Document and Entity Informatio
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 122,013,621 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 7,014,828,524 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Net premiums written | $ 6,433,227 | $ 6,260,508 | $ 6,423,913 |
Change in net unearned premiums | (61,722) | 50,911 | (130,565) |
Net premiums earned | 6,371,505 | 6,311,419 | 6,293,348 |
Net investment income | 674,235 | 575,788 | 564,163 |
Net realized and unrealized gains on investments: | |||
Net realized and unrealized gains before OTTI | 160,175 | 335,858 | 285,119 |
Other-than-temporary impairments (OTTI) | (5,687) | 0 | (18,114) |
Net realized and unrealized gains on investments | 154,488 | 335,858 | 267,005 |
Revenues from non-insurance businesses | 372,985 | 326,165 | 390,348 |
Insurance service fees | 117,757 | 134,729 | 138,944 |
Other income | 681 | 805 | 376 |
Total revenues | 7,691,651 | 7,684,764 | 7,654,184 |
OPERATING COSTS AND EXPENSES: | |||
Losses and loss expenses | 3,974,702 | 4,002,348 | 3,845,800 |
Other operating costs and expenses | 2,383,221 | 2,436,932 | 2,395,619 |
Expenses from non-insurance businesses | 364,449 | 325,417 | 375,431 |
Interest expense | 157,185 | 147,297 | 140,896 |
Total operating costs and expenses | 6,879,557 | 6,911,994 | 6,757,746 |
Income before income taxes | 812,094 | 772,770 | 896,438 |
Income tax expense | (163,028) | (219,433) | (292,953) |
Net income before noncontrolling interests | 649,066 | 553,337 | 603,485 |
Noncontrolling interests | (8,317) | (4,243) | (1,569) |
Net income to common stockholders | $ 640,749 | $ 549,094 | $ 601,916 |
NET INCOME PER SHARE: | |||
Basic (dollars per share) | $ 5.06 | $ 4.40 | $ 4.91 |
Diluted (dollars per share) | $ 5 | $ 4.26 | $ 4.68 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments: | ||
Fixed maturity securities | $ 13,606,812 | $ 13,551,250 |
Investment funds | 1,332,818 | 1,155,677 |
Real estate | 1,957,092 | 1,469,601 |
Arbitrage trading account | 452,548 | 617,649 |
Equity securities | 279,006 | 576,647 |
Loans receivable | 94,813 | 79,684 |
Total investments | 17,723,089 | 17,450,508 |
Cash and cash equivalents | 817,602 | 950,471 |
Premiums and fees receivable | 1,807,762 | 1,773,844 |
Due from reinsurers | 1,932,291 | 1,783,200 |
Deferred policy acquisition costs | 497,629 | 507,549 |
Prepaid reinsurance premiums | 498,880 | 472,009 |
Trading account receivable from brokers and clearing organizations | 347,228 | 189,280 |
Property, furniture and equipment | 416,372 | 422,960 |
Goodwill | 173,037 | 178,945 |
Accrued investment income | 144,481 | 136,597 |
Current federal and foreign income taxes | 703 | 0 |
Deferred federal and foreign income taxes | 35,490 | 0 |
Other assets | 501,413 | 434,554 |
Total assets | 24,895,977 | 24,299,917 |
Liabilities: | ||
Reserves for losses and loss expenses | 11,966,448 | 11,670,408 |
Unearned premiums | 3,359,991 | 3,290,180 |
Due to reinsurers | 256,917 | 246,460 |
Trading account securities sold but not yet purchased | 38,120 | 64,358 |
Current federal and foreign income taxes | 0 | 11,327 |
Deferred federal and foreign income taxes | 0 | 86,764 |
Other liabilities | 1,005,184 | 981,987 |
Senior notes and other debt | 1,882,028 | 1,769,052 |
Subordinated debentures | 907,491 | 728,218 |
Total liabilities | 19,416,179 | 18,848,754 |
Equity: | ||
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,995,760 and 121,514,852 shares, respectively | 47,024 | 47,024 |
Additional paid-in capital | 1,063,144 | 1,048,283 |
Retained earnings | 7,558,619 | 6,956,882 |
Accumulated other comprehensive (loss) income | (510,470) | 68,541 |
Treasury stock, at cost, 113,122,158 and 113,603,066 shares, respectively | (2,720,466) | (2,709,386) |
Total common stockholders’ equity | 5,437,851 | 5,411,344 |
Noncontrolling interests | 41,947 | 39,819 |
Total equity | 5,479,798 | 5,451,163 |
Total liabilities and equity | $ 24,895,977 | $ 24,299,917 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (shares) | 0 | 0 |
Preferred stock, outstanding (shares) | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.20 | $ 0.20 |
Common stock, authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, issued (shares) | 121,995,760 | 121,514,852 |
Common stock, outstanding (shares) | 121,995,760 | 121,514,852 |
Treasury stock, at cost (shares) | 113,122,158 | 113,603,066 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stocks | Additional Paid In Capital | Retained earnings | Accumulated Other Comprehensive (Loss) Income | Unrealized investment (losses) gains | Currency translation adjustments | Treasury Stock | Noncontrolling Interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 0 | $ 0 | |||||||
Beginning of period at Dec. 31, 2015 | $ 47,024 | $ 1,005,455 | 6,178,070 | 180,695 | $ (247,393) | $ (2,563,605) | $ 32,962 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (3,594) | ||||||||
Restricted stock units expensed | 35,585 | ||||||||
Unrealized (losses) gains on securities not other-than-temporarily impaired | $ 246,518 | 246,872 | |||||||
Unrealized (losses) gains on other-than-temporarily impaired securities | (413) | ||||||||
Net change in period | (124,193) | (124,193) | |||||||
Stock exercised/vested | 6,495 | ||||||||
Stock issued | 685 | ||||||||
Stock repurchased | (132,392) | ||||||||
(Distributions) contributions | (546) | ||||||||
Net income | 603,485 | 601,916 | 1,569 | ||||||
Dividends | (183,999) | ||||||||
Other comprehensive (loss) income, net of tax | 122,325 | (59) | |||||||
End of period at Dec. 31, 2016 | 47,024 | 1,037,446 | 6,595,987 | $ 55,568 | 427,154 | (371,586) | (2,688,817) | 33,926 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |||||||
Restricted stock units issued | (27,959) | ||||||||
Restricted stock units expensed | 38,796 | ||||||||
Unrealized (losses) gains on securities not other-than-temporarily impaired | (51,752) | (52,628) | |||||||
Unrealized (losses) gains on other-than-temporarily impaired securities | 895 | ||||||||
Net change in period | 64,706 | 64,706 | |||||||
Stock exercised/vested | 26,511 | ||||||||
Stock issued | 727 | ||||||||
Stock repurchased | (47,807) | ||||||||
(Distributions) contributions | 1,631 | ||||||||
Net income | 553,337 | 549,094 | 4,243 | ||||||
Dividends | (188,199) | ||||||||
Other comprehensive (loss) income, net of tax | 12,954 | 12,954 | 64,706 | 19 | |||||
End of period at Dec. 31, 2017 | 5,451,163 | $ 47,024 | 1,048,283 | 6,956,882 | 68,541 | 375,421 | (306,880) | (2,709,386) | 39,819 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 215,939 | (214,539) | (214,539) | 0 | |||||
Restricted stock units issued | (19,547) | ||||||||
Restricted stock units expensed | 34,408 | ||||||||
Unrealized (losses) gains on securities not other-than-temporarily impaired | (252,327) | (252,241) | |||||||
Unrealized (losses) gains on other-than-temporarily impaired securities | (132) | ||||||||
Net change in period | (112,099) | (112,099) | |||||||
Stock exercised/vested | 12,981 | ||||||||
Stock issued | 689 | ||||||||
Stock repurchased | (24,750) | ||||||||
(Distributions) contributions | (6,143) | ||||||||
Net income | 649,066 | 640,749 | 8,317 | ||||||
Dividends | (254,951) | ||||||||
Other comprehensive (loss) income, net of tax | (364,426) | (364,426) | (112,099) | (46) | |||||
End of period at Dec. 31, 2018 | $ 5,479,798 | $ 1,063,144 | $ 7,558,619 | $ (510,470) | $ (91,491) | $ (418,979) | $ (2,720,466) | $ 41,947 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before noncontrolling interests | $ 649,066 | $ 553,337 | $ 603,485 |
Other comprehensive (loss) gain: | |||
Change in unrealized translation adjustments | (112,099) | 64,706 | (124,193) |
Change in unrealized investment (losses) gains, net of taxes | (252,327) | (51,752) | 246,518 |
Other comprehensive (loss) gain | (364,426) | 12,954 | 122,325 |
Comprehensive income | 284,640 | 566,291 | 725,810 |
Comprehensive income to the noncontrolling interest | (8,271) | (4,262) | (1,510) |
Comprehensive income to common stockholders | $ 276,369 | $ 562,029 | $ 724,300 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FROM OPERATING ACTIVITIES: | |||
Net income to common stockholders | $ 640,749 | $ 549,094 | $ 601,916 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Net realized and unrealized gains on investments | (154,488) | (335,858) | (267,005) |
Depreciation and amortization | 131,108 | 112,956 | 86,051 |
Noncontrolling interests | 8,317 | 4,243 | 1,569 |
Investment funds | (109,349) | (69,333) | (99,301) |
Stock incentive plans | 36,591 | 40,490 | 37,174 |
Change in: | |||
Arbitrage trading account | (19,093) | (4,896) | (10,633) |
Premiums and fees receivable | (43,813) | (67,752) | (60,403) |
Reinsurance accounts | (165,287) | (66,542) | (235,455) |
Deferred policy acquisition costs | 7,788 | 30,343 | (25,912) |
Current income taxes | (11,950) | 25,859 | 42,632 |
Deferred income taxes | (74,761) | (16,893) | 9,012 |
Reserves for losses and loss expenses | 339,015 | 438,530 | 572,196 |
Unearned premiums | 84,142 | 4,160 | 149,683 |
Other | (48,770) | 66,482 | 46,852 |
Net cash from operating activities | 620,199 | 710,883 | 848,376 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Proceeds from sale of fixed maturity securities | 3,525,149 | 4,035,162 | 2,440,310 |
Proceeds from sale of equity securities | 497,989 | 195,270 | 143,042 |
(Contributions) distributions from investment funds | (79,635) | 247,404 | 142,601 |
Proceeds from maturities and prepayments of fixed maturity securities | 2,676,455 | 3,556,744 | 2,189,365 |
Purchase of fixed maturity securities | (6,677,753) | (7,940,957) | (5,541,202) |
Purchase of equity securities | (85,610) | (27,522) | (202,736) |
Real estate purchased | (514,064) | (236,039) | (299,123) |
Change in loans receivable | (13,204) | 27,135 | 166,327 |
Net additions to property, furniture and equipment | (49,860) | (115,719) | (50,829) |
Change in balances due from security brokers | 4,262 | (4,372) | 20,992 |
Cash received in connection with business disposition | 8,664 | 0 | 250,216 |
Payment for business purchased, net of cash acquired | (6,637) | (70,570) | (53,451) |
Net cash used in investing activities | (714,244) | (333,464) | (794,488) |
CASH FLOWS USED IN FINANCING ACTIVITIES: | |||
Net proceeds from issuance of debt | 294,562 | 6,983 | 388,769 |
Repayment of senior notes and other debt | (4,524) | (20) | (75,487) |
Cash dividends to common stockholders | (254,951) | (188,199) | (183,999) |
Purchase of common treasury shares | (24,750) | (47,807) | (132,392) |
Other, net | (17,740) | (6,043) | (3,823) |
Net cash used in financing activities | (7,403) | (235,086) | (6,932) |
Net impact on cash due to change in foreign exchange rates | (31,421) | 12,853 | (15,302) |
Net (decrease) increase in cash and cash equivalents | (132,869) | 155,186 | 31,654 |
Cash and cash equivalents at beginning of year | 950,471 | 795,285 | 763,631 |
Cash and cash equivalents at end of year | $ 817,602 | $ 950,471 | $ 795,285 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (A) Principles of consolidation and basis of presentation The 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"). All significant intercompany transactions and balances have been eliminated. Reclassifications have been made in the 2017 and 2016 financial statements to conform to the presentation of the 2018 financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. The most significant items on our balance sheet that involve a greater degree of accounting estimates that are subject to change in the future are the valuation of investments, other-than-temporary impairments, loss and loss expense reserves and premium estimates. Actual results could differ from those estimates. (B) Revenue recognition Insurance premiums are recognized as written at the inception of the policy. Reinsurance premiums are estimated based upon information received from ceding companies, and subsequent differences from such estimates are recorded in the period they are determined. Insurance and reinsurance premiums are primarily earned on a pro rata basis over the policy term. Fees for services are earned over the period that the services are provided. Audit premiums are recognized when they are reliably determinable. The change in accruals for earned but unbilled audit premiums (decreased) increased net premiums written and premiums earned by $(4) million , $8 million and $8 million in 2018 , 2017 and 2016 , respectively. Revenues from non-insurance businesses are derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aircraft services provided to the general, commercial and military aviation markets. These aircraft services include (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services. Revenue is recognized upon the shipment of products and parts, the delivery of aircraft, the delivery of fuel, and over the completion period of services. Insurance service fee revenue represents servicing fees for program administration and claims management services provided by the Company, including workers' compensation assigned risk plans, as well as insurance brokerage and risk management services. Fees for program administration, claims management and risk management services are primarily recognized ratably over the related contract period for which the underlying services are rendered. Commissions for insurance brokerage are generally recognized when the underlying insurance policy is effective. (C) Cash and cash equivalents Cash equivalents consist of funds invested in money market accounts and investments with an effective maturity of three months or less when purchased. (D) Investments Fixed maturity securities classified as available for sale are carried at estimated fair value, with unrealized gains and losses, net of applicable income taxes, excluded from earnings and reported as a component of comprehensive income and a separate component of stockholders' equity. Fixed maturity securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment income from fixed maturity securities is recognized based on the constant effective yield method. Premiums and discounts on mortgage-backed securities are adjusted for the effects of actual and anticipated prepayments on a retrospective basis. Equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in net income within net realized and unrealized gains on investments. (See (Q) Recent accounting pronouncements .) Fixed maturity securities that the Company purchased with the intent to sell in the near-term are classified as trading account securities and are reported at estimated fair value. Realized and unrealized gains and losses from trading activity are reported as net investment income and are recorded at the trade date. Short sales and short call options are presented as trading securities sold but not yet purchased. Unsettled trades and the net margin balances held by the clearing broker are presented as a trading account receivable from brokers and clearing organizations. Investment funds are carried under the equity method of accounting. The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Loans receivable primarily represent commercial real estate mortgage loans and bank loans and are carried at amortized cost. The Company monitors the performance of its loans receivable and establishes an allowance for loan losses for loans where the Company determines it is probable that the contractual terms will not be met, with a corresponding charge to earnings. For loans that are evaluated individually and deemed to be impaired, the Company establishes a specific allowance based on a discounted cash flow analysis and comparable cost and sales methodologies, if appropriate. Individual loans that are not considered impaired and smaller-balance homogeneous loans are evaluated collectively and a general allowance is established if it is considered probable that a loss has been incurred. The accrual of interest on loans receivable is discontinued if the loan is 90 days past due based on the contractual terms of the loan unless the loan is adequately secured and in process of collection. In general, loans are placed on non-accrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Interest on these loans is accounted for on a cash basis until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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.” Fair value of investments is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. (See Note 12 of the Notes to Consolidated Financial Statements.) Realized gains or losses represent the difference between the cost of securities sold and the proceeds realized upon sale and are recorded at the trade date. The Company uses primarily the first-in, first-out method to determine the cost of securities sold. The cost of securities is adjusted where appropriate to include a provision for a decline in value which is considered to be other than temporary. An other-than-temporary decline is considered to occur in investments where there has been a sustained reduction in fair value and where the Company does not expect to recover the cost basis of the investment prior to the time of sale or maturity. For fixed maturity securities that the Company intends to sell or, more likely than not, would be required to sell, a decline in value below amortized cost is considered to be an other-than-temporary impairment (“OTTI”). The amount of OTTI is equal to the difference between amortized cost and fair value at the balance sheet date. For fixed maturity securities that the Company does not intend to sell or believes that it is more likely than not it would not be required to sell, a decline in value below amortized cost is considered to be an OTTI if the Company does not expect to recover the entire amortized cost basis of a security (i.e., the present value of cash flows expected to be collected is less than the amortized cost basis of the security). The portion of the decline in value considered to be a credit loss (i.e., the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security) is recognized in earnings. The portion of the decline in value not considered to be a credit loss (i.e., the difference in the present value of cash flows expected to be collected and the fair value of the security) is recognized in other comprehensive income. Impairment assessments for structured securities, including mortgage-backed securities and asset-backed securities, collateralized debt obligations and corporate debt, are generally evaluated based on the performance of the underlying collateral under various economic and default scenarios that may involve subjective judgments and estimates by management. Modeling these securities involves various factors, such as projected default rates, the nature and realizable value of the collateral, if any, the ability of the issuer to make scheduled payments, historical performance and other relevant economic and performance factors. If an OTTI determination is made, a discounted cash flow analysis is used to ascertain the amount of the credit impairment. Real estate held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Real estate taxes, interest and other costs incurred during development and construction are capitalized. Buildings are depreciated on a straight-line basis over the estimated useful lives of the building. Minimum rental income is recognized on a straight-line basis over the lease term. Income and expenses from real estate are reported as net investment income. The carrying value of real estate is reviewed for impairment and an impairment loss is recognized if the estimated undiscounted cash flows from the use and disposition of the property are less than the carrying value of the property. (E) 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 weighted average number of common shares outstanding during the year (including 4,926,521 common shares held in a grantor trust). 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 year 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. (F) Deferred policy acquisition costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the contract. Deferred policy acquisition costs are presented net of unearned ceding commissions. Deferred policy acquisition costs are comprised primarily of commissions, as well as employment-related underwriting costs and premium taxes. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income and, if not, are charged to expense. The recoverability of deferred policy acquisition costs is evaluated separately by each of our operating companies. Future investment income is taken into account in measuring the recoverability of deferred policy acquisition costs. (G) Reserves for losses and loss expenses Reserves for losses and loss expenses are an accumulation of amounts determined on the basis of (1) evaluation of claims for business written directly by the Company; (2) estimates received from other companies for reinsurance assumed by the Company; and (3) estimates for losses incurred but not reported (based on Company and industry experience). These estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the statements of income in the period in which they are determined. The Company discounts its reserves for excess and assumed workers' compensation claims using a risk-free or statutory rate. (See Note 13 of Notes to Consolidated Financial Statements.) (H) Reinsurance ceded The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as due from reinsurers. To the extent any reinsurer does not meet its obligations under reinsurance agreements, the Company must discharge its liability. Amounts due from reinsurers are reflected net of funds held where the right of offset is present. The Company has provided reserves for estimated uncollectible reinsurance. (I) Deposit accounting Contracts that do not meet the risk transfer requirements of GAAP are accounted for using the deposit accounting method. Under this method, an asset or liability is recognized at the inception of the contract based on consideration paid or received. The amount of the deposit asset or liability is adjusted at subsequent reporting dates using the interest method with a corresponding credit or charge to interest income or expense. Deposit liabilities for assumed reinsurance contracts were $45 million and $47 million at December 31, 2018 and 2017 , respectively. (J) Federal and foreign income taxes The Company files a consolidated income tax return in the U.S. and foreign tax returns in countries where it has overseas operations. The Company's method of accounting for income taxes is the asset and liability method. Under this method, deferred tax assets and liabilities are measured using tax rates currently in effect or expected to apply in the years in which those temporary differences are expected to reverse. Interest and penalties, if any, are reported as income tax expense. The Company believes there are no tax positions that would require disclosure under GAAP. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. (K) Foreign currency Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are reported on the statements of income as other operating costs and expenses. Unrealized gains or losses resulting from translating the results of non-U.S. dollar denominated operations are reported in accumulated other comprehensive income. Revenues and expenses denominated in currencies other than U.S. dollars are generally translated at the weighted average exchange rate during the year. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. (L) Property, furniture and equipment Property, furniture and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the estimated useful lives of the respective assets. Depreciation expense was $54 million , $50 million and $47 million for 2018 , 2017 and 2016 , respectively. (M) Comprehensive income Comprehensive income encompasses all changes in stockholders' equity (except those arising from transactions with stockholders) and includes net income, net unrealized holding gains or losses on available for sale securities and unrealized foreign currency translation adjustments. (N) Goodwill and other intangible assets Goodwill and other intangible assets are tested for impairment on an annual basis and at interim periods where circumstances require. The Company's impairment test as of December 31, 2018 indicated that there were no material impairment losses related to goodwill and other intangible assets. Intangible assets of $104 million and $107 million are included in other assets as of December 31, 2018 and 2017 , respectively. (O) Restricted stock units The costs resulting from all share-based payment transactions with employees are recognized in the consolidated financial statements using a fair-value-based measurement method. Compensation cost is recognized for financial reporting purposes over the period in which the employee is required to provide service in exchange for the award (generally the vesting period). (P) Statements of cash flows Interest payments were $155 million , $145 million and $137 million in 2018 , 2017 and 2016 , respectively. Income taxes paid were $186 million , $207 million and $232 million in 2018 , 2017 and 2016 , respectively. Other non-cash items include unrealized investment gains and losses. (See Note 10 of Notes to Consolidated Financial Statements.) (Q) 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 was effective for reporting periods beginning after December 15, 2018, and was 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 became 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 requires 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 will adopt the new guidance prospectively as of January 1, 2019. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity. The adoption of this guidance will result in the recognition of an offsetting right-of-use asset and lease liability which will be less than 1% of total assets and approximately 1% of total liabilities. 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. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Consolidated Statement of Comprehensive (Loss) Income | Consolidated Statement of Comprehensive (Loss) Income The following tables present the components of the changes in accumulated other comprehensive (loss) income ("AOCI") as of and for the years ended December 31, 2018 and 2017 : (In thousands) December 31, 2018 Unrealized investment (losses) gains Currency translation adjustments Accumulated other comprehensive (loss) income 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 (246,535 ) (112,099 ) (358,634 ) Amounts reclassified from AOCI (5,792 ) — (5,792 ) Other comprehensive loss (252,327 ) (112,099 ) (364,426 ) Unrealized investment loss related to non-controlling interest (46 ) — (46 ) Ending balance $ (91,491 ) $ (418,979 ) $ (510,470 ) Amounts reclassified from AOCI Pre-tax $ (7,332 ) (1) $ — $ (7,332 ) Tax effect 1,540 (2) — 1,540 After-tax amounts reclassified $ (5,792 ) $ — $ (5,792 ) Other comprehensive loss Pre-tax $ (302,737 ) $ (112,099 ) $ (414,836 ) Tax effect 50,410 — 50,410 Other comprehensive loss $ (252,327 ) $ (112,099 ) $ (364,426 ) (In thousands) December 31, 2017 Unrealized investment gains (losses) Currency translation adjustments Accumulated other comprehensive income (loss) Changes in AOCI Beginning of period $ 427,154 $ (371,586 ) $ 55,568 Other comprehensive income before reclassifications 63,567 64,706 128,273 Amounts reclassified from AOCI (115,319 ) — (115,319 ) Other comprehensive (loss) income (51,752 ) 64,706 12,954 Unrealized investment gain related to non-controlling interest 19 — 19 Ending balance $ 375,421 $ (306,880 ) $ 68,541 Amounts reclassified from AOCI Pre-tax $ (177,414 ) (1) $ — $ (177,414 ) Tax effect 62,095 (2) — 62,095 After-tax amounts reclassified $ (115,319 ) $ — $ (115,319 ) Other comprehensive income (loss) Pre-tax $ (69,425 ) $ 64,706 $ (4,719 ) Tax effect 17,673 — 17,673 Other comprehensive income (loss) $ (51,752 ) $ 64,706 $ 12,954 _______________ (1) Net realized and unrealized gains on investments in the consolidated statements of income. |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 12 Months Ended |
Dec. 31, 2018 | |
Debt Securities | |
Schedule of Marketable Securities [Line Items] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At December 31, 2018 and 2017 , investments in fixed maturity securities were as follows: (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2018 Held to maturity: State and municipal $ 67,891 $ 11,549 $ — $ 79,440 $ 67,891 Residential mortgage-backed 10,744 1,259 — 12,003 10,744 Total held to maturity 78,635 12,808 — 91,443 78,635 Available for sale: U.S. government and government agency 697,931 9,219 (4,910 ) 702,240 702,240 State and municipal: Special revenue 2,396,089 30,507 (19,790 ) 2,406,806 2,406,806 State general obligation 335,626 11,951 (1,103 ) 346,474 346,474 Pre-refunded 408,141 16,568 (30 ) 424,679 424,679 Corporate backed 272,440 4,319 (2,350 ) 274,409 274,409 Local general obligation 403,219 18,350 (1,339 ) 420,230 420,230 Total state and municipal 3,815,515 81,695 (24,612 ) 3,872,598 3,872,598 Mortgage-backed securities: Residential (1) 1,264,376 7,729 (20,225 ) 1,251,880 1,251,880 Commercial 345,070 1,304 (3,708 ) 342,666 342,666 Total mortgage-backed securities 1,609,446 9,033 (23,933 ) 1,594,546 1,594,546 Asset-backed securities 2,462,303 10,131 (33,687 ) 2,438,747 2,438,747 Corporate: Industrial 2,295,778 15,355 (53,312 ) 2,257,821 2,257,821 Financial 1,502,427 7,178 (45,683 ) 1,463,922 1,463,922 Utilities 330,326 2,997 (4,148 ) 329,175 329,175 Other 60,238 322 (167 ) 60,393 60,393 Total corporate 4,188,769 25,852 (103,310 ) 4,111,311 4,111,311 Foreign government 822,093 11,753 (25,111 ) 808,735 808,735 Total available for sale 13,596,057 147,683 (215,563 ) 13,528,177 13,528,177 Total investments in fixed maturity securities $ 13,674,692 $ 160,491 $ (215,563 ) $ 13,619,620 $ 13,606,812 (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 securities 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 government 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 (losses) gains for mortgage-backed securities include ($55,090) and $76,467 as of December 31, 2018 and 2017 , respectively, related to the non-credit portion of OTTI recognized in other comprehensive income. The amortized cost and fair value of fixed maturity securities at December 31, 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 $ 935,354 $ 935,894 Due after one year through five years 4,666,934 4,669,502 Due after five years through ten years 3,037,450 3,045,868 Due after ten years 3,414,764 3,361,807 Mortgage-backed securities 1,620,190 1,606,549 Total $ 13,674,692 $ 13,619,620 At December 31, 2018 and 2017 , there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2018 , investments with a carrying value of $1,700 million were on deposit in custodial or trust accounts, of which $1,332 million was on deposit with insurance regulators, $328 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $37 million was on deposit as security for reinsurance clients and $3 million |
Investments In Equity Securitie
Investments In Equity Securities | 12 Months Ended |
Dec. 31, 2018 | |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in Equity Securities | Investments in Equity Securities At December 31, 2018 and 2017 , investments in equity securities were as follows: (In thousands) Cost Gross Unrealized (1) Fair Value Carrying Value Gains Losses December 31, 2018 Common stocks $ 113,576 $ 4,335 $ (19,719 ) $ 98,192 $ 98,192 Preferred stocks 115,201 72,364 (6,751 ) 180,814 180,814 Total $ 228,777 $ 76,699 $ (26,470 ) $ 279,006 $ 279,006 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 |
Arbitrage Trading Account
Arbitrage Trading Account | 12 Months Ended |
Dec. 31, 2018 | |
Trading Securities and Derivative Instruments [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At December 31, 2018 and 2017 , the fair value and carrying value of the arbitrage trading account were $453 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 December 31, 2018 , the fair value of long option contracts outstanding was $37 thousand (notional amount of $18.4 million ) and the fair value of short option contracts outstanding was $58 thousand (notional amount of $11.6 million |
Net Investment Income
Net Investment Income | 12 Months Ended |
Dec. 31, 2018 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consists of the following: (In thousands) 2018 2017 2016 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 519,269 $ 473,101 $ 444,247 Investment funds 109,349 68,169 99,301 Arbitrage trading account 28,157 19,145 18,693 Real estate 18,591 19,975 7,054 Equity securities 3,230 2,350 4,028 Gross investment income 678,596 582,740 573,323 Investment expense (4,361 ) (6,952 ) (9,160 ) Net investment income $ 674,235 $ 575,788 $ 564,163 |
