Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-14527 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 22-3263609 | |
Entity Registrant Name | EVEREST REINSURANCE HOLDINGS INC | |
Entity Address Address Line 1 | 477 Martinsville Road | |
Entity Address Address Line 2 | Post Office Box 830 | |
Entity Address City Or Town | Liberty Corner | |
Entity Address State Or Province | NJ | |
Entity Address Postal Zip Code | 07938-0830 | |
City Area Code | 908 | |
Local Phone Number | 604-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, $0.01 par value | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0000914748 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2020, $7,539,624; 2019, $7,334,425 allowances for credit losses: 2020, $12,100; 2019, $0) | $ 7,496,815 | $ 7,492,079 |
Fixed maturities - available for sale, at fair value | 4,703 | 5,826 |
Equity securities, at fair value | 578,531 | 764,049 |
Short-term investments (cost: 2020, $324,861; 2019, $279,824) | 324,874 | 279,879 |
Other invested assets (cost: 2020, $1,026,409; 2019, $1,020,766) | 1,026,409 | 1,020,766 |
Other invested assets, at fair value | 2,425,061 | 1,982,582 |
Cash | 385,974 | 411,122 |
Total investments and cash | 12,242,367 | 11,956,303 |
Note receivable - affiliated | 300,000 | 300,000 |
Accrued investment income | 56,964 | 54,383 |
Premiums receivable | 1,419,662 | 1,337,344 |
Reinsurance receivables - unaffiliated | 1,354,520 | 1,318,820 |
Reinsurance receivables - affiliated | 2,981,436 | 3,125,269 |
Income taxes | 76,787 | 65,793 |
Funds held by reinsureds | 247,444 | 228,297 |
Deferred acquisition costs | 414,953 | 388,238 |
Prepaid reinsurance premiums | 381,953 | 413,612 |
Other assets | 554,683 | 518,127 |
TOTAL ASSETS | 20,030,769 | 19,706,186 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 10,271,222 | 10,209,519 |
Unearned premium reserve | 2,307,999 | 2,198,932 |
Funds held under reinsurance treaties | 39,649 | 41,233 |
Other net payable to reinsurers | 349,121 | 267,367 |
Losses in course of payment | 71,107 | 70,541 |
Senior notes due 6/1/2044 | 397,104 | 397,074 |
Long term notes due 5/1/2067 | 235,083 | 236,758 |
Accrued interest on debt and borrowings | 7,571 | 2,878 |
Unsettled securities payable | 45,797 | 25,230 |
Other liabilities | 309,387 | 399,229 |
Total liabilities | 14,034,040 | 13,848,761 |
Commitments and Contingencies (Note 6) | ||
STOCKHOLDER'S EQUITY: | ||
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2019 and 2018) | ||
Additional paid-in capital | 1,100,781 | 1,100,678 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($29,426) at 2020 and $16,977 at 2019 | (114,027) | 64,324 |
Retained earnings | 5,009,975 | 4,692,423 |
Total stockholder's equity | 5,996,729 | 5,857,425 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 20,030,769 | $ 19,706,186 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fixed maturities - available for sale, amortized cost | $ 7,539,624,000 | $ 7,334,425,000 |
Fixed maturities - available for sale, at market value, allowance for credit loss | 12,099,000 | 0 |
Short-term investments, cost | 324,861,000 | 279,824,000 |
Other invested assets, cost | $ 1,026,409,000 | $ 1,020,766,000 |
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) | $ (29,426,000) | $ 16,977,000 |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES: | ||
Premiums earned | $ 1,494,005 | $ 1,270,454 |
Net investment income | 74,201 | 84,534 |
Net realized capital gains (losses): | ||
Credit allowances on fixed maturity securities | (12,099) | |
Other-than-temporary impairments on fixed maturity securities | (2,290) | |
Other net realized capital gains (losses) | 268,966 | 137,346 |
Total net realized capital gains (losses) | 256,867 | 135,056 |
Other income (expense) | (4,498) | (730) |
Total revenues | 1,820,575 | 1,489,314 |
CLAIMS AND EXPENSES: | ||
Incurred losses and loss adjustment expenses | 1,029,513 | 796,096 |
Commission, brokerage, taxes and fees | 323,104 | 288,218 |
Other underwriting expenses | 101,208 | 78,382 |
Corporate expenses | 3,721 | 1,651 |
Interest, fee and bond issue cost amortization expense | 7,460 | 9,828 |
Total claims and expenses | 1,465,006 | 1,174,175 |
INCOME (LOSS) BEFORE TAXES | 355,569 | 315,139 |
Income tax expense (benefit) | 38,924 | 63,531 |
NET INCOME (LOSS) | 316,645 | 251,608 |
Other comprehensive income (loss), net of tax : | ||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (177,524) | 88,449 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 27,886 | (1,016) |
Total URA(D) on securities arising during the period | (149,638) | 87,433 |
Foreign currency translation adjustments | (29,633) | 9,564 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 920 | 1,151 |
Total benefit plan net gain (loss) for the period | 920 | 1,151 |
Total other comprehensive income (loss), net of tax | (178,351) | 98,148 |
COMPREHENSIVE INCOME (LOSS) | $ 138,294 | $ 349,756 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Taxes [Member] | Retained Earnings [Member] |
