Document and Entity Informatio
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BERKLEY W R CORP | |
Entity Central Index Key | 11,544 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 121,809,298 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments: | ||
Fixed maturity securities | $ 13,218,729 | $ 13,551,250 |
Investment funds | 1,208,586 | 1,155,677 |
Real estate | 1,883,622 | 1,469,601 |
Arbitrage trading account | 721,088 | 617,649 |
Equity securities | 472,389 | 576,647 |
Loans receivable | 98,088 | 79,684 |
Total investments | 17,602,502 | 17,450,508 |
Cash and cash equivalents | 911,202 | 950,471 |
Premiums and fees receivable | 1,902,336 | 1,773,844 |
Due from reinsurers | 1,841,056 | 1,783,200 |
Deferred policy acquisition costs | 514,499 | 507,549 |
Prepaid reinsurance premiums | 503,292 | 472,009 |
Trading account receivables from brokers and clearing organizations | 119,628 | 189,280 |
Property, furniture and equipment | 427,619 | 422,960 |
Goodwill | 178,975 | 178,945 |
Accrued investment income | 141,902 | 136,597 |
Federal and foreign income taxes | 576 | 0 |
Other assets | 477,557 | 434,554 |
Total assets | 24,621,144 | 24,299,917 |
Liabilities: | ||
Reserves for losses and loss expenses | 11,736,575 | 11,670,408 |
Unearned premiums | 3,441,774 | 3,290,180 |
Due to reinsurers | 252,358 | 246,460 |
Trading account securities sold but not yet purchased | 90,281 | 64,358 |
Federal and foreign income taxes | 0 | 98,091 |
Other liabilities | 935,356 | 981,987 |
Senior notes and other debt | 1,792,055 | 1,769,052 |
Subordinated debentures | 907,117 | 728,218 |
Total liabilities | 19,155,516 | 18,848,754 |
Equity: | ||
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,716,402 and 121,514,852 shares, respectively | 47,024 | 47,024 |
Additional paid-in capital | 1,060,308 | 1,048,283 |
Retained earnings | 7,423,162 | 6,956,882 |
Accumulated other comprehensive (loss) income | (395,842) | 68,541 |
Treasury stock, at cost, 113,401,516 and 113,603,066 shares, respectively | 2,708,534 | 2,709,386 |
Total stockholders’ equity | 5,426,118 | 5,411,344 |
Noncontrolling interests | 39,510 | 39,819 |
Total equity | 5,465,628 | 5,451,163 |
Total liabilities and equity | $ 24,621,144 | $ 24,299,917 |
Consolidated Balance Sheets Co3
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollar per share) | $ 0.2 | $ 0.2 |
Common shares authorized | 500,000,000 | 500,000,000 |
Common shares issued | 121,716,402 | 121,514,852 |
Common shares outstanding | 121,716,402 | 121,514,852 |
Treasury stock issued at cost | 113,401,516 | 113,603,066 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
REVENUES: | ||||
Net premiums written | $ 1,624,104 | $ 1,564,251 | $ 3,289,442 | $ 3,211,089 |
Change in net unearned premiums | (43,051) | 4,452 | (140,981) | (72,345) |
Net premiums earned | 1,581,053 | 1,568,703 | 3,148,461 | 3,138,744 |
Net investment income | 153,777 | 135,264 | 328,295 | 284,123 |
Net realized and unrealized gains on investments | 69,631 | 40,453 | 118,095 | 92,801 |
Revenues from non-insurance businesses | 76,698 | 69,857 | 146,869 | 135,247 |
Insurance service fees | 29,719 | 33,584 | 60,393 | 66,864 |
Other income | 38 | 188 | 50 | 688 |
Total revenues | 1,910,916 | 1,848,049 | 3,802,163 | 3,718,467 |
OPERATING COSTS AND EXPENSES: | ||||
Losses and loss expenses | 973,636 | 964,698 | 1,936,856 | 1,944,302 |
Other operating costs and expenses | 593,142 | 616,632 | 1,203,581 | 1,220,332 |
Expenses from non-insurance businesses | 75,191 | 68,959 | 144,734 | 134,978 |
Interest expense | 39,705 | 36,799 | 76,760 | 73,597 |
Total operating costs and expenses | 1,681,674 | 1,687,088 | 3,361,931 | 3,373,209 |
Income before income taxes | 229,242 | 160,961 | 440,232 | 345,258 |
Income tax expense | (48,464) | (51,388) | (91,881) | (111,011) |
Net income before noncontrolling interests | 180,778 | 109,573 | 348,351 | 234,247 |
Noncontrolling interests | (703) | (569) | (1,879) | (1,796) |
Net income to common stockholders | $ 180,075 | $ 109,004 | $ 346,472 | $ 232,451 |
NET INCOME PER SHARE: | ||||
Basic (in dollar per share) | $ 1.42 | $ 0.87 | $ 2.74 | $ 1.88 |
Diluted (in dollar per share) | $ 1.40 | $ 0.85 | $ 2.70 | $ 1.81 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 180,778 | $ 109,573 | $ 348,351 | $ 234,247 |
Other comprehensive (loss) income: | ||||
Change in unrealized currency translation adjustments | (104,455) | 20,247 | (91,656) | 42,982 |
Change in unrealized investment gains, net of taxes | (32,442) | 43,597 | (158,214) | 34,766 |
Other comprehensive income (loss) | (136,897) | 63,844 | (249,870) | 77,748 |
Comprehensive income | 43,881 | 173,417 | 98,481 | 311,995 |
Noncontrolling interests | (666) | (602) | (1,853) | (1,810) |
Comprehensive income to common stockholders | $ 43,215 | $ 172,815 | $ 96,628 | $ 310,185 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated Other Comprehensive Income (Loss) | Unrealized investment gain | Currency Translation Adjustments | Treasury stock | Noncontrolling interest |
Beginning of period at Dec. 31, 2016 | $ 47,024 | $ 1,037,446 | $ 6,595,987 | $ 427,154 | $ (371,586) | $ (2,688,817) | $ 33,926 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (295) | ||||||||
Restricted stock units expensed | 20,788 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |||||||
Net income before noncontrolling interests | $ 234,247 | 232,451 | 1,796 | ||||||
Dividends | (93,372) | ||||||||
Change in unrealized gains on securities not other-than-temporarily impaired | 34,766 | 33,908 | |||||||
Change in unrealized gains on other-than-temporarily impaired securities | 844 | ||||||||
Net change in period | 42,982 | 42,982 | |||||||
Stock exercised/vested | 1,276 | ||||||||
Stock repurchased | 0 | ||||||||
Stock issued | 728 | ||||||||
(Distributions) contributions | 3,695 | ||||||||
Other comprehensive income (loss), net of tax | 77,748 | $ 77,748 | 42,982 | 14 | |||||
End of period at Jun. 30, 2017 | 1,057,939 | 6,735,066 | 133,302 | 461,906 | (328,604) | (2,686,813) | 39,431 | ||
Beginning of period at Dec. 31, 2017 | 5,451,163 | $ 47,024 | 1,048,283 | 6,956,882 | 375,421 | (306,880) | (2,709,386) | 39,819 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (5,642) | ||||||||
Restricted stock units expensed | 17,667 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 215,939 | (214,539) | |||||||
Net income before noncontrolling interests | 348,351 | 346,472 | 1,879 | ||||||
Dividends | (96,131) | ||||||||
Change in unrealized gains on securities not other-than-temporarily impaired | (158,214) | (158,199) | |||||||
Change in unrealized gains on other-than-temporarily impaired securities | 11 | ||||||||
Net change in period | (91,656) | (91,656) | |||||||
Stock exercised/vested | 6,963 | ||||||||
Stock repurchased | (6,799) | ||||||||
Stock issued | 688 | ||||||||
(Distributions) contributions | (2,162) | ||||||||
Other comprehensive income (loss), net of tax | (249,870) | (249,870) | (91,656) | (26) | |||||
End of period at Jun. 30, 2018 | $ 5,465,628 | $ 1,060,308 | $ 7,423,162 | $ (395,842) | $ 2,694 | $ (398,536) | $ (2,708,534) | $ 39,510 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FROM OPERATING ACTIVITIES: | ||
Net income to common stockholders | $ 346,472 | $ 232,451 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Net realized and unrealized gains on investments | (118,095) | (92,801) |
Depreciation and amortization | 56,372 | 44,679 |
Noncontrolling interests | 1,879 | 1,796 |
Investment funds | (53,070) | (35,544) |
Stock incentive plans | 19,722 | 22,508 |
Change in: | ||
Arbitrage trading account | (7,871) | (2,440) |
Premiums and fees receivable | (152,832) | (159,827) |
Reinsurance accounts | (77,140) | 34,985 |
Deferred policy acquisition costs | (11,152) | (2,236) |
Income taxes | (39,069) | (42,626) |
Reserves for losses and loss expenses | 123,582 | 101,781 |
Unearned premiums | 171,468 | 140,399 |
Other | (140,904) | (18,267) |
Net cash from operating activities | 119,362 | 224,858 |
CASH USED IN INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed maturity securities | 2,773,554 | 2,069,718 |
Proceeds from sale of equity securities | 284,204 | 89,340 |
(Contributions to) distributions from investment funds | (4,996) | 49,594 |
Proceeds from maturities and prepayments of fixed maturity securities | 1,305,805 | 888,423 |
Purchase of fixed maturity securities | (4,062,901) | (3,164,892) |
Purchase of equity securities | (87,059) | (787) |
Real estate purchased | (419,021) | (109,846) |
Change in loans receivable | (16,310) | 10,734 |
Net additions to property, furniture and equipment | (29,704) | (89,715) |
Change in balances due to security brokers | 46,641 | 104,463 |
Payment for business purchased net of cash acquired | (6,637) | (71,346) |
Net cash used in investing activities | (216,424) | (224,314) |
CASH FROM (USED IN) FINANCING ACTIVITIES: | ||
Repayment of senior notes and other debt | (23) | (1,475) |
Net proceeds from issuance of debt | 200,838 | 0 |
Cash dividends to common stockholders | (77,873) | (15,758) |
Purchase of common treasury shares | (6,799) | 0 |
Other, net | (1,763) | (1,260) |
Net cash from (used in) financing activities | 114,380 | (18,493) |
Net impact on cash due to change in foreign exchange rates | (56,587) | 11,018 |
Net change in cash and cash equivalents | (39,269) | (6,931) |
Cash and cash equivalents at beginning of year | 950,471 | 795,285 |
Cash and cash equivalents at end of period | $ 911,202 | $ 788,354 |
General
General | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”) have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. 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 disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to a description of areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Reclassifications have been made in the 2017 financial statements as originally reported to conform to the presentation of the 2018 financial statements. The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective tax rate for the quarter differs from the federal income tax rate of 21% principally because of tax-exempt investment income, as well as tax on income from foreign jurisdictions with different tax rates. |
Per Share Data
Per Share Data | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 4,847,303 and 4,087,731 common shares held in a grantor trust as of June 30, 2018 and 2017, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months Ended For the Six Months Ended (In thousands) 2018 2017 2018 2017 Basic 126,517 125,334 126,446 123,623 Diluted 128,339 128,601 128,189 128,546 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Customers. ASU 2014-09 clarifies the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company’s insurance service fee revenue and non-insurance business revenue are subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The updated guidance, as amended by ASU 2015-14, was effective for public business entities for annual and interim reporting periods beginning after December 15, 2017. The Company adopted this guidance on January 1, 2018 on a prospective basis. The impact of applying this guidance prospectively was a cumulative effect adjustment that increased retained earnings, a component of stockholders' equity, by $1 million after-tax. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. ASU 2016-01 amends the accounting guidance for financial instruments to require all equity investments with readily determinable fair values to be measured at fair value with changes in the fair value recognized in net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The updated guidance was effective for public business entities for annual reporting periods beginning after December 15, 2017 and interim periods within those years. The Company adopted this updated guidance on January 1, 2018 on a prospective basis. The impact of applying this guidance prospectively was a cumulative effect adjustment that increased retained earnings and decreased accumulated other comprehensive income ("AOCI") by offsetting amounts of $291 million , resulting in no net impact to total stockholders' equity. Following the adoption, the Company reports changes in fair value related to equity securities within net realized and unrealized gains on investments. In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income, which amends previous guidance to allow a reclassification to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The amount of the reclassification includes the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance will be effective for reporting periods beginning after December 15, 2018, and is eligible for early adoption. The Company adopted this updated guidance on January 1, 2018. The impact of applying this guidance was a cumulative effect adjustment that decreased retained earnings and increased AOCI by offsetting amounts of $76 million , resulting in no net impact to total stockholders' equity. All other accounting and reporting standards that have become effective in 2018 were either not applicable to the Company or their adoption did not have a material impact on the Company. Accounting and reporting standards that are not yet effective: In February 2016, the FASB issued ASU 2016-02, Leases, which amends the accounting and disclosure guidance for leases. This guidance retains the two classifications of a lease, as either an operating or finance lease, both of which will require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The right-of-use asset and the lease liability will be determined based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance is effective for reporting periods beginning after December 15, 2018, and can be adopted prospectively or will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. The Company is currently evaluating the impact that the adoption of this guidance will have on its results of operations, financial position and liquidity. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which amends the accounting guidance for credit losses on financial instruments. The updated guidance amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost. The updated guidance is effective for reporting periods beginning after December 15, 2019. The Company will not be able to determine the impact the adoption of this guidance will have on its results of operations, financial position or liquidity until the year the guidance becomes effective. All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company. |
Consolidated Statements of Co11