Investment Funds
Investment Funds | 12 Months Ended |
Dec. 31, 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 investments 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 of $270.2 million as of December 31, 2018 . Investment funds consist of the following: Carrying Value as of December 31, Income (Losses) (In thousands) 2018 2017 2018 2017 2016 Real estate $ 642,137 $ 606,995 $ 61,453 $ 45,068 $ 50,415 Energy 75,213 82,882 645 (15,764 ) 19,747 Other funds 615,468 465,800 47,251 38,865 29,139 Total $ 1,332,818 $ 1,155,677 $ 109,349 $ 68,169 $ 99,301 |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: As of December 31, (In thousands) 2018 2017 Properties in operation $ 1,279,584 $ 451,691 Properties under development 677,508 1,017,910 Total $ 1,957,092 $ 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, office buildings in West Palm Beach and Palm Beach, Florida, and an office building in London, U.K. The office building in London, previously under development, transferred to properties in operation in 2018. Properties in operation are net of accumulated depreciation and amortization of $44,340,000 and $25,646,000 as of December 31, 2018 and 2017 , respectively. Related depreciation expense was $20,644,000 and $9,212,000 for the years ended December 31, 2018 and 2017 , respectively. Future minimum rental income expected on operating leases relating to properties in operation is $61,458,048 in 2019 , $62,141,471 in 2020 , $61,325,176 in 2021 , $61,077,419 in 2022 , $54,362,011 in 2023 and $584,592,072 thereafter. The Company borrowed $101,750,000 through a non-recourse loan secured by the West Palm Beach office building in 2018. The loan matures in November 2028 and carries a fixed interest rate of 4.21% . The carrying value does not reflect the outstanding financing, but rather is reflected in subsidiary debt referenced in Note 15, Indebtedness. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable are as follows: As of December 31, (In thousands) 2018 2017 Amortized cost (net of valuation allowance): Real estate loans $ 62,289 $ 66,057 Commercial loans 32,524 13,627 Total $ 94,813 $ 79,684 Fair value: Real estate loans $ 63,047 $ 66,917 Commercial loans 34,026 15,130 Total $ 97,073 $ 82,047 Valuation allowance: Specific $ 1,200 $ 1,200 General 2,183 2,183 Total $ 3,383 $ 3,383 For the Year Ended December 31, 2018 2017 Increase (decrease) in valuation allowance $ — $ (14 ) Loans receivable in non-accrual status were $ 1.2 million and $ 4.3 million as of December 31, 2018 and 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 generally earn interest on a fixed basis and have varying maturities 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 December 31, 2018 |
Realized And Unrealized Investm
Realized And Unrealized Investment Gains and Losses | 12 Months Ended |
Dec. 31, 2018 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized and Unrealized Investment Gains and Losses | Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments are as follows: (In thousands) 2018 2017 2016 Net realized and unrealized gains (losses) on investments in earnings Fixed maturity securities: Gains $ 26,752 $ 28,217 $ 72,215 Losses (13,733 ) (5,342 ) (6,434 ) Equity securities (1): Net realized gains on investment sales 435,150 154,539 14,201 Change in unrealized gains (320,413 ) — — Investment funds (2) (212 ) 125,423 58,861 Real estate 27,816 12,880 7,757 Loans receivable 2,838 — — Other (3) 1,977 20,141 138,519 Net realized and unrealized gains on investments in earnings before OTTI 160,175 335,858 285,119 Other-than-temporary impairments (4) (5,687 ) — (18,114 ) Net realized and unrealized gains on investments in earnings 154,488 335,858 267,005 Income tax expense (32,442 ) (117,550 ) (93,452 ) After-tax net realized and unrealized gains on investments in earnings $ 122,046 $ 218,308 $ 173,553 Change in unrealized investment (losses) gains of available for sales securities: Fixed maturity securities $ (297,084 ) $ (2,192 ) $ (107,094 ) Previously impaired fixed maturity securities (132 ) 895 451 Equity securities available for sale (5) — (77,971 ) 465,727 Investment funds (5,521 ) 9,843 12,631 Total change in unrealized investment (losses) gains (302,737 ) (69,425 ) 371,715 Income tax benefit (expense) 50,410 17,673 (125,315 ) Noncontrolling interests (46 ) 19 59 After-tax change in unrealized investment (losses) gains of available for sale securities $ (252,373 ) $ (51,733 ) $ 246,459 ____________________ (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) Investment funds includes a gain of $124 million from the sale of an investment in an office building located in Washington, D.C. for the year ended December 31, 2017. (3) Other includes a gain of $135 million from the sale of Aero Precision Industries and certain related aviation services business for the year ended December 31, 2016. (4) For the year ended December 31, 2018, OTTI related to fixed maturity securities was $6 million . There were no OTTI for the year ended December 31, 2017. For the year ended December 31, 2016, OTTI related to equity securities was $18 million . (5) 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 |
Securities In An Unrealized Los
Securities In An Unrealized Loss Position | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities In An Unrealized Loss Position | Securities in an Unrealized Loss Position The following tables summarize all fixed maturity securities in an unrealized loss position at December 31, 2018 and 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 December 31, 2018 U.S. government and government agency $ 195,359 $ 933 $ 130,815 $ 3,977 $ 326,174 $ 4,910 State and municipal 701,700 6,874 744,905 17,738 1,446,605 24,612 Mortgage-backed securities 334,063 2,911 712,595 21,022 1,046,658 23,933 Asset-backed securities 1,687,665 28,965 342,855 4,722 2,030,520 33,687 Corporate 1,730,513 54,181 954,763 49,129 2,685,276 103,310 Foreign government 246,273 24,197 80,004 914 326,277 25,111 Fixed maturity securities $ 4,895,573 $ 118,061 $ 2,965,937 $ 97,502 $ 7,861,510 $ 215,563 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 Fixed Maturity Securities — A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at December 31, 2018 is presented in the table below: ($ in thousands) Number of Securities Aggregate Fair Value Gross Unrealized Loss Foreign government 13 $ 140,854 $ 21,411 Corporate 13 120,078 13,111 Asset-backed securities 5 14,662 2,593 Mortgage-backed securities 5 8,741 69 Total 36 $ 284,335 $ 37,184 For OTTI of fixed maturity securities that management does not intend to sell or, more likely than not, would not be required to sell, the portion of the decline in value considered to be due to credit factors is recognized in earnings and the portion of the decline in value considered to be due to non-credit factors is recognized in other comprehensive income. For the year ended December 31, 2018 , OTTI recognized in earnings for fixed maturity securities was $6 million . For the year ended December 31, 2017 , there were no OTTI on fixed maturity securities. 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 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its 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 as of December 31, 2018 and 2017 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 702,240 $ — $ 702,240 $ — State and municipal 3,872,598 — 3,872,598 — Mortgage-backed securities 1,594,546 — 1,594,546 — Asset-backed securities 2,438,747 — 2,438,648 99 Corporate 4,111,311 — 4,111,311 — Foreign government 808,735 — 808,735 — Total fixed maturity securities available for sale 13,528,177 — 13,528,078 99 Equity securities: Common stocks 98,192 89,596 — 8,596 Preferred stocks 180,814 — 176,869 3,945 Total equity securities 279,006 89,596 176,869 12,541 Arbitrage trading account 452,548 353,335 81,905 17,308 Total $ 14,259,731 $ 442,931 $ 13,786,852 $ 29,948 Liabilities: Trading account securities sold but not yet purchased $ 38,120 $ 37,327 $ — $ 793 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 $ — $ — The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2018 and 2017 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2018 Assets: Fixed maturity securities available for sale: Asset-backed securities $ 172 $ (2 ) $ 46 $ — $ — $ (117 ) $ — $ — $ 99 Total 172 (2 ) 46 — — (117 ) — — 99 Equity securities: Common stocks 9,370 (548 ) — — (227 ) — 1 8,596 Preferred stocks 10,843 100 — — (6,998 ) — — 3,945 Total 20,213 (448 ) — — — (7,225 ) — 1 12,541 Arbitrage trading account — (6 ) — — 11,523 (11 ) — 5,802 17,308 Total $ 20,385 $ (456 ) $ 46 $ — $ 11,523 $ (7,353 ) $ — $ 5,803 $ 29,948 Year ended December 31, 2017 Assets: Fixed maturity 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 For the year ended December 31, 2018 , one common stock in the arbitrage trading account was transferred into Level 3 and one common stock was transferred out of Level 3. In the case of the transfer into Level 3, a publicly traded price was no longer available and in the case of the transfer out, a publicly traded price became available. For the year ended December 31, 2017 , there were no The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2018 and 2017 : 2018 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,606,812 $ 13,619,620 $ 13,551,250 $ 13,566,976 Equity securities 279,006 279,006 576,647 576,647 Arbitrage trading account 452,548 452,548 617,649 617,649 Loans receivable 94,813 97,073 79,684 82,047 Cash and cash equivalents 817,602 817,602 950,471 950,471 Trading accounts receivable from brokers and clearing organizations 347,228 347,228 189,280 189,280 Liabilities: Due to broker 20,144 20,144 15,920 15,920 Trading account securities sold but not yet purchased 38,120 38,120 64,358 64,358 Subordinated debentures 907,491 840,002 728,218 769,060 Senior notes and other debt 1,882,028 1,968,996 1,769,052 1,945,313 The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 12 above. The fair value of loans receivable is 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 Losses And Loss Ex
Reserves For Losses And Loss Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Reserves For Losses And Loss Expenses | Reserves for Losses 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. A claim may be defined as an event, as a claimant (number of parties claiming damages from an event) or by exposure type (e.g., an event may give rise to two parties, each claiming loss for bodily injury and property damage). The most commonly used claim count method is by event. Most of the Company's operating units use the number of events to define and quantify the number of claims. However, in certain lines of business, where it is common for multiple parties to claim damages arising from a single event, an operating unit may quantify claims on the basis of the number of separate parties involved in an event. This may be the case with businesses writing substantial automobile or transportation exposure. Claim counts for assumed reinsurance will vary based on whether the business is written on a facultative or treaty basis. Further variability as respects treaty claim counts may be reflective of the nature of the treaty, line of business coverage, and type of participation such as quota share or excess of loss contracts. Accordingly, the claim counts have been excluded from the below Reinsurance segment tables due to this variability. The claim count information set forth in the tables presented below may not provide an accurate reflection of ultimate loss payouts by product line. The following tables present undiscounted incurred and paid claims development as of December 31, 2018, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR). The information about incurred and paid claims development for the years ended December 31, 2009 to 2017 is presented as supplementary information. To enhance the comparability of the loss development data, the Company has removed the impact of foreign exchange rate movements by using the December 31, 2018 exchange rate for all periods. Beginning with accident year 2012, the Company's U.K. and European insurance business is included in the Insurance segment's tables for Other Liability, Professional Liability, Commercial Automobile and Short-Tail Lines. Prior to 2012, the actuarial analysis for its U.K. and European insurance business was performed on an underwriting year basis and accident year data is not available for those years. Insurance Other Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 689,634 $ 656,788 $ 624,991 $ 599,235 $ 589,659 $ 561,784 $ 557,661 $ 553,058 $ 546,746 $ 542,568 $ 18,690 23 2010 — 612,210 615,797 592,117 590,818 577,679 574,780 573,532 571,305 566,695 26,658 23 2011 — — 665,035 673,730 660,023 659,026 653,864 649,055 645,123 634,264 30,381 24 2012 — — — 693,447 702,342 703,118 709,026 713,266 723,610 718,166 47,001 24 2013 — — — — 751,544 792,464 784,906 784,342 805,288 811,592 78,784 26 2014 — — — — — 847,207 848,947 847,008 851,503 864,157 128,856 26 2015 — — — — — — 951,041 986,792 961,289 964,415 217,570 26 2016 — — — — — — — 1,018,454 1,011,368 1,019,749 375,609 25 2017 — — — — — — — — 1,067,376 1,100,243 567,982 23 2018 — — — — — — — — — 1,104,518 837,548 18 Total $ 8,326,367 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 44,801 $ 122,850 $ 214,498 $ 311,979 $ 385,068 $ 429,128 $ 470,830 $ 486,893 $ 500,953 $ 510,474 2010 — 45,193 128,946 248,698 336,243 417,166 461,442 491,104 508,359 525,016 2011 — — 48,825 142,713 266,780 379,845 470,849 524,314 556,110 575,194 2012 — — — 58,108 158,869 299,842 417,686 513,644 580,750 622,687 2013 — — — — 63,868 189,936 332,871 473,933 589,564 650,428 2014 — — — — — 79,078 191,394 338,961 481,039 595,024 2015 — — — — — — 82,829 210,940 382,498 538,502 2016 — — — — — — — 69,620 209,212 390,552 2017 — — — — — — — — 80,174 256,448 2018 — — — — — — — — — 87,075 Total $ 4,751,400 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 121,405 Reserves for loss and loss adjustment expenses, net of reinsurance $ 3,696,372 Primary Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 327,537 $ 332,303 $ 326,766 $ 386,870 $ 392,158 $ 394,303 $ 392,287 $ 395,288 $ 398,994 $ 401,431 $ 10,693 43 2010 — 358,734 361,808 409,237 418,315 426,622 429,952 429,762 427,698 424,374 13,958 45 2011 — — 419,364 442,550 454,797 470,026 472,087 474,076 475,729 471,471 17,942 46 2012 — — — 499,752 499,882 503,956 503,863 509,167 512,707 508,169 26,626 48 2013 — — — — 551,342 547,295 546,995 543,238 547,000 542,274 35,177 53 2014 — — — — — 639,436 637,307 627,767 617,242 615,435 57,455 57 2015 — — — — — — 712,800 690,525 650,997 641,169 83,941 58 2016 — — — — — — — 702,716 696,339 684,700 117,425 57 2017 — — — — — — — — 762,093 733,505 191,034 57 2018 — — — — — — — — — 778,964 359,337 53 Total $ 5,801,492 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 93,647 $ 197,736 $ 257,972 $ 297,079 $ 317,796 $ 333,793 $ 344,771 $ 352,516 $ 360,289 $ 364,712 2010 — 107,742 214,034 279,226 317,986 344,631 362,078 374,013 382,665 388,405 2011 — — 106,157 234,694 307,873 355,909 385,759 408,304 420,945 428,811 2012 — — — 114,998 253,781 339,560 387,368 419,588 437,196 451,991 2013 — — — — 117,502 277,538 363,028 414,160 447,894 466,580 2014 — — — — — 148,405 319,743 412,611 471,235 503,915 2015 — — — — — — 139,320 323,744 421,734 477,541 2016 — — — — — — — 142,998 338,835 446,072 2017 — — — — — — — — 153,456 362,299 2018 — — — — — — — — — 171,006 Total $ 4,061,332 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 170,897 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,911,057 Excess Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 168,762 $ 153,766 $ 153,912 $ 148,223 $ 148,189 $ 138,765 $ 142,768 $ 134,716 $ 129,249 $ 130,790 $ 21,734 1 2010 — 135,639 123,497 120,272 118,712 100,331 104,732 100,065 94,986 95,374 14,497 1 2011 — — 88,650 93,993 98,051 87,064 85,299 83,850 78,246 74,109 17,280 1 2012 — — — 72,366 73,230 71,780 73,653 72,441 67,878 69,361 16,293 1 2013 — — — — 63,995 48,493 46,025 42,419 38,551 35,120 16,473 1 2014 — — — — — 63,465 57,558 49,478 45,758 41,671 18,448 1 2015 — — — — — — 69,977 57,897 50,099 45,115 25,425 — 2016 — — — — — — — 72,657 70,281 71,404 37,500 — 2017 — — — — — — — — 76,701 80,508 42,652 1 2018 — — — — — — — — — 77,820 46,840 1 Total $ 721,272 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 5,060 $ 8,402 $ 11,037 $ 14,138 $ 20,729 $ 25,272 $ 29,150 $ 33,573 $ 37,817 $ 41,243 2010 — 2,867 4,003 5,571 8,701 9,084 11,699 14,261 18,821 22,355 2011 — — 2,593 4,848 6,395 12,104 15,684 18,638 20,164 21,463 2012 — — — 1,127 6,097 9,480 11,167 13,234 15,738 17,982 2013 — — — — 647 630 2,158 3,008 3,396 4,418 2014 — — — — — 358 1,729 3,354 4,175 5,808 2015 — — — — — — 2,069 2,481 3,272 4,099 2016 — — — — — — — 2,498 4,783 5,573 2017 — — — — — — — — 6,282 12,810 2018 — — — — — — — — — 6,141 Total $ 141,892 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 740,877 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,320,257 Professional Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 134,784 $ 139,091 $ 145,515 $ 148,899 $ 147,994 $ 150,452 $ 150,783 $ 153,492 $ 152,711 $ 157,451 $ 1,087 3 2010 — 147,649 165,755 179,383 177,957 176,723 172,585 174,883 177,844 182,818 1,807 4 2011 — — 179,875 165,233 186,918 190,096 177,128 173,545 176,865 175,963 3,185 4 2012 — — — 238,233 241,944 264,808 250,457 238,704 245,076 243,893 9,507 7 2013 — — — — 269,280 247,320 242,792 248,974 270,449 279,092 15,395 7 2014 — — — — — 253,284 246,668 259,964 243,936 239,555 19,315 8 2015 — — — — — — 259,569 258,251 274,950 276,406 47,934 9 2016 — — — — — — — 310,678 324,979 361,929 90,872 10 2017 — — — — — — — — 333,803 333,194 178,091 9 2018 — — — — — — — — — 335,751 260,095 9 Total $ 2,586,052 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 12,604 $ 52,583 $ 85,902 $ 117,683 $ 127,728 $ 138,876 $ 143,950 $ 144,713 $ 147,599 $ 151,499 2010 — 14,832 58,916 108,566 129,757 144,474 160,598 165,018 171,330 178,879 2011 — — 18,779 62,442 103,097 134,608 150,840 159,014 167,286 168,874 2012 — — — 21,875 87,008 128,281 159,183 190,295 214,315 223,424 2013 — — — — 24,232 64,030 119,552 177,343 206,655 248,520 2014 — — — — — 19,545 83,856 138,753 176,181 199,245 2015 — — — — — — 20,478 85,561 139,952 187,767 2016 — — — — — — — 28,702 102,853 202,131 2017 — — — — — — — — 36,733 96,814 2018 — — — — — — — — — 28,307 Total $ 1,685,460 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 4,198 Reserves for loss and loss adjustment expenses, net of reinsurance $ 904,790 Commercial Automobile (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 362,302 $ 345,139 $ 340,967 $ 335,851 $ 337,915 $ 336,855 $ 334,652 $ 335,089 $ 334,977 $ 334,926 $ 398 39 2010 — 310,591 320,098 330,190 328,854 332,716 331,581 330,552 330,263 329,942 372 37 2011 — — 312,224 320,898 328,269 331,694 341,362 341,162 342,052 343,524 1,232 37 2012 — — — 314,073 326,585 342,379 355,433 364,175 364,437 366,662 1,539 40 2013 — — — — 326,789 348,513 368,318 376,569 366,976 366,565 3,013 42 2014 — — — — — 363,308 384,692 418,215 416,194 413,697 6,431 45 2015 — — — — — — 389,101 417,403 423,601 431,857 18,247 50 2016 — — — — — — — 431,633 431,680 443,030 35,867 49 2017 — — — — — — — — 430,352 428,601 70,289 44 2018 — — — — — — — — — 442,862 145,744 39 Total $ 3,901,666 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 136,433 $ 209,553 $ 257,326 $ 291,925 $ 312,902 $ 328,843 $ 331,482 $ 333,143 $ 333,605 $ 333,677 2010 — 136,029 208,790 263,639 295,347 313,253 324,963 326,770 327,206 327,829 2011 — — 135,350 211,756 262,659 296,332 321,786 333,949 338,283 340,319 2012 — — — 136,844 215,078 273,277 312,178 344,428 355,740 360,799 2013 — — — — 142,480 218,005 266,694 322,141 343,274 353,159 2014 — — — — — 155,065 237,118 328,156 365,424 394,147 2015 — — — — — — 159,679 265,396 325,369 370,450 2016 — — — — — — — 185,045 280,146 342,214 2017 — — — — — — — — 180,627 267,469 2018 — — — — — — — — — 180,213 Total $ 3,270,276 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 2,482 Reserves for loss and loss adjustment expenses, net of reinsurance $ 633,872 Short-tail lines (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 346,870 $ 335,921 $ 326,440 $ 318,111 $ 318,349 $ 314,290 $ 314,117 $ 314,010 $ 316,220 $ 317,098 $ 550 18 2010 — 385,541 370,291 358,373 355,916 346,226 346,719 346,885 346,463 346,172 833 19 2011 — — 478,556 471,555 463,006 459,814 457,011 450,115 449,320 451,211 1,093 21 2012 — — — 526,312 535,500 535,885 531,729 507,646 506,705 508,565 3,083 25 2013 — — — — 572,103 583,603 575,582 553,621 552,137 548,730 5,740 26 2014 — — — — — 701,335 709,832 664,303 663,282 664,350 6,562 30 2015 — — — — — — 743,872 731,468 727,677 726,606 15,079 32 2016 — — — — — — — 771,416 774,514 761,891 20,857 34 2017 — — — — — — — — 750,786 752,193 34,275 38 2018 — — — — — — — — — 759,340 161,107 36 Total $ 5,836,156 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 212,521 $ 291,338 $ 304,634 $ 306,020 $ 309,916 $ 310,428 $ 311,079 $ 311,357 $ 311,655 $ 315,966 2010 — 245,036 325,156 337,686 346,768 340,210 342,918 344,102 345,085 345,106 2011 — — 303,012 417,701 436,585 440,777 445,073 446,745 447,342 450,155 2012 — — — 281,456 453,157 503,364 513,733 498,506 499,446 503,738 2013 — — — — 312,945 486,692 534,939 531,386 538,158 539,443 2014 — — — — — 371,194 596,829 613,621 633,020 648,373 2015 — — — — — — 396,086 612,335 667,846 689,875 2016 — — — — — — — 416,144 669,029 710,618 2017 — — — — — — — — 444,407 688,821 2018 — — — — — — — — — 415,206 Total $ 5,307,301 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 2,362 Reserves for loss and loss adjustment expenses, net of reinsurance $ 531,217 Reinsurance Casualty (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR 2009 $ 334,804 $ 328,321 $ 327,236 $ 309,228 $ 301,495 $ 293,275 $ 282,411 $ 288,115 $ 281,592 $ 279,372 $ 17,086 2010 — 290,285 298,300 288,141 276,234 265,771 254,550 251,308 249,062 248,145 18,428 2011 — — 290,635 309,621 304,409 299,628 306,911 303,867 295,576 292,162 21,264 2012 — — — 331,603 335,661 331,006 324,014 332,932 335,636 333,889 25,536 2013 — — — — 319,159 270,221 273,528 283,580 292,447 298,061 33,269 2014 — — — — — 320,250 320,176 319,855 331,836 326,251 49,301 2015 — — — — — — 259,609 232,203 231,020 253,264 30,511 2016 — — — — — — — 241,282 253,450 246,235 62,140 2017 — — — — — — — — 231,826 221,820 122,752 2018 — — — — — — — — — 221,945 184,317 Total $ 2,721,144 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 21,332 $ 53,636 $ 85,761 $ 124,030 $ 155,124 $ 181,946 $ 196,775 $ 211,143 $ 221,141 $ 228,990 2010 — 17,964 45,626 77,191 106,381 129,041 149,322 165,027 180,544 190,295 2011 — — 17,876 52,365 97,702 134,285 168,244 191,864 207,692 220,011 2012 — — — 22,390 62,198 111,928 151,635 186,483 219,106 240,926 2013 — — — — 28,920 63,849 109,202 143,268 177,101 204,820 2014 — — — — — 21,306 69,134 116,266 155,764 198,993 2015 — — — — — — 17,865 48,593 91,548 141,834 2016 — — — — — — — 19,923 61,930 100,587 2017 — — — — — — — — 16,493 40,338 2018 — — — — — — — — — 11,152 Total $ 1,577,946 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 369,801 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,512,999 Property (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR 2009 $ 48,029 $ 43,193 $ 42,352 $ 38,711 $ 38,124 $ 37,505 $ 36,913 $ 36,263 $ 35,293 $ 35,763 $ — 2010 — 58,576 55,647 52,561 51,448 51,500 50,971 50,871 50,699 50,932 201 2011 — — 95,217 87,970 85,118 86,544 85,006 84,739 84,471 84,882 314 2012 — — — 103,744 94,720 86,426 85,451 83,925 83,938 84,875 626 2013 — — — — 141,298 112,590 114,063 111,915 112,555 111,876 1,192 2014 — — — — — 112,987 96,668 97,363 100,148 99,410 1,739 2015 — — — — — — 127,039 117,582 131,777 130,452 4,367 2016 — — — — — — — 167,989 174,562 181,858 11,130 2017 — — — — — — — — 206,604 200,535 24,102 2018 — — — — — — — — — 108,281 40,135 Total $ 1,088,864 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 9,766 $ 21,945 $ 28,226 $ 29,444 $ 31,248 $ 31,238 $ 32,540 $ 34,759 $ 34,027 $ 35,158 2010 — 23,654 37,739 42,413 43,898 44,824 46,419 49,048 49,303 50,053 2011 — — 31,478 58,875 73,359 76,010 78,577 81,780 82,322 83,401 2012 — — — 15,675 51,774 64,238 70,672 77,540 79,099 81,808 2013 — — — — 36,609 74,602 92,646 101,553 104,333 106,051 2014 — — — — — 38,919 67,000 82,329 88,507 91,646 2015 — — — — — — 53,498 89,228 109,187 118,686 2016 — — — — — — — 78,969 133,653 157,622 2017 — — — — — — — — 72,157 141,458 2018 — — — — — — — — — 34,125 Total $ 900,008 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 776 Reserves for loss and loss adjustment expenses, net of reinsurance $ 189,632 The reconciliation of the net incurred and paid claims development tables to the reserves for loss and loss adjustment expenses in the consolidated balance sheet is as follows: (In thousands) December 31, 2018 Undiscounted reserves for loss and loss expenses, net of reinsurance: Other liability $ 3,696,372 Primary workers' compensation 1,911,057 Excess workers' compensation 1,320,257 Professional liability 904,790 Commercial automobile 633,872 Short-tail lines 531,217 Other 111,779 Insurance 9,109,344 Casualty 1,512,999 Property 189,632 Reinsurance 1,702,631 Total undiscounted reserves for loss and loss expenses, net of reinsurance $ 10,811,975 (In thousands) December 31, 2018 Due from reinsurers on unpaid claims: Other liability $ 451,073 Primary workers' compensation 374,805 Excess workers' compensation 37,405 Professional liability 344,958 Commercial automobile 15,405 Short-tail lines 293,376 Other 34,260 Insurance 1,551,282 Casualty 116,782 Property 49,501 Reinsurance 166,283 Total due from reinsurers on unpaid claims $ 1,717,565 (In thousands) December 31, 2018 Loss reserve discount: Other liability $ — Primary workers' compensation — Excess workers' compensation (434,302 ) Professional liability — Commercial automobile — Short-tail lines — Other — Insurance (434,302 ) Casualty (128,790 ) Property — Reinsurance (128,790 ) Total loss reserve discount $ (563,092 ) Total gross reserves for loss and loss expenses $ 11,966,448 The following is supplementary information regarding average historical claims duration as of December 31, 2018 : Insurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Other liability 8.0 % 14.4 % 18.4 % 16.8 % 13.8 % 8.2 % 5.9 % 3.0 % 2.8 % 1.8 % Primary workers' compensation 22.5 % 27.6 % 15.6 % 9.4 % 5.9 % 4.0 % 2.8 % 1.9 % 1.6 % 1.1 % Excess workers' compensation 3.8 % 3.3 % 2.7 % 3.1 % 3.0 % 3.3 % 2.7 % 3.3 % 3.5 % 2.6 % Professional liability 8.7 % 22.7 % 22.3 % 16.6 % 9.4 % 9.1 % 3.5 % 1.6 % 4.3 % 2.5 % Commercial automobile 39.7 % 21.6 % 15.6 % 10.7 % 6.8 % 3.5 % 1.0 % 0.4 % 0.2 % — % Short-tail lines 59.6 % 29.8 % 5.8 % 1.6 % 0.1 % 0.3 % 0.4 % 0.3 % — % 1.4 % Reinsurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Casualty 7.2 % 12.5 % 14.6 % 13.3 % 11.2 % 9.0 % 5.9 % 5.2 % 3.8 % 2.8 % Property 35.3 % 32.3 % 14.8 % 5.5 % 3.9 % 2.0 % 3.2 % 2.7 % — % 3.2 % The table below provides a reconciliation of the beginning and ending reserve balances: (In thousands) 2018 2017 2016 Net reserves at beginning of year $ 10,056,914 $ 9,590,265 $ 9,244,872 Net provision for losses and loss expenses: Claims occurring during the current year (1) 3,926,489 3,963,543 3,826,620 Increase (decrease) in estimates for claims occurring in prior years (2) 6,831 (5,165 ) (29,904 ) Loss reserve discount accretion 41,382 43,970 49,084 Total 3,974,702 4,002,348 3,845,800 Net payments for claims: Current year 964,808 1,027,405 1,052,452 Prior year 2,700,077 2,562,550 2,401,722 Total 3,664,885 3,589,955 3,454,174 Foreign currency translation (117,848 ) 54,256 (46,233 ) Net reserves at end of year 10,248,883 10,056,914 9,590,265 Ceded reserve at end of year 1,717,565 1,613,494 1,606,930 Gross reserves at end of year $ 11,966,448 $ 11,670,408 $ 11,197,195 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $24,381,000 , $22,064,000 and $18,929,000 in 2018 , 2017 , and 2016 , respectively. (2) The increase (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 $3,738,000 , $32,132,000 and $59,175,000 in 2018 , 2017 and 2016 , respectively. Favorable prior year development (net of additional and return premiums) was $39 million in 2018 . Insurance - Reserves for the Insurance segment developed favorably by $43 million in 2018. The favorable development was primarily attributable to workers' compensation business, partially offset by unfavorable development for professional liability business. For workers' compensation, the favorable development was spread across many accident years, including prior to 2009, but was most significant in accident years 2015 through 2017. The favorable workers' compensation development reflects a continuation during 2018 of the benign loss cost trends experienced during recent years, particularly the favorable claim frequency trends (i.e., number of reported claims per unit of exposure). The long term trend of declining workers' compensation frequency can be attributable to improved workplace safety. Loss severity trends were also aided by our continued investment in claims handling initiatives such as medical case management services and vendor savings through usage of preferred provider networks. Reported workers' compensation losses in 2018 continued to be better than our expectations at most of our operating units, and were below the assumptions underlying our previous reserve estimates. For professional liability business, adverse development was primarily related to unexpected large directors and officers (“D&O”) liability losses at one of our U.S. operating units, as well as lawyers professional liability losses at another operating unit. The adverse development stemmed primarily from accident years 2015 and 2016, and was driven by a higher frequency of large losses than we had experienced in previous years. Reinsurance - Reserves for the Reinsurance segment developed unfavorably by $4 million in 2018. The unfavorable development was primarily due to U.S. casualty facultative business from accident years 2009 and prior related to construction projects, and was largely offset by favorable development on assumed excess of loss workers compensation business. Favorable prior year development (net of additional and return premiums) was $ 37 million in 2017 . Insurance - Reserves for the Insurance segment developed favorably by $ 68 million in 2017 . The favorable development was primarily attributable to workers' compensation business, and was partially offset by unfavorable development for professional liability business. For workers' compensation, the favorable development was related to both primary and excess business and was spread across many accident years, including those prior to 2008, but was most significant in accident years 2014 through 2016. The favorable workers' compensation development reflects a continuation during 2017 of the generally benign loss cost trends experienced in recent years, particularly the favorable claim frequency trends (i.e. number of reported claims per unit of exposure). Reported workers' compensation losses in 2017 continued to be better than our expectations at most of our operating units, and were below the assumptions underlying our previous reserve estimates. The favorable severity trends were also impacted by our continued investment in medical case management services and the higher usage of preferred provider networks. The long term trend of declining workers' compensation frequency can be attributed to improved workplace safety. For professional liability business, adverse development was primarily related to unexpected large D&O liability losses at one of our U.S. operating units, and large professional indemnity and D&O losses in the U.K. The adverse development stemmed mainly from accident years 2013 through 2016 in the U.S. and 2011 through 2016 in the U.K. Reinsurance - Reserves for the Reinsurance segment developed unfavorably by $ 31 million in 2017 . This adverse development was due to reserve strengthening associated with claims impacted by the change in the Ogden discount rate in the U.K., as well as adverse development on the U.S. facultative casualty excess of loss business. 