic $ 8.42 $ ( 0.25) $ 8.17 $ 16.98 $ ( 0.10) $ 16.88 Diluted $ 8.39 $ ( 0.24) $ 8.15 $ 16.93 $ ( 0.11) $ 16.82 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2,019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,053) $ 5,753 $ ( 3,300) Total revenues $ 1,960,083 $ 5,753 $ 1,965,836 INCOME (LOSS) BEFORE TAXES $ 408,791 $ 5,753 $ 414,544 Income tax expense (benefit) 59,891 102 59,993 NET INCOME (LOSS) $ 348,900 $ 5,651 $ 354,551 COMPREHENSIVE INCOME (LOSS) $ 595,346 $ 5,651 $ 600,997 EARNINGS PER COMMON SHARE: Basic $ 8.57 $ 0.13 $ 8.70 Diluted $ 8.54 $ 0.13 $ 8.67 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 5,458) $ ( 7,950) $ ( 13,408) $ 9,642 $ ( 12,590) $ ( 2,948) Total revenues $ 1,944,413 $ ( 7,950) $ 1,936,463 $ 5,582,509 $ ( 12,590) $ 5,569,919 INCOME (LOSS) BEFORE TAXES $ 197,421 $ ( 7,950) $ 189,471 $ 475,827 $ ( 12,590) $ 463,237 Income tax expense (benefit) ( 8,192) ( 718) ( 8,910) ( 9,999) ( 1,118) ( 11,117) NET INCOME (LOSS) $ 205,613 $ ( 7,232) $ 198,381 $ 485,826 $ ( 11,472) $ 474,354 COMPREHENSIVE INCOME (LOSS) $ 180,634 $ ( 7,232) $ 173,402 $ 177,601 $ ( 11,472) $ 166,129 EARNINGS PER COMMON SHARE: Basic $ 5.04 $ ( 0.17) $ 4.87 $ 11.89 $ ( 0.28) $ 11.61 Diluted $ 5.02 $ ( 0.18) $ 4.84 $ 11.83 $ ( 0.28) $ 11.55 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 3,036 $ ( 9,609) $ ( 6,573) $ 15,100 $ ( 4,640) $ 10,460 Total revenues $ 1,892,939 $ ( 9,609) $ 1,883,330 $ 3,638,096 $ ( 4,640) $ 3,633,456 INCOME (LOSS) BEFORE TAXES $ 60,763 $ ( 9,609) $ 51,154 $ 278,406 $ ( 4,640) $ 273,766 Income tax expense (benefit) ( 9,132) ( 501) ( 9,633) ( 1,807) ( 400) ( 2,207) NET INCOME (LOSS) $ 69,895 $ ( 9,108) $ 60,787 $ 280,213 $ ( 4,240) $ 275,973 COMPREHENSIVE INCOME (LOSS) $ ( 33,469) $ ( 9,108) $ ( 42,577) $ ( 3,033) $ ( 4,240) $ ( 7,273) EARNINGS PER COMMON SHARE: Basic $ 1.71 $ ( 0.22) $ 1.49 $ 6.85 $ ( 0.10) $ 6.75 Diluted $ 1.70 $ ( 0.22) $ 1.48 $ 6.81 $ ( 0.10) $ 6.71 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 12,064 $ 4,969 $ 17,033 Total revenues $ 1,745,157 $ 4,969 $ 1,750,126 INCOME (LOSS) BEFORE TAXES $ 217,643 $ 4,969 $ 222,612 Income tax expense (benefit) 7,325 101 7,426 NET INCOME (LOSS) $ 210,318 $ 4,868 $ 215,186 COMPREHENSIVE INCOME (LOSS) $ 30,436 $ 4,868 $ 35,304 EARNINGS PER COMMON SHARE: Basic $ 5.14 $ 0.12 $ 5.26 Diluted $ 5.11 $ 0.12 $ 5.23 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2018 Year Ended December 31, 2017 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 $ 9,422,932 $ ( 42,279) $ 9,380,653 Net income (loss) 103,552 ( 14,511) 89,041 468,968 13,783 482,751 Balance, end of period 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 7,903,804 $ ( 43,007) $ 7,860,797 $ 8,369,232 $ ( 28,496) $ 8,340,736 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 9,574,440 $ ( 43,007) $ 9,531,433 $ 9,574,440 $ ( 43,007) $ 9,531,433 Net income (loss) 348,900 5,651 354,551 348,900 5,651 354,551 Balance, March 31 9,866,203 ( 37,356) 9,828,847 9,866,203 ( 37,356) 9,828,847 Net income (loss) 342,855 ( 9,987) 332,868 Balance, June 30, 10,152,059 ( 47,343) 10,104,716 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 8,884,160 $ ( 47,343) $ 8,836,817 $ 8,426,629 $ ( 37,356) $ 8,389,273 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,860,842 $ ( 32,736) $ 9,828,106 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 205,613 ( 7,232) 198,381 485,826 ( 11,472) 474,354 Balance, end of period 10,013,592 ( 39,968) 9,973,624 10,013,592 ( 39,968) 9,973,624 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,329,013 $ ( 39,968) $ 8,289,045 $ 8,329,013 $ ( 39,968) $ 8,289,045 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,844,187 $ ( 23,628) $ 9,820,559 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 69,895 ( 9,108) 60,787 280,213 ( 4,240) 275,973 Balance, end of period 9,860,842 ( 32,736) 9,828,106 9,860,842 ( 32,736) 9,828,106 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,241,349 $ ( 32,736) $ 8,208,613 $ 8,241,349 $ ( 32,736) $ 8,208,613 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 210,318 4,868 215,186 Balance, end of period 9,844,187 ( 23,628) 9,820,559 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,344,180 $ ( 23,628) $ 8,320,552 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Year Ended December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 Decrease (increase) in premiums receivable ( 392,981) 9,994 ( 382,987) ( 338,335) ( 12,111) ( 350,446) Decrease (increase) in funds held by reinsureds, net ( 159,344) 5,717 ( 153,627) ( 31,104) ( 2,116) ( 33,220) Decrease (increase) in income taxes ( 263,865) ( 1,200) ( 265,065) ( 114,521) 444 ( 114,077) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 691,755 $ ( 4,336) $ 687,419 $ 348,900 $ 5,651 $ 354,551 Decrease (increase) in premiums receivable ( 178,319) 3,736 ( 174,583) ( 163,108) ( 5,269) ( 168,377) Decrease (increase) in funds held by reinsureds, net ( 56,180) 759 ( 55,421) 9,837 ( 484) 9,353 Decrease (increase) in income taxes 180,285 ( 159) 180,126 91,754 102 91,856 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 Six Months Ended June 30, 2018 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 485,826 $ ( 11,472) $ 474,354 $ 280,213 $ ( 4,240) $ 275,973 Decrease (increase) in premiums receivable ( 264,556) 7,265 ( 257,291) ( 126,355) 2,733 ( 123,622) Decrease (increase) in funds held by reinsureds, net ( 78,514) 5,325 ( 73,189) ( 77,794) 1,907 ( 75,887) Decrease (increase) in income taxes 59,034 ( 1,118) 57,916 43,516 ( 400) 43,116 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 210,318 $ 4,868 $ 215,186 Decrease (increase) in premiums receivable ( 56,826) ( 4,489) ( 61,315) Decrease (increase) in funds held by reinsureds, net 95,416 ( 480) 94,936 Decrease (increase) in income taxes 55,905 101 56,006 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||||||
Dec. 31, 2019USD ($)Itemshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2005Item | Dec. 31, 2001Item | Jan. 01, 2019USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10.00% | |||||||
Number of operating segments | Item | 4 | |||||||
Equity index put option contracts sold | Item | 7 | 7 | ||||||
Derivatives, number of indices | Item | 2 | 2 | ||||||
Derivative liability | $ 5,584,000 | $ 11,958,000 | ||||||
Anti-dilutive options | shares | 0 | 0 | 0 | |||||
U.S. tax rate | 21.00% | 21.00% | 35.00% | |||||
Operating lease right of use assets | $ 161,435,000 | $ 69,869,000 | ||||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | |||||||
Operating lease liabilities | $ 169,909,000 | $ 77,270,000 | ||||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |||||||
Accumulated Other Comprehensive Income [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (1,201,000) | $ (1,250,000) | $ (1,250,000) | |||||
Retained Earnings [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ 1,201,000 | $ 0 | $ 1,250,000 | $ 1,250,000 | ||||
Minimum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Options expiration date | Feb. 24, 2020 | |||||||
Maximum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Options expiration date | Sep. 19, 2022 | |||||||
Expired Derivative [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of derivatives | Item | 4 | |||||||
Derivative liability | $ 0 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance receivables and premium receivables | $ 25,605 | $ 25,611 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Deferred Acquisition Costs Amortized To Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 1,703,726 | $ 1,519,030 | $ 1,303,963 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | ||||||||||||||
Net income (loss) | $ 217,644 | $ 104,398 | $ 332,868 | $ 354,551 | $ (385,313) | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 474,354 | $ 1,009,461 | $ 89,041 | $ 482,751 |
Less: dividends declared-common shares and nonvested common shares | (234,322) | (216,221) | (207,242) | |||||||||||
Undistributed earnings | $ 775,139 | $ (127,180) | $ 275,508 | |||||||||||
Percentage allocated to common shareholders | 98.90% | 99.00% | 98.90% | |||||||||||
Net income (loss) available to common stockholders, total | $ 766,386 | $ (125,848) | $ 272,589 | |||||||||||
Add: dividends declared-common shareholders | 231,796 | 214,088 | 205,182 | |||||||||||
Numerator for basic and diluted earnings per common share | $ 998,182 | $ 88,239 | $ 477,771 | |||||||||||
Denominator for basic earnings per weighted-average common shares | 40,291 | 40,388 | 40,595 | |||||||||||
Effect of dilutive securities: Options | 129 | 198 | 248 | |||||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 40,420 | 40,586 | 40,843 | |||||||||||
Basic | $ 5.34 | $ 2.56 | $ 8.17 | $ 8.70 | $ (9.58) | $ 4.87 | $ 1.49 | $ 5.26 | $ 16.88 | $ 6.75 | $ 11.61 | $ 24.77 | $ 2.18 | $ 11.77 |
Diluted | $ 5.32 | $ 2.56 | $ 8.15 | $ 8.67 | $ (9.58) | $ 4.84 | $ 1.48 | $ 5.23 | $ 16.82 | $ 6.71 | $ 11.55 | $ 24.70 | $ 2.17 | $ 11.70 |
Basic weighted-average common shares outstanding | 40,291 | 40,388 | 40,595 | |||||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 40,751 | 40,816 | 41,030 | |||||||||||
Anti-dilutive options | 0 | 0 | 0 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Option Indexed to Issuer's Equity [Line Items] | ||
Equity index put option liability | $ 5,584 | $ 11,958 |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Equity index put option liability | 5,584 | 11,958 |
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 | $ 5,584 | $ 11,958 |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Change In Fair Value Of The Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Net derivative gain (loss) | $ 6,374 | $ 520 | $ 9,581 |
Derivatives Not Designated As Hedging Instruments [Member] | Equity Index Put Option Contracts [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Net derivative gain (loss) | $ 6,374 | $ 520 | $ 9,581 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 80.00% | ||
Additional contractual commitments | $ 1,016,811,000 | ||
Contractual commitments, investment period expiration date | Jan. 1, 2026 | ||
Reclassification of other invested assets to fixed maturity securities | $ 143,656,000 | ||
Reclassification of other invested assets to short-term investments | $ 243,864,000 | ||
Securities, carrying value | $ 1,549,145,000 | ||
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate market value of investments in unrealized loss position | 3,639,991,000 | $ 9,814,849,000 | |
Gross unrealized losses on investments in unrealized loss position | 121,169,000 | 367,898,000 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 26,793,000 | 120,838,000 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 94,376,000 | 247,060,000 | |
Gross unrealized depreciation | 367,898,000 | ||
Market value of investments | $ 16,824,944,000 | $ 15,225,263,000 | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 1.00% | ||
Fixed Maturity Securities [Member] | US Government Securities [Member] | Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.80% | 5.70% | |
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 | $ 23,104,000 | $ 74,729,000 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 73,144,000 | 230,560,000 | |
Sub-prime and Alt-A Loans [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross unrealized depreciation | 0 | $ 0 | |
Private Placement Liquidity Sweep [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Market value of investments | $ 308,711,000 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 16,473,491 | |
Unrealized Appreciation | 472,622 | |
Unrealized Depreciation | (121,169) | |
OTTI in AOCI | 987 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,473,491 | $ 15,406,572 |
Unrealized Appreciation | 472,622 | 186,589 |
Unrealized Depreciation | (121,169) | (367,898) |
Market Value | 16,824,944 | 15,225,263 |
OTTI in AOCI | 987 | 2,545 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,489,660 | 2,629,454 |
Unrealized Appreciation | 28,357 | 16,781 |
Unrealized Depreciation | (2,214) | (15,101) |
Market Value | 1,515,803 | 2,631,134 |
OTTI in AOCI | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 507,353 | 490,018 |
Unrealized Appreciation | 29,651 | 12,915 |
Unrealized Depreciation | (89) | (2,839) |
Market Value | 536,915 | 500,094 |
OTTI in AOCI | 439 | |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,227,661 | 5,538,582 |
Unrealized Appreciation | 185,052 | 48,465 |
Unrealized Depreciation | (37,767) | (141,515) |
Market Value | 6,374,946 | 5,445,532 |
OTTI in AOCI | 469 | 1,688 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 892,373 | 545,427 |
Unrealized Appreciation | 6,818 | 162 |
Unrealized Depreciation | (1,858) | (5,492) |
Market Value | 897,333 | 540,097 |
OTTI in AOCI | ||
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 814,570 | 329,883 |
Unrealized Appreciation | 31,236 | 2,167 |
Unrealized Depreciation | (1,249) | (5,340) |
Market Value | 844,557 | 326,710 |
OTTI in AOCI | ||
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,173,099 | 1,832,760 |
Unrealized Appreciation | 36,361 | 7,325 |
Unrealized Depreciation | (10,879) | (43,821) |
Market Value | 2,198,581 | 1,796,264 |
OTTI in AOCI | ||
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,723 | 10,198 |
Unrealized Appreciation | 37 | |
Unrealized Depreciation | (20) | (26) |
Market Value | 5,703 | 10,209 |
OTTI in AOCI | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,492,315 | 1,335,328 |
Unrealized Appreciation | 47,148 | 34,743 |
Unrealized Depreciation | (33,513) | (55,906) |
Market Value | 1,505,950 | 1,314,165 |
OTTI in AOCI | 71 | 98 |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,870,737 | 2,694,922 |
Unrealized Appreciation | 107,999 | 63,994 |
Unrealized Depreciation | (33,580) | (97,858) |
Market Value | 2,945,156 | 2,661,058 |
OTTI in AOCI | $ 447 | $ 320 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 16,473,491 | $ 15,406,572 |
Fixed maturity securities - available for sale, Market Value | 16,824,944 | 15,225,263 |
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 | 1,456,960 | 1,328,571 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 6,757,107 | 8,114,247 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 3,471,370 | 2,455,911 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 902,289 | 789,575 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,457,919 | 1,330,534 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,869,359 | 8,016,490 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 3,609,816 | 2,413,846 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 941,676 | 791,113 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 892,373 | 545,427 |
Fixed maturity securities - available for sale, Market Value | 897,333 | 540,097 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 814,570 | 329,883 |
Fixed maturity securities - available for sale, Market Value | 844,557 | 326,710 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,173,099 | 1,832,760 |
Fixed maturity securities - available for sale, Market Value | 2,198,581 | 1,796,264 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 5,723 | 10,198 |
Fixed maturity securities - available for sale, Market Value | $ 5,703 | $ 10,209 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Deferred tax benefit (expense) | $ (80,150) | $ 299,095 | $ (50,984) |
Total URA(D) on securities arising during the period | 483,817 | (228,160) | $ (71,298) |
Amortized Cost [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 532,851 | (248,568) | |
Deferred tax benefit (expense) | (49,149) | 20,543 | |
Deferred tax benefit (expense), other-than-temporary impairment | 115 | (135) | |
Total URA(D) on securities arising during the period | 483,817 | (228,160) | |
Amortized Cost [Member] | Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 534,410 | (247,497) | |
Amortized Cost [Member] | Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (1,559) | $ (1,071) |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 1,730,364 | $ 4,265,915 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (26,793) | (120,838) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,909,627 | 5,548,934 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (94,376) | (247,060) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,639,991 | 9,814,849 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (121,169) | (367,898) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 85,527 | 76,226 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,005) | (158) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 249,371 | 777,409 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,209) | (14,943) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 334,898 | 853,635 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,214) | (15,101) |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 4,600 | 71,559 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (38) | (1,444) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 5,522 | 38,105 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (51) | (1,395) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 10,122 | 109,664 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (89) | (2,839) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 547,120 | 2,513,463 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (9,877) | (69,619) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 395,369 | 1,683,729 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (27,890) | (71,896) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 942,489 | 4,197,192 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (37,767) | (141,515) |
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 | 176,222 | 230,285 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,027) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 94,190 | 245,300 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (831) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 270,412 | 475,585 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,858) | (5,492) |
