Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'EVEREST REINSURANCE HOLDINGS INC | ' |
Entity Central Index Key | '0000914748 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Fixed maturities - available for sale, at market value (amortized cost: 2014, $5,418,527; 2013, $5,116,600) | $5,537,841 | $5,201,921 |
Fixed maturities - available for sale, at fair value | ' | 19,388 |
Equity securities - available for sale, at market value (cost: 2014, $15; 2013, $15) | 13 | 13 |
Equity securities - available for sale, at fair value | 1,224,669 | 1,298,940 |
Short-term investments | 642,650 | 757,162 |
Other invested assets (cost: 2014, $371,942; 2013, $385,776) | 371,942 | 385,776 |
Other invested assets, at fair value | 1,487,642 | 1,515,052 |
Cash | 273,265 | 316,807 |
Total investments and cash | 9,538,022 | 9,495,059 |
Accrued investment income | 53,735 | 50,306 |
Premiums receivable | 1,160,395 | 1,173,780 |
Reinsurance receivables - unaffiliated | 642,035 | 530,158 |
Reinsurance receivables - affiliated | 3,223,779 | 3,062,884 |
Funds held by reinsureds | 172,965 | 175,526 |
Deferred acquisition costs | 110,600 | 112,024 |
Prepaid reinsurance premiums | 719,788 | 673,753 |
Other assets | 275,726 | 247,505 |
TOTAL ASSETS | 15,897,045 | 15,520,995 |
LIABILITIES: | ' | ' |
Reserve for losses and loss adjustment expenses | 7,577,143 | 7,653,229 |
Unearned premium reserve | 1,391,902 | 1,317,147 |
Funds held under reinsurance treaties | 92,797 | 92,514 |
Losses in the course of payment | 452,761 | 350,820 |
Commission reserves | 39,588 | 47,226 |
Other net payable to reinsurers | 1,155,848 | 1,026,292 |
5.4% Senior notes due 10/15/2014 | 249,971 | 249,958 |
6.6% Long term notes due 5/1/2067 | 238,361 | 238,361 |
Accrued interest on debt and borrowings | 12,092 | 4,781 |
Income taxes | 56,460 | 23,949 |
Unsettled securities payable | 71,299 | 53,772 |
Other liabilities | 263,455 | 272,468 |
Total liabilities | 11,601,677 | 11,330,517 |
Commitments and Contingencies (Note 6) | ' | ' |
STOCKHOLDER'S EQUITY: | ' | ' |
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2014 and 2013) | ' | ' |
Additional paid-in capital | 354,445 | 351,051 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $55,289 at 2014 and $47,195 at 2013 | 102,678 | 87,648 |
Retained earnings | 3,838,245 | 3,751,779 |
Total stockholder's equity | 4,295,368 | 4,190,478 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $15,897,045 | $15,520,995 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fixed maturities - available for sale, amortized cost | $5,418,527 | $5,116,600 |
Equity securities - available for sale, cost | 15 | 15 |
Other invested assets, cost | 371,942 | 385,776 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $55,289 | $47,195 |
Senior Notes [Member] | ' | ' |
Debt instrument, stated interest rate | 5.40% | 5.40% |
Debt instrument, maturity date | 15-Oct-14 | 15-Oct-14 |
Subordinated Debt [Member] | ' | ' |
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | 1-May-67 | 1-May-67 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES: | ' | ' |
Premiums earned | $470,445 | $448,006 |
Net investment income | 63,787 | 76,869 |
Net realized capital gains (losses): | ' | ' |
Other-than-temporary impairments on fixed maturity securities | ' | ' |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ' | ' |
Other net realized capital gains (losses) | -4,050 | 309,806 |
Total net realized capital gains (losses) | -4,050 | 309,806 |
Other income (expense) | -3,055 | -9,661 |
Total revenues | 527,127 | 825,020 |
CLAIMS AND EXPENSES: | ' | ' |
Incurred losses and loss adjustment expenses | 278,046 | 268,641 |
Commission, brokerage, taxes and fees | 76,094 | 68,122 |
Other underwriting expenses | 39,251 | 43,522 |
Corporate expenses | 1,302 | 1,772 |
Interest, fee and bond issue cost amortization expense | 7,436 | 12,616 |
Total claims and expenses | 402,129 | 394,673 |
INCOME (LOSS) BEFORE TAXES | 124,998 | 430,347 |
Income tax expense (benefit) | 38,532 | 144,696 |
NET INCOME (LOSS) | 86,466 | 285,651 |
Other comprehensive income (loss), net of tax : | ' | ' |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 20,797 | -5,606 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 1,298 | -1,358 |
Total URA(D) on securities arising during the period | 22,095 | -6,964 |
Foreign currency translation adjustments | -7,836 | -7,596 |
Benefit plan actuarial net gain (loss) for the period | ' | ' |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 771 | 1,346 |
Total benefit plan net gain (loss) for the period | 771 | 1,346 |
Total other comprehensive income (loss), net of tax | 15,030 | -13,214 |
COMPREHENSIVE INCOME (LOSS) | $101,496 | $272,437 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholder's Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance, beginning of period at Dec. 31, 2012 | ' | $340,223 | $184,867 | $2,953,516 | ' |
Balance, beginning of period, shares at Dec. 31, 2012 | 1,000 | ' | ' | ' | ' |
Share-based compensation plans | ' | 3,158 | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | -13,214 | ' | -13,214 |
Net income (loss) | ' | ' | ' | 285,651 | 285,651 |
Balance, end of period at Mar. 31, 2013 | ' | 343,381 | 171,653 | 3,239,167 | 3,754,201 |
Balance, end of period, shares at Mar. 31, 2013 | 1,000 | ' | ' | ' | ' |
Balance, beginning of period at Dec. 31, 2013 | ' | 351,051 | 87,648 | 3,751,779 | 4,190,478 |
Balance, beginning of period, shares at Dec. 31, 2013 | 1,000 | ' | ' | ' | 1,000 |
Share-based compensation plans | ' | 3,394 | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | 15,030 | ' | 15,030 |
Net income (loss) | ' | ' | ' | 86,466 | 86,466 |
Balance, end of period at Mar. 31, 2014 | ' | $354,445 | $102,678 | $3,838,245 | $4,295,368 |
Balance, end of period, shares at Mar. 31, 2014 | 1,000 | ' | ' | ' | 1,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $86,466 | $285,651 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Decrease (increase) in premiums receivable | 12,611 | -51,555 |
Decrease (increase) in funds held by reinsureds, net | 2,877 | -6,122 |
Decrease (increase) in reinsurance receivables | -279,364 | -22,142 |
Decrease (increase) in income taxes | 24,447 | 132,099 |
Decrease (increase) in prepaid reinsurance premiums | -47,040 | -16,378 |
Increase (decrease) in reserve for losses and loss adjustment expenses | -58,410 | -176,428 |
Increase (decrease) in unearned premiums | 76,126 | 43,947 |
Increase (decrease) in other net payable to reinsurers | 130,527 | -4,619 |
Increase (decrease) in losses in course of payment | 101,869 | 162,432 |
Change in equity adjustments in limited partnerships | 3,143 | -11,220 |
Distribution of limited partnership income | 5,824 | 10,252 |
Change in other assets and liabilities, net | -16,618 | 12,988 |
Non-cash compensation expense | 1,729 | 2,173 |
Amortization of bond premium (accrual of bond discount) | 6,004 | 6,563 |
Amortization of underwriting discount on senior notes | 14 | 13 |
Net realized capital (gains) losses | 4,050 | -309,806 |
Net cash provided by (used in) operating activities | 54,255 | 57,848 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from fixed maturities matured/called - available for sale, at market value | 207,534 | 298,241 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | 875 | 3,000 |
Proceeds from fixed maturities sold - available for sale, at market value | 149,578 | 166,934 |
Proceeds from fixed maturities sold - available for sale, at fair value | 20,763 | 3,664 |
Proceeds from equity securities sold - available for sale, at fair value | 176,116 | 103,828 |
Distributions from other invested assets | 9,828 | 22,225 |
Cost of fixed maturities acquired - available for sale, at market value | -689,205 | -586,523 |
Cost of fixed maturities acquired - available for sale, at fair value | -1,309 | -1,295 |
Cost of equity securities acquired - available for sale, at fair value | -77,427 | -120,527 |
Cost of other invested assets acquired | -4,961 | -4,661 |
Net change in short-term investments | 113,571 | 83,622 |
Net change in unsettled securities transactions | -8,812 | -17,558 |
Net cash provided by (used in) investing activities | -103,449 | -49,050 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Tax benefit from share-based compensation | 1,665 | 985 |
Net cash provided by (used in) financing activities | 1,665 | 985 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 3,987 | -13,548 |
Net increase (decrease) in cash | -43,542 | -3,765 |
Cash, beginning of period | 316,807 | 347,720 |
Cash, end of period | 273,265 | 343,955 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Income taxes paid (recovered) | 12,474 | 862 |
Interest paid | $42 | $5,136 |
General
General | 3 Months Ended |
Mar. 31, 2014 | |
General [Abstract] | ' |
General | ' |
1. GENERAL | |
As used in this document, "Holdings" means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited ("Holdings Ireland"); "Group" means Everest Re Group, Ltd. (Holdings Ireland's parent); "Bermuda Re" means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; "Everest Re" means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires); "Mt. Logan Re" means Mt. Logan Re Ltd., a subsidiary of Group; and the "Company" means Holdings and its subsidiaries. |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
2. BASIS OF PRESENTATION | |
The unaudited consolidated financial statements of the Company for the three months ended March 31, 2014 and 2013 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), has been omitted since it is not required for interim reporting purposes. The December 31, 2013 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2013, 2012 and 2011 included in the Company's most recent Form 10-K filing. | |
All intercompany accounts and transactions have been eliminated. | |
Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2014 presentation. One reclassification relates to a correction in the manner in which the Company reports distributions received from limited partnership investments in the consolidated Statements of Cash Flows. Prior to the fourth quarter of 2013, the Company incorrectly reflected all distributions as cash flows from investing activities in its Consolidated Statements of Cash Flows. Starting with the fourth quarter of 2013, cash distributions from the limited partnerships that represent net investment income are reflected as cash flows from operating activities and distributions that represent the return of capital contributions are reflected as cash flows from investing activities. For the three months ended March 31, 2013, $10,252 thousand has been reclassified from "Distributions from other invested assets" included in cash flows from investing activities to "Distribution of limited partnership income" included in cash flows from operations. The Company has determined that this error is not material to the financial statements of any prior period. | |
Application of Recently Issued Accounting Standard Changes | |
Presentation of Comprehensive Income. In June 2011, FASB issued amendments to existing guidance to provide two alternatives for the presentation of comprehensive income. Components of net income and comprehensive income can either be presented within a single, continuous financial statement or be presented in two separate but consecutive financial statements. The Company has chosen to present the components of net income and comprehensive income in a single, continuous financial statement. The guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012. In February, 2013, the FASB issued an additional amendment for the presentation of amounts reclassified out of accumulated other comprehensive income by component. The Company implemented the proposed guidance as of January 1, 2013. | |
Treatment of Insurance Contract Acquisition Costs. In October 2010, the FASB issued authoritative guidance for the accounting for costs associated with acquiring or renewing insurance contracts. The guidance identifies the incremental direct costs of contract acquisition and costs directly related to acquisition activities that should be capitalized. This guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012 and determined that $7,215 thousand of previously deferrable acquisition costs would be expensed, including $5,818 thousand and $1,397 thousand expensed in the years ended December 31, 2012 and 2013, respectively. No additional expense will be incurred related to this guidance implementation in future periods. | |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
3. INVESTMENTS | |||||||||||||||||||||||||
The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity and equity security investments, carried at market value, are as follows for the periods indicated: | |||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 75,511 | $ | 495 | $ | (1,026 | ) | $ | 74,980 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 927,315 | 43,571 | (4,562 | ) | 966,324 | ||||||||||||||||||||
Corporate securities | 1,962,679 | 49,421 | (8,357 | ) | 2,003,743 | ||||||||||||||||||||
Asset-backed securities | 51,089 | 1,348 | (2 | ) | 52,435 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 32,876 | 3,578 | - | 36,454 | |||||||||||||||||||||
Agency residential | 690,576 | 6,639 | (11,791 | ) | 685,424 | ||||||||||||||||||||
Non-agency residential | 749 | 177 | (25 | ) | 901 | ||||||||||||||||||||
Foreign government securities | 622,333 | 30,050 | (6,792 | ) | 645,591 | ||||||||||||||||||||
Foreign corporate securities | 1,055,399 | 26,736 | (10,146 | ) | 1,071,989 | ||||||||||||||||||||
Total fixed maturity securities | $ | 5,418,527 | $ | 162,015 | $ | (42,701 | ) | $ | 5,537,841 | ||||||||||||||||
Equity securities | $ | 15 | $ | - | $ | (2 | ) | $ | 13 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 72,211 | $ | 420 | $ | (946 | ) | $ | 71,685 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 970,735 | 40,815 | (9,022 | ) | 1,002,528 | ||||||||||||||||||||
Corporate securities | 1,669,553 | 45,355 | (12,493 | ) | 1,702,415 | ||||||||||||||||||||
Asset-backed securities | 38,544 | 1,065 | - | 39,609 | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 34,855 | 3,811 | - | 38,666 | |||||||||||||||||||||
Agency residential | 709,589 | 6,331 | (18,521 | ) | 697,399 | ||||||||||||||||||||
Non-agency residential | 859 | 113 | (33 | ) | 939 | ||||||||||||||||||||
Foreign government securities | 654,029 | 28,739 | (7,941 | ) | 674,827 | ||||||||||||||||||||
Foreign corporate securities | 966,225 | 23,227 | (15,599 | ) | 973,853 | ||||||||||||||||||||
Total fixed maturity securities | $ | 5,116,600 | $ | 149,876 | $ | (64,555 | ) | $ | 5,201,921 | ||||||||||||||||
Equity securities | $ | 15 | $ | - | $ | (2 | ) | $ | 13 | ||||||||||||||||
The $645,591 thousand of foreign government securities at March 31, 2014 included $90,272 thousand of European sovereign securities. Approximately 54.3%, 14.1%, 13.5% and 7.4% of European Sovereign Securities represented securities held in the governments of France, the United Kingdom, Sweden and the Netherlands, respectively. No other countries represented more than 5% of the European sovereign securities. The Company held no sovereign securities of Portugal, Italy, Ireland, Greece or Spain at March 31, 2014. | |||||||||||||||||||||||||
In accordance with FASB guidance, the Company reclassified the non-credit portion of other-than-temporary impairments from retained earnings into accumulated other comprehensive income (loss), on April 1, 2009. As of March 31, 2014, all of the previously reclassified securities have either matured or have been sold. | |||||||||||||||||||||||||
The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. | |||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Fixed maturity securities – available for sale | |||||||||||||||||||||||||
Due in one year or less | $ | 527,979 | $ | 529,116 | $ | 462,133 | $ | 463,674 | |||||||||||||||||
Due after one year through five years | 2,365,020 | 2,414,315 | 2,251,169 | 2,300,475 | |||||||||||||||||||||
Due after five years through ten years | 1,096,128 | 1,114,591 | 988,896 | 1,000,053 | |||||||||||||||||||||
Due after ten years | 654,110 | 704,605 | 630,555 | 661,106 | |||||||||||||||||||||
Asset-backed securities | 51,089 | 52,435 | 38,544 | 39,609 | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 32,876 | 36,454 | 34,855 | 38,666 | |||||||||||||||||||||
Agency residential | 690,576 | 685,424 | 709,589 | 697,399 | |||||||||||||||||||||
Non-agency residential | 749 | 901 | 859 | 939 | |||||||||||||||||||||
Total fixed maturity securities | $ | 5,418,527 | $ | 5,537,841 | $ | 5,116,600 | $ | 5,201,921 | |||||||||||||||||
The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods as indicated: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Increase (decrease) during the period between the market value and cost | |||||||||||||||||||||||||
of investments carried at market value, and deferred taxes thereon: | |||||||||||||||||||||||||
Fixed maturity securities | $ | 33,993 | $ | (10,618 | ) | ||||||||||||||||||||
Fixed maturity securities, other-than-temporary impairment | - | (97 | ) | ||||||||||||||||||||||
Equity securities | - | 1 | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), pre-tax | 33,993 | (10,714 | ) | ||||||||||||||||||||||
Deferred tax benefit (expense) | (11,898 | ) | 3,716 | ||||||||||||||||||||||