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% in 2017 ; 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. The adverse development on U.S. facultative casualty business was due to construction related risks in accident years 2008 and prior. Favorable prior year development (net of additional and return premiums) was $59 million in 2016. Insurance - Reserves for the Insurance segment developed favorably by $53 million in 2016 . The favorable development was primarily related to workers' compensation business, and was partially offset by unfavorable development for medical professional liability business. For workers' compensation, the favorable development was related to both primary and excess business and to many accident years, including those prior to 2007. During 2016 , reported workers' compensation losses continued to be better than our expectations at most of our operating units. Loss frequency and severity trends continued to be better than the assumptions underlying our previous reserve estimates. Loss severity trends also benefited from our continued investment in medical case management services and from our preferred provider networks. The long term trend of declining workers' compensation frequency can be attributed to improved workplace safety. For medical professional liability business, unfavorable development was primarily related to a class of business that has been discontinued. The adverse development for that business stemmed main |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2018 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. Reinsurance coverage and retentions vary depending on the line of business, location of the risk and nature of loss. The Company’s reinsurance purchases include the following: property reinsurance treaties that reduce exposure to large individual property losses and catastrophe events; casualty reinsurance treaties that reduce its exposure to large individual casualty losses, workers’ compensation catastrophe losses and casualty losses involving multiple claimants or insureds; and facultative reinsurance that reduces exposure on individual policies or risks for losses that exceed treaty reinsurance capacity. Depending on the operating unit, the Company purchases specific additional reinsurance to supplement the above programs. The following is a summary of reinsurance financial information: (In thousands) 2018 2017 2016 Written premiums: Direct $ 6,973,216 $ 6,726,029 $ 6,647,600 Assumed 729,278 750,934 896,101 Ceded (1,269,267 ) (1,216,455 ) (1,119,788 ) Total net written premiums $ 6,433,227 $ 6,260,508 $ 6,423,913 Earned premiums: Direct $ 6,851,795 $ 6,661,046 $ 6,492,240 Assumed 755,759 812,309 900,570 Ceded (1,236,049 ) (1,161,936 ) (1,099,462 ) Total net earned premiums $ 6,371,505 $ 6,311,419 $ 6,293,348 Ceded losses and loss expenses incurred $ 829,742 $ 601,769 $ 707,336 Ceded commission earned $ 268,037 $ 241,983 $ 201,957 The Company reinsures a portion of its exposures principally to reduce its net liability on individual risks and to protect against catastrophic losses. Estimated amounts due from reinsurers are reported net of reserves for uncollectible reinsurance of $946,965 , $1,010,000 and $1,049,000 as of December 31, 2018 , 2017 and 2016 , respectively. The following table presents the amounts due from reinsurers as of December 31, 2018 : (In thousands) Lloyd’s of London $ 215,370 Munich Re 164,131 Alleghany Group 150,438 Swiss Re 150,280 Partner Re 103,837 Berkshire Hathaway 87,314 Axis Capital 85,377 Hannover Re Group 77,351 Everest Re 62,113 Korean Re 52,746 Renaissance Re 39,944 Liberty Mutual 32,118 Qatar Re GRP 27,731 Chubb Limited 24,628 Arch Capital Group 21,260 Other reinsurers less than $20,000 289,305 Subtotal 1,583,943 Residual market pools 348,348 Total $ 1,932,291 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Indebtedness consisted of the following as of December 31, 2018 (the difference between the face value and the carrying value is unamortized discount and debt issuance costs): Carrying Value (In thousands) Interest Rate Face Value 2018 2017 Senior notes due on: August 15, 2019 6.15% $ 140,651 $ 140,568 $ 140,434 September 15, 2019 7.375% 300,000 299,816 299,562 September 15, 2020 5.375% 300,000 299,420 299,083 January 1, 2022 8.7% 76,503 76,273 76,210 March 15, 2022 4.625% 350,000 348,670 348,252 February 15, 2037 6.25% 250,000 248,006 247,896 August 1, 2044 4.75% 350,000 345,283 345,099 Subsidiary debt (1) (2) Various 123,992 123,992 12,516 Total senior notes and other debt $ 1,891,146 $ 1,882,028 $ 1,769,052 Subordinated debentures due on: April 30, 2053 5.625% $ 350,000 $ 341,097 $ 340,838 March 1, 2056 5.9% 110,000 106,159 106,055 June 1, 2056 5.75% 290,000 281,551 281,325 March 30, 2058 5.70% 185,000 178,684 — Total subordinated debentures $ 935,000 $ 907,491 $ 728,218 ________________ (1) Subsidiary debt is due as follows: $7 million in 2019 , $15 million in 2020 , and $102 million in 2028 . (2) Includes non-recourse loan in the amount of $102 million |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consists of: (In thousands) Current Expense (Benefit) Deferred Expense (Benefit) Total December 31, 2018 Domestic $ 188,712 $ (63,134 ) $ 125,578 Foreign 13,963 23,487 37,450 Total expense (benefit) $ 202,675 $ (39,647 ) $ 163,028 December 31, 2017 Domestic $ 225,694 $ (27,601 ) $ 198,093 Foreign 8,803 12,537 21,340 Total expense (benefit) $ 234,497 $ (15,064 ) $ 219,433 December 31, 2016 Domestic $ 259,539 $ 3,355 $ 262,894 Foreign 23,634 6,425 30,059 Total expense $ 283,173 $ 9,780 $ 292,953 Income before income taxes from domestic operations was $755 million , $797 million and $837 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Income (loss) before income taxes from foreign operations was $57 million , ($25) million and $59 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2018 and 35% for 2017 and 2016 to pre-tax income are as follows: (In thousands) 2018 2017 2016 Computed “expected” tax expense $ 170,540 $ 270,470 $ 313,753 Tax-exempt investment income (18,833 ) (37,209 ) (37,379 ) Change in valuation allowance 18,576 11,161 1,420 Impact of foreign tax rates 7,683 3,508 1,984 State and local taxes 3,901 1,644 7,748 Impact of change in U.S. tax rate (10,950 ) (30,531 ) — Other, net (7,889 ) 390 5,427 Total expense $ 163,028 $ 219,433 $ 292,953 At December 31, 2018 and 2017 , the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: (In thousands) 2018 2017 Deferred tax asset: Loss reserve discounting $ 130,513 $ 70,206 Unearned premiums 112,190 110,854 Net operating losses 37,463 33,043 Other-than-temporary impairments 9,910 8,204 Employee compensation plans 56,027 59,037 Other 58,809 49,346 Gross deferred tax asset 404,912 330,690 Less valuation allowance (35,195 ) (16,619 ) Deferred tax asset 369,717 314,071 Deferred tax liability: Amortization of intangibles 13,641 12,826 Loss reserve discounting - transition rule 41,088 — Deferred policy acquisition costs 99,293 100,020 Unrealized investment gains 35,430 151,162 Property, furniture and equipment 39,239 31,865 Investment funds 51,712 41,104 Other 53,824 63,858 Deferred tax liability 334,227 400,835 Net deferred tax (asset) liability $ (35,490 ) $ 86,764 The Company had a current tax receivable of $0.7 million and a payable of $11.3 million at December 31, 2018 and 2017 , respectively. At December 31, 2018 , the Company had foreign net operating loss carryforwards of $8.8 million that expire beginning in 2027, and an additional $181.0 million that have no expiration date. At December 31, 2018 , the Company had a valuation allowance of $35.2 million , as compared to $16.6 million at December 31, 2017 . The Company has provided a valuation allowance against the utilization of foreign tax credits and the future net operating loss carryforward benefits of certain foreign operations. The statute of limitations has closed for the Company’s U.S. Federal tax returns through December 31, 2013. The realization of the deferred tax asset is dependent upon the Company’s ability to generate sufficient taxable income in future periods. Based on historical results and the prospects for future current operations, management anticipates that it is more likely than not that future taxable income will be sufficient for the realization of this asset. The Tax Cuts and Jobs Act of 2017 (the "Tax Act") was enacted on December 22, 2017. The Tax Act provides for a reduction of the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. In 2018 , the Company reported a net tax rate reduction benefit in the amount of $11.0 million . Additionally, the U.S. tax law requires insurance reserves to be discounted for tax purposes. The Tax Act modified this computation. At the end of 2018, the IRS issued revised discount factors to be applied to the 2017 reserves. This increased the beginning of year 2018 deferred tax asset for loss reserve discounting by $47 million . Under the related transition rule, a deferred tax liability was established which will be included in taxable income over eight years beginning in 2018. The Tax Act included a global intangible low-taxed income tax ("GILTI"). The Company has made an accounting policy election to treat any GILTI taxes as a current period expense when incurred (the "period cost method"). The 2018 tax provision includes a GILTI tax of $2.8 million as a current tax expense. The Company has not provided U.S. deferred income taxes on the undistributed earnings of approximately $70 million |
Dividends From Subsidiaries And
Dividends From Subsidiaries And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Dividends From Subsidiaries And Statutory Financial Information | Dividends from Subsidiaries and Statutory Financial Information The Company’s insurance subsidiaries are restricted by law as to the amount of dividends they may pay without the approval of regulatory authorities. The Company’s lead insurer, Berkley Insurance Company ("BIC"), directly or indirectly owns all of the Company’s other insurance companies. During 2019 , the maximum amount of dividends that can be paid by BIC without such approval is approximately $1.1 billion . BIC’s combined net income and statutory capital and surplus, as determined in accordance with statutory accounting practices (SAP), are as follows: (In thousands) 2018 2017 2016 Net income $ 1,099,953 $ 698,862 $ 702,830 Statutory capital and surplus $ 5,587,930 $ 5,479,603 $ 5,493,044 The significant variances between SAP and GAAP are that for statutory purposes bonds are carried at amortized cost, unrealized gains and losses on equity securities are recorded in surplus, acquisition costs are charged to income as incurred, deferred Federal income taxes are subject to limitations, excess and assumed workers’ compensation reserves are discounted at different discount rates and certain assets designated as “non-admitted assets” are charged against surplus. The Commissioner of Insurance of the State of Delaware has allowed BIC to discount non-tabular workers' compensation loss reserves, which is a permitted practice that differs from SAP. The effect of using this permitted practice was an increase to BIC’s statutory capital and surplus by $282 million at December 31, 2018 . The National Association of Insurance Commissioners (“NAIC”) has risk-based capital (“RBC”) requirements that require insurance companies to calculate and report information under a risk-based formula which measures statutory capital and surplus needs based on a regulatory definition of risk in a company’s mix of products and its balance sheet. This guidance is used to calculate two capital measurements: Total Adjusted Capital and RBC Authorized Control Level. Total Adjusted Capital is equal to the Company’s statutory capital and surplus excluding capital and surplus derived from the use of permitted practices that differ from statutory accounting practices. RBC Authorized Control Level is the capital level used by regulatory authorities to determine whether remedial action is required. Generally, no remedial action is required if Total Adjusted Capital is 200% or more of the RBC Authorized Control Level. At December 31, 2018 , BIC’s Total Adjusted Capital of $5.306 billion was 384% of its RBC Authorized Control Level. |
Common Stockholders' Equity
Common Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stockholders' Equity | Common Stockholders’ Equity The weighted average number of shares used in the computation of net income per share was as follows: 2018 2017 2016 Basic 126,698,927 124,843,240 122,650,997 Diluted 128,263,558 129,017,613 128,552,838 Treasury shares have been excluded from average outstanding shares from the date of acquisition. The weighted average number of basic shares outstanding includes the impact of 4,926,521 common shares held in a grantor trust. 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 shares deliverable under vested RSUs were already included in diluted shares outstanding. The difference in calculating basic and diluted net income per share is attributable entirely to the dilutive effect of stock-based compensation plans. Changes in shares of common stock outstanding, net of treasury shares, are presented below. Shares of common stock issued and outstanding do not include shares related to unissued restricted stock units (including shares held in the grantor trust). 2018 2017 2016 Balance, beginning of year 121,514,852 121,193,599 123,307,837 Shares issued 838,508 1,052,256 281,654 Shares repurchased (357,600 ) (731,003 ) (2,395,892) Balance, end of year 121,995,760 121,514,852 121,193,599 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its 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 as of December 31, 2018 and 2017 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 702,240 $ — $ 702,240 $ — State and municipal 3,872,598 — 3,872,598 — Mortgage-backed securities 1,594,546 — 1,594,546 — Asset-backed securities 2,438,747 — 2,438,648 99 Corporate 4,111,311 — 4,111,311 — Foreign government 808,735 — 808,735 — Total fixed maturity securities available for sale 13,528,177 — 13,528,078 99 Equity securities: Common stocks 98,192 89,596 — 8,596 Preferred stocks 180,814 — 176,869 3,945 Total equity securities 279,006 89,596 176,869 12,541 Arbitrage trading account 452,548 353,335 81,905 17,308 Total $ 14,259,731 $ 442,931 $ 13,786,852 $ 29,948 Liabilities: Trading account securities sold but not yet purchased $ 38,120 $ 37,327 $ — $ 793 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 $ — $ — The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2018 and 2017 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2018 Assets: Fixed maturity securities available for sale: Asset-backed securities $ 172 $ (2 ) $ 46 $ — $ — $ (117 ) $ — $ — $ 99 Total 172 (2 ) 46 — — (117 ) — — 99 Equity securities: Common stocks 9,370 (548 ) — — (227 ) — 1 8,596 Preferred stocks 10,843 100 — — (6,998 ) — — 3,945 Total 20,213 (448 ) — — — (7,225 ) — 1 12,541 Arbitrage trading account — (6 ) — — 11,523 (11 ) — 5,802 17,308 Total $ 20,385 $ (456 ) $ 46 $ — $ 11,523 $ (7,353 ) $ — $ 5,803 $ 29,948 Year ended December 31, 2017 Assets: Fixed maturity 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 For the year ended December 31, 2018 , one common stock in the arbitrage trading account was transferred into Level 3 and one common stock was transferred out of Level 3. In the case of the transfer into Level 3, a publicly traded price was no longer available and in the case of the transfer out, a publicly traded price became available. For the year ended December 31, 2017 , there were no The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2018 and 2017 : 2018 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,606,812 $ 13,619,620 $ 13,551,250 $ 13,566,976 Equity securities 279,006 279,006 576,647 576,647 Arbitrage trading account 452,548 452,548 617,649 617,649 Loans receivable 94,813 97,073 79,684 82,047 Cash and cash equivalents 817,602 817,602 950,471 950,471 Trading accounts receivable from brokers and clearing organizations 347,228 347,228 189,280 189,280 Liabilities: Due to broker 20,144 20,144 15,920 15,920 Trading account securities sold but not yet purchased 38,120 38,120 64,358 64,358 Subordinated debentures 907,491 840,002 728,218 769,060 Senior notes and other debt 1,882,028 1,968,996 1,769,052 1,945,313 The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 12 above. The fair value of loans receivable is 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. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations The Company and its subsidiaries use office space and equipment under leases expiring at various dates. These leases are considered operating leases for financial reporting purposes. Some of these leases have options to extend the length of the leases and contain clauses for cost of living, operating expense and real estate tax adjustments. Future minimum lease payments, without provision for sublease income, are: $46,592,000 in 2019 ; $43,504,000 in 2020 ; $39,061,000 in 2021 ; $34,444,000 in 2022 , $30,881,000 in 2023 and $75,740,000 thereafter. Rental expense was $45,778,000 , $52,925,000 , and $47,453,000 for 2018 , 2017 , and 2016 |
Commitments, Litigation And Con
Commitments, Litigation And Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Litigation And Contingent Liabilities | Commitments, 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. At December 31, 2018 , the Company had commitments to invest up to $270.2 million and $253.4 million |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | Stock Incentive Plan Pursuant to the Company's 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. The following table summarizes RSU information for the three years ended December 31, 2018 : 2018 2017 2016 RSUs granted and unvested at beginning of period: 3,477,981 4,862,098 4,158,325 Granted 760,032 855,984 1,000,559 Vested (600,169 ) (1,993,507 ) (77,250 ) Canceled (263,411 ) (246,594 ) (219,536 ) RSUs granted and unvested at end of period: 3,374,433 3,477,981 4,862,098 Upon vesting, shares of the Company’s common stock equal to the number of vested RSUs are issued or deferred to a later date, depending on the terms of the specific award agreement. As of December 31, 2018 , 4,709,318 RSUs had been deferred. RSUs that have not yet vested and vested RSUs that have been deferred are not considered to be issued and outstanding shares. The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2018 : (In thousands) 2018 2017 2016 Unearned compensation at beginning of year $ 122,910 $ 115,965 $ 103,538 RSUs granted, net of cancellations 52,204 52,897 52,697 RSUs expensed (34,408 ) (38,796 ) (35,585 ) RSUs forfeitures (11,037 ) (7,156 ) (4,685 ) Unearned compensation at end of year $ 129,669 $ 122,910 $ 115,965 |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Compensation Plans | Compensation Plans The Company and its subsidiaries have profit sharing plans in which substantially all employees participate. The plans provide for minimum annual contributions of 5% of eligible compensation; contributions above the minimum are discretionary and vary with each participating subsidiary’s profitability. Employees become eligible to participate in the plan on the first day of the calendar quarter following the first full calendar quarter after the employee's date of hire provided the employee has completed 250 hours of service during the calendar quarter. The plans provide that 40% of the contributions vest immediately and that the remaining 60% vest at varying percentages based upon years of service. Profit sharing expense was $42 million , $42 million and $39 million in 2018 , 2017 and 2016 , respectively. The Company has a long-term incentive compensation plan ("LTIP") that provides for compensation to key executives based on the growth in the Company's book value per share over a five year period. The following table summarizes the outstanding LTIP awards as of December 31, 2018 : Units Outstanding Maximum Value Inception to date earned through December 31, 2018 on outstanding units 2014 grant 181,750 $ 18,175,000 $ 15,328,795 2015 grant 194,750 19,475,000 15,272,295 2016 grant 217,500 21,750,000 12,371,400 2017 grant 223,250 22,325,000 7,822,680 2018 grant 222,750 22,750,000 4,316,895 The following table summarizes the LTIP expense for each of the three years ended December 31, 2018 : (In thousands) 2018 2017 2016 2011 grant $ — $ — $ (82 ) 2013 grant (1,124 ) 7,667 8,918 2014 grant 3,227 3,167 3,503 2015 grant 5,170 3,667 4,072 2016 grant 5,148 3,601 4,002 2017 grant 4,700 3,162 — 2018 grant 4,317 — — Total $ 21,438 $ 21,264 $ 20,413 |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Supplemental Financial Statement Data | Supplemental Financial Statement Data Other operating costs and expenses consist of the following: (In thousands) 2018 2017 2016 Amortization of deferred policy acquisition costs $ 915,246 $ 1,111,489 $ 1,155,954 Insurance operating expenses 1,183,635 989,535 933,249 Insurance service expenses 118,357 129,776 138,908 Net foreign currency (gains) losses (27,067 ) 15,267 (11,904 ) Other costs and expenses 193,050 190,865 179,412 Total $ 2,383,221 $ 2,436,932 $ 2,395,619 |
Industry Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Industry Segments | Industry 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, 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 table. Income 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 Year ended December 31, 2018 Insurance $ 5,864,981 $ 518,733 $ 72,727 $ 6,456,441 $ 856,011 $ 682,028 Reinsurance 506,524 94,291 — 600,815 62,144 50,144 Corporate, other and eliminations (2) — 61,211 418,696 479,907 (260,549 ) (213,469 ) Net investment gains — — 154,488 154,488 154,488 122,046 Consolidated $ 6,371,505 $ 674,235 $ 645,911 $ 7,691,651 $ 812,094 $ 640,749 Year ended December 31, 2017 Insurance $ 5,706,443 $ 436,178 $ 86,864 $ 6,229,485 $ 756,153 $ 535,186 Reinsurance 604,976 91,146 — 696,122 (15,276 ) (5,131 ) Corporate, other and eliminations (2) — 48,464 374,835 423,299 (303,965 ) (199,269 ) Net investment gains — — 335,858 335,858 335,858 218,308 Consolidated $ 6,311,419 $ 575,788 $ 797,557 $ 7,684,764 $ 772,770 $ 549,094 Year ended December 31, 2016 Insurance $ 5,618,842 $ 431,489 $ 97,879 $ 6,148,210 $ 799,139 $ 534,613 Reinsurance 674,506 102,617 — 777,123 98,277 68,400 Corporate, other and eliminations (2) — 30,057 431,789 461,846 (267,983 ) (174,650 ) Net investment gains — — 267,005 267,005 267,005 173,553 Consolidated $ 6,293,348 $ 564,163 $ 796,673 $ 7,654,184 $ 896,438 $ 601,916 Identifiable Assets (In thousands) December 31, 2018 2017 Insurance $ 19,634,329 $ 19,263,193 Reinsurance 2,951,115 3,169,731 Corporate, other and eliminations (2) 2,310,533 1,866,993 Consolidated $ 24,895,977 $ 24,299,917 _______________________________________ (1) Revenues for Insurance includes $714.2 million , $688.2 million and $733.3 million in 2018, 2017 and 2016, respectively, from foreign countries. Revenues for Reinsurance includes $228.1 million , $201.3 million and $200.5 million in 2018, 2017 and 2016, respectively, from foreign countries. (2) Corporate, other and eliminations represent corporate revenues and expenses and other items that are not allocated to business segments. Net premiums earned by major line of business are as follows: (In thousands) 2018 2017 2016 Insurance Other liability $ 1,912,071 $ 1,843,826 $ 1,761,748 Workers' compensation 1,489,805 1,481,507 1,402,611 Short-tail lines 1,184,755 1,149,977 1,237,917 Commercial automobile 722,236 685,263 684,626 Professional liability 556,114 545,870 531,940 Total Insurance 5,864,981 5,706,443 5,618,842 Reinsurance Casualty 362,886 377,650 405,470 Property 143,638 227,326 269,036 Total Reinsurance 506,524 604,976 674,506 Total $ 6,371,505 $ 6,311,419 $ 6,293,348 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following is a summary of quarterly financial data: (In thousands, except per share data) 2018 Three months ended March 31 June 30 September 30 December 31 Revenues $ 1,891,247 $ 1,910,916 $ 1,937,902 $ 1,951,586 Net income 166,397 180,075 161,920 132,357 Net income per share (1) Basic (2) 1.32 1.42 1.28 1.04 Diluted 1.30 1.40 1.26 1.03 2017 Three months ended March 31 June 30 September 30 December 31 Revenues $ 1,870,418 $ 1,848,049 $ 2,031,342 $ 1,934,956 Net income 123,447 109,004 162,054 154,589 Net income per share (1) Basic (2) 1.01 0.87 1.29 1.22 Diluted 0.96 0.85 1.26 1.21 _______________________________________ (1) Net income per share (“EPS”) in each quarter is computed using the weighted-average number of shares outstanding during that quarter, while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters EPS does not necessarily equal the full-year EPS. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | Schedule II W. R. Berkley Corporation Condensed Financial Information of Registrant Balance Sheets (Parent Company) December 31, (In thousands) 2018 2017 Assets: Cash and cash equivalents $ 83,950 $ 45,062 Fixed maturity securities available for sale at fair value (cost $1,317,058 and $1,059,834 at December 31, 2018 and 2017, respectively) 1,307,347 1,052,240 Loans receivable 51,544 53,019 Equity securities, at fair value (cost $3,430 in 2018 and 2017) 3,430 3,430 Investment in subsidiaries 6,786,999 7,140,108 Current federal income taxes 9,068 — Deferred federal income taxes 66,995 — Property, furniture and equipment at cost, less accumulated depreciation 13,391 14,421 Other assets 12,340 10,819 Total assets $ 8,335,064 $ 8,319,099 Liabilities and stockholders’ equity Liabilities: Due to subsidiaries $ 116,125 $ 232,756 Other liabilities 115,562 128,002 Current federal income taxes — 10,486 Deferred federal income taxes — 51,757 Subordinated debentures 907,491 728,218 Senior notes 1,758,035 1,756,536 Total liabilities 2,897,213 2,907,755 Stockholders’ equity: Preferred stock — — Common stock 47,024 47,024 Additional paid-in capital 1,063,144 1,048,283 Retained earnings (including accumulated undistributed net income of subsidiaries of $5,068,139 and $5,073,268 at December 31, 2018 and 2017, respectively) 7,558,619 6,956,882 Accumulated other comprehensive income (510,470 ) 68,541 Treasury stock, at cost (2,720,466 ) (2,709,386 ) Total stockholders’ equity 5,437,851 5,411,344 Total liabilities and stockholders’ equity $ 8,335,064 $ 8,319,099 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial statements. Schedule II, Continued W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued Statements of Income (Parent Company) Year Ended December 31, (In thousands) 2018 2017 2016 Management fees and investment income including dividends from subsidiaries of $639,477, $694,462 and $700,664 for the years ended December 31, 2018, 2017 and 2016, respectively $ 697,687 $ 738,923 $ 726,742 Net investment (losses) gains (1,685 ) (4,286 ) 909 Other income 530 805 376 Total revenues 696,532 735,442 728,027 Operating costs and expense 191,873 182,145 171,967 Interest expense 155,082 146,929 139,216 Income before federal income taxes 349,577 406,368 416,844 Federal income taxes: Federal income taxes provided by subsidiaries on a separate return basis 409,439 115,597 327,520 Federal income tax expense on a consolidated return basis (113,138 ) (195,261 ) (246,389 ) Net expense (benefit) 296,301 (79,664 ) 81,131 Income before undistributed equity in net income of subsidiaries 645,878 326,704 497,975 Equity in undistributed net (loss) income of subsidiaries (5,129 ) 222,390 103,941 Net income $ 640,749 $ 549,094 $ 601,916 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial statements. Schedule II, Continued W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued Statements of Cash Flows (Parent Company) Year Ended December 31, (In thousands) 2018 2017 2016 Cash flows from operating activities: Net income $ 640,749 $ 549,094 $ 601,916 Adjustments to reconcile net income to net cash from operating activities: Net investment losses 1,685 4,286 3,649 Depreciation and amortization 9,441 2,039 2,744 Equity in undistributed earnings of subsidiaries 5,129 (222,390 ) (103,941 ) Tax payments received from subsidiaries 282,084 98,313 414,386 Federal income taxes provided by subsidiaries on a separate return basis (409,439 ) (115,597 ) (327,520 ) Stock incentive plans 28,531 38,075 37,174 Change in: Federal income taxes (77,415 ) 2,711 44,839 Other assets 1,348 (877 ) 1,772 Other liabilities 109,016 18,661 (88,282 ) Accrued investment income (2,870 ) (2,818 ) (2,743 ) Net cash from operating activities 588,259 371,497 583,994 Cash used in investing activities: Proceeds from sales of fixed maturity securities 668,447 849,330 373,252 Proceeds from maturities and prepayments of fixed maturity securities 255,528 316,611 210,904 Cost of purchases of fixed maturity securities (1,188,821 ) (1,329,379 ) (1,285,101 ) Change in loans receivable 1,475 (29,600 ) (23,419 ) Investments in and advances to subsidiaries, net (184,597 ) (21,139 ) 11,471 Net additions to real estate, furniture & equipment (264 ) (1,055 ) (3,042 ) Net cash used in investing activities (448,232 ) (215,232 ) (715,935 ) Cash (used in) from financing activities: Net proceeds from issuance of senior notes 178,562 — 386,830 Repayment of senior notes — — (9,353 ) Purchase of common treasury shares (24,750 ) (47,807 ) (132,392 ) Cash dividends to common stockholders (254,951 ) (188,199 ) (183,999 ) Net cash (used in) from financing activities (101,139 ) (236,006 ) 61,086 Net increase (decrease) in cash and cash equivalents 38,888 (79,741 ) (70,855 ) Cash and cash equivalents at beginning of year 45,062 124,803 195,658 Cash and cash equivalents at end of year $ 83,950 $ 45,062 $ 124,803 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial statements. W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued December 31, 2018 Note to Condensed Financial Statements (Parent Company) The accompanying condensed financial statements should be read in conjunction with the notes to consolidated financial statements included elsewhere herein. Reclassifications have been made in the 2017 and 2016 financial statements as originally reported to conform them to the presentation of the 2018 financial statements. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Schedule III W. R. Berkley Corporation and Subsidiaries Supplementary Insurance Information December 31, 2018 , 2017 and 2016 (In thousands) Deferred Policy Acquisition Cost Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Loss and Loss Expenses Amortization of Deferred Policy Acquisition Cost Other Operating Costs and Expenses Net Premiums Written December 31, 2018 Insurance $ 439,945 $ 10,226,324 $ 3,131,018 $ 5,864,981 $ 518,733 $ 3,626,924 $ 811,178 $ 1,162,328 $ 5,952,861 Reinsurance 57,684 1,740,124 228,973 506,524 94,291 347,778 104,068 86,826 480,366 Corporate and adjustments — — — — 61,211 — — 218,821 — Total $ 497,629 $ 11,966,448 $ 3,359,991 $ 6,371,505 $ 674,235 $ 3,974,702 $ 915,246 $ 1,467,975 $ 6,433,227 December 31, 2017 Insurance $ 435,967 $ 9,820,258 $ 3,039,343 $ 5,706,443 $ 436,178 $ 3,516,996 $ 929,793 $ 1,026,545 $ 5,715,871 Reinsurance 71,582 1,850,150 250,837 604,976 91,146 485,352 181,696 44,349 544,637 Corporate and adjustments — — — — 48,464 — — 254,549 — Total $ 507,549 $ 11,670,408 $ 3,290,180 $ 6,311,419 $ 575,788 $ 4,002,348 $ 1,111,489 $ 1,325,443 $ 6,260,508 December 31, 2016 Insurance $ 442,317 $ 9,445,210 $ 2,975,060 $ 5,618,842 $ 431,489 $ 3,430,139 $ 964,064 $ 954,858 $ 5,743,620 Reinsurance 95,573 1,751,985 308,240 674,506 102,617 415,661 191,890 71,305 680,293 Corporate and adjustments — — — — 30,057 — — 213,502 — Total $ 537,890 $ 11,197,195 $ 3,283,300 $ 6,293,348 $ 564,163 $ 3,845,800 $ 1,155,954 $ 1,239,665 $ 6,423,913 __________________________ |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Schedule IV - Reinsurance | Schedule IV W. R. Berkley Corporation and Subsidiaries Reinsurance Years ended December 31, 2018 , 2017 and 2016 Premiums Written (In thousands, other than percentages) Direct Amount Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net Year ended December 31, 2018 Insurance $ 6,959,830 $ 1,204,509 $ 197,540 $ 5,952,861 3.3 % Reinsurance 13,386 64,758 531,738 480,366 110.7 % Total $ 6,973,216 $ 1,269,267 $ 729,278 $ 6,433,227 11.3 % Year ended December 31, 2017 Insurance $ 6,707,916 $ 1,153,960 $ 161,915 $ 5,715,871 2.8 % Reinsurance 18,113 62,495 589,019 544,637 108.1 % Total $ 6,726,029 $ 1,216,455 $ 750,934 $ 6,260,508 12.0 % Year ended December 31, 2016 Insurance $ 6,634,540 $ 1,051,887 $ 160,967 $ 5,743,620 2.8 % Reinsurance 13,060 67,901 735,134 680,293 108.1 % Total $ 6,647,600 $ 1,119,788 $ 896,101 $ 6,423,913 13.9 % ___________________________ |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | Schedule V W. R. Berkley Corporation and Subsidiaries Valuation and Qualifying Accounts Years ended December 31, 2018 , 2017 and 2016 (In thousands) Opening Balance Additions- Charged to Expense Deduction- Amounts Written Off Ending Balance Year ended December 31, 2018 Premiums and fees receivable $ 39,926 $ 6,985 $ (7,817 ) $ 39,093 Due from reinsurers 1,010 65 (128 ) 947 Deferred federal and foreign income taxes 16,619 18,772 (196 ) 35,195 Loan loss reserves 3,383 — — 3,383 Total $ 60,938 $ 25,822 $ (8,141 ) $ 78,618 Year ended December 31, 2017 Premiums and fees receivable $ 26,569 $ 20,720 $ (7,363 ) $ 39,926 Due from reinsurers 1,049 (29 ) (10 ) 1,010 Deferred federal and foreign income taxes 5,457 12,663 (1,501 ) 16,619 Loan loss reserves 3,397 (14 ) — 3,383 Total $ 36,472 $ 33,340 $ (8,874 ) $ 60,938 Year ended December 31, 2016 Premiums and fees receivable $ 22,524 $ 10,006 $ (5,961 ) $ 26,569 Due from reinsurers 1,020 20 9 1,049 Deferred federal and foreign income taxes 4,037 1,420 — 5,457 Loan loss reserves 2,094 1,303 — 3,397 Total $ 29,675 $ 12,749 $ (5,952 ) $ 36,472 _______________________ |