Consolidated Statements of Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Consolidated Statements of Comprehensive Income | Consolidated Statement of Comprehensive Income The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"): (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income As of and for the six months ended June 30, 2018 Changes in AOCI Beginning of period $ 375,421 $ (306,880 ) $ 68,541 Cumulative effect adjustment resulting from changes in accounting principles (214,539 ) — (214,539 ) Restated beginning of period 160,882 (306,880 ) (145,998 ) Other comprehensive loss before reclassifications (147,632 ) (91,656 ) (239,288 ) Amounts reclassified from AOCI (10,582 ) — (10,582 ) Other comprehensive loss (158,214 ) (91,656 ) (249,870 ) Unrealized investment loss related to noncontrolling interest 26 — 26 End of period $ 2,694 $ (398,536 ) $ (395,842 ) Amounts reclassified from AOCI Pre-tax $ (13,395 ) (1) $ — $ (13,395 ) Tax effect 2,813 (2) — 2,813 After-tax amounts reclassified $ (10,582 ) $ — $ (10,582 ) Other comprehensive loss Pre-tax $ (201,336 ) $ (91,656 ) $ (292,992 ) Tax effect 43,122 — 43,122 Other comprehensive loss $ (158,214 ) $ (91,656 ) $ (249,870 ) As of and for the three months ended June 30, 2018 Changes in AOCI Beginning of period $ 35,099 $ (294,081 ) $ (258,982 ) Other comprehensive loss before reclassifications (29,443 ) (104,455 ) (133,898 ) Amounts reclassified from AOCI (2,999 ) — (2,999 ) Other comprehensive loss (32,442 ) (104,455 ) (136,897 ) Unrealized investment loss related to noncontrolling interest 37 — 37 End of period $ 2,694 $ (398,536 ) $ (395,842 ) Amounts reclassified from AOCI Pre-tax $ (3,796 ) (1) $ — $ (3,796 ) Tax effect 797 (2) — 797 After-tax amounts reclassified $ (2,999 ) $ — $ (2,999 ) Other comprehensive loss Pre-tax $ (40,488 ) $ (104,455 ) $ (144,943 ) Tax effect 8,046 — 8,046 Other comprehensive loss $ (32,442 ) $ (104,455 ) $ (136,897 ) _________________________ (1) Net realized and unrealized gains on investments in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income As of and for the six months ended June 30, 2017 Changes in AOCI Beginning of period $ 427,154 $ (371,586 ) $ 55,568 Other comprehensive income before reclassifications 89,309 42,982 132,291 Amounts reclassified from AOCI (54,543 ) — (54,543 ) Other comprehensive income 34,766 42,982 77,748 Unrealized investment gain related to noncontrolling interest (14 ) — (14 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (83,912 ) (1) $ — $ (83,912 ) Tax effect 29,369 (2) — 29,369 After-tax amounts reclassified $ (54,543 ) $ — $ (54,543 ) Other comprehensive income Pre-tax $ 58,711 $ 42,982 $ 101,693 Tax effect (23,945 ) — (23,945 ) Other comprehensive income $ 34,766 $ 42,982 $ 77,748 As of and for the three months ended June 30, 2017 Changes in AOCI Beginning of period $ 418,342 $ (348,851 ) $ 69,491 Other comprehensive income before reclassifications 69,315 20,247 89,562 Amounts reclassified from AOCI (25,718 ) — (25,718 ) Other comprehensive income 43,597 20,247 63,844 Unrealized investment gain related to noncontrolling interest (33 ) — (33 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (39,566 ) (1) $ — $ (39,566 ) Tax effect 13,848 (2) — 13,848 After-tax amounts reclassified $ (25,718 ) $ — $ (25,718 ) Other comprehensive income Pre-tax $ 68,282 $ 20,247 $ 88,529 Tax effect (24,685 ) — (24,685 ) Other comprehensive income $ 43,597 $ 20,247 $ 63,844 _________________________ (1) Net realized and unrealized gains on investments in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Statements of Cash Flow
Statements of Cash Flow | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flow | Statements of Cash Flow Interest payments were $72,878,000 and $72,528,000 and income taxes paid were $111,000,000 and $145,123,000 in the six months ended June 30, 2018 and 2017 , respectively. |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 6 Months Ended |
Jun. 30, 2018 | |
Debt securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At June 30, 2018 and December 31, 2017 , investments in fixed maturity securities were as follows: (In thousands) Amortized Cost Gross Unrealized Fair Value Carrying Value Gains Losses June 30, 2018 Held to maturity: State and municipal $ 67,049 $ 11,828 $ — $ 78,877 $ 67,049 Residential mortgage-backed 12,037 835 — 12,872 12,037 Total held to maturity 79,086 12,663 — 91,749 79,086 Available for sale: U.S. government and government agency 482,639 5,257 (6,263 ) 481,633 481,633 State and municipal: Special revenue 2,529,100 32,331 (25,828 ) 2,535,603 2,535,603 State general obligation 339,685 10,749 (1,814 ) 348,620 348,620 Pre-refunded 429,119 18,829 (103 ) 447,845 447,845 Corporate backed 325,752 7,278 (1,643 ) 331,387 331,387 Local general obligation 387,745 16,485 (2,831 ) 401,399 401,399 Total state and municipal 4,011,401 85,672 (32,219 ) 4,064,854 4,064,854 Mortgage-backed securities: Residential (1) 1,116,207 5,206 (26,083 ) 1,095,330 1,095,330 Commercial 368,000 969 (5,787 ) 363,182 363,182 Total mortgage-backed securities 1,484,207 6,175 (31,870 ) 1,458,512 1,458,512 Asset-backed 2,356,736 11,263 (13,084 ) 2,354,915 2,354,915 Corporate: Industrial 2,333,914 19,159 (44,380 ) 2,308,693 2,308,693 Financial 1,355,554 16,775 (19,375 ) 1,352,954 1,352,954 Utilities 273,223 8,004 (6,201 ) 275,026 275,026 Other 41,779 2 (265 ) 41,516 41,516 Total corporate 4,004,470 43,940 (70,221 ) 3,978,189 3,978,189 Foreign 767,417 39,993 (5,870 ) 801,540 801,540 Total available for sale 13,106,870 192,300 (159,527 ) 13,139,643 13,139,643 Total investments in fixed maturity securities $ 13,185,956 $ 204,963 $ (159,527 ) $ 13,231,392 $ 13,218,729 (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2017 Held to maturity: State and municipal $ 65,882 $ 14,499 $ — $ 80,381 $ 65,882 Residential mortgage-backed 13,450 1,227 — 14,677 13,450 Total held to maturity 79,332 15,726 — 95,058 79,332 Available for sale: U.S. government and government agency 372,748 8,824 (3,832 ) 377,740 377,740 State and municipal: Special revenue 2,663,245 53,512 (10,027 ) 2,706,730 2,706,730 State general obligation 439,358 16,087 (711 ) 454,734 454,734 Pre-refunded 436,241 22,701 (9 ) 458,933 458,933 Corporate backed 375,268 10,059 (860 ) 384,467 384,467 Local general obligation 417,955 23,242 (967 ) 440,230 440,230 Total state and municipal 4,332,067 125,601 (12,574 ) 4,445,094 4,445,094 Mortgage-backed securities: Residential (1) 1,043,629 9,304 (13,547 ) 1,039,386 1,039,386 Commercial 261,652 1,521 (2,628 ) 260,545 260,545 Total mortgage-backed securities 1,305,281 10,825 (16,175 ) 1,299,931 1,299,931 Asset-backed 2,111,132 11,024 (10,612 ) 2,111,544 2,111,544 Corporate: Industrial 2,574,400 52,210 (7,718 ) 2,618,892 2,618,892 Financial 1,402,161 37,744 (5,138 ) 1,434,767 1,434,767 Utilities 284,886 11,316 (1,248 ) 294,954 294,954 Other 40,560 5 (66 ) 40,499 40,499 Total corporate 4,302,007 101,275 (14,170 ) 4,389,112 4,389,112 Foreign 819,345 32,018 (2,866 ) 848,497 848,497 Total available for sale 13,242,580 289,567 (60,229 ) 13,471,918 13,471,918 Total investments in fixed maturity securities $ 13,321,912 $ 305,293 $ (60,229 ) $ 13,566,976 $ 13,551,250 ____________ (1) Gross unrealized gains for residential mortgage-backed securities include $87,647 and $76,467 as of June 30, 2018 and December 31, 2017 , respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income. The amortized cost and fair value of fixed maturity securities at June 30, 2018 , by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Cost Fair Value Due in one year or less $ 841,253 $ 849,860 Due after one year through five years 4,392,395 4,428,769 Due after five years through ten years 3,042,177 3,074,332 Due after ten years 3,413,887 3,407,047 Mortgage-backed securities 1,496,244 1,471,384 Total $ 13,185,956 $ 13,231,392 At June 30, 2018 and December 31, 2017 , there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities. |
Investments in Equity Securitie
Investments in Equity Securities | 6 Months Ended |
Jun. 30, 2018 | |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in Equity Securities | Investments in Equity Securities At June 30, 2018 and December 31, 2017 , investments in equity securities were as follows: (In thousands) Cost Gross Unrealized (1) Fair Value Carrying Value Gains Losses June 30, 2018 Common stocks $ 126,453 $ 170,313 $ (8,739 ) $ 288,027 $ 288,027 Preferred stocks 124,150 61,807 (1,595 ) 184,362 184,362 Total $ 250,603 $ 232,120 $ (10,334 ) $ 472,389 $ 472,389 December 31, 2017 Common stocks $ 81,855 $ 272,309 $ (1,960 ) $ 352,204 $ 352,204 Preferred stocks 124,150 102,890 (2,597 ) 224,443 224,443 Total $ 206,005 $ 375,199 $ (4,557 ) $ 576,647 $ 576,647 ______________________ (1) Effective January 1, 2018, the Company adopted new accounting guidance that requires all equity investments with readily determinable fair values (subject to certain exceptions) to be measured at fair value with changes in the fair value recognized through net income. Refer to Note 3 for additional information. |
Arbitrage Trading Account
Arbitrage Trading Account | 6 Months Ended |
Jun. 30, 2018 | |
Trading Securities [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At June 30, 2018 and December 31, 2017 , the fair and carrying values of the arbitrage trading account were $721 million and $618 million , respectively. The primary focus of the trading account is merger arbitrage. Merger arbitrage is the business of investing in the securities of publicly held companies which are the targets in announced tender offers and mergers. Arbitrage investing differs from other types of investing in its focus on transactions and events believed likely to bring about a change in value over a relatively short time period (usually four months or less). The Company uses put options, call options and swap contracts in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options and contracts are reported at fair value. As of June 30, 2018 , the fair value of long option contracts outstanding was $0.2 million (notional amount of $15.0 million ) and the fair value of short option contracts outstanding was $0.3 million (notional amount of $16.4 million ). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives. |
Net Investment Income
Net Investment Income | 6 Months Ended |
Jun. 30, 2018 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consists of the following: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 129,665 $ 116,796 $ 252,911 $ 229,142 Investment funds 12,716 8,895 53,070 35,544 Arbitrage trading account 8,333 5,457 13,524 11,817 Real estate 3,174 5,286 9,742 9,852 Equity securities 559 602 1,205 1,241 Gross investment income 154,447 137,036 330,452 287,596 Investment expense (670 ) (1,772 ) (2,157 ) (3,473 ) Net investment income $ 153,777 $ 135,264 $ 328,295 $ 284,123 |
Investment Funds
Investment Funds | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment Funds | Investment Funds The Company evaluates whether it is an investor in a variable interest entity ("VIE"). Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investment funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments, which were $319 million as of June 30, 2018 . Investment funds consisted of the following: Carrying Value as of Income (Loss) from Investment Funds June 30, December 31, For the Six Months (In thousands) 2018 2017 2018 2017 Real estate $ 622,796 $ 606,995 $ 35,826 $ 19,518 Energy 76,406 82,882 (1,256 ) (8,639 ) Other funds 509,384 465,800 18,500 24,665 Total $ 1,208,586 $ 1,155,677 $ 53,070 $ 35,544 The Company's share of the earnings or losses of investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2018 2017 Properties in operation $ 767,882 $ 451,691 Properties under development 1,115,740 1,017,910 Total $ 1,883,622 $ 1,469,601 In 2018, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, two office complexes in New York City and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $36,170,000 and $25,646,000 as of June 30, 2018 and December 31, 2017 , respectively. Related depreciation expense was $10,784,000 and $3,604,000 for the six months ended June 30, 2018 and 2017 , respectively. Future minimum rental income expected on operating leases relating to properties in operation is $26,207,569 in 2018, $54,753,308 in 2019, $53,482,025 in 2020, $52,568,588 in 2021, $48,834,325 in 2022, $42,215,085 in 2023 and $500,806,048 thereafter. Properties under development include an office building in London and a mixed-use project in Washington, D.C. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable are as follows: (In thousands) June 30, 2018 December 31, 2017 Amortized cost (net of valuation allowance): Real estate loans $ 62,986 $ 66,057 Commercial loans 35,102 13,627 Total $ 98,088 $ 79,684 Fair value: Real estate loans $ 63,796 $ 66,917 Commercial loans 36,604 15,130 Total $ 100,400 $ 82,047 Valuation allowance: Specific $ 1,200 $ 1,200 General 2,183 2,183 Total $ 3,383 $ 3,383 For the Three Months Ended 2018 2017 Change in valuation allowance $ — $ — For the Six Months Ended 2018 2017 Decrease in valuation allowance $ — $ (14 ) Loans receivable in non-accrual status were $1.5 million and $4.3 million as of June 30, 2018 and December 31, 2017 , respectively. The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions. Loans receivable with a potential for default are further assessed using discounted cash flow analysis and comparable cost and sales methodologies, if appropriate. The real estate loans are secured by commercial real estate primarily located in New York. These loans generally earn interest at floating LIBOR-based interest rates and have maturities (inclusive of extension options) through August 2025. The commercial loans are with small business owners who have secured the related financing with the assets of the business. Commercial loans primarily earn interest on a fixed basis and have varying maturities generally not exceeding 10 years. In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions. Based on these considerations, none of the real estate loans were considered to be impaired at June 30, 2018 , and accordingly, the Company determined that a specific valuation allowance was not required. |
Realized And Unrealized Investm
Realized And Unrealized Investment Gains (Losses) on Investments | 6 Months Ended |
Jun. 30, 2018 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized And Unrealized Investment Gains (Losses) on Investments | Realized and Unrealized Gains (Losses) on Investments Net r ealized and unrealized gains (losses) on investments are as follows: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Net realized and unrealized gains (losses) on investments in earnings Fixed maturity securities: Gains $ 7,921 $ 7,427 $ 21,260 $ 13,032 Losses (4,125 ) — (7,865 ) (3,965 ) Equity securities (1): Net realized gains on investment sales 119,422 32,139 241,743 74,846 Change in unrealized gains (54,652 ) — (148,857 ) — Investment funds (353 ) (112 ) (234 ) 1,155 Real estate (402 ) (364 ) 7,596 2,936 Loans receivable 1 — 2,059 — Other 1,819 1,363 2,393 4,797 Net realized and unrealized gains on investments in earnings before OTTI 69,631 40,453 118,095 92,801 Other-than-temporary impairments — — — — Net realized and unrealized gains on investments in earnings 69,631 40,453 118,095 92,801 Income tax expense (14,623 ) (14,159 ) (24,800 ) (32,480 ) After-tax net realized and unrealized gains on investments in earnings $ 55,008 $ 26,294 $ 93,295 $ 60,321 Change in unrealized investment gains of available for sale securities: Fixed maturity securities $ (36,848 ) $ 56,857 $ (196,575 ) $ 94,841 Previously impaired fixed maturity securities (2 ) 743 11 844 Equity securities available for sale (2) — 6,176 — (42,686 ) Investment funds (3,638 ) 4,506 (4,772 ) 5,712 Total change in unrealized investment gains (40,488 ) 68,282 (201,336 ) 58,711 Income tax benefit (expense) 8,118 (24,713 ) 43,194 (23,973 ) Noncontrolling interests 37 (5 ) 26 14 After-tax change in unrealized investment gains of available for sale securities $ (32,333 ) $ 43,564 $ (158,116 ) $ 34,752 ______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. (2) Effective January 1, 2018, the Company adopted new accounting guidance that requires all equity investments with readily determinable fair values (subject to certain exceptions) to be measured at fair value with changes in the fair value recognized in net income. The Company recorded an adjustment of $291 million to opening AOCI net of tax as a result of this guidance. Refer to Note 3 for further information. |