Commercial 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 | 83,127 | 71,167 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (689) | (1,128) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 23,063 | 154,201 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (560) | (4,212) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 106,190 | 225,368 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,249) | (5,340) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 344,267 | 156,930 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,834) | (975) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 488,680 | 1,373,629 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,045) | (42,846) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 832,947 | 1,530,559 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,879) | (43,821) |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 332 | 10,174 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (26) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 3,976 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (20) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 4,308 | 10,174 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (20) | (26) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 210,766 | 196,303 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,770) | (9,719) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 283,648 | 494,156 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (28,743) | (46,187) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 494,414 | 690,459 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (33,513) | (55,906) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 278,403 | 939,808 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (7,553) | (35,023) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 365,808 | 782,405 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (26,027) | (62,835) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 644,211 | 1,722,213 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (33,580) | $ (97,858) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 1,730,364 | $ 4,265,915 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (26,793) | (120,838) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,909,627 | 5,548,934 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (94,376) | (247,060) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,639,991 | 9,814,849 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (121,169) | (367,898) |
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 | 67,879 | 454,239 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,237) | (2,558) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 416,583 | 427,513 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (23,004) | (20,675) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 484,462 | 881,752 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (24,241) | (23,233) |
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 | 464,753 | 2,014,704 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (7,960) | (45,148) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 689,195 | 2,764,981 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (38,138) | (129,940) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,153,948 | 4,779,685 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (46,098) | (175,088) |
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 | 495,741 | 1,082,568 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (12,388) | (51,300) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 103,612 | 492,216 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (11,100) | (34,210) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 599,353 | 1,574,784 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (23,488) | (85,510) |
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 | 98,043 | 245,848 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,658) | (16,957) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 90,328 | 91,094 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (11,678) | (12,431) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 188,371 | 336,942 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (13,336) | (29,388) |
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 | 176,222 | 230,285 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,027) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 94,190 | 245,300 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (831) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 270,412 | 475,585 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,858) | (5,492) |
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 | 427,726 | 238,271 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,523) | (2,129) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 515,719 | 1,527,830 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,625) | (47,058) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 943,445 | 1,766,101 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (12,148) | $ (49,187) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 677,347 | $ 615,802 | $ 559,773 |
Funds held interest income (expense) | 13,271 | 6,300 | 11,874 |
Future policy benefit reserve income (expense) | (1,380) | (1,419) | (1,282) |
Gross investment income | 689,238 | 620,683 | 570,365 |
Investment expenses | (42,099) | (39,500) | (27,467) |
Net investment income | 647,139 | 581,183 | 542,898 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 520,291 | 465,793 | 427,379 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 19,505 | 25,327 | 34,523 |
Short Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 17,619 | 14,395 | 4,177 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 105,815 | 93,327 | 83,569 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 14,117 | $ 16,960 | $ 10,125 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (20,899) | $ (8,110) | $ (7,093) | ||||||||
Total net realized capital gains (losses) | $ 75,443 | $ (12,943) | $ 30,272 | $ 92,232 | $ (172,815) | $ 54,804 | $ 15,776 | $ (24,901) | 185,004 | (127,136) | 153,194 |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | (20,899) | (8,110) | (7,093) | ||||||||
Gains (losses) from sales | 28,025 | (21,719) | 17,714 | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 355 | (1,799) | |||||||||
Gains (losses) from fair value adjustments | 1,808 | 1,506 | |||||||||
Equity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (3,424) | ||||||||||
Equity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 4,148 | (29,941) | 6,969 | ||||||||
Gains (losses) from fair value adjustments | 165,200 | (68,832) | 138,973 | ||||||||
Other Invested Assets [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 6,003 | 1,815 | 61 | ||||||||
Short-Term Investments [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | $ 364 | $ (56) | $ (6) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 3,283,154 | $ 3,150,179 | $ 2,401,844 |
Gross gains from sales | 63,721 | 33,996 | 58,589 |
Gross losses from sales | (35,341) | (57,514) | (40,875) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 283,965 | 1,199,409 | 651,433 |
Gross gains from sales | 14,274 | 31,718 | 24,809 |
Gross losses from sales | $ (10,126) | $ (61,659) | $ (21,264) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 20, 2019USD ($) | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Current year losses | $ 4,986,456 | $ 5,264,327 | $ 4,815,967 | ||
Increase (decrease) in insurance business | (63,558) | 387,076 | (293,386) | ||
Reinsurance recoverable for paid and unpaid losses | 1,763,471 | 1,787,648 | |||
Partially offset, related to development on reserves | $ 415,585 | 174,121 | |||
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | ||||
Business acquisition, cost of acquired entity and operations, cash paid | $ 140,279 | ||||
Liabilites retroceded, percentage | 100.00% | ||||
Maximum liability retroceded | $ 440,279 | $ 450,298 | |||
Decrease in amount of liabliities retroceded | $ 43,362 | ||||
Total amount of liabilities retroceded | $ 300,000 | ||||
Number of exposure groupings | Item | 200 | ||||
Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Concentration risk, percentage | 5.00% | ||||
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 insurance business | $ (693,458) | $ 561,197 | |||
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] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance recoverable for paid and unpaid losses | $ 682,845 | ||||
Mt Logan Re [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Concentration risk, percentage | 38.70% | ||||
Zurich Vericherungs Gesellschaft [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance recoverable for paid and unpaid losses | $ 95,481 | ||||
Zurich Vericherungs Gesellschaft [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Concentration risk, percentage | 5.40% | ||||
Munich Reinsurance Company [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance recoverable for paid and unpaid losses | $ 147,807 | ||||
Munich Reinsurance Company [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Concentration risk, percentage | 8.40% | ||||
A And E [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Partially offset, related to development on reserves | $ 37,137 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross reserves beginning of period | $ 13,119,090 | $ 11,884,321 | $ 10,312,313 |
Less reinsurance recoverables | (1,619,641) | (1,212,649) | (990,862) |
Net reserves beginning of period | 11,499,449 | 10,671,672 | 9,321,451 |
Incurred related to: Current year | 4,986,456 | 5,264,327 | 4,815,967 |
Incurred related to: Prior years | (63,558) | 387,076 | (293,386) |
Total incurred losses and LAE | 4,922,898 | 5,651,403 | 4,522,581 |
Paid related to: Current year | 2,042,246 | 1,700,765 | 1,280,605 |
Paid related to: Prior years | 2,460,825 | 3,011,175 | 2,062,634 |
Total paid losses and LAE | 4,503,071 | 4,711,940 | 3,343,239 |
Foreign exchange/translation adjustment | 51,325 | (111,686) | 170,879 |
Net reserves end of period | 11,970,601 | 11,499,449 | 10,671,672 |
Plus reinsurance recoverables | 1,640,712 | 1,619,641 | 1,212,649 |
Gross reserves end of period | $ 13,611,313 | $ 13,119,090 | $ 11,884,321 |
Reserve For Losses, LAE And F_5
Reserve For Losses, LAE And Future Policy Benefit Reserve (Ultimate Loss and ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Claims Development [Line Items] | ||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 11,768,596 | |||||||
United States Reinsurance [Member] | Casualty Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,281,926 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,692,901 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 607,385 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,196,410 | |||||||
United States Reinsurance [Member] | Casualty Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 312,483 | $ 324,139 | $ 320,958 | $ 321,099 | $ 325,134 | $ 329,084 | $ 395,794 | $ 401,018 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,539 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 286,409 | 272,046 | 218,653 | 187,286 | 143,510 | 82,995 | 38,496 | 9,986 |
United States Reinsurance [Member] | Casualty Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 355,118 | 362,781 | 372,409 | 388,287 | 385,643 | 388,323 | 310,935 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,851 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 310,168 | 285,756 | 211,273 | 170,868 | 108,801 | 48,929 | 14,842 | |
United States Reinsurance [Member] | Casualty Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 351,033 | 357,608 | 375,404 | 392,379 | 383,657 | 367,492 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,232 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 294,533 | 254,077 | 164,552 | 110,249 | 54,255 | 18,809 | ||
United States Reinsurance [Member] | Casualty Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 337,332 | 350,790 | 352,983 | 354,265 | 326,346 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 10,184 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 257,511 | 206,397 | 107,458 | 53,621 | 19,902 | |||
United States Reinsurance [Member] | Casualty Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 343,004 | 355,804 | 354,822 | 330,362 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 56,353 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 193,804 | 137,219 | 58,310 | 18,927 | ||||
United States Reinsurance [Member] | Casualty Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 342,896 | 347,147 | 346,836 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 105,550 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 142,335 | 73,023 | 25,800 | |||||
United States Reinsurance [Member] | Casualty Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 472,532 | 484,218 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 259,800 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 104,690 | 63,140 | ||||||
United States Reinsurance [Member] | Casualty Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 767,529 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 488,182 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 103,453 | |||||||
United States Reinsurance [Member] | Property Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 7,421,556 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,878,758 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 29,929 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,572,727 | |||||||
United States Reinsurance [Member] | Property Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 694,576 | 692,079 | 706,782 | 713,237 | 715,961 | 723,151 | 723,851 | 937,720 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,112 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 666,768 | 651,550 | 646,572 | 621,013 | 598,289 | 520,244 | 402,305 | 242,315 |
United States Reinsurance [Member] | Property Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 310,199 | 308,557 | 310,942 | 314,637 | 352,687 | 405,338 | 622,108 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,099 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 302,756 | 300,708 | 296,074 | 289,130 | 269,014 | 250,850 | 234,464 | |
United States Reinsurance [Member] | Property Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 397,683 | 396,641 | 402,129 | 437,409 | 516,189 | 603,258 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,674 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 375,988 | 373,060 | 362,825 | 338,030 | 289,430 | 189,598 | ||
United States Reinsurance [Member] | Property Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 456,195 | 451,694 | 476,348 | 534,178 | 673,913 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,655 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 419,757 | 405,614 | 378,235 | 320,310 | 225,655 | |||
United States Reinsurance [Member] | Property Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 788,551 | 797,339 | 816,765 | 972,881 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 10,293 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 735,678 | 681,502 | 582,985 | 291,462 | ||||
United States Reinsurance [Member] | Property Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,231,384 | 2,117,747 | 1,564,165 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 16,538 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,744,822 | 1,422,328 | 545,551 | |||||
United States Reinsurance [Member] | Property Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,572,138 | 1,728,705 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 88,063 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,064,431 | 409,225 | ||||||
United States Reinsurance [Member] | Property Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 970,831 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 329,576 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 568,556 | |||||||
International [Member] | Casualty Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,496,922 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 694,615 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 116,104 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 918,411 | |||||||
International [Member] | Casualty Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 101,872 | 116,283 | 118,941 | 117,350 | 135,230 | 135,234 | 146,421 | 224,614 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 6,225 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 88,278 | 83,253 | 76,921 | 66,234 | 56,420 | 46,015 | 30,090 | 18,875 |
International [Member] | Casualty Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 130,124 | 138,355 | 141,645 | 144,869 | 164,973 | 168,277 | 184,497 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 13,641 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 95,799 | 86,851 | 75,964 | 67,605 | 54,619 | 41,481 | 17,865 | |
International [Member] | Casualty Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 158,117 | 166,605 | 166,576 | 168,865 | 187,451 | 195,753 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 27,302 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 99,522 | 86,607 | 73,955 | 62,508 | 44,805 | 25,910 | ||
International [Member] | Casualty Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 167,290 | 172,061 | 172,811 | 179,392 | 193,714 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 30,299 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 96,180 | 82,465 | 69,674 | 48,806 | 24,237 | |||
International [Member] | Casualty Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 178,255 | 177,979 | 180,284 | 184,267 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 46,648 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 87,191 | 70,108 | 50,824 | 26,446 | ||||
International [Member] | Casualty Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 150,276 | 139,214 | 191,492 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 48,308 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 77,614 | 52,774 | 26,541 | |||||
International [Member] | Casualty Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 319,752 | 309,673 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 148,582 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 97,222 | 57,962 | ||||||
International [Member] | Casualty Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 291,237 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 189,506 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 52,808 | |||||||
International [Member] | Property Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 4,581,301 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,209,811 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 54,040 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,425,530 | |||||||