Deferred tax benefit (expense), other-than-temporary impairment | - | 34 | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), | |||||||||||||||||||||||||
net of deferred taxes, included in stockholder's equity | $ | 22,095 | $ | (6,964 | ) | ||||||||||||||||||||
The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80% of their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security's value caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value. Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the carrying value of the investment is written down to fair value. The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company's consolidated balance sheets. The Company's assessments are based on the issuers current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. | |||||||||||||||||||||||||
The majority of the Company's equity securities available for sale at market value are primarily comprised of mutual fund investments whose underlying securities consist of fixed maturity securities. When a fund's value reflects an unrealized loss, the Company assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company considers the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determines that the declines are temporary and it has the ability and intent to continue to hold the investments, then the declines are recorded as unrealized losses in accumulated other comprehensive income (loss). If declines are deemed to be other-than-temporary, then the carrying value of the investment is written down to fair value and recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company's asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types. | |||||||||||||||||||||||||
The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: | |||||||||||||||||||||||||
Duration of Unrealized Loss at March 31, 2014 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 28,420 | $ | (303 | ) | $ | 8,689 | $ | (723 | ) | $ | 37,109 | $ | (1,026 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 35,182 | (1,091 | ) | 68,552 | (3,471 | ) | 103,734 | (4,562 | ) | ||||||||||||||||
Corporate securities | 516,730 | (5,033 | ) | 78,099 | (3,324 | ) | 594,829 | (8,357 | ) | ||||||||||||||||
Asset-backed securities | 1,848 | (2 | ) | - | - | 1,848 | (2 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||||||
Agency residential | 136,963 | (1,951 | ) | 285,909 | (9,840 | ) | 422,872 | (11,791 | ) | ||||||||||||||||
Non-agency residential | 91 | - | 169 | (25 | ) | 260 | (25 | ) | |||||||||||||||||
Foreign government securities | 104,740 | (3,926 | ) | 29,043 | (2,866 | ) | 133,783 | (6,792 | ) | ||||||||||||||||
Foreign corporate securities | 293,848 | (5,481 | ) | 93,307 | (4,665 | ) | 387,155 | (10,146 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,117,822 | $ | (17,787 | ) | $ | 563,768 | $ | (24,914 | ) | $ | 1,681,590 | $ | (42,701 | ) | ||||||||||
Equity securities | 13 | (2 | ) | - | - | 13 | (2 | ) | |||||||||||||||||
Total | $ | 1,117,835 | $ | (17,789 | ) | $ | 563,768 | $ | (24,914 | ) | $ | 1,681,603 | $ | (42,703 | ) | ||||||||||
Duration of Unrealized Loss at March 31, 2014 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 42,790 | $ | (1,575 | ) | $ | 35,039 | $ | (4,148 | ) | $ | 77,829 | $ | (5,723 | ) | ||||||||||
Due in one year through five years | 508,264 | (6,820 | ) | 140,468 | (5,493 | ) | 648,732 | (12,313 | ) | ||||||||||||||||
Due in five years through ten years | 375,534 | (5,871 | ) | 27,224 | (948 | ) | 402,758 | (6,819 | ) | ||||||||||||||||
Due after ten years | 52,332 | (1,568 | ) | 74,959 | (4,460 | ) | 127,291 | (6,028 | ) | ||||||||||||||||
Asset-backed securities | 1,848 | (2 | ) | - | - | 1,848 | (2 | ) | |||||||||||||||||
Mortgage-backed securities | 137,054 | (1,951 | ) | 286,078 | (9,865 | ) | 423,132 | (11,816 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,117,822 | $ | (17,787 | ) | $ | 563,768 | $ | (24,914 | ) | $ | 1,681,590 | $ | (42,701 | ) | ||||||||||
The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2014 were $1,681,603 thousand and $42,703 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2014, did not exceed 0.8% of the overall market value of the Company's fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $17,787 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were primarily comprised of domestic and foreign corporate securities, foreign government securities, agency residential mortgage-backed securities as well as state and municipal securities. Of these unrealized losses, $14,559 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The $24,914 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to agency residential mortgage-backed securities, foreign and domestic corporate securities, foreign government securities as well as state and municipal securities. Of these unrealized losses, $24,078 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The gross unrealized depreciation for mortgage-backed securities included $25 thousand related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. | |||||||||||||||||||||||||
The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. | |||||||||||||||||||||||||
The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: | |||||||||||||||||||||||||
Duration of Unrealized Loss at December 31, 2013 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 39,274 | $ | (302 | ) | $ | 8,751 | $ | (644 | ) | $ | 48,025 | $ | (946 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 92,760 | (4,852 | ) | 39,689 | (4,170 | ) | 132,449 | (9,022 | ) | ||||||||||||||||
Corporate securities | 388,721 | (8,981 | ) | 56,156 | (3,512 | ) | 444,877 | (12,493 | ) | ||||||||||||||||
Asset-backed securities | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||||||
Agency residential | 381,149 | (14,084 | ) | 131,504 | (4,437 | ) | 512,653 | (18,521 | ) | ||||||||||||||||
Non-agency residential | - | - | 202 | (33 | ) | 202 | (33 | ) | |||||||||||||||||
Foreign government securities | 100,984 | (5,255 | ) | 29,174 | (2,686 | ) | 130,158 | (7,941 | ) | ||||||||||||||||
Foreign corporate securities | 321,933 | (11,394 | ) | 66,715 | (4,205 | ) | 388,648 | (15,599 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,324,821 | $ | (44,868 | ) | $ | 332,191 | $ | (19,687 | ) | $ | 1,657,012 | $ | (64,555 | ) | ||||||||||
Equity securities | 13 | (2 | ) | - | - | 13 | (2 | ) | |||||||||||||||||
Total | $ | 1,324,834 | $ | (44,870 | ) | $ | 332,191 | $ | (19,687 | ) | $ | 1,657,025 | $ | (64,557 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2013 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 17,315 | $ | (1,273 | ) | $ | 31,679 | $ | (4,132 | ) | $ | 48,994 | $ | (5,405 | ) | ||||||||||
Due in one year through five years | 425,627 | (8,982 | ) | 111,150 | (5,647 | ) | 536,777 | (14,629 | ) | ||||||||||||||||
Due in five years through ten years | 312,341 | (10,408 | ) | 14,865 | (663 | ) | 327,206 | (11,071 | ) | ||||||||||||||||
Due after ten years | 188,389 | (10,121 | ) | 42,791 | (4,775 | ) | 231,180 | (14,896 | ) | ||||||||||||||||
Asset-backed securities | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | 381,149 | (14,084 | ) | 131,706 | (4,470 | ) | 512,855 | (18,554 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,324,821 | $ | (44,868 | ) | $ | 332,191 | $ | (19,687 | ) | $ | 1,657,012 | $ | (64,555 | ) | ||||||||||
The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2013 were $1,657,025 thousand and $64,557 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2013, did not exceed 0.9% of the overall market value of the Company's fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $44,868 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were primarily comprised of domestic and foreign corporate securities, foreign government securities, agency residential mortgage-backed securities as well as state and municipal securities. Of these unrealized losses, $38,527 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The $19,687 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities, agency residential mortgage-backed securities as well as state and municipal securities. Of these unrealized losses, $18,867 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The gross unrealized depreciation for mortgage-backed securities included $33 thousand related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. | |||||||||||||||||||||||||
Other invested assets, at fair value, is comprised of common shares of the Company's ultimate parent, Group. At March 31, 2014, the Company held 9,719,971 shares of Group representing 17.4% of the total outstanding shares. | |||||||||||||||||||||||||
The components of net investment income are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Fixed maturities | $ | 51,079 | $ | 53,899 | |||||||||||||||||||||
Equity securities | 8,937 | 7,731 | |||||||||||||||||||||||
Short-term investments and cash | 186 | 266 | |||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||
Limited partnerships | (3,087 | ) | 11,348 | ||||||||||||||||||||||
Dividends from Parent's shares | 7,290 | 4,666 | |||||||||||||||||||||||
Other | 2,021 | 2,320 | |||||||||||||||||||||||
Gross investment income before adjustments | 66,426 | 80,230 | |||||||||||||||||||||||
Funds held interest income (expense) | 2,109 | 2,418 | |||||||||||||||||||||||
Gross investment income | 68,535 | 82,648 | |||||||||||||||||||||||
Investment expenses | (4,748 | ) | (5,779 | ) | |||||||||||||||||||||
Net investment income | $ | 63,787 | $ | 76,869 | |||||||||||||||||||||
The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. | |||||||||||||||||||||||||
The Company had contractual commitments to invest up to an additional $97,761 thousand in limited partnerships at March 31, 2014. These commitments will be funded when called in accordance with the partnership agreements, which have investment periods that expire, unless extended, through 2018. | |||||||||||||||||||||||||
The components of net realized capital gains (losses) are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Fixed maturity securities, market value: | |||||||||||||||||||||||||
Other-than-temporary impairments | $ | - | $ | - | |||||||||||||||||||||
Gains (losses) from sales | (1,997 | ) | 2,089 | ||||||||||||||||||||||
Fixed maturity securities, fair value: | |||||||||||||||||||||||||
Gain (losses) from sales | 940 | (58 | ) | ||||||||||||||||||||||
Gains (losses) from fair value adjustments | - | 84 | |||||||||||||||||||||||
Equity securities, market value: | |||||||||||||||||||||||||
Gains (losses) from sales | - | - | |||||||||||||||||||||||
Equity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | (1,336 | ) | 8,083 | ||||||||||||||||||||||
Gains (losses) from fair value adjustments | 25,753 | 106,069 | |||||||||||||||||||||||
Other invested assets, fair value: | |||||||||||||||||||||||||
Gains (losses) from fair value adjustments | (27,410 | ) | 193,525 | ||||||||||||||||||||||
Short-term investment gains (losses) | - | 14 | |||||||||||||||||||||||
Total net realized capital gains (losses) | $ | (4,050 | ) | $ | 309,806 | ||||||||||||||||||||
The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. | |||||||||||||||||||||||||
The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from sales of fixed maturity securities | $ | 170,341 | $ | 170,598 | |||||||||||||||||||||
Gross gains from sales | 2,475 | 3,811 | |||||||||||||||||||||||
Gross losses from sales | (3,532 | ) | (1,780 | ) | |||||||||||||||||||||
Proceeds from sales of equity securities | $ | 176,116 | $ | 103,828 | |||||||||||||||||||||
Gross gains from sales | 6,588 | 8,869 | |||||||||||||||||||||||
Gross losses from sales | (7,924 | ) | (786 | ) | |||||||||||||||||||||
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||||||||||
4. FAIR VALUE | |||||||||||||||||||||||||||||||||||||
The Company's fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. | |||||||||||||||||||||||||||||||||||||
In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. The Company made no such adjustments at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||
The Company internally manages a small public equity portfolio which had a fair value at March 31, 2014 and December 31, 2013, of $87,317 thousand and $88,338 thousand, respectively, and all prices were obtained from publically published sources. | |||||||||||||||||||||||||||||||||||||
Equity securities in U.S. denominated currency are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are actively traded on an exchange and prices are based on quoted prices from the exchange. Equity securities traded on foreign exchanges are categorized as Level 2 due to potential foreign exchange adjustments to fair or market value. | |||||||||||||||||||||||||||||||||||||
Fixed maturity securities are generally categorized as Level 2, Significant Other Observable Inputs, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk) are categorized as Level 3, Significant Unobservable Inputs. These securities include broker priced securities. | |||||||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, all Level 3 fixed maturity securities, were priced using single non-binding broker quotes since prices for these securities were not provided by normal pricing service companies. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. | |||||||||||||||||||||||||||||||||||||
Other invested assets, at fair value, are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are shares of the Company's parent, which are actively traded on an exchange and the price is based on a quoted price. | |||||||||||||||||||||||||||||||||||||
The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 74,980 | $ | - | $ | 74,980 | $ | - | |||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 966,324 | - | 966,324 | - | |||||||||||||||||||||||||||||||||
Corporate securities | 2,003,743 | - | 2,003,743 | - | |||||||||||||||||||||||||||||||||
Asset-backed securities | 52,435 | - | 49,391 | 3,044 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
Commercial | 36,454 | - | 36,454 | - | |||||||||||||||||||||||||||||||||
Agency residential | 685,424 | - | 685,424 | - | |||||||||||||||||||||||||||||||||
Non-agency residential | 901 | - | 897 | 4 | |||||||||||||||||||||||||||||||||
Foreign government securities | 645,591 | - | 645,591 | - | |||||||||||||||||||||||||||||||||
Foreign corporate securities | 1,071,989 | - | 1,071,516 | 473 | |||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 5,537,841 | - | 5,534,320 | 3,521 | |||||||||||||||||||||||||||||||||
Fixed maturities, fair value | - | - | - | - | |||||||||||||||||||||||||||||||||
Equity securities, market value | 13 | 13 | - | - | |||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,224,669 | 1,108,586 | 116,083 | - | |||||||||||||||||||||||||||||||||
Other invested assets, fair value | 1,487,642 | 1,487,642 | - | - | |||||||||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2014. | |||||||||||||||||||||||||||||||||||||
The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 71,685 | $ | - | $ | 71,685 | $ | - | |||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 1,002,528 | - | 1,002,528 | - | |||||||||||||||||||||||||||||||||
Corporate securities | 1,702,415 | - | 1,702,415 | - | |||||||||||||||||||||||||||||||||
Asset-backed securities | 39,609 | - | 36,076 | 3,533 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
Commercial | 38,666 | - | 38,666 | - | |||||||||||||||||||||||||||||||||
Agency residential | 697,399 | - | 697,399 | - | |||||||||||||||||||||||||||||||||
Non-agency residential | 939 | - | 935 | 4 | |||||||||||||||||||||||||||||||||
Foreign government securities | 674,827 | - | 674,827 | - | |||||||||||||||||||||||||||||||||
Foreign corporate securities | 973,853 | - | 973,372 | 481 | |||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 5,201,921 | - | 5,197,903 | 4,018 | |||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 19,388 | - | 19,388 | - | |||||||||||||||||||||||||||||||||
Equity securities, market value | 13 | 13 | - | - | |||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,298,940 | 1,179,139 | 119,801 | - | |||||||||||||||||||||||||||||||||
Other invested assets, fair value | 1,515,052 | 1,515,052 | - | - | |||||||||||||||||||||||||||||||||
The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||
Asset-backed | Foreign | Non-agency | Asset-backed | Foreign | Non-agency | Agency | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Corporate | RMBS | Total | Securities | Corporate | RMBS | RMBS | Total | ||||||||||||||||||||||||||||
Beginning balance | $ | 3,533 | $ | 481 | $ | 4 | $ | 4,018 | $ | 4,849 | $ | 11,421 | $ | 5 | $ | 29,398 | $ | 45,673 | |||||||||||||||||||
Total gains or (losses) (realized/unrealized) | - | ||||||||||||||||||||||||||||||||||||
Included in earnings | 18 | 1 | 1 | 20 | (99 | ) | (2 | ) | - | - | (101 | ) | |||||||||||||||||||||||||
Included in other comprehensive income (loss) | 65 | - | - | 65 | (190 | ) | (124 | ) | - | - | (314 | ) | |||||||||||||||||||||||||
Purchases, issuances and settlements | (572 | ) | (9 | ) | (1 | ) | (582 | ) | 126 | 750 | - | - | 876 | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | - | - | - | - | (10,253 | ) | - | (29,398 | ) | (39,651 | ) | |||||||||||||||||||||||||
Ending balance | $ | 3,044 | $ | 473 | $ | 4 | $ | 3,521 | $ | 4,686 | $ | 1,792 | $ | 5 | $ | - | $ | 6,483 | |||||||||||||||||||
The amount of total gains or losses for the period included | |||||||||||||||||||||||||||||||||||||