Fixed Maturity Securities In An
Fixed Maturity Securities In An Unrealized Loss Position | 6 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Fixed Maturity Securities In An Unrealized Loss Position | Fixed Maturity Securities in an Unrealized Loss Position The following tables summarize all fixed maturity securities in an unrealized loss position at June 30, 2018 and December 31, 2017 by the length of time those securities have been continuously in an unrealized loss position: Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2018 U.S. government and government agency $ 245,718 $ 2,852 $ 93,232 $ 3,411 $ 338,950 $ 6,263 State and municipal 1,406,792 22,540 302,403 9,679 1,709,195 32,219 Mortgage-backed securities 859,133 17,171 328,074 14,699 1,187,207 31,870 Asset-backed securities 1,538,222 12,216 160,722 868 1,698,944 13,084 Corporate 2,171,776 61,233 155,159 8,988 2,326,935 70,221 Foreign government 181,036 4,754 67,869 1,116 248,905 5,870 Fixed maturity securities $ 6,402,677 $ 120,766 $ 1,107,459 $ 38,761 $ 7,510,136 $ 159,527 December 31, 2017 U.S. government and government agency $ 92,167 $ 1,491 $ 72,055 $ 2,341 $ 164,222 $ 3,832 State and municipal 735,972 5,944 345,755 6,630 1,081,727 12,574 Mortgage-backed securities 480,435 5,110 373,956 11,065 854,391 16,175 Asset-backed securities 1,127,309 8,298 167,412 2,314 1,294,721 10,612 Corporate 1,103,747 8,224 170,858 5,946 1,274,605 14,170 Foreign government 244,139 2,615 25,824 251 269,963 2,866 Fixed maturity securities $ 3,783,769 $ 31,682 $ 1,155,860 $ 28,547 $ 4,939,629 $ 60,229 A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2018 is presented in the table below: ($ in thousands) Number of Securities Aggregate Fair Value Gross Unrealized Loss Corporate 13 $ 97,985 $ 4,199 Foreign government 12 51,383 2,773 Asset-backed securities 3 268 104 Mortgage-backed securities 4 3,477 28 State and municipal 1 3,622 2 Total 33 $ 156,735 $ 7,106 For OTTI of fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income. The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity securities, equity securities and arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially, all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2018 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 481,633 $ — $ 481,633 $ — State and municipal 4,064,854 — 4,064,854 — Mortgage-backed securities 1,458,512 — 1,458,512 — Asset-backed securities 2,354,915 — 2,354,814 101 Corporate 3,978,189 — 3,978,189 — Foreign government 801,540 — 801,540 — Total fixed maturity securities available for sale 13,139,643 — 13,139,542 101 Equity securities: Common stocks 288,027 279,102 — 8,925 Preferred stocks 184,362 — 173,518 10,844 Total equity securities 472,389 279,102 173,518 19,769 Arbitrage trading account 721,088 446,901 274,187 — Total $ 14,333,120 $ 726,003 $ 13,587,247 $ 19,870 Liabilities: Trading account securities sold but not yet purchased $ 90,281 $ 90,281 $ — $ — December 31, 2017 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 377,740 $ — $ 377,740 $ — State and municipal 4,445,094 — 4,445,094 — Mortgage-backed securities 1,299,931 — 1,299,931 — Asset-backed securities 2,111,544 — 2,111,372 172 Corporate 4,389,112 — 4,389,112 — Foreign government 848,497 — 848,497 — Total fixed maturity securities available for sale 13,471,918 — 13,471,746 172 Equity securities: Common stocks 352,204 342,834 — 9,370 Preferred stocks 224,443 — 213,600 10,843 Total equity securities 576,647 342,834 213,600 20,213 Arbitrage trading account 617,649 471,420 146,229 — Total $ 14,666,214 $ 814,254 $ 13,831,575 $ 20,385 Liabilities: Trading account securities sold but not yet purchased $ 64,358 $ 64,358 $ — $ — There were no significant transfers between Levels 1 and 2 during the six months ended June 30, 2018 or during the year ended December 31, 2017 . The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2018 and for the year ended December 31, 2017 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Loss) Impairments Purchases (Sales) Paydowns / Maturities Transfers In / (Out) Ending Balance Six Months Ended Assets: Fixed maturities securities available for sale: Asset-backed securities $ 172 $ (2 ) $ 46 $ — $ — $ (115 ) $ — $ — $ 101 Total 172 (2 ) 46 — — (115 ) — — 101 Equity securities: Common stocks 9,370 (445 ) — — — — — — 8,925 Preferred stocks 10,843 1 — — — — — — 10,844 Total 20,213 (444 ) — — — — — — 19,769 Arbitrage trading account — (29 ) — — 3,882 (11 ) — (3,842 ) — Total $ 20,385 $ (475 ) $ 46 $ — $ 3,882 $ (126 ) $ — $ (3,842 ) $ 19,870 Year Ended Assets: Fixed maturities securities available for sale: Asset-backed securities $ 183 $ 3 $ 34 $ — $ — $ (48 ) $ — $ — $ 172 Total 183 3 34 — — (48 ) — — 172 Equity securities: Common stocks 8,754 — 616 — — — — — 9,370 Preferred stocks 3,662 8 — — 7,173 — — — 10,843 Total 12,416 8 616 — 7,173 — — — 20,213 Arbitrage trading account — 8 — — — (8 ) — — — Total $ 12,599 $ 19 $ 650 $ — $ 7,173 $ (56 ) $ — $ — $ 20,385 During the six months ended June 30, 2018 , one common stock in the arbitrage trading account was transferred out of Level 3 as the security became publicly traded on a stock exchange. For the year ended December 31, 2017 , there were no t ransfers out of Level 3. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2018 December 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,218,729 $ 13,231,392 $ 13,551,250 $ 13,566,976 Equity securities 472,389 472,389 576,647 576,647 Arbitrage trading account 721,088 721,088 617,649 617,649 Loans receivable 98,088 100,400 79,684 82,047 Cash and cash equivalents 911,202 911,202 950,471 950,471 Trading account receivables from brokers and clearing organizations 119,628 119,628 189,280 189,280 Liabilities: Due to broker 62,522 62,522 15,920 15,920 Trading account securities sold but not yet purchased 90,281 90,281 64,358 64,358 Subordinated debentures 907,117 929,297 728,218 769,060 Senior notes and other debt 1,792,055 1,918,004 1,769,052 1,945,313 The estimated fair values of the Company’s fixed maturity securities, equity securities and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 15. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Reserves for Loss and Loss Expe
Reserves for Loss and Loss Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Insurance [Abstract] | |
Reserves for Loss and Loss Expenses | Reserves for Loss and Loss Expenses The Company's reserves for losses and loss expenses are comprised of case reserves and incurred but not reported liabilities ("IBNR"). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted up or down as appropriate. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each operating unit. These methods include paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting “tail factors” in areas where the Company’s own data is limited. The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each operating unit. The establishment of the actuarially derived loss reserve point estimate also includes consideration of qualitative factors that may affect the ultimate losses. These qualitative considerations include, among others, the impact of re-underwriting initiatives, changes in the mix of business, changes in distribution sources and changes in policy terms and conditions. The key assumptions used to arrive at the best estimate of loss reserves are the expected loss ratios, rate of loss cost inflation, and reported and paid loss emergence patterns. Expected loss ratios represent management’s expectation of losses at the time the business is priced and written, before any actual claims experience has emerged. This expectation is a significant determinant of the estimate of loss reserves for recently written business where there is little paid or incurred loss data to consider. Expected loss ratios are generally derived from historical loss ratios adjusted for the impact of rate changes, loss cost trends and known changes in the type of risks underwritten. Expected loss ratios are estimated for each key line of business within each operating unit. Expected loss cost inflation is particularly important for the long-tail lines, such as excess casualty, and claims with a high medical component, such as workers’ compensation. Reported and paid loss emergence patterns are used to project current reported or paid loss amounts to their ultimate settlement value. Loss development factors are based on the historical emergence patterns of paid and incurred losses, and are derived from the Company’s own experience and industry data. The paid loss emergence pattern is also significant to excess and assumed workers’ compensation reserves because those reserves are discounted to their estimated present value based upon such estimated payout patterns. Loss frequency and severity are measures of loss activity that are considered in determining the key assumptions described in our discussion of loss and loss expense reserves, including expected loss ratios, rate of loss cost inflation and reported and paid loss emergence patterns. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations. Another factor affecting estimates of loss frequency and severity is the loss reporting lag, which is the period of time between the occurrence of a loss and the date the loss is reported to the Company. The length of the loss reporting lag affects our ability to accurately predict loss frequency (loss frequencies are more predictable for lines with short reporting lags) as well as the amount of reserves needed for incurred but not reported losses (less IBNR is required for lines with short reporting lags). As a result, loss reserves for lines with short reporting lags are likely to have less variation from initial loss estimates. For lines with short reporting lags, which include commercial automobile, primary workers’ compensation, other liability (claims-made) and property business, the key assumption is the loss emergence pattern used to project ultimate loss estimates from known losses paid or reported to date. For lines of business with long reporting lags, which include other liability (occurrence), products liability, excess workers’ compensation and liability reinsurance, the key assumption is the expected loss ratio since there is often little paid or incurred loss data to consider. Historically, the Company has experienced less variation from its initial loss estimates for lines of businesses with short reporting lags than for lines of business with long reporting lags. The key assumptions used in calculating the most recent estimate of the loss reserves are reviewed each quarter and adjusted, to the extent necessary, to reflect the latest reported loss data, current trends and other factors observed. The table below provides a reconciliation of the beginning and ending reserve balances: June 30, (In thousands) 2018 2017 Net reserves at beginning of year $ 10,056,914 $ 9,590,265 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,916,140 1,926,394 Decrease in estimates for claims occurring in prior years (2) (3) (246 ) (6,459 ) Loss reserve discount accretion 20,962 24,367 Total 1,936,856 1,944,302 Net payments for claims: Current year 316,567 315,437 Prior year 1,527,522 1,432,828 Total 1,844,089 1,748,265 Foreign currency translation (72,351 ) 37,097 Net reserves at end of period 10,077,330 9,823,399 Ceded reserves at end of period 1,659,245 1,500,868 Gross reserves at end of period $ 11,736,575 $ 11,324,267 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $ 12,818,000 and $ 11,349,000 for the six months ended June 30, 2018 and 2017 , respectively. (2) The decrease in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $ 6,132,000 and $ 14,873,000 for the six months ended June 30, 2018 and 2017 , respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $19 million and $24 million for the six months ended June 30, 2018 and 2017 , respectively. During the six months ended June 30, 2018, favorable prior year development (net of additional and return premiums) of $19.3 million included $26.5 million of favorable development for the Insurance segment, partially offset by $7.2 million of adverse development for the Reinsurance segment. The favorable development for the Insurance segment was primarily attributable to workers’ compensation business. The favorable workers’ compensation development was spread across many accident years, including prior to 2008, but was most significant in accident years 2015 through 2017. The favorable workers’ compensation development reflects a continuation of the benign loss cost trends experienced in recent years, particularly the favorable claim frequency trends (i.e., number of reported claims per unit of exposure). The adverse development for the Reinsurance segment was mainly driven by U.S. casualty facultative business from accident years 2008 and prior related to construction projects. During the six months ended June 30, 2017, favorable prior year development (net of additional and return premiums) of $23.6 million included $49.4 million of favorable development for the Insurance segment, partially offset by $25.8 million of adverse development for the Reinsurance segment. The favorable development for the Insurance segment was primarily attributable to workers' compensation business (including excess workers' compensation) and excess & surplus lines casualty business. The favorable workers' compensation development was spread across many accident years, including prior to 2008, but was most significant in accident years 2014 and 2015. The favorable workers' compensation development reflects a continuation of the benign loss cost trends experienced during 2016, particularly the favorable claim frequency trends (i.e., number of reported claims per unit of exposure). The favorable development for excess & surplus lines casualty business resulted from loss cost trends emerging more favorably than our initial expectations, primarily in accident years 2014 through 2016. The adverse development for the Reinsurance segment was almost entirely due to reserve strengthening during the first quarter associated with claims impacted by the change in the Ogden discount rate in the U.K. The Ogden rate is the discount rate used to calculate lump-sum bodily injury payouts in the U.K., and was reduced by the U.K. Ministry of Justice from +2.5% to -0.75% . The adverse development mostly related to U.K. motor bodily injury claims which we reinsured on an excess of loss basis in accident years 2012 through 2016. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity securities, equity securities and arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially, all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2018 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 481,633 $ — $ 481,633 $ — State and municipal 4,064,854 — 4,064,854 — Mortgage-backed securities 1,458,512 — 1,458,512 — Asset-backed securities 2,354,915 — 2,354,814 101 Corporate 3,978,189 — 3,978,189 — Foreign government 801,540 — 801,540 — Total fixed maturity securities available for sale 13,139,643 — 13,139,542 101 Equity securities: Common stocks 288,027 279,102 — 8,925 Preferred stocks 184,362 — 173,518 10,844 Total equity securities 472,389 279,102 173,518 19,769 Arbitrage trading account 721,088 446,901 274,187 — Total $ 14,333,120 $ 726,003 $ 13,587,247 $ 19,870 Liabilities: Trading account securities sold but not yet purchased $ 90,281 $ 90,281 $ — $ — December 31, 2017 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 377,740 $ — $ 377,740 $ — State and municipal 4,445,094 — 4,445,094 — Mortgage-backed securities 1,299,931 — 1,299,931 — Asset-backed securities 2,111,544 — 2,111,372 172 Corporate 4,389,112 — 4,389,112 — Foreign government 848,497 — 848,497 — Total fixed maturity securities available for sale 13,471,918 — 13,471,746 172 Equity securities: Common stocks 352,204 342,834 — 9,370 Preferred stocks 224,443 — 213,600 10,843 Total equity securities 576,647 342,834 213,600 20,213 Arbitrage trading account 617,649 471,420 146,229 — Total $ 14,666,214 $ 814,254 $ 13,831,575 $ 20,385 Liabilities: Trading account securities sold but not yet purchased $ 64,358 $ 64,358 $ — $ — There were no significant transfers between Levels 1 and 2 during the six months ended June 30, 2018 or during the year ended December 31, 2017 . The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2018 and for the year ended December 31, 2017 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Loss) Impairments Purchases (Sales) Paydowns / Maturities Transfers In / (Out) Ending Balance Six Months Ended Assets: Fixed maturities securities available for sale: Asset-backed securities $ 172 $ (2 ) $ 46 $ — $ — $ (115 ) $ — $ — $ 101 Total 172 (2 ) 46 — — (115 ) — — 101 Equity securities: Common stocks 9,370 (445 ) — — — — — — 8,925 Preferred stocks 10,843 1 — — — — — — 10,844 Total 20,213 (444 ) — — — — — — 19,769 Arbitrage trading account — (29 ) — — 3,882 (11 ) — (3,842 ) — Total $ 20,385 $ (475 ) $ 46 $ — $ 3,882 $ (126 ) $ — $ (3,842 ) $ 19,870 Year Ended Assets: Fixed maturities securities available for sale: Asset-backed securities $ 183 $ 3 $ 34 $ — $ — $ (48 ) $ — $ — $ 172 Total 183 3 34 — — (48 ) — — 172 Equity securities: Common stocks 8,754 — 616 — — — — — 9,370 Preferred stocks 3,662 8 — — 7,173 — — — 10,843 Total 12,416 8 616 — 7,173 — — — 20,213 Arbitrage trading account — 8 — — — (8 ) — — — Total $ 12,599 $ 19 $ 650 $ — $ 7,173 $ (56 ) $ — $ — $ 20,385 During the six months ended June 30, 2018 , one common stock in the arbitrage trading account was transferred out of Level 3 as the security became publicly traded on a stock exchange. For the year ended December 31, 2017 , there were no t ransfers out of Level 3. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2018 December 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,218,729 $ 13,231,392 $ 13,551,250 $ 13,566,976 Equity securities 472,389 472,389 576,647 576,647 Arbitrage trading account 721,088 721,088 617,649 617,649 Loans receivable 98,088 100,400 79,684 82,047 Cash and cash equivalents 911,202 911,202 950,471 950,471 Trading account receivables from brokers and clearing organizations 119,628 119,628 189,280 189,280 Liabilities: Due to broker 62,522 62,522 15,920 15,920 Trading account securities sold but not yet purchased 90,281 90,281 64,358 64,358 Subordinated debentures 907,117 929,297 728,218 769,060 Senior notes and other debt 1,792,055 1,918,004 1,769,052 1,945,313 The estimated fair values of the Company’s fixed maturity securities, equity securities and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 15. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2018 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The following is a summary of reinsurance financial information: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Written premiums: Direct $ 1,785,266 $ 1,727,014 $ 3,572,501 $ 3,448,076 Assumed 162,808 160,139 354,995 375,283 Ceded (323,970 ) (322,902 ) (638,054 ) (612,270 ) Total net premiums written $ 1,624,104 $ 1,564,251 $ 3,289,442 $ 3,211,089 Earned premiums: Direct $ 1,705,277 $ 1,666,938 $ 3,379,827 $ 3,280,302 Assumed 180,509 193,683 369,375 402,310 Ceded (304,733 ) (291,918 ) (600,741 ) (543,868 ) Total net premiums earned $ 1,581,053 $ 1,568,703 $ 3,148,461 $ 3,138,744 Ceded losses and loss expenses incurred $ 161,073 $ 142,609 $ 400,068 $ 177,801 Ceded commissions earned $ 65,922 $ 57,752 $ 132,278 $ 114,302 The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. The Company also cedes premiums to state assigned risk plans and captive insurance companies. Estimated amounts due from reinsurers are reported net of reserves for uncollectible reinsurance of $1 million as of both June 30, 2018 and December 31, 2017 . |
Restricted Stock Units
Restricted Stock Units | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Units | Restricted Stock Units Pursuant to its stock incentive plan, the Company may issue restricted stock units ("RSUs") to employees of the Company and its subsidiaries. The RSUs generally vest three to five years from the award date and are subject to other vesting and forfeiture provisions contained in the award agreement. RSUs are expensed pro-ratably over the vesting period. RSU expenses were $18 million and $21 million for the six months ended June 30, 2018 and 2017 , respectively. A summary of RSUs issued in the six months ended June 30, 2018 and 2017 follows: ($ in thousands) Units Fair Value 2018 13,025 $ 963 2017 6,020 $ 405 |
Litigation and Contingent Liabi
Litigation and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingent Liabilities | Litigation and Contingent Liabilities In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance businesses. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of loss and loss expense reserves. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: • Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. • Reinsurance - reinsurance business on a facultative and treaty basis, primarily in the United States, the United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company's overall effective tax rate. Summary financial information about the Company's reporting segments is presented in the following tables. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Premiums Investment Income Other Total (1) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended June 30, 2018 Insurance $ 1,456,008 $ 114,333 $ 18,707 $ 1,589,048 $ 198,052 $ 156,200 Reinsurance 125,045 22,123 — 147,168 21,303 16,784 Corporate, other and eliminations (2) — 17,321 87,748 105,069 (59,744 ) (47,918 ) Net realized and unrealized gains on investments — — 69,631 69,631 69,631 55,009 Total $ 1,581,053 $ 153,777 $ 176,086 $ 1,910,916 $ 229,242 $ 180,075 Three months ended June 30, 2017 Insurance $ 1,415,586 $ 102,719 $ 22,984 $ 1,541,289 $ 186,134 $ 124,442 Reinsurance 153,117 21,491 — 174,608 14,771 10,324 Corporate, other and eliminations (2) — 11,054 80,645 91,699 (80,397 ) (52,056 ) Net realized and unrealized gains on investments — — 40,453 40,453 40,453 26,294 Total $ 1,568,703 $ 135,264 $ 144,082 $ 1,848,049 $ 160,961 $ 109,004 Six Months Ended June 30, 2018 Insurance $ 2,888,345 $ 250,195 $ 37,675 $ 3,176,215 $ 427,080 $ 337,826 Reinsurance 260,116 46,773 — 306,889 35,895 28,438 Corporate, other and eliminations (2) — 31,327 169,637 200,964 (140,838 ) (113,087 ) Net realized and unrealized gains on investments — — 118,095 118,095 118,095 93,295 Total $ 3,148,461 $ 328,295 $ 325,407 $ 3,802,163 $ 440,232 $ 346,472 Six Months Ended June 30, 2017 Insurance $ 2,828,755 $ 214,628 $ 41,271 $ 3,084,654 $ 386,127 $ 257,458 Reinsurance 309,989 46,269 — 356,258 19,364 13,983 Corporate, other and eliminations (2) — 23,226 161,528 184,754 (153,034 ) (99,311 ) Net realized and unrealized gains on investments — — 92,801 92,801 92,801 60,321 Total $ 3,138,744 $ 284,123 $ 295,600 $ 3,718,467 $ 345,258 $ 232,451 _________________ (1) Revenues for Insurance from foreign countries for the three months ended June 30, 2018 and 2017 were $176 million and $168 million , and for the six months ended June 30, 2018 and 2017 were $359 million and $347 million , respectively. Revenues for Reinsurance from foreign countries for the three months ended June 30, 2018 and 2017 were $55 million and $50 million , and for the six months ended June 30, 2018 and 2017 were $112 million and $101 million , respectively. (2) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. Identifiable Assets (In thousands) June 30, December 31, Insurance $ 19,219,312 $ 19,263,193 Reinsurance 2,929,066 3,169,731 Corporate, other and eliminations 2,472,766 1,866,993 Consolidated $ 24,621,144 $ 24,299,917 Net premiums earned by major line of business are as follows: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Insurance: Other liability $ 474,721 $ 460,059 $ 938,889 $ 911,889 Workers’ compensation 377,346 366,950 743,295 728,086 Short-tail lines (1) 288,398 282,623 583,503 579,413 Commercial automobile 175,812 169,599 351,010 340,170 Professional liability 139,731 136,355 271,648 269,197 Total Insurance 1,456,008 1,415,586 2,888,345 2,828,755 Reinsurance: Casualty 86,841 93,212 177,411 187,952 Property 38,204 59,905 82,705 122,037 Total Reinsurance 125,045 153,117 260,116 309,989 Total $ 1,581,053 $ 1,568,703 $ 3,148,461 $ 3,138,744 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Recent Accounting Pronounceme29
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 4,847,303 and 4,087,731 common shares held in a grantor trust as of June 30, 2018 and 2017, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Customers. ASU 2014-09 clarifies the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company’s insurance service fee revenue and non-insurance business revenue are subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The updated guidance, as amended by ASU 2015-14, was effective for public business entities for annual and interim reporting periods beginning after December 15, 2017. The Company adopted this guidance on January 1, 2018 on a prospective basis. The impact of applying this guidance prospectively was a cumulative effect adjustment that increased retained earnings, a component of stockholders' equity, by $1 million after-tax. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. ASU 2016-01 amends the accounting guidance for financial instruments to require all equity investments with readily determinable fair values to be measured at fair value with changes in the fair value recognized in net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The updated guidance was effective for public business entities for annual reporting periods beginning after December 15, 2017 and interim periods within those years. The Company adopted this updated guidance on January 1, 2018 on a prospective basis. The impact of applying this guidance prospectively was a cumulative effect adjustment that increased retained earnings and decreased accumulated other comprehensive income ("AOCI") by offsetting amounts of $291 million , resulting in no net impact to total stockholders' equity. Following the adoption, the Company reports changes in fair value related to equity securities within net realized and unrealized gains on investments. In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income, which amends previous guidance to allow a reclassification to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The amount of the reclassification includes the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance will be effective for reporting periods beginning after December 15, 2018, and is eligible for early adoption. The Company adopted this updated guidance on January 1, 2018. The impact of applying this guidance was a cumulative effect adjustment that decreased retained earnings and increased AOCI by offsetting amounts of $76 million , resulting in no net impact to total stockholders' equity. All other accounting and reporting standards that have become effective in 2018 were either not applicable to the Company or their adoption did not have a material impact on the Company. Accounting and reporting standards that are not yet effective: In February 2016, the FASB issued ASU 2016-02, Leases, which amends the accounting and disclosure guidance for leases. This guidance retains the two classifications of a lease, as either an operating or finance lease, both of which will require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The right-of-use asset and the lease liability will be determined based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance is effective for reporting periods beginning after December 15, 2018, and can be adopted prospectively or will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. The Company is currently evaluating the impact that the adoption of this guidance will have on its results of operations, financial position and liquidity. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which amends the accounting guidance for credit losses on financial instruments. The updated guidance amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost. The updated guidance is effective for reporting periods beginning after December 15, 2019. The Company will not be able to determine the impact the adoption of this guidance will have on its results of operations, financial position or liquidity until the year the guidance becomes effective. All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company. |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares | The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months Ended For the Six Months Ended (In thousands) 2018 2017 2018 2017 Basic 126,517 125,334 126,446 123,623 Diluted 128,339 128,601 128,189 128,546 |
Consolidated Statements of Co31
Consolidated Statements of Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Components of changes in accumulated other comprehensive income (loss) | The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"): (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income As of and for the six months ended June 30, 2018 Changes in AOCI Beginning of period $ 375,421 $ (306,880 ) $ 68,541 Cumulative effect adjustment resulting from changes in accounting principles (214,539 ) — (214,539 ) Restated beginning of period 160,882 (306,880 ) (145,998 ) Other comprehensive loss before reclassifications (147,632 ) (91,656 ) (239,288 ) Amounts reclassified from AOCI (10,582 ) — (10,582 ) Other comprehensive loss (158,214 ) (91,656 ) (249,870 ) Unrealized investment loss related to noncontrolling interest 26 — 26 End of period $ 2,694 $ (398,536 ) $ (395,842 ) Amounts reclassified from AOCI Pre-tax $ (13,395 ) (1) $ — $ (13,395 ) Tax effect 2,813 (2) — 2,813 After-tax amounts reclassified $ (10,582 ) $ — $ (10,582 ) Other comprehensive loss Pre-tax $ (201,336 ) $ (91,656 ) $ (292,992 ) Tax effect 43,122 — 43,122 Other comprehensive loss $ (158,214 ) $ (91,656 ) $ (249,870 ) As of and for the three months ended June 30, 2018 Changes in AOCI Beginning of period $ 35,099 $ (294,081 ) $ (258,982 ) Other comprehensive loss before reclassifications (29,443 ) (104,455 ) (133,898 ) Amounts reclassified from AOCI (2,999 ) — (2,999 ) Other comprehensive loss (32,442 ) (104,455 ) (136,897 ) Unrealized investment loss related to noncontrolling interest 37 — 37 End of period $ 2,694 $ (398,536 ) $ (395,842 ) Amounts reclassified from AOCI Pre-tax $ (3,796 ) (1) $ — $ (3,796 ) Tax effect 797 (2) — 797 After-tax amounts reclassified $ (2,999 ) $ — $ (2,999 ) Other comprehensive loss Pre-tax $ (40,488 ) $ (104,455 ) $ (144,943 ) Tax effect 8,046 — 8,046 Other comprehensive loss $ (32,442 ) $ (104,455 ) $ (136,897 ) _________________________ (1) Net realized and unrealized gains on investments in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income As of and for the six months ended June 30, 2017 Changes in AOCI Beginning of period $ 427,154 $ (371,586 ) $ 55,568 Other comprehensive income before reclassifications 89,309 42,982 132,291 Amounts reclassified from AOCI (54,543 ) — (54,543 ) Other comprehensive income 34,766 42,982 77,748 Unrealized investment gain related to noncontrolling interest (14 ) — (14 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (83,912 ) (1) $ — $ (83,912 ) Tax effect 29,369 (2) — 29,369 After-tax amounts reclassified $ (54,543 ) $ — $ (54,543 ) Other comprehensive income Pre-tax $ 58,711 $ 42,982 $ 101,693 Tax effect (23,945 ) — (23,945 ) Other comprehensive income $ 34,766 $ 42,982 $ 77,748 As of and for the three months ended June 30, 2017 Changes in AOCI Beginning of period $ 418,342 $ (348,851 ) $ 69,491 Other comprehensive income before reclassifications 69,315 20,247 89,562 Amounts reclassified from AOCI (25,718 ) — (25,718 ) Other comprehensive income 43,597 20,247 63,844 Unrealized investment gain related to noncontrolling interest (33 ) — (33 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (39,566 ) (1) $ — $ (39,566 ) Tax effect 13,848 (2) — 13,848 After-tax amounts reclassified $ (25,718 ) $ — $ (25,718 ) Other comprehensive income Pre-tax $ 68,282 $ 20,247 $ 88,529 Tax effect (24,685 ) — (24,685 ) Other comprehensive income $ 43,597 $ 20,247 $ 63,844 _________________________ (1) Net realized and unrealized gains on investments in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments in Fixed Maturity32