International [Member] | Property Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 358,428 | 344,626 | 340,618 | 342,251 | 346,116 | 338,496 | 397,747 | 437,946 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 754 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 355,887 | 324,936 | 319,112 | 311,706 | 303,002 | 279,611 | 230,203 | 126,001 |
International [Member] | Property Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 369,876 | 362,370 | 365,106 | 366,182 | 374,216 | 413,959 | 473,767 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 920 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 354,102 | 341,831 | 337,087 | 325,155 | 294,024 | 246,893 | 121,461 | |
International [Member] | Property Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 446,412 | 445,914 | 443,210 | 497,317 | 541,484 | 589,489 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,613 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 416,735 | 410,715 | 392,731 | 360,679 | 295,731 | 162,647 | ||
International [Member] | Property Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 385,980 | 384,816 | 388,795 | 393,027 | 545,360 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 4,466 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 345,693 | 334,271 | 299,773 | 235,921 | 127,511 | |||
International [Member] | Property Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 595,512 | 593,567 | 543,428 | 539,447 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 15,930 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 481,029 | 447,094 | 316,190 | 159,425 | ||||
International [Member] | Property Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 970,874 | 954,835 | 857,100 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 15,997 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 773,790 | 641,832 | 247,895 | |||||
International [Member] | Property Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 574,521 | 544,258 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 84,717 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 330,681 | 90,429 | ||||||
International [Member] | Property Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 879,698 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 389,242 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 151,893 | |||||||
Bermuda Segment [Member] | Casualty Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,945,212 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 991,242 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 356,351 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,310,321 | |||||||
Bermuda Segment [Member] | Casualty Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 241,631 | 241,312 | 237,315 | 236,883 | 230,441 | 240,949 | 262,122 | 284,509 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 30,273 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 164,775 | 149,629 | 130,159 | 102,019 | 75,680 | 51,278 | 29,660 | 12,864 |
Bermuda Segment [Member] | Casualty Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 230,654 | 234,668 | 250,627 | 261,259 | 252,704 | 258,432 | 228,258 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 33,689 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 144,010 | 124,708 | 102,866 | 77,270 | 52,270 | 33,951 | 16,996 | |
Bermuda Segment [Member] | Casualty Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 226,434 | 234,196 | 257,904 | 261,523 | 244,163 | 211,439 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 48,168 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 115,098 | 91,981 | 67,716 | 42,872 | 24,915 | 13,580 | ||
Bermuda Segment [Member] | Casualty Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 309,983 | 308,042 | 307,957 | 301,791 | 273,468 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 82,925 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 153,080 | 127,930 | 93,220 | 58,956 | 13,643 | |||
Bermuda Segment [Member] | Casualty Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 357,169 | 349,522 | 351,182 | 292,353 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 114,651 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 155,397 | 121,553 | 84,152 | 45,671 | ||||
Bermuda Segment [Member] | Casualty Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 365,823 | 365,767 | 354,391 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 181,139 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 103,915 | 64,197 | 29,904 | |||||
Bermuda Segment [Member] | Casualty Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 546,367 | 547,267 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 376,744 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 93,727 | 36,678 | ||||||
Bermuda Segment [Member] | Casualty Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 667,150 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 551,529 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 61,239 | |||||||
Bermuda Segment [Member] | Property Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,787,971 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,150,003 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 26,236 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 664,204 | |||||||
Bermuda Segment [Member] | Property Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 120,824 | 117,734 | 118,999 | 117,909 | 117,221 | 119,168 | 180,775 | 238,152 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 593 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 116,429 | 113,816 | 113,508 | 111,772 | 108,172 | 90,147 | 85,175 | 45,573 |
Bermuda Segment [Member] | Property Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 112,900 | 114,800 | 114,252 | 115,029 | 124,191 | 142,666 | 217,531 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 272 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 111,833 | 111,655 | 110,378 | 108,535 | 101,614 | 64,560 | 34,745 | |
Bermuda Segment [Member] | Property Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 136,813 | 137,389 | 134,776 | 138,381 | 164,139 | 186,492 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,092 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 131,455 | 129,891 | 126,552 | 106,564 | 86,611 | 32,813 | ||
Bermuda Segment [Member] | Property Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 143,266 | 146,196 | 143,625 | 157,711 | 192,520 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,204 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 134,862 | 131,387 | 109,401 | 73,041 | 33,814 | |||
Bermuda Segment [Member] | Property Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 187,607 | 186,735 | 181,593 | 206,279 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 4,619 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 167,562 | 130,319 | 78,499 | 26,737 | ||||
Bermuda Segment [Member] | Property Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 346,472 | 365,405 | 393,969 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 10,115 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 250,661 | 137,127 | 38,106 | |||||
Bermuda Segment [Member] | Property Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 396,488 | 394,542 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 85,786 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 170,831 | 72,580 | ||||||
Bermuda Segment [Member] | Property Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 343,602 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 184,640 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,370 | |||||||
Insurance [Member] | Casualty Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 4,370,593 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,193,224 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 300,347 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,477,716 | |||||||
Insurance [Member] | Casualty Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 351,320 | 346,882 | 343,931 | 353,320 | 348,180 | 346,953 | 351,402 | 349,597 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 20,199 | |||||||
Cumulative Number of Reported Claims | 15,769 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 306,833 | 294,380 | 272,055 | 246,407 | 213,451 | 157,897 | 101,288 | 33,185 |
Insurance [Member] | Casualty Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 350,815 | 344,388 | 351,295 | 393,035 | 392,827 | 393,390 | 393,539 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 23,120 | |||||||
Cumulative Number of Reported Claims | 21,350 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 303,726 | 285,822 | 260,184 | 224,611 | 176,312 | 117,037 | 33,311 | |
Insurance [Member] | Casualty Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 397,834 | 397,061 | 460,642 | 454,576 | 457,043 | 431,068 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 38,872 | |||||||
Cumulative Number of Reported Claims | 25,188 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 325,856 | 297,644 | 256,807 | 201,646 | 124,915 | 41,190 | ||
Insurance [Member] | Casualty Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 468,584 | 542,176 | 535,671 | 528,050 | 519,509 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 54,740 | |||||||
Cumulative Number of Reported Claims | 26,896 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 353,232 | 291,943 | 218,853 | 134,730 | 44,311 | |||
Insurance [Member] | Casualty Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 615,168 | 580,323 | 551,321 | 553,437 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 166,117 | |||||||
Cumulative Number of Reported Claims | 31,517 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 342,325 | 268,909 | 164,225 | 54,731 | ||||
Insurance [Member] | Casualty Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 625,039 | 602,985 | 612,967 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 226,898 | |||||||
Cumulative Number of Reported Claims | 34,701 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 280,797 | 172,200 | 53,898 | |||||
Insurance [Member] | Casualty Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 711,001 | 705,789 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 353,806 | |||||||
Cumulative Number of Reported Claims | 33,817 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 208,081 | 63,492 | ||||||
Insurance [Member] | Casualty Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 850,832 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 653,255 | |||||||
Cumulative Number of Reported Claims | 30,144 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 72,375 | |||||||
Insurance [Member] | Property Business [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,975,961 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,773,329 | |||||||
All outstanding liabilities prior to 2012, net of reinsurance | 644 | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 203,277 | |||||||
Insurance [Member] | Property Business [Member] | 2012 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 82,526 | 81,979 | 81,802 | 82,019 | 82,448 | 81,747 | 89,000 | 106,325 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 68 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 82,457 | 81,820 | 81,682 | 81,891 | 81,749 | 80,469 | 81,772 | $ 56,504 |
Insurance [Member] | Property Business [Member] | 2013 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 92,246 | 92,393 | 92,233 | 92,144 | 91,251 | 98,106 | 112,037 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 471 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 91,777 | 91,759 | 91,720 | 92,110 | 91,841 | 93,110 | $ 68,695 | |
Insurance [Member] | Property Business [Member] | 2014 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 119,413 | 119,282 | 119,464 | 119,928 | 123,668 | 131,679 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 407 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 118,660 | 118,545 | 118,211 | 118,220 | 116,037 | $ 81,827 | ||
Insurance [Member] | Property Business [Member] | 2015 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 144,769 | 146,780 | 143,944 | 152,895 | 172,904 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 405 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 146,719 | 145,225 | 142,437 | 141,280 | $ 102,170 | |||
Insurance [Member] | Property Business [Member] | 2016 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 291,672 | 280,170 | 275,154 | 290,264 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 736 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 289,194 | 271,938 | 249,517 | $ 162,548 | ||||
Insurance [Member] | Property Business [Member] | 2017 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 494,844 | 501,407 | 496,905 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 13,043 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 458,811 | 424,181 | $ 178,666 | |||||
Insurance [Member] | Property Business [Member] | 2018 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 401,900 | 407,855 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14,862 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 358,324 | $ 244,772 | ||||||
Insurance [Member] | Property Business [Member] | 2019 [Member] | ||||||||
Claims Development [Line Items] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 348,590 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 81,655 | |||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 227,387 |
Reserve For Losses, LAE And F_6
Reserve For Losses, LAE And Future Policy Benefit Reserve (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | Dec. 31, 2019 |
U.S. Reinsurance [Member] | Casualty Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 8.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 10.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 17.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 19.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 16.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 14.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 11.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 4.60% |
U.S. Reinsurance [Member] | Property Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 36.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 34.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 13.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 7.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 2.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 2.20% |
International [Member] | Casualty Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 16.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 13.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 12.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 8.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 8.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 8.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 6.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 4.90% |
International [Member] | Property Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 25.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 34.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 15.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 7.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 1.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 2.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 8.60% |
Bermuda [Member] | Casualty Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 7.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 9.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 9.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 10.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 10.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 10.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 8.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 6.30% |
Bermuda [Member] | Property Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 19.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 28.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 25.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 14.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 1.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 2.20% |
Insurance [Member] | Casualty Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 9.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 19.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 17.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 14.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 10.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 7.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 6.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 3.30% |
Insurance [Member] | Property Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 56.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 35.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 4.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 3.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 0.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 0.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.00% |
Reserve For Losses, LAE And F_7
Reserve For Losses, LAE And Future Policy Benefit Reserve (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 11,768,596 | |||
Total reinsurance recoverable on unpaid claims | 1,640,712 | |||
Unallocated claims adjustment expenses | 163,563 | |||
Other | 38,442 | |||
Total expenses | 202,005 | |||
Total gross liability for unpaid claims and claim adjustment expense | 13,611,313 | $ 13,119,090 | $ 11,884,321 | $ 10,312,313 |
U.S. Reinsurance [Member] | Casualty Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,196,410 | |||
Total reinsurance recoverable on unpaid claims | 363,925 | |||
U.S. Reinsurance [Member] | Property Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,572,727 | |||
Total reinsurance recoverable on unpaid claims | 207,967 | |||
International [Member] | Casualty Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 918,411 | |||
Total reinsurance recoverable on unpaid claims | 91,193 | |||
International [Member] | Property Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,425,530 | |||
Total reinsurance recoverable on unpaid claims | 149,803 | |||
Bermuda [Member] | Casualty Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,310,321 | |||
Total reinsurance recoverable on unpaid claims | 9,975 | |||