in earnings (or changes in net assets) attributable to the | |||||||||||||||||||||||||||||||||||||
change in unrealized gains or losses relating to assets | |||||||||||||||||||||||||||||||||||||
still held at the reporting date | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||||||||||||||
There were no transfers from level 3, fair value measurements using significant unobservable inputs, for the three months ended March 31, 2014. The transfer from level 3, fair value measurements using significant unobservable inputs, of $39,651 thousand of investments for the three months ended March 31, 2013, primarily relates to securities that were priced using single non-binding broker quotes as of December 31, 2012. The securities were subsequently priced using a recognized pricing service as of March 31, 2013 and were classified as level 2 as of that date. |
Capital_Transactions
Capital Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Capital Transactions [Abstract] | ' |
Capital Transactions | ' |
5. CAPITAL TRANSACTIONS | |
On October 14, 2011, the Company renewed its shelf registration statement on Form S-3ASR with the SEC, as a Well Known Seasoned Issuer. This shelf registration statement can be used by Group to register common shares, preferred shares, debt securities, warrants, share purchase contracts and share purchase units; by Holdings to register debt securities and by Everest Re Capital Trust III ("Capital Trust III") to register trust preferred securities. |
Contingencies
Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Contingencies [Abstract] | ' | ||||||||
Contingencies | ' | ||||||||
6. CONTINGENCIES | |||||||||
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company's rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. | |||||||||
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. | |||||||||
In 1993 and prior, the Company had a business arrangement with The Prudential Insurance Company of America ("The Prudential") wherein, for a fee, the Company accepted settled claim payment obligations of certain property and casualty insurers, and, concurrently, became the owner of the annuity or assignee of the annuity proceeds funded by the property and casualty insurers specifically to fulfill these fully settled obligations. In these circumstances, the Company would be liable if The Prudential, which has an A+ (Superior) financial strength rating from A.M. Best Company ("A.M. Best"), was unable to make the annuity payments. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: | |||||||||
(Dollars in thousands) | At March 31, 2014 | At December 31, 2013 | |||||||
$ | 144,411 | $ | 144,734 | ||||||
Prior to its 1995 initial public offering, the Company purchased annuities from an unaffiliated life insurance company with an A+ (Superior) financial strength rating from A.M. Best to settle certain claim liabilities of the company. Should the life insurance company become unable to make the annuity payments, the Company would be liable for those claim liabilities. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: | |||||||||
(Dollars in thousands) | At March 31, 2014 | At December 31, 2013 | |||||||
$ | 30,123 | $ | 30,664 |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
7. OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
The following table presents the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | 31,996 | $ | (11,199 | ) | $ | 20,797 | $ | (8,528 | ) | $ | 2,985 | $ | (5,543 | ) | ||||||||||
URA(D) on securities - OTTI | - | - | - | (97 | ) | 34 | (63 | ) | |||||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | 1,997 | (699 | ) | 1,298 | (2,089 | ) | 731 | (1,358 | ) | ||||||||||||||||
Foreign currency translation adjustments | (12,055 | ) | 4,219 | (7,836 | ) | (11,686 | ) | 4,090 | (7,596 | ) | |||||||||||||||
Benefit plan actuarial net gain (loss) | - | - | - | - | - | - | |||||||||||||||||||
Reclassification of amortization of net gain (loss) included in net income (loss) | 1,186 | (415 | ) | 771 | 2,070 | (724 | ) | 1,346 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 23,124 | $ | (8,094 | ) | $ | 15,030 | $ | (20,330 | ) | $ | 7,116 | $ | (13,214 | ) | ||||||||||
The following table presents details of the amounts reclassified from accumulated other comprehensive income ("AOCI") for the periods indicated: | |||||||||||||||||||||||||
Three months ended | Three months ended | Affected line item within the statements of | |||||||||||||||||||||||
AOCI component | 31-Mar-14 | 31-Mar-13 | operations and comprehensive income (loss) | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
URA(D) on securities | $ | 1,997 | $ | (2,089 | ) | Other net realized capital gains (losses) | |||||||||||||||||||
(699 | ) | 731 | Income tax expense (benefit) | ||||||||||||||||||||||
$ | 1,298 | $ | (1,358 | ) | Net income (loss) | ||||||||||||||||||||
Benefit plan net gain (loss) | $ | 1,186 | $ | 2,070 | Other underwriting expenses | ||||||||||||||||||||
(415 | ) | (724 | ) | Income tax expense (benefit) | |||||||||||||||||||||
$ | 771 | $ | 1,346 | Net income (loss) | |||||||||||||||||||||
The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: | |||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance of URA (D) on securities | $ | 55,457 | $ | 157,163 | |||||||||||||||||||||
Current period change in URA (D) of investments - temporary | 22,095 | (101,447 | ) | ||||||||||||||||||||||
Current period change in URA (D) of investments - non-credit OTTI | - | (259 | ) | ||||||||||||||||||||||
Ending balance of URA (D) on securities | 77,552 | 55,457 | |||||||||||||||||||||||
Beginning balance of foreign currency translation adjustments | 71,087 | 90,215 | |||||||||||||||||||||||
Current period change in foreign currency translation adjustments | (7,836 | ) | (19,128 | ) | |||||||||||||||||||||
Ending balance of foreign currency translation adjustments | 63,251 | 71,087 | |||||||||||||||||||||||
Beginning balance of benefit plan net gain (loss) | (38,896 | ) | (62,511 | ) | |||||||||||||||||||||
Current period change in benefit plan net gain (loss) | 771 | 23,615 | |||||||||||||||||||||||
Ending balance of benefit plan net gain (loss) | (38,125 | ) | (38,896 | ) | |||||||||||||||||||||
Ending balance of accumulated other comprehensive income (loss) | $ | 102,678 | $ | 87,648 |
Credit_Facility
Credit Facility | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Credit Facility [Abstract] | ' | ||||||||||||||||||||
Credit Facility | ' | ||||||||||||||||||||
8. CREDIT FACILITY | |||||||||||||||||||||
Effective August 15, 2011, the Company entered into a three year, $150,000 thousand unsecured revolving credit facility with a syndicate of lenders, referred to as the "Holdings Credit Facility". Citibank N.A. is the administrative agent for the Holdings Credit Facility. The Holdings Credit Facility may be used for liquidity and general corporate purposes. The Holdings Credit Facility provides for the borrowing of up to $150,000 thousand with interest at a rate selected by Holdings equal to either, (1) the Base Rate (as defined below) or (2) a periodic fixed rate equal to the Eurodollar Rate plus an applicable margin. The Base Rate means a fluctuating interest rate per annum in effect from time to time to be equal to the higher of (a) the rate of interest publicly announced by Citibank as its base rate, (b) 0.5% per annum above the Federal Funds Rate or (c) 1% above the one month London Interbank Offered Rate ("LIBOR"), in each case plus the applicable margin. The amount of margin and the fees payable for the Holdings Credit Facility depends upon Holdings' senior unsecured debt rating. | |||||||||||||||||||||
The Holdings Credit Facility requires Holdings to maintain a debt to capital ratio of not greater than 0.35 to 1 and Everest Re to maintain its statutory surplus at $1,875,000 thousand plus 25% of future aggregate net income and 25% of future aggregate capital contributions after December 31, 2010, which at March 31, 2014, was $2,155,750 thousand. As of March 31, 2014, the Company was in compliance with all Holdings Credit Facility covenants. | |||||||||||||||||||||
There are certain regulatory and contractual restrictions on the ability of Holdings' operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings' direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. At December 31, 2013, $2,294,461 thousand of the $3,136,782 thousand in net assets of Holdings' consolidated subsidiaries were subject to the foregoing regulatory restrictions. | |||||||||||||||||||||
The following table summarizes outstanding letters of credit and/or borrowings for the periods indicated: | |||||||||||||||||||||
(Dollars in thousands) | At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Loan | Maturity/Expiry Date | Commitment | In Use | Date of Loan | Maturity/Expiry Date | |||||||||||||
Citibank Holdings Credit Facility | $ | 150,000 | $ | - | $ | 150,000 | $ | - | |||||||||||||
Total revolving credit borrowings | - | - | |||||||||||||||||||
Total letters of credit | 851 | 12/31/14 | 851 | 12/31/14 | |||||||||||||||||
Total Citibank Holdings Credit Facility | $ | 150,000 | $ | 851 | $ | 150,000 | $ | 851 | |||||||||||||
The following table presents the costs incurred in connection with the Holdings Credit Facility for the periods indicated: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Credit facility fees incurred | $ | 42 | $ | 65 |
Trust_Agreements
Trust Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Trust Agreements [Abstract] | ' |
Trust Agreements | ' |
9. TRUST AGREEMENTS | |
A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re's investments as collateral, as security for assumed losses payable to a non-affiliated ceding company. At March 31, 2014, the total amount on deposit in the trust account was $193,504 thousand. |
Senior_Notes
Senior Notes | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Senior Notes [Abstract] | ' | |||||||||||||||||||||||
Senior Notes | ' | |||||||||||||||||||||||
10. SENIOR NOTES | ||||||||||||||||||||||||
The table below displays Holdings' outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
Consolidated Balance | Consolidated Balance | |||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Date Due | Principal Amounts | Sheet Amount | Market Value | Sheet Amount | Market Value | |||||||||||||||||
5.40% Senior notes | 10/12/04 | 10/15/14 | $ | 250,000 | $ | 249,971 | $ | 256,500 | $ | 249,958 | $ | 259,130 | ||||||||||||
Interest expense incurred in connection with these senior notes is as follows for the periods indicated: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||
Interest expense incurred | $ | 3,388 | $ | 3,387 |
Long_Term_Subordinated_Notes
Long Term Subordinated Notes | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Long Term Subordinated Notes [Abstract] | ' | |||||||||||||||||||||||||
Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
11. LONG TERM SUBORDINATED NOTES | ||||||||||||||||||||||||||
The table below displays Holdings' outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||
Maturity Date | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Original | Consolidated Balance | Consolidated Balance | ||||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Principal Amount | Scheduled | Final | Sheet Amount | Market Value | Sheet Amount | Market Value | ||||||||||||||||||
6.6% Long term subordinated notes | 4/26/07 | $ | 400,000 | 5/15/37 | 5/1/67 | $ | 238,361 | $ | 249,411 | $ | 238,361 | $ | 233,292 | |||||||||||||
During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded semi-annually for periods prior to May 15, 2017, and compounded quarterly for periods from and including May 15, 2017. | ||||||||||||||||||||||||||
Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100% of the principal amount being redeemed and (b) the present value of the principal payment on May 15, 2017 and scheduled payments of interest that would have accrued from the redemption date to May 15, 2017 on the long term subordinated notes being redeemed, discounted to the redemption date on a semi-annual basis at a discount rate equal to the treasury rate plus an applicable spread of either 0.25% or 0.50%, in each case plus accrued and unpaid interest. Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. | ||||||||||||||||||||||||||
On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand. | ||||||||||||||||||||||||||
Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Interest expense incurred | $ | 3,937 | $ | 3,937 |
Junior_Subordinated_Debt_Secur
Junior Subordinated Debt Securities Payable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Junior Subordinated Debt Securities Payable [Abstract] | ' | ||||||||
Junior Subordinated Debt Securities Payable | ' | ||||||||
12. JUNIOR SUBORDINATED DEBT SECURITIES PAYABLE | |||||||||
In accordance with the provisions of the junior subordinated debt securities which were issued on March 29, 2004, Holdings elected to redeem the $329,897 thousand of 6.2% junior subordinated debt securities outstanding on May 24, 2013. As a result of the early redemption, the Company incurred pre-tax expense of $7,282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities. | |||||||||
Interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Interest expense incurred | $ | - | $ | 5,113 | |||||
Holdings considered the mechanisms and obligations relating to the trust preferred securities, taken together, constituted a full and unconditional guarantee by Holdings of Capital Trust II's payment obligations with respect to their trust preferred securities. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting | ' | ||||||||
13. SEGMENT REPORTING | |||||||||
The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health ("A&H") business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S. The International operation writes non-U.S. property and casualty reinsurance through Everest Re's branches in Canada, Singapore and through offices in Brazil, Miami and New Jersey. The Insurance operation writes property and casualty insurance, including medical stop loss insurance, directly and through general agents, brokers and surplus lines brokers within the U.S. and Canada. | |||||||||
These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. | |||||||||
Underwriting results include earned premium less losses and loss adjustment expenses ("LAE") incurred, commission and brokerage expenses and other underwriting expenses. Underwriting results are measured using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. | |||||||||
The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. | |||||||||
Three Months Ended | |||||||||
U.S. Reinsurance | March 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Gross written premiums | $ | 530,301 | $ | 434,791 | |||||
Net written premiums | 251,521 | 217,623 | |||||||
Premiums earned | $ | 218,191 | $ | 196,945 | |||||
Incurred losses and LAE | 115,984 | 101,194 | |||||||
Commission and brokerage | 40,136 | 38,130 | |||||||
Other underwriting expenses | 9,482 | 10,534 | |||||||
Underwriting gain (loss) | $ | 52,589 | $ | 47,087 | |||||
Three Months Ended | |||||||||
International | March 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Gross written premiums | $ | 328,878 | $ | 300,399 | |||||
Net written premiums | 141,457 | 133,789 | |||||||
Premiums earned | $ | 145,004 | $ | 141,893 | |||||
Incurred losses and LAE | 83,575 | 82,083 | |||||||
Commission and brokerage | 29,169 | 28,107 | |||||||
Other underwriting expenses | 7,837 | 7,930 | |||||||
Underwriting gain (loss) | $ | 24,423 | $ | 23,773 | |||||
Three Months Ended | |||||||||
Insurance | March 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Gross written premiums | $ | 225,276 | $ | 248,556 | |||||
Net written premiums | 106,726 | 124,755 | |||||||
Premiums earned | $ | 107,250 | $ | 109,168 | |||||
Incurred losses and LAE | 78,487 | 85,364 | |||||||
Commission and brokerage | 6,789 | 1,885 | |||||||
Other underwriting expenses | 21,932 | 25,058 | |||||||
Underwriting gain (loss) | $ | 42 | $ | (3,139 | ) | ||||
The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Underwriting gain (loss) | $ | 77,054 | $ | 67,721 | |||||
Net investment income | 63,787 | 76,869 | |||||||
Net realized capital gains (losses) | (4,050 | ) | 309,806 | ||||||
Corporate expense | (1,302 | ) | (1,772 | ) | |||||
Interest, fee and bond issue cost amortization expense | (7,436 | ) | (12,616 | ) | |||||
Other income (expense) | (3,055 | ) | (9,661 | ) | |||||
Income (loss) before taxes | $ | 124,998 | $ | 430,347 | |||||
The Company produces business in the U.S. and internationally. The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Canada | $ | 37,659 | $ | 40,146 | |||||
No other country represented more than 5% of the Company's revenues. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Related-Party Transactions [Abstract] | ' | ||||||||||||||||||||
Related-Party Transactions | ' | ||||||||||||||||||||
14. RELATED-PARTY TRANSACTIONS | |||||||||||||||||||||
Parent | |||||||||||||||||||||
Group's Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group's common shares through open market transactions, privately negotiated transactions or both. The table below represents the amendments to the share repurchase program for the common shares approved for repurchase. | |||||||||||||||||||||
Common Shares | |||||||||||||||||||||
Authorized for | |||||||||||||||||||||
Amendment Date | Repurchase | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