Schedule VI - Supplementary Inf
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations | Schedule VI W. R. Berkley Corporation and Subsidiaries Supplementary Information Concerning Property-Casualty Insurance Operations Years Ended December 31, 2018 , 2017 and 2016 (In thousands) 2018 2017 2016 Deferred policy acquisition costs $ 497,629 $ 507,549 $ 537,890 Reserves for losses and loss expenses 11,966,448 11,670,408 11,197,195 Unearned premiums 3,359,991 3,290,180 3,283,300 Net premiums earned 6,371,505 6,311,419 6,293,348 Net investment income 674,235 575,788 564,163 Losses and loss expenses incurred: Current year 3,926,489 3,963,543 3,826,620 Prior years 6,831 (5,165 ) (29,904 ) Loss reserve discount accretion 41,382 43,970 49,084 Amortization of deferred policy acquisition costs 915,246 1,111,489 1,155,954 Paid losses and loss expenses 3,664,885 3,589,955 3,454,174 Net premiums written 6,433,227 6,260,508 6,423,913 ___________________ |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn February 21, 2019, the Company announced that its Board of Directors approved a 3-for-2 common stock split to be paid in the form of a stock dividend to holders of record on March 14, 2019. The additional shares are expected to be issued on April 2, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation and basis of presentation | Principles of consolidation and basis of presentation The 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"). All significant intercompany transactions and balances have been eliminated. Reclassifications have been made in the 2017 and 2016 financial statements to conform to the presentation of the 2018 |
Revenue recognition | Revenue recognition Insurance premiums are recognized as written at the inception of the policy. Reinsurance premiums are estimated based upon information received from ceding companies, and subsequent differences from such estimates are recorded in the period they are determined. Insurance and reinsurance premiums are primarily earned on a pro rata basis over the policy term. Fees for services are earned over the period that the services are provided. Audit premiums are recognized when they are reliably determinable. The change in accruals for earned but unbilled audit premiums (decreased) increased net premiums written and premiums earned by $(4) million , $8 million and $8 million in 2018 , 2017 and 2016 , respectively. Revenues from non-insurance businesses are derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aircraft services provided to the general, commercial and military aviation markets. These aircraft services include (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services. Revenue is recognized upon the shipment of products and parts, the delivery of aircraft, the delivery of fuel, and over the completion period of services. |
Cash and cash equivalents | Cash and cash equivalentsCash equivalents consist of funds invested in money market accounts and investments with an effective maturity of three months or less when purchased. |
Investments | Investments Fixed maturity securities classified as available for sale are carried at estimated fair value, with unrealized gains and losses, net of applicable income taxes, excluded from earnings and reported as a component of comprehensive income and a separate component of stockholders' equity. Fixed maturity securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment income from fixed maturity securities is recognized based on the constant effective yield method. Premiums and discounts on mortgage-backed securities are adjusted for the effects of actual and anticipated prepayments on a retrospective basis. Equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in net income within net realized and unrealized gains on investments. (See (Q) Recent accounting pronouncements .) Fixed maturity securities that the Company purchased with the intent to sell in the near-term are classified as trading account securities and are reported at estimated fair value. Realized and unrealized gains and losses from trading activity are reported as net investment income and are recorded at the trade date. Short sales and short call options are presented as trading securities sold but not yet purchased. Unsettled trades and the net margin balances held by the clearing broker are presented as a trading account receivable from brokers and clearing organizations. Investment funds are carried under the equity method of accounting. The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Loans receivable primarily represent commercial real estate mortgage loans and bank loans and are carried at amortized cost. The Company monitors the performance of its loans receivable and establishes an allowance for loan losses for loans where the Company determines it is probable that the contractual terms will not be met, with a corresponding charge to earnings. For loans that are evaluated individually and deemed to be impaired, the Company establishes a specific allowance based on a discounted cash flow analysis and comparable cost and sales methodologies, if appropriate. Individual loans that are not considered impaired and smaller-balance homogeneous loans are evaluated collectively and a general allowance is established if it is considered probable that a loss has been incurred. The accrual of interest on loans receivable is discontinued if the loan is 90 days past due based on the contractual terms of the loan unless the loan is adequately secured and in process of collection. In general, loans are placed on non-accrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Interest on these loans is accounted for on a cash basis until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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.” Fair value of investments is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. (See Note 12 of the Notes to Consolidated Financial Statements.) Realized gains or losses represent the difference between the cost of securities sold and the proceeds realized upon sale and are recorded at the trade date. The Company uses primarily the first-in, first-out method to determine the cost of securities sold. The cost of securities is adjusted where appropriate to include a provision for a decline in value which is considered to be other than temporary. An other-than-temporary decline is considered to occur in investments where there has been a sustained reduction in fair value and where the Company does not expect to recover the cost basis of the investment prior to the time of sale or maturity. For fixed maturity securities that the Company intends to sell or, more likely than not, would be required to sell, a decline in value below amortized cost is considered to be an other-than-temporary impairment (“OTTI”). The amount of OTTI is equal to the difference between amortized cost and fair value at the balance sheet date. For fixed maturity securities that the Company does not intend to sell or believes that it is more likely than not it would not be required to sell, a decline in value below amortized cost is considered to be an OTTI if the Company does not expect to recover the entire amortized cost basis of a security (i.e., the present value of cash flows expected to be collected is less than the amortized cost basis of the security). The portion of the decline in value considered to be a credit loss (i.e., the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security) is recognized in earnings. The portion of the decline in value not considered to be a credit loss (i.e., the difference in the present value of cash flows expected to be collected and the fair value of the security) is recognized in other comprehensive income. Impairment assessments for structured securities, including mortgage-backed securities and asset-backed securities, collateralized debt obligations and corporate debt, are generally evaluated based on the performance of the underlying collateral under various economic and default scenarios that may involve subjective judgments and estimates by management. Modeling these securities involves various factors, such as projected default rates, the nature and realizable value of the collateral, if any, the ability of the issuer to make scheduled payments, historical performance and other relevant economic and performance factors. If an OTTI determination is made, a discounted cash flow analysis is used to ascertain the amount of the credit impairment. Real estate held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Real estate taxes, interest and other costs incurred during development and construction are capitalized. Buildings are depreciated on a straight-line basis over the estimated useful lives of the building. Minimum rental income is recognized on a straight-line basis over the lease term. Income and expenses from real estate are reported as net investment income. The carrying value of real estate is reviewed for impairment and an impairment loss is recognized if the estimated undiscounted cash flows from the use and disposition of the property are less than the carrying value of the property. |
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 weighted average number of common shares outstanding during the year (including 4,926,521 |
Deferred policy acquisition costs | Deferred policy acquisition costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the contract. Deferred policy acquisition costs are presented net of unearned ceding commissions. Deferred policy acquisition costs are comprised primarily of commissions, as well as employment-related underwriting costs and premium taxes. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income and, if not, are charged to expense. The recoverability of deferred policy acquisition costs is evaluated separately by each of our operating companies. Future investment income is taken into account in measuring the recoverability of deferred policy acquisition costs. |
Reserves for losses and loss expenses | Reserves for losses and loss expenses Reserves for losses and loss expenses are an accumulation of amounts determined on the basis of (1) evaluation of claims for business written directly by the Company; (2) estimates received from other companies for reinsurance assumed by the Company; and (3) estimates for losses incurred but not reported (based on Company and industry experience). These estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the statements of income in the period in which they are determined. The Company discounts its reserves for excess and assumed workers' compensation claims using a risk-free or statutory rate. (See Note 13 of Notes to Consolidated Financial Statements.) |
Reinsurance ceded | Reinsurance ceded The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as due from reinsurers. To the extent any reinsurer does not meet its obligations under reinsurance agreements, the Company must discharge its liability. Amounts due from reinsurers are reflected net of funds held where the right of offset is present. The Company has provided reserves for estimated uncollectible reinsurance. |
Deposit accounting | Deposit accounting Contracts that do not meet the risk transfer requirements of GAAP are accounted for using the deposit accounting method. Under this method, an asset or liability is recognized at the inception of the contract based on consideration paid or received. The amount of the deposit asset or liability is adjusted at subsequent reporting dates using the interest method with a corresponding credit or charge to interest income or expense. |
Federal and foreign income taxes | Federal and foreign income taxes The Company files a consolidated income tax return in the U.S. and foreign tax returns in countries where it has overseas operations. The Company's method of accounting for income taxes is the asset and liability method. Under this method, deferred tax assets and liabilities are measured using tax rates currently in effect or expected to apply in the years in which those temporary differences are expected to reverse. Interest and penalties, if any, are reported as income tax expense. The Company believes there are no tax positions that would require disclosure under GAAP. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. |
Foreign currency | Foreign currency Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are reported on the statements of income as other operating costs and expenses. Unrealized gains or losses resulting from translating the results of non-U.S. dollar denominated operations are reported in accumulated other comprehensive income. Revenues and expenses denominated in currencies other than U.S. dollars are generally translated at the weighted average exchange rate during the year. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. |
Property, furniture and equipment | Property, furniture and equipment Property, furniture and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the estimated useful lives of the respective assets. |
Comprehensive income | Comprehensive income Comprehensive income encompasses all changes in stockholders' equity (except those arising from transactions with stockholders) and includes net income, net unrealized holding gains or losses on available for sale securities and unrealized foreign currency translation adjustments. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill and other intangible assets are tested for impairment on an annual basis and at interim periods where circumstances require. |
Stock options | Restricted stock units The costs resulting from all share-based payment transactions with employees are recognized in the consolidated financial statements using a fair-value-based measurement method. Compensation cost is recognized for financial reporting purposes over the period in which the employee is required to provide service in exchange for the award (generally the vesting period). |
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 was effective for reporting periods beginning after December 15, 2018, and was 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 became 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 requires 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 will adopt the new guidance prospectively as of January 1, 2019. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity. The adoption of this guidance will result in the recognition of an offsetting right-of-use asset and lease liability which will be less than 1% of total assets and approximately 1% of total liabilities. 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. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following tables present the components of the changes in accumulated other comprehensive (loss) income ("AOCI") as of and for the years ended December 31, 2018 and 2017 : (In thousands) December 31, 2018 Unrealized investment (losses) gains Currency translation adjustments Accumulated other comprehensive (loss) income 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 (246,535 ) (112,099 ) (358,634 ) Amounts reclassified from AOCI (5,792 ) — (5,792 ) Other comprehensive loss (252,327 ) (112,099 ) (364,426 ) Unrealized investment loss related to non-controlling interest (46 ) — (46 ) Ending balance $ (91,491 ) $ (418,979 ) $ (510,470 ) Amounts reclassified from AOCI Pre-tax $ (7,332 ) (1) $ — $ (7,332 ) Tax effect 1,540 (2) — 1,540 After-tax amounts reclassified $ (5,792 ) $ — $ (5,792 ) Other comprehensive loss Pre-tax $ (302,737 ) $ (112,099 ) $ (414,836 ) Tax effect 50,410 — 50,410 Other comprehensive loss $ (252,327 ) $ (112,099 ) $ (364,426 ) (In thousands) December 31, 2017 Unrealized investment gains (losses) Currency translation adjustments Accumulated other comprehensive income (loss) Changes in AOCI Beginning of period $ 427,154 $ (371,586 ) $ 55,568 Other comprehensive income before reclassifications 63,567 64,706 128,273 Amounts reclassified from AOCI (115,319 ) — (115,319 ) Other comprehensive (loss) income (51,752 ) 64,706 12,954 Unrealized investment gain related to non-controlling interest 19 — 19 Ending balance $ 375,421 $ (306,880 ) $ 68,541 Amounts reclassified from AOCI Pre-tax $ (177,414 ) (1) $ — $ (177,414 ) Tax effect 62,095 (2) — 62,095 After-tax amounts reclassified $ (115,319 ) $ — $ (115,319 ) Other comprehensive income (loss) Pre-tax $ (69,425 ) $ 64,706 $ (4,719 ) Tax effect 17,673 — 17,673 Other comprehensive income (loss) $ (51,752 ) $ 64,706 $ 12,954 _______________ (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 Maturity_2
Investments In Fixed Maturity Securities (Tables) - Debt Securities | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Marketable Securities [Line Items] | |
Investments In Fixed Maturity Securities | At December 31, 2018 and 2017 , investments in fixed maturity securities were as follows: (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2018 Held to maturity: State and municipal $ 67,891 $ 11,549 $ — $ 79,440 $ 67,891 Residential mortgage-backed 10,744 1,259 — 12,003 10,744 Total held to maturity 78,635 12,808 — 91,443 78,635 Available for sale: U.S. government and government agency 697,931 9,219 (4,910 ) 702,240 702,240 State and municipal: Special revenue 2,396,089 30,507 (19,790 ) 2,406,806 2,406,806 State general obligation 335,626 11,951 (1,103 ) 346,474 346,474 Pre-refunded 408,141 16,568 (30 ) 424,679 424,679 Corporate backed 272,440 4,319 (2,350 ) 274,409 274,409 Local general obligation 403,219 18,350 (1,339 ) 420,230 420,230 Total state and municipal 3,815,515 81,695 (24,612 ) 3,872,598 3,872,598 Mortgage-backed securities: Residential (1) 1,264,376 7,729 (20,225 ) 1,251,880 1,251,880 Commercial 345,070 1,304 (3,708 ) 342,666 342,666 Total mortgage-backed securities 1,609,446 9,033 (23,933 ) 1,594,546 1,594,546 Asset-backed securities 2,462,303 10,131 (33,687 ) 2,438,747 2,438,747 Corporate: Industrial 2,295,778 15,355 (53,312 ) 2,257,821 2,257,821 Financial 1,502,427 7,178 (45,683 ) 1,463,922 1,463,922 Utilities 330,326 2,997 (4,148 ) 329,175 329,175 Other 60,238 322 (167 ) 60,393 60,393 Total corporate 4,188,769 25,852 (103,310 ) 4,111,311 4,111,311 Foreign government 822,093 11,753 (25,111 ) 808,735 808,735 Total available for sale 13,596,057 147,683 (215,563 ) 13,528,177 13,528,177 Total investments in fixed maturity securities $ 13,674,692 $ 160,491 $ (215,563 ) $ 13,619,620 $ 13,606,812 (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 securities 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 government 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 (losses) gains for mortgage-backed securities include ($55,090) and $76,467 as of December 31, 2018 and 2017 |
The Amortized Cost And Fair Value of Fixed Maturity Securities | The amortized cost and fair value of fixed maturity securities at December 31, 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 $ 935,354 $ 935,894 Due after one year through five years 4,666,934 4,669,502 Due after five years through ten years 3,037,450 3,045,868 Due after ten years 3,414,764 3,361,807 Mortgage-backed securities 1,620,190 1,606,549 Total $ 13,674,692 $ 13,619,620 |
Investments In Equity Securit_2
Investments In Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Investments in Equity Securities | At December 31, 2018 and 2017 , investments in equity securities were as follows: (In thousands) Cost Gross Unrealized (1) Fair Value Carrying Value Gains Losses December 31, 2018 Common stocks $ 113,576 $ 4,335 $ (19,719 ) $ 98,192 $ 98,192 Preferred stocks 115,201 72,364 (6,751 ) 180,814 180,814 Total $ 228,777 $ 76,699 $ (26,470 ) $ 279,006 $ 279,006 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 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net investment income consists of the following: (In thousands) 2018 2017 2016 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 519,269 $ 473,101 $ 444,247 Investment funds 109,349 68,169 99,301 Arbitrage trading account 28,157 19,145 18,693 Real estate 18,591 19,975 7,054 Equity securities 3,230 2,350 4,028 Gross investment income 678,596 582,740 573,323 Investment expense (4,361 ) (6,952 ) (9,160 ) Net investment income $ 674,235 $ 575,788 $ 564,163 |
Investment Funds (Tables)
Investment Funds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | Investment funds consist of the following: Carrying Value as of December 31, Income (Losses) (In thousands) 2018 2017 2018 2017 2016 Real estate $ 642,137 $ 606,995 $ 61,453 $ 45,068 $ 50,415 Energy 75,213 82,882 645 (15,764 ) 19,747 Other funds 615,468 465,800 47,251 38,865 29,139 Total $ 1,332,818 $ 1,155,677 $ 109,349 $ 68,169 $ 99,301 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of real estate properties | Investment in real estate represents directly owned property held for investment, as follows: As of December 31, (In thousands) 2018 2017 Properties in operation $ 1,279,584 $ 451,691 Properties under development 677,508 1,017,910 Total $ 1,957,092 $ 1,469,601 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans Receivable | Loans receivable are as follows: As of December 31, (In thousands) 2018 2017 Amortized cost (net of valuation allowance): Real estate loans $ 62,289 $ 66,057 Commercial loans 32,524 13,627 Total $ 94,813 $ 79,684 Fair value: Real estate loans $ 63,047 $ 66,917 Commercial loans 34,026 15,130 Total $ 97,073 $ 82,047 Valuation allowance: Specific $ 1,200 $ 1,200 General 2,183 2,183 Total $ 3,383 $ 3,383 For the Year Ended December 31, 2018 2017 Increase (decrease) in valuation allowance $ — $ (14 ) |
Realized And Unrealized Inves_2
Realized And Unrealized Investment Gains and Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized and Unrealized Investment Gains (Losses) | Net realized and unrealized gains (losses) on investments are as follows: (In thousands) 2018 2017 2016 Net realized and unrealized gains (losses) on investments in earnings Fixed maturity securities: Gains $ 26,752 $ 28,217 $ 72,215 Losses (13,733 ) (5,342 ) (6,434 ) Equity securities (1): Net realized gains on investment sales 435,150 154,539 14,201 Change in unrealized gains (320,413 ) — — Investment funds (2) (212 ) 125,423 58,861 Real estate 27,816 12,880 7,757 Loans receivable 2,838 — — Other (3) 1,977 20,141 138,519 Net realized and unrealized gains on investments in earnings before OTTI 160,175 335,858 285,119 Other-than-temporary impairments (4) (5,687 ) — (18,114 ) Net realized and unrealized gains on investments in earnings 154,488 335,858 267,005 Income tax expense (32,442 ) (117,550 ) (93,452 ) After-tax net realized and unrealized gains on investments in earnings $ 122,046 $ 218,308 $ 173,553 |
Change In Unrealized Gains (Losses) | Change in unrealized investment (losses) gains of available for sales securities: Fixed maturity securities $ (297,084 ) $ (2,192 ) $ (107,094 ) Previously impaired fixed maturity securities (132 ) 895 451 Equity securities available for sale (5) — (77,971 ) 465,727 Investment funds (5,521 ) 9,843 12,631 Total change in unrealized investment (losses) gains (302,737 ) (69,425 ) 371,715 Income tax benefit (expense) 50,410 17,673 (125,315 ) Noncontrolling interests (46 ) 19 59 After-tax change in unrealized investment (losses) gains of available for sale securities $ (252,373 ) $ (51,733 ) $ 246,459 ____________________ (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) Investment funds includes a gain of $124 million from the sale of an investment in an office building located in Washington, D.C. for the year ended December 31, 2017. (3) Other includes a gain of $135 million from the sale of Aero Precision Industries and certain related aviation services business for the year ended December 31, 2016. (4) For the year ended December 31, 2018, OTTI related to fixed maturity securities was $6 million . There were no OTTI for the year ended December 31, 2017. For the year ended December 31, 2016, OTTI related to equity securities was $18 million . (5) 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 |
Securities In An Unrealized L_2
Securities In An Unrealized Loss Position (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities In An Unrealized Loss Position | The following tables summarize all fixed maturity securities in an unrealized loss position at December 31, 2018 and 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 December 31, 2018 U.S. government and government agency $ 195,359 $ 933 $ 130,815 $ 3,977 $ 326,174 $ 4,910 State and municipal 701,700 6,874 744,905 17,738 1,446,605 24,612 Mortgage-backed securities 334,063 2,911 712,595 21,022 1,046,658 23,933 Asset-backed securities 1,687,665 28,965 342,855 4,722 2,030,520 33,687 Corporate 1,730,513 54,181 954,763 49,129 2,685,276 103,310 Foreign government 246,273 24,197 80,004 914 326,277 25,111 Fixed maturity securities $ 4,895,573 $ 118,061 $ 2,965,937 $ 97,502 $ 7,861,510 $ 215,563 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 December 31, 2018 is presented in the table below: ($ in thousands) Number of Securities Aggregate Fair Value Gross Unrealized Loss Foreign government 13 $ 140,854 $ 21,411 Corporate 13 120,078 13,111 Asset-backed securities 5 14,662 2,593 Mortgage-backed securities 5 8,741 69 Total 36 $ 284,335 $ 37,184 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2018 and 2017 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 702,240 $ — $ 702,240 $ — State and municipal 3,872,598 — 3,872,598 — Mortgage-backed securities 1,594,546 — 1,594,546 — Asset-backed securities 2,438,747 — 2,438,648 99 Corporate 4,111,311 — 4,111,311 — Foreign government 808,735 — 808,735 — Total fixed maturity securities available for sale 13,528,177 — 13,528,078 99 Equity securities: Common stocks 98,192 89,596 — 8,596 Preferred stocks 180,814 — 176,869 3,945 Total equity securities 279,006 89,596 176,869 12,541 Arbitrage trading account 452,548 353,335 81,905 17,308 Total $ 14,259,731 $ 442,931 $ 13,786,852 $ 29,948 Liabilities: Trading account securities sold but not yet purchased $ 38,120 $ 37,327 $ — $ 793 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 and Liabilities | The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2018 and 2017 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2018 Assets: Fixed maturity securities available for sale: Asset-backed securities $ 172 $ (2 ) $ 46 $ — $ — $ (117 ) $ — $ — $ 99 Total 172 (2 ) 46 — — (117 ) — — 99 Equity securities: Common stocks 9,370 (548 ) — — (227 ) — 1 8,596 Preferred stocks 10,843 100 — — (6,998 ) — — 3,945 Total 20,213 (448 ) — — — (7,225 ) — 1 12,541 Arbitrage trading account — (6 ) — — 11,523 (11 ) — 5,802 17,308 Total $ 20,385 $ (456 ) $ 46 $ — $ 11,523 $ (7,353 ) $ — $ 5,803 $ 29,948 Year ended December 31, 2017 Assets: Fixed maturity 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 Losses And Loss _2
Reserves For Losses And Loss Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Loss and loss expenses incurred, net of reinsurance, and cumulative paid claims and claim adjustment expenses, net of reinsurance | The following tables present undiscounted incurred and paid claims development as of December 31, 2018, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR). The information about incurred and paid claims development for the years ended December 31, 2009 to 2017 is presented as supplementary information. To enhance the comparability of the loss development data, the Company has removed the impact of foreign exchange rate movements by using the December 31, 2018 exchange rate for all periods. Beginning with accident year 2012, the Company's U.K. and European insurance business is included in the Insurance segment's tables for Other Liability, Professional Liability, Commercial Automobile and Short-Tail Lines. Prior to 2012, the actuarial analysis for its U.K. and European insurance business was performed on an underwriting year basis and accident year data is not available for those years. Insurance Other Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 689,634 $ 656,788 $ 624,991 $ 599,235 $ 589,659 $ 561,784 $ 557,661 $ 553,058 $ 546,746 $ 542,568 $ 18,690 23 2010 — 612,210 615,797 592,117 590,818 577,679 574,780 573,532 571,305 566,695 26,658 23 2011 — — 665,035 673,730 660,023 659,026 653,864 649,055 645,123 634,264 30,381 24 2012 — — — 693,447 702,342 703,118 709,026 713,266 723,610 718,166 47,001 24 2013 — — — — 751,544 792,464 784,906 784,342 805,288 811,592 78,784 26 2014 — — — — — 847,207 848,947 847,008 851,503 864,157 128,856 26 2015 — — — — — — 951,041 986,792 961,289 964,415 217,570 26 2016 — — — — — — — 1,018,454 1,011,368 1,019,749 375,609 25 2017 — — — — — — — — 1,067,376 1,100,243 567,982 23 2018 — — — — — — — — — 1,104,518 837,548 18 Total $ 8,326,367 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 44,801 $ 122,850 $ 214,498 $ 311,979 $ 385,068 $ 429,128 $ 470,830 $ 486,893 $ 500,953 $ 510,474 2010 — 45,193 128,946 248,698 336,243 417,166 461,442 491,104 508,359 525,016 2011 — — 48,825 142,713 266,780 379,845 470,849 524,314 556,110 575,194 2012 — — — 58,108 158,869 299,842 417,686 513,644 580,750 622,687 2013 — — — — 63,868 189,936 332,871 473,933 589,564 650,428 2014 — — — — — 79,078 191,394 338,961 481,039 595,024 2015 — — — — — — 82,829 210,940 382,498 538,502 2016 — — — — — — — 69,620 209,212 390,552 2017 — — — — — — — — 80,174 256,448 2018 — — — — — — — — — 87,075 Total $ 4,751,400 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 121,405 Reserves for loss and loss adjustment expenses, net of reinsurance $ 3,696,372 Primary Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 327,537 $ 332,303 $ 326,766 $ 386,870 $ 392,158 $ 394,303 $ 392,287 $ 395,288 $ 398,994 $ 401,431 $ 10,693 43 2010 — 358,734 361,808 409,237 418,315 426,622 429,952 429,762 427,698 424,374 13,958 45 2011 — — 419,364 442,550 454,797 470,026 472,087 474,076 475,729 471,471 17,942 46 2012 — — — 499,752 499,882 503,956 503,863 509,167 512,707 508,169 26,626 48 2013 — — — — 551,342 547,295 546,995 543,238 547,000 542,274 35,177 53 2014 — — — — — 639,436 637,307 627,767 617,242 615,435 57,455 57 2015 — — — — — — 712,800 690,525 650,997 641,169 83,941 58 2016 — — — — — — — 702,716 696,339 684,700 117,425 57 2017 — — — — — — — — 762,093 733,505 191,034 57 2018 — — — — — — — — — 778,964 359,337 53 Total $ 5,801,492 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 93,647 $ 197,736 $ 257,972 $ 297,079 $ 317,796 $ 333,793 $ 344,771 $ 352,516 $ 360,289 $ 364,712 2010 — 107,742 214,034 279,226 317,986 344,631 362,078 374,013 382,665 388,405 2011 — — 106,157 234,694 307,873 355,909 385,759 408,304 420,945 428,811 2012 — — — 114,998 253,781 339,560 387,368 419,588 437,196 451,991 2013 — — — — 117,502 277,538 363,028 414,160 447,894 466,580 2014 — — — — — 148,405 319,743 412,611 471,235 503,915 2015 — — — — — — 139,320 323,744 421,734 477,541 2016 — — — — — — — 142,998 338,835 446,072 2017 — — — — — — — — 153,456 362,299 2018 — — — — — — — — — 171,006 Total $ 4,061,332 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 170,897 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,911,057 Excess Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 168,762 $ 153,766 $ 153,912 $ 148,223 $ 148,189 $ 138,765 $ 142,768 $ 134,716 $ 129,249 $ 130,790 $ 21,734 1 2010 — 135,639 123,497 120,272 118,712 100,331 104,732 100,065 94,986 95,374 14,497 1 2011 — — 88,650 93,993 98,051 87,064 85,299 83,850 78,246 74,109 17,280 1 2012 — — — 72,366 73,230 71,780 73,653 72,441 67,878 69,361 16,293 1 2013 — — — — 63,995 48,493 46,025 42,419 38,551 35,120 16,473 1 2014 — — — — — 63,465 57,558 49,478 45,758 41,671 18,448 1 2015 — — — — — — 69,977 57,897 50,099 45,115 25,425 — 2016 — — — — — — — 72,657 70,281 71,404 37,500 — 2017 — — — — — — — — 76,701 80,508 42,652 1 2018 — — — — — — — — — 77,820 46,840 1 Total $ 721,272 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 5,060 $ 8,402 $ 11,037 $ 14,138 $ 20,729 $ 25,272 $ 29,150 $ 33,573 $ 37,817 $ 41,243 2010 — 2,867 4,003 5,571 8,701 9,084 11,699 14,261 18,821 22,355 2011 — — 2,593 4,848 6,395 12,104 15,684 18,638 20,164 21,463 2012 — — — 1,127 6,097 9,480 11,167 13,234 15,738 17,982 2013 — — — — 647 630 2,158 3,008 3,396 4,418 2014 — — — — — 358 1,729 3,354 4,175 5,808 2015 — — — — — — 2,069 2,481 3,272 4,099 2016 — — — — — — — 2,498 4,783 5,573 2017 — — — — — — — — 6,282 12,810 2018 — — — — — — — — — 6,141 Total $ 141,892 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 740,877 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,320,257 Professional Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 