Investments in Fixed Maturity Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in fixed maturity securities | At June 30, 2018 and December 31, 2017 , investments in fixed maturity securities were as follows: (In thousands) Amortized Cost Gross Unrealized Fair Value Carrying Value Gains Losses June 30, 2018 Held to maturity: State and municipal $ 67,049 $ 11,828 $ — $ 78,877 $ 67,049 Residential mortgage-backed 12,037 835 — 12,872 12,037 Total held to maturity 79,086 12,663 — 91,749 79,086 Available for sale: U.S. government and government agency 482,639 5,257 (6,263 ) 481,633 481,633 State and municipal: Special revenue 2,529,100 32,331 (25,828 ) 2,535,603 2,535,603 State general obligation 339,685 10,749 (1,814 ) 348,620 348,620 Pre-refunded 429,119 18,829 (103 ) 447,845 447,845 Corporate backed 325,752 7,278 (1,643 ) 331,387 331,387 Local general obligation 387,745 16,485 (2,831 ) 401,399 401,399 Total state and municipal 4,011,401 85,672 (32,219 ) 4,064,854 4,064,854 Mortgage-backed securities: Residential (1) 1,116,207 5,206 (26,083 ) 1,095,330 1,095,330 Commercial 368,000 969 (5,787 ) 363,182 363,182 Total mortgage-backed securities 1,484,207 6,175 (31,870 ) 1,458,512 1,458,512 Asset-backed 2,356,736 11,263 (13,084 ) 2,354,915 2,354,915 Corporate: Industrial 2,333,914 19,159 (44,380 ) 2,308,693 2,308,693 Financial 1,355,554 16,775 (19,375 ) 1,352,954 1,352,954 Utilities 273,223 8,004 (6,201 ) 275,026 275,026 Other 41,779 2 (265 ) 41,516 41,516 Total corporate 4,004,470 43,940 (70,221 ) 3,978,189 3,978,189 Foreign 767,417 39,993 (5,870 ) 801,540 801,540 Total available for sale 13,106,870 192,300 (159,527 ) 13,139,643 13,139,643 Total investments in fixed maturity securities $ 13,185,956 $ 204,963 $ (159,527 ) $ 13,231,392 $ 13,218,729 (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2017 Held to maturity: State and municipal $ 65,882 $ 14,499 $ — $ 80,381 $ 65,882 Residential mortgage-backed 13,450 1,227 — 14,677 13,450 Total held to maturity 79,332 15,726 — 95,058 79,332 Available for sale: U.S. government and government agency 372,748 8,824 (3,832 ) 377,740 377,740 State and municipal: Special revenue 2,663,245 53,512 (10,027 ) 2,706,730 2,706,730 State general obligation 439,358 16,087 (711 ) 454,734 454,734 Pre-refunded 436,241 22,701 (9 ) 458,933 458,933 Corporate backed 375,268 10,059 (860 ) 384,467 384,467 Local general obligation 417,955 23,242 (967 ) 440,230 440,230 Total state and municipal 4,332,067 125,601 (12,574 ) 4,445,094 4,445,094 Mortgage-backed securities: Residential (1) 1,043,629 9,304 (13,547 ) 1,039,386 1,039,386 Commercial 261,652 1,521 (2,628 ) 260,545 260,545 Total mortgage-backed securities 1,305,281 10,825 (16,175 ) 1,299,931 1,299,931 Asset-backed 2,111,132 11,024 (10,612 ) 2,111,544 2,111,544 Corporate: Industrial 2,574,400 52,210 (7,718 ) 2,618,892 2,618,892 Financial 1,402,161 37,744 (5,138 ) 1,434,767 1,434,767 Utilities 284,886 11,316 (1,248 ) 294,954 294,954 Other 40,560 5 (66 ) 40,499 40,499 Total corporate 4,302,007 101,275 (14,170 ) 4,389,112 4,389,112 Foreign 819,345 32,018 (2,866 ) 848,497 848,497 Total available for sale 13,242,580 289,567 (60,229 ) 13,471,918 13,471,918 Total investments in fixed maturity securities $ 13,321,912 $ 305,293 $ (60,229 ) $ 13,566,976 $ 13,551,250 ____________ (1) Gross unrealized gains for residential mortgage-backed securities include $87,647 and $76,467 as of June 30, 2018 and December 31, 2017 , respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive incom |
Amortized cost and fair value of fixed maturity securities by contractual maturity | The amortized cost and fair value of fixed maturity securities at June 30, 2018 , by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Cost Fair Value Due in one year or less $ 841,253 $ 849,860 Due after one year through five years 4,392,395 4,428,769 Due after five years through ten years 3,042,177 3,074,332 Due after ten years 3,413,887 3,407,047 Mortgage-backed securities 1,496,244 1,471,384 Total $ 13,185,956 $ 13,231,392 |
Investments in Equity Securit33
Investments in Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Investments in Equity Securities | At June 30, 2018 and December 31, 2017 , investments in equity securities were as follows: (In thousands) Cost Gross Unrealized (1) Fair Value Carrying Value Gains Losses June 30, 2018 Common stocks $ 126,453 $ 170,313 $ (8,739 ) $ 288,027 $ 288,027 Preferred stocks 124,150 61,807 (1,595 ) 184,362 184,362 Total $ 250,603 $ 232,120 $ (10,334 ) $ 472,389 $ 472,389 December 31, 2017 Common stocks $ 81,855 $ 272,309 $ (1,960 ) $ 352,204 $ 352,204 Preferred stocks 124,150 102,890 (2,597 ) 224,443 224,443 Total $ 206,005 $ 375,199 $ (4,557 ) $ 576,647 $ 576,647 ______________________ (1) Effective January 1, 2018, the Company adopted new accounting guidance that requires all equity investments with readily determinable fair values (subject to certain exceptions) to be measured at fair value with changes in the fair value recognized through net income. Refer to Note 3 for additional information. |
Net Investment Income (Tables)
Net Investment Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income | Net investment income consists of the following: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 129,665 $ 116,796 $ 252,911 $ 229,142 Investment funds 12,716 8,895 53,070 35,544 Arbitrage trading account 8,333 5,457 13,524 11,817 Real estate 3,174 5,286 9,742 9,852 Equity securities 559 602 1,205 1,241 Gross investment income 154,447 137,036 330,452 287,596 Investment expense (670 ) (1,772 ) (2,157 ) (3,473 ) Net investment income $ 153,777 $ 135,264 $ 328,295 $ 284,123 |
Investment Funds (Tables)
Investment Funds (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | Investment funds consisted of the following: Carrying Value as of Income (Loss) from Investment Funds June 30, December 31, For the Six Months (In thousands) 2018 2017 2018 2017 Real estate $ 622,796 $ 606,995 $ 35,826 $ 19,518 Energy 76,406 82,882 (1,256 ) (8,639 ) Other funds 509,384 465,800 18,500 24,665 Total $ 1,208,586 $ 1,155,677 $ 53,070 $ 35,544 |
Real Estate Real Estate (Tables
Real Estate Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2018 2017 Properties in operation $ 767,882 $ 451,691 Properties under development 1,115,740 1,017,910 Total $ 1,883,622 $ 1,469,601 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable are as follows: (In thousands) June 30, 2018 December 31, 2017 Amortized cost (net of valuation allowance): Real estate loans $ 62,986 $ 66,057 Commercial loans 35,102 13,627 Total $ 98,088 $ 79,684 Fair value: Real estate loans $ 63,796 $ 66,917 Commercial loans 36,604 15,130 Total $ 100,400 $ 82,047 Valuation allowance: Specific $ 1,200 $ 1,200 General 2,183 2,183 Total $ 3,383 $ 3,383 For the Three Months Ended 2018 2017 Change in valuation allowance $ — $ — For the Six Months Ended 2018 2017 Decrease in valuation allowance $ — $ (14 ) |
Realized And Unrealized Inves38
Realized And Unrealized Investment Gains (Losses) on Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized and Unrealized Investment Gains (Losses) | ealized and unrealized gains (losses) on investments are as follows: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Net realized and unrealized gains (losses) on investments in earnings Fixed maturity securities: Gains $ 7,921 $ 7,427 $ 21,260 $ 13,032 Losses (4,125 ) — (7,865 ) (3,965 ) Equity securities (1): Net realized gains on investment sales 119,422 32,139 241,743 74,846 Change in unrealized gains (54,652 ) — (148,857 ) — Investment funds (353 ) (112 ) (234 ) 1,155 Real estate (402 ) (364 ) 7,596 2,936 Loans receivable 1 — 2,059 — Other 1,819 1,363 2,393 4,797 Net realized and unrealized gains on investments in earnings before OTTI 69,631 40,453 118,095 92,801 Other-than-temporary impairments — — — — Net realized and unrealized gains on investments in earnings 69,631 40,453 118,095 92,801 Income tax expense (14,623 ) (14,159 ) (24,800 ) (32,480 ) After-tax net realized and unrealized gains on investments in earnings $ 55,008 $ 26,294 $ 93,295 $ 60,321 |
Unrealized Gain (Loss) on Investments | Change in unrealized investment gains of available for sale securities: Fixed maturity securities $ (36,848 ) $ 56,857 $ (196,575 ) $ 94,841 Previously impaired fixed maturity securities (2 ) 743 11 844 Equity securities available for sale (2) — 6,176 — (42,686 ) Investment funds (3,638 ) 4,506 (4,772 ) 5,712 Total change in unrealized investment gains (40,488 ) 68,282 (201,336 ) 58,711 Income tax benefit (expense) 8,118 (24,713 ) 43,194 (23,973 ) Noncontrolling interests 37 (5 ) 26 14 After-tax change in unrealized investment gains of available for sale securities $ (32,333 ) $ 43,564 $ (158,116 ) $ 34,752 ______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. (2) Effective January 1, 2018, the Company adopted new accounting guidance that requires all equity investments with readily determinable fair values (subject to certain exceptions) to be measured at fair value with changes in the fair value recognized in net income. The Company recorded an adjustment of $291 million to opening AOCI net of tax as a result of this guidance. Refer to Note 3 for further information. |
Fixed Maturity Securities In 39
Fixed Maturity Securities In An Unrealized Loss Position Fixed Maturity Securities In An Unrealized Loss Position (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement of Financial Position [Abstract] | |
Securities in an unrealized loss position | The following tables summarize all fixed maturity securities in an unrealized loss position at June 30, 2018 and December 31, 2017 by the length of time those securities have been continuously in an unrealized loss position: Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2018 U.S. government and government agency $ 245,718 $ 2,852 $ 93,232 $ 3,411 $ 338,950 $ 6,263 State and municipal 1,406,792 22,540 302,403 9,679 1,709,195 32,219 Mortgage-backed securities 859,133 17,171 328,074 14,699 1,187,207 31,870 Asset-backed securities 1,538,222 12,216 160,722 868 1,698,944 13,084 Corporate 2,171,776 61,233 155,159 8,988 2,326,935 70,221 Foreign government 181,036 4,754 67,869 1,116 248,905 5,870 Fixed maturity securities $ 6,402,677 $ 120,766 $ 1,107,459 $ 38,761 $ 7,510,136 $ 159,527 December 31, 2017 U.S. government and government agency $ 92,167 $ 1,491 $ 72,055 $ 2,341 $ 164,222 $ 3,832 State and municipal 735,972 5,944 345,755 6,630 1,081,727 12,574 Mortgage-backed securities 480,435 5,110 373,956 11,065 854,391 16,175 Asset-backed securities 1,127,309 8,298 167,412 2,314 1,294,721 10,612 Corporate 1,103,747 8,224 170,858 5,946 1,274,605 14,170 Foreign government 244,139 2,615 25,824 251 269,963 2,866 Fixed maturity securities $ 3,783,769 $ 31,682 $ 1,155,860 $ 28,547 $ 4,939,629 $ 60,229 |
Non-Investment Grade Fixed Maturity Securities | A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2018 is presented in the table below: ($ in thousands) Number of Securities Aggregate Fair Value Gross Unrealized Loss Corporate 13 $ 97,985 $ 4,199 Foreign government 12 51,383 2,773 Asset-backed securities 3 268 104 Mortgage-backed securities 4 3,477 28 State and municipal 1 3,622 2 Total 33 $ 156,735 $ 7,106 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair value, On A Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2018 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 481,633 $ — $ 481,633 $ — State and municipal 4,064,854 — 4,064,854 — Mortgage-backed securities 1,458,512 — 1,458,512 — Asset-backed securities 2,354,915 — 2,354,814 101 Corporate 3,978,189 — 3,978,189 — Foreign government 801,540 — 801,540 — Total fixed maturity securities available for sale 13,139,643 — 13,139,542 101 Equity securities: Common stocks 288,027 279,102 — 8,925 Preferred stocks 184,362 — 173,518 10,844 Total equity securities 472,389 279,102 173,518 19,769 Arbitrage trading account 721,088 446,901 274,187 — Total $ 14,333,120 $ 726,003 $ 13,587,247 $ 19,870 Liabilities: Trading account securities sold but not yet purchased $ 90,281 $ 90,281 $ — $ — December 31, 2017 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 377,740 $ — $ 377,740 $ — State and municipal 4,445,094 — 4,445,094 — Mortgage-backed securities 1,299,931 — 1,299,931 — Asset-backed securities 2,111,544 — 2,111,372 172 Corporate 4,389,112 — 4,389,112 — Foreign government 848,497 — 848,497 — Total fixed maturity securities available for sale 13,471,918 — 13,471,746 172 Equity securities: Common stocks 352,204 342,834 — 9,370 Preferred stocks 224,443 — 213,600 10,843 Total equity securities 576,647 342,834 213,600 20,213 Arbitrage trading account 617,649 471,420 146,229 — Total $ 14,666,214 $ 814,254 $ 13,831,575 $ 20,385 Liabilities: Trading account securities sold but not yet purchased $ 64,358 $ 64,358 $ — $ — |
Summarize Changes In Level 3 Assets | The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2018 and for the year ended December 31, 2017 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Loss) Impairments Purchases (Sales) Paydowns / Maturities Transfers In / (Out) Ending Balance Six Months Ended Assets: Fixed maturities securities available for sale: Asset-backed securities $ 172 $ (2 ) $ 46 $ — $ — $ (115 ) $ — $ — $ 101 Total 172 (2 ) 46 — — (115 ) — — 101 Equity securities: Common stocks 9,370 (445 ) — — — — — — 8,925 Preferred stocks 10,843 1 — — — — — — 10,844 Total 20,213 (444 ) — — — — — — 19,769 Arbitrage trading account — (29 ) — — 3,882 (11 ) — (3,842 ) — Total $ 20,385 $ (475 ) $ 46 $ — $ 3,882 $ (126 ) $ — $ (3,842 ) $ 19,870 Year Ended Assets: Fixed maturities securities available for sale: Asset-backed securities $ 183 $ 3 $ 34 $ — $ — $ (48 ) $ — $ — $ 172 Total 183 3 34 — — (48 ) — — 172 Equity securities: Common stocks 8,754 — 616 — — — — — 9,370 Preferred stocks 3,662 8 — — 7,173 — — — 10,843 Total 12,416 8 616 — 7,173 — — — 20,213 Arbitrage trading account — 8 — — — (8 ) — — — Total $ 12,599 $ 19 $ 650 $ — $ 7,173 $ (56 ) $ — $ — $ 20,385 |