9/21/04 | 5,000,000 | ||||||||||||||||||||
7/21/08 | 5,000,000 | ||||||||||||||||||||
2/24/10 | 5,000,000 | ||||||||||||||||||||
2/22/12 | 5,000,000 | ||||||||||||||||||||
5/15/13 | 5,000,000 | ||||||||||||||||||||
25,000,000 | |||||||||||||||||||||
As of March 31, 2014, Holdings held 9,719,971 common shares of Group, which it had purchased in the open market between February 1, 2007 and March 8, 2011. The table below represents the total purchase price for these common shares purchased. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Total purchase price | $ | 835,371 | |||||||||||||||||||
Holdings reports these purchases as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on these common shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Dividends received | $ | 7,290 | $ | 4,666 | |||||||||||||||||
Outside Directors | |||||||||||||||||||||
During the normal course of business, the Company, through its affiliates, engages in insurance and brokerage and commission business transactions, with companies controlled by or affiliated with one or more of Group's outside directors. Such transactions, individually and in the aggregate, are not material to the Company's financial condition, results of operation and cash flows. | |||||||||||||||||||||
Affiliated Companies | |||||||||||||||||||||
Everest Global Services, Inc. ("Global Services"), an affiliate of Holdings, provides centralized management and home office services, through a management agreement, to Holdings and other affiliated companies within Holdings' consolidated structure. Services provided by Everest Global include executive managerial services, legal services, actuarial services, accounting services, information technology services and others. | |||||||||||||||||||||
The following table presents the expenses incurred by Holdings from services provided by Everest Global for the periods indicated. | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Expenses incurred | $ | 15,843 | $ | 18,555 | |||||||||||||||||
Affiliates | |||||||||||||||||||||
The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Percent | Assuming | Single | Aggregate | ||||||||||||||||||
Coverage Period | Ceding Company | Ceded | Company | Type of Business | Occurrence Limit | Limit | |||||||||||||||
01/01/2002-12/31/2002 | Everest Re | 20 | % | Bermuda Re | property / casualty business | $ | - | $ | - | ||||||||||||
01/01/2003-12/31/2003 | Everest Re | 25 | % | Bermuda Re | property / casualty business | - | - | ||||||||||||||
01/01/2004-12/31/2005 | Everest Re | 22.5 | % | Bermuda Re | property / casualty business | - | - | ||||||||||||||
Everest Re | 2.5 | % | Everest International | property / casualty business | - | - | |||||||||||||||
01/01/2006-12/31/2006 | Everest Re | 18 | % | Bermuda Re | property business | 125,000 | -1 | - | |||||||||||||
Everest Re | 2 | % | Everest International | property business | - | - | |||||||||||||||
01/01/2006-12/31/2007 | Everest Re | 31.5 | % | Bermuda Re | casualty business | - | - | ||||||||||||||
Everest Re | 3.5 | % | Everest International | casualty business | - | - | |||||||||||||||
01/01/2007-12/31/2007 | Everest Re | 22.5 | % | Bermuda Re | property business | 130,000 | -1 | - | |||||||||||||
Everest Re | 2.5 | % | Everest International | property business | - | - | |||||||||||||||
01/01/2008-12/31/2008 | Everest Re | 36 | % | Bermuda Re | property / casualty business | 130,000 | -1 | 275,000 | -2 | ||||||||||||
Everest Re | 4 | % | Everest International | property / casualty business | - | - | |||||||||||||||
01/01/2009-12/31/2009 | Everest Re | 36 | % | Bermuda Re | property / casualty business | 150,000 | -1 | 325,000 | -2 | ||||||||||||
Everest Re | 8 | % | Everest International | property / casualty business | - | - | |||||||||||||||
01/01/2010-12/31/2010 | Everest Re | 44 | % | Bermuda Re | property / casualty business | 150,000 | 325,000 | ||||||||||||||
01/01/2011-12/31/2011 | Everest Re | 50 | % | Bermuda Re | property / casualty business | 150,000 | 300,000 | ||||||||||||||
1/1/12 | Everest Re | 50 | % | Bermuda Re | property / casualty business | 100,000 | 200,000 | ||||||||||||||
01/01/2003-12/31/2006 | Everest Re- Canadian Branch | 50 | % | Bermuda Re | property business | - | - | ||||||||||||||
01/01/2007-12/31/2009 | Everest Re- Canadian Branch | 60 | % | Bermuda Re | property business | - | - | ||||||||||||||
01/01/2010-12/31/2010 | Everest Re- Canadian Branch | 60 | % | Bermuda Re | property business | 350,000 | -3 | - | |||||||||||||
01/01/2011-12/31/2011 | Everest Re- Canadian Branch | 60 | % | Bermuda Re | property business | 350,000 | -3 | - | |||||||||||||
01/01/2012-12/31/2012 | Everest Re- Canadian Branch | 75 | % | Bermuda Re | property / casualty business | 206,250 | -3 | 412,500 | -3 | ||||||||||||
01/01/2013-12/31/2013 | Everest Re- Canadian Branch | 75 | % | Bermuda Re | property / casualty business | 150,000 | -3 | 412,500 | -3 | ||||||||||||
01/01/2014 | Everest Re- Canadian Branch | 75 | % | Bermuda Re | property / casualty business | 262,500 | -3 | 412,500 | -3 | ||||||||||||
1/1/12 | Everest Canada | 80 | % | Everest Re- Canadian Branch | property business | - | - | ||||||||||||||
-1 | The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International. | ||||||||||||||||||||
-2 | The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International. | ||||||||||||||||||||
-3 | Amounts shown are Canadian dollars. | ||||||||||||||||||||
For premiums earned and losses incurred for the period January 1, 2002 through December 31, 2002, Everest Re, Everest National Insurance Company and Everest Security Insurance Company entered into an Excess of Loss Reinsurance Agreement with Bermuda Re, covering workers' compensation losses occurring on and after January 1, 2002, as respect to new, renewal and in force policies effective on that date through December 31, 2002. This agreement was commuted as of September 30, 2013. The table below represents Bermuda Re's liability limits for any losses per one occurrence. | |||||||||||||||||||||
Liability Limits | |||||||||||||||||||||
(Dollars in thousands) | Exceeding | Not to Exceed | |||||||||||||||||||
Losses per one occurrence | $ | 100,000 | $ | 150,000 | |||||||||||||||||
The table below represents loss portfolio transfer reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate. | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Effective | Transferring | Assuming | % of Business or | Covered Period | |||||||||||||||||
Date | Company | Company | Amount of Transfer | of Transfer | |||||||||||||||||
9/19/00 | Mt. McKinley | Bermuda Re | 100 | % | All years | ||||||||||||||||
10/1/01 | Everest Re (Belgium Branch) | Bermuda Re | 100 | % | All years | ||||||||||||||||
10/1/08 | Everest Re | Bermuda Re | $ | 747,022 | 01/01/2002-12/31/2007 | ||||||||||||||||
The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada for the periods indicated: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Bermuda Re | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Ceded written premiums | $ | 518,017 | $ | 477,131 | |||||||||||||||||
Ceded earned premiums | 479,813 | 454,382 | |||||||||||||||||||
Ceded losses and LAE (a) | 238,501 | 231,531 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Everest International | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Ceded written premiums | $ | (115 | ) | $ | (135 | ) | |||||||||||||||
Ceded earned premiums | (74 | ) | 61 | ||||||||||||||||||
Ceded losses and LAE | 1,884 | 40 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Everest Canada | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Assumed written premiums | $ | 4,010 | $ | 2,838 | |||||||||||||||||
Assumed earned premiums | 4,688 | 3,770 | |||||||||||||||||||
Assumed losses and LAE | 3,292 | 2,226 | |||||||||||||||||||
(a) Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||
Everest Re sold net assets of its UK branch to Bermuda Re and provided Bermuda Re with a reserve indemnity agreement allowing for indemnity payments of up to 90% of £25.0 million of the excess of 2002 and prior reserves, provided that any recognition of profit from the reserves for 2002 and prior underwriting years is taken into account. The limit available under this agreement was fully exhausted at December 31, 2004. | |||||||||||||||||||||
Effective February 27, 2013, Group established a new subsidiary, Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Effective July 1, 2013, Mt. Logan Re established separate segregated accounts for its business activity, which will invest in a diversified set of catastrophe exposures. | |||||||||||||||||||||
The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re and assumed by the Company from Mt. Logan Re. | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Mt. Logan Re | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Ceded written premiums | $ | 28,366 | $ | - | |||||||||||||||||
Ceded earned premiums | 17,837 | - | |||||||||||||||||||
Ceded losses and LAE | 5,143 | - | |||||||||||||||||||
Assumed written premiums | 9,919 | - | |||||||||||||||||||
Assumed earned premiums | 2,106 | - | |||||||||||||||||||
Assumed losses and LAE | - | - |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
15. INCOME TAXES | |
The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore. The Company's non-U.S. branches are subject to income taxation at varying rates in their respective domiciles. | |
For interim reporting periods, the company is generally required to use the annualized effective tax rate ("AETR") method, as prescribed by ASC 740-270, Interim Reporting, to calculate its income tax provision. Under this method, the AETR is applied to the interim year-to-date pre-tax income to determine the income tax expense or benefit for the year-to-date period. The income tax expense or benefit for a quarter represents the difference between the year-to-date income tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company's annual pre-tax income and AETR. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
16. SUBSEQUENT EVENTS | |
On April 24, 2014, the Company entered into two reinsurance agreements with Kilimanjaro Re Limited ("Kilimanjaro"), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. Kilimanjaro has funded the catastrophe reinsurance coverage through the issuance of two classes of catastrophe reinsurance bonds in an aggregate amount of $450,000 thousand. | |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
Basis Of Presentation [Abstract] | ' |
Presentation Of Comprehensive Income | ' |
Presentation of Comprehensive Income. In June 2011, FASB issued amendments to existing guidance to provide two alternatives for the presentation of comprehensive income. Components of net income and comprehensive income can either be presented within a single, continuous financial statement or be presented in two separate but consecutive financial statements. The Company has chosen to present the components of net income and comprehensive income in a single, continuous financial statement. The guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012. In February, 2013, the FASB issued an additional amendment for the presentation of amounts reclassified out of accumulated other comprehensive income by component. The Company implemented the proposed guidance as of January 1, 2013. | |
Treatment Of Insurance Contract Acquisition Costs | ' |
Treatment of Insurance Contract Acquisition Costs. In October 2010, the FASB issued authoritative guidance for the accounting for costs associated with acquiring or renewing insurance contracts. The guidance identifies the incremental direct costs of contract acquisition and costs directly related to acquisition activities that should be capitalized. This guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012 and determined that $7,215 thousand of previously deferrable acquisition costs would be expensed, including $5,818 thousand and $1,397 thousand expensed in the years ended December 31, 2012 and 2013, respectively. No additional expense will be incurred related to this guidance implementation in future periods. |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | ' | ||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 75,511 | $ | 495 | $ | (1,026 | ) | $ | 74,980 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 927,315 | 43,571 | (4,562 | ) | 966,324 | ||||||||||||||||||||
Corporate securities | 1,962,679 | 49,421 | (8,357 | ) | 2,003,743 | ||||||||||||||||||||
Asset-backed securities | 51,089 | 1,348 | (2 | ) | 52,435 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 32,876 | 3,578 | - | 36,454 | |||||||||||||||||||||
Agency residential | 690,576 | 6,639 | (11,791 | ) | 685,424 | ||||||||||||||||||||
Non-agency residential | 749 | 177 | (25 | ) | 901 | ||||||||||||||||||||
Foreign government securities | 622,333 | 30,050 | (6,792 | ) | 645,591 | ||||||||||||||||||||
Foreign corporate securities | 1,055,399 | 26,736 | (10,146 | ) | 1,071,989 | ||||||||||||||||||||
Total fixed maturity securities | $ | 5,418,527 | $ | 162,015 | $ | (42,701 | ) | $ | 5,537,841 | ||||||||||||||||
Equity securities | $ | 15 | $ | - | $ | (2 | ) | $ | 13 | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 72,211 | $ | 420 | $ | (946 | ) | $ | 71,685 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 970,735 | 40,815 | (9,022 | ) | 1,002,528 | ||||||||||||||||||||
Corporate securities | 1,669,553 | 45,355 | (12,493 | ) | 1,702,415 | ||||||||||||||||||||
Asset-backed securities | 38,544 | 1,065 | - | 39,609 | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 34,855 | 3,811 | - | 38,666 | |||||||||||||||||||||
Agency residential | 709,589 | 6,331 | (18,521 | ) | 697,399 | ||||||||||||||||||||
Non-agency residential | 859 | 113 | (33 | ) | 939 | ||||||||||||||||||||
Foreign government securities | 654,029 | 28,739 | (7,941 | ) | 674,827 | ||||||||||||||||||||
Foreign corporate securities | 966,225 | 23,227 | (15,599 | ) | 973,853 | ||||||||||||||||||||
Total fixed maturity securities | $ | 5,116,600 | $ | 149,876 | $ | (64,555 | ) | $ | 5,201,921 | ||||||||||||||||
Equity securities | $ | 15 | $ | - | $ | (2 | ) | $ | 13 | ||||||||||||||||
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | ' | ||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Fixed maturity securities – available for sale | |||||||||||||||||||||||||
Due in one year or less | $ | 527,979 | $ | 529,116 | $ | 462,133 | $ | 463,674 | |||||||||||||||||
Due after one year through five years | 2,365,020 | 2,414,315 | 2,251,169 | 2,300,475 | |||||||||||||||||||||
Due after five years through ten years | 1,096,128 | 1,114,591 | 988,896 | 1,000,053 | |||||||||||||||||||||
Due after ten years | 654,110 | 704,605 | 630,555 | 661,106 | |||||||||||||||||||||
Asset-backed securities | 51,089 | 52,435 | 38,544 | 39,609 | |||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 32,876 | 36,454 | 34,855 | 38,666 | |||||||||||||||||||||
Agency residential | 690,576 | 685,424 | 709,589 | 697,399 | |||||||||||||||||||||
Non-agency residential | 749 | 901 | 859 | 939 | |||||||||||||||||||||
Total fixed maturity securities | $ | 5,418,527 | $ | 5,537,841 | $ | 5,116,600 | $ | 5,201,921 | |||||||||||||||||
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Increase (decrease) during the period between the market value and cost | |||||||||||||||||||||||||
of investments carried at market value, and deferred taxes thereon: | |||||||||||||||||||||||||
Fixed maturity securities | $ | 33,993 | $ | (10,618 | ) | ||||||||||||||||||||
Fixed maturity securities, other-than-temporary impairment | - | (97 | ) | ||||||||||||||||||||||
Equity securities | - | 1 | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), pre-tax | 33,993 | (10,714 | ) | ||||||||||||||||||||||
Deferred tax benefit (expense) | (11,898 | ) | 3,716 | ||||||||||||||||||||||
Deferred tax benefit (expense), other-than-temporary impairment | - | 34 | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), | |||||||||||||||||||||||||
net of deferred taxes, included in stockholder's equity | $ | 22,095 | $ | (6,964 | ) | ||||||||||||||||||||
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | ' | ||||||||||||||||||||||||
Duration of Unrealized Loss at March 31, 2014 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 28,420 | $ | (303 | ) | $ | 8,689 | $ | (723 | ) | $ | 37,109 | $ | (1,026 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 35,182 | (1,091 | ) | 68,552 | (3,471 | ) | 103,734 | (4,562 | ) | ||||||||||||||||
Corporate securities | 516,730 | (5,033 | ) | 78,099 | (3,324 | ) | 594,829 | (8,357 | ) | ||||||||||||||||
Asset-backed securities | 1,848 | (2 | ) | - | - | 1,848 | (2 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||||||
Agency residential | 136,963 | (1,951 | ) | 285,909 | (9,840 | ) | 422,872 | (11,791 | ) | ||||||||||||||||
Non-agency residential | 91 | - | 169 | (25 | ) | 260 | (25 | ) | |||||||||||||||||
Foreign government securities | 104,740 | (3,926 | ) | 29,043 | (2,866 | ) | 133,783 | (6,792 | ) | ||||||||||||||||
Foreign corporate securities | 293,848 | (5,481 | ) | 93,307 | (4,665 | ) | 387,155 | (10,146 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,117,822 | $ | (17,787 | ) | $ | 563,768 | $ | (24,914 | ) | $ | 1,681,590 | $ | (42,701 | ) | ||||||||||
Equity securities | 13 | (2 | ) | - | - | 13 | (2 | ) | |||||||||||||||||