Bermuda [Member] | Property Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 664,204 | |||
Total reinsurance recoverable on unpaid claims | 68,639 | |||
Insurance [Member] | Casualty Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,477,716 | |||
Total reinsurance recoverable on unpaid claims | 631,827 | |||
Insurance [Member] | Property Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 203,277 | |||
Total reinsurance recoverable on unpaid claims | $ 117,382 |
Reserve For Losses, LAE And F_8
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross basis: Beginning of period reserves | $ 347,495 | $ 448,994 | $ 441,111 |
Gross basis: Incurred losses | 2,070 | (2,473) | 90,009 |
Gross basis: Paid losses | (91,644) | (99,026) | (82,126) |
Gross basis: End of period reserves | 257,921 | 347,495 | 448,994 |
Net basis: Beginning of period reserves | 261,456 | 318,081 | 319,072 |
Net basis: Incurred losses | 37,137 | ||
Net basis: Paid losses | (32,756) | (56,624) | (38,128) |
Net basis: End of period reserves | $ 228,701 | $ 261,456 | $ 318,081 |
Reserve For Losses, LAE And F_9
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Future Policy Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Balance at beginning of year | $ 46,778 | $ 51,014 | $ 55,074 |
Liabilities assumed | 53 | 110 | 115 |
Adjustments to reserves | 350 | 806 | (437) |
Benefits paid in the current year | (4,589) | (5,151) | (3,738) |
Balance at end of year | $ 42,592 | $ 46,778 | $ 51,014 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Item | Dec. 31, 2018USD ($) | Dec. 31, 2005Item | Dec. 31, 2001Item | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of public equity portfolio | $ 170,888,000 | $ 124,228,000 | ||
Number of equity index put option contracts | Item | 4 | 7 | 7 | |
Derivatives, number of indices | Item | 2 | 2 | ||
Equity index put option contracts | $ 5,584,000 | 11,958,000 | ||
Other invested assets | 612,997,000 | 358,042,000 | ||
Transfers between level 1 and 2 | 0 | |||
Transfers from level 3 | 4,695,000 | 2,942,000 | ||
Settlement amount if contracts had expired | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity index put option contracts | $ 5,584,000 | 11,958,000 | ||
Standard & Poor's Five Hundred Index [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of equity index put option contracts | Item | 2 | |||
Theoretical maximum payout occurs based on index value | $ 0 | |||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 0.40% | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 208,359,000 | |||
Settlement amount if contracts had expired | 0 | |||
Equity Index | $ 3,230.78 | |||
FTSE 100 Index [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of equity index put option contracts | Item | 1 | |||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 4.00% | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 42,899,000 | |||
Equity Index | 7,542.44 | |||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Transfers from level 3 | ||||
Fair Value [Member] | Amortized Cost [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other invested assets | 209,578,000 | 117,662,000 | ||
Fixed Maturities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | 772,979,000 | 435,959,000 | ||
Fixed Maturities [Member] | Investment Manager's Valuation Committee Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | 610,873,000 | 354,143,000 | ||
Fixed Maturities [Member] | Non-Binding Broker Quote [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | 1,153,000 | |||
Fixed Maturities [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | 5,826,000 | 2,337,000 | ||
Fixed Maturities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | 162,106,000 | |||
Fixed Maturities [Member] | Fair Value [Member] | Investment Manager's Valuation Committee Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | $ 5,826,000 | 2,337,000 | ||
Fixed Maturities [Member] | Par Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale Securities | $ 80,663,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | $ 16,824,944 | $ 15,225,263 |
Fixed maturities, fair value | 5,826 | 2,337 |
Equity securities, fair value | 931,457 | 716,639 |
Equity index put option contracts | 5,584 | 11,958 |
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, fair value | 864,584 | 674,433 |
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, fair value | 66,873 | 42,206 |
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 | 5,826 | 2,337 |
Equity securities, fair value | ||
Equity index put option contracts | 5,584 | 11,958 |
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 16,824,944 | 15,225,263 |
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 - available for sale, at 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 - available for sale, at market value | 16,051,965 | 14,789,304 |
Fixed Maturity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 772,979 | 435,959 |
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 - available for sale, at market value | 1,515,803 | 2,631,134 |
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 - available for sale, at 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 - available for sale, at market value | 1,515,803 | 2,631,134 |
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 - available for sale, at market value | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 536,915 | 500,094 |
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 - available for sale, at 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 - available for sale, at market value | 536,915 | 500,094 |
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 - available for sale, at market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 6,374,946 | 5,445,532 |
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 - available for sale, at market value | ||
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 5,757,358 | 5,017,317 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 617,588 | 428,215 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 897,333 | 540,097 |
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 - available for sale, at 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 - available for sale, at market value | 743,692 | 540,097 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 153,641 | |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 844,557 | 326,710 |
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 - available for sale, at 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 - available for sale, at market value | 844,557 | 326,710 |
Commercial Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,198,581 | 1,796,264 |
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 - available for sale, at market value | ||
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,198,581 | 1,796,264 |
Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Non-Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 5,703 | 10,209 |
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 - available for sale, at 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 - available for sale, at market value | 5,703 | 10,209 |
Non-Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 1,505,950 | 1,314,165 |
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 - available for sale, at 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 - available for sale, at market value | 1,505,950 | 1,314,165 |
Foreign Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,945,156 | 2,661,058 |
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 - available for sale, at 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 - available for sale, at market value | 2,943,406 | 2,653,314 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | $ 1,750 | $ 7,744 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Transfers in and/or (out) of Level 3 | $ 4,695 | $ 2,942 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Market Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 435,959 | 217,138 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | 4,925 | (752) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 3,502 | 1,091 | ||
Purchases, issuances and settlements | 323,898 | 215,540 | ||
Transfers in and/or (out) of Level 3 | 4,695 | 2,942 | ||
Ending balance | 772,979 | 435,959 | ||
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 | 428,215 | 210,186 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | 4,937 | (92) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (20) | 1,091 | ||
Purchases, issuances and settlements | 179,761 | 215,838 | ||
Transfers in and/or (out) of Level 3 | 4,695 | 1,192 | ||
Ending balance | 617,588 | 428,215 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Market Value [Member] | Asset Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | ||||
Total gains or (losses) (realized/unrealized) Included in earnings | ||||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 3,632 | |||
Purchases, issuances and settlements | 150,009 | |||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 153,641 | |||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Market Value [Member] | Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 7,744 | 6,952 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | (12) | (660) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (110) | |||
Purchases, issuances and settlements | (5,872) | (298) | ||
Transfers in and/or (out) of Level 3 | 1,750 | |||
Ending balance | 1,750 | 7,744 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||||
Fair Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 2,337 | |||
Total gains or (losses) (realized/unrealized) Included in earnings | 2,163 | (293) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | 1,326 | 2,630 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 5,826 | 2,337 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 1,795 | |||
Fair Value [Member] | Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 2,337 | |||
Total gains or (losses) (realized/unrealized) Included in earnings | 2,163 | (293) | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | 1,326 | 2,630 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 5,826 | 2,337 | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | $ 1,795 |
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 | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value [Abstract] | ||||
Balance, beginning of period | $ 11,958 | $ 12,477 | ||
Total (gains) or losses (realized/unrealized) Included in earnings | (6,374) | (520) | ||
Total (gains) or losses (realized/unrealized) Included in other comprehensive income (loss) | ||||
Transfers in and/or (out) of Level 3 | ||||
Purchases, issuances and settlements | ||||
Balance, end of period | $ 5,584 | $ 11,958 | ||
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 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | Nov. 07, 2019GBP (£) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | Dec. 31, 2019GBP (£)ItemRate | Dec. 31, 2018GBP (£) | Dec. 31, 2019USD ($)ItemRate | Dec. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, number of facilities | Item | 2 | ||||||
Line of credit facility, commitment | £ 47,000,000 | $ 1,000,000,000 | |||||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | 10.00% | |||||
Admitted assets for FHLB | $ 12,518,844,000 | ||||||
Borrowings from FHLB | 0 | ||||||
Maximum amount available under FHLB | 1,251,884,000 | ||||||
Wells Fargo Bank Group Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 5 years | 4 years | |||||
Line of credit facility, commitment | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | |||
Line of credit facility, number of tranches | Item | 2 | 2 | |||||
Line of credit facility, required minimum debt-to-capital ratio | Rate | 35.00% | 35.00% | |||||
Line of credit facility, required minimum net worth | $ 5,370,979,000 | ||||||
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 | 6,256,094,000 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, expiration date | Dec. 31, 2020 | ||||||
Line of credit facility, commitment | 200,000,000 | 200,000,000 | |||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Federal Funds [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] | London Interbank Offered Rate (LIBOR) [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, 2019 | ||||||
Line of credit facility, commitment | 600,000,000 | 600,000,000 | |||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | $ 200,000,000 | $ 200,000,000 | |||||
Percentage of interest on the principal amount of letters of credit issued | 0.35% | ||||||
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 | ||||||
Per annum commitment fee on undrawn credit | 0.15% | ||||||
Lloyds Bank plc Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 4 years | ||||||
Line of credit facility, commitment | £ | £ 47,000,000 | £ 47,000,000 | £ 30,000,000 | ||||
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | 0.35 | |||||
Line of credit facility, required minimum net worth | $ 5,326,009,000 | ||||||
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 | $ 6,246,842,000 | ||||||
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Credit Facilities [Abstract] | |||
Credit facility interest and fees incurred | $ 420 | $ 420 | $ 420 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And Borrowings) (Details) | 12 Months Ended | ||||||
Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Dec. 31, 2019USD ($) | Nov. 07, 2019GBP (£) | Dec. 31, 2018USD ($) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Commitment | £ 47,000,000 | $ 1,000,000,000 | |||||
Wells Fargo Bank Group Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | |||
In Use | 623,484,000 | 558,818,000 | |||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000,000 | 200,000,000 | |||||
In Use | 33,737,000 | ||||||
Date of Expiry | Dec. 31, 2020 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Debt Instrument Redemption Period One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | |||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 600,000,000 | 600,000,000 | |||||
In Use | 558,818,000 | ||||||
Date of Expiry | Dec. 31, 2019 | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 2,381,000 | ||||||
Date of Expiry | Jul. 29, 2020 | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 1,649,000 | ||||||
Date of Expiry | Sep. 30, 2020 | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 573,353,000 | ||||||
Date of Expiry | Dec. 31, 2020 | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Four [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 600,000,000 | ||||||
In Use | 12,364,000 | ||||||
Date of Expiry | Jan. 4, 2021 | ||||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000,000 | 200,000,000 | |||||
In Use | 147,970,000 | 141,746,000 | |||||
Citibank Bilateral Letter Of Credit Agreement One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000,000 | 200,000,000 | |||||
In Use | 4,425,000 | 3,482,000 | |||||
Date of Expiry | Feb. 29, 2020 | Feb. 28, 2019 | |||||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 512,000 | 3,672,000 | |||||
Date of Expiry | Sep. 3, 2020 | Nov. 24, 2019 | |||||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 3,672,000 | 72,443,000 | |||||
Date of Expiry | Nov. 24, 2020 | Dec. 31, 2019 | |||||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 177,000 | 296,000 | |||||
Date of Expiry | Dec. 16, 2020 | Aug. 15, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 125,000 | 177,000 | |||||
Date of Expiry | Dec. 20, 2020 | Dec. 16, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 101,404,000 | 125,000 | |||||
Date of Expiry | Dec. 31, 2020 | Dec. 20, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Seven [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 559,000 | 1,851,000 | |||||
Date of Expiry | Aug. 15, 2021 | Nov. 4, 2022 | |||||
Citibank Bilateral Letter Of Credit Agreement Eight [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 37,096,000 | 407,000 | |||||
Date of Expiry | Dec. 30, 2023 | Nov. 13, 2022 | |||||
Citibank Bilateral Letter Of Credit Agreement Nine [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | $ 59,293,000 | ||||||
Date of Expiry | Dec. 30, 2022 | ||||||
Lloyds Bank plc Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | £ 47,000,000 | £ 30,000,000 | £ 47,000,000 | ||||
In Use | £ | 47,000,000 | 26,000,000 | |||||
Lloyd's Bank Issuance One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | |||||||
In Use | £ | |||||||
Lloyd S Bank Plc [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | 47,000,000 | 30,000,000 | |||||
In Use | £ | £ 47,000,000 | £ 26,000,000 | |||||
Date of Expiry | Dec. 31, 2023 | Dec. 31, 2022 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Date issued | Jun. 5, 2014 |
Debt instrument face amount | $ 400,000,000 |
Debt instrument, term | 30 years |
Debt instrument, stated interest rate | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,074,000 | $ 396,954,000 |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,074,000 | 396,954,000 |
Market Value | $ 452,848,000 | $ 396,968,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Senior Notes [Abstract] | |||
Interest expense incurred | $ 19,472 | $ 19,472 | $ 19,472 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Feb. 17, 2020 | |
Debt Instrument [Line Items] | ||
Redemption date | May 1, 2047 | |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of principal amount required for redemption | 100.00% | |
Outstanding debt reduction | $ 161,441 | |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | |
Debt instrument, maturity date | May 1, 2067 | |
Interest payment commencement date | Nov. 15, 2007 | |
Reset quarterly interest rate | 4.30% | |
Basis spread on variable rate | 2.385% | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 3, 2007 | |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 14, 2017 | |
Senior Notes [Member] | 5.4% Senior notes due 10/15/2014 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Debt instrument, maturity date | Oct. 15, 2014 | |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | |
Debt instrument, 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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 236,758 | $ 236,659 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Principal Amounts | $ 400,000 | |
Maturity Date | May 1, 2067 | |
Consolidated balance sheet amount | $ 236,758 | 236,659 |
Market Value | $ 233,191 | $ 200,390 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 | |