Reserves for Loss and Loss Ex41
Reserves for Loss and Loss Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Insurance [Abstract] | |
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances: June 30, (In thousands) 2018 2017 Net reserves at beginning of year $ 10,056,914 $ 9,590,265 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,916,140 1,926,394 Decrease in estimates for claims occurring in prior years (2) (3) (246 ) (6,459 ) Loss reserve discount accretion 20,962 24,367 Total 1,936,856 1,944,302 Net payments for claims: Current year 316,567 315,437 Prior year 1,527,522 1,432,828 Total 1,844,089 1,748,265 Foreign currency translation (72,351 ) 37,097 Net reserves at end of period 10,077,330 9,823,399 Ceded reserves at end of period 1,659,245 1,500,868 Gross reserves at end of period $ 11,736,575 $ 11,324,267 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $ 12,818,000 and $ 11,349,000 for the six months ended June 30, 2018 and 2017 , respectively. (2) The decrease in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $ 6,132,000 and $ 14,873,000 for the six months ended June 30, 2018 and 2017 , respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $19 million and $24 million for the six months ended June 30, 2018 and 2017 , respectively. |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts And Estimated Fair Values Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2018 December 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,218,729 $ 13,231,392 $ 13,551,250 $ 13,566,976 Equity securities 472,389 472,389 576,647 576,647 Arbitrage trading account 721,088 721,088 617,649 617,649 Loans receivable 98,088 100,400 79,684 82,047 Cash and cash equivalents 911,202 911,202 950,471 950,471 Trading account receivables from brokers and clearing organizations 119,628 119,628 189,280 189,280 Liabilities: Due to broker 62,522 62,522 15,920 15,920 Trading account securities sold but not yet purchased 90,281 90,281 64,358 64,358 Subordinated debentures 907,117 929,297 728,218 769,060 Senior notes and other debt 1,792,055 1,918,004 1,769,052 1,945,313 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Insurance [Abstract] | |
Reinsurance Financial Information | The following is a summary of reinsurance financial information: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Written premiums: Direct $ 1,785,266 $ 1,727,014 $ 3,572,501 $ 3,448,076 Assumed 162,808 160,139 354,995 375,283 Ceded (323,970 ) (322,902 ) (638,054 ) (612,270 ) Total net premiums written $ 1,624,104 $ 1,564,251 $ 3,289,442 $ 3,211,089 Earned premiums: Direct $ 1,705,277 $ 1,666,938 $ 3,379,827 $ 3,280,302 Assumed 180,509 193,683 369,375 402,310 Ceded (304,733 ) (291,918 ) (600,741 ) (543,868 ) Total net premiums earned $ 1,581,053 $ 1,568,703 $ 3,148,461 $ 3,138,744 Ceded losses and loss expenses incurred $ 161,073 $ 142,609 $ 400,068 $ 177,801 Ceded commissions earned $ 65,922 $ 57,752 $ 132,278 $ 114,302 |
Restricted Stock Units (Tables)
Restricted Stock Units (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the six months ended June 30, 2018 and 2017 follows: ($ in thousands) Units Fair Value 2018 13,025 $ 963 2017 6,020 $ 405 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Revenues (In thousands) Earned Premiums Investment Income Other Total (1) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended June 30, 2018 Insurance $ 1,456,008 $ 114,333 $ 18,707 $ 1,589,048 $ 198,052 $ 156,200 Reinsurance 125,045 22,123 — 147,168 21,303 16,784 Corporate, other and eliminations (2) — 17,321 87,748 105,069 (59,744 ) (47,918 ) Net realized and unrealized gains on investments — — 69,631 69,631 69,631 55,009 Total $ 1,581,053 $ 153,777 $ 176,086 $ 1,910,916 $ 229,242 $ 180,075 Three months ended June 30, 2017 Insurance $ 1,415,586 $ 102,719 $ 22,984 $ 1,541,289 $ 186,134 $ 124,442 Reinsurance 153,117 21,491 — 174,608 14,771 10,324 Corporate, other and eliminations (2) — 11,054 80,645 91,699 (80,397 ) (52,056 ) Net realized and unrealized gains on investments — — 40,453 40,453 40,453 26,294 Total $ 1,568,703 $ 135,264 $ 144,082 $ 1,848,049 $ 160,961 $ 109,004 Six Months Ended June 30, 2018 Insurance $ 2,888,345 $ 250,195 $ 37,675 $ 3,176,215 $ 427,080 $ 337,826 Reinsurance 260,116 46,773 — 306,889 35,895 28,438 Corporate, other and eliminations (2) — 31,327 169,637 200,964 (140,838 ) (113,087 ) Net realized and unrealized gains on investments — — 118,095 118,095 118,095 93,295 Total $ 3,148,461 $ 328,295 $ 325,407 $ 3,802,163 $ 440,232 $ 346,472 Six Months Ended June 30, 2017 Insurance $ 2,828,755 $ 214,628 $ 41,271 $ 3,084,654 $ 386,127 $ 257,458 Reinsurance 309,989 46,269 — 356,258 19,364 13,983 Corporate, other and eliminations (2) — 23,226 161,528 184,754 (153,034 ) (99,311 ) Net realized and unrealized gains on investments — — 92,801 92,801 92,801 60,321 Total $ 3,138,744 $ 284,123 $ 295,600 $ 3,718,467 $ 345,258 $ 232,451 _________________ (1) Revenues for Insurance from foreign countries for the three months ended June 30, 2018 and 2017 were $176 million and $168 million , and for the six months ended June 30, 2018 and 2017 were $359 million and $347 million , respectively. Revenues for Reinsurance from foreign countries for the three months ended June 30, 2018 and 2017 were $55 million and $50 million , and for the six months ended June 30, 2018 and 2017 were $112 million and $101 million , respectively. (2) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments |
Identifiable Assets By Segment | Identifiable Assets (In thousands) June 30, December 31, Insurance $ 19,219,312 $ 19,263,193 Reinsurance 2,929,066 3,169,731 Corporate, other and eliminations 2,472,766 1,866,993 Consolidated $ 24,621,144 $ 24,299,917 |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows: For the Three Months For the Six Months (In thousands) 2018 2017 2018 2017 Insurance: Other liability $ 474,721 $ 460,059 $ 938,889 $ 911,889 Workers’ compensation 377,346 366,950 743,295 728,086 Short-tail lines (1) 288,398 282,623 583,503 579,413 Commercial automobile 175,812 169,599 351,010 340,170 Professional liability 139,731 136,355 271,648 269,197 Total Insurance 1,456,008 1,415,586 2,888,345 2,828,755 Reinsurance: Casualty 86,841 93,212 177,411 187,952 Property 38,204 59,905 82,705 122,037 Total Reinsurance 125,045 153,117 260,116 309,989 Total $ 1,581,053 $ 1,568,703 $ 3,148,461 $ 3,138,744 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
General (Details)
General (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Federal Income Tax Rate | 21.00% |
Per Share Data (Narrative) (Det
Per Share Data (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Weighted average number of shares held in grantor trust | 4,847,303 | 4,087,731 |
Per Share Data (Weighted Averag
Per Share Data (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic (shares) | 126,517 | 125,334 | 126,446 | 123,623 |
Diluted (shares) | 128,339 | 128,601 | 128,189 | 128,546 |
Recent Accounting Pronounceme49
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Increase in retained earnings | $ 7,423,162 | $ 6,956,882 | |
Increase (decrease) in accumulated other comprehensive income | $ (395,842) | $ 68,541 | |
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance In Effect Before And After Topic 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Increase in retained earnings | $ 1,000 | ||
Retained earnings | Accounting Standards Update 2016-01 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative effect adjustment resulting from changes in accounting principles | 291,000 | ||
Retained earnings | Accounting Standards Update 2018-02 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative effect adjustment resulting from changes in accounting principles | (76,000) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Accounting Standards Update 2016-01 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Increase (decrease) in accumulated other comprehensive income | (291,000) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Accounting Standards Update 2018-02 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Increase (decrease) in accumulated other comprehensive income | $ 76,000 |
Consolidated Statements of Co50
Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | $ 68,541 | |||
Other comprehensive income (loss) | $ (136,897) | $ 63,844 | (249,870) | $ 77,748 |
End of period | (395,842) | (395,842) | ||
Net realized and unrealized gains on investments | 69,631 | 40,453 | 118,095 | 92,801 |
Income before income taxes | 229,242 | 160,961 | 440,232 | 345,258 |
Other Cost and Expense, Operating | 593,142 | 616,632 | 1,203,581 | 1,220,332 |
Tax effect | (48,464) | (51,388) | (91,881) | (111,011) |
Net income before noncontrolling interests | 180,778 | 109,573 | 348,351 | 234,247 |
Net change in period | (104,455) | 20,247 | (91,656) | 42,982 |
Other comprehensive income (loss), pre-tax | (144,943) | 88,529 | (292,992) | 101,693 |
Other comprehensive income (loss), tax effect | 8,046 | (24,685) | 43,122 | (23,945) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (258,982) | 69,491 | (145,998) | |
Other comprehensive income (loss) before reclassifications | (133,898) | 89,562 | (239,288) | 132,291 |
Amounts reclassified from AOCI | (2,999) | (25,718) | (10,582) | (54,543) |
Other comprehensive income (loss) | (136,897) | 63,844 | (249,870) | 77,748 |
Unrealized investment loss related to noncontrolling interest | 37 | (33) | 26 | (14) |
End of period | (395,842) | 133,302 | (395,842) | 133,302 |
Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Income before income taxes | (3,796) | (39,566) | (13,395) | (83,912) |
Tax effect | 797 | 13,848 | 2,813 | 29,369 |
Net income before noncontrolling interests | (2,999) | (25,718) | (10,582) | (54,543) |
Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | 35,099 | 418,342 | 160,882 | |
Other comprehensive income (loss) before reclassifications | (29,443) | 69,315 | (147,632) | 89,309 |
Amounts reclassified from AOCI | (2,999) | (25,718) | (10,582) | (54,543) |
Other comprehensive income (loss) | (32,442) | 43,597 | (158,214) | 34,766 |
Unrealized investment loss related to noncontrolling interest | 37 | (33) | 26 | (14) |
End of period | 2,694 | 461,906 | 2,694 | 461,906 |
Unrealized investment gains, pre-tax | (40,488) | 68,282 | (201,336) | 58,711 |
Unrealized investment gains, tax effect | 8,046 | (24,685) | 43,122 | (23,945) |
Unrealized investment gains (losses), after-tax amounts | (32,442) | 43,597 | (158,214) | 34,766 |
Unrealized Investment Gains (Losses) | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Net realized and unrealized gains on investments | (3,796) | (39,566) | (13,395) | (83,912) |
Tax effect | 797 | 13,848 | 2,813 | 29,369 |
Net income before noncontrolling interests | (2,999) | (25,718) | (10,582) | (54,543) |
Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (294,081) | (348,851) | (306,880) | |
Other comprehensive income (loss) before reclassifications | (104,455) | 20,247 | (91,656) | 42,982 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (104,455) | 20,247 | (91,656) | 42,982 |
Unrealized investment loss related to noncontrolling interest | 0 | 0 | 0 | 0 |
End of period | (398,536) | (328,604) | (398,536) | (328,604) |
Currency translation adjustment, pre-tax | (104,455) | 20,247 | (91,656) | 42,982 |
Currency translation adjustment, tax effect | 0 | 0 | 0 | 0 |
Net change in period | (104,455) | 20,247 | (91,656) | 42,982 |
Currency Translation Adjustments | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Income before income taxes | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Net income before noncontrolling interests | $ 0 | $ 0 | 0 | 0 |
Scenario, Previously Reported | Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | 68,541 | 55,568 | ||
Scenario, Previously Reported | Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | 375,421 | 427,154 | ||
Scenario, Previously Reported | Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (306,880) | $ (371,586) | ||
Restatement Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (214,539) | |||
Restatement Adjustment | Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (214,539) | |||
Restatement Adjustment | Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | $ 0 |
Statements of Cash Flow (Detail
Statements of Cash Flow (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest payments | $ 72,878,000 | $ 72,528,000 |
Income taxes paid | $ 111,000,000 | $ 145,123,000 |
Investments in Fixed Maturity52
Investments in Fixed Maturity Securities (Investments in fixed maturity securities) (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total held to maturity, Amortized Cost | $ 79,086,000 | $ 79,332,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Gain | 12,663,000 | 15,726,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Total held to maturity, Fair Value | 91,749,000 | 95,058,000 |
Total held to maturity, Carrying Value | 79,086,000 | 79,332,000 |
Total available for sale, Amortized Cost | 13,106,870,000 | 13,242,580,000 |
Total available for sale, Gross Unrealized Gains | 192,300,000 | 289,567,000 |
Total available for sale, Gross Unrealized Losses | (159,527,000) | (60,229,000) |
Total available for sale, Fair Value | 13,139,643,000 | 13,471,918,000 |
Total available for sale, Carrying Value | 13,139,643,000 | 13,471,918,000 |
Total investments in fixed maturity securities, Amortized Value | 13,185,956,000 | 13,321,912,000 |
Total investments in fixed maturity securities, Gross Unrealized Gains | 204,963,000 | 305,293,000 |
Total investments in fixed maturity securities, Gross Unrealized Losses | (159,527,000) | (60,229,000) |
Total investments in fixed maturity securities, Fair Value | 13,231,392,000 | 13,566,976,000 |
Total investments in fixed maturity securities, Carrying Value | 13,218,729,000 | 13,551,250,000 |
U.S. government and government agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 482,639,000 | 372,748,000 |
Total available for sale, Gross Unrealized Gains | 5,257,000 | 8,824,000 |
Total available for sale, Gross Unrealized Losses | (6,263,000) | (3,832,000) |
Total available for sale, Fair Value | 481,633,000 | 377,740,000 |
Total available for sale, Carrying Value | 481,633,000 | 377,740,000 |
Special revenue | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 2,529,100,000 | 2,663,245,000 |
Total available for sale, Gross Unrealized Gains | 32,331,000 | 53,512,000 |
Total available for sale, Gross Unrealized Losses | (25,828,000) | (10,027,000) |
Total available for sale, Fair Value | 2,535,603,000 | 2,706,730,000 |
Total available for sale, Carrying Value | 2,535,603,000 | 2,706,730,000 |
State general obligation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 339,685,000 | 439,358,000 |
Total available for sale, Gross Unrealized Gains | 10,749,000 | 16,087,000 |
Total available for sale, Gross Unrealized Losses | (1,814,000) | (711,000) |
Total available for sale, Fair Value | 348,620,000 | 454,734,000 |
Total available for sale, Carrying Value | 348,620,000 | 454,734,000 |
Pre-refunded | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 429,119,000 | 436,241,000 |
Total available for sale, Gross Unrealized Gains | 18,829,000 | 22,701,000 |
Total available for sale, Gross Unrealized Losses | (103,000) | (9,000) |
Total available for sale, Fair Value | 447,845,000 | 458,933,000 |
Total available for sale, Carrying Value | 447,845,000 | 458,933,000 |