Total | $ | 1,117,835 | $ | (17,789 | ) | $ | 563,768 | $ | (24,914 | ) | $ | 1,681,603 | $ | (42,703 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2013 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 39,274 | $ | (302 | ) | $ | 8,751 | $ | (644 | ) | $ | 48,025 | $ | (946 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 92,760 | (4,852 | ) | 39,689 | (4,170 | ) | 132,449 | (9,022 | ) | ||||||||||||||||
Corporate securities | 388,721 | (8,981 | ) | 56,156 | (3,512 | ) | 444,877 | (12,493 | ) | ||||||||||||||||
Asset-backed securities | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||||||
Agency residential | 381,149 | (14,084 | ) | 131,504 | (4,437 | ) | 512,653 | (18,521 | ) | ||||||||||||||||
Non-agency residential | - | - | 202 | (33 | ) | 202 | (33 | ) | |||||||||||||||||
Foreign government securities | 100,984 | (5,255 | ) | 29,174 | (2,686 | ) | 130,158 | (7,941 | ) | ||||||||||||||||
Foreign corporate securities | 321,933 | (11,394 | ) | 66,715 | (4,205 | ) | 388,648 | (15,599 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,324,821 | $ | (44,868 | ) | $ | 332,191 | $ | (19,687 | ) | $ | 1,657,012 | $ | (64,555 | ) | ||||||||||
Equity securities | 13 | (2 | ) | - | - | 13 | (2 | ) | |||||||||||||||||
Total | $ | 1,324,834 | $ | (44,870 | ) | $ | 332,191 | $ | (19,687 | ) | $ | 1,657,025 | $ | (64,557 | ) | ||||||||||
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | ' | ||||||||||||||||||||||||
Duration of Unrealized Loss at March 31, 2014 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 42,790 | $ | (1,575 | ) | $ | 35,039 | $ | (4,148 | ) | $ | 77,829 | $ | (5,723 | ) | ||||||||||
Due in one year through five years | 508,264 | (6,820 | ) | 140,468 | (5,493 | ) | 648,732 | (12,313 | ) | ||||||||||||||||
Due in five years through ten years | 375,534 | (5,871 | ) | 27,224 | (948 | ) | 402,758 | (6,819 | ) | ||||||||||||||||
Due after ten years | 52,332 | (1,568 | ) | 74,959 | (4,460 | ) | 127,291 | (6,028 | ) | ||||||||||||||||
Asset-backed securities | 1,848 | (2 | ) | - | - | 1,848 | (2 | ) | |||||||||||||||||
Mortgage-backed securities | 137,054 | (1,951 | ) | 286,078 | (9,865 | ) | 423,132 | (11,816 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,117,822 | $ | (17,787 | ) | $ | 563,768 | $ | (24,914 | ) | $ | 1,681,590 | $ | (42,701 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2013 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 17,315 | $ | (1,273 | ) | $ | 31,679 | $ | (4,132 | ) | $ | 48,994 | $ | (5,405 | ) | ||||||||||
Due in one year through five years | 425,627 | (8,982 | ) | 111,150 | (5,647 | ) | 536,777 | (14,629 | ) | ||||||||||||||||
Due in five years through ten years | 312,341 | (10,408 | ) | 14,865 | (663 | ) | 327,206 | (11,071 | ) | ||||||||||||||||
Due after ten years | 188,389 | (10,121 | ) | 42,791 | (4,775 | ) | 231,180 | (14,896 | ) | ||||||||||||||||
Asset-backed securities | - | - | - | - | - | - | |||||||||||||||||||
Mortgage-backed securities | 381,149 | (14,084 | ) | 131,706 | (4,470 | ) | 512,855 | (18,554 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 1,324,821 | $ | (44,868 | ) | $ | 332,191 | $ | (19,687 | ) | $ | 1,657,012 | $ | (64,555 | ) | ||||||||||
Summary Of Components Of Net Investment Income | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Fixed maturities | $ | 51,079 | $ | 53,899 | |||||||||||||||||||||
Equity securities | 8,937 | 7,731 | |||||||||||||||||||||||
Short-term investments and cash | 186 | 266 | |||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||
Limited partnerships | (3,087 | ) | 11,348 | ||||||||||||||||||||||
Dividends from Parent's shares | 7,290 | 4,666 | |||||||||||||||||||||||
Other | 2,021 | 2,320 | |||||||||||||||||||||||
Gross investment income before adjustments | 66,426 | 80,230 | |||||||||||||||||||||||
Funds held interest income (expense) | 2,109 | 2,418 | |||||||||||||||||||||||
Gross investment income | 68,535 | 82,648 | |||||||||||||||||||||||
Investment expenses | (4,748 | ) | (5,779 | ) | |||||||||||||||||||||
Net investment income | $ | 63,787 | $ | 76,869 | |||||||||||||||||||||
Summary Of Components Of Net Realized Capital Gains (Losses) | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Fixed maturity securities, market value: | |||||||||||||||||||||||||
Other-than-temporary impairments | $ | - | $ | - | |||||||||||||||||||||
Gains (losses) from sales | (1,997 | ) | 2,089 | ||||||||||||||||||||||
Fixed maturity securities, fair value: | |||||||||||||||||||||||||
Gain (losses) from sales | 940 | (58 | ) | ||||||||||||||||||||||
Gains (losses) from fair value adjustments | - | 84 | |||||||||||||||||||||||
Equity securities, market value: | |||||||||||||||||||||||||
Gains (losses) from sales | - | - | |||||||||||||||||||||||
Equity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | (1,336 | ) | 8,083 | ||||||||||||||||||||||
Gains (losses) from fair value adjustments | 25,753 | 106,069 | |||||||||||||||||||||||
Other invested assets, fair value: | |||||||||||||||||||||||||
Gains (losses) from fair value adjustments | (27,410 | ) | 193,525 | ||||||||||||||||||||||
Short-term investment gains (losses) | - | 14 | |||||||||||||||||||||||
Total net realized capital gains (losses) | $ | (4,050 | ) | $ | 309,806 | ||||||||||||||||||||
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | ' | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Proceeds from sales of fixed maturity securities | $ | 170,341 | $ | 170,598 | |||||||||||||||||||||
Gross gains from sales | 2,475 | 3,811 | |||||||||||||||||||||||
Gross losses from sales | (3,532 | ) | (1,780 | ) | |||||||||||||||||||||
Proceeds from sales of equity securities | $ | 176,116 | $ | 103,828 | |||||||||||||||||||||
Gross gains from sales | 6,588 | 8,869 | |||||||||||||||||||||||
Gross losses from sales | (7,924 | ) | (786 | ) |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value | ' | ||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 74,980 | $ | - | $ | 74,980 | $ | - | |||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 966,324 | - | 966,324 | - | |||||||||||||||||||||||||||||||||
Corporate securities | 2,003,743 | - | 2,003,743 | - | |||||||||||||||||||||||||||||||||
Asset-backed securities | 52,435 | - | 49,391 | 3,044 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
Commercial | 36,454 | - | 36,454 | - | |||||||||||||||||||||||||||||||||
Agency residential | 685,424 | - | 685,424 | - | |||||||||||||||||||||||||||||||||
Non-agency residential | 901 | - | 897 | 4 | |||||||||||||||||||||||||||||||||
Foreign government securities | 645,591 | - | 645,591 | - | |||||||||||||||||||||||||||||||||
Foreign corporate securities | 1,071,989 | - | 1,071,516 | 473 | |||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 5,537,841 | - | 5,534,320 | 3,521 | |||||||||||||||||||||||||||||||||
Fixed maturities, fair value | - | - | - | - | |||||||||||||||||||||||||||||||||
Equity securities, market value | 13 | 13 | - | - | |||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,224,669 | 1,108,586 | 116,083 | - | |||||||||||||||||||||||||||||||||
Other invested assets, fair value | 1,487,642 | 1,487,642 | - | - | |||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 71,685 | $ | - | $ | 71,685 | $ | - | |||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 1,002,528 | - | 1,002,528 | - | |||||||||||||||||||||||||||||||||
Corporate securities | 1,702,415 | - | 1,702,415 | - | |||||||||||||||||||||||||||||||||
Asset-backed securities | 39,609 | - | 36,076 | 3,533 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||
Commercial | 38,666 | - | 38,666 | - | |||||||||||||||||||||||||||||||||
Agency residential | 697,399 | - | 697,399 | - | |||||||||||||||||||||||||||||||||
Non-agency residential | 939 | - | 935 | 4 | |||||||||||||||||||||||||||||||||
Foreign government securities | 674,827 | - | 674,827 | - | |||||||||||||||||||||||||||||||||
Foreign corporate securities | 973,853 | - | 973,372 | 481 | |||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 5,201,921 | - | 5,197,903 | 4,018 | |||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 19,388 | - | 19,388 | - | |||||||||||||||||||||||||||||||||
Equity securities, market value | 13 | 13 | - | - | |||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,298,940 | 1,179,139 | 119,801 | - | |||||||||||||||||||||||||||||||||
Other invested assets, fair value | 1,515,052 | 1,515,052 | - | - | |||||||||||||||||||||||||||||||||
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | ' | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||||||||
Asset-backed | Foreign | Non-agency | Asset-backed | Foreign | Non-agency | Agency | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Corporate | RMBS | Total | Securities | Corporate | RMBS | RMBS | Total | ||||||||||||||||||||||||||||
Beginning balance | $ | 3,533 | $ | 481 | $ | 4 | $ | 4,018 | $ | 4,849 | $ | 11,421 | $ | 5 | $ | 29,398 | $ | 45,673 | |||||||||||||||||||
Total gains or (losses) (realized/unrealized) | - | ||||||||||||||||||||||||||||||||||||
Included in earnings | 18 | 1 | 1 | 20 | (99 | ) | (2 | ) | - | - | (101 | ) | |||||||||||||||||||||||||
Included in other comprehensive income (loss) | 65 | - | - | 65 | (190 | ) | (124 | ) | - | - | (314 | ) | |||||||||||||||||||||||||
Purchases, issuances and settlements | (572 | ) | (9 | ) | (1 | ) | (582 | ) | 126 | 750 | - | - | 876 | ||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | - | - | - | - | (10,253 | ) | - | (29,398 | ) | (39,651 | ) | |||||||||||||||||||||||||
Ending balance | $ | 3,044 | $ | 473 | $ | 4 | $ | 3,521 | $ | 4,686 | $ | 1,792 | $ | 5 | $ | - | $ | 6,483 | |||||||||||||||||||
The amount of total gains or losses for the period included | |||||||||||||||||||||||||||||||||||||
in earnings (or changes in net assets) attributable to the | |||||||||||||||||||||||||||||||||||||
change in unrealized gains or losses relating to assets | |||||||||||||||||||||||||||||||||||||
still held at the reporting date | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
(Some amounts may not reconcile due to rounding.) |
Contingencies_Tables
Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Contingencies [Abstract] | ' | ||||||||
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | ' | ||||||||
(Dollars in thousands) | At March 31, 2014 | At December 31, 2013 | |||||||
$ | 144,411 | $ | 144,734 | ||||||
(Dollars in thousands) | At March 31, 2014 | At December 31, 2013 | |||||||
$ | 30,123 | $ | 30,664 |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | ' | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | 31,996 | $ | (11,199 | ) | $ | 20,797 | $ | (8,528 | ) | $ | 2,985 | $ | (5,543 | ) | ||||||||||
URA(D) on securities - OTTI | - | - | - | (97 | ) | 34 | (63 | ) | |||||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | 1,997 | (699 | ) | 1,298 | (2,089 | ) | 731 | (1,358 | ) | ||||||||||||||||
Foreign currency translation adjustments | (12,055 | ) | 4,219 | (7,836 | ) | (11,686 | ) | 4,090 | (7,596 | ) | |||||||||||||||
Benefit plan actuarial net gain (loss) | - | - | - | - | - | - | |||||||||||||||||||
Reclassification of amortization of net gain (loss) included in net income (loss) | 1,186 | (415 | ) | 771 | 2,070 | (724 | ) | 1,346 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 23,124 | $ | (8,094 | ) | $ | 15,030 | $ | (20,330 | ) | $ | 7,116 | $ | (13,214 | ) | ||||||||||
Reclassification From Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Three months ended | Three months ended | Affected line item within the statements of | |||||||||||||||||||||||
AOCI component | 31-Mar-14 | 31-Mar-13 | operations and comprehensive income (loss) | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
URA(D) on securities | $ | 1,997 | $ | (2,089 | ) | Other net realized capital gains (losses) | |||||||||||||||||||
(699 | ) | 731 | Income tax expense (benefit) | ||||||||||||||||||||||
$ | 1,298 | $ | (1,358 | ) | Net income (loss) | ||||||||||||||||||||
Benefit plan net gain (loss) | $ | 1,186 | $ | 2,070 | Other underwriting expenses | ||||||||||||||||||||
(415 | ) | (724 | ) | Income tax expense (benefit) | |||||||||||||||||||||
$ | 771 | $ | 1,346 | Net income (loss) | |||||||||||||||||||||
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
At March 31, | At December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance of URA (D) on securities | $ | 55,457 | $ | 157,163 | |||||||||||||||||||||
Current period change in URA (D) of investments - temporary | 22,095 | (101,447 | ) | ||||||||||||||||||||||
Current period change in URA (D) of investments - non-credit OTTI | - | (259 | ) | ||||||||||||||||||||||
Ending balance of URA (D) on securities | 77,552 | 55,457 | |||||||||||||||||||||||
Beginning balance of foreign currency translation adjustments | 71,087 | 90,215 | |||||||||||||||||||||||
Current period change in foreign currency translation adjustments | (7,836 | ) | (19,128 | ) | |||||||||||||||||||||
Ending balance of foreign currency translation adjustments | 63,251 | 71,087 | |||||||||||||||||||||||
Beginning balance of benefit plan net gain (loss) | (38,896 | ) | (62,511 | ) | |||||||||||||||||||||
Current period change in benefit plan net gain (loss) | 771 | 23,615 | |||||||||||||||||||||||
Ending balance of benefit plan net gain (loss) | (38,125 | ) | (38,896 | ) | |||||||||||||||||||||
Ending balance of accumulated other comprehensive income (loss) | $ | 102,678 | $ | 87,648 |
Credit_Facility_Tables
Credit Facility (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Credit Facility [Abstract] | ' | ||||||||||||||||||||
Summary Of Outstanding Letters Of Credit And/Or Borrowings | ' | ||||||||||||||||||||
(Dollars in thousands) | At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Loan | Maturity/Expiry Date | Commitment | In Use | Date of Loan | Maturity/Expiry Date | |||||||||||||
Citibank Holdings Credit Facility | $ | 150,000 | $ | - | $ | 150,000 | $ | - | |||||||||||||
Total revolving credit borrowings | - | - | |||||||||||||||||||
Total letters of credit | 851 | 12/31/14 | 851 | 12/31/14 | |||||||||||||||||
Total Citibank Holdings Credit Facility | $ | 150,000 | $ | 851 | $ | 150,000 | $ | 851 | |||||||||||||
Summary Of Costs Incurred In Connection With Credit Facilities | ' | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Credit facility fees incurred | $ | 42 | $ | 65 |
Senior_Notes_Tables
Senior Notes (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Senior Notes [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Outstanding Senior Notes | ' | |||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||
Consolidated Balance | Consolidated Balance | |||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Date Due | Principal Amounts | Sheet Amount | Market Value | Sheet Amount | Market Value | |||||||||||||||||
5.40% Senior notes | 10/12/04 | 10/15/14 | $ | 250,000 | $ | 249,971 | $ | 256,500 | $ | 249,958 | $ | 259,130 | ||||||||||||
Schedule Of Interest Expense Incurred In Connection With Senior Notes | ' | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||
Interest expense incurred | $ | 3,388 | $ | 3,387 |
Long_Term_Subordinated_Notes_T
Long Term Subordinated Notes (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Long Term Subordinated Notes [Abstract] | ' | |||||||||||||||||||||||||
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
Maturity Date | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Original | Consolidated Balance | Consolidated Balance | ||||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Principal Amount | Scheduled | Final | Sheet Amount | Market Value | Sheet Amount | Market Value | ||||||||||||||||||
6.6% Long term subordinated notes | 4/26/07 | $ | 400,000 | 5/15/37 | 5/1/67 | $ | 238,361 | $ | 249,411 | $ | 238,361 | $ | 233,292 | |||||||||||||
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Interest expense incurred | $ | 3,937 | $ | 3,937 |
Junior_Subordinated_Debt_Secur1
Junior Subordinated Debt Securities Payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Junior Subordinated Debt Securities Payable [Abstract] | ' | ||||||||
Schedule Of Interest Expense Incurred In Connection With Junior Subordinated Debt Securities | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Interest expense incurred | $ | - | $ | 5,113 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule Of Underwriting Results For Operating Segments | ' | ||||||||
Three Months Ended | |||||||||
U.S. Reinsurance | March 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Gross written premiums | $ | 530,301 | $ | 434,791 | |||||
Net written premiums | 251,521 | 217,623 | |||||||
Premiums earned | $ | 218,191 | $ | 196,945 | |||||
Incurred losses and LAE | 115,984 | 101,194 | |||||||
Commission and brokerage | 40,136 | 38,130 | |||||||
Other underwriting expenses | 9,482 | 10,534 | |||||||
Underwriting gain (loss) | $ | 52,589 | $ | 47,087 | |||||
Three Months Ended | |||||||||
International | March 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Gross written premiums | $ | 328,878 | $ | 300,399 | |||||
Net written premiums | 141,457 | 133,789 | |||||||
Premiums earned | $ | 145,004 | $ | 141,893 | |||||
Incurred losses and LAE | 83,575 | 82,083 | |||||||
Commission and brokerage | 29,169 | 28,107 | |||||||
Other underwriting expenses | 7,837 | 7,930 | |||||||
Underwriting gain (loss) | $ | 24,423 | $ | 23,773 | |||||
Three Months Ended | |||||||||
Insurance | March 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Gross written premiums | $ | 225,276 | $ | 248,556 | |||||