Change to beginning balance due to adoption of Accounting Standards Update 2016-03 | $ 0 | ||||
Beginning balance, at Dec. 31, 2018 | $ 1,100,315,000 | $ (126,254,000) | 4,062,696,000 | ||
Beginning balance, shares at Dec. 31, 2018 | 1,000 | ||||
Share-based compensation plans | 87,000 | ||||
Net increase (decrease) during the period | $ 98,148,000 | 98,148,000 | |||
Net income (loss) | 251,608,000 | 251,608,000 | |||
Ending balance, shares at Mar. 31, 2019 | 1,000 | ||||
Ending balance, at Mar. 31, 2019 | 5,386,602,000 | 1,100,402,000 | (28,106,000) | 4,314,306,000 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-03 | 907,000 | ||||
Beginning balance, at Dec. 31, 2019 | $ 5,857,425,000 | 1,100,678,000 | 64,324,000 | 4,692,423,000 | |
Beginning balance, shares at Dec. 31, 2019 | 1,000 | 1,000 | |||
Share-based compensation plans | 103,000 | ||||
Net increase (decrease) during the period | $ (178,351,000) | (178,351,000) | |||
Net income (loss) | $ 316,645,000 | 316,645,000 | |||
Ending balance, shares at Mar. 31, 2020 | 1,000 | 1,000 | |||
Ending balance, at Mar. 31, 2020 | $ 5,996,729,000 | $ 1,100,781,000 | $ (114,027,000) | $ 5,009,975,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 316,645 | $ 251,608 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (88,422) | (104,944) |
Decrease (increase) in funds held by reinsureds, net | (20,983) | (14,361) |
Decrease (increase) in reinsurance receivables | 97,388 | (63,291) |
Decrease (increase) in income taxes | 35,413 | 94,733 |
Decrease (increase) in prepaid reinsurance premiums | 30,259 | (2,163) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 106,144 | (3,035) |
Increase (decrease) in unearned premiums | 112,401 | 123,901 |
Increase (decrease) in other net payable to reinsurers | 84,561 | (61,808) |
Increase (decrease) in losses in course of payment | 976 | (78,061) |
Change in equity adjustments in limited partnerships | 6,063 | (7,836) |
Distribution of limited partnership income | 9,486 | 7,162 |
Change in other assets and liabilities, net | (76,651) | 44,139 |
Non-cash compensation expense | 7,528 | 7,551 |
Amortization of bond premium (accrual of bond discount) | 1,385 | (366) |
Net realized capital (gains) losses | (256,867) | (135,056) |
Net cash provided by (used in) operating activities | 365,327 | 58,173 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 257,000 | 184,894 |
Proceeds from fixed maturities sold - available for sale, at market value | 164,244 | 1,603,889 |
Proceeds from equity securities sold - at fair value | 204,161 | 69,238 |
Distributions from other invested assets | 76,391 | 43,469 |
Cost of fixed maturities acquired - available for sale, at market value | (713,474) | (1,522,903) |
Cost of equity securities acquired- at fair value | (167,914) | (146,335) |
Cost of other invested assets acquired | (101,663) | (89,216) |
Net change in short-term investments | (45,503) | (283,094) |
Net change in unsettled securities transactions | (34,793) | 19,330 |
Net cash provided by (used in) investing activities | (361,551) | (120,728) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Tax benefit from share-based compensation, net of expense | (7,425) | (7,464) |
Cost of debt repurchase | (1,198) | |
Net cash provided by (used in) financing activities | (8,623) | (7,464) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (20,301) | 2,722 |
Net increase (decrease) in cash | (25,148) | (67,297) |
Cash, beginning of period | 411,122 | 404,522 |
Cash, end of period | 385,974 | 337,225 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | 3,558 | (90,148) |
Interest paid | $ 2,712 | $ 3,049 |
General
General | 3 Months Ended |
Mar. 31, 2020 | |
General [Abstract] | |
General | 1 . G ENERAL 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) and the “Company” means Holdings and its su bsidiaries. During the fourth quarter of 2018, Everest Global Services (“Global Services”), a previously affiliated company, was contributed to Holdings from its parent company, Holdings Ireland. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2 . B ASIS OF PRESENTATION The unaudited consolidated financial statements of the Company for the three months ended March 31, 2020 and 2019 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, 2019 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAA P. The results for the three months ended March 31, 2020 and 2019 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, 2019, 2018 and 2017 included in the Company’s most recent Form 10-K filing. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly m aterially, from those estimates. This is particularly true given the fluid and continuing nature of the COVID-19 pandemic. This is an ongoing event and so is the Company’s evaluation and analysis. While the Company’s analysis considers all aspects of its operations, it does not take into account legal, regulatory or legislative intervention that could retroactively mandate or expand coverage provisions. Given the uncertainties in the current public health and economic environment, there could be an advers e impact on results for the Property & Casualty industry and the Company for the remainder of the year. The impact is dependent on the shape and length of the economic recovery. With recent changes in executive management and organizational structure, th e Company manages its reinsurance and insurance operations as autonomous units and key strategic decisions are based on the aggregate operating results and projections for these segments of business. Accordingly, effective January 1, 2020, the Company rev ised it reporting segments to Reinsurance Operations and Insurance Operations. This replaces the previous reported segments of U.S. Reinsurance, International (reinsurance) and Insurance. The prior year presented segment information has been reformatted to reflect this change. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2020 presentation. Application of Recently Issued Accoun ting Standard Changes. Accounting for Income Taxes . In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluati ng the impact of the adoption of ASU 2019-12 on its financial statements. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchange Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simpl ification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main change addressed by the Rule that is applicable to the Company is a new requirement to disclose changes in equity by line item with subtotals for each inte rim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders’ Equity which was to be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a c loud computing arrangement that is a service contract. This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Sub topic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15 , 2019 and interim periods within that annual reporting period. The Company adopted the guidance as of January 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s financial statements. Accounting for Impact on Income Taxes due to Tax Reform . In December 2017, the SEC issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on the application of FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, due to the enactment of TCJA. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount of tax exp ense it recorded in 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company’s financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which outlines guidanc e on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable security. The g uidance is effective for annual and interim reporting periods beginning after December 15, 2018. The Company adopted the guidance effective January 1, 2019. The adoption of ASU 2017-08 did not have a material impact on the Company’s financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline guidance on the valuation of and accounting for assets m easured at amortized cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial asset (amortized cost less an allowance for credit loss es valuation account). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and inte rim reporting periods beginning after December 15, 2019. The Company adopted the guidance effective January 1, 2020. The adoption resulted in a cumulative adjustment of $ 907 thousand in retained earnings, which is disclosed separately within the Consolida t ed Statements of Shareholders’ Equity. Leases. In February 2016, FASB issued ASU 2016-02 (and subsequently issued ASU 2018-11 in July, 2018) which outline new guidance on the accounting for leases. The new guidance requires the recognition of lease ass ets and lease liabilities on the balance sheets for most leases that were previously deemed operating leases and required only lease expense presentation in the statements of operations. The guidance is effective for annual and interim reporting periods b eginning after December 15, 2018. The Company adopted ASU 2016-02 effective January 1, 2019 and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting f or the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply the package of practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption. The Company did not elect the hindsight practical expedient to determine the lease term of existing leases (e.g. The Company did not re-assess lease renewals, termination options nor purch ase options in determining lease terms). The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $ 60,325 thousand as part of other assets and a lease liability of $ 66,551 thousand as part of other liabilities in th e consolidated balance sheet, as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The cumulative effect adjustment to the opening balance of retained earnings was zero . The adoption of the updated guida nce did not have a material effect on the Company’s results of operations or liquidity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financia l statements. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | 3 . INVESTMENTS Effective January 1, 2020, the Company adopted ASU 2016-13 which provides guidance on the accounting for fixed maturity securities. The guidance requires the Company to record allowances for credit losses for securities that are deemed to have valuation deterioration due to credit risk issues. The initial table below presents the amortized cost, allowance for credit losses, gross unrealized appreciation /( depreciation) and market value of fixed maturity securities as of March 31, 2020 in accordance with ASU 2016-13 guidance. The second table presents the amortized cost, gross unrealized appreciation /( depreciation), market value and other-than-temporary impairments (“OTTI”) in AOCI as of December 31, 2019, in accordance with previously applicable guidance At March 31, 2020 Amortized Allowances for Unrealized Unrealized Market (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 771,122 $ - $ 35,125 $ (835) $ 805,412 Obligations of U.S. states and political subdivisions 507,155 - 21,733 (4,994) 523,894 Corporate securities 2,903,505 (11,468) 48,755 (128,058) 2,812,734 Asset-backed securities 875,091 - 1,701 (76,674) 800,118 Mortgage-backed securities Commercial 313,624 - 16,479 (775) 329,328 Agency residential 638,008 - 28,502 (782) 665,728 Non-agency residential 1,090 - - (13) 1,077 Foreign government securities 654,644 (70) 28,238 (11,960) 670,852 Foreign corporate securities 875,385 (561) 32,524 (19,676) 887,672 Total fixed maturity securities $ 7,539,624 $ (12,099) $ 213,057 $ (243,767) $ 7,496,815 At December 31, 2019 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 768,374 $ 10,128 $ (987) $ 777,515 $ - Obligations of U.S. states and political subdivisions 506,347 29,651 (87) 535,911 - Corporate securities 2,777,097 70,898 (26,438) 2,821,557 245 Asset-backed securities 761,607 5,659 (1,309) 765,957 - Mortgage-backed securities Commercial 311,961 17,242 (154) 329,049 - Agency residential 625,612 19,395 (320) 644,687 - Non-agency residential 1,638 - - 1,638 - Foreign government securities 646,149 18,908 (7,050) 658,007 27 Foreign corporate securities 935,640 31,257 (9,139) 957,758 333 Total fixed maturity securities $ 7,334,425 $ 203,138 $ (45,484) $ 7,492,079 $ 605 (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated mat urity 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, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 617,696 $ 611,935 $ 569,506 $ 563,730 Due after one year through five years 2,878,464 2,885,401 2,919,966 2,963,903 Due after five years through ten years 1,626,513 1,654,400 1,541,695 1,602,642 Due after ten years 589,138 548,828 602,440 620,473 Asset-backed securities 875,091 800,118 761,607 765,957 Mortgage-backed securities Commercial 313,624 329,328 311,961 329,049 Agency residential 638,008 665,728 625,612 644,687 Non-agency residential 1,090 1,077 1,638 1,638 Total fixed maturity securities $ 7,539,624 $ 7,496,815 $ 7,334,425 $ 7,492,079 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods as indica ted: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (188,407) $ 110,909 Fixed maturity securities, other-than-temporary impairment - (332) Change in unrealized appreciation (depreciation), pre-tax (188,407) 110,577 Deferred tax benefit (expense) 38,769 (23,214) Deferred tax benefit (expense), other-than-temporary impairment - 70 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (149,638) $ 87,433 The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or credit related. 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 a credit 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 intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related 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 Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. 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. We will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. Prior to the adoption of ASU 2016-13 effective January 1, 2020, estimated credit losses were recorded as adjustments to the carrying value of the security and any subsequent improvement in market value were recorded through other comprehensive income. The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effecti ve 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 hi story 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 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 p osition for the periods indicated : Duration of Unrealized Loss at March 31, 2020 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ - $ - $ 9,003 $ (835) $ 9,003 $ (835) Obligations of U.S. states and political subdivisions 78,392 (4,745) 3,309 (249) 81,701 (4,994) Corporate securities 1,006,791 (69,967) 117,380 (58,091) 1,124,171 (128,058) Asset-backed securities 603,807 (68,849) 107,550 (7,825) 711,357 (76,674) Mortgage-backed securities Commercial 13,302 (491) 14,094 (284) 27,396 (775) Agency residential 20,787 (761) 1,872 (21) 22,659 (782) Non-agency residential 553 