Corporate backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 325,752,000 | 375,268,000 |
Total available for sale, Gross Unrealized Gains | 7,278,000 | 10,059,000 |
Total available for sale, Gross Unrealized Losses | (1,643,000) | (860,000) |
Total available for sale, Fair Value | 331,387,000 | 384,467,000 |
Total available for sale, Carrying Value | 331,387,000 | 384,467,000 |
Local general obligation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 387,745,000 | 417,955,000 |
Total available for sale, Gross Unrealized Gains | 16,485,000 | 23,242,000 |
Total available for sale, Gross Unrealized Losses | (2,831,000) | (967,000) |
Total available for sale, Fair Value | 401,399,000 | 440,230,000 |
Total available for sale, Carrying Value | 401,399,000 | 440,230,000 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 4,011,401,000 | 4,332,067,000 |
Total available for sale, Gross Unrealized Gains | 85,672,000 | 125,601,000 |
Total available for sale, Gross Unrealized Losses | (32,219,000) | (12,574,000) |
Total available for sale, Fair Value | 4,064,854,000 | 4,445,094,000 |
Total available for sale, Carrying Value | 4,064,854,000 | 4,445,094,000 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 1,484,207,000 | 1,305,281,000 |
Total available for sale, Gross Unrealized Gains | 6,175,000 | 10,825,000 |
Total available for sale, Gross Unrealized Losses | (31,870,000) | (16,175,000) |
Total available for sale, Fair Value | 1,458,512,000 | 1,299,931,000 |
Total available for sale, Carrying Value | 1,458,512,000 | 1,299,931,000 |
Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 1,116,207,000 | 1,043,629,000 |
Total available for sale, Gross Unrealized Gains | 5,206,000 | 9,304,000 |
Total available for sale, Gross Unrealized Losses | (26,083,000) | (13,547,000) |
Total available for sale, Fair Value | 1,095,330,000 | 1,039,386,000 |
Total available for sale, Carrying Value | 1,095,330,000 | 1,039,386,000 |
Gross unrealized gains (losses) related to securities | 87,647 | 76,467 |
Commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 368,000,000 | 261,652,000 |
Total available for sale, Gross Unrealized Gains | 969,000 | 1,521,000 |
Total available for sale, Gross Unrealized Losses | (5,787,000) | (2,628,000) |
Total available for sale, Fair Value | 363,182,000 | 260,545,000 |
Total available for sale, Carrying Value | 363,182,000 | 260,545,000 |
Asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 2,356,736,000 | 2,111,132,000 |
Total available for sale, Gross Unrealized Gains | 11,263,000 | 11,024,000 |
Total available for sale, Gross Unrealized Losses | (13,084,000) | (10,612,000) |
Total available for sale, Fair Value | 2,354,915,000 | 2,111,544,000 |
Total available for sale, Carrying Value | 2,354,915,000 | 2,111,544,000 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 4,004,470,000 | 4,302,007,000 |
Total available for sale, Gross Unrealized Gains | 43,940,000 | 101,275,000 |
Total available for sale, Gross Unrealized Losses | (70,221,000) | (14,170,000) |
Total available for sale, Fair Value | 3,978,189,000 | 4,389,112,000 |
Total available for sale, Carrying Value | 3,978,189,000 | 4,389,112,000 |
Industrial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 2,333,914,000 | 2,574,400,000 |
Total available for sale, Gross Unrealized Gains | 19,159,000 | 52,210,000 |
Total available for sale, Gross Unrealized Losses | (44,380,000) | (7,718,000) |
Total available for sale, Fair Value | 2,308,693,000 | 2,618,892,000 |
Total available for sale, Carrying Value | 2,308,693,000 | 2,618,892,000 |
Financial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 1,355,554,000 | 1,402,161,000 |
Total available for sale, Gross Unrealized Gains | 16,775,000 | 37,744,000 |
Total available for sale, Gross Unrealized Losses | (19,375,000) | (5,138,000) |
Total available for sale, Fair Value | 1,352,954,000 | 1,434,767,000 |
Total available for sale, Carrying Value | 1,352,954,000 | 1,434,767,000 |
Utilities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 273,223,000 | 284,886,000 |
Total available for sale, Gross Unrealized Gains | 8,004,000 | 11,316,000 |
Total available for sale, Gross Unrealized Losses | (6,201,000) | (1,248,000) |
Total available for sale, Fair Value | 275,026,000 | 294,954,000 |
Total available for sale, Carrying Value | 275,026,000 | 294,954,000 |
Other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 41,779,000 | 40,560,000 |
Total available for sale, Gross Unrealized Gains | 2,000 | 5,000 |
Total available for sale, Gross Unrealized Losses | (265,000) | (66,000) |
Total available for sale, Fair Value | 41,516,000 | 40,499,000 |
Total available for sale, Carrying Value | 41,516,000 | 40,499,000 |
Foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 767,417,000 | 819,345,000 |
Total available for sale, Gross Unrealized Gains | 39,993,000 | 32,018,000 |
Total available for sale, Gross Unrealized Losses | (5,870,000) | (2,866,000) |
Total available for sale, Fair Value | 801,540,000 | 848,497,000 |
Total available for sale, Carrying Value | 801,540,000 | 848,497,000 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total held to maturity, Amortized Cost | 67,049,000 | 65,882,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Gain | 11,828,000 | 14,499,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Total held to maturity, Fair Value | 78,877,000 | 80,381,000 |
Total held to maturity, Carrying Value | 67,049,000 | 65,882,000 |
Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total held to maturity, Amortized Cost | 12,037,000 | 13,450,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Gain | 835,000 | 1,227,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Total held to maturity, Fair Value | 12,872,000 | 14,677,000 |
Total held to maturity, Carrying Value | $ 12,037,000 | $ 13,450,000 |
Investments In Fixed Maturity53
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities (Amortized cost and fair value of fixed maturity securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 841,253 | |
Amortized Cost, Due after one year through five years | 4,392,395 | |
Amortized Cost, Due after five years through ten years | 3,042,177 | |
Amortized Cost, Due after ten years | 3,413,887 | |
Amortized Cost, Mortgaged-backed securities | 1,496,244 | |
Total investments in fixed maturity securities, Amortized Value | 13,185,956 | $ 13,321,912 |
Fair Value, Due in one year or less | 849,860 | |
Fair Value, Due after one year through five years | 4,428,769 | |
Fair Value, Due after five years through ten years | 3,074,332 | |
Fair Value, Due after ten years | 3,407,047 | |
Fair Value, Mortgage-backed securities | 1,471,384 | |
Total investments in fixed maturity securities, Fair Value | $ 13,231,392 | $ 13,566,976 |
Investments in Equity Securit54
Investments in Equity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | $ 472,389 | $ 576,647 |
Fair Value | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 250,603 | 206,005 |
Gross Unrealized, Gains | 232,120 | 375,199 |
Gross Unrealized, Losses | (10,334) | (4,557) |
Equity securities | 472,389 | 576,647 |
Fair Value | Common stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 126,453 | 81,855 |
Gross Unrealized, Gains | 170,313 | 272,309 |
Gross Unrealized, Losses | (8,739) | (1,960) |
Equity securities | 288,027 | 352,204 |
Fair Value | Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 124,150 | 124,150 |
Gross Unrealized, Gains | 61,807 | 102,890 |
Gross Unrealized, Losses | (1,595) | (2,597) |
Equity securities | 184,362 | 224,443 |
Carrying Value | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | 472,389 | 576,647 |
Carrying Value | Common stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | 288,027 | 352,204 |
Carrying Value | Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | $ 184,362 | $ 224,443 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Arbitrage trading account | $ 721,088 | $ 617,649 |
Long | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 200 | |
Notional amount of derivative | 15,000 | |
Short | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 300 | |
Notional amount of derivative | $ 16,400 |
Net Investment Income (Details)
Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Investment Income [Line Items] | ||||
Gross investment income | $ 154,447 | $ 137,036 | $ 330,452 | $ 287,596 |
Investment expense | (670) | (1,772) | (2,157) | (3,473) |
Net investment income | 153,777 | 135,264 | 328,295 | 284,123 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 129,665 | 116,796 | 252,911 | 229,142 |
Investment funds | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 12,716 | 8,895 | 53,070 | 35,544 |
Arbitrage trading account | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 8,333 | 5,457 | 13,524 | 11,817 |
Real estate | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 3,174 | 5,286 | 9,742 | 9,852 |
Equity securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | $ 559 | $ 602 | $ 1,205 | $ 1,241 |
Investment Funds Investment Fun
Investment Funds Investment Funds (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Unfunded commitments | $ 319,000 | ||
Investment funds | 1,208,586 | $ 1,155,677 | |
Income (Loss) from Investment Funds | $ 35,544 | 53,070 | |
Real estate | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 622,796 | 606,995 | |
Income (Loss) from Investment Funds | 19,518 | 35,826 | |
Energy | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 76,406 | 82,882 | |
Income (Loss) from Investment Funds | (8,639) | (1,256) | |
Other funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 509,384 | $ 465,800 | |
Income (Loss) from Investment Funds | $ 24,665 | $ 18,500 |
Real Estate Real Estate (Detail
Real Estate Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Real Estate [Abstract] | ||
Properties in operation | $ 767,882 | $ 451,691 |
Properties under development | 1,115,740 | 1,017,910 |
Total | $ 1,883,622 | $ 1,469,601 |
Real Estate Real Estate (Narrat
Real Estate Real Estate (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 36,170,000 | $ 25,646,000 | |
Real estate depreciation expense | 10,784,000 | $ 3,604,000 | |
Lease future minimum payments 2017 | 26,207,569 | ||
Lease future minimum payments 2018 | 54,753,308 | ||
Lease future minimum payments 2019 | 53,482,025 | ||
Lease future minimum payments 2020 | 52,568,588 | ||
Lease future minimum payments 2021 | 48,834,325 | ||
Lease future minimum payments 2022 | 42,215,085 | ||
Lease future minimum payments there after | $ 500,806,048 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, gross | $ 98,088 | $ 98,088 | $ 79,684 | ||
Loans receivable | 100,400 | 100,400 | 82,047 | ||
Valuation allowance, specific | 1,200 | 1,200 | 1,200 | ||
Valuation allowance, general | 2,183 | 2,183 | 2,183 | ||
Valuation allowance of loans receivable | 3,383 | 3,383 | 3,383 | ||
Decrease in valuation allowance | 0 | $ 0 | 0 | $ (14) | |
Loans in nonaccrual status | 1,500 | 1,500 | 4,300 | ||
Real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, gross | 62,986 | 62,986 | 66,057 | ||
Loans receivable | 63,796 | 63,796 | 66,917 | ||
Commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, gross | 35,102 | 35,102 | 13,627 | ||
Loans receivable | $ 36,604 | $ 36,604 | $ 15,130 |
Realized And Unrealized Inves61
Realized And Unrealized Investment Gains (Losses) on Investments (Realized and unrealized investmetns gains(losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Fixed maturity securities, gains | $ 7,921 | $ 7,427 | $ 21,260 | $ 13,032 |
Fixed maturity securities, losses | (4,125) | 0 | (7,865) | (3,965) |
Net realized gains on investment sales | 119,422 | 32,139 | 241,743 | 74,846 |
Change in unrealized gains | (54,652) | 0 | (148,857) | 0 |
Investment funds | (353) | (112) | (234) | 1,155 |
Real estate | (402) | (364) | 7,596 | 2,936 |
Loans receivable | 1 | 0 | 2,059 | 0 |
Other | 1,819 | 1,363 | 2,393 | 4,797 |
Net realized and unrealized gains on investments in earnings before OTTI | 69,631 | 40,453 | 118,095 | 92,801 |
Other-than-temporary impairments | 0 | 0 | 0 | 0 |
Net realized and unrealized gains on investments in earnings | 69,631 | 40,453 | 118,095 | 92,801 |
Income tax expense | (14,623) | (14,159) | (24,800) | (32,480) |
After-tax net realized and unrealized gains on investments in earnings | $ 55,008 | $ 26,294 | $ 93,295 | $ 60,321 |
Realized And Unrealized Inves62
Realized And Unrealized Investment Gains (Losses) on Investments (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||||||
Total change in unrealized investment gains | $ (40,488) | $ 68,282 | $ (201,336) | $ 58,711 | ||
Income tax benefit (expense) | 8,118 | (24,713) | 43,194 | (23,973) | ||
Noncontrolling interests | 37 | (5) | 26 | 14 | ||
Total change in unrealized gains | (32,333) | 43,564 | (158,116) | 34,752 | ||
Increase (decrease) in accumulated other comprehensive income | (395,842) | (395,842) | $ 68,541 | |||
Debt securities | ||||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||||
Total change in unrealized investment gains | (36,848) | 56,857 | (196,575) | 94,841 | ||
Previously impaired fixed maturity securities | ||||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||||
Total change in unrealized investment gains | (2) | 743 | 11 | 844 | ||
Equity securities | ||||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||||
Total change in unrealized investment gains | 0 | 6,176 | 0 | (42,686) | ||
Investment funds | ||||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||||
Total change in unrealized investment gains | $ (3,638) | $ 4,506 | $ (4,772) | $ 5,712 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Accounting Standards Update 2016-01 | ||||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||||
Increase (decrease) in accumulated other comprehensive income | $ (291,000) |
Fixed Maturity Securities In 63
Fixed Maturity Securities In An Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 6,402,677 | $ 3,783,769 |
Gross Unrealized Losses, Less than 12 Months | 120,766 | 31,682 |
Fair Value, 12 Months or Greater | 1,107,459 | 1,155,860 |
Gross Unrealized Losses, 12 Months or Greater | 38,761 | 28,547 |
Fair Value, Total | 7,510,136 | 4,939,629 |
Gross Unrealized Losses, Total | 159,527 | 60,229 |
U.S. government and government agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 245,718 | 92,167 |
Gross Unrealized Losses, Less than 12 Months | 2,852 | 1,491 |
Fair Value, 12 Months or Greater | 93,232 | 72,055 |
Gross Unrealized Losses, 12 Months or Greater | 3,411 | 2,341 |
Fair Value, Total | 338,950 | 164,222 |
Gross Unrealized Losses, Total | 6,263 | 3,832 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,406,792 | 735,972 |
Gross Unrealized Losses, Less than 12 Months | 22,540 | 5,944 |
Fair Value, 12 Months or Greater | 302,403 | 345,755 |
Gross Unrealized Losses, 12 Months or Greater | 9,679 | 6,630 |
Fair Value, Total | 1,709,195 | 1,081,727 |
Gross Unrealized Losses, Total | 32,219 | 12,574 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 859,133 | 480,435 |
Gross Unrealized Losses, Less than 12 Months | 17,171 | 5,110 |
Fair Value, 12 Months or Greater | 328,074 | 373,956 |
Gross Unrealized Losses, 12 Months or Greater | 14,699 | 11,065 |
Fair Value, Total | 1,187,207 | 854,391 |
Gross Unrealized Losses, Total | 31,870 | 16,175 |
Asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,538,222 | 1,127,309 |
Gross Unrealized Losses, Less than 12 Months | 12,216 | 8,298 |
Fair Value, 12 Months or Greater | 160,722 | 167,412 |