Net written premiums | 106,726 | 124,755 | |||||||
Premiums earned | $ | 107,250 | $ | 109,168 | |||||
Incurred losses and LAE | 78,487 | 85,364 | |||||||
Commission and brokerage | 6,789 | 1,885 | |||||||
Other underwriting expenses | 21,932 | 25,058 | |||||||
Underwriting gain (loss) | $ | 42 | $ | (3,139 | ) | ||||
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Underwriting gain (loss) | $ | 77,054 | $ | 67,721 | |||||
Net investment income | 63,787 | 76,869 | |||||||
Net realized capital gains (losses) | (4,050 | ) | 309,806 | ||||||
Corporate expense | (1,302 | ) | (1,772 | ) | |||||
Interest, fee and bond issue cost amortization expense | (7,436 | ) | (12,616 | ) | |||||
Other income (expense) | (3,055 | ) | (9,661 | ) | |||||
Income (loss) before taxes | $ | 124,998 | $ | 430,347 | |||||
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Canada | $ | 37,659 | $ | 40,146 |
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Related-Party Transactions [Abstract] | ' | ||||||||||||||||||||
Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase | ' | ||||||||||||||||||||
Common Shares | |||||||||||||||||||||
Authorized for | |||||||||||||||||||||
Amendment Date | Repurchase | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
9/21/04 | 5,000,000 | ||||||||||||||||||||
7/21/08 | 5,000,000 | ||||||||||||||||||||
2/24/10 | 5,000,000 | ||||||||||||||||||||
2/22/12 | 5,000,000 | ||||||||||||||||||||
5/15/13 | 5,000,000 | ||||||||||||||||||||
25,000,000 | |||||||||||||||||||||
Purchase Price For Common Shares | ' | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Total purchase price | $ | 835,371 | |||||||||||||||||||
Dividends Received On Common Shares Reported As Net Investment Income | ' | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Dividends received | $ | 7,290 | $ | 4,666 | |||||||||||||||||
Expenses Incurred By Holdings From Services Provided By Affiliated Company | ' | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Expenses incurred | $ | 15,843 | $ | 18,555 | |||||||||||||||||
Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period | ' | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Percent | Assuming | Single | Aggregate | ||||||||||||||||||
Coverage Period | Ceding Company | Ceded | Company | Type of Business | Occurrence Limit | Limit | |||||||||||||||
01/01/2002-12/31/2002 | Everest Re | 20 | % | Bermuda Re | property / casualty business | $ | - | $ | - | ||||||||||||
01/01/2003-12/31/2003 | Everest Re | 25 | % | Bermuda Re | property / casualty business | - | - | ||||||||||||||
01/01/2004-12/31/2005 | Everest Re | 22.5 | % | Bermuda Re | property / casualty business | - | - | ||||||||||||||
Everest Re | 2.5 | % | Everest International | property / casualty business | - | - | |||||||||||||||
01/01/2006-12/31/2006 | Everest Re | 18 | % | Bermuda Re | property business | 125,000 | -1 | - | |||||||||||||
Everest Re | 2 | % | Everest International | property business | - | - | |||||||||||||||
01/01/2006-12/31/2007 | Everest Re | 31.5 | % | Bermuda Re | casualty business | - | - | ||||||||||||||
Everest Re | 3.5 | % | Everest International | casualty business | - | - | |||||||||||||||
01/01/2007-12/31/2007 | Everest Re | 22.5 | % | Bermuda Re | property business | 130,000 | -1 | - | |||||||||||||
Everest Re | 2.5 | % | Everest International | property business | - | - | |||||||||||||||
01/01/2008-12/31/2008 | Everest Re | 36 | % | Bermuda Re | property / casualty business | 130,000 | -1 | 275,000 | -2 | ||||||||||||
Everest Re | 4 | % | Everest International | property / casualty business | - | - | |||||||||||||||
01/01/2009-12/31/2009 | Everest Re | 36 | % | Bermuda Re | property / casualty business | 150,000 | -1 | 325,000 | -2 | ||||||||||||
Everest Re | 8 | % | Everest International | property / casualty business | - | - | |||||||||||||||
01/01/2010-12/31/2010 | Everest Re | 44 | % | Bermuda Re | property / casualty business | 150,000 | 325,000 | ||||||||||||||
01/01/2011-12/31/2011 | Everest Re | 50 | % | Bermuda Re | property / casualty business | 150,000 | 300,000 | ||||||||||||||
1/1/12 | Everest Re | 50 | % | Bermuda Re | property / casualty business | 100,000 | 200,000 | ||||||||||||||
01/01/2003-12/31/2006 | Everest Re- Canadian Branch | 50 | % | Bermuda Re | property business | - | - | ||||||||||||||
01/01/2007-12/31/2009 | Everest Re- Canadian Branch | 60 | % | Bermuda Re | property business | - | - | ||||||||||||||
01/01/2010-12/31/2010 | Everest Re- Canadian Branch | 60 | % | Bermuda Re | property business | 350,000 | -3 | - | |||||||||||||
01/01/2011-12/31/2011 | Everest Re- Canadian Branch | 60 | % | Bermuda Re | property business | 350,000 | -3 | - | |||||||||||||
01/01/2012-12/31/2012 | Everest Re- Canadian Branch | 75 | % | Bermuda Re | property / casualty business | 206,250 | -3 | 412,500 | -3 | ||||||||||||
01/01/2013-12/31/2013 | Everest Re- Canadian Branch | 75 | % | Bermuda Re | property / casualty business | 150,000 | -3 | 412,500 | -3 | ||||||||||||
01/01/2014 | Everest Re- Canadian Branch | 75 | % | Bermuda Re | property / casualty business | 262,500 | -3 | 412,500 | -3 | ||||||||||||
1/1/12 | Everest Canada | 80 | % | Everest Re- Canadian Branch | property business | - | - | ||||||||||||||
-1 | The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International. | ||||||||||||||||||||
-2 | The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International. | ||||||||||||||||||||
-3 | Amounts shown are Canadian dollars. | ||||||||||||||||||||
Liability Limits For Any Losses Per One Occurrence | ' | ||||||||||||||||||||
Liability Limits | |||||||||||||||||||||
(Dollars in thousands) | Exceeding | Not to Exceed | |||||||||||||||||||
Losses per one occurrence | $ | 100,000 | $ | 150,000 | |||||||||||||||||
Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate | ' | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Effective | Transferring | Assuming | % of Business or | Covered Period | |||||||||||||||||
Date | Company | Company | Amount of Transfer | of Transfer | |||||||||||||||||
9/19/00 | Mt. McKinley | Bermuda Re | 100 | % | All years | ||||||||||||||||
10/1/01 | Everest Re (Belgium Branch) | Bermuda Re | 100 | % | All years | ||||||||||||||||
10/1/08 | Everest Re | Bermuda Re | $ | 747,022 | 01/01/2002-12/31/2007 | ||||||||||||||||
Premiums And Losses Ceded By The Company To Affiliate | ' | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Bermuda Re | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Ceded written premiums | $ | 518,017 | $ | 477,131 | |||||||||||||||||
Ceded earned premiums | 479,813 | 454,382 | |||||||||||||||||||
Ceded losses and LAE (a) | 238,501 | 231,531 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Everest International | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Ceded written premiums | $ | (115 | ) | $ | (135 | ) | |||||||||||||||
Ceded earned premiums | (74 | ) | 61 | ||||||||||||||||||
Ceded losses and LAE | 1,884 | 40 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Everest Canada | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Assumed written premiums | $ | 4,010 | $ | 2,838 | |||||||||||||||||
Assumed earned premiums | 4,688 | 3,770 | |||||||||||||||||||
Assumed losses and LAE | 3,292 | 2,226 | |||||||||||||||||||
(a) Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Mt. Logan Re | March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Ceded written premiums | $ | 28,366 | $ | - | |||||||||||||||||
Ceded earned premiums | 17,837 | - | |||||||||||||||||||
Ceded losses and LAE | 5,143 | - | |||||||||||||||||||
Assumed written premiums | 9,919 | - | |||||||||||||||||||
Assumed earned premiums | 2,106 | - | |||||||||||||||||||
Assumed losses and LAE | - | - |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Authoritative Guidance [Member] | Authoritative Guidance [Member] | Authoritative Guidance [Member] | |||
Item Effected [Line Items] | ' | ' | ' | ' | ' |
Deferrable acquisition costs expensed | ' | ' | $1,397 | $5,818 | $7,215 |
Distribution of limited partnership income | $5,824 | $10,252 | ' | ' | ' |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Investment [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | $5,537,841 | $5,201,921 |
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 80.00% | ' |
Aggregate market value of investments in unrealized loss position | 1,681,603 | 1,657,025 |
Gross unrealized losses on investments in unrealized loss position | 42,703 | 64,557 |
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.80% | 0.90% |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 17,787 | 44,868 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 24,914 | 19,687 |
Additional contractual commitments | 97,761 | ' |
Other invested assets, at fair value, shares | 9,719,971 | ' |
Percentage of shares representing the total outstanding shares | 17.40% | ' |
Minimum [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Limited partnership financial reporting lag time, months | '1 month | ' |
Maximum [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Limited partnership financial reporting lag time, months | '3 months | ' |
Foreign Government Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 645,591 | ' |
Aggregate market value of investments in unrealized loss position | 133,783 | 130,158 |
Gross unrealized losses on investments in unrealized loss position | 6,792 | 7,941 |
European Sovereign Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 90,272 | ' |
Percentage threshold maximum of securities held in sovereign debt | 5.00% | ' |
France [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 54.30% | ' |
United Kingdom [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 14.10% | ' |
Sweden [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 13.50% | ' |
Netherlands [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 7.40% | ' |
Investment Grade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 14,559 | 38,527 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 24,078 | 18,867 |
Sub-Prime And Alt-A Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $25 | $33 |
Investments_Summary_Of_Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed Maturity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | $5,418,527 | $5,116,600 |
Unrealized Appreciation | 162,015 | 149,876 |
Unrealized Depreciation | -42,701 | -64,555 |
Market Value | 5,537,841 | 5,201,921 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 75,511 | 72,211 |
Unrealized Appreciation | 495 | 420 |
Unrealized Depreciation | -1,026 | -946 |
Market Value | 74,980 | 71,685 |
Obligation Of U.S. States And Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 927,315 | 970,735 |
Unrealized Appreciation | 43,571 | 40,815 |
Unrealized Depreciation | -4,562 | -9,022 |
Market Value | 966,324 | 1,002,528 |
Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 1,962,679 | 1,669,553 |
Unrealized Appreciation | 49,421 | 45,355 |
Unrealized Depreciation | -8,357 | -12,493 |
Market Value | 2,003,743 | 1,702,415 |
Asset-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 51,089 | 38,544 |
Unrealized Appreciation | 1,348 | 1,065 |
Unrealized Depreciation | -2 | ' |
Market Value | 52,435 | 39,609 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 32,876 | 34,855 |
Unrealized Appreciation | 3,578 | 3,811 |
Market Value | 36,454 | 38,666 |
Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 690,576 | 709,589 |
Unrealized Appreciation | 6,639 | 6,331 |
Unrealized Depreciation | -11,791 | -18,521 |
Market Value | 685,424 | 697,399 |
Non-Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 749 | 859 |
Unrealized Appreciation | 177 | 113 |
Unrealized Depreciation | -25 | -33 |
Market Value | 901 | 939 |
Foreign Government Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 622,333 | 654,029 |
Unrealized Appreciation | 30,050 | 28,739 |
Unrealized Depreciation | -6,792 | -7,941 |
Market Value | 645,591 | 674,827 |
Foreign Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 1,055,399 | 966,225 |
Unrealized Appreciation | 26,736 | 23,227 |
Unrealized Depreciation | -10,146 | -15,599 |
Market Value | 1,071,989 | 973,853 |
Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 15 | 15 |
Unrealized Depreciation | -2 | -2 |
Market Value | $13 | $13 |
Investments_Summary_Of_Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | $5,418,527 | $5,116,600 |
Fixed maturity securities - available for sale, at market value | 5,537,841 | 5,201,921 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost | 527,979 | 462,133 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,365,020 | 2,251,169 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,096,128 | 988,896 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 654,110 | 630,555 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 529,116 | 463,674 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,414,315 | 2,300,475 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 1,114,591 | 1,000,053 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 704,605 | 661,106 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 51,089 | 38,544 |
Fixed maturity securities - available for sale, at market value | 52,435 | 39,609 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 32,876 | 34,855 |
Fixed maturity securities - available for sale, at market value | 36,454 | 38,666 |
Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 690,576 | 709,589 |
Fixed maturity securities - available for sale, at market value | 685,424 | 697,399 |
Non-Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 749 | 859 |
Fixed maturity securities - available for sale, at market value | $901 | $939 |
Investments_Summary_Of_Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) During The Period Between The Market Value And Cost Of Investments Carried At Market Value, And Deferred Taxes Thereon: | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | $33,993 | ($10,714) |
Deferred tax benefit (expense) | -11,898 | 3,716 |
Deferred tax benefit (expense), other-than-temporary impairment | ' | 34 |
Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity | 22,095 | -6,964 |
Fixed Maturity Securities [Member] | ' | ' |
Increase (Decrease) During The Period Between The Market Value And Cost Of Investments Carried At Market Value, And Deferred Taxes Thereon: | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | 33,993 | -10,618 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ' | ' |
Increase (Decrease) During The Period Between The Market Value And Cost Of Investments Carried At Market Value, And Deferred Taxes Thereon: | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | ' | -97 |
Equity Securities [Member] | ' | ' |
Increase (Decrease) During The Period Between The Market Value And Cost Of Investments Carried At Market Value, And Deferred Taxes Thereon: | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | ' | $1 |
Investments_Summary_Of_Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | $1,117,835 | $1,324,834 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -17,789 | -44,870 |
Fixed maturity securities, Greater than 12 months, Market Value | 563,768 | 332,191 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -24,914 | -19,687 |
Available-for-sale Securities, Market Value, Total | 1,681,603 | 1,657,025 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -42,703 | -64,557 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 1,117,822 | 1,324,821 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -17,787 | -44,868 |
Fixed maturity securities, Greater than 12 months, Market Value | 563,768 | 332,191 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -24,914 | -19,687 |
Available-for-sale Securities, Market Value, Total | 1,681,590 | 1,657,012 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -42,701 | -64,555 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 28,420 | 39,274 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -303 | -302 |
Fixed maturity securities, Greater than 12 months, Market Value | 8,689 | 8,751 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -723 | -644 |
Available-for-sale Securities, Market Value, Total | 37,109 | 48,025 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -1,026 | -946 |
Obligation Of U.S. States And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 35,182 | 92,760 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -1,091 | -4,852 |
Fixed maturity securities, Greater than 12 months, Market Value | 68,552 | 39,689 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -3,471 | -4,170 |
Available-for-sale Securities, Market Value, Total | 103,734 | 132,449 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -4,562 | -9,022 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 516,730 | 388,721 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -5,033 | -8,981 |
Fixed maturity securities, Greater than 12 months, Market Value | 78,099 | 56,156 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -3,324 | -3,512 |
Available-for-sale Securities, Market Value, Total | 594,829 | 444,877 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -8,357 | -12,493 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 1,848 | ' |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -2 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | ' | ' |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | ' | ' |