134,784 $ 139,091 $ 145,515 $ 148,899 $ 147,994 $ 150,452 $ 150,783 $ 153,492 $ 152,711 $ 157,451 $ 1,087 3 2010 — 147,649 165,755 179,383 177,957 176,723 172,585 174,883 177,844 182,818 1,807 4 2011 — — 179,875 165,233 186,918 190,096 177,128 173,545 176,865 175,963 3,185 4 2012 — — — 238,233 241,944 264,808 250,457 238,704 245,076 243,893 9,507 7 2013 — — — — 269,280 247,320 242,792 248,974 270,449 279,092 15,395 7 2014 — — — — — 253,284 246,668 259,964 243,936 239,555 19,315 8 2015 — — — — — — 259,569 258,251 274,950 276,406 47,934 9 2016 — — — — — — — 310,678 324,979 361,929 90,872 10 2017 — — — — — — — — 333,803 333,194 178,091 9 2018 — — — — — — — — — 335,751 260,095 9 Total $ 2,586,052 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 12,604 $ 52,583 $ 85,902 $ 117,683 $ 127,728 $ 138,876 $ 143,950 $ 144,713 $ 147,599 $ 151,499 2010 — 14,832 58,916 108,566 129,757 144,474 160,598 165,018 171,330 178,879 2011 — — 18,779 62,442 103,097 134,608 150,840 159,014 167,286 168,874 2012 — — — 21,875 87,008 128,281 159,183 190,295 214,315 223,424 2013 — — — — 24,232 64,030 119,552 177,343 206,655 248,520 2014 — — — — — 19,545 83,856 138,753 176,181 199,245 2015 — — — — — — 20,478 85,561 139,952 187,767 2016 — — — — — — — 28,702 102,853 202,131 2017 — — — — — — — — 36,733 96,814 2018 — — — — — — — — — 28,307 Total $ 1,685,460 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 4,198 Reserves for loss and loss adjustment expenses, net of reinsurance $ 904,790 Commercial Automobile (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 362,302 $ 345,139 $ 340,967 $ 335,851 $ 337,915 $ 336,855 $ 334,652 $ 335,089 $ 334,977 $ 334,926 $ 398 39 2010 — 310,591 320,098 330,190 328,854 332,716 331,581 330,552 330,263 329,942 372 37 2011 — — 312,224 320,898 328,269 331,694 341,362 341,162 342,052 343,524 1,232 37 2012 — — — 314,073 326,585 342,379 355,433 364,175 364,437 366,662 1,539 40 2013 — — — — 326,789 348,513 368,318 376,569 366,976 366,565 3,013 42 2014 — — — — — 363,308 384,692 418,215 416,194 413,697 6,431 45 2015 — — — — — — 389,101 417,403 423,601 431,857 18,247 50 2016 — — — — — — — 431,633 431,680 443,030 35,867 49 2017 — — — — — — — — 430,352 428,601 70,289 44 2018 — — — — — — — — — 442,862 145,744 39 Total $ 3,901,666 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 136,433 $ 209,553 $ 257,326 $ 291,925 $ 312,902 $ 328,843 $ 331,482 $ 333,143 $ 333,605 $ 333,677 2010 — 136,029 208,790 263,639 295,347 313,253 324,963 326,770 327,206 327,829 2011 — — 135,350 211,756 262,659 296,332 321,786 333,949 338,283 340,319 2012 — — — 136,844 215,078 273,277 312,178 344,428 355,740 360,799 2013 — — — — 142,480 218,005 266,694 322,141 343,274 353,159 2014 — — — — — 155,065 237,118 328,156 365,424 394,147 2015 — — — — — — 159,679 265,396 325,369 370,450 2016 — — — — — — — 185,045 280,146 342,214 2017 — — — — — — — — 180,627 267,469 2018 — — — — — — — — — 180,213 Total $ 3,270,276 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 2,482 Reserves for loss and loss adjustment expenses, net of reinsurance $ 633,872 Short-tail lines (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR Cumulative Number of Reported Claims 2009 $ 346,870 $ 335,921 $ 326,440 $ 318,111 $ 318,349 $ 314,290 $ 314,117 $ 314,010 $ 316,220 $ 317,098 $ 550 18 2010 — 385,541 370,291 358,373 355,916 346,226 346,719 346,885 346,463 346,172 833 19 2011 — — 478,556 471,555 463,006 459,814 457,011 450,115 449,320 451,211 1,093 21 2012 — — — 526,312 535,500 535,885 531,729 507,646 506,705 508,565 3,083 25 2013 — — — — 572,103 583,603 575,582 553,621 552,137 548,730 5,740 26 2014 — — — — — 701,335 709,832 664,303 663,282 664,350 6,562 30 2015 — — — — — — 743,872 731,468 727,677 726,606 15,079 32 2016 — — — — — — — 771,416 774,514 761,891 20,857 34 2017 — — — — — — — — 750,786 752,193 34,275 38 2018 — — — — — — — — — 759,340 161,107 36 Total $ 5,836,156 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 212,521 $ 291,338 $ 304,634 $ 306,020 $ 309,916 $ 310,428 $ 311,079 $ 311,357 $ 311,655 $ 315,966 2010 — 245,036 325,156 337,686 346,768 340,210 342,918 344,102 345,085 345,106 2011 — — 303,012 417,701 436,585 440,777 445,073 446,745 447,342 450,155 2012 — — — 281,456 453,157 503,364 513,733 498,506 499,446 503,738 2013 — — — — 312,945 486,692 534,939 531,386 538,158 539,443 2014 — — — — — 371,194 596,829 613,621 633,020 648,373 2015 — — — — — — 396,086 612,335 667,846 689,875 2016 — — — — — — — 416,144 669,029 710,618 2017 — — — — — — — — 444,407 688,821 2018 — — — — — — — — — 415,206 Total $ 5,307,301 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 2,362 Reserves for loss and loss adjustment expenses, net of reinsurance $ 531,217 Reinsurance Casualty (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR 2009 $ 334,804 $ 328,321 $ 327,236 $ 309,228 $ 301,495 $ 293,275 $ 282,411 $ 288,115 $ 281,592 $ 279,372 $ 17,086 2010 — 290,285 298,300 288,141 276,234 265,771 254,550 251,308 249,062 248,145 18,428 2011 — — 290,635 309,621 304,409 299,628 306,911 303,867 295,576 292,162 21,264 2012 — — — 331,603 335,661 331,006 324,014 332,932 335,636 333,889 25,536 2013 — — — — 319,159 270,221 273,528 283,580 292,447 298,061 33,269 2014 — — — — — 320,250 320,176 319,855 331,836 326,251 49,301 2015 — — — — — — 259,609 232,203 231,020 253,264 30,511 2016 — — — — — — — 241,282 253,450 246,235 62,140 2017 — — — — — — — — 231,826 221,820 122,752 2018 — — — — — — — — — 221,945 184,317 Total $ 2,721,144 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 21,332 $ 53,636 $ 85,761 $ 124,030 $ 155,124 $ 181,946 $ 196,775 $ 211,143 $ 221,141 $ 228,990 2010 — 17,964 45,626 77,191 106,381 129,041 149,322 165,027 180,544 190,295 2011 — — 17,876 52,365 97,702 134,285 168,244 191,864 207,692 220,011 2012 — — — 22,390 62,198 111,928 151,635 186,483 219,106 240,926 2013 — — — — 28,920 63,849 109,202 143,268 177,101 204,820 2014 — — — — — 21,306 69,134 116,266 155,764 198,993 2015 — — — — — — 17,865 48,593 91,548 141,834 2016 — — — — — — — 19,923 61,930 100,587 2017 — — — — — — — — 16,493 40,338 2018 — — — — — — — — — 11,152 Total $ 1,577,946 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 369,801 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,512,999 Property (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2018 For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IBNR 2009 $ 48,029 $ 43,193 $ 42,352 $ 38,711 $ 38,124 $ 37,505 $ 36,913 $ 36,263 $ 35,293 $ 35,763 $ — 2010 — 58,576 55,647 52,561 51,448 51,500 50,971 50,871 50,699 50,932 201 2011 — — 95,217 87,970 85,118 86,544 85,006 84,739 84,471 84,882 314 2012 — — — 103,744 94,720 86,426 85,451 83,925 83,938 84,875 626 2013 — — — — 141,298 112,590 114,063 111,915 112,555 111,876 1,192 2014 — — — — — 112,987 96,668 97,363 100,148 99,410 1,739 2015 — — — — — — 127,039 117,582 131,777 130,452 4,367 2016 — — — — — — — 167,989 174,562 181,858 11,130 2017 — — — — — — — — 206,604 200,535 24,102 2018 — — — — — — — — — 108,281 40,135 Total $ 1,088,864 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 $ 9,766 $ 21,945 $ 28,226 $ 29,444 $ 31,248 $ 31,238 $ 32,540 $ 34,759 $ 34,027 $ 35,158 2010 — 23,654 37,739 42,413 43,898 44,824 46,419 49,048 49,303 50,053 2011 — — 31,478 58,875 73,359 76,010 78,577 81,780 82,322 83,401 2012 — — — 15,675 51,774 64,238 70,672 77,540 79,099 81,808 2013 — — — — 36,609 74,602 92,646 101,553 104,333 106,051 2014 — — — — — 38,919 67,000 82,329 88,507 91,646 2015 — — — — — — 53,498 89,228 109,187 118,686 2016 — — — — — — — 78,969 133,653 157,622 2017 — — — — — — — — 72,157 141,458 2018 — — — — — — — — — 34,125 Total $ 900,008 Reserves for loss and loss adjustment expenses before 2009, net of reinsurance 776 Reserves for loss and loss adjustment expenses, net of reinsurance $ 189,632 |
Reconciliation of net incurred and paid claims development to reserves for loss and loss adjustment expenses | The reconciliation of the net incurred and paid claims development tables to the reserves for loss and loss adjustment expenses in the consolidated balance sheet is as follows: (In thousands) December 31, 2018 Undiscounted reserves for loss and loss expenses, net of reinsurance: Other liability $ 3,696,372 Primary workers' compensation 1,911,057 Excess workers' compensation 1,320,257 Professional liability 904,790 Commercial automobile 633,872 Short-tail lines 531,217 Other 111,779 Insurance 9,109,344 Casualty 1,512,999 Property 189,632 Reinsurance 1,702,631 Total undiscounted reserves for loss and loss expenses, net of reinsurance $ 10,811,975 (In thousands) December 31, 2018 Due from reinsurers on unpaid claims: Other liability $ 451,073 Primary workers' compensation 374,805 Excess workers' compensation 37,405 Professional liability 344,958 Commercial automobile 15,405 Short-tail lines 293,376 Other 34,260 Insurance 1,551,282 Casualty 116,782 Property 49,501 Reinsurance 166,283 Total due from reinsurers on unpaid claims $ 1,717,565 (In thousands) December 31, 2018 Loss reserve discount: Other liability $ — Primary workers' compensation — Excess workers' compensation (434,302 ) Professional liability — Commercial automobile — Short-tail lines — Other — Insurance (434,302 ) Casualty (128,790 ) Property — Reinsurance (128,790 ) Total loss reserve discount $ (563,092 ) Total gross reserves for loss and loss expenses $ 11,966,448 |
Supplementary information regarding average historical claims duration | The following is supplementary information regarding average historical claims duration as of December 31, 2018 : Insurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Other liability 8.0 % 14.4 % 18.4 % 16.8 % 13.8 % 8.2 % 5.9 % 3.0 % 2.8 % 1.8 % Primary workers' compensation 22.5 % 27.6 % 15.6 % 9.4 % 5.9 % 4.0 % 2.8 % 1.9 % 1.6 % 1.1 % Excess workers' compensation 3.8 % 3.3 % 2.7 % 3.1 % 3.0 % 3.3 % 2.7 % 3.3 % 3.5 % 2.6 % Professional liability 8.7 % 22.7 % 22.3 % 16.6 % 9.4 % 9.1 % 3.5 % 1.6 % 4.3 % 2.5 % Commercial automobile 39.7 % 21.6 % 15.6 % 10.7 % 6.8 % 3.5 % 1.0 % 0.4 % 0.2 % — % Short-tail lines 59.6 % 29.8 % 5.8 % 1.6 % 0.1 % 0.3 % 0.4 % 0.3 % — % 1.4 % Reinsurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Casualty 7.2 % 12.5 % 14.6 % 13.3 % 11.2 % 9.0 % 5.9 % 5.2 % 3.8 % 2.8 % Property 35.3 % 32.3 % 14.8 % 5.5 % 3.9 % 2.0 % 3.2 % 2.7 % — % 3.2 % |
Reconciliation of beginning and ending reserve balance | The table below provides a reconciliation of the beginning and ending reserve balances: (In thousands) 2018 2017 2016 Net reserves at beginning of year $ 10,056,914 $ 9,590,265 $ 9,244,872 Net provision for losses and loss expenses: Claims occurring during the current year (1) 3,926,489 3,963,543 3,826,620 Increase (decrease) in estimates for claims occurring in prior years (2) 6,831 (5,165 ) (29,904 ) Loss reserve discount accretion 41,382 43,970 49,084 Total 3,974,702 4,002,348 3,845,800 Net payments for claims: Current year 964,808 1,027,405 1,052,452 Prior year 2,700,077 2,562,550 2,401,722 Total 3,664,885 3,589,955 3,454,174 Foreign currency translation (117,848 ) 54,256 (46,233 ) Net reserves at end of year 10,248,883 10,056,914 9,590,265 Ceded reserve at end of year 1,717,565 1,613,494 1,606,930 Gross reserves at end of year $ 11,966,448 $ 11,670,408 $ 11,197,195 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $24,381,000 , $22,064,000 and $18,929,000 in 2018 , 2017 , and 2016 , respectively. (2) The increase (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 $3,738,000 , $32,132,000 and $59,175,000 in 2018 , 2017 and 2016 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Financial Information | The following is a summary of reinsurance financial information: (In thousands) 2018 2017 2016 Written premiums: Direct $ 6,973,216 $ 6,726,029 $ 6,647,600 Assumed 729,278 750,934 896,101 Ceded (1,269,267 ) (1,216,455 ) (1,119,788 ) Total net written premiums $ 6,433,227 $ 6,260,508 $ 6,423,913 Earned premiums: Direct $ 6,851,795 $ 6,661,046 $ 6,492,240 Assumed 755,759 812,309 900,570 Ceded (1,236,049 ) (1,161,936 ) (1,099,462 ) Total net earned premiums $ 6,371,505 $ 6,311,419 $ 6,293,348 Ceded losses and loss expenses incurred $ 829,742 $ 601,769 $ 707,336 Ceded commission earned $ 268,037 $ 241,983 $ 201,957 |
Schedule of Ceded Credit Risk by Reinsurer | The following table presents the amounts due from reinsurers as of December 31, 2018 : (In thousands) Lloyd’s of London $ 215,370 Munich Re 164,131 Alleghany Group 150,438 Swiss Re 150,280 Partner Re 103,837 Berkshire Hathaway 87,314 Axis Capital 85,377 Hannover Re Group 77,351 Everest Re 62,113 Korean Re 52,746 Renaissance Re 39,944 Liberty Mutual 32,118 Qatar Re GRP 27,731 Chubb Limited 24,628 Arch Capital Group 21,260 Other reinsurers less than $20,000 289,305 Subtotal 1,583,943 Residual market pools 348,348 Total $ 1,932,291 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Indebtedness consisted of the following as of December 31, 2018 (the difference between the face value and the carrying value is unamortized discount and debt issuance costs): Carrying Value (In thousands) Interest Rate Face Value 2018 2017 Senior notes due on: August 15, 2019 6.15% $ 140,651 $ 140,568 $ 140,434 September 15, 2019 7.375% 300,000 299,816 299,562 September 15, 2020 5.375% 300,000 299,420 299,083 January 1, 2022 8.7% 76,503 76,273 76,210 March 15, 2022 4.625% 350,000 348,670 348,252 February 15, 2037 6.25% 250,000 248,006 247,896 August 1, 2044 4.75% 350,000 345,283 345,099 Subsidiary debt (1) (2) Various 123,992 123,992 12,516 Total senior notes and other debt $ 1,891,146 $ 1,882,028 $ 1,769,052 Subordinated debentures due on: April 30, 2053 5.625% $ 350,000 $ 341,097 $ 340,838 March 1, 2056 5.9% 110,000 106,159 106,055 June 1, 2056 5.75% 290,000 281,551 281,325 March 30, 2058 5.70% 185,000 178,684 — Total subordinated debentures $ 935,000 $ 907,491 $ 728,218 ________________ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of: (In thousands) Current Expense (Benefit) Deferred Expense (Benefit) Total December 31, 2018 Domestic $ 188,712 $ (63,134 ) $ 125,578 Foreign 13,963 23,487 37,450 Total expense (benefit) $ 202,675 $ (39,647 ) $ 163,028 December 31, 2017 Domestic $ 225,694 $ (27,601 ) $ 198,093 Foreign 8,803 12,537 21,340 Total expense (benefit) $ 234,497 $ (15,064 ) $ 219,433 December 31, 2016 Domestic $ 259,539 $ 3,355 $ 262,894 Foreign 23,634 6,425 30,059 Total expense $ 283,173 $ 9,780 $ 292,953 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2018 and 35% for 2017 and 2016 to pre-tax income are as follows: (In thousands) 2018 2017 2016 Computed “expected” tax expense $ 170,540 $ 270,470 $ 313,753 Tax-exempt investment income (18,833 ) (37,209 ) (37,379 ) Change in valuation allowance 18,576 11,161 1,420 Impact of foreign tax rates 7,683 3,508 1,984 State and local taxes 3,901 1,644 7,748 Impact of change in U.S. tax rate (10,950 ) (30,531 ) — Other, net (7,889 ) 390 5,427 Total expense $ 163,028 $ 219,433 $ 292,953 |
Schedule of Deferred Tax Assets and Liabilities | (In thousands) 2018 2017 2016 Computed “expected” tax expense $ 170,540 $ 270,470 $ 313,753 Tax-exempt investment income (18,833 ) (37,209 ) (37,379 ) Change in valuation allowance 18,576 11,161 1,420 Impact of foreign tax rates 7,683 3,508 1,984 State and local taxes 3,901 1,644 7,748 Impact of change in U.S. tax rate (10,950 ) (30,531 ) — Other, net (7,889 ) 390 5,427 Total expense $ 163,028 $ 219,433 $ 292,953 At December 31, 2018 and 2017 , the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: (In thousands) 2018 2017 Deferred tax asset: Loss reserve discounting $ 130,513 $ 70,206 Unearned premiums 112,190 110,854 Net operating losses 37,463 33,043 Other-than-temporary impairments 9,910 8,204 Employee compensation plans 56,027 59,037 Other 58,809 49,346 Gross deferred tax asset 404,912 330,690 Less valuation allowance (35,195 ) (16,619 ) Deferred tax asset 369,717 314,071 Deferred tax liability: Amortization of intangibles 13,641 12,826 Loss reserve discounting - transition rule 41,088 — Deferred policy acquisition costs 99,293 100,020 Unrealized investment gains 35,430 151,162 Property, furniture and equipment 39,239 31,865 Investment funds 51,712 41,104 Other 53,824 63,858 Deferred tax liability 334,227 400,835 Net deferred tax (asset) liability $ (35,490 ) $ 86,764 |
Dividends From Subsidiaries A_2
Dividends From Subsidiaries And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Schedule of Combined Net Income and Policyholders' Surplus in Accordance with Statutory Accounting Practices | BIC’s combined net income and statutory capital and surplus, as determined in accordance with statutory accounting practices (SAP), are as follows: (In thousands) 2018 2017 2016 Net income $ 1,099,953 $ 698,862 $ 702,830 Statutory capital and surplus $ 5,587,930 $ 5,479,603 $ 5,493,044 |
Common Stockholders' Equity (Ta
Common Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share | The weighted average number of shares used in the computation of net income per share was as follows: 2018 2017 2016 Basic 126,698,927 124,843,240 122,650,997 Diluted 128,263,558 129,017,613 128,552,838 |
Schedule of Changes in Shares of Common Stock Outstanding | Changes in shares of common stock outstanding, net of treasury shares, are presented below. Shares of common stock issued and outstanding do not include shares related to unissued restricted stock units (including shares held in the grantor trust). 2018 2017 2016 Balance, beginning of year 121,514,852 121,193,599 123,307,837 Shares issued 838,508 1,052,256 281,654 Shares repurchased (357,600 ) (731,003 ) (2,395,892) Balance, end of year 121,995,760 121,514,852 121,193,599 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Insruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2018 and 2017 : 2018 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,606,812 $ 13,619,620 $ 13,551,250 $ 13,566,976 Equity securities 279,006 279,006 576,647 576,647 Arbitrage trading account 452,548 452,548 617,649 617,649 Loans receivable 94,813 97,073 79,684 82,047 Cash and cash equivalents 817,602 817,602 950,471 950,471 Trading accounts receivable from brokers and clearing organizations 347,228 347,228 189,280 189,280 Liabilities: Due to broker 20,144 20,144 15,920 15,920 Trading account securities sold but not yet purchased 38,120 38,120 64,358 64,358 Subordinated debentures 907,491 840,002 728,218 769,060 Senior notes and other debt 1,882,028 1,968,996 1,769,052 1,945,313 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes RSU information for the three years ended December 31, 2018 : 2018 2017 2016 RSUs granted and unvested at beginning of period: 3,477,981 4,862,098 4,158,325 Granted 760,032 855,984 1,000,559 Vested (600,169 ) (1,993,507 ) (77,250 ) Canceled (263,411 ) (246,594 ) (219,536 ) RSUs granted and unvested at end of period: 3,374,433 3,477,981 4,862,098 |
Schedule of Share-based Compensation, Unearned Compensation Related to RSU's | The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2018 : (In thousands) 2018 2017 2016 Unearned compensation at beginning of year $ 122,910 $ 115,965 $ 103,538 RSUs granted, net of cancellations 52,204 52,897 52,697 RSUs expensed (34,408 ) (38,796 ) (35,585 ) RSUs forfeitures (11,037 ) (7,156 ) (4,685 ) Unearned compensation at end of year $ 129,669 $ 122,910 $ 115,965 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Long-Term Incentive Compensation Plan Expense | The following table summarizes the outstanding LTIP awards as of December 31, 2018 : Units Outstanding Maximum Value Inception to date earned through December 31, 2018 on outstanding units 2014 grant 181,750 $ 18,175,000 $ 15,328,795 2015 grant 194,750 19,475,000 15,272,295 2016 grant 217,500 21,750,000 12,371,400 2017 grant 223,250 22,325,000 7,822,680 2018 grant 222,750 22,750,000 4,316,895 The following table summarizes the LTIP expense for each of the three years ended December 31, 2018 : (In thousands) 2018 2017 2016 2011 grant $ — $ — $ (82 ) 2013 grant (1,124 ) 7,667 8,918 2014 grant 3,227 3,167 3,503 2015 grant 5,170 3,667 4,072 2016 grant 5,148 3,601 4,002 2017 grant 4,700 3,162 — 2018 grant 4,317 — — Total $ 21,438 $ 21,264 $ 20,413 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other operating costs and expenses consist of the following: (In thousands) 2018 2017 2016 Amortization of deferred policy acquisition costs $ 915,246 $ 1,111,489 $ 1,155,954 Insurance operating expenses 1,183,635 989,535 933,249 Insurance service expenses 118,357 129,776 138,908 Net foreign currency (gains) losses (27,067 ) 15,267 (11,904 ) Other costs and expenses 193,050 190,865 179,412 Total $ 2,383,221 $ 2,436,932 $ 2,395,619 |
Industry Segments (Tables)
Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Summary financial information about the Company’s reporting segments is presented in the following table. Income 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 Year ended December 31, 2018 Insurance $ 5,864,981 $ 518,733 $ 72,727 $ 6,456,441 $ 856,011 $ 682,028 Reinsurance 506,524 94,291 — 600,815 62,144 50,144 Corporate, other and eliminations (2) — 61,211 418,696 479,907 (260,549 ) (213,469 ) Net investment gains — — 154,488 154,488 154,488 122,046 Consolidated $ 6,371,505 $ 674,235 $ 645,911 $ 7,691,651 $ 812,094 $ 640,749 Year ended December 31, 2017 Insurance $ 5,706,443 $ 436,178 $ 86,864 $ 6,229,485 $ 756,153 $ 535,186 Reinsurance 604,976 91,146 — 696,122 (15,276 ) (5,131 ) Corporate, other and eliminations (2) — 48,464 374,835 423,299 (303,965 ) (199,269 ) Net investment gains — — 335,858 335,858 335,858 218,308 Consolidated $ 6,311,419 $ 575,788 $ 797,557 $ 7,684,764 $ 772,770 $ 549,094 Year ended December 31, 2016 Insurance $ 5,618,842 $ 431,489 $ 97,879 $ 6,148,210 $ 799,139 $ 534,613 Reinsurance 674,506 102,617 — 777,123 98,277 68,400 Corporate, other and eliminations (2) — 30,057 431,789 461,846 (267,983 ) (174,650 ) Net investment gains — — 267,005 267,005 267,005 173,553 Consolidated $ 6,293,348 $ 564,163 $ 796,673 $ 7,654,184 $ 896,438 $ 601,916 |
Identifiable Assets by Segments | Identifiable Assets (In thousands) December 31, 2018 2017 Insurance $ 19,634,329 $ 19,263,193 Reinsurance 2,951,115 3,169,731 Corporate, other and eliminations (2) 2,310,533 1,866,993 Consolidated $ 24,895,977 $ 24,299,917 _______________________________________ (1) Revenues for Insurance includes $714.2 million , $688.2 million and $733.3 million in 2018, 2017 and 2016, respectively, from foreign countries. Revenues for Reinsurance includes $228.1 million , $201.3 million and $200.5 million in 2018, 2017 and 2016, respectively, from foreign countries. |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows: (In thousands) 2018 2017 2016 Insurance Other liability $ 1,912,071 $ 1,843,826 $ 1,761,748 Workers' compensation 1,489,805 1,481,507 1,402,611 Short-tail lines 1,184,755 1,149,977 1,237,917 Commercial automobile 722,236 685,263 684,626 Professional liability 556,114 545,870 531,940 Total Insurance 5,864,981 5,706,443 5,618,842 Reinsurance Casualty 362,886 377,650 405,470 Property 143,638 227,326 269,036 Total Reinsurance 506,524 604,976 674,506 Total $ 6,371,505 $ 6,311,419 $ 6,293,348 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of quarterly financial data: (In thousands, except per share data) 2018 Three months ended March 31 June 30 September 30 December 31 Revenues $ 1,891,247 $ 1,910,916 $ 1,937,902 $ 1,951,586 Net income 166,397 180,075 161,920 132,357 Net income per share (1) Basic (2) 1.32 1.42 1.28 1.04 Diluted 1.30 1.40 1.26 1.03 2017 Three months ended March 31 June 30 September 30 December 31 Revenues $ 1,870,418 $ 1,848,049 $ 2,031,342 $ 1,934,956 Net income 123,447 109,004 162,054 154,589 Net income per share (1) Basic (2) 1.01 0.87 1.29 1.22 Diluted 0.96 0.85 1.26 1.21 _______________________________________ (1) Net income per share (“EPS”) in each quarter is computed using the weighted-average number of shares outstanding during that quarter, while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters EPS does not necessarily equal the full-year EPS. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||||
Unbilled Audit Premiums | $ (4) | $ (4) | $ 8 | $ 8 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Basic weighted average number of shares outstanding (in shares) | 126,698,927 | 124,843,240 | 122,650,997 | |
Deposit contracts, liabilities | 45 | $ 45 | $ 47 | |
Depreciation | 54 | 50 | $ 47 | |
Interest payments | 155 | 145 | 137 | |
Income taxes paid | 186 | 207 | $ 232 | |
Other Assets | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Intangible assets, net (excluding goodwill) | $ 104 | $ 104 | $ 107 | |
Grantor Trust | Restricted Stock Units (RSUs) | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Basic weighted average number of shares outstanding (in shares) | 4,926,521 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Recent accounting change) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 7,558,619 | $ 6,956,882 | |||
Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 215,939 | $ 0 | $ 0 | ||
Accounting Standards Update 2016-01 | Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 291,000 | ||||
Accounting Standards Update 2018-02 | Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment resulting from changes in accounting principles | (76,000) | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 1,000 |
Consolidated Statement of Com_3
Consolidated Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | $ 5,451,163 | ||
Other comprehensive (loss) gain | (364,426) | $ 12,954 | $ 122,325 |
End of period | 5,479,798 | 5,451,163 | |
Net investment gains | 154,488 | 335,858 | 267,005 |
Federal and foreign income taxes | (163,028) | (219,433) | (292,953) |
Net income before noncontrolling interests | 649,066 | 553,337 | 603,485 |
Unrealized investment gains, before tax | (302,737) | (69,425) | |
Currency translation adjustments, before tax | (112,099) | 64,706 | |
Other comprehensive income (loss), before tax | (414,836) | (4,719) | |
Unrealized investment gains, tax | 50,410 | 17,673 | |
Currency translation adjustments, tax | 0 | 0 | |
Other comprehensive income (loss), tax | 50,410 | 17,673 | |
Unrealized investment gains, net of tax | (252,327) | (51,752) | |
Change in unrealized translation adjustments | (112,099) | 64,706 | (124,193) |
Unrealized investment (losses) gains | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 375,421 | 427,154 | |
Cumulative effect adjustment resulting from changes in accounting principles | (214,539) | ||
Restated beginning of period | 160,882 | ||
Other comprehensive loss before reclassifications | (246,535) | 63,567 | |
Amounts reclassified from AOCI | (5,792) | (115,319) | |
Other comprehensive (loss) gain | (252,327) | (51,752) | |
Unrealized investment loss related to non-controlling interest | (46) | 19 | |
End of period | (91,491) | 375,421 | 427,154 |
Unrealized investment (losses) gains | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net investment gains | (7,332) | (177,414) | |
Federal and foreign income taxes | 1,540 | 62,095 | |
Net income before noncontrolling interests | (5,792) | (115,319) | |
Currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (306,880) | (371,586) | (247,393) |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | ||
Restated beginning of period | (306,880) | ||
Other comprehensive loss before reclassifications | (112,099) | 64,706 | |
Amounts reclassified from AOCI | 0 | 0 | |
Other comprehensive (loss) gain | (112,099) | 64,706 | |
Unrealized investment loss related to non-controlling interest | 0 | 0 | |
End of period | (418,979) | (306,880) | (371,586) |
Change in unrealized translation adjustments | (112,099) | 64,706 | (124,193) |
Currency translation adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net investment gains | 0 | 0 | |
Federal and foreign income taxes | 0 | 0 | |
Net income before noncontrolling interests | 0 | 0 | |
Accumulated other comprehensive (loss) income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 68,541 | 55,568 | |
Cumulative effect adjustment resulting from changes in accounting principles | (214,539) | ||
Restated beginning of period | (145,998) | ||
Other comprehensive loss before reclassifications | (358,634) | 128,273 | |
Amounts reclassified from AOCI | (5,792) | (115,319) | |
Other comprehensive (loss) gain | (364,426) | 12,954 | |
Unrealized investment loss related to non-controlling interest | (46) | 19 | |
End of period | (510,470) | 68,541 | $ 55,568 |
Accumulated other comprehensive (loss) income | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net investment gains | (7,332) | (177,414) | |
Federal and foreign income taxes | 1,540 | 62,095 | |
Net income before noncontrolling interests | $ (5,792) | $ (115,319) |
Investments in Fixed Maturity_3
Investments in Fixed Maturity Securities (Investments in Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total held to maturity, Amortized Cost | $ 78,635 | $ 79,332 |
Total held to maturity, Gross Unrealized Gains | 12,808 | 15,726 |
Total held to maturity, Gross Unrealized Losses | 0 | 0 |
Total held to maturity, Fair Value | 91,443 | 95,058 |
Total held to maturity, Carrying Value | 78,635 | 79,332 |
Total available for sale, Amortized Cost | 13,596,057 | 13,242,580 |
Total available for sale, Gross Unrealized Gains | 147,683 | 289,567 |
Total available for sale, Gross Unrealized Losses | (215,563) | (60,229) |
Total available for sale, Fair Value | 13,528,177 | 13,471,918 |
Total available for sale, Carrying Value | 13,528,177 | 13,471,918 |
Total investment in fixed maturity securities, Amortized Cost | 13,674,692 | 13,321,912 |
Total investments in fixed maturity securities, Gross Unrealized Gains | 160,491 | 305,293 |
Total investments in fixed maturity securities, Gross Unrealized Losses | (215,563) | (60,229) |
Total investments in fixed maturity securities, Fair Value | 13,619,620 | 13,566,976 |
Total investments in fixed maturity securities, carrying value | 13,606,812 | 13,551,250 |
U.S. government and government agency | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 697,931 | 372,748 |
Total available for sale, Gross Unrealized Gains | 9,219 | 8,824 |
Total available for sale, Gross Unrealized Losses | (4,910) | (3,832) |
Total available for sale, Fair Value | 702,240 | 377,740 |
Total available for sale, Carrying Value | 702,240 | 377,740 |
State and municipal | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 3,815,515 | 4,332,067 |
Total available for sale, Gross Unrealized Gains | 81,695 | 125,601 |
Total available for sale, Gross Unrealized Losses | (24,612) | (12,574) |
Total available for sale, Fair Value | 3,872,598 | 4,445,094 |
Total available for sale, Carrying Value | 3,872,598 | 4,445,094 |
Special revenue | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 2,396,089 | 2,663,245 |
Total available for sale, Gross Unrealized Gains | 30,507 | 53,512 |
Total available for sale, Gross Unrealized Losses | (19,790) | (10,027) |
Total available for sale, Fair Value | 2,406,806 | 2,706,730 |
Total available for sale, Carrying Value | 2,406,806 | 2,706,730 |
State general obligation | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 335,626 | 439,358 |
Total available for sale, Gross Unrealized Gains | 11,951 | 16,087 |
Total available for sale, Gross Unrealized Losses | (1,103) | (711) |
Total available for sale, Fair Value | 346,474 | 454,734 |
Total available for sale, Carrying Value | 346,474 | 454,734 |
Pre-refunded | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 408,141 | 436,241 |
Total available for sale, Gross Unrealized Gains | 16,568 | 22,701 |
Total available for sale, Gross Unrealized Losses | (30) | (9) |
Total available for sale, Fair Value | 424,679 | 458,933 |
Total available for sale, Carrying Value | 424,679 | 458,933 |
Corporate backed | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 272,440 | 375,268 |
Total available for sale, Gross Unrealized Gains | 4,319 | 10,059 |
Total available for sale, Gross Unrealized Losses | (2,350) | (860) |
Total available for sale, Fair Value | 274,409 | 384,467 |
Total available for sale, Carrying Value | 274,409 | 384,467 |
Local general obligation | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 403,219 | 417,955 |
Total available for sale, Gross Unrealized Gains | 18,350 | 23,242 |
Total available for sale, Gross Unrealized Losses | (1,339) | (967) |
Total available for sale, Fair Value | 420,230 | 440,230 |
Total available for sale, Carrying Value | 420,230 | 440,230 |
Total mortgage-backed securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 1,609,446 | 1,305,281 |
Total available for sale, Gross Unrealized Gains | 9,033 | 10,825 |
Total available for sale, Gross Unrealized Losses | (23,933) | (16,175) |
Total available for sale, Fair Value | 1,594,546 | 1,299,931 |
Total available for sale, Carrying Value | 1,594,546 | 1,299,931 |
Residential mortgage-backed | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 1,264,376 | 1,043,629 |