Final [Member] | Subordinated Debt [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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 11,587 | $ 10,926 | $ 11,498 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 12, 2019USD ($)Item | Apr. 30, 2018USD ($)Item | Apr. 01, 2018USD ($) | Apr. 13, 2017USD ($)Item | Dec. 01, 2015USD ($)Item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)Item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Effects of Reinsurance [Line Items] | ||||||||||
Amount on deposit in trust accounts | $ 989,693 | |||||||||
Preferred shares | ||||||||||
Reinsurance coverage amount | $ 1,308,940 | 1,060,726 | $ 929,261 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Number of collateralized reinsurance agreements | Item | 4 | 4 | 6 | 2 | 2 | |||||
Reinsurance coverage amount | $ 500,000 | |||||||||
Reinsurance agreements expiration date | Nov. 30, 2019 | Apr. 30, 2018 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 And 2 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Number of collateralized reinsurance agreements | Item | 2 | 2 | ||||||||
Reinsurance contract term | 4 years | 4 years | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 Through 3 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Number of collateralized reinsurance agreements | Item | 3 | |||||||||
Reinsurance contract term | 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 | 2 | ||||||||
Reinsurance contract term | 5 years | 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 contract term | 5 years | |||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Reinsurance coverage amount | $ 150,000 | $ 62,500 | $ 225,000 | $ 300,000 | $ 250,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Reinsurance coverage amount | 275,000 | 200,000 | 400,000 | 325,000 | 200,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Reinsurance coverage amount | 150,000 | 62,500 | 325,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Reinsurance coverage amount | 275,000 | 200,000 | 50,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Reinsurance coverage amount | 75,000 | |||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Reinsurance coverage amount | 175,000 | |||||||||
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 2017-2 Notes [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Catastrophe reinsurance bonds funded amount | 300,000 | |||||||||
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 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 | |||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2019-1 Notes [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Catastrophe reinsurance bonds funded amount | 425,000 | |||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2019-2 Notes [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Catastrophe reinsurance bonds funded amount | $ 425,000 | |||||||||
Mt. Logan Re [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Percentage of voting common shares owned by Group | 100.00% | |||||||||
Assumed net risk exposures | $ 993,036 | 1,156,853 | ||||||||
Preferred shares | $ 46,390 | $ 45,625 | ||||||||
Retrocede amount | $ 269,198 | |||||||||
Cash transferred | $ 252,000 | |||||||||
Mt. Logan Re [Member] | Minimum [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Accident year | 2002 | |||||||||
Mt. Logan Re [Member] | Maximum [Member] | ||||||||||
Effects of Reinsurance [Line Items] | ||||||||||
Accident year | 2015 | |||||||||
Liability retroceded | $ 319,000 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,308,940 | $ 1,060,726 | $ 929,261 |
Assumed written premiums | 6,350,328 | 6,234,203 | 5,090,367 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 291,979 | 260,612 | 245,453 |
Ceded earned premiums | 294,762 | 262,518 | 242,793 |
Ceded losses and LAE | 187,192 | 319,046 | 320,315 |
Assumed written premiums | 17,005 | 11,032 | 25,970 |
Assumed earned premiums | 17,005 | 11,032 | 25,970 |
Assumed losses and LAE |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Jul. 02, 2019ft² | Dec. 31, 2018USD ($) | |
Lease [Line Items] | |||
Future minimum rental commitments | $ 91,841 | ||
2019 | 18,992 | ||
2020 | 18,365 | ||
2021 | 9,469 | ||
2022 | 9,180 | ||
2023 | 8,919 | ||
Thereafter | $ 26,916 | ||
Area of property | ft² | 315,000 | ||
Annual lease expense | $ 7,800 | ||
Monthly lease expense | $ 650 | ||
Lease expiration | 2036 |
Leases (Supplemental Informatio
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Lease expense incurred: Operating lease cost | $ 24,524 | |
Operating lease right of use assets | 161,435 | $ 69,869 |
Operating lease liabilities | 169,909 | $ 77,270 |
Operating cash flows from operating leases | $ 20,041 | |
Weighted average remaining operating lease term | 12 years 7 months 6 days | |
Weighted average discount rate on operating leases | 3.91% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 19,945 | |
2021 | 17,153 | |
2022 | 18,985 | |
2023 | 18,169 | |
2024 | 17,872 | |
Thereafter | 126,250 | |
Undiscounted lease payments | 218,374 | |
Less: present value adjustment | 48,465 | |
Total operating lease liability | $ 169,909 | $ 77,270 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
U.S. tax rate | 21.00% | 21.00% | 35.00% |
Accrual withhilding taxes, percent | 5.00% | ||
Unrecognized tax benefits that would impact the effective tax rate | |||
Accrued interest and penalties, net of Federal benefit | 0 | ||
Accrued interest and penalties | 0 | $ 0 | |
Deferred tax assets, valuation allowance | 12,997,000 | 9,309,000 | |
Foreign tax credits | 186,706,000 | 167,685,000 | |
US NOL carryforward | $ 19,027,000 | ||
NOL carryforward expiration | Dec. 31, 2038 | ||
Expense (benefit) from TCJA | (28,411,000) | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward expiration | Jan. 1, 2020 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward expiration | Dec. 31, 2029 | ||
ASU 2016-02 [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax benefits related to restricted stock vestings and stock options exercises | $ 3,357,000 | 3,453,000 | $ 6,951,000 |
Tax benefits related to payment of dividends on restricted stock | 484,000 | 403,000 | 626,000 |
Tax Cut and Jobs Act [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | 8,246,000 | ||
Accrual withholding taxes | 8,246,000 | ||
Her Majestys Revenue And Customs H M R C [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign NOL carryforward | 10,160,000 | ||
Canada Revenue Agency [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign NOL carryforward | $ 2,511,000 | ||
NOL carryforward expiration | Dec. 31, 2035 | ||
Foreign Country [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | |||
Additional income tax benefit resulting from correction, amount | 2,509,000 | 3,127,000 | 2,982,000 |
IRS audit, additional income tax expense | |||
Deferred tax assets, valuation allowance | 12,671,000 | $ 9,309,000 | |
Tax Year 2014 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | (34,972,000) | ||
Interest on net refund | 2,421,000 | ||
Tax Year 2015 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | (1,519,000) | ||
Interest on net refund | 978,000 | ||
Tax Year 2016 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | (4,685,000) | ||
Interest on net refund | $ 247,000 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||||||||||
U.S. | $ (5,044) | $ (38,625) | $ (117,173) | ||||||||
Non-U.S. | 14,420 | 6,497 | 2,849 | ||||||||
Total current tax expense (benefit) | 9,376 | (32,128) | (114,324) | ||||||||
U.S. | 80,247 | (298,998) | 50,207 | ||||||||
Non-U.S. | (97) | (97) | 777 | ||||||||
Total deferred tax expense (benefit) | 80,150 | (299,095) | 50,984 | ||||||||
Total income tax expense (benefit) | $ 39,477 | $ 59,993 | $ (8,910) | $ (9,633) | $ 7,426 | $ 99,470 | $ (2,207) | $ (11,117) | $ 89,526 | $ (331,223) | $ (63,340) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||||||||||||
Underwriting gain (loss) | $ 336,163 | $ (610,275) | $ (207,521) | |||||||||||
Net investment income | $ 146,077 | $ 181,058 | $ 179,028 | $ 140,976 | $ 140,204 | $ 161,363 | $ 141,322 | $ 138,294 | 647,139 | 581,183 | 542,898 | |||
Net realized capital gains (losses) | $ 75,443 | $ (12,943) | 30,272 | 92,232 | $ (172,815) | 54,804 | 15,776 | (24,901) | 185,004 | (127,136) | 153,194 | |||
Net derivative gain (loss) | 6,374 | 520 | 9,581 | |||||||||||
Corporate expenses | (32,966) | (30,672) | (25,923) | |||||||||||
Other income (expense) | (18,225) | (3,300) | (13,408) | (6,573) | 17,033 | $ (21,525) | $ 10,460 | $ (2,948) | (11,034) | (24,771) | (21,215) | |||
INCOME (LOSS) BEFORE TAXES | 372,345 | 414,544 | 189,471 | 51,154 | 222,612 | 786,889 | 273,766 | 463,237 | 1,098,987 | (242,182) | 419,411 | |||
Total income tax expense (benefit) | $ 39,477 | $ 59,993 | $ (8,910) | $ (9,633) | $ 7,426 | $ 99,470 | $ (2,207) | $ (11,117) | 89,526 | (331,223) | (63,340) | |||
Domestic [Member] | ||||||||||||||
Income Taxes [Line Items] | ||||||||||||||
Underwriting gain (loss) | 38,964 | (1,407,020) | (516,167) | |||||||||||
Net investment income | 325,179 | 283,569 | 255,310 | |||||||||||
Net realized capital gains (losses) | 155,609 | (90,033) | 148,099 | |||||||||||
Net derivative gain (loss) | ||||||||||||||
Corporate expenses | (13,063) | (11,035) | (7,394) | |||||||||||
Interest, fee and bond issue cost amortization expense | (34,931) | (30,611) | (31,183) | |||||||||||
Other income (expense) | (1,976) | (5,894) | 32,441 | |||||||||||
INCOME (LOSS) BEFORE TAXES | 469,782 | (1,261,024) | (118,894) | |||||||||||
Expected tax provision at the applicable statutory rate(s) | 98,766 | (264,912) | (41,614) | |||||||||||
Increase (decrease) in tax resulting from: Tax exempt income | (3,680) | (3,824) | (8,488) | |||||||||||
Increase (decrease) in tax resulting from: Dividend received deduction | (998) | (1,520) | (4,639) | |||||||||||
Increase (decrease) in tax resulting from: Proration | 1,050 | 1,150 | 1,760 | |||||||||||
Increase (decrease) in tax resulting from: Affiliated preferred stock dividends | 6,517 | 6,517 | 10,861 | |||||||||||
Increase (decrease) in tax resulting from: Creditable foreign premium tax | (9,852) | (13,475) | (7,515) | |||||||||||
Increase (decrease) in tax resulting from: Tax audit settlement | 1,576 | 2,094 | 11,516 | |||||||||||
Increase (decrease) in tax resulting from: U.S. rate differential on carryback of net operation losses to PY | (43,734) | |||||||||||||
Increase (decrease) in tax resulting from: U.S. rate differential on deferred tax 2017 return to provision | (28,411) | |||||||||||||
Increase (decrease) in tax resulting from: Share based compensation tax benefits formerly in APIC | (2,984) | (3,333) | (6,716) | |||||||||||
Increase (decrease) in tax resulting from: Impact of U.S. tax reform | 8,246 | |||||||||||||
Increase (decrease) in tax resulting from: Impact of prior year accounting adjustment | (8,986) | |||||||||||||
Increase (decrease) in tax resulting from: Change in uncertain tax positions | (8,434) | 8,434 | ||||||||||||
Increase (decrease) in taxes resulting from: Other | (3,606) | 7,579 | 1,641 | |||||||||||
Total income tax expense (benefit) | 75,203 | (337,623) | (66,966) | |||||||||||
Non-U.S. [Member] | ||||||||||||||
Income Taxes [Line Items] | ||||||||||||||
Underwriting gain (loss) | 297,199 | 796,745 | 308,646 | |||||||||||
Net investment income | 321,960 | 297,614 | 287,588 | |||||||||||
Net realized capital gains (losses) | 29,394 | (37,103) | 5,095 | |||||||||||
Net derivative gain (loss) | 6,374 | 520 | 9,581 | |||||||||||
Corporate expenses | (19,903) | (19,637) | (18,529) | |||||||||||
Interest, fee and bond issue cost amortization expense | 3,239 | (420) | (420) | |||||||||||
Other income (expense) | (9,057) | (18,877) | (53,656) | |||||||||||
INCOME (LOSS) BEFORE TAXES | 629,206 | 1,018,842 | 538,305 | |||||||||||
Expected tax provision at the applicable statutory rate(s) | 17,205 | 9,647 | 6,843 | |||||||||||
Increase (decrease) in tax resulting from: Tax exempt income | ||||||||||||||
Increase (decrease) in tax resulting from: Dividend received deduction | ||||||||||||||
Increase (decrease) in tax resulting from: Proration | ||||||||||||||
Increase (decrease) in tax resulting from: Affiliated preferred stock dividends | ||||||||||||||
Increase (decrease) in tax resulting from: Creditable foreign premium tax | ||||||||||||||
Increase (decrease) in tax resulting from: Tax audit settlement | ||||||||||||||
Increase (decrease) in tax resulting from: U.S. rate differential on carryback of net operation losses to PY | ||||||||||||||
Increase (decrease) in tax resulting from: U.S. rate differential on deferred tax 2017 return to provision | ||||||||||||||
Increase (decrease) in tax resulting from: Share based compensation tax benefits formerly in APIC | (373) | (120) | (235) | |||||||||||
Increase (decrease) in tax resulting from: Impact of U.S. tax reform | ||||||||||||||
Increase (decrease) in tax resulting from: Impact of prior year accounting adjustment | ||||||||||||||
Increase (decrease) in tax resulting from: Change in uncertain tax positions | ||||||||||||||
Increase (decrease) in taxes resulting from: Other | (2,509) | (3,127) | (2,982) | |||||||||||
Total income tax expense (benefit) | $ 14,323 | $ 6,400 | $ 3,626 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 8,434 | ||
Additions based on tax positions related to the current year | |||
Additions for tax positions of prior years | 8,434 | ||
Reductions for tax positions of prior years | (8,434) | ||
Settlements with taxing authorities | |||
Lapses of applicable statutes of limitations | |||
Balance at December 31 | $ 8,434 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Foreign tax credits | $ 186,706 | $ 167,685 |
Unearned premium reserve | 75,130 | 63,309 |
Loss reserve | 66,025 | 64,135 |
Net operating loss carryforward | 31,698 | 106,543 |
Net unrealized losses on benefit plans | 19,818 | 17,921 |
Unrealized foreign currency losses | 7,964 | 12,596 |
Investment impairments | 3,961 | 1,291 |
Uncollectible reinsurance reserve | 3,142 | 3,142 |
Other tax credits | 2,294 | |
Net unrealized investment losses | 10,815 | |
Net fair value losses | 7,196 | |
Other assets | 13,869 | 11,521 |
Total deferred tax assets | 410,607 | 466,154 |
Deferred acquisition costs | 81,931 | 74,736 |
Net unrealized investment gains | 39,413 | |
Net fair value income | 25,936 | |
Partnership investments | 15,039 | 14,936 |
Benefit plan asset | 2,333 | 3,600 |
Other liabilities | 4,937 | 3,868 |
Total deferred tax liabilities | 169,589 | 97,140 |
Net deferred tax assets | 241,018 | 369,014 |
Less: Valuation allowance | (12,997) | (9,309) |
Total net deferred tax assets | $ 228,021 | $ 359,705 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reinsurance [Abstract] | |||||||||||
Written premiums: Direct | $ 2,783,036 | $ 2,240,951 | $ 2,083,555 | ||||||||
Written premiums: Assumed | 6,350,328 | 6,234,203 | 5,090,367 | ||||||||
Written premiums: Ceded | (1,308,940) | (1,060,726) | (929,261) | ||||||||
Net written premiums | $ 2,120,186 | $ 2,068,557 | $ 1,783,983 | $ 1,851,698 | $ 2,057,071 | $ 1,938,773 | $ 1,746,378 | $ 1,672,206 | 7,824,424 | 7,414,428 | 6,244,661 |
Premiums earned: Direct | 2,551,662 | 2,129,320 | 1,825,705 | ||||||||
Premiums earned: Assumed | 6,059,222 | 5,807,332 | 4,945,522 | ||||||||
Premiums earned: Ceded | (1,207,198) | (1,004,953) | (833,387) | ||||||||
Net premiums earned | $ 1,948,071 | $ 1,905,619 | $ 1,817,299 | $ 1,732,697 | $ 1,850,975 | $ 1,731,479 | $ 1,729,818 | $ 1,619,427 | 7,403,686 | 6,931,699 | 5,937,840 |
Incurred losses and LAE: Direct | 1,618,686 | 1,372,589 | 1,311,682 | ||||||||
Incurred losses and LAE: Assumed | 3,923,298 | 5,046,947 | 3,909,816 | ||||||||
ncurred losses and LAE: Ceded | (619,086) | (768,133) | (698,917) | ||||||||
Net incurred losses and LAE | $ 4,922,898 | $ 5,651,403 | $ 4,522,581 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total, Before Tax | $ 542,400 | $ (329,378) | $ 56,989 |
Total, Tax Effect | (51,691) | 28,913 | 134 |
Total, Net of Tax | 490,709 | (300,465) | 57,123 |
URA(D) On Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 547,539 | (275,511) | (81,915) |
Tax Effect | (49,665) | 21,061 | (21,597) |
Net of Tax | 497,874 | (254,450) | (60,318) |
Reclassification, Before Tax | (13,129) | 28,014 | (7,258) |
Reclassification, Tax Effect | 516 | (518) | 308 |
Reclassification, Net of Tax | (12,613) | 27,496 | (6,950) |
Total, Net of Tax | 485,261 | (226,954) | |
URA(D) On Securities OTTI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (1,559) | (1,071) | (5,618) |
Tax Effect | 115 | (135) | 1,588 |
Net of Tax | (1,444) | (1,206) | (4,030) |
Total, Net of Tax | (1,444) | (1,206) | |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 18,585 | (86,520) | 142,054 |
Tax Effect | (4,555) | 9,704 | (20,137) |
Net of Tax | 14,030 | (76,816) | 121,917 |
Total, Net of Tax | 14,030 | (76,816) | |
Benefit Plan Net Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (15,938) | (646) | 1,300 |
Tax Effect | 3,347 | 136 | (273) |
Net of Tax | (12,591) | (510) | 1,027 |
Reclassification, Before Tax | 6,902 | 6,356 | 8,426 |
Reclassification, Tax Effect | (1,449) | (1,335) | (2,949) |
Reclassification, Net of Tax | 5,453 | 5,021 | $ 5,477 |
Total, Net of Tax | $ (7,138) | $ 4,511 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income tax expense (benefit) | $ (39,477) | $ (59,993) | $ 8,910 | $ 9,633 | $ (7,426) | $ (99,470) | $ 2,207 | $ 11,117 | $ (89,526) | $ 331,223 | $ 63,340 | |||
NET INCOME (LOSS) | $ 217,644 | $ 104,398 | $ 332,868 | $ 354,551 | $ (385,313) | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 474,354 | 1,009,461 | 89,041 | $ 482,751 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Other net realized capital gains (losses) | (13,129) | 28,014 | ||||||||||||
Income tax expense (benefit) | 516 | (518) | ||||||||||||
NET INCOME (LOSS) | (12,613) | 27,496 | ||||||||||||
Benefit Plan Net Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Other underwriting expenses | 6,902 | 6,356 | ||||||||||||
Income tax expense (benefit) | (1,449) | (1,335) | ||||||||||||
NET INCOME (LOSS) | $ 5,453 | $ 5,021 |
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 | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 7,860,797 | $ 8,340,736 | |||
Current period change | 490,709 | (300,465) | $ 57,123 | ||
Balance | 9,132,925 | 7,860,797 | 8,340,736 | ||
URA(D) On Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (179,392) | 49,969 | |||