Available-for-sale Securities, Market Value, Total | 1,848 | ' |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -2 | ' |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | ' | ' |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | ' | ' |
Fixed maturity securities, Greater than 12 months, Market Value | ' | ' |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | ' | ' |
Available-for-sale Securities, Market Value, Total | ' | ' |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | ' | ' |
Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 136,963 | 381,149 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -1,951 | -14,084 |
Fixed maturity securities, Greater than 12 months, Market Value | 285,909 | 131,504 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -9,840 | -4,437 |
Available-for-sale Securities, Market Value, Total | 422,872 | 512,653 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -11,791 | -18,521 |
Non-Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 91 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | 169 | 202 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -25 | -33 |
Available-for-sale Securities, Market Value, Total | 260 | 202 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -25 | -33 |
Foreign Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 104,740 | 100,984 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -3,926 | -5,255 |
Fixed maturity securities, Greater than 12 months, Market Value | 29,043 | 29,174 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -2,866 | -2,686 |
Available-for-sale Securities, Market Value, Total | 133,783 | 130,158 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -6,792 | -7,941 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 293,848 | 321,933 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -5,481 | -11,394 |
Fixed maturity securities, Greater than 12 months, Market Value | 93,307 | 66,715 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -4,665 | -4,205 |
Available-for-sale Securities, Market Value, Total | 387,155 | 388,648 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | -10,146 | -15,599 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 13 | 13 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -2 | -2 |
Available-for-sale Securities, Market Value, Total | 13 | 13 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | ($2) | ($2) |
Investments_Summary_Of_Aggrega1
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $1,117,822 | $1,324,821 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -17,787 | -44,868 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 563,768 | 332,191 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -24,914 | -19,687 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,681,590 | 1,657,012 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -42,701 | -64,555 |
Due In One Year Or Less [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 42,790 | 17,315 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -1,575 | -1,273 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 35,039 | 31,679 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -4,148 | -4,132 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 77,829 | 48,994 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -5,723 | -5,405 |
Due In One Year Through Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 508,264 | 425,627 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -6,820 | -8,982 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 140,468 | 111,150 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -5,493 | -5,647 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 648,732 | 536,777 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -12,313 | -14,629 |
Due In Five Years Through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 375,534 | 312,341 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -5,871 | -10,408 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 27,224 | 14,865 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -948 | -663 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 402,758 | 327,206 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -6,819 | -11,071 |
Due After Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 52,332 | 188,389 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -1,568 | -10,121 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 74,959 | 42,791 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -4,460 | -4,775 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 127,291 | 231,180 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -6,028 | -14,896 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,848 | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -2 | ' |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,848 | ' |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -2 | ' |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 137,054 | 381,149 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -1,951 | -14,084 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 286,078 | 131,706 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -9,865 | -4,470 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 423,132 | 512,855 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | ($11,816) | ($18,554) |
Investments_Summary_Of_Compone
Investments (Summary Of Components Of Net Investment Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | $66,426 | $80,230 |
Funds held interest income (expense) | 2,109 | 2,418 |
Gross investment income | 68,535 | 82,648 |
Investment expenses | -4,748 | -5,779 |
Net investment income | 63,787 | 76,869 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | 51,079 | 53,899 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | 8,937 | 7,731 |
Short-Term Investments And Cash [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | 186 | 266 |
Limited Partnerships [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | -3,087 | 11,348 |
Dividends From Parent's Shares [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | 7,290 | 4,666 |
Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross investment income before adjustment | $2,021 | $2,320 |
Investments_Summary_Of_Compone1
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other-than-temporary impairments | ' | ' |
Total net realized capital gains (losses) | -4,050 | 309,806 |
Fixed Maturity Securities [Member] | Market Value [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Other-than-temporary impairments | ' | ' |
Gains (losses) from sales | -1,997 | 2,089 |
Fixed Maturity Securities [Member] | Fair Value [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gains (losses) from sales | 940 | -58 |
Gains (losses) from fair value adjustments | ' | 84 |
Equity Securities [Member] | Market Value [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gains (losses) from sales | ' | ' |
Equity Securities [Member] | Fair Value [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gains (losses) from sales | -1,336 | 8,083 |
Gains (losses) from fair value adjustments | 25,753 | 106,069 |
Other Invested Assets [Member] | Fair Value [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gains (losses) from fair value adjustments | -27,410 | 193,525 |
Short-Term Investments And Cash [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gains (losses) from sales | ' | $14 |
Investments_Summary_Of_Gross_G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Proceeds from sales of securities | $170,341 | $170,598 |
Gross gains from sales | 2,475 | 3,811 |
Gross losses from sales | -3,532 | -1,780 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Proceeds from sales of securities | 176,116 | 103,828 |
Gross gains from sales | 6,588 | 8,869 |
Gross losses from sales | ($7,924) | ($786) |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Fair Value [Abstract] | ' | ' | ' |
Fair value of public equity portfolio | $87,317 | ' | $88,338 |
Transfers between Level 1 and Level 2 | 0 | ' | ' |
Transfers from level 3 | $0 | $39,651 | ' |
Fair_Value_Fair_Value_Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | $5,537,841 | $5,201,921 |
Fixed maturities - available for sale, at fair value | ' | 19,388 |
Equity securities - available for sale, at market value | 13 | 13 |
Equity securities - available for sale, at fair value | 1,224,669 | 1,298,940 |
Other invested assets, at fair value | 1,487,642 | 1,515,052 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Equity securities - available for sale, at market value | 13 | 13 |
Equity securities - available for sale, at fair value | 1,108,586 | 1,179,139 |
Other invested assets, at fair value | 1,487,642 | 1,515,052 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 5,534,320 | 5,197,903 |
Fixed maturities - available for sale, at fair value | ' | 19,388 |
Equity securities - available for sale, at fair value | 116,083 | 119,801 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 3,521 | 4,018 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 74,980 | 71,685 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 74,980 | 71,685 |
Obligation Of U.S. States And Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 966,324 | 1,002,528 |
Obligation Of U.S. States And Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 966,324 | 1,002,528 |
Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 2,003,743 | 1,702,415 |
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 2,003,743 | 1,702,415 |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 52,435 | 39,609 |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 49,391 | 36,076 |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 3,044 | 3,533 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 36,454 | 38,666 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 36,454 | 38,666 |
Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 685,424 | 697,399 |
Agency Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 685,424 | 697,399 |
Non-Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 901 | 939 |
Non-Agency Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 897 | 935 |
Non-Agency Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 4 | 4 |
Foreign Government Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 645,591 | 674,827 |
Foreign Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 645,591 | 674,827 |
Foreign Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 1,071,989 | 973,853 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | 1,071,516 | 973,372 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturity securities - available for sale, at market value | $473 | $481 |
Fair_Value_Activity_Under_Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $4,018 | $45,673 |
Total gains or (losses) (realized/unrealized), Included in earnings | 20 | -101 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 65 | -314 |
Purchases, issuances and settlements | -582 | 876 |
Transfers in and/or (out) of Level 3 | 0 | -39,651 |
Ending balance | 3,521 | 6,483 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 3,533 | 4,849 |
Total gains or (losses) (realized/unrealized), Included in earnings | 18 | -99 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 65 | -190 |
Purchases, issuances and settlements | -572 | 126 |
Ending balance | 3,044 | 4,686 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Foreign Corporate Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 481 | 11,421 |
Total gains or (losses) (realized/unrealized), Included in earnings | 1 | -2 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ' | -124 |
Purchases, issuances and settlements | -9 | 750 |
Transfers in and/or (out) of Level 3 | ' | -10,253 |
Ending balance | 473 | 1,792 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Non-Agency Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 4 | 5 |
Total gains or (losses) (realized/unrealized), Included in earnings | 1 | ' |
Purchases, issuances and settlements | -1 | ' |
Ending balance | 4 | 5 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
The Prudential Insurance Company [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated cost to replace annuities | $144,411 | $144,734 |
Unaffiliated Life Insurance Company [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated cost to replace annuities | $30,123 | $30,664 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Before Tax | $31,996 | ($8,528) |
URA(D) on securities - OTTI, Before Tax | ' | -97 |
Reclassification of net realized losses (gains) included in net income (loss), Before Tax | 1,997 | -2,089 |
Foreign currency translation adjustments, Before Tax | -12,055 | -11,686 |
Reclassification of amortization of net gain (loss) included in net income (loss), Before Tax | 1,186 | 2,070 |
Total other comprehensive income (loss), Before Tax | 23,124 | -20,330 |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Tax Effect | -11,199 | 2,985 |
URA(D) on securities - OTTI, Tax Effect | ' | 34 |
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | -699 | 731 |
Foreign currency translation adjustments, Tax Effect | 4,219 | 4,090 |
Reclassification of amortization of net gain (loss) included in net income (loss), Tax Effect | -415 | -724 |
Total other comprehensive income (loss), Tax Effect | -8,094 | 7,116 |
Unrealized appreciation (depreciation) ("URA(D)") of securities - temporary, Net of Tax | 20,797 | -5,543 |
URA(D) of securities - OTTI, Net of Tax | ' | -63 |
Reclassification of net realized losses (gains) included in net income (loss), Net of Tax | 1,298 | -1,358 |
Foreign currency translation adjustments, Net of Tax | -7,836 | -7,596 |
Benefit plan actuarial net gain (loss), Net of Tax | ' | ' |
Reclassification of amortization of net gain (loss) included in net income (loss), Net of Tax | 771 | 1,346 |
Total other comprehensive income (loss), net of tax | $15,030 | ($13,214) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other net realized capital gains (losses) | ($4,050) | $309,806 |
Other underwriting expenses | 39,251 | 43,522 |
Income tax expense (benefit) | 38,532 | 144,696 |
NET INCOME (LOSS) | 86,466 | 285,651 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | URA(D) On Securities [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other net realized capital gains (losses) | 1,997 | -2,089 |
Income tax expense (benefit) | -699 | 731 |
NET INCOME (LOSS) | 1,298 | -1,358 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Benefit Plan Liability [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other underwriting expenses | 1,186 | 2,070 |
Income tax expense (benefit) | -415 | -724 |
NET INCOME (LOSS) | $771 | $1,346 |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Beginning balance of URA (D) on securities | $55,457 | $157,163 | $157,163 |
Current period change in URA (D) of investments - temporary | 22,095 | ' | -101,447 |
Current period change in URA (D) of investments - non-credit OTTI | ' | ' | -259 |
Ending balance of URA (D) on securities | 77,552 | ' | 55,457 |
Beginning balance of foreign currency translation adjustments | 71,087 | 90,215 | 90,215 |
Current period change in foreign currency translation adjustments | -7,836 | ' | -19,128 |
Ending balance of foreign currency translation adjustments | 63,251 | ' | 71,087 |
Beginning balance of benefit plan net gain (loss) | -38,896 | -62,511 | -62,511 |
Current period change in benefit plan net gain (loss) | 771 | 1,346 | 23,615 |
Ending balance of benefit plan net gain (loss) | -38,125 | ' | -38,896 |
Ending balance of accumulated other comprehensive income (loss) | $102,678 | ' | $87,648 |
Credit_Facilities_Narrative_De
Credit Facilities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, commitment | $150,000 | $150,000 |
Net assets of Holdings' consolidated subsidiaries, subject to regulatory restrictions | ' | 2,294,461 |
Net assets of consolidated subsidiaries | ' | 3,136,782 |
Total Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, term of credit facility | '3 years | ' |
Line of credit facility, commitment | 150,000 | 150,000 |
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | ' |
Line of credit facility, required minimum net worth | 1,875,000 | ' |
Percentage amount of consolidated net income required to be reserved to maintain compliance with facility covenants | 25.00% | ' |
Percentage amount of increase in consolidated net worth from new issuance required to be reserved to maintain compliance with facility covenants | 25.00% | ' |
Increase in reserves due to new issuance during the period required to maintain compliance with facility covenants | $2,155,750 | ' |
Interest Rate Base Rate Option 1(a) [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, description of variable rate basis | 'the rate of interest publicly announced by Citibank as its base rate | ' |
Interest Rate Base Rate Option 1(b) [Member] | Total Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, spread on variable rate basis | 0.50% | ' |
Interest Rate Base Rate Option 1(c) [Member] | Total Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, description of variable rate basis | '1% above the one month London Interbank Offered Rate ("LIBOR"), in each case plus the applicable margin. | ' |
Line of credit facility, spread on variable rate basis | 1.00% | ' |
Line Of Credit Facility Interest Rate Base Rate Option Two [Member] | Total Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, description of variable rate basis | 'periodic fixed rate equal to the Eurodollar Rate plus an applicable margin | ' |