Total available for sale, Gross Unrealized Gains | 7,729 | 9,304 |
Total available for sale, Gross Unrealized Losses | (20,225) | (13,547) |
Total available for sale, Fair Value | 1,251,880 | 1,039,386 |
Total available for sale, Carrying Value | 1,251,880 | 1,039,386 |
Commercial | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 345,070 | 261,652 |
Total available for sale, Gross Unrealized Gains | 1,304 | 1,521 |
Total available for sale, Gross Unrealized Losses | (3,708) | (2,628) |
Total available for sale, Fair Value | 342,666 | 260,545 |
Total available for sale, Carrying Value | 342,666 | 260,545 |
Asset-backed securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 2,462,303 | 2,111,132 |
Total available for sale, Gross Unrealized Gains | 10,131 | 11,024 |
Total available for sale, Gross Unrealized Losses | (33,687) | (10,612) |
Total available for sale, Fair Value | 2,438,747 | 2,111,544 |
Total available for sale, Carrying Value | 2,438,747 | 2,111,544 |
Total corporate | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 4,188,769 | 4,302,007 |
Total available for sale, Gross Unrealized Gains | 25,852 | 101,275 |
Total available for sale, Gross Unrealized Losses | (103,310) | (14,170) |
Total available for sale, Fair Value | 4,111,311 | 4,389,112 |
Total available for sale, Carrying Value | 4,111,311 | 4,389,112 |
Industrial | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 2,295,778 | 2,574,400 |
Total available for sale, Gross Unrealized Gains | 15,355 | 52,210 |
Total available for sale, Gross Unrealized Losses | (53,312) | (7,718) |
Total available for sale, Fair Value | 2,257,821 | 2,618,892 |
Total available for sale, Carrying Value | 2,257,821 | 2,618,892 |
Financial | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 1,502,427 | 1,402,161 |
Total available for sale, Gross Unrealized Gains | 7,178 | 37,744 |
Total available for sale, Gross Unrealized Losses | (45,683) | (5,138) |
Total available for sale, Fair Value | 1,463,922 | 1,434,767 |
Total available for sale, Carrying Value | 1,463,922 | 1,434,767 |
Utilities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 330,326 | 284,886 |
Total available for sale, Gross Unrealized Gains | 2,997 | 11,316 |
Total available for sale, Gross Unrealized Losses | (4,148) | (1,248) |
Total available for sale, Fair Value | 329,175 | 294,954 |
Total available for sale, Carrying Value | 329,175 | 294,954 |
Other | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 60,238 | 40,560 |
Total available for sale, Gross Unrealized Gains | 322 | 5 |
Total available for sale, Gross Unrealized Losses | (167) | (66) |
Total available for sale, Fair Value | 60,393 | 40,499 |
Total available for sale, Carrying Value | 60,393 | 40,499 |
Foreign government | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total available for sale, Amortized Cost | 822,093 | 819,345 |
Total available for sale, Gross Unrealized Gains | 11,753 | 32,018 |
Total available for sale, Gross Unrealized Losses | (25,111) | (2,866) |
Total available for sale, Fair Value | 808,735 | 848,497 |
Total available for sale, Carrying Value | 808,735 | 848,497 |
State and municipal | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total held to maturity, Amortized Cost | 67,891 | 65,882 |
Total held to maturity, Gross Unrealized Gains | 11,549 | 14,499 |
Total held to maturity, Gross Unrealized Losses | 0 | 0 |
Total held to maturity, Fair Value | 79,440 | 80,381 |
Total held to maturity, Carrying Value | 67,891 | 65,882 |
Residential mortgage-backed | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total held to maturity, Amortized Cost | 10,744 | 13,450 |
Total held to maturity, Gross Unrealized Gains | 1,259 | 1,227 |
Total held to maturity, Gross Unrealized Losses | 0 | 0 |
Total held to maturity, Fair Value | 12,003 | 14,677 |
Total held to maturity, Carrying Value | $ 10,744 | $ 13,450 |
Investments in Fixed Maturity_4
Investments in Fixed Maturity Securities (The Amortized Cost and Fair Value of Fixed Maturity Securities) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 935,354 |
Amortized Cost, Due after one year through five years | 4,666,934 |
Amortized Cost, Due after five years through ten years | 3,037,450 |
Amortized Cost, Due after ten years | 3,414,764 |
Amortized Cost, Mortgage-backed securities | 1,620,190 |
Total investment in fixed maturity securities, Amortized Cost | 13,674,692 |
Fair Value, Due in one year or less | 935,894 |
Fair Value, Due after one year through five years | 4,669,502 |
Fair Value, Due after five years through ten years | 3,045,868 |
Fair Value, Due after ten years | 3,361,807 |
Fair Value, Mortgage-backed securities | 1,606,549 |
Total investments in fixed maturity securities, Fair Value | $ 13,619,620 |
Investments in Fixed Maturity_5
Investments in Fixed Maturity Securities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Held-to-maturity Securities, Restricted | $ 1,332,000,000 | |
Insurance-related Assessments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Held-to-maturity Securities, Restricted | 328,000,000 | |
Reinsurance | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Held-to-maturity Securities, Restricted | 37,000,000 | |
Letters of Credit Outstanding, Amount | 3,000,000 | |
523991 Trust, Fiduciary, and Custody Activities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Held-to-maturity Securities, Restricted | 1,700,000,000 | |
Residential mortgage-backed | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Gross unrealized (losses) gains for debt securities | $ (55,090) | $ 76,467 |
Investments in Equity Securit_3
Investments in Equity Securities (Investments in Equity Securities Available for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | $ 279,006 | $ 576,647 |
Fair Value | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 228,777 | 206,005 |
Gross unrealized gains | 76,699 | 375,199 |
Gross unrealized losses | (26,470) | (4,557) |
Equity securities | 279,006 | 576,647 |
Fair Value | Common stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 113,576 | 81,855 |
Gross unrealized gains | 4,335 | 272,309 |
Gross unrealized losses | (19,719) | (1,960) |
Equity securities | 98,192 | 352,204 |
Fair Value | Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 115,201 | 124,150 |
Gross unrealized gains | 72,364 | 102,890 |
Gross unrealized losses | (6,751) | (2,597) |
Equity securities | 180,814 | 224,443 |
Carrying Value | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | 279,006 | 576,647 |
Carrying Value | Common stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | 98,192 | 352,204 |
Carrying Value | Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities | $ 180,814 | $ 224,443 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trading Securities and Derivative Instruments [Abstract] | ||
Arbitrage trading account | $ 452,548 | $ 617,649 |
Options Held | Long | ||
Derivative [Line Items] | ||
Other derivatives not designated as hedging instruments at fair value, net | 37 | |
Derivative, notional amount | 18,400 | |
Options Held | Short | ||
Derivative [Line Items] | ||
Other derivatives not designated as hedging instruments at fair value, net | 58 | |
Derivative, notional amount | $ 11,600 |
Net Investment Income (Net Inve
Net Investment Income (Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 678,596 | $ 582,740 | $ 573,323 |
Investment expense | (4,361) | (6,952) | (9,160) |
Net investment income | 674,235 | 575,788 | 564,163 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | |||
Net Investment Income [Line Items] | |||
Gross investment income | 519,269 | 473,101 | 444,247 |
Investment funds | |||
Net Investment Income [Line Items] | |||
Gross investment income | 109,349 | 68,169 | 99,301 |
Arbitrage trading account | |||
Net Investment Income [Line Items] | |||
Gross investment income | 28,157 | 19,145 | 18,693 |
Real estate | |||
Net Investment Income [Line Items] | |||
Gross investment income | 18,591 | 19,975 | 7,054 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 3,230 | $ 2,350 | $ 4,028 |
Investment Funds (Schedule of I
Investment Funds (Schedule of Investment Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Maximum loss exposure | $ 270,200 | ||
Investment funds | 1,332,818 | $ 1,155,677 | |
Income (Losses) | 109,349 | 68,169 | $ 99,301 |
Real estate | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 642,137 | 606,995 | |
Income (Losses) | 61,453 | 45,068 | 50,415 |
Energy | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 75,213 | 82,882 | |
Income (Losses) | 645 | (15,764) | 19,747 |
Other funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 615,468 | 465,800 | |
Income (Losses) | $ 47,251 | $ 38,865 | $ 29,139 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Abstract] | ||
Properties in operation | $ 1,279,584 | $ 451,691 |
Properties under development | 677,508 | 1,017,910 |
Total | $ 1,957,092 | $ 1,469,601 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Abstract] | ||
Accumulated depreciation and amortization on properites | $ 44,340,000 | $ 25,646,000 |
Depreciation | 20,644,000 | $ 9,212,000 |
Lease future minimum payments 2019 | 61,458,048 | |
Lease future minimum payments 2020 | 62,141,471 | |
Lease future minimum payments 2021 | 61,325,176 | |
Lease future minimum payments 2022 | 61,077,419 | |
Lease future minimum payments 2023 | 54,362,011 | |
Lease future minimum payments thereafter | 584,592,072 | |
Non-recourse loan | ||
Debt Instrument [Line Items] | ||
Face value of debt | $ 101,750,000 | |
Interest rate | 4.21% |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans Receivable [Line Items] | ||
Loans receivable | $ 97,073 | $ 82,047 |
Maturity period | 10 years | |
Valuation allowance, Specific | $ 1,200 | 1,200 |
Valuation allowance, General | 2,183 | 2,183 |
Valuation allowance | 3,383 | 3,383 |
Increase (decrease) in valuation allowance | 0 | (14) |
Loans in nonaccrual status | 1,200 | 4,300 |
Real Estate | ||
Loans Receivable [Line Items] | ||
Loans receivable | 62,289 | 66,057 |
Loans receivable | 63,047 | 66,917 |
Commercial | ||
Loans Receivable [Line Items] | ||
Loans receivable | 32,524 | 13,627 |
Loans receivable | 34,026 | 15,130 |
Loans Receivable | ||
Loans Receivable [Line Items] | ||
Loans receivable | $ 94,813 | $ 79,684 |
Realized and Unrealized Inves_3
Realized and Unrealized Investment Gains and Losses (Realized and Unrealized Investment Gains (Losses)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |||
Fixed maturity securities, Gains | $ 26,752,000 | $ 28,217,000 | $ 72,215,000 |
Fixed maturity securities, Losses | (13,733,000) | (5,342,000) | (6,434,000) |
Net realized gains on investment sales | 435,150,000 | 154,539,000 | 14,201,000 |
Change in unrealized gains | (320,413,000) | 0 | 0 |
Investment funds | (212,000) | 125,423,000 | 58,861,000 |
Real estate | 27,816,000 | 12,880,000 | 7,757,000 |
Loans receivable | 2,838,000 | 0 | 0 |
Other | 1,977,000 | 20,141,000 | 138,519,000 |
Net realized and unrealized gains on investments in earnings before OTTI | 160,175,000 | 335,858,000 | 285,119,000 |
Other-than-temporary impairments | 5,687,000 | 0 | 18,114,000 |
Net investment gains | 154,488,000 | 335,858,000 | 267,005,000 |
Income tax expense | (32,442,000) | (117,550,000) | (93,452,000) |
After-tax net realized and unrealized gains on investments in earnings | $ 122,046,000 | $ 218,308,000 | $ 173,553,000 |
Realized and Unrealized Inves_4
Realized and Unrealized Investment Gains and Losses (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Total change in unrealized gains (losses) before income taxes and noncontrolling interests | $ (302,737,000) | $ (69,425,000) | $ 371,715,000 | ||
Income tax benefit (expense) | 50,410,000 | 17,673,000 | (125,315,000) | ||
Noncontrolling interests | (46,000) | 19,000 | 59,000 | ||
Total change in unrealized gains and losses | (252,373,000) | (51,733,000) | 246,459,000 | ||
Investment funds | (212,000) | 125,423,000 | 58,861,000 | ||
Gain on sale of other investments | 1,977,000 | 20,141,000 | 138,519,000 | ||
Other-than-temporary impairments | 5,687,000 | 0 | 18,114,000 | ||
Retained earnings | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Cumulative effect adjustment resulting from changes in accounting principles | 215,939,000 | 0 | $ 0 | ||
Accounting Standards Update 2016-01 | Retained earnings | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 291,000,000 | ||||
Fixed maturity securities | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Total change in unrealized gains (losses) before income taxes and noncontrolling interests | (297,084,000) | (2,192,000) | (107,094,000) | ||
Other-than-temporary impairments | 6,000,000 | ||||
Previously impaired fixed maturity securities | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Total change in unrealized gains (losses) before income taxes and noncontrolling interests | (132,000) | 895,000 | 451,000 | ||
Equity securities | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Total change in unrealized gains (losses) before income taxes and noncontrolling interests | 0 | (77,971,000) | 465,727,000 | ||
Other-than-temporary impairments | 18,000,000 | ||||
Investment funds | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Total change in unrealized gains (losses) before income taxes and noncontrolling interests | $ (5,521,000) | 9,843,000 | 12,631,000 | ||
Office Building in Washington, D.C. | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Investment funds | $ 124,000,000 | ||||
Aero Precision Industries and Certain Related Aviation Services | |||||
Realized and Unrealized Investment Gains Losses [Line Items] | |||||
Gain on sale of other investments | $ 135,000,000 |
Securities in an Unrealized L_3
Securities in an Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - External Credit Rating, Investment Grade - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. government and government agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 195,359 | $ 92,167 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 933 | 1,491 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 130,815 | 72,055 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 3,977 | 2,341 |
Available-for-sale Securities, Fair Value | 326,174 | 164,222 |
Available For Sale Securities, Gross Unrealized Losses | 4,910 | 3,832 |
State and municipal | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 701,700 | 735,972 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 6,874 | 5,944 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 744,905 | 345,755 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 17,738 | 6,630 |
Available-for-sale Securities, Fair Value | 1,446,605 | 1,081,727 |
Available For Sale Securities, Gross Unrealized Losses | 24,612 | 12,574 |
Mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 334,063 | 480,435 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 2,911 | 5,110 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 712,595 | 373,956 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 21,022 | 11,065 |
Available-for-sale Securities, Fair Value | 1,046,658 | 854,391 |
Available For Sale Securities, Gross Unrealized Losses | 23,933 | 16,175 |
Asset-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 1,687,665 | 1,127,309 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 28,965 | 8,298 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 342,855 | 167,412 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 4,722 | 2,314 |
Available-for-sale Securities, Fair Value | 2,030,520 | 1,294,721 |
Available For Sale Securities, Gross Unrealized Losses | 33,687 | 10,612 |
Total corporate | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 1,730,513 | 1,103,747 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 54,181 | 8,224 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 954,763 | 170,858 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 49,129 | 5,946 |
Available-for-sale Securities, Fair Value | 2,685,276 | 1,274,605 |
Available For Sale Securities, Gross Unrealized Losses | 103,310 | 14,170 |
Foreign government | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 246,273 | 244,139 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 24,197 | 2,615 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 80,004 | 25,824 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 914 | 251 |
Available-for-sale Securities, Fair Value | 326,277 | 269,963 |
Available For Sale Securities, Gross Unrealized Losses | 25,111 | 2,866 |
Fixed maturity securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 4,895,573 | 3,783,769 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 118,061 | 31,682 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 2,965,937 | 1,155,860 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 97,502 | 28,547 |
Available-for-sale Securities, Fair Value | 7,861,510 | 4,939,629 |
Available For Sale Securities, Gross Unrealized Losses | $ 215,563 | $ 60,229 |
Securities in an Unrealized L_4
Securities in an Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) - External Credit Rating, Non Investment Grade $ in Thousands | Dec. 31, 2018USD ($) |
Foreign government | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of Securities | 13 |
Aggregate Fair Value | $ 140,854 |
Gross Unrealized Loss | $ 21,411 |
Total corporate | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of Securities | 13 |
Aggregate Fair Value | $ 120,078 |
Gross Unrealized Loss | $ 13,111 |
Mortgage-backed securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of Securities | 5 |
Aggregate Fair Value | $ 8,741 |
Gross Unrealized Loss | $ 69 |
Asset-backed securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of Securities | 5 |
Aggregate Fair Value | $ 14,662 |
Gross Unrealized Loss | $ 2,593 |
Debt Securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of Securities | 36 |
Aggregate Fair Value | $ 284,335 |
Gross Unrealized Loss | $ 37,184 |
Securities in an Unrealized L_5
Securities in an Unrealized Loss Position (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Other-than-temporary impairments | $ 5,687,000 | $ 0 | $ 18,114,000 |
Fixed Maturity Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other-than-temporary impairments | $ 6,000,000 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | $ 13,528,177 | $ 13,471,918 | |
Equity securities | 279,006 | 576,647 | |
Arbitrage trading account | 452,548 | 617,649 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 29,948 | 20,385 | $ 12,599 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (456) | 19 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 46 | 650 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 11,523 | 7,173 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (7,353) | (56) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 5,803 | 0 | |
Asset-backed securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 99 | 172 | 183 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (2) | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 46 | 34 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (117) | (48) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Debt Securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 99 | 172 | 183 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (2) | 3 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 46 | 34 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (117) | (48) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Common stocks | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 8,596 | 9,370 | 8,754 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (548) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 616 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (227) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 1 | 0 | |
Preferred stocks | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,945 | 10,843 | 3,662 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 100 | 8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 7,173 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (6,998) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | |
Equity securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12,541 | 20,213 | 12,416 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (448) | 8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 616 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 7,173 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (7,225) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 1 | 0 | |
Trading Assets, Excluding Debt and Equity Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17,308 | 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (6) | 8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 11,523 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (11) | (8) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 5,802 | 0 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 13,528,177 | 13,471,918 | |
Equity securities | 279,006 | 576,647 | |
Arbitrage trading account | 452,548 | 617,649 | |
Total | 14,259,731 | 14,666,214 | |
Securities sold but not yet purchased | 38,120 | 64,358 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Equity securities | 89,596 | 342,834 | |
Arbitrage trading account | 353,335 | 471,420 | |
Total | 442,931 | 814,254 | |
Securities sold but not yet purchased | 37,327 | 64,358 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 13,528,078 | 13,471,746 | |
Equity securities | 176,869 | 213,600 | |
Arbitrage trading account | 81,905 | 146,229 | |
Total | 13,786,852 | 13,831,575 | |
Securities sold but not yet purchased | 0 | 0 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 99 | 172 | |
Equity securities | 12,541 | 20,213 | |
Arbitrage trading account | 17,308 | 0 | |
Total | 29,948 | 20,385 | |
Securities sold but not yet purchased | 793 | 0 | |
Recurring | U.S. government and government agency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 702,240 | 377,740 | |
Recurring | U.S. government and government agency | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | U.S. government and government agency | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 702,240 | 377,740 | |
Recurring | U.S. government and government agency | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 3,872,598 | 4,445,094 | |
Recurring | State and municipal | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | State and municipal | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 3,872,598 | 4,445,094 | |
Recurring | State and municipal | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 1,594,546 | 1,299,931 | |
Recurring | Mortgage-backed securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Mortgage-backed securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 1,594,546 | 1,299,931 | |
Recurring | Mortgage-backed securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 2,438,747 | 2,111,544 | |
Recurring | Asset-backed securities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Asset-backed securities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 2,438,648 | 2,111,372 | |
Recurring | Asset-backed securities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 99 | 172 | |
Recurring | Corporate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 4,111,311 | 4,389,112 | |
Recurring | Corporate | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Corporate | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 4,111,311 | 4,389,112 | |
Recurring | Corporate | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Foreign government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 808,735 | 848,497 | |
Recurring | Foreign government | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Foreign government | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 808,735 | 848,497 | |
Recurring | Foreign government | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturity securities available for sale | 0 | 0 | |
Recurring | Common stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 98,192 | 352,204 | |
Recurring | Common stocks | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 89,596 | 342,834 | |
Recurring | Common stocks | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
Recurring | Common stocks | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 8,596 | 9,370 | |
Recurring | Preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 180,814 | 224,443 | |
Recurring | Preferred stocks | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 0 | 0 | |
Recurring | Preferred stocks | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | 176,869 | 213,600 | |
Recurring | Preferred stocks | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities | $ 3,945 | $ 10,843 |
Reserves For Losses And Loss _3
Reserves For Losses And Loss Expenses (Loss and Loss Expenses Incurred, Net of Reinsurance, and Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance) (Details) $ in Thousands | Dec. 31, 2018USD ($)claim | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Claims Development [Line Items] | ||||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | $ 10,811,975 | |||||||||
Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 8,326,367 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 4,751,400 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 121,405 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 3,696,372 | |||||||||
Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 5,801,492 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 4,061,332 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 170,897 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,911,057 | |||||||||
Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 721,272 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 141,892 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 740,877 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,320,257 | |||||||||
Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 2,586,052 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,685,460 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 4,198 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 904,790 | |||||||||
Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 3,901,666 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 3,270,276 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 2,482 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 633,872 | |||||||||
Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 5,836,156 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,307,301 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 2,362 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 531,217 | |||||||||
Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 2,721,144 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,577,946 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 369,801 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,512,999 | |||||||||
Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,088,864 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 900,008 | |||||||||
Reserves for loss and loss adjustment expenses before 2009, net of reinsurance | 776 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 189,632 | |||||||||
Accident Year 2009 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 542,568 | $ 546,746 | $ 553,058 | $ 557,661 | $ 561,784 | $ 589,659 | $ 599,235 | $ 624,991 | $ 656,788 | $ 689,634 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 510,474 | 500,953 | 486,893 | 470,830 | 429,128 | 385,068 | 311,979 | 214,498 | 122,850 | 44,801 |
IBNR | $ 18,690 | |||||||||
Cumulative Number of Reported Claims | claim | 23,000 | |||||||||
Accident Year 2009 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 401,431 | 398,994 | 395,288 | 392,287 | 394,303 | 392,158 | 386,870 | 326,766 | 332,303 | 327,537 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 364,712 | 360,289 | 352,516 | 344,771 | 333,793 | 317,796 | 297,079 | 257,972 | 197,736 | 93,647 |
IBNR | $ 10,693 | |||||||||
Cumulative Number of Reported Claims | claim | 43,000 | |||||||||
Accident Year 2009 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 130,790 | 129,249 | 134,716 | 142,768 | 138,765 | 148,189 | 148,223 | 153,912 | 153,766 | 168,762 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 41,243 | 37,817 | 33,573 | 29,150 | 25,272 | 20,729 | 14,138 | 11,037 | 8,402 | 5,060 |
IBNR | $ 21,734 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2009 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 157,451 | 152,711 | 153,492 | 150,783 | 150,452 | 147,994 | 148,899 | 145,515 | 139,091 | 134,784 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 151,499 | 147,599 | 144,713 | 143,950 | 138,876 | 127,728 | 117,683 | 85,902 | 52,583 | 12,604 |
IBNR | $ 1,087 | |||||||||
Cumulative Number of Reported Claims | claim | 3,000 | |||||||||
Accident Year 2009 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 334,926 | 334,977 | 335,089 | 334,652 | 336,855 | 337,915 | 335,851 | 340,967 | 345,139 | 362,302 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 333,677 | 333,605 | 333,143 | 331,482 | 328,843 | 312,902 | 291,925 | 257,326 | 209,553 | 136,433 |
IBNR | $ 398 | |||||||||
Cumulative Number of Reported Claims | claim | 39,000 | |||||||||
Accident Year 2009 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 317,098 | 316,220 | 314,010 | 314,117 | 314,290 | 318,349 | 318,111 | 326,440 | 335,921 | 346,870 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 315,966 | 311,655 | 311,357 | 311,079 | 310,428 | 309,916 | 306,020 | 304,634 | 291,338 | 212,521 |
IBNR | $ 550 | |||||||||
Cumulative Number of Reported Claims | claim | 18,000 | |||||||||
Accident Year 2009 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 279,372 | 281,592 | 288,115 | 282,411 | 293,275 | 301,495 | 309,228 | 327,236 | 328,321 | 334,804 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 228,990 | 221,141 | 211,143 | 196,775 | 181,946 | 155,124 | 124,030 | 85,761 | 53,636 | 21,332 |
IBNR | 17,086 | |||||||||
Accident Year 2009 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 35,763 | 35,293 | 36,263 | 36,913 | 37,505 | 38,124 | 38,711 | 42,352 | 43,193 | 48,029 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 35,158 | 34,027 | 34,759 | 32,540 | 31,238 | 31,248 | 29,444 | 28,226 | 21,945 | $ 9,766 |
IBNR | 0 | |||||||||
Accident Year 2010 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 566,695 | 571,305 | 573,532 | 574,780 | 577,679 | 590,818 | 592,117 | 615,797 | 612,210 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 525,016 | 508,359 | 491,104 | 461,442 | 417,166 | 336,243 | 248,698 | 128,946 | 45,193 | |
IBNR | $ 26,658 | |||||||||
Cumulative Number of Reported Claims | claim | 23,000 | |||||||||
Accident Year 2010 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 424,374 | 427,698 | 429,762 | 429,952 | 426,622 | 418,315 | 409,237 | 361,808 | 358,734 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 388,405 | 382,665 | 374,013 | 362,078 | 344,631 | 317,986 | 279,226 | 214,034 | 107,742 | |
IBNR | $ 13,958 | |||||||||
Cumulative Number of Reported Claims | claim | 45,000 | |||||||||
Accident Year 2010 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 95,374 | 94,986 | 100,065 | 104,732 | 100,331 | 118,712 | 120,272 | 123,497 | 135,639 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 22,355 | 18,821 | 14,261 | 11,699 | 9,084 | 8,701 | 5,571 | 4,003 | 2,867 | |
IBNR | $ 14,497 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2010 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 182,818 | 177,844 | 174,883 | 172,585 | 176,723 | 177,957 | 179,383 | 165,755 | 147,649 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 178,879 | 171,330 | 165,018 | 160,598 | 144,474 | 129,757 | 108,566 | 58,916 | 14,832 | |
IBNR | $ 1,807 | |||||||||
Cumulative Number of Reported Claims | claim | 4,000 | |||||||||
Accident Year 2010 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 329,942 | 330,263 | 330,552 | 331,581 | 332,716 | 328,854 | 330,190 | 320,098 | 310,591 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 327,829 | 327,206 | 326,770 | 324,963 | 313,253 | 295,347 | 263,639 | 208,790 | 136,029 | |
IBNR | $ 372 | |||||||||
Cumulative Number of Reported Claims | claim | 37,000 | |||||||||
Accident Year 2010 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 346,172 | 346,463 | 346,885 | 346,719 | 346,226 | 355,916 | 358,373 | 370,291 | 385,541 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 345,106 | 345,085 | 344,102 | 342,918 | 340,210 | 346,768 | 337,686 | 325,156 | 245,036 | |
IBNR | $ 833 | |||||||||
Cumulative Number of Reported Claims | claim | 19,000 | |||||||||
Accident Year 2010 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 248,145 | 249,062 | 251,308 | 254,550 | 265,771 | 276,234 | 288,141 | 298,300 | 290,285 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 190,295 | 180,544 | 165,027 | 149,322 | 129,041 | 106,381 | 77,191 | 45,626 | 17,964 | |
IBNR | 18,428 | |||||||||
Accident Year 2010 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 50,932 | 50,699 | 50,871 | 50,971 | 51,500 | 51,448 | 52,561 | 55,647 | 58,576 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 50,053 | 49,303 | 49,048 | 46,419 | 44,824 | 43,898 | 42,413 | 37,739 | $ 23,654 | |
IBNR | 201 | |||||||||
Accident Year 2011 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 634,264 | 645,123 | 649,055 | 653,864 | 659,026 | 660,023 | 673,730 | 665,035 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 575,194 | 556,110 | 524,314 | 470,849 | 379,845 | 266,780 | 142,713 | 48,825 | ||
IBNR | $ 30,381 | |||||||||
Cumulative Number of Reported Claims | claim | 24,000 | |||||||||
Accident Year 2011 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 471,471 | 475,729 | 474,076 | 472,087 | 470,026 | 454,797 | 442,550 | 419,364 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 428,811 | 420,945 | 408,304 | 385,759 | 355,909 | 307,873 | 234,694 | 106,157 | ||
IBNR | $ 17,942 | |||||||||
Cumulative Number of Reported Claims | claim | 46,000 | |||||||||
Accident Year 2011 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 74,109 | 78,246 | 83,850 | 85,299 | 87,064 | 98,051 | 93,993 | 88,650 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 21,463 | 20,164 | 18,638 | 15,684 | 12,104 | 6,395 | 4,848 | 2,593 | ||
IBNR | $ 17,280 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2011 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 175,963 | 176,865 | 173,545 | 177,128 | 190,096 | 186,918 | 165,233 | 179,875 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 168,874 | 167,286 | 159,014 | 150,840 | 134,608 | 103,097 | 62,442 | 18,779 | ||
IBNR | $ 3,185 | |||||||||
Cumulative Number of Reported Claims | claim | 4,000 | |||||||||
Accident Year 2011 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 343,524 | 342,052 | 341,162 | 341,362 | 331,694 | 328,269 | 320,898 | 312,224 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 340,319 | 338,283 | 333,949 | 321,786 | 296,332 | 262,659 | 211,756 | 135,350 | ||
IBNR | $ 1,232 | |||||||||
Cumulative Number of Reported Claims | claim | 37,000 | |||||||||
Accident Year 2011 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 451,211 | 449,320 | 450,115 | 457,011 | 459,814 | 463,006 | 471,555 | 478,556 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 450,155 | 447,342 | 446,745 | 445,073 | 440,777 | 436,585 | 417,701 | 303,012 | ||
IBNR | $ 1,093 | |||||||||
Cumulative Number of Reported Claims | claim | 21,000 | |||||||||
Accident Year 2011 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 292,162 | 295,576 | 303,867 | 306,911 | 299,628 | 304,409 | 309,621 | 290,635 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 220,011 | 207,692 | 191,864 | 168,244 | 134,285 | 97,702 | 52,365 | 17,876 | ||
IBNR | 21,264 | |||||||||
Accident Year 2011 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 84,882 | 84,471 | 84,739 | 85,006 | 86,544 | 85,118 | 87,970 | 95,217 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 83,401 | 82,322 | 81,780 | 78,577 | 76,010 | 73,359 | 58,875 | $ 31,478 | ||
IBNR | 314 | |||||||||
Accident Year 2012 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 718,166 | 723,610 | 713,266 | 709,026 | 703,118 | 702,342 | 693,447 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 622,687 | 580,750 | 513,644 | 417,686 | 299,842 | 158,869 | 58,108 | |||
IBNR | $ 47,001 | |||||||||
Cumulative Number of Reported Claims | claim | 24,000 | |||||||||
Accident Year 2012 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 508,169 | 512,707 | 509,167 | 503,863 | 503,956 | 499,882 | 499,752 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 451,991 | 437,196 | 419,588 | 387,368 | 339,560 | 253,781 | 114,998 | |||
IBNR | $ 26,626 | |||||||||
Cumulative Number of Reported Claims | claim | 48,000 | |||||||||
Accident Year 2012 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 69,361 | 67,878 | 72,441 | 73,653 | 71,780 | 73,230 | 72,366 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 17,982 | 15,738 | 13,234 | 11,167 | 9,480 | 6,097 | 1,127 | |||
IBNR | $ 16,293 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2012 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 243,893 | 245,076 | 238,704 | 250,457 | 264,808 | 241,944 | 238,233 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 223,424 | 214,315 | 190,295 | 159,183 | 128,281 | 87,008 | 21,875 | |||
IBNR | $ 9,507 | |||||||||
Cumulative Number of Reported Claims | claim | 7,000 | |||||||||
Accident Year 2012 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 366,662 | 364,437 | 364,175 | 355,433 | 342,379 | 326,585 | 314,073 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 360,799 | 355,740 | 344,428 | 312,178 | 273,277 | 215,078 | 136,844 | |||
IBNR | $ 1,539 | |||||||||
Cumulative Number of Reported Claims | claim | 40,000 | |||||||||
Accident Year 2012 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 508,565 | 506,705 | 507,646 | 531,729 | 535,885 | 535,500 | 526,312 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 503,738 | 499,446 | 498,506 | 513,733 | 503,364 | 453,157 | 281,456 | |||
IBNR | $ 3,083 | |||||||||
Cumulative Number of Reported Claims | claim | 25,000 | |||||||||
Accident Year 2012 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 333,889 | 335,636 | 332,932 | 324,014 | 331,006 | 335,661 | 331,603 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 240,926 | 219,106 | 186,483 | 151,635 | 111,928 | 62,198 | 22,390 | |||
IBNR | 25,536 | |||||||||
Accident Year 2012 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 84,875 | 83,938 | 83,925 | 85,451 | 86,426 | 94,720 | 103,744 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 81,808 | 79,099 | 77,540 | 70,672 | 64,238 | 51,774 | $ 15,675 | |||
IBNR | 626 | |||||||||
Accident Year 2013 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 811,592 | 805,288 | 784,342 | 784,906 | 792,464 | 751,544 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 650,428 | 589,564 | 473,933 | 332,871 | 189,936 | 63,868 | ||||
IBNR | $ 78,784 | |||||||||
Cumulative Number of Reported Claims | claim | 26,000 | |||||||||
Accident Year 2013 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 542,274 | 547,000 | 543,238 | 546,995 | 547,295 | 551,342 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 466,580 | 447,894 | 414,160 | 363,028 | 277,538 | 117,502 | ||||
IBNR | $ 35,177 | |||||||||
Cumulative Number of Reported Claims | claim | 53,000 | |||||||||
Accident Year 2013 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 35,120 | 38,551 | 42,419 | 46,025 | 48,493 | 63,995 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 4,418 | 3,396 | 3,008 | 2,158 | 630 | 647 | ||||
IBNR | $ 16,473 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2013 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 279,092 | 270,449 | 248,974 | 242,792 | 247,320 | 269,280 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 248,520 | 206,655 | 177,343 | 119,552 | 64,030 | 24,232 | ||||
IBNR | $ 15,395 | |||||||||
Cumulative Number of Reported Claims | claim | 7,000 | |||||||||
Accident Year 2013 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 366,565 | 366,976 | 376,569 | 368,318 | 348,513 | 326,789 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 353,159 | 343,274 | 322,141 | 266,694 | 218,005 | 142,480 | ||||
IBNR | $ 3,013 | |||||||||
Cumulative Number of Reported Claims | claim | 42,000 | |||||||||
Accident Year 2013 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 548,730 | 552,137 | 553,621 | 575,582 | 583,603 | 572,103 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 539,443 | 538,158 | 531,386 | 534,939 | 486,692 | 312,945 | ||||
IBNR | $ 5,740 | |||||||||
Cumulative Number of Reported Claims | claim | 26,000 | |||||||||
Accident Year 2013 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 298,061 | 292,447 | 283,580 | 273,528 | 270,221 | 319,159 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 204,820 | 177,101 | 143,268 | 109,202 | 63,849 | 28,920 | ||||
IBNR | 33,269 | |||||||||
Accident Year 2013 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 111,876 | 112,555 | 111,915 | 114,063 | 112,590 | 141,298 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 106,051 | 104,333 | 101,553 | 92,646 | 74,602 | $ 36,609 | ||||
IBNR | 1,192 | |||||||||
Accident Year 2014 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 864,157 | 851,503 | 847,008 | 848,947 | 847,207 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 595,024 | 481,039 | 338,961 | 191,394 | 79,078 | |||||
IBNR | $ 128,856 | |||||||||
Cumulative Number of Reported Claims | claim | 26,000 | |||||||||
Accident Year 2014 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 615,435 | 617,242 | 627,767 | 637,307 | 639,436 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 503,915 | 471,235 | 412,611 | 319,743 | 148,405 | |||||
IBNR | $ 57,455 | |||||||||
Cumulative Number of Reported Claims | claim | 57,000 | |||||||||
Accident Year 2014 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 41,671 | 45,758 | 49,478 | 57,558 | 63,465 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,808 | 4,175 | 3,354 | 1,729 | 358 | |||||
IBNR | $ 18,448 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2014 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 239,555 | 243,936 | 259,964 | 246,668 | 253,284 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 199,245 | 176,181 | 138,753 | 83,856 | 19,545 | |||||
IBNR | $ 19,315 | |||||||||
Cumulative Number of Reported Claims | claim | 8,000 | |||||||||
Accident Year 2014 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 413,697 | 416,194 | 418,215 | 384,692 | 363,308 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 394,147 | 365,424 | 328,156 | 237,118 | 155,065 | |||||
IBNR | $ 6,431 | |||||||||
Cumulative Number of Reported Claims | claim | 45,000 | |||||||||
Accident Year 2014 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 664,350 | 663,282 | 664,303 | 709,832 | 701,335 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 648,373 | 633,020 | 613,621 | 596,829 | 371,194 | |||||
IBNR | $ 6,562 | |||||||||
Cumulative Number of Reported Claims | claim | 30,000 | |||||||||
Accident Year 2014 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 326,251 | 331,836 | 319,855 | 320,176 | 320,250 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 198,993 | 155,764 | 116,266 | 69,134 | 21,306 | |||||
IBNR | 49,301 | |||||||||
Accident Year 2014 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 99,410 | 100,148 | 97,363 | 96,668 | 112,987 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 91,646 | 88,507 | 82,329 | 67,000 | $ 38,919 | |||||
IBNR | 1,739 | |||||||||
Accident Year 2015 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 964,415 | 961,289 | 986,792 | 951,041 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 538,502 | 382,498 | 210,940 | 82,829 | ||||||
IBNR | $ 217,570 | |||||||||
Cumulative Number of Reported Claims | claim | 26,000 | |||||||||
Accident Year 2015 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 641,169 | 650,997 | 690,525 | 712,800 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 477,541 | 421,734 | 323,744 | 139,320 | ||||||
IBNR | $ 83,941 | |||||||||
Cumulative Number of Reported Claims | claim | 58,000 | |||||||||
Accident Year 2015 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 45,115 | 50,099 | 57,897 | 69,977 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 4,099 | 3,272 | 2,481 | 2,069 | ||||||
IBNR | $ 25,425 | |||||||||
Cumulative Number of Reported Claims | claim | 0 | |||||||||
Accident Year 2015 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 276,406 | 274,950 | 258,251 | 259,569 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 187,767 | 139,952 | 85,561 | 20,478 | ||||||
IBNR | $ 47,934 | |||||||||
Cumulative Number of Reported Claims | claim | 9,000 | |||||||||
Accident Year 2015 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 431,857 | 423,601 | 417,403 | 389,101 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 370,450 | 325,369 | 265,396 | 159,679 | ||||||
IBNR | $ 18,247 | |||||||||
Cumulative Number of Reported Claims | claim | 50,000 | |||||||||
Accident Year 2015 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 726,606 | 727,677 | 731,468 | 743,872 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 689,875 | 667,846 | 612,335 | 396,086 | ||||||
IBNR | $ 15,079 | |||||||||
Cumulative Number of Reported Claims | claim | 32,000 | |||||||||
Accident Year 2015 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 253,264 | 231,020 | 232,203 | 259,609 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 141,834 | 91,548 | 48,593 | 17,865 | ||||||
IBNR | 30,511 | |||||||||
Accident Year 2015 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 130,452 | 131,777 | 117,582 | 127,039 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 118,686 | 109,187 | 89,228 | $ 53,498 | ||||||
IBNR | 4,367 | |||||||||
Accident Year 2016 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,019,749 | 1,011,368 | 1,018,454 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 390,552 | 209,212 | 69,620 | |||||||
IBNR | $ 375,609 | |||||||||
Cumulative Number of Reported Claims | claim | 25,000 | |||||||||
Accident Year 2016 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 684,700 | 696,339 | 702,716 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 446,072 | 338,835 | 142,998 | |||||||
IBNR | $ 117,425 | |||||||||
Cumulative Number of Reported Claims | claim | 57,000 | |||||||||
Accident Year 2016 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 71,404 | 70,281 | 72,657 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,573 | 4,783 | 2,498 | |||||||
IBNR | $ 37,500 | |||||||||
Cumulative Number of Reported Claims | claim | 0 | |||||||||
Accident Year 2016 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 361,929 | 324,979 | 310,678 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 202,131 | 102,853 | 28,702 | |||||||
IBNR | $ 90,872 | |||||||||
Cumulative Number of Reported Claims | claim | 10,000 | |||||||||
Accident Year 2016 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 443,030 | 431,680 | 431,633 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 342,214 | 280,146 | 185,045 | |||||||
IBNR | $ 35,867 | |||||||||
Cumulative Number of Reported Claims | claim | 49,000 | |||||||||
Accident Year 2016 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 761,891 | 774,514 | 771,416 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 710,618 | 669,029 | 416,144 | |||||||
IBNR | $ 20,857 | |||||||||
Cumulative Number of Reported Claims | claim | 34,000 | |||||||||
Accident Year 2016 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 246,235 | 253,450 | 241,282 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 100,587 | 61,930 | 19,923 | |||||||
IBNR | 62,140 | |||||||||
Accident Year 2016 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 181,858 | 174,562 | 167,989 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 157,622 | 133,653 | $ 78,969 | |||||||
IBNR | 11,130 | |||||||||
Accident Year 2017 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,100,243 | 1,067,376 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 256,448 | 80,174 | ||||||||
IBNR | $ 567,982 | |||||||||
Cumulative Number of Reported Claims | claim | 23,000 | |||||||||
Accident Year 2017 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 733,505 | 762,093 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 362,299 | 153,456 | ||||||||
IBNR | $ 191,034 | |||||||||
Cumulative Number of Reported Claims | claim | 57,000 | |||||||||
Accident Year 2017 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 80,508 | 76,701 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 12,810 | 6,282 | ||||||||
IBNR | $ 42,652 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2017 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 333,194 | 333,803 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 96,814 | 36,733 | ||||||||
IBNR | $ 178,091 | |||||||||
Cumulative Number of Reported Claims | claim | 9,000 | |||||||||
Accident Year 2017 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 428,601 | 430,352 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 267,469 | 180,627 | ||||||||
IBNR | $ 70,289 | |||||||||
Cumulative Number of Reported Claims | claim | 44,000 | |||||||||
Accident Year 2017 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 752,193 | 750,786 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 688,821 | 444,407 | ||||||||
IBNR | $ 34,275 | |||||||||
Cumulative Number of Reported Claims | claim | 38,000 | |||||||||
Accident Year 2017 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 221,820 | 231,826 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 40,338 | 16,493 | ||||||||
IBNR | 122,752 | |||||||||
Accident Year 2017 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 200,535 | 206,604 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 141,458 | $ 72,157 | ||||||||
IBNR | 24,102 | |||||||||
Accident Year 2018 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,104,518 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 87,075 | |||||||||
IBNR | $ 837,548 | |||||||||
Cumulative Number of Reported Claims | claim | 18,000 | |||||||||
Accident Year 2018 | Primary workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 778,964 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 171,006 | |||||||||
IBNR | $ 359,337 | |||||||||
Cumulative Number of Reported Claims | claim | 53,000 | |||||||||
Accident Year 2018 | Excess workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 77,820 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,141 | |||||||||
IBNR | $ 46,840 | |||||||||
Cumulative Number of Reported Claims | claim | 1,000 | |||||||||
Accident Year 2018 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 335,751 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 28,307 | |||||||||
IBNR | $ 260,095 | |||||||||
Cumulative Number of Reported Claims | claim | 9,000 | |||||||||
Accident Year 2018 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 442,862 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 180,213 | |||||||||
IBNR | $ 145,744 | |||||||||
Cumulative Number of Reported Claims | claim | 39,000 | |||||||||
Accident Year 2018 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 759,340 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 415,206 | |||||||||
IBNR | $ 161,107 | |||||||||
Cumulative Number of Reported Claims | claim | 36,000 | |||||||||
Accident Year 2018 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 221,945 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 11,152 | |||||||||
IBNR | 184,317 | |||||||||
Accident Year 2018 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 108,281 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 34,125 | |||||||||
IBNR | $ 40,135 |
Reserves For Losses And Loss _4
Reserves For Losses And Loss Expenses (Reconciliation of Net Incurred and Paid Claims Development to Reserves for Loss and Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | $ 10,811,975 | ||
Total due from reinsurers on unpaid claims | 1,717,565 | ||
Total loss reserve discount | (563,092) | ||
Total gross reserves for loss and loss expenses | 11,966,448 | $ 11,670,408 | $ 11,197,195 |
Other liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 3,696,372 | ||
Primary workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,911,057 | ||
Excess workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,320,257 | ||
Professional liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 904,790 | ||
Commercial automobile | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 633,872 | ||
Short-tail lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 531,217 | ||
Casualty | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,512,999 | ||
Property | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 189,632 | ||
Insurance | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 9,109,344 | ||
Total due from reinsurers on unpaid claims | 1,551,282 | ||
Total loss reserve discount | (434,302) | ||
Insurance | Other liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 3,696,372 | ||
Total due from reinsurers on unpaid claims | 451,073 | ||
Total loss reserve discount | 0 | ||
Insurance | Primary workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,911,057 | ||
Total due from reinsurers on unpaid claims | 374,805 | ||
Total loss reserve discount | 0 | ||
Insurance | Excess workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,320,257 | ||
Total due from reinsurers on unpaid claims | 37,405 | ||
Total loss reserve discount | (434,302) | ||
Insurance | Professional liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 904,790 | ||
Total due from reinsurers on unpaid claims | 344,958 | ||
Total loss reserve discount | 0 | ||
Insurance | Commercial automobile | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 633,872 | ||
Total due from reinsurers on unpaid claims | 15,405 | ||
Total loss reserve discount | 0 | ||
Insurance | Short-tail lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 531,217 | ||
Total due from reinsurers on unpaid claims | 293,376 | ||
Total loss reserve discount | 0 | ||
Insurance | Other | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 111,779 | ||
Total due from reinsurers on unpaid claims | 34,260 | ||
Total loss reserve discount | 0 | ||
Reinsurance | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,702,631 | ||
Total due from reinsurers on unpaid claims | 166,283 | ||
Total loss reserve discount | (128,790) | ||
Reinsurance | Casualty | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,512,999 | ||
Total due from reinsurers on unpaid claims | 116,782 | ||
Total loss reserve discount | (128,790) | ||
Reinsurance | Property | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 189,632 | ||
Total due from reinsurers on unpaid claims | 49,501 | ||
Total loss reserve discount | $ 0 |
Reserves For Losses And Loss _5
Reserves For Losses And Loss Expenses (Supplementary Information Regarding Average Historical Claims Duration) (Details) | Dec. 31, 2018 |
Insurance | Other liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 8.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 14.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 18.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 16.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 13.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 8.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 5.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 3.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 2.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.80% |
Insurance | Primary workers' compensation | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 22.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 27.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 9.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 5.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 4.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 2.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 1.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.10% |
Insurance | Excess workers' compensation | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 3.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 3.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 2.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 3.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 3.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 3.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 2.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 3.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 2.60% |
Insurance | Professional liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 8.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 22.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 22.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 16.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 9.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 9.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 4.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 2.50% |
Insurance | Commercial automobile | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 39.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 21.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 10.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 6.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 1.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0.00% |
Insurance | Short-tail lines | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 59.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 29.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 5.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.40% |
Reinsurance | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 7.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 12.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 14.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 13.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 11.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 9.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 5.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 5.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 3.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 2.80% |
Reinsurance | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 35.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 32.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 14.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 5.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 3.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 2.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 3.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 2.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 3.20% |
Reserves For Losses And Loss _6
Reserves For Losses And Loss Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 10,056,914 | $ 9,590,265 | $ 9,244,872 |
Net provision for losses and loss expenses: | |||
Claims occuring during the current year | 3,926,489 | 3,963,543 | 3,826,620 |
Decrease in estimates for claims occurring in prior years | 6,831 | (5,165) | (29,904) |
Loss reserve discount accretion | 41,382 | 43,970 | 49,084 |
Total | 3,974,702 | 4,002,348 | 3,845,800 |
Net payments for claims: | |||
Current year | 964,808 | 1,027,405 | 1,052,452 |
Prior year | 2,700,077 | 2,562,550 | 2,401,722 |
Total | 3,664,885 | 3,589,955 | 3,454,174 |
Foreign currency translation | (117,848) | 54,256 | (46,233) |
Net reserves at end of year | 10,248,883 | 10,056,914 | 9,590,265 |
Ceded reserve at end of year | 1,717,565 | 1,613,494 | 1,606,930 |
Gross reserves at end of year | 11,966,448 | 11,670,408 | 11,197,195 |
Workers' Compensation Discount, Amount | 24,381 | 22,064 | 18,929 |
Decrease in estimates for claims occurring in prior years, undiscounted basis | $ 3,738 | $ 32,132 | $ 59,175 |
Reserves For Losses And Loss _7
Reserves For Losses And Loss Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' Compensation Discount, Amount | $ 24,381 | $ 22,064 | $ 18,929 |
Workers' Compensation Discount, Prior Year Amount | 1,855,000 | ||
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Undiscounted Basis Prior Years, Increase (Decrease) | 3,738 | 32,132 | 59,175 |
Prior year | 2,700,077 | 2,562,550 | 2,401,722 |
Favorable Reserve Development Net Of Premium Offsets | 39,000 | 37,000 | 59,000 |
Reserve for losses and loss adjustment expenses relating to asbestos and environmental claims, net | 28,000 | 30,000 | |
Workers' compensation discount after effects of ceded reinsurance, amount | $ 563,000 | 591,000 | |
Minimum | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 2.00% | ||
Maximum | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 6.50% | ||
Weighted Average | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 3.80% | ||
Discounted [Member] | Weighted Average | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 3.00% | ||
Insurance | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Favorable Reserve Development Net Of Premium Offsets | $ 43,000 | 68,000 | 53,000 |
Reinsurance | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Favorable Reserve Development Net Of Premium Offsets | $ 6,000 | ||
Unfavorable Reserve Development Net Of Premium Offsets | 4,000 | $ 31,000 | |
Reinsurance Reserves, Ogden Discount Rate | (0.75%) | 2.50% | |
Workers' compensation | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' Compensation Discount, Amount | $ 1,793,000 | ||
Excess workers' compensation | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 97.00% |
Reinsurance (Reinsurance Financ
Reinsurance (Reinsurance Financial Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reinsurance Disclosures [Abstract] | |||
Written premiums, Direct | $ 6,973,216,000 | $ 6,726,029,000 | $ 6,647,600,000 |
Written premiums, Assumed | 729,278,000 | 750,934,000 | 896,101,000 |
Written premiums, Ceded | (1,269,267,000) | (1,216,455,000) | (1,119,788,000) |
Total net premiums written | 6,433,227,000 | 6,260,508,000 | 6,423,913,000 |
Earned premiums, Direct | 6,851,795,000 | 6,661,046,000 | 6,492,240,000 |
Earned premiums, Assumed | 755,759,000 | 812,309,000 | 900,570,000 |
Earned premiums, Ceded | (1,236,049,000) | (1,161,936,000) | (1,099,462,000) |
Net premiums earned | 6,371,505,000 | 6,311,419,000 | 6,293,348,000 |
Ceded losses and loss expenses incurred | 829,742,000 | 601,769,000 | 707,336,000 |
Ceded commission earned | 268,037,000 | 241,983,000 | 201,957,000 |
Uncollectible reinsurance | $ 946,965 | $ 1,010,000 | $ 1,049,000 |
Reinsurance (Schedule Of Ceded
Reinsurance (Schedule Of Ceded Credit Risk by Reinsurer) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | $ 1,932,291 | $ 1,783,200 |
Credit Risk Reinsurers, Subtotal, Excluding Residual Market Pools [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 1,583,943 | |
Lloyds of London | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 215,370 | |
Munich Re | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 164,131 | |
Alleghany Group | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 150,438 | |
Swiss Re | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 150,280 | |
Partner Re | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 103,837 | |
Berkshire Hathaway | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 87,314 | |
Axis Capital | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 85,377 | |
Hannover Re Group | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 77,351 | |
Everest Re | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 62,113 | |
Korean Re | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 52,746 | |
Renaissance Re | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 39,944 | |
Liberty Mutual | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 32,118 | |
Qatar Re GRP | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 27,731 | |
Chubb Limited | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 24,628 | |
Arch Capital Group | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 21,260 | |
Other Reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | 289,305 | |
Residual Market Pools | ||
Ceded Credit Risk [Line Items] | ||
Ceded reserve at end of year | $ 348,348 |
Indebtedness (Details)
Indebtedness (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Subsidiary Debt | ||
Debt Instrument [Line Items] | ||
Face Value | $ 123,992,000 | |
Carrying Value | 123,992,000 | $ 12,516,000 |
Repayments in 2019 | 7,000,000 | |
Repayments in 2020 | 15,000,000 | |
Repayments thereafter | 102,000,000 | |
Total senior notes and other debt | ||
Debt Instrument [Line Items] | ||
Face Value | 1,891,146,000 | |
Carrying Value | $ 1,882,028,000 | 1,769,052,000 |
Senior Notes | Senior Notes due August 15, 2019 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.15% | |
Face Value | $ 140,651,000 | |
Carrying Value | $ 140,568,000 | 140,434,000 |
Senior Notes | Senior Notes due September 15, 2019 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.375% | |
Face Value | $ 300,000,000 | |
Carrying Value | $ 299,816,000 | 299,562,000 |
Senior Notes | Senior Notes due September 15, 2020 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.375% | |
Face Value | $ 300,000,000 | |
Carrying Value | $ 299,420,000 | 299,083,000 |
Senior Notes | Senior Notes due January 1, 2022 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.70% | |
Face Value | $ 76,503,000 | |
Carrying Value | $ 76,273,000 | 76,210,000 |
Senior Notes | Senior Notes due March 15, 2022 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.625% | |