Current period change | 485,261 | (226,954) | |||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (1,201) | ||||
Balance | 304,425 | (179,392) | 49,969 | ||
URA(D) On Securities OTTI [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Current period change | (1,444) | (1,206) | |||
Foreign Currency Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (215,747) | (138,931) | |||
Current period change | 14,030 | (76,816) | |||
Balance | (201,717) | (215,747) | (138,931) | ||
Benefit Plan Net Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (67,418) | (71,929) | |||
Current period change | (7,138) | 4,511 | |||
Balance | (74,556) | (67,418) | (71,929) | ||
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (462,557) | (160,891) | (216,764) | ||
Current period change | 490,709 | (300,465) | 57,123 | ||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (1,201) | $ (1,250) | $ (1,250) | ||
Balance | $ 28,152 | $ (462,557) | $ (160,891) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2029 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan employer contribution percentage for branch offices, minimum | 4.90% | |||
Defined contribution plan employer contribution percentage for branch offices, maximum | 45.70% | |||
Company contributions | $ 4,750,000 | $ 77,743,000 | $ 10,534,000 | |
Pension Plans Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | 0 | |||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | (9,461,000) | |||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 0 | |||
Pension Plans Defined Benefit [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Healthcare inflation rate | 4.50% | |||
Defined Benefit Postretirement Health Coverage [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | 0 | |||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 0 | |||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ (577,000) | $ (577,000) | $ (131,000) | |
Weighted average discount rate used to determine net periodic benefit cost | 4.27% | 3.62% | 4.16% | |
Rate of compensation increase to determine the net periodic benefit cost | 4.00% | 4.00% | 4.00% | |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.50% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 3.28% | 4.27% | 3.62% | |
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3.00% | |||
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3.00% | |||
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8.00% | |||
Defined Contribution Plan Employer Contribution Percentage Vested After Three Years | 100.00% | |||
Healthcare inflation rate | 7.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 62.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Fixed Maturities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 30.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 7.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 1.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 70.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 30.00% | |||
Defined Benefit Postretirement Health Coverage [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Private equity limited partnerships | $ 20,351,000 | $ 20,091,000 | ||
Company contributions | $ 77,000,000 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |||
Company contributions | $ 4,750 | $ 77,743 | $ 10,534 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 4,750 | $ 77,743 | $ 10,534 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 300,244 | 316,202 | |
Service cost | 8,255 | 9,801 | 10,949 |
Interest cost | 11,712 | 10,290 | 10,034 |
Actuarial (gain)/loss | 46,206 | (29,966) | |
Curtailment | |||
Benefits paid | (11,062) | (6,084) | |
Projected benefit obligation at end of year | 355,356 | 300,244 | 316,202 |
Fair value of plan assets at beginning of year | 260,531 | 210,267 | |
Actual return on plan assets | 47,247 | (21,395) | |
Actual contributions during the year | 4,750 | 77,743 | |
Administrative expenses paid | |||
Benefits paid | (11,062) | (6,084) | |
Fair value of plan assets at end of year | 301,467 | 260,531 | 210,267 |
Funded status at end of year | (53,889) | (39,713) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 28,483 | 34,717 | |
Service cost | 983 | 1,312 | 1,570 |
Interest cost | 980 | 999 | 1,184 |
Amendments | (582) | ||
Actuarial (gain)/loss | (7,985) | ||
Benefits paid | (488) | (561) | |
Projected benefit obligation at end of year | 29,376 | 28,483 | 34,717 |
Fair value of plan assets at beginning of year | |||
Actual contributions during the year | 488 | 561 | |
Benefits paid | (488) | (561) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (29,376) | $ (28,483) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (7,362) | (7,530) |
Other liabilities (due beyond one year) | (46,527) | (32,182) |
Net amount recognized in the consolidated balance sheets | (53,889) | (39,713) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (611) | (608) |
Other liabilities (due beyond one year) | (28,764) | (27,875) |
Net amount recognized in the consolidated balance sheets | $ (29,376) | $ (28,483) |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (97,466) | $ (88,580) | |
Accumulated other comprehensive income (loss) | (97,466) | (88,580) | $ (86,788) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | 188 | (238) | |
Accumulated prior service credit (cost) | 2,904 | 3,480 | |
Accumulated other comprehensive income (loss) | $ 3,092 | $ 3,242 | $ (4,260) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | $ (88,580) | $ (86,788) |
Net gain (loss) arising during period | (16,927) | (8,631) |
Actuarial loss | 8,042 | 6,839 |
Curtailment loss recognized | ||
Other comprehensive income (loss) at December 31, current year | (97,466) | (88,580) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | 3,242 | (4,260) |
Net gain (loss) arising during period | 582 | 7,985 |
Prior Service credit (cost) arising during period | ||
Actuarial loss | (155) | 94 |
Prior service cost | (577) | (577) |
Other comprehensive income (loss) at December 31, current year | $ 3,092 | $ 3,242 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8,255,000 | $ 9,801,000 | $ 10,949,000 |
Interest cost | 11,712,000 | 10,290,000 | 10,034,000 |
Prior service credit recognition | 0 | ||
Expected return on assets | (17,968,000) | (17,202,000) | (13,050,000) |
Amortization of actuarial loss from earlier periods | 7,635,000 | 6,839,000 | 8,366,000 |
FAS 88 settlement charge | 408,000 | ||
Net periodic benefit cost | 10,042,000 | 9,728,000 | 16,299,000 |
Other comprehensive income (loss) attributable to change from prior year | 8,885,000 | 1,792,000 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 18,927,000 | 11,520,000 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 983,000 | 1,312,000 | 1,570,000 |
Interest cost | 980,000 | 999,000 | 1,184,000 |
Prior service credit recognition | (577,000) | (577,000) | (131,000) |
Expected return on assets | (155,000) | 94,000 | 192,000 |
Net periodic benefit cost | 1,231,000 | 1,829,000 | $ 2,814,000 |
Other comprehensive income (loss) attributable to change from prior year | 150,000 | (7,502,000) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 1,381,000 | $ (5,673,000) |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 309,970 | $ 262,327 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 288,328 | 237,855 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 21,642 | $ 24,472 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 333,715 | $ 275,772 |
Fair value of plan assets | 301,467 | 260,531 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 21,642 | 24,472 |
Fair value of plan assets |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | ||
Fair value of plan assets | ||
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 21,642 | 24,472 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Plans Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 15,670 |
2021 | 11,458 |
2022 | 12,198 |
2023 | 12,902 |
2024 | 13,985 |
Next 5 years | 84,334 |
Defined Benefit Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 611 |
2021 | 673 |
2022 | 768 |
2023 | 851 |
2024 | 896 |
Next 5 years | $ 6,377 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | $ 1,749 | $ 2,872 |
Total | 281,116 | 240,440 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 90,483 | 82,633 |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 188,884 | 154,935 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | 1,749 | 2,872 |
Total | 281,116 | 240,440 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 90,483 | 82,633 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 188,884 | 154,935 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Total | ||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Total | ||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value |
Employee Benefit Plans (Incurre
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |||
Incurred expenses | $ 10,794 | $ 9,301 | $ 7,167 |
Employee Benefit Plans (Incur_2
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |||
Incurred Expenses | $ 2,216 | $ 2,057 | $ 1,849 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Employee Benefit Plans [Abstract] | |
Effect on total service and interest cost components, Percentage Point Increase | $ 434 |
Effect on total service and interest cost components, Percentage Point Decrease | (335) |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 6,257 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | $ (4,833) |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post-retirement benefit expenses | $ 1,231 | $ 1,829 | $ 2,814 |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Minimum solvency margin | $ 250 | ||
Prior approval of the Bermuda Monetary Authority is required for dividend payments, if percentage exceeds in prior-year end total statutory capital | 0.25 | ||
Dividend payment restrictions, period in months | 12 months | ||
Dividend payment restrictions, percentage of statutory surplus required | 0.10 | ||
Minimum percent of total adjusted capital | 200.00% | ||
Bermuda Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Statutory capital and surplus | $ 3,197,418 | $ 3,068,534 | |
Statutory net income(loss) | $ 503,610 | 873,111 | $ 582,128 |
Target capital level, percent of the enhanced capital requirement | 1.20 | ||
Everest Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Available for payment of dividends in 2016 without need for prior regulatory approval | $ 373,914 | ||
Statutory capital and surplus | 3,739,140 | 3,650,594 | |
Statutory net income(loss) | $ 363,034 | $ 1,317,991 | $ 391,419 |
Dividend Restrictions And Sta_4
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And The Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems | ||
Minimum percent of total adjusted capital | 200.00% | |
Bermuda Re [Member] | ||
ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems | ||
Regulatory targeted capital | $ 1,753,156 | |
Actual capital | 3,197,418 | 3,068,534 |
Everest Re [Member] | ||
ComplianceWithRegulatoryCapitalRequirementsUnderBankingRegulationsLineItems | ||
Regulatory targeted capital | 2,001,226 | 2,172,958 |
Actual capital | $ 3,739,140 | $ 3,650,594 |
Commitments And Contingencies_2
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,703 | $ 142,754 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 35,082 | $ 34,717 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 27, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares, authorized | 200,000,000 | 200,000,000 | ||
Share-based compensation awards, grant exercise price | $ 0 | |||
Share units | 0 | 0 | 0 | |
Share-based compensation expense | $ 34,018 | $ 32,369 | $ 30,297 | |
Income tax benefit recorded | 8,384 | 7,401 | 14,824 | |
Additional paid-in capital due to tax benefit from dividends on restricted shares | 484 | 403 | 626 | |
Aggregate intrinsic value of options exercised | 16,297 | 11,737 | 14,130 | |
Cash received from the exercised share options | 8,523 | |||
Tax benefit realized from the options exercised | 3,198 | |||
Unrecognized compensation cost | 79,780 | |||
Tax benefit from stock options vested | 5,774 | |||
Fair value of shares vested | $ 28,135 | 25,317 | 23,134 | |
Unrecognized compensation cost expected to be recognized over a weighted-average period, years | 3 years 4 months 24 days | |||
Aggregate value of issuances | $ 107 | $ 113 | $ 94 | |
Employee Plans, 1995 And 2002 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units | 0 | |||
2002 Employee Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options and restricted shares granted | 20.00% | |||
Vesting period, years | 5 years | |||
2010 Employee Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares, authorized | 4,000,000 | |||
Remaining shares | 2,303,555 | |||
Percentage of options and restricted shares granted | 20.00% | |||
Vesting period, years | 5 years | |||
2009 Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares, authorized | 37,439 | |||
Remaining shares | 34,957 | |||
Vesting period, years | 10 years | |||
2003 Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares, authorized | 500,000 | |||
Remaining shares | 324,913 | |||
Percentage of options and restricted shares granted | 33.00% | |||
Vesting period, years | 3 years | |||
Key Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares issued | 2,525,422 | |||
Restricted shares cancelled | 331,938 | |||
Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares, issued | 459 | 480 | 404 | |
Restricted shares issued | 167,618 | |||
Restricted shares cancelled | 0 | |||
Common stock acquired for net-share settlement | 71,437 | 65,974 | 60,453 | |
Common stock values of shares acquired for net-share settlement | $ 14,181 | $ 14,202 | $ 14,240 | |
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units | 232,601 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units | 16,855 | |||
Common stock acquired for net-share settlement | 5,008 | 5,214 | ||
Common stock values of shares acquired for net-share settlement | $ 1,119 | $ 1,264 | ||
Performance Shares [Member] | 2010 Employee Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options and restricted shares granted | 100.00% | |||
Vesting period, years | 3 years | |||
Performance Shares [Member] | 2010 Employee Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of stock per unit awarded | 1.75 | |||
Performance Shares [Member] | 2010 Employee Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of stock per unit awarded | ||||
Performance Shares [Member] | 2010 Employee Plan [Member] | Growth In Book Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, years | 3 years | |||
Performance share unit valuation growth, percentage | 50.00% | |||
Performance Shares [Member] | 2010 Employee Plan [Member] | Operating Return on Equity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance share unit valuation growth, percentage | 50.00% | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units | 0 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Company's Shareholder Approved Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-Based Compensation Plans [Abstract] | |||
Outstanding at January 1, Shares | 279,164 | 360,364 | 454,994 |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross | 0 | 0 | 0 |
Exercised, Shares | 108,460 | 81,200 | 94,630 |
Forfeited/Cancelled/Expired, Shares | |||
Outstanding at December 31, Shares | 170,704 | 279,164 | 360,364 |
Exercisable at December 31, Shares | 170,704 | 279,164 | 360,364 |
Outstanding at January 1, Weighted-Average Exercise Price/Share | $ 83.84 | $ 84.10 | $ 84.88 |
Granted - Weighted- Average Exercise Price/Share | 0 | ||
Exercised, Weighted- Average Exercise Price/Share | 78.58 | 84.99 | 87.84 |
Forfeited/Cancelled/Expired, Weighted- Average Exercise Price/Share | |||
Outstanding at December 31, Weighted-Average Exercise Price/Share | 87.18 | 83.84 | 84.10 |
Exercisable at December 31, Weighted-Average Exercise Price/Share | $ 87.18 | $ 83.84 | $ 84.10 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | 1 year 4 months 24 days | 1 year 10 months 24 days | 2 years 8 months 12 days |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | 1 year 4 months 24 days | 1 year 10 months 24 days | 2 years 8 months 12 days |
Outstanding at December 31, Aggregate Intrinsic Value | $ 32,376 | $ 37,386 | $ 49,428 |
Exercisable at December 31, Aggregate Intrinsic Value | $ 32,376 | $ 37,386 | $ 49,428 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Share Options Outstanding And Exercisable) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Options Outstanding, Number Outstanding | 170,704 | 170,704 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 year 4 months 24 days | |
Options Outstanding, Weighted Average Exercise Price | $ 87.18 | $ 87.18 |
Exercise Prices Range 1 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Ranges of Exercise Prices, Lower range limit | 84.6300 | |
Ranges of Exercise Prices, Upper range limit | $ 85.6300 | |
Options Outstanding, Number Outstanding | 31,100 | 31,100 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 2 months 12 days | |
Options Outstanding, Weighted Average Exercise Price | $ 84.63 | $ 84.63 |
Exercise Prices Range 2 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Ranges of Exercise Prices, Lower range limit | 85.6400 | |
Ranges of Exercise Prices, Upper range limit | $ 87.4700 | |
Options Outstanding, Number Outstanding | 59,900 | 59,900 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 year 2 months 12 days | |
Options Outstanding, Weighted Average Exercise Price | $ 86.62 | $ 86.62 |
Exercise Prices Range 3 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Ranges of Exercise Prices, Lower range limit | 87.4800 | |
Ranges of Exercise Prices, Upper range limit | $ 89.4100 | |
Options Outstanding, Number Outstanding | 73,750 | 73,750 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 2 years 1 month 6 days | |
Options Outstanding, Weighted Average Exercise Price | $ 88.32 | $ 88.32 |
Exercise Prices Range 4 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Ranges of Exercise Prices, Lower range limit | 89.4200 | |
Ranges of Exercise Prices, Upper range limit | $ 110.1300 | |
Options Outstanding, Number Outstanding | 5,954 | 5,954 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 year 6 months | |
Options Outstanding, Weighted Average Exercise Price | $ 91.99 | $ 91.99 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Summary Of Company's Non-Vested Shares And Changes) (Details) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 414,407 | 421,261 | 435,338 |