Credit_Facility_Summary_Of_Out
Credit Facility (Summary Of Outstanding Letters Of Credit And/Or Borrowings) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | $150,000 | $150,000 |
In use | 851 | 851 |
Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 150,000 | 150,000 |
In use | ' | ' |
Revolving Credit Borrowings [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In use | ' | ' |
Letters Of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In use | $851 | $851 |
Maturity/Expiry Date | 31-Dec-14 | 31-Dec-14 |
Credit_Facility_Summary_Of_Cos
Credit Facility (Summary Of Costs Incurred In Connection With Credit Facilities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Credit Facility [Abstract] | ' | ' |
Credit facility fees incurred | $42 | $65 |
Trust_Agreements_Details
Trust Agreements (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Trust Agreements [Abstract] | ' |
Amount on deposit in trust accounts | $193,504 |
Senior_Notes_Schedule_Of_Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) (USD $) | 24-May-13 | Mar. 31, 2014 | Dec. 31, 2013 |
Senior Notes [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | ' | 5.40% | ' |
Date issued | ' | 12-Oct-04 | ' |
Date due | ' | 15-Oct-14 | ' |
Principal amounts | $329,897,000 | $250,000,000 | ' |
Consolidated balance sheet amount | ' | 249,971,000 | 249,958,000 |
Market value | ' | $256,500,000 | $259,130,000 |
Senior_Notes_Schedule_Of_Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Senior Notes [Abstract] | ' | ' |
Interest expense incurred | $3,388 | $3,387 |
Long_Term_Subordinated_Notes_N
Long Term Subordinated Notes (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Debt Instrument [Line Items] | ' |
Floating rate terms | 'interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years. |
Percentage of principal amount required for redemption | 100.00% |
Redemption date | 1-May-47 |
Commencement date for cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes | 19-Mar-09 |
Subordinated Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Annual interest rate, payable semi-annually in arrears on November 15 and May 15 of each year | 6.60% |
Percentage of principal amount required for redemption | 100.00% |
Outstanding debt reduction | 161,441 |
Subordinated Debt [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Applicable spread on treasury rate | 0.25% |
Subordinated Debt [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Applicable spread on treasury rate | 0.50% |
Fixed Rate Interest Period [Member] | Subordinated Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest payment commencement date | 15-Nov-07 |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.39% |
Fixed Rate Interest Period [Member] | Subordinated Debt [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest Rate Period, Beginning Date | 3-May-07 |
Fixed Rate Interest Period [Member] | Subordinated Debt [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest Rate Period, Ending Date | 14-May-17 |
Right to defer interest on one or more occasions for up to number of consecutive years | '10 years |
Floating Rate Interest Period [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest Rate Period, Beginning Date | 15-May-17 |
Floating Rate Interest Period [Member] | Subordinated Debt [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Right to defer interest on one or more occasions for up to number of consecutive years | '10 years |
Long_Term_Subordinated_Notes_S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) (USD $) | 24-May-13 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Subordinated Debt [Member] | Subordinated Debt [Member] | Scheduled [Member] | Final [Member] | ||
Subordinated Debt [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | 6.60% | ' | ' | ' |
Date issued | ' | 26-Apr-07 | ' | ' | ' |
Original Principal Amount | $329,897,000 | $400,000,000 | ' | ' | ' |
Maturity Date | ' | ' | ' | 15-May-37 | 1-May-67 |
Consolidated balance sheet amount | ' | 238,361,000 | 238,361,000 | ' | ' |
Market value | ' | $249,411,000 | $233,292,000 | ' | ' |
Long_Term_Subordinated_Notes_S1
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Long Term Subordinated Notes [Abstract] | ' | ' |
Interest expense incurred | $3,937 | $3,937 |
Junior_Subordinated_Debt_Secur2
Junior Subordinated Debt Securities Payable (Narrative) (Details) (USD $) | 1 Months Ended |
24-May-13 | |
Debt Instrument [Line Items] | ' |
Amount Issued | $329,897,000 |
Early redemption of junior subordinated debt, pre-tax expense | $7,282,000 |
Junior Subordinated Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, stated interest rate | 6.20% |
Junior_Subordinated_Debt_Secur3
Junior Subordinated Debt Securities Payable (Schedule Of Interest Expense Incurred In Connection With Junior Subordinated Debt Securities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Junior Subordinated Debt Securities Payable [Abstract] | ' | ' |
Interest expense incurred | ' | $5,113 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Premiums earned | $470,445 | $448,006 |
Incurred losses and LAE | 278,046 | 268,641 |
Commission and brokerage | 76,094 | 68,122 |
Other underwriting expenses | 39,251 | 43,522 |
Underwriting gain (loss) | 77,054 | 67,721 |
U.S. Reinsurance [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Gross written premiums | 530,301 | 434,791 |
Net written premiums | 251,521 | 217,623 |
Premiums earned | 218,191 | 196,945 |
Incurred losses and LAE | 115,984 | 101,194 |
Commission and brokerage | 40,136 | 38,130 |
Other underwriting expenses | 9,482 | 10,534 |
Underwriting gain (loss) | 52,589 | 47,087 |
International [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Gross written premiums | 328,878 | 300,399 |
Net written premiums | 141,457 | 133,789 |
Premiums earned | 145,004 | 141,893 |
Incurred losses and LAE | 83,575 | 82,083 |
Commission and brokerage | 29,169 | 28,107 |
Other underwriting expenses | 7,837 | 7,930 |
Underwriting gain (loss) | 24,423 | 23,773 |
Insurance [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Gross written premiums | 225,276 | 248,556 |
Net written premiums | 106,726 | 124,755 |
Premiums earned | 107,250 | 109,168 |
Incurred losses and LAE | 78,487 | 85,364 |
Commission and brokerage | 6,789 | 1,885 |
Other underwriting expenses | 21,932 | 25,058 |
Underwriting gain (loss) | $42 | ($3,139) |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting [Abstract] | ' | ' |
Underwriting gain (loss) | $77,054 | $67,721 |
Net investment income | 63,787 | 76,869 |
Net realized capital gains (losses) | -4,050 | 309,806 |
Corporate expense | -1,302 | -1,772 |
Interest, fee and bond issue cost amortization expense | -7,436 | -12,616 |
Other income (expense) | -3,055 | -9,661 |
Income (loss) before taxes | $124,998 | $430,347 |
Segment_Reporting_Schedule_Of_2
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Percentage threshold of company revenue not exceeded by any other country | 5.00% | 5.00% |
Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Gross written premiums | 37,659 | 40,146 |
RelatedParty_Transactions_Narr
Related-Party Transactions (Narrative) (Details) (GBP £) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Related-Party Transactions [Abstract] | ' |
Stock repurchase program, number of shares held | 9,719,971 |
Reserve indemnity agreement, percent | 90.00% |
Reserve indemnity agreement, amount | £ 25 |
RelatedParty_Transactions_Amen
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Mar. 31, 2014 |
Schedule Of Common Shares Repurchase [Line Items] | ' |
Common Shares Authorized for Repurchase, amount | 25,000,000 |
Amendment Date, 09/21/2004 [Member] | ' |
Schedule Of Common Shares Repurchase [Line Items] | ' |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 07/21/2008 [Member] | ' |
Schedule Of Common Shares Repurchase [Line Items] | ' |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 02/24/2010 [Member] | ' |
Schedule Of Common Shares Repurchase [Line Items] | ' |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 02/22/2012 [Member] | ' |
Schedule Of Common Shares Repurchase [Line Items] | ' |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 05/15/2013 [Member] | ' |
Schedule Of Common Shares Repurchase [Line Items] | ' |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
RelatedParty_Transactions_Purc
Related-Party Transactions (Purchase Price For Common Shares) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Related-Party Transactions [Abstract] | ' |
Total purchase price | $835,371 |
RelatedParty_Transactions_Divi
Related-Party Transactions (Dividends Received On Common Shares Reported As Net Investment Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related-Party Transactions [Abstract] | ' | ' |
Dividends received | $7,290 | $4,666 |
RelatedParty_Transactions_Expe
Related-Party Transactions (Expenses Incurred By Holdings From Services Provided By Affiliated Company) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related-Party Transactions [Abstract] | ' | ' |
Expenses incurred | $15,843 | $18,555 |
RelatedParty_Transactions_Affi
Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | |
Everest Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Assuming Company | 'Bermuda Re | |
Everest Re [Member] | 01/01/2002-12/31/2002 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 20.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Everest Re [Member] | 01/01/2003-12/31/2003 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 25.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Everest Re [Member] | 01/01/2004-12/31/2005 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 22.50% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Everest Re [Member] | 01/01/2004-12/31/2005 [Member] | Everest International [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 2.50% | |
Assuming Company | 'Everest International | |
Type of Business | 'property / casualty business | |
Everest Re [Member] | 01/01/2006-12/31/2006 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 18.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property business | |
Single Occurrence Limit | 125,000 | [1] |
Everest Re [Member] | 01/01/2006-12/31/2006 [Member] | Everest International [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 2.00% | |
Assuming Company | 'Everest International | |
Type of Business | 'property business | |
Everest Re [Member] | 01/01/2006-12/31/2007 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 31.50% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'casualty business | |
Everest Re [Member] | 01/01/2006-12/31/2007 [Member] | Everest International [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 3.50% | |
Assuming Company | 'Everest International | |
Type of Business | 'casualty business | |
Everest Re [Member] | 01/01/2007-12/31/2007 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 22.50% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property business | |
Single Occurrence Limit | 130,000 | [1] |
Everest Re [Member] | 01/01/2007-12/31/2007 [Member] | Everest International [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 2.50% | |
Assuming Company | 'Everest International | |
Type of Business | 'property business | |
Everest Re [Member] | 01/01/2008-12/31/2008 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 36.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 130,000 | [1] |
Aggregate Limit | 275,000 | [2] |
Everest Re [Member] | 01/01/2008-12/31/2008 [Member] | Everest International [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 4.00% | |
Assuming Company | 'Everest International | |
Type of Business | 'property / casualty business | |
Everest Re [Member] | 01/01/2009-12/31/2009 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 36.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 150,000 | [1] |
Aggregate Limit | 325,000 | [2] |
Everest Re [Member] | 01/01/2009-12/31/2009 [Member] | Everest International [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 8.00% | |
Assuming Company | 'Everest International | |
Type of Business | 'property / casualty business | |
Everest Re [Member] | 01/01/2010-12/31/2010 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 44.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 150,000 | |
Aggregate Limit | 325,000 | |
Everest Re [Member] | 01/01/2011 -12/31/2011 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 50.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 150,000 | |
Aggregate Limit | 300,000 | |
Everest Re [Member] | 01/01/2012 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re | |
Percent Ceded | 50.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 100,000 | |
Aggregate Limit | 200,000 | |
Everest Re- Canadian Branch [Member] | 01/01/2010-12/31/2010 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property business | |
Single Occurrence Limit | 350,000 | [3] |
Everest Re- Canadian Branch [Member] | 01/01/2011 -12/31/2011 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property business | |
Single Occurrence Limit | 350,000 | [3] |
Everest Re- Canadian Branch [Member] | 01/01/2012 [Member] | Everest Canada [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Canada | |
Percent Ceded | 80.00% | |
Assuming Company | 'Everest Re- Canadian Branch | |
Type of Business | 'property business | |
Everest Re- Canadian Branch [Member] | 01/01/2003-12/31/2006 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 50.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property business | |
Everest Re- Canadian Branch [Member] | 01/01/2007-12/31/2009 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 60.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property business | |
Everest Re- Canadian Branch [Member] | 01/01/2012 -12/31/2012 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 206,250 | [3] |
Aggregate Limit | 412,500 | [3] |
Everest Re- Canadian Branch [Member] | 01/01/2013 -12/31/2013 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 150,000 | [3] |
Aggregate Limit | 412,500 | [3] |
Everest Re- Canadian Branch [Member] | 01/01/2014 [Member] | Bermuda Re [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
Ceding Company | 'Everest Re- Canadian Branch | |
Percent Ceded | 75.00% | |
Assuming Company | 'Bermuda Re | |
Type of Business | 'property / casualty business | |
Single Occurrence Limit | 262,500 | [3] |
Aggregate Limit | 412,500 | [3] |
[1] | The single occurance limit is applied before the loss cessions to either Bermuda Re or Everest International. | |
[2] | The aggregate limit is applied before the loss cessions to either Bermuda Re or Everest International. | |
[3] | Amounts shown are Canadian dollars. |
RelatedParty_Transactions_Liab
Related-Party Transactions (Liability Limits For Any Losses Per One Occurrence) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Related-Party Transactions [Abstract] | ' |
Liability Limits, Losses per one occurrence, Exceeding | $100,000 |
Liability Limits, Losses per one occurrence, Not to Exceed | $150,000 |
RelatedParty_Transactions_Loss
Related-Party Transactions (Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Mt. McKinley [Member] | ' |
Related Party Transaction [Line Items] | ' |
Effective Date | 19-Sep-00 |
Assuming Company | 'Bermuda Re |
% of Business Transfer | 100.00% |
Covered Period of Transfer | 'All years |
Everest Re (Belgium Branch) [Member] | ' |
Related Party Transaction [Line Items] | ' |
Effective Date | 1-Oct-01 |
Assuming Company | 'Bermuda Re |
% of Business Transfer | 100.00% |
Covered Period of Transfer | 'All years |
Everest Re [Member] | ' |
Related Party Transaction [Line Items] | ' |
Effective Date | 1-Oct-08 |
Assuming Company | 'Bermuda Re |
Amount of Business Transfer | 747,022 |
Covered Period of Transfer | '01/01/2002-12/31/2007 |
RelatedParty_Transactions_Prem
Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Bermuda Re [Member] | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Ceded written premiums | $518,017 | $477,131 | ||
Ceded earned premiums | 479,813 | 454,382 | ||
Ceded losses and LAE | 238,501 | [1] | 231,531 | [1] |
Everest International [Member] | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Ceded written premiums | -115 | -135 | ||
Ceded earned premiums | -74 | 61 | ||
Ceded losses and LAE | 1,884 | 40 | ||
Everest Canada [Member] | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Assumed written premiums | 4,010 | 2,838 | ||
Assumed earned premiums | 4,688 | 3,770 | ||
Assumed losses and LAE | 3,292 | 2,226 | ||
Mt. Logan Re [Member] | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Ceded written premiums | 28,366 | ' | ||
Ceded earned premiums | 17,837 | ' | ||
Ceded losses and LAE | 5,143 | ' | ||
Assumed written premiums | 9,919 | ' | ||
Assumed earned premiums | 2,106 | ' | ||
Assumed losses and LAE | ' | ' | ||
[1] | Ceded losses and LAE include the Mt. McKinley loss portfolio transfer that constitutes losses ceded under retroactive reinsurance and therefore, in accordance with FASB guidance, a deferred gain on retroactive reinsurance is reflected in other expenses on the consolidated statements of operations and comprehensive income (loss). |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Events [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Apr. 24, 2014 |
Subsequent Events [Member] | ' |
Subsequent Event [Line Items] | ' |
Catastrophe reinsurance bonds, funded amount | $450,000 |