Face Value | $ 350,000,000 | |
Carrying Value | $ 348,670,000 | 348,252,000 |
Senior Notes | Senior Notes due February 15, 2037 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.25% | |
Face Value | $ 250,000,000 | |
Carrying Value | $ 248,006,000 | 247,896,000 |
Senior Notes | Senior Notes due August 1, 2044 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.75% | |
Face Value | $ 350,000,000 | |
Carrying Value | 345,283,000 | 345,099,000 |
Total subordinated debentures | ||
Debt Instrument [Line Items] | ||
Face Value | 935,000,000 | |
Carrying Value | $ 907,491,000 | 728,218,000 |
Total subordinated debentures | Subordinated Debt due April 30,2053 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.625% | |
Face Value | $ 350,000,000 | |
Carrying Value | $ 341,097,000 | 340,838,000 |
Total subordinated debentures | Subordinated Debt due March 1, 2056 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.90% | |
Face Value | $ 110,000,000 | |
Carrying Value | $ 106,159,000 | 106,055,000 |
Total subordinated debentures | Subordinated Debt due June1, 2056 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.75% | |
Face Value | $ 290,000,000 | |
Carrying Value | $ 281,551,000 | 281,325,000 |
Total subordinated debentures | Subordinated Debt due March 30, 2058 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.70% | |
Face Value | $ 185,000,000 | |
Carrying Value | $ 178,684,000 | $ 0 |
Non-recourse loan | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.21% | |
Face Value | $ 101,750,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current Expense, Domestic | $ 188,712 | $ 225,694 | $ 259,539 |
Deferred Expense (Benefit), Domestic | (63,134) | (27,601) | 3,355 |
Domestic, Total | 125,578 | 198,093 | 262,894 |
Current Expense, Foreign | 13,963 | 8,803 | 23,634 |
Deferred Expense (Benefit), Foreign | 23,487 | 12,537 | 6,425 |
Foreign, Total | 37,450 | 21,340 | 30,059 |
Current Expense, Total | 202,675 | 234,497 | 283,173 |
Deferred Expense (Benefit), Total | (39,647) | (15,064) | 9,780 |
Total expense | 163,028 | 219,433 | 292,953 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 755,000 | 797,000 | 837,000 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 57,000 | $ (25,000) | $ 59,000 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed “expected” tax expense | $ 170,540 | $ 270,470 | $ 313,753 |
Tax-exempt investment income | (18,833) | (37,209) | (37,379) |
Change in valuation allowance | 18,576 | 11,161 | 1,420 |
Impact of foreign tax rates | 7,683 | 3,508 | 1,984 |
State and local taxes | 3,901 | 1,644 | 7,748 |
Impact of change in U.S. tax rate | (10,950) | (30,531) | 0 |
Other, net | (7,889) | 390 | 5,427 |
Total expense | $ 163,028 | $ 219,433 | $ 292,953 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Deferred tax asset: | |||
Loss reserve discounting | $ 130,513 | $ 47,000 | $ 70,206 |
Unearned premiums | 112,190 | 110,854 | |
Net operating losses | 37,463 | 33,043 | |
Other-than-temporary impairments | 9,910 | 8,204 | |
Employee compensation plans | 56,027 | 59,037 | |
Other | 58,809 | 49,346 | |
Gross deferred tax asset | 404,912 | 330,690 | |
Less valuation allowance | (35,195) | (16,619) | |
Deferred tax asset | 369,717 | 314,071 | |
Deferred tax liability: | |||
Amortization of intangibles | 13,641 | 12,826 | |
Loss reserve discounting - transition rule | 41,088 | 0 | |
Deferred policy acquisition costs | 99,293 | 100,020 | |
Unrealized investment gains | 35,430 | 151,162 | |
Property, furniture and equipment | 39,239 | 31,865 | |
Investment funds | 51,712 | 41,104 | |
Other | 53,824 | 63,858 | |
Deferred tax liability | 334,227 | 400,835 | |
Net deferred tax (asset) liability | 35,490 | ||
Net deferred tax (asset) liability | 86,764 | ||
Operating Loss Carryforwards [Line Items] | |||
Current federal and foreign income taxes | 703 | 0 | |
Current federal income taxes | 0 | 11,327 | |
Valuation allowance | 35,200 | $ 16,600 | |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, subject to expire | 8,800 | ||
Operating loss carryforwards, not subject to expire | $ 181,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net tax benefit related to Tax Act | $ 11,000 | ||
Loss reserve discounting | 130,513 | $ 47,000 | $ 70,206 |
GILTI tax | 2,800 | ||
undistributed earnings of non-U.S. subsidiaries | $ 70,000 |
Dividends From Subsidiaries A_3
Dividends From Subsidiaries And Statutory Financial Information (Schedule of Combined Net Income and Policyholders' Surplus in Accordance with Statutory Accounting Practices) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Insurance [Abstract] | |||
Amount available for dividend distribution without prior approval from regulatory authorities | $ 1,100,000 | ||
Net income | 1,099,953 | $ 698,862 | $ 702,830 |
Policyholders' surplus | 5,587,930 | $ 5,479,603 | $ 5,493,044 |
Increase in BIC's statutory capital and surplus | $ 282,000 | ||
Total Adjusted Capital percentage threshold | 200.00% | ||
BIC's Total Adjusted Capital balance | $ 5,306,000 | ||
BIC's Total Adjusted Capital balance as percentage of RBC Authorized Control Level | 384.00% |
Common Stockholders' Equity (We
Common Stockholders' Equity (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||
Basic | 126,698,927 | 124,843,240 | 122,650,997 | |
Diluted | 128,263,558 | 129,017,613 | 128,552,838 | |
Restricted Stock Units (RSUs) | Grantor Trust | ||||
Class of Stock [Line Items] | ||||
Basic | 4,926,521 |
Common Stockholders' Equity (Sc
Common Stockholders' Equity (Schedule of Changes in Shares of Common Stock Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock Shares Outstanding [Roll Forward] | |||
Balance, beginning of year | 121,514,852 | 121,193,599 | 123,307,837 |
Shares issued | 838,508 | 1,052,256 | 281,654 |
Shares repurchased | (357,600) | (731,003) | (2,395,892) |
Balance, end of year | 121,995,760 | 121,514,852 | 121,193,599 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Arbitrage trading account | $ 452,548 | $ 617,649 |
Loans receivable | 97,073 | 82,047 |
Liabilities: | ||
Due to broker | 20,144 | 15,920 |
Due to broker | 20,144 | 15,920 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 13,606,812 | 13,551,250 |
Equity securities | 279,006 | 576,647 |
Arbitrage trading account | 452,548 | 617,649 |
Loans receivable | 94,813 | 79,684 |
Cash and cash equivalents | 817,602 | 950,471 |
Trading accounts receivable from brokers and clearing organizations | 347,228 | 189,280 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 38,120 | 64,358 |
Subordinated debentures | 907,491 | 728,218 |
Senior notes and other debt | 1,882,028 | 1,769,052 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 13,619,620 | 13,566,976 |
Equity securities | 279,006 | 576,647 |
Arbitrage trading account | 452,548 | 617,649 |
Loans receivable | 97,073 | 82,047 |
Cash and cash equivalents | 817,602 | 950,471 |
Trading accounts receivable from brokers and clearing organizations | 347,228 | 189,280 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 38,120 | 64,358 |
Subordinated debentures | 840,002 | 769,060 |
Senior notes and other debt | $ 1,968,996 | $ 1,945,313 |
Lease Obligations (Details)
Lease Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Future minimum lease payment - due in 2019 | $ 46,592,000 | ||
Future minimum lease payment - due in 2020 | 43,504,000 | ||
Future minimum lease payment - due in 2021 | 39,061,000 | ||
Future minimum lease payment - due in 2022 | 34,444,000 | ||
Future minimum lease payment - due in 2023 | 30,881,000 | ||
Future minimum lease payment - due thereafter | 75,740,000 | ||
Rental expense | $ 45,778,000 | $ 52,925,000 | $ 47,453,000 |
Commitments, Litigation And C_2
Commitments, Litigation And Contingent Liabilities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment to Invest in Certain Investment Funds | $ 270.2 |
Commitment to Invest in Real Estate Construction Projects | $ 253.4 |
Stock Incentive Plan (Schedule
Stock Incentive Plan (Schedule of Share-based Compensation, Stock Options, Activity) (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Deferred shares | 4,709,318 |
Restricted Stock Units (RSUs) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Stock Units (RSUs) | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock Incentive Plan (Schedul_2
Stock Incentive Plan (Schedule of Nonvested Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
RSUs granted and unvested at beginning of period: | 3,477,981 | 4,862,098 | 4,158,325 |
Granted | 760,032 | 855,984 | 1,000,559 |
Vested | (600,169) | (1,993,507) | (77,250) |
Canceled | (263,411) | (246,594) | (219,536) |
RSUs granted and unvested at end of period: | 3,374,433 | 3,477,981 | 4,862,098 |
Stock Incentive Plan (Schedul_3
Stock Incentive Plan (Schedule of Share-based Compensation, Unearned Compensation Related to RSU's) (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Changes In Unearned Compensation [Roll Forward] | |||
Unearned compensation at beginning of year | $ 122,910 | $ 115,965 | $ 103,538 |
RSUs granted, net of cancellations | 52,204 | 52,897 | 52,697 |
RSUs expensed | 34,408 | (38,796) | (35,585) |
RSUs forfeitures | 11,037 | (7,156) | (4,685) |
Unearned compensation at end of year | $ 129,669 | $ 122,910 | $ 115,965 |
Compensation Plans (Details)
Compensation Plans (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)hourshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ 21,438,000 | $ 21,264,000 | $ 20,413,000 |
Deferred Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Profit Sharing Plan Minimum Contribution, Percent | 5.00% | ||
Number of service hours required (in hours) | hour | 250 | ||
Profit Sharing Plan, Contributions Vesting Immediately, Percent | 40.00% | ||
Profit Sharing Plan, Contributions Vesting Based on Years of Service, Percent | 60.00% | ||
Profit sharing expense | $ 42,000,000 | 42,000,000 | 39,000,000 |
2011 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ 0 | 0 | (82,000) |
2013 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement With Individual, Company Growth Performance Period | 5 years | ||
LTIP Expense | $ (1,124,000) | 7,667,000 | 8,918,000 |
2014 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 181,750 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 18,175,000 | ||
Long-Term Incentive Compensation Plan, Earned | 15,328,795 | ||
LTIP Expense | $ 3,227,000 | 3,167,000 | 3,503,000 |
2015 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 194,750 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 19,475,000 | ||
Long-Term Incentive Compensation Plan, Earned | 15,272,295 | ||
LTIP Expense | $ 5,170,000 | 3,667,000 | 4,072,000 |
2016 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 217,500 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 21,750,000 | ||
Long-Term Incentive Compensation Plan, Earned | 12,371,400 | ||
LTIP Expense | $ 5,148,000 | 3,601,000 | 4,002,000 |
2017 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 223,250,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 22,325,000 | ||
Long-Term Incentive Compensation Plan, Earned | 7,822,680 | ||
LTIP Expense | $ 4,700,000 | 3,162,000 | 0 |
2018 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 222,750,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 22,750,000 | ||
Long-Term Incentive Compensation Plan, Earned | 4,316,895 | ||
LTIP Expense | $ 4,317,000 | $ 0 | $ 0 |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Other Operating Cost and Expense, by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Amortization of deferred policy acquisition costs | $ 915,246 | $ 1,111,489 | $ 1,155,954 |
Insurance operating expenses | 1,183,635 | 989,535 | 933,249 |
Insurance service expenses | 118,357 | 129,776 | 138,908 |
Net foreign currency (gains) losses | (27,067) | 15,267 | (11,904) |
Other costs and expenses | 193,050 | 190,865 | 179,412 |
Total | $ 2,383,221 | $ 2,436,932 | $ 2,395,619 |
Industry Segments (Financial In
Industry Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Earned Premiums | $ 6,371,505 | $ 6,311,419 | $ 6,293,348 | ||||||||
Investment Income | 674,235 | 575,788 | 564,163 | ||||||||
Net investment gains | 154,488 | 335,858 | 267,005 | ||||||||
Other Revenues | 645,911 | 797,557 | 796,673 | ||||||||
Total revenues | $ 1,951,586 | $ 1,937,902 | $ 1,910,916 | $ 1,891,247 | $ 1,934,956 | $ 2,031,342 | $ 1,848,049 | $ 1,870,418 | 7,691,651 | 7,684,764 | 7,654,184 |
Pre-Tax Income (Loss) | 812,094 | 772,770 | 896,438 | ||||||||
Net investment gains | 122,046 | 218,308 | 173,553 | ||||||||
Net income to common stockholders | $ 132,357 | $ 161,920 | $ 180,075 | $ 166,397 | $ 154,589 | $ 162,054 | $ 109,004 | $ 123,447 | 640,749 | 549,094 | 601,916 |
Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned Premiums | 5,864,981 | 5,706,443 | 5,618,842 | ||||||||
Reinsurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned Premiums | 506,524 | 604,976 | 674,506 | ||||||||
Operating Segments | Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned Premiums | 5,864,981 | 5,706,443 | 5,618,842 | ||||||||
Investment Income | 518,733 | 436,178 | 431,489 | ||||||||
Other Revenues | 72,727 | 86,864 | 97,879 | ||||||||
Total revenues | 6,456,441 | 6,229,485 | 6,148,210 | ||||||||
Pre-Tax Income (Loss) | 856,011 | 756,153 | 799,139 | ||||||||
Net income to common stockholders | 682,028 | 535,186 | 534,613 | ||||||||
Operating Segments | Reinsurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earned Premiums | 506,524 | 604,976 | 674,506 | ||||||||
Investment Income | 94,291 | 91,146 | 102,617 | ||||||||
Other Revenues | 0 | 0 | 0 | ||||||||
Total revenues | 600,815 | 696,122 | 777,123 | ||||||||
Pre-Tax Income (Loss) | 62,144 | (15,276) | 98,277 | ||||||||
Net income to common stockholders | 50,144 | (5,131) | 68,400 | ||||||||
Corporate, other and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investment Income | 61,211 | 48,464 | 30,057 | ||||||||
Other Revenues | 418,696 | 374,835 | 431,789 | ||||||||
Total revenues | 479,907 | 423,299 | 461,846 | ||||||||
Pre-Tax Income (Loss) | (260,549) | (303,965) | (267,983) | ||||||||
Net income to common stockholders | $ (213,469) | $ (199,269) | $ (174,650) |
Industry Segments (Identifiable
Industry Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Identifiable Assets | $ 24,895,977 | $ 24,299,917 | $ 24,895,977 | $ 24,299,917 | |||||||
Revenues | 1,951,586 | $ 1,937,902 | $ 1,910,916 | $ 1,891,247 | 1,934,956 | $ 2,031,342 | $ 1,848,049 | $ 1,870,418 | 7,691,651 | 7,684,764 | $ 7,654,184 |
Operating Segments | Insurance | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Identifiable Assets | 19,634,329 | 19,263,193 | 19,634,329 | 19,263,193 | |||||||
Revenues | 6,456,441 | 6,229,485 | 6,148,210 | ||||||||
Operating Segments | Insurance | Foreign countries | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Revenues | 714,200 | 688,200 | 733,300 | ||||||||
Operating Segments | Reinsurance | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Identifiable Assets | 2,951,115 | 3,169,731 | 2,951,115 | 3,169,731 | |||||||
Revenues | 600,815 | 696,122 | 777,123 | ||||||||
Operating Segments | Reinsurance | Foreign countries | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Revenues | 228,100 | 201,300 | 200,500 | ||||||||
Corporate, other and eliminations | |||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||||||||
Identifiable Assets | $ 2,310,533 | $ 1,866,993 | 2,310,533 | 1,866,993 | |||||||
Revenues | $ 479,907 | $ 423,299 | $ 461,846 |
Industry Segments (Net Premiums
Industry Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 6,371,505 | $ 6,311,419 | $ 6,293,348 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 5,864,981 | 5,706,443 | 5,618,842 |
Insurance | Other liability | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,912,071 | 1,843,826 | 1,761,748 |
Insurance | Workers' compensation | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,489,805 | 1,481,507 | 1,402,611 |
Insurance | Short-tail lines | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,184,755 | 1,149,977 | 1,237,917 |
Insurance | Commercial automobile | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 722,236 | 685,263 | 684,626 |
Insurance | Professional liability | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 556,114 | 545,870 | 531,940 |
Reinsurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 506,524 | 604,976 | 674,506 |
Reinsurance | Casualty | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 362,886 | 377,650 | 405,470 |
Reinsurance | Property | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 143,638 | $ 227,326 | $ 269,036 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 1,951,586 | $ 1,937,902 | $ 1,910,916 | $ 1,891,247 | $ 1,934,956 | $ 2,031,342 | $ 1,848,049 | $ 1,870,418 | $ 7,691,651 | $ 7,684,764 | $ 7,654,184 |
Net income | $ 132,357 | $ 161,920 | $ 180,075 | $ 166,397 | $ 154,589 | $ 162,054 | $ 109,004 | $ 123,447 | $ 640,749 | $ 549,094 | $ 601,916 |
Net income per share | |||||||||||
Basic (dollars per share) | $ 1.04 | $ 1.28 | $ 1.42 | $ 1.32 | $ 1.22 | $ 1.29 | $ 0.87 | $ 1.01 | $ 5.06 | $ 4.40 | $ 4.91 |
Diluted (dollars per share) | $ 1.03 | $ 1.26 | $ 1.40 | $ 1.30 | $ 1.21 | $ 1.26 | $ 0.85 | $ 0.96 | $ 5 | $ 4.26 | $ 4.68 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant (Balance Sheets (Parent Company)) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 30, 2011 |
Assets: | |||||
Cash and cash equivalents | $ 817,602 | $ 950,471 | $ 795,285 | $ 763,631 | |
Fixed maturity securities available for sale at fair value (cost $1,317,058 and $1,059,834 at December 31, 2018 and 2017, respectively) | 13,606,812 | 13,551,250 | |||
Equity securities, at fair value (cost $3,430 in 2018 and 2017) | 279,006 | 576,647 | |||
Current federal income taxes | 703 | 0 | |||
Deferred federal income taxes | 35,490 | 0 | |||
Property, furniture and equipment at cost, less accumulated depreciation | 416,372 | 422,960 | |||
Other assets | 501,413 | 434,554 | |||
Total assets | 24,895,977 | 24,299,917 | |||
Liabilities: | |||||
Other liabilities | 1,005,184 | 981,987 | |||
Current federal income taxes | 0 | 11,327 | |||
Deferred federal income taxes | 0 | 86,764 | |||
Subordinated debentures | 907,491 | 728,218 | |||
Total liabilities | 19,416,179 | 18,848,754 | |||
Stockholders' equity: | |||||
Preferred stock | 0 | 0 | |||
Common stock | 47,024 | 47,024 | |||
Additional paid-in capital | 1,063,144 | 1,048,283 | |||
Retained earnings (including accumulated undistributed net income of subsidiaries of $5,068,139 and $5,073,268 at December 31, 2018 and 2017, respectively) | 7,558,619 | 6,956,882 | |||
Accumulated other comprehensive (loss) income | (510,470) | 68,541 | |||
Treasury stock, at cost | (2,720,466) | (2,709,386) | |||
Total common stockholders’ equity | 5,437,851 | 5,411,344 | |||
Total liabilities and equity | 24,895,977 | 24,299,917 | |||
Fixed maturity securities available for sale at cost | 13,596,057 | 13,242,580 | |||
Parent Company | |||||
Assets: | |||||
Cash and cash equivalents | 83,950 | 45,062 | $ 124,803 | $ 195,658 | |
Fixed maturity securities available for sale at fair value (cost $1,317,058 and $1,059,834 at December 31, 2018 and 2017, respectively) | 1,307,347 | 1,052,240 | |||
Loans receivable | 51,544 | 53,019 | |||
Equity securities, at fair value (cost $3,430 in 2018 and 2017) | 3,430 | 3,430 | |||
Investment in subsidiaries | 6,786,999 | 7,140,108 | |||
Current federal income taxes | 9,068 | 0 | |||
Deferred federal income taxes | 66,995 | 0 | |||
Property, furniture and equipment at cost, less accumulated depreciation | 13,391 | 14,421 | |||
Other assets | 12,340 | 10,819 | |||
Total assets | 8,335,064 | 8,319,099 | |||
Liabilities: | |||||
Due to subsidiaries | 116,125 | 232,756 | |||
Other liabilities | 115,562 | 128,002 | |||
Current federal income taxes | 0 | 10,486 | |||
Deferred federal income taxes | 0 | 51,757 | |||
Subordinated debentures | 907,491 | 728,218 | |||
Senior notes | 1,758,035 | 1,756,536 | |||
Total liabilities | 2,897,213 | 2,907,755 | |||
Stockholders' equity: | |||||
Preferred stock | 0 | 0 | |||
Common stock | 47,024 | 47,024 | |||
Additional paid-in capital | 1,063,144 | 1,048,283 | |||
Retained earnings (including accumulated undistributed net income of subsidiaries of $5,068,139 and $5,073,268 at December 31, 2018 and 2017, respectively) | 7,558,619 | 6,956,882 | |||
Accumulated other comprehensive (loss) income | (510,470) | 68,541 | |||
Treasury stock, at cost | (2,720,466) | (2,709,386) | |||
Total common stockholders’ equity | 5,437,851 | 5,411,344 | |||
Total liabilities and equity | 8,335,064 | 8,319,099 | |||
Fixed maturity securities available for sale at cost | 1,317,058 | 1,059,834 | |||
Equity securities available for sale at cost | 3,430 | 3,430 | |||
Accumulated undistributed net income of subsidiaries | $ 5,068,139 | $ 5,073,268 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant (Statements of Income (Parent Company)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net investment (losses) gains | $ 154,488 | $ 335,858 | $ 267,005 | ||||||||
Other income | 681 | 805 | 376 | ||||||||
Total revenues | $ 1,951,586 | $ 1,937,902 | $ 1,910,916 | $ 1,891,247 | $ 1,934,956 | $ 2,031,342 | $ 1,848,049 | $ 1,870,418 | 7,691,651 | 7,684,764 | 7,654,184 |
Operating costs and expense | 6,879,557 | 6,911,994 | 6,757,746 | ||||||||
Income before income taxes | 812,094 | 772,770 | 896,438 | ||||||||
Federal income taxes: | |||||||||||
Net expense (benefit) | (163,028) | (219,433) | (292,953) | ||||||||
Net income to common stockholders | $ 132,357 | $ 161,920 | $ 180,075 | $ 166,397 | $ 154,589 | $ 162,054 | $ 109,004 | $ 123,447 | 640,749 | 549,094 | 601,916 |
Dividends from subsidiaries | 639,477 | 694,462 | 700,664 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Management fees and investment income including dividends from subsidiaries of $639,477, $694,462 and $700,664 for the years ended December 31, 2018, 2017 and 2016, respectively | 697,687 | 738,923 | 726,742 | ||||||||
Net investment (losses) gains | (1,685) | (4,286) | 909 | ||||||||
Other income | 530 | 805 | 376 | ||||||||
Total revenues | 696,532 | 735,442 | 728,027 | ||||||||
Operating costs and expense | 191,873 | 182,145 | 171,967 | ||||||||
Interest expense | 155,082 | 146,929 | 139,216 | ||||||||
Income before income taxes | 349,577 | 406,368 | 416,844 | ||||||||
Federal income taxes: | |||||||||||
Federal income taxes provided by subsidiaries on a separate return basis | 409,439 | 115,597 | 327,520 | ||||||||
Federal income tax expense on a consolidated return basis | (113,138) | (195,261) | (246,389) | ||||||||
Net expense (benefit) | 296,301 | (79,664) | 81,131 | ||||||||
Income before undistributed equity in net income of subsidiaries | 645,878 | 326,704 | 497,975 | ||||||||
Equity in undistributed net (loss) income of subsidiaries | (5,129) | 222,390 | 103,941 | ||||||||
Net income to common stockholders | $ 640,749 | $ 549,094 | $ 601,916 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant (Statements of Cash Flows (Parent Company)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 132,357 | $ 161,920 | $ 180,075 | $ 166,397 | $ 154,589 | $ 162,054 | $ 109,004 | $ 123,447 | $ 640,749 | $ 549,094 | $ 601,916 |
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 131,108 | 112,956 | 86,051 | ||||||||
Stock incentive plans | 36,591 | 40,490 | 37,174 | ||||||||
Change in: | |||||||||||
Other liabilities | (48,770) | 66,482 | 46,852 | ||||||||
Net cash from operating activities | 620,199 | 710,883 | 848,376 | ||||||||
Cash used in investing activities: | |||||||||||
Proceeds from sale of fixed maturity securities | 3,525,149 | 4,035,162 | 2,440,310 | ||||||||
Proceeds from maturities and prepayments of fixed maturity securities | 2,676,455 | 3,556,744 | 2,189,365 | ||||||||
Proceeds from sales of equity securities | 497,989 | 195,270 | 143,042 | ||||||||
Cost of purchases of fixed maturity securities | (6,677,753) | (7,940,957) | (5,541,202) | ||||||||
Change in loans receivable | (13,204) | 27,135 | 166,327 | ||||||||
Net additions to real estate, furniture & equipment | (49,860) | (115,719) | (50,829) | ||||||||
Net cash used in investing activities | (714,244) | (333,464) | (794,488) | ||||||||
Cash (used in) from financing activities: | |||||||||||
Purchase of common treasury shares | (24,750) | (47,807) | (132,392) | ||||||||
Cash dividends to common stockholders | (254,951) | (188,199) | (183,999) | ||||||||
Net cash used in financing activities | (7,403) | (235,086) | (6,932) | ||||||||
Net (decrease) increase in cash and cash equivalents | (132,869) | 155,186 | 31,654 | ||||||||
Cash and cash equivalents at beginning of year | 950,471 | 795,285 | 950,471 | 795,285 | 763,631 | ||||||
Cash and cash equivalents at end of year | 817,602 | 950,471 | 817,602 | 950,471 | 795,285 | ||||||
Parent Company | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 640,749 | 549,094 | 601,916 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Net investment losses | 1,685 | 4,286 | 3,649 | ||||||||
Depreciation and amortization | 9,441 | 2,039 | 2,744 | ||||||||
Equity in undistributed earnings of subsidiaries | 5,129 | (222,390) | (103,941) | ||||||||
Tax payments received from subsidiaries | 282,084 | 98,313 | 414,386 | ||||||||
Federal income taxes provided by subsidiaries on a separate return basis | (409,439) | (115,597) | (327,520) | ||||||||
Stock incentive plans | 28,531 | 38,075 | 37,174 | ||||||||
Change in: | |||||||||||
Federal income taxes | (77,415) | 2,711 | 44,839 | ||||||||
Other assets | 1,348 | (877) | 1,772 | ||||||||
Other liabilities | 109,016 | 18,661 | (88,282) | ||||||||
Accrued investment income | (2,870) | (2,818) | (2,743) | ||||||||
Net cash from operating activities | 588,259 | 371,497 | 583,994 | ||||||||
Cash used in investing activities: | |||||||||||
Proceeds from sale of fixed maturity securities | 668,447 | 849,330 | 373,252 | ||||||||
Proceeds from maturities and prepayments of fixed maturity securities | 255,528 | 316,611 | 210,904 | ||||||||
Cost of purchases of fixed maturity securities | (1,188,821) | (1,329,379) | (1,285,101) | ||||||||
Change in loans receivable | 1,475 | (29,600) | (23,419) | ||||||||
Investments in and advances to subsidiaries, net | (184,597) | (21,139) | 11,471 | ||||||||
Net additions to real estate, furniture & equipment | (264) | (1,055) | (3,042) | ||||||||
Net cash used in investing activities | (448,232) | (215,232) | (715,935) | ||||||||
Cash (used in) from financing activities: | |||||||||||
Net proceeds from issuance of senior notes | 178,562 | 0 | 386,830 | ||||||||
Repayment of senior notes | 0 | 0 | (9,353) | ||||||||
Purchase of common treasury shares | (24,750) | (47,807) | (132,392) | ||||||||
Cash dividends to common stockholders | (254,951) | (188,199) | (183,999) | ||||||||
Net cash used in financing activities | (101,139) | (236,006) | 61,086 | ||||||||
Net (decrease) increase in cash and cash equivalents | 38,888 | (79,741) | (70,855) | ||||||||
Cash and cash equivalents at beginning of year | $ 45,062 | $ 124,803 | 45,062 | 124,803 | |||||||
Cash and cash equivalents at end of year | $ 83,950 | $ 45,062 | $ 83,950 | $ 45,062 | $ 124,803 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | $ 497,629 | $ 507,549 | $ 537,890 |
Reserve for Losses and Loss Expenses | 11,966,448 | 11,670,408 | 11,197,195 |
Unearned Premiums | 3,359,991 | 3,290,180 | 3,283,300 |
Net Premiums Earned | 6,371,505 | 6,311,419 | 6,293,348 |
Net Investment Income | 674,235 | 575,788 | 564,163 |
Loss and Loss Expenses | 3,974,702 | 4,002,348 | 3,845,800 |
Amortization of Deferred Policy Acquisition Cost | 915,246 | 1,111,489 | 1,155,954 |
Other Operating Costs and Expenses | 1,467,975 | 1,325,443 | 1,239,665 |
Net Premiums Written | 6,433,227 | 6,260,508 | 6,423,913 |
Operating Segments | Insurance | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 439,945 | 435,967 | 442,317 |
Reserve for Losses and Loss Expenses | 10,226,324 | 9,820,258 | 9,445,210 |
Unearned Premiums | 3,131,018 | 3,039,343 | 2,975,060 |
Net Premiums Earned | 5,864,981 | 5,706,443 | 5,618,842 |
Net Investment Income | 518,733 | 436,178 | 431,489 |
Loss and Loss Expenses | 3,626,924 | 3,516,996 | 3,430,139 |
Amortization of Deferred Policy Acquisition Cost | 811,178 | 929,793 | 964,064 |
Other Operating Costs and Expenses | 1,162,328 | 1,026,545 | 954,858 |
Net Premiums Written | 5,952,861 | 5,715,871 | 5,743,620 |
Operating Segments | Reinsurance | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 57,684 | 71,582 | 95,573 |
Reserve for Losses and Loss Expenses | 1,740,124 | 1,850,150 | 1,751,985 |
Unearned Premiums | 228,973 | 250,837 | 308,240 |
Net Premiums Earned | 506,524 | 604,976 | 674,506 |
Net Investment Income | 94,291 | 91,146 | 102,617 |
Loss and Loss Expenses | 347,778 | 485,352 | 415,661 |
Amortization of Deferred Policy Acquisition Cost | 104,068 | 181,696 | 191,890 |
Other Operating Costs and Expenses | 86,826 | 44,349 | 71,305 |
Net Premiums Written | 480,366 | 544,637 | 680,293 |
Corporate, other and eliminations | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 0 | 0 | 0 |
Reserve for Losses and Loss Expenses | 0 | 0 | 0 |
Unearned Premiums | 0 | 0 | 0 |
Net Premiums Earned | 0 | 0 | 0 |
Net Investment Income | 61,211 | 48,464 | 30,057 |
Loss and Loss Expenses | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Cost | 0 | 0 | 0 |
Other Operating Costs and Expenses | 218,821 | 254,549 | 213,502 |
Net Premiums Written | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount | $ 6,973,216 | $ 6,726,029 | $ 6,647,600 |
Ceded to Other Companies | 1,269,267 | 1,216,455 | 1,119,788 |
Assumed from Other Companies | 729,278 | 750,934 | 896,101 |
Total net premiums written | $ 6,433,227 | $ 6,260,508 | $ 6,423,913 |
Percentage of Amount Assumed to Net | 11.30% | 12.00% | 13.90% |
Insurance | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount | $ 6,959,830 | $ 6,707,916 | $ 6,634,540 |
Ceded to Other Companies | 1,204,509 | 1,153,960 | 1,051,887 |
Assumed from Other Companies | 197,540 | 161,915 | 160,967 |
Total net premiums written | $ 5,952,861 | $ 5,715,871 | $ 5,743,620 |
Percentage of Amount Assumed to Net | 3.30% | 2.80% | 2.80% |
Reinsurance | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount | $ 13,386 | $ 18,113 | $ 13,060 |
Ceded to Other Companies | 64,758 | 62,495 | 67,901 |
Assumed from Other Companies | 531,738 | 589,019 | 735,134 |
Total net premiums written | $ 480,366 | $ 544,637 | $ 680,293 |
Percentage of Amount Assumed to Net | 110.70% | 108.10% | 108.10% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Premiums and fees receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | $ 39,926 | $ 26,569 | $ 22,524 |
Additions - Charged to Expense | 6,985 | 20,720 | 10,006 |
Deductions - Amounts Written Off | (7,817) | (7,363) | (5,961) |
Ending Balance | 39,093 | 39,926 | 26,569 |
Due from reinsurers | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 1,010 | 1,049 | 1,020 |
Additions - Charged to Expense | 65 | (29) | 20 |
Deductions - Amounts Written Off | (128) | (10) | 9 |
Ending Balance | 947 | 1,010 | 1,049 |
Deferred federal and foreign income taxes | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 16,619 | 5,457 | 4,037 |
Additions - Charged to Expense | 18,772 | 12,663 | 1,420 |
Deductions - Amounts Written Off | (196) | (1,501) | 0 |
Ending Balance | 35,195 | 16,619 | 5,457 |
Loan loss reserves | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 3,383 | 3,397 | 2,094 |
Additions - Charged to Expense | 0 | (14) | 1,303 |
Deductions - Amounts Written Off | 0 | 0 | 0 |
Ending Balance | 3,383 | 3,383 | 3,397 |
General Valuation Allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 60,938 | 36,472 | 29,675 |
Additions - Charged to Expense | 25,822 | 33,340 | 12,749 |
Deductions - Amounts Written Off | (8,141) | (8,874) | (5,952) |
Ending Balance | $ 78,618 | $ 60,938 | $ 36,472 |
Schedule VI - Supplementary I_2
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |||
Deferred policy acquisition costs | $ 497,629 | $ 507,549 | $ 537,890 |
Reserves for losses and loss expenses | 11,966,448 | 11,670,408 | 11,197,195 |
Unearned premiums | 3,359,991 | 3,290,180 | 3,283,300 |
Net premiums earned | 6,371,505 | 6,311,419 | 6,293,348 |
Net investment income | 674,235 | 575,788 | 564,163 |
Losses and loss expenses incurred: | |||
Current year | 3,926,489 | 3,963,543 | 3,826,620 |
Prior years | 6,831 | (5,165) | (29,904) |
Loss reserve discount accretion | 41,382 | 43,970 | 49,084 |
Amortization of deferred policy acquisition costs | 915,246 | 1,111,489 | 1,155,954 |
Paid losses and loss expenses | 3,664,885 | 3,589,955 | 3,454,174 |
Net premiums written | $ 6,433,227 | $ 6,260,508 | $ 6,423,913 |
Subsequent Event (Details)
Subsequent Event (Details) | Feb. 21, 2019 |
Subsequent Event | |
Subsequent Event [Line Items] | |
Conversion ratio | 1.5 |