Granted, Shares | 232,601 | 173,065 | 160,185 |
Vested, Shares | 138,322 | 141,982 | 152,397 |
Forfeited, Shares | 13,549 | 37,937 | 21,865 |
Outstanding at December 31, Shares | 495,137 | 414,407 | 421,261 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $ 217.15 | $ 194.01 | $ 164.21 |
Granted, Weighted Average Grant Date Fair Value | 240.59 | 234.01 | |
Vested, Weighted Average Grant Date Fair Value | 178.31 | 151.80 | |
Forfeited, Weighted Average Grant Date Fair Value | 212.48 | 187.82 | |
Outstanding at December 31, Weighted Average Grant Date Fair Value | $ 217.15 | $ 194.01 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Company's Non-Vested Performance Share Unit Awards) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 32,382 | 33,454 | 21,223 |
Granted, Shares | 16,855 | 13,325 | 11,245 |
Increase/(Decrease) on vesting units due to performance, Shares | (3,455) | (267) | 986 |
Vested, Shares | 10,922 | 12,435 | |
Forfeited, Shares | 1,695 | ||
Outstanding at December 31, Shares | 34,850 | 32,382 | 33,454 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | |||
Granted, Weighted Average Grant Date Fair Value | 223.45 | 242.39 | 234.03 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value | 223.45 | 242.39 | |
Forfeited, Weighted Average Grant Date Fair Value | |||
Outstanding at December 31, Weighted Average Grant Date Fair Value |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||
Percentage threshold of Company revenue not exceeded by any other country | 23.10% | 19.70% | 20.40% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | $ 2,783,036 | $ 2,240,951 | $ 2,083,555 | ||||||||
Net written premiums | $ 2,120,186 | $ 2,068,557 | $ 1,783,983 | $ 1,851,698 | $ 2,057,071 | $ 1,938,773 | $ 1,746,378 | $ 1,672,206 | 7,824,424 | 7,414,428 | 6,244,661 |
Premiums earned | $ 1,948,071 | $ 1,905,619 | $ 1,817,299 | $ 1,732,697 | $ 1,850,975 | $ 1,731,479 | $ 1,729,818 | $ 1,619,427 | 7,403,686 | 6,931,699 | 5,937,840 |
Incurred losses and LAE | 4,922,898 | 5,651,403 | 4,522,581 | ||||||||
Commission and brokerage | 1,703,726 | 1,519,030 | 1,303,963 | ||||||||
Other underwriting expenses | 440,899 | 371,541 | 318,817 | ||||||||
Underwriting gain (loss) | 336,163 | (610,275) | (207,521) | ||||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,962,416 | 3,014,338 | 2,592,972 | ||||||||
Net written premiums | 2,513,579 | 2,642,182 | 2,245,422 | ||||||||
Premiums earned | 2,471,447 | 2,528,991 | 2,181,160 | ||||||||
Incurred losses and LAE | 1,514,151 | 2,784,181 | 1,632,795 | ||||||||
Commission and brokerage | 703,803 | 568,374 | 462,487 | ||||||||
Other underwriting expenses | 68,796 | 60,266 | 55,881 | ||||||||
Underwriting gain (loss) | 184,697 | (883,830) | 29,997 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,648,598 | 1,543,946 | 1,316,701 | ||||||||
Net written premiums | 1,551,753 | 1,458,745 | 1,229,597 | ||||||||
Premiums earned | 1,475,669 | 1,439,882 | 1,202,043 | ||||||||
Incurred losses and LAE | 1,193,816 | 992,704 | 1,059,640 | ||||||||
Commission and brokerage | 342,400 | 364,010 | 287,688 | ||||||||
Other underwriting expenses | 41,690 | 39,042 | 38,844 | ||||||||
Underwriting gain (loss) | (102,237) | 44,126 | (184,129) | ||||||||
Bermuda [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,744,875 | 1,666,317 | 1,205,001 | ||||||||
Net written premiums | 1,666,940 | 1,605,526 | 1,139,082 | ||||||||
Premiums earned | 1,544,180 | 1,324,198 | 1,093,250 | ||||||||
Incurred losses and LAE | 967,211 | 808,717 | 735,292 | ||||||||
Commission and brokerage | 354,044 | 319,197 | 303,707 | ||||||||
Other underwriting expenses | 50,348 | 43,566 | 38,011 | ||||||||
Underwriting gain (loss) | 172,577 | 152,718 | 16,240 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,777,475 | 2,250,552 | 2,059,248 | ||||||||
Net written premiums | 2,092,152 | 1,707,975 | 1,630,560 | ||||||||
Premiums earned | 1,912,390 | 1,638,628 | 1,461,387 | ||||||||
Incurred losses and LAE | 1,247,720 | 1,065,801 | 1,094,854 | ||||||||
Commission and brokerage | 303,479 | 267,449 | 250,081 | ||||||||
Other underwriting expenses | 280,065 | 228,667 | 186,081 | ||||||||
Underwriting gain (loss) | $ 81,126 | $ 76,711 | $ (69,629) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Underwriting gain (loss) | $ 336,163 | $ (610,275) | $ (207,521) | |||||||||||
Net Investment Income | $ 146,077 | $ 181,058 | $ 179,028 | $ 140,976 | $ 140,204 | $ 161,363 | $ 141,322 | $ 138,294 | 647,139 | 581,183 | 542,898 | |||
Net realized capital gains (losses) | $ 75,443 | $ (12,943) | 30,272 | 92,232 | $ (172,815) | 54,804 | 15,776 | (24,901) | 185,004 | (127,136) | 153,194 | |||
Net derivative gain (loss) | 6,374 | 520 | 9,581 | |||||||||||
Corporate expenses | (32,966) | (30,672) | (25,923) | |||||||||||
Other income (expense) | (18,225) | (3,300) | (13,408) | (6,573) | 17,033 | $ (21,525) | $ 10,460 | $ (2,948) | (11,034) | (24,771) | (21,215) | |||
INCOME (LOSS) BEFORE TAXES | $ 372,345 | $ 414,544 | $ 189,471 | $ 51,154 | $ 222,612 | $ 786,889 | $ 273,766 | $ 463,237 | $ 1,098,987 | $ (242,182) | $ 419,411 |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 2,783,036 | $ 2,240,951 | $ 2,083,555 |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 964,358 | $ 914,612 | $ 730,826 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Summary Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unaudited Quarterly Financial Data [Abstract] | ||||||||||||||
Gross written premiums | $ 2,436,327 | $ 2,403,274 | $ 2,166,655 | $ 2,127,108 | $ 2,278,361 | $ 2,198,664 | $ 2,066,521 | $ 1,931,607 | ||||||
Net written premiums | 2,120,186 | 2,068,557 | 1,783,983 | 1,851,698 | 2,057,071 | 1,938,773 | 1,746,378 | 1,672,206 | $ 7,824,424 | $ 7,414,428 | $ 6,244,661 | |||
Premiums earned | 1,948,071 | 1,905,619 | 1,817,299 | 1,732,697 | 1,850,975 | 1,731,479 | 1,729,818 | 1,619,427 | 7,403,686 | 6,931,699 | 5,937,840 | |||
Net investment income | 146,077 | 181,058 | 179,028 | 140,976 | 140,204 | 161,363 | 141,322 | 138,294 | 647,139 | 581,183 | 542,898 | |||
Net realized capital gains (losses) | 75,443 | (12,943) | 30,272 | 92,232 | (172,815) | 54,804 | 15,776 | (24,901) | 185,004 | (127,136) | 153,194 | |||
Total claims and underwriting expenses | 1,976,943 | 1,933,158 | 1,620,413 | 1,537,009 | 2,481,858 | 1,731,201 | 1,817,815 | 1,511,100 | 7,132,182 | 7,603,677 | 6,202,887 | |||
Net income (loss) | $ 217,644 | $ 104,398 | $ 332,868 | $ 354,551 | $ (385,313) | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 474,354 | $ 1,009,461 | $ 89,041 | $ 482,751 |
Basic | $ 5.34 | $ 2.56 | $ 8.17 | $ 8.70 | $ (9.58) | $ 4.87 | $ 1.49 | $ 5.26 | $ 16.88 | $ 6.75 | $ 11.61 | $ 24.77 | $ 2.18 | $ 11.77 |
Diluted | $ 5.32 | $ 2.56 | $ 8.15 | $ 8.67 | $ (9.58) | $ 4.84 | $ 1.48 | $ 5.23 | $ 16.82 | $ 6.71 | $ 11.55 | $ 24.70 | $ 2.17 | $ 11.70 |
Revisions To Financial Statem_3
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||||||||
Premiums receivable | $ 2,259,088 | $ 2,351,107 | $ 2,362,263 | $ 2,183,183 | $ 1,819,775 | |||
Funds held by reinsureds | 489,901 | 487,275 | 423,211 | 435,031 | 288,635 | |||
Income taxes | 305,711 | 360,718 | 477,851 | 594,487 | 300,340 | |||
TOTAL ASSETS | 27,324,051 | 26,340,448 | 25,593,151 | 24,750,992 | 23,563,296 | |||
SHAREHOLDERS' EQUITY: | ||||||||
Retained earnings | 10,306,571 | 10,104,716 | 9,828,847 | 9,531,433 | 9,657,412 | |||
Total shareholders' equity | 9,132,925 | 8,836,817 | 8,389,273 | 7,860,797 | $ 8,289,045 | $ 8,208,613 | $ 8,320,552 | 8,340,736 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 27,324,051 | 26,340,448 | 25,593,151 | 24,750,992 | 23,563,296 | |||
As Previously Reported [Member] | ||||||||
ASSETS: | ||||||||
Premiums receivable | 2,389,943 | 2,392,094 | 2,218,283 | 1,844,881 | ||||
Funds held by reinsureds | 498,043 | 432,736 | 445,040 | 292,927 | ||||
Income taxes | 358,457 | 475,851 | 592,385 | 299,438 | ||||
TOTAL ASSETS | 26,387,791 | 25,630,507 | 24,793,999 | 23,591,792 | ||||
SHAREHOLDERS' EQUITY: | ||||||||
Retained earnings | 10,152,059 | 9,866,203 | 9,574,440 | 9,685,908 | ||||
Total shareholders' equity | 8,884,160 | 8,426,629 | 7,903,804 | 8,329,013 | 8,241,349 | 8,344,180 | 8,369,232 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 26,387,791 | 25,630,507 | 24,793,999 | 23,591,792 | ||||
Impact of Revisions [Member] | ||||||||
ASSETS: | ||||||||
Premiums receivable | (38,836) | (29,831) | (35,100) | (25,106) | ||||
Funds held by reinsureds | (10,768) | (9,525) | (10,009) | (4,292) | ||||
Income taxes | 2,261 | 2,000 | 2,102 | 902 | ||||
TOTAL ASSETS | (47,343) | (37,356) | (43,007) | (28,496) | ||||
SHAREHOLDERS' EQUITY: | ||||||||
Retained earnings | (47,343) | (37,356) | (43,007) | (28,496) | ||||
Total shareholders' equity | (47,343) | (37,356) | (43,007) | $ (39,968) | $ (32,736) | $ (23,628) | (28,496) | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ (47,343) | $ (37,356) | $ (43,007) | $ (28,496) |
Revisions To Financial Statem_4
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Operations And Comprehensive Income (Loss)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | ||||||||||||||
Other income (expense) | $ (18,225) | $ (3,300) | $ (13,408) | $ (6,573) | $ 17,033 | $ (21,525) | $ 10,460 | $ (2,948) | $ (11,034) | $ (24,771) | $ (21,215) | |||
Total revenues | 2,008,727 | 1,965,836 | 1,936,463 | 1,883,330 | 1,750,126 | 3,974,563 | 3,633,456 | 5,569,919 | 8,231,169 | 7,361,495 | 6,622,298 | |||
INCOME (LOSS) BEFORE TAXES | 372,345 | 414,544 | 189,471 | 51,154 | 222,612 | 786,889 | 273,766 | 463,237 | 1,098,987 | (242,182) | 419,411 | |||
Income tax expense (benefit) | 39,477 | 59,993 | (8,910) | (9,633) | 7,426 | 99,470 | (2,207) | (11,117) | 89,526 | (331,223) | (63,340) | |||
NET INCOME (LOSS) | $ 217,644 | $ 104,398 | 332,868 | 354,551 | $ (385,313) | 198,381 | 60,787 | 215,186 | 687,419 | 275,973 | 474,354 | 1,009,461 | 89,041 | 482,751 |
COMPREHENSIVE INCOME (LOSS) | $ 504,077 | $ 600,997 | $ 173,402 | $ (42,577) | $ 35,304 | $ 1,105,074 | $ (7,273) | $ 166,129 | $ 1,500,170 | $ (211,424) | $ 539,874 | |||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ 5.34 | $ 2.56 | $ 8.17 | $ 8.70 | $ (9.58) | $ 4.87 | $ 1.49 | $ 5.26 | $ 16.88 | $ 6.75 | $ 11.61 | $ 24.77 | $ 2.18 | $ 11.77 |
Diluted | $ 5.32 | $ 2.56 | $ 8.15 | $ 8.67 | $ (9.58) | $ 4.84 | $ 1.48 | $ 5.23 | $ 16.82 | $ 6.71 | $ 11.55 | $ 24.70 | $ 2.17 | $ 11.70 |
As Previously Reported [Member] | ||||||||||||||
REVENUES: | ||||||||||||||
Other income (expense) | $ (7,977) | $ (9,053) | $ (5,458) | $ 3,036 | $ 12,064 | $ (17,030) | $ 15,100 | $ 9,642 | $ (9,060) | $ (35,442) | ||||
Total revenues | 2,018,975 | 1,960,083 | 1,944,413 | 1,892,939 | 1,745,157 | 3,979,058 | 3,638,096 | 5,582,509 | 7,377,206 | 6,608,071 | ||||
INCOME (LOSS) BEFORE TAXES | 382,593 | 408,791 | 197,421 | 60,763 | 217,643 | 791,384 | 278,406 | 475,827 | (226,471) | 405,184 | ||||
Income tax expense (benefit) | 39,738 | 59,891 | (8,192) | (9,132) | 7,325 | 99,629 | (1,807) | (9,999) | (330,023) | (63,784) | ||||
NET INCOME (LOSS) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 691,755 | 280,213 | 485,826 | 103,552 | 468,968 | ||||
COMPREHENSIVE INCOME (LOSS) | $ 514,064 | $ 595,346 | $ 180,634 | $ (33,469) | $ 30,436 | $ 1,109,410 | $ (3,033) | $ 177,601 | $ (196,913) | $ 526,091 | ||||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ 8.42 | $ 8.57 | $ 5.04 | $ 1.71 | $ 5.14 | $ 16.98 | $ 6.85 | $ 11.89 | $ 2.54 | $ 11.43 | ||||
Diluted | $ 8.39 | $ 8.54 | $ 5.02 | $ 1.70 | $ 5.11 | $ 16.93 | $ 6.81 | $ 11.83 | $ 2.53 | $ 11.36 | ||||
Impact of Revisions [Member] | ||||||||||||||
REVENUES: | ||||||||||||||
Other income (expense) | $ (10,248) | $ 5,753 | $ (7,950) | $ (9,609) | $ 4,969 | $ (4,495) | $ (4,640) | $ (12,590) | $ (15,711) | $ 14,227 | ||||
Total revenues | (10,248) | 5,753 | (7,950) | (9,609) | 4,969 | (4,495) | (4,640) | (12,590) | (15,711) | 14,227 | ||||
INCOME (LOSS) BEFORE TAXES | (10,248) | 5,753 | (7,950) | (9,609) | 4,969 | (4,495) | (4,640) | (12,590) | (15,711) | 14,227 | ||||
Income tax expense (benefit) | (261) | 102 | (718) | (501) | 101 | (159) | (400) | (1,118) | (1,200) | 444 | ||||
NET INCOME (LOSS) | (9,987) | 5,651 | (7,232) | (9,108) | 4,868 | (4,336) | (4,240) | (11,472) | (14,511) | 13,783 | ||||
COMPREHENSIVE INCOME (LOSS) | $ (9,987) | $ 5,651 | $ (7,232) | $ (9,108) | $ 4,868 | $ (4,336) | $ (4,240) | $ (11,472) | $ (14,511) | $ 13,783 | ||||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ (0.25) | $ 0.13 | $ (0.17) | $ (0.22) | $ 0.12 | $ (0.10) | $ (0.10) | $ (0.28) | $ (0.36) | $ 0.34 | ||||
Diluted | $ (0.24) | $ 0.13 | $ (0.18) | $ (0.22) | $ 0.12 | $ (0.11) | $ (0.10) | $ (0.28) | $ (0.36) | $ 0.34 |
Revisions To Financial Statem_5
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Stockholder's Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Balance | $ 8,836,817 | $ 8,389,273 | $ 7,860,797 | $ 8,289,045 | $ 8,208,613 | $ 8,320,552 | $ 8,340,736 | $ 7,860,797 | $ 8,340,736 | $ 8,340,736 | $ 7,860,797 | $ 8,340,736 | ||
Net income (loss) | $ 217,644 | 104,398 | 332,868 | 354,551 | (385,313) | 198,381 | 60,787 | 215,186 | 687,419 | 275,973 | 474,354 | 1,009,461 | 89,041 | $ 482,751 |
Balance | 9,132,925 | 8,836,817 | 8,389,273 | 7,860,797 | 8,289,045 | 8,208,613 | 8,320,552 | 8,836,817 | 8,208,613 | 8,289,045 | 9,132,925 | 7,860,797 | 8,340,736 | |
Retained Earnings [Member] | ||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Balance | 10,104,716 | 9,828,847 | 9,531,433 | 9,973,624 | 9,828,106 | 9,820,559 | 9,657,412 | 9,531,433 | 9,657,412 | 9,657,412 | 9,531,433 | 9,657,412 | 9,380,653 | |
Net income (loss) | 332,868 | 354,551 | 198,381 | 60,787 | 215,186 | 275,973 | 474,354 | 1,009,461 | 89,041 | 482,751 | ||||
Balance | $ 10,306,571 | 10,104,716 | 9,828,847 | 9,531,433 | 9,973,624 | 9,828,106 | 9,820,559 | 10,104,716 | 9,828,106 | 9,973,624 | 10,306,571 | 9,531,433 | 9,657,412 | |
As Previously Reported [Member] | ||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Balance | 8,884,160 | 8,426,629 | 7,903,804 | 8,329,013 | 8,241,349 | 8,344,180 | 8,369,232 | 7,903,804 | 8,369,232 | 8,369,232 | 7,903,804 | 8,369,232 | ||
Net income (loss) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 691,755 | 280,213 | 485,826 | 103,552 | 468,968 | ||||
Balance | 8,884,160 | 8,426,629 | 7,903,804 | 8,329,013 | 8,241,349 | 8,344,180 | 8,884,160 | 8,241,349 | 8,329,013 | 7,903,804 | 8,369,232 | |||
As Previously Reported [Member] | Retained Earnings [Member] | ||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Balance | 10,152,059 | 9,866,203 | 9,574,440 | 10,013,592 | 9,860,842 | 9,844,187 | 9,685,908 | 9,574,440 | 9,685,908 | 9,685,908 | 9,574,440 | 9,685,908 | 9,422,932 | |
Net income (loss) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 280,213 | 485,826 | 103,552 | 468,968 | |||||
Balance | 10,152,059 | 9,866,203 | 9,574,440 | 10,013,592 | 9,860,842 | 9,844,187 | 10,152,059 | 9,860,842 | 10,013,592 | 9,574,440 | 9,685,908 | |||
Impact of Revisions [Member] | ||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Balance | (47,343) | (37,356) | (43,007) | (39,968) | (32,736) | (23,628) | (28,496) | (43,007) | (28,496) | (28,496) | (43,007) | (28,496) | ||
Net income (loss) | (9,987) | 5,651 | (7,232) | (9,108) | 4,868 | (4,336) | (4,240) | (11,472) | (14,511) | 13,783 | ||||
Balance | (47,343) | (37,356) | (43,007) | (39,968) | (32,736) | (23,628) | (47,343) | (32,736) | (39,968) | (43,007) | (28,496) | |||
Impact of Revisions [Member] | Retained Earnings [Member] | ||||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Balance | $ (47,343) | (37,356) | (43,007) | (39,968) | (32,736) | (23,628) | (28,496) | (43,007) | (28,496) | (28,496) | $ (43,007) | (28,496) | (42,279) | |
Net income (loss) | (9,987) | 5,651 | (7,232) | (9,108) | 4,868 | (4,240) | (11,472) | (14,511) | 13,783 | |||||
Balance | $ (47,343) | $ (37,356) | $ (43,007) | $ (39,968) | $ (32,736) | $ (23,628) | $ (47,343) | $ (32,736) | $ (39,968) | $ (43,007) | $ (28,496) |
Revisions To Financial Statem_6
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | $ 217,644 | $ 104,398 | $ 332,868 | $ 354,551 | $ (385,313) | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 474,354 | $ 1,009,461 | $ 89,041 | $ 482,751 |
Decrease (increase) in premiums receivable | (168,377) | (61,315) | (174,583) | (123,622) | (257,291) | (62,018) | (382,987) | (350,446) | ||||||
Decrease (increase) in funds held by reinsureds, net | 9,353 | 94,936 | (55,421) | (75,887) | (73,189) | (56,722) | (153,627) | (33,220) | ||||||
Decrease (increase) in income taxes | 91,856 | 56,006 | 180,126 | 43,116 | 57,916 | $ 237,479 | (265,065) | (114,077) | ||||||
As Previously Reported [Member] | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 691,755 | 280,213 | 485,826 | 103,552 | 468,968 | ||||
Decrease (increase) in premiums receivable | (163,108) | (56,826) | (178,319) | (126,355) | (264,556) | (392,981) | (338,335) | |||||||
Decrease (increase) in funds held by reinsureds, net | 9,837 | 95,416 | (56,180) | (77,794) | (78,514) | (159,344) | (31,104) | |||||||
Decrease (increase) in income taxes | 91,754 | 55,905 | 180,285 | 43,516 | 59,034 | (263,865) | (114,521) | |||||||
Impact of Revisions [Member] | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | $ (9,987) | 5,651 | $ (7,232) | $ (9,108) | 4,868 | (4,336) | (4,240) | (11,472) | (14,511) | 13,783 | ||||
Decrease (increase) in premiums receivable | (5,269) | (4,489) | 3,736 | 2,733 | 7,265 | 9,994 | (12,111) | |||||||
Decrease (increase) in funds held by reinsureds, net | (484) | (480) | 759 | 1,907 | 5,325 | 5,717 | (2,116) | |||||||
Decrease (increase) in income taxes | $ 102 | $ 101 | $ (159) | $ (400) | $ (1,118) | $ (1,200) | $ 444 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 20,278,211 |
Total investments and cash, Market Value | 20,748,500 |
Total investments and cash, Amount Shown in Balance Sheet | 20,748,500 |
Total Fixed Maturities Available For Sale [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 16,473,491 |
Total investments and cash, Market Value | 16,824,944 |
Total investments and cash, Amount Shown in Balance Sheet | 16,824,944 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,489,660 |
Total investments and cash, Market Value | 1,515,803 |
Total investments and cash, Amount Shown in Balance Sheet | 1,515,803 |
Obligations Of U.S. States And Political Subdivisions [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 507,353 |
Total investments and cash, Market Value | 536,915 |
Total investments and cash, Amount Shown in Balance Sheet | 536,915 |
Foreign Government Securities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,492,315 |
Total investments and cash, Market Value | 1,505,950 |
Total investments and cash, Amount Shown in Balance Sheet | 1,505,950 |
Foreign Corporate Securities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 2,870,737 |
Total investments and cash, Market Value | 2,945,156 |
Total investments and cash, Amount Shown in Balance Sheet | 2,945,156 |
Public Utilities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 322,525 |
Total investments and cash, Market Value | 332,818 |
Total investments and cash, Amount Shown in Balance Sheet | 332,818 |
All Other Corporate Bonds [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 6,789,362 |
Total investments and cash, Market Value | 6,931,485 |
Total investments and cash, Amount Shown in Balance Sheet | 6,931,485 |
Commercial Mortgage Backed Securities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 814,570 |
Total investments and cash, Market Value | 844,557 |
Total investments and cash, Amount Shown in Balance Sheet | 844,557 |
Agency Residential [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 2,173,099 |
Total investments and cash, Market Value | 2,198,581 |
Total investments and cash, Amount Shown in Balance Sheet | 2,198,581 |
Non-Agency Residential [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 5,723 |
Total investments and cash, Market Value | 5,703 |
Total investments and cash, Amount Shown in Balance Sheet | 5,703 |
Redeemable Preferred Stock [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 8,147 |
Total investments and cash, Market Value | 7,976 |
Total investments and cash, Amount Shown in Balance Sheet | 7,976 |
Fixed Maturities - Available For Sale At Fair Value [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 3,966 |
Total investments and cash, Market Value | 5,826 |
Total investments and cash, Amount Shown in Balance Sheet | 5,826 |
Equity Securities - Available For Sale At Fair Value [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 814,548 |
Total investments and cash, Market Value | 931,457 |
Total investments and cash, Amount Shown in Balance Sheet | 931,457 |
Short-Term Investments [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 414,639 |
Total investments and cash, Market Value | 414,706 |
Total investments and cash, Amount Shown in Balance Sheet | 414,706 |
Other Invested Assets [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,763,531 |
Total investments and cash, Market Value | 1,763,531 |
Total investments and cash, Amount Shown in Balance Sheet | 1,763,531 |
Cash [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 808,036 |
Total investments and cash, Market Value | 808,036 |
Total investments and cash, Amount Shown in Balance Sheet | $ 808,036 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 17, 2019 | |
Debt Instrument [Line Items] | ||||||||||||
Other assets | $ 612,997,000 | $ 358,042,000 | ||||||||||
Other income (expense) | $ (18,225,000) | $ (3,300,000) | $ (13,408,000) | $ (6,573,000) | $ 17,033,000 | $ (21,525,000) | $ 10,460,000 | $ (2,948,000) | (11,034,000) | (24,771,000) | $ (21,215,000) | |
Mt. Logan Re Segregated Accounts [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Other assets | 46,390,000 | 45,625,000 | ||||||||||
Other income (expense) | 765,000 | (4,695,000) | (6,352,000) | |||||||||
Parent Company [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Other assets | 44,646,000 | 44,737,000 | ||||||||||
Other income (expense) | $ 458,000 | $ (5,299,000) | $ (6,872,000) | |||||||||
Parent Company [Member] | Notes Payable Other Payables [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||
Maturity Date | Dec. 1, 2028 | |||||||||||
Debt instrument, stated interest rate | 1.69% |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Fixed maturities - available for sale, at market value | $ 16,824,944 | $ 15,225,263 | ||||||
Other invested assets | 1,763,531 | 1,591,745 | ||||||
Cash | 808,036 | 656,095 | ||||||
Accrued investment income | 116,804 | 104,619 | ||||||
Other assets | 612,997 | 358,042 | ||||||
TOTAL ASSETS | 27,324,051 | 24,750,992 | $ 26,340,448 | $ 25,593,151 | $ 23,563,296 | |||
Other liabilities | 453,264 | 189,882 | ||||||
Total liabilities | 18,191,126 | 16,890,195 | ||||||
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ||||||||
Common shares, par value | 694 | 692 | ||||||
Additional paid-in capital | 2,219,660 | 2,188,777 | ||||||
Accumulated other comprehensive income (loss), net of deferred income | 28,152 | (462,557) | ||||||
Treasury shares, at cost; | (3,422,152) | (3,397,548) | ||||||
Retained earnings | 10,306,571 | 9,531,433 | 10,104,716 | 9,828,847 | 9,657,412 | |||
Total shareholders' equity | 9,132,925 | 7,860,797 | 8,836,817 | 8,389,273 | $ 8,289,045 | $ 8,208,613 | $ 8,320,552 | 8,340,736 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 27,324,051 | 24,750,992 | $ 26,340,448 | $ 25,593,151 | $ 23,563,296 | |||
Fixed maturities - available for sale, at market value, amortized cost | 16,473,491 | 15,406,572 | ||||||
Other invested assets, at cost | $ 1,763,531 | $ 1,591,745 | ||||||
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 Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||||||
Common shares, outstanding | 69,464,000 | 69,202,000 | ||||||
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ 30,996 | $ (20,697) | ||||||
Treasury shares, at cost | 28,665,000 | 28,551,000 | ||||||
Parent Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Fixed maturities - available for sale, at market value | $ 201,666 | $ 76,170 | ||||||
Other invested assets | 41,700 | 91 | ||||||
Cash | 3,471 | 198 | ||||||
Investment in subsidiaries, at equity in the underlying net assets | 9,134,038 | 7,733,933 | ||||||
Accrued investment income | 652 | 277 | ||||||
Receivable from subsidiaries | 9,361 | 6,726 | ||||||
Other assets | 44,646 | 44,737 | ||||||
TOTAL ASSETS | 9,435,534 | 7,862,132 | ||||||
Long term note payable - Affiliated | 300,000 | |||||||
Due to subsidiaries | 1,491 | 1,065 | ||||||
Other liabilities | 1,118 | 270 | ||||||
Total liabilities | 302,609 | 1,335 | ||||||
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ||||||||
Common shares, par value | 694 | 692 | ||||||
Additional paid-in capital | 2,219,660 | 2,188,777 | ||||||
Accumulated other comprehensive income (loss), net of deferred income | 28,152 | (462,557) | ||||||
Treasury shares, at cost; | (3,422,152) | (3,397,548) | ||||||
Retained earnings | 10,306,571 | 9,531,433 | ||||||
Total shareholders' equity | 9,132,925 | 7,860,797 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 9,435,534 | 7,862,132 | ||||||
Fixed maturities - available for sale, at market value, amortized cost | 201,581 | 76,274 | ||||||
Other invested assets, at cost | $ 41,700 | $ 91 | ||||||
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 Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||||||
Common shares, issued | 69,464,000 | 69,202,000 | ||||||
Common shares, outstanding | 69,464,000 | 69,202,000 | ||||||
Treasury shares, at cost | 28,665,000 | 28,551,000 | ||||||
Parent Company [Member] | Notes Payable Other Payables [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Date due | Dec. 1, 2028 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net Investment Income | $ 146,077 | $ 181,058 | $ 179,028 | $ 140,976 | $ 140,204 | $ 161,363 | $ 141,322 | $ 138,294 | $ 647,139 | $ 581,183 | $ 542,898 | |||
Net realized capital gains (losses) | 75,443 | (12,943) | 30,272 | 92,232 | (172,815) | 54,804 | 15,776 | (24,901) | 185,004 | (127,136) | 153,194 | |||
Other income (expense) | (18,225) | (3,300) | (13,408) | (6,573) | 17,033 | $ (21,525) | $ 10,460 | $ (2,948) | (11,034) | (24,771) | (21,215) | |||
Total revenues | 2,008,727 | 1,965,836 | 1,936,463 | 1,883,330 | 1,750,126 | 3,974,563 | 3,633,456 | 5,569,919 | 8,231,169 | 7,361,495 | 6,622,298 | |||
Interest expense - affiliated | 31,693 | 31,031 | 31,603 | |||||||||||
Total claims and expenses | 1,976,943 | 1,933,158 | 1,620,413 | 1,537,009 | 2,481,858 | 1,731,201 | 1,817,815 | 1,511,100 | 7,132,182 | 7,603,677 | 6,202,887 | |||
INCOME (LOSS) BEFORE TAXES | 372,345 | 414,544 | 189,471 | 51,154 | 222,612 | 786,889 | 273,766 | 463,237 | 1,098,987 | (242,182) | 419,411 | |||
Income tax expense (benefit) | (39,477) | (59,993) | 8,910 | 9,633 | (7,426) | (99,470) | 2,207 | 11,117 | (89,526) | 331,223 | 63,340 | |||
NET INCOME (LOSS) | $ 217,644 | $ 104,398 | 332,868 | 354,551 | $ (385,313) | 198,381 | 60,787 | 215,186 | 687,419 | 275,973 | 474,354 | 1,009,461 | 89,041 | 482,751 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 496,430 | (255,656) | (64,348) | |||||||||||
Reclassification adjustment for realized losses (gains) included in net income (loss) | (12,613) | 27,496 | (6,950) | |||||||||||
Total URA(D) on securities arising during the period | 483,817 | (228,160) | (71,298) | |||||||||||
Foreign currency translation adjustments | 14,030 | (76,816) | 121,917 | |||||||||||
Benefit plan actuarial net gain (loss) for the period | (12,591) | (510) | 1,027 | |||||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,453 | 5,021 | 5,477 | |||||||||||
Total benefit plan net gain (loss) for the period | (7,138) | 4,511 | 6,504 | |||||||||||
Total other comprehensive income (loss), net of tax | 490,709 | (300,465) | 57,123 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ 504,077 | $ 600,997 | $ 173,402 | $ (42,577) | $ 35,304 | $ 1,105,074 | $ (7,273) | $ 166,129 | 1,500,170 | (211,424) | 539,874 | |||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net Investment Income | 3,484 | 3,790 | 1,344 | |||||||||||
Net realized capital gains (losses) | (66) | (57) | 80 | |||||||||||
Other income (expense) | 458 | (5,299) | (6,872) | |||||||||||
Net income (loss) of subsidiaries | 1,026,233 | 112,859 | 509,279 | |||||||||||
Total revenues | 1,030,109 | 111,293 | 503,831 | |||||||||||
Interest expense - affiliated | 2,087 | 4,085 | 4,300 | |||||||||||
Other expenses | 18,561 | 18,167 | 16,780 | |||||||||||
Total claims and expenses | 20,648 | 22,252 | 21,080 | |||||||||||
INCOME (LOSS) BEFORE TAXES | 1,009,461 | 89,041 | 482,751 | |||||||||||
NET INCOME (LOSS) | 1,009,461 | 89,041 | 482,751 | |||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 496,430 | (255,656) | (64,348) | |||||||||||
Reclassification adjustment for realized losses (gains) included in net income (loss) | (12,613) | 27,496 | (6,950) | |||||||||||
Total URA(D) on securities arising during the period | 483,817 | (228,160) | (71,298) | |||||||||||
Foreign currency translation adjustments | 14,030 | (76,816) | 121,917 | |||||||||||
Benefit plan actuarial net gain (loss) for the period | (12,591) | (510) | 1,027 | |||||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,453 | 5,021 | 5,477 | |||||||||||
Total benefit plan net gain (loss) for the period | (7,138) | 4,511 | 6,504 | |||||||||||
Total other comprehensive income (loss), net of tax | 490,709 | (300,465) | 57,123 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ 1,500,170 | $ (211,424) | $ 539,874 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income (loss) | $ 217,644 | $ 104,398 | $ 332,868 | $ 354,551 | $ (385,313) | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 474,354 | $ 1,009,461 | $ 89,041 | $ 482,751 |
Change in other assets and liabilities, net | (54,176) | (322,107) | (66,998) | |||||||||||
Amortization of bond premium (accrual of bond discount) | 30,936 | 29,272 | 45,867 | |||||||||||
Realized capital losses (gains) | (75,443) | $ 12,943 | $ (30,272) | (92,232) | 172,815 | $ (54,804) | $ (15,776) | 24,901 | (185,004) | 127,136 | (153,194) | |||
Non-cash compensation expense | 34,018 | 32,369 | 30,297 | |||||||||||
Net cash provided by (used in) operating activities | 1,852,002 | 610,069 | 1,162,693 | |||||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 3,280,237 | 3,148,428 | 2,401,844 | |||||||||||
Distributions from other invested assets | 284,558 | 3,102,018 | 5,579,043 | |||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (6,613,917) | (5,909,504) | (5,131,098) | |||||||||||
Cost of other invested assets acquired | (425,438) | (3,370,455) | (5,829,271) | |||||||||||
Net change in short-term investments | (167,290) | 455,350 | (73,923) | |||||||||||
Net cash provided by (used in) investing activities | (1,412,492) | (279,621) | (732,577) | |||||||||||
Purchase of treasury shares | (24,604) | (75,304) | (50,000) | |||||||||||
Dividends paid to shareholders | (234,322) | (216,221) | (207,242) | |||||||||||
Net cash provided by (used in) financing activities | (275,687) | (316,594) | (275,458) | |||||||||||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income (loss) | 1,009,461 | 89,041 | 482,751 | |||||||||||
Equity in retained (earnings) deficit of subsidiaries | (1,026,233) | (112,859) | (509,279) | |||||||||||
Change in other assets and liabilities, net | 564 | 4,824 | 6,107 | |||||||||||
Increase (decrease) in due to/from affiliate | (2,209) | 683 | (6,470) | |||||||||||
Amortization of bond premium (accrual of bond discount) | (9) | (577) | 12 | |||||||||||
Realized capital losses (gains) | 66 | 57 | (80) | |||||||||||
Non-cash compensation expense | 2,796 | 2,740 | 3,448 | |||||||||||
Net cash provided by (used in) operating activities | 584,436 | 933,909 | 401,489 | |||||||||||
Additional investment in subsidiaries | (478,125) | (542,965) | (109,815) | |||||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 63 | 93 | 696 | |||||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 74,841 | 24,856 | 90,154 | |||||||||||
Distributions from other invested assets | (200,267) | (189,308) | ||||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (686,528) | (923,828) | (503,937) | |||||||||||
Cost of other invested assets acquired | 644,918 | 1,026,297 | 546,414 | |||||||||||
Net change in short-term investments | ||||||||||||||
Net cash provided by (used in) investing activities | (645,098) | (415,547) | (165,796) | |||||||||||
Common shares issued during the period, net | 22,861 | 20,086 | 22,790 | |||||||||||
Purchase of treasury shares | (24,604) | (75,304) | (50,000) | |||||||||||
Dividends paid to shareholders | (234,322) | (216,221) | (207,242) | |||||||||||
Net cash provided by (used in) financing activities | 63,935 | (521,439) | (234,452) | |||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||||||||||||
Net increase (decrease) in cash | 3,273 | (3,077) | 1,241 | |||||||||||
Cash, beginning of period | $ 198 | $ 3,275 | $ 198 | $ 3,275 | $ 3,275 | 198 | 3,275 | 2,034 | ||||||
Cash, end of period | $ 3,471 | $ 198 | 3,471 | 198 | 3,275 | |||||||||
Parent Company [Member] | Everest International [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends received from subsidiaries | 200,000 | |||||||||||||
Parent Company [Member] | Mt. Logan Re [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends received from subsidiaries | 25,000 | |||||||||||||
Bermuda Re [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends received from subsidiaries | $ 600,000 | $ 750,000 | $ 400,000 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | $ 581,863 | $ 511,573 | $ 411,587 |
Reverse for Losses and Loss Adjustment Expenses | 13,611,313 | 13,119,090 | 11,884,321 |
Unearned Premium Reserves | 3,056,735 | 2,517,612 | 2,000,556 |
Premiums Earned | 7,403,686 | 6,931,699 | 5,937,840 |
Net Investment Income | 647,139 | ||
Incurred Loss and Loss Adjustment Expenses | 4,922,898 | 5,651,403 | 4,522,581 |
Amortization of Deferred Acquisition Costs | 1,703,726 | 1,519,030 | 1,303,963 |
Other Operating Expenses | 440,899 | 371,541 | 318,817 |
Net Written Premium | 7,824,424 | 7,414,428 | 6,244,661 |
Domestic Country [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 358,108 | 334,818 | 289,636 |
Reverse for Losses and Loss Adjustment Expenses | 7,823,095 | 8,154,003 | 7,254,043 |
Unearned Premium Reserves | 2,014,712 | 1,695,208 | 1,460,291 |
Premiums Earned | 4,383,837 | 4,167,619 | 3,642,547 |
Net Investment Income | 320,923 | ||
Incurred Loss and Loss Adjustment Expenses | 2,761,871 | 3,849,982 | 2,727,649 |
Amortization of Deferred Acquisition Costs | 1,007,282 | 835,823 | 712,568 |
Other Operating Expenses | 348,861 | 288,933 | 241,962 |
Net Written Premium | 4,605,731 | 4,350,157 | 3,875,982 |
International Country [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 66,183 | 54,253 | 53,186 |
Reverse for Losses and Loss Adjustment Expenses | 2,655,458 | 2,209,202 | 2,175,500 |
Unearned Premium Reserves | 344,222 | 261,611 | 253,626 |
Premiums Earned | 1,475,669 | 1,439,882 | 1,202,043 |
Net Investment Income | 37,297 | ||
Incurred Loss and Loss Adjustment Expenses | 1,193,816 | 992,704 | 1,059,640 |
Amortization of Deferred Acquisition Costs | 342,400 | 364,010 | 287,688 |
Other Operating Expenses | 41,690 | 39,042 | 38,844 |
Net Written Premium | 1,551,753 | 1,458,745 | 1,229,597 |
Bermuda Country [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 157,572 | 122,502 | 68,765 |
Reverse for Losses and Loss Adjustment Expenses | 3,132,760 | 2,755,885 | 2,454,778 |
Unearned Premium Reserves | 697,801 | 560,793 | 286,639 |
Premiums Earned | 1,544,180 | 1,324,198 | 1,093,250 |
Net Investment Income | 288,919 | ||
Incurred Loss and Loss Adjustment Expenses | 967,211 | 808,717 | 735,292 |
Amortization of Deferred Acquisition Costs | 354,044 | 319,197 | 303,707 |
Other Operating Expenses | 50,348 | 43,566 | 38,011 |
Net Written Premium | $ 1,666,940 | $ 1,605,526 | $ 1,139,082 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | $ 2,551,662 | $ 2,129,320 | $ 1,825,705 | ||||||||
Ceded to Other Companies | 1,207,198 | 1,004,953 | 833,387 | ||||||||
Assumed from Other Companies | 6,059,222 | 5,807,332 | 4,945,522 | ||||||||
Net Amount | $ 1,948,071 | $ 1,905,619 | $ 1,817,299 | $ 1,732,697 | $ 1,850,975 | $ 1,731,479 | $ 1,729,818 | $ 1,619,427 | 7,403,686 | 6,931,699 | 5,937,840 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | 2,556,386 | 2,129,320 | 1,825,705 | ||||||||
Ceded to Other Companies | 1,207,198 | 1,004,953 | 833,387 | ||||||||
Assumed from Other Companies | 6,054,498 | 5,807,332 | 4,945,522 | ||||||||
Net Amount | $ 7,403,686 | $ 6,931,699 | $ 5,937,840 | ||||||||
Assumed to Net | 81.80% | 83.80% | 81.80% | 83.80% | 83.30% |