Gross Unrealized Losses, 12 Months or Greater | 868 | 2,314 |
Fair Value, Total | 1,698,944 | 1,294,721 |
Gross Unrealized Losses, Total | 13,084 | 10,612 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 2,171,776 | 1,103,747 |
Gross Unrealized Losses, Less than 12 Months | 61,233 | 8,224 |
Fair Value, 12 Months or Greater | 155,159 | 170,858 |
Gross Unrealized Losses, 12 Months or Greater | 8,988 | 5,946 |
Fair Value, Total | 2,326,935 | 1,274,605 |
Gross Unrealized Losses, Total | 70,221 | 14,170 |
Foreign government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 181,036 | 244,139 |
Gross Unrealized Losses, Less than 12 Months | 4,754 | 2,615 |
Fair Value, 12 Months or Greater | 67,869 | 25,824 |
Gross Unrealized Losses, 12 Months or Greater | 1,116 | 251 |
Fair Value, Total | 248,905 | 269,963 |
Gross Unrealized Losses, Total | $ 5,870 | $ 2,866 |
Fixed Maturity Securities In 64
Fixed Maturity Securities In An Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) $ in Thousands | Jun. 30, 2018USD ($)position | Dec. 31, 2017USD ($) |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | $ 1,187,207 | $ 854,391 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | 2,326,935 | 1,274,605 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | $ 1,698,944 | $ 1,294,721 |
Noninvestment Grade Investments at Loss Position | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 33 | |
Aggregate Fair Value | $ 156,735 | |
Gross Unrealized Loss | $ 7,106 | |
Noninvestment Grade Investments at Loss Position | Foreign government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 12 | |
Aggregate Fair Value | $ 51,383 | |
Gross Unrealized Loss | $ 2,773 | |
Noninvestment Grade Investments at Loss Position | Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 4 | |
Aggregate Fair Value | $ 3,477 | |
Gross Unrealized Loss | $ 28 | |
Noninvestment Grade Investments at Loss Position | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 13 | |
Aggregate Fair Value | $ 97,985 | |
Gross Unrealized Loss | $ 4,199 | |
Noninvestment Grade Investments at Loss Position | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | position | 3 | |
Aggregate Fair Value | $ 268 | |
Gross Unrealized Loss | $ 104 | |
Noninvestment Grade Investments at Loss Position | State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 1 | |
Aggregate Fair Value | $ 3,622 | |
Gross Unrealized Loss | $ 2 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Total fixed maturity securities available for sale | $ 13,139,643 | $ 13,471,918 |
Equity securities | 472,389 | 576,647 |
Arbitrage trading account | 721,088 | 617,649 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 13,139,643 | 13,471,918 |
Equity securities | 472,389 | 576,647 |
Arbitrage trading account | 721,088 | 617,649 |
Assets, fair value disclosure | 14,333,120 | 14,666,214 |
Liabilities: | ||
Securities sold but not yet purchased | 90,281 | 64,358 |
Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 481,633 | 377,740 |
Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,064,854 | 4,445,094 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,458,512 | 1,299,931 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,354,915 | 2,111,544 |
Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 3,978,189 | 4,389,112 |
Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 801,540 | 848,497 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 288,027 | 352,204 |
Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 184,362 | 224,443 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 279,102 | 342,834 |
Arbitrage trading account | 446,901 | 471,420 |
Assets, fair value disclosure | 726,003 | 814,254 |
Liabilities: | ||
Securities sold but not yet purchased | 90,281 | 64,358 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 279,102 | 342,834 |
Level 1 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 13,139,542 | 13,471,746 |
Equity securities | 173,518 | 213,600 |
Arbitrage trading account | 274,187 | 146,229 |
Assets, fair value disclosure | 13,587,247 | 13,831,575 |
Liabilities: | ||
Securities sold but not yet purchased | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 481,633 | 377,740 |
Level 2 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,064,854 | 4,445,094 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,458,512 | 1,299,931 |
Level 2 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,354,814 | 2,111,372 |
Level 2 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 3,978,189 | 4,389,112 |
Level 2 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 801,540 | 848,497 |
Level 2 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 173,518 | 213,600 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 101 | 172 |
Equity securities | 19,769 | 20,213 |
Arbitrage trading account | 0 | 0 |
Assets, fair value disclosure | 19,870 | 20,385 |
Liabilities: | ||
Securities sold but not yet purchased | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 101 | 172 |
Level 3 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 8,925 | 9,370 |
Level 3 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | $ 10,844 | $ 10,843 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, impairments | $ 0 | $ 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 20,385 | 12,599 |
Assets, earnings | (475) | 19 |
Assets, other comprehensive income | 46 | 650 |
Assets, purchases | 3,882 | 7,173 |
Assets, (sales) | (126) | (56) |
Assets. transfers out | (3,842) | 0 |
Assets, ending balance | 19,870 | |
Level 3 | Debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 172 | 183 |
Assets, earnings | (2) | 3 |
Assets, other comprehensive income | 46 | 34 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | (115) | (48) |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 101 | |
Level 3 | Asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 172 | 183 |
Assets, earnings | (2) | 3 |
Assets, other comprehensive income | 46 | 34 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | (115) | (48) |
Assets, maturities | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 101 | |
Level 3 | Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 20,213 | 12,416 |
Assets, earnings | (444) | 8 |
Assets, other comprehensive income | 0 | 616 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 7,173 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 19,769 | |
Level 3 | Common stock | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 9,370 | 8,754 |
Assets, earnings | (445) | 0 |
Assets, other comprehensive income | 0 | 616 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 8,925 | |
Level 3 | Preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 10,843 | 3,662 |
Assets, earnings | 1 | 8 |
Assets, other comprehensive income | 0 | 0 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 7,173 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 10,844 | |
Level 3 | Arbitrage trading account | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 0 | 0 |
Assets, earnings | (29) | 8 |
Assets, other comprehensive income | 0 | 0 |
Assets, impairments | 0 | 0 |
Assets, purchases | 3,882 | 0 |
Assets, (sales) | (11) | (8) |
Assets. transfers out | 3,842 | $ 0 |
Assets, ending balance | $ 0 |
Reserves for Loss and Loss Ex67
Reserves for Loss and Loss Expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 10,056,914 | $ 9,590,265 | |
Net provision for losses and loss expenses: | |||
Claims occurring during the current year | 1,916,140 | 1,926,394 | |
Decrease in estimates for claims occurring in prior years | (246) | (6,459) | |
Loss reserve discount accretion | 20,962 | 24,367 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 1,936,856 | 1,944,302 | |
Net payments for claims: | |||
Current year | 316,567 | 315,437 | |
Prior year | 1,527,522 | 1,432,828 | |
Total | 1,844,089 | 1,748,265 | |
Foreign currency translation | (72,351) | 37,097 | |
Net reserves at end of period | 10,077,330 | 9,823,399 | |
Ceded reserves at end of period | 1,659,245 | 1,500,868 | |
Gross reserves at end of period | $ 11,736,575 | $ 11,324,267 | $ 11,670,408 |
Reserves for Loss and Loss Ex68
Reserves for Loss and Loss Expenses (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net of loss reserve discounts | $ 12,818 | $ 11,349 | ||
Decrease in estimates for claims | 6,132 | 14,873 | ||
Adjustment expense | 19,000 | 24,000 | ||
Insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Adjustment expense | 19,300 | 23,600 | ||
Favorable reserve development net of premium offsets | 26,500 | 49,400 | ||
Reinsurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Unfavorable reserve development net of premium offsets | $ 7,200 | $ 25,800 | ||
Reinsurance reserves ogden discount rate | (0.75%) | 2.50% |
Fair Value of Financial Instr69
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Arbitrage trading account | $ 721,088 | $ 617,649 |
Loans receivable | 100,400 | 82,047 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 13,218,729 | 13,551,250 |
Equity securities | 472,389 | 576,647 |
Arbitrage trading account | 721,088 | 617,649 |
Loans receivable | 98,088 | 79,684 |
Cash and cash equivalents | 911,202 | 950,471 |
Trading account receivables from brokers and clearing organizations | 119,628 | 189,280 |
Liabilities: | ||
Due to broker | 62,522 | 15,920 |
Trading account securities sold but not yet purchased | 90,281 | 64,358 |
Subordinated debentures | 907,117 | 728,218 |
Senior notes and other debt | 1,792,055 | 1,769,052 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 13,231,392 | 13,566,976 |
Equity securities | 472,389 | 576,647 |
Arbitrage trading account | 721,088 | 617,649 |
Loans receivable | 100,400 | 82,047 |
Cash and cash equivalents | 911,202 | 950,471 |
Trading account receivables from brokers and clearing organizations | 119,628 | 189,280 |
Liabilities: | ||
Due to broker | 62,522 | 15,920 |
Trading account securities sold but not yet purchased | 90,281 | 64,358 |
Subordinated debentures | 929,297 | 769,060 |
Senior notes and other debt | $ 1,918,004 | $ 1,945,313 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Written premiums: | |||||
Written premiums, direct | $ 1,785,266 | $ 1,727,014 | $ 3,572,501 | $ 3,448,076 | |
Written premiums, assumed | 162,808 | 160,139 | 354,995 | 375,283 | |
Written premiums, ceded | (323,970) | (322,902) | (638,054) | (612,270) | |
Total net premiums written | 1,624,104 | 1,564,251 | 3,289,442 | 3,211,089 | |
Earned premiums: | |||||
Earned premiums, direct | 1,705,277 | 1,666,938 | 3,379,827 | 3,280,302 | |
Earned premiums, assumed | 180,509 | 193,683 | 369,375 | 402,310 | |
Earned premiums, ceded | (304,733) | (291,918) | (600,741) | (543,868) | |
Net premiums earned | 1,581,053 | 1,568,703 | 3,148,461 | 3,138,744 | |
Ceded losses and loss expenses incurred | 161,073 | 142,609 | 400,068 | 177,801 | |
Ceded commissions earned | 65,922 | $ 57,752 | 132,278 | $ 114,302 | |
Uncollectible reinsurance | $ 1,000 | $ 1,000 | $ 1,000 |
Restricted Stock Units (Summary
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 18,000 | $ 21,000 |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted stock units (in units) | 13,025 | 6,020,000 |
Fair Value | $ 963 | $ 405 |
Minimum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 3 years | |
Maximum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 5 years |
Business Segments (Financial In
Business Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)segment | Jun. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Earned Premiums | $ 1,581,053 | $ 1,568,703 | $ 3,148,461 | $ 3,138,744 |
Investment Income | 153,777 | 135,264 | 328,295 | 284,123 |
Other | 176,086 | 144,082 | 325,407 | 295,600 |
Total revenues | 1,910,916 | 1,848,049 | 3,802,163 | 3,718,467 |
Pre-Tax Income (Loss) | 229,242 | 160,961 | 440,232 | 345,258 |
Net Income (Loss) to Common Stockholders | 180,075 | 109,004 | 346,472 | 232,451 |
Net investment gains | 69,631 | 40,453 | 118,095 | 92,801 |
Net investment gains, net of tax | 55,009 | 26,294 | 93,295 | 60,321 |
Corporate, other and eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 0 | 0 | 0 | 0 |
Investment Income | 17,321 | 11,054 | 31,327 | 23,226 |
Other | 87,748 | 80,645 | 169,637 | 161,528 |
Total revenues | 105,069 | 91,699 | 200,964 | 184,754 |
Pre-Tax Income (Loss) | (59,744) | (80,397) | (140,838) | (153,034) |
Net Income (Loss) to Common Stockholders | (47,918) | (52,056) | (113,087) | (99,311) |
Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 1,456,008 | 1,415,586 | 2,888,345 | 2,828,755 |
Insurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 1,456,008 | 1,415,586 | 2,888,345 | 2,828,755 |
Investment Income | 114,333 | 102,719 | 250,195 | 214,628 |
Other | 18,707 | 22,984 | 37,675 | 41,271 |
Total revenues | 1,589,048 | 1,541,289 | 3,176,215 | 3,084,654 |
Pre-Tax Income (Loss) | 198,052 | 186,134 | 427,080 | 386,127 |
Net Income (Loss) to Common Stockholders | 156,200 | 124,442 | 337,826 | 257,458 |
Reinsurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 125,045 | 153,117 | 260,116 | 309,989 |
Reinsurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 125,045 | 153,117 | 260,116 | 309,989 |
Investment Income | 22,123 | 21,491 | 46,773 | 46,269 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 147,168 | 174,608 | 306,889 | 356,258 |
Pre-Tax Income (Loss) | 21,303 | 14,771 | 35,895 | 19,364 |
Net Income (Loss) to Common Stockholders | 16,784 | 10,324 | 28,438 | 13,983 |
Re-insurance - International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 55,000 | 50,000 | 112,000 | 101,000 |
Net investment gains | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 0 | 0 | 0 | 0 |
Investment Income | 0 | 0 | 0 | 0 |
Insurance-International Segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 176,000 | $ 168,000 | $ 359,000 | $ 347,000 |
Business Segments (Identifiable
Business Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 24,621,144 | $ 24,299,917 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 19,219,312 | 19,263,193 |
Operating Segments | Reinsurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 2,929,066 | 3,169,731 |
Corporate, other and eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 2,472,766 | $ 1,866,993 |
Business Segments (Net Premiums
Business Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue from External Customer [Line Items] | ||||
Net premiums earned | $ 1,581,053 | $ 1,568,703 | $ 3,148,461 | $ 3,138,744 |
Insurance | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 1,456,008 | 1,415,586 | 2,888,345 | 2,828,755 |
Insurance | Other liability | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 474,721 | 460,059 | 938,889 | 911,889 |
Insurance | Workers’ compensation | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 377,346 | 366,950 | 743,295 | 728,086 |
Insurance | Property | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 288,398 | 282,623 | 583,503 | 579,413 |
Insurance | Commercial automobile | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 175,812 | 169,599 | 351,010 | 340,170 |
Insurance | Professional liability | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 139,731 | 136,355 | 271,648 | 269,197 |
Reinsurance | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 125,045 | 153,117 | 260,116 | 309,989 |
Reinsurance | Property | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 38,204 | 59,905 | 82,705 | 122,037 |
Reinsurance | Casualty | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | $ 86,841 | $ 93,212 | $ 177,411 | $ 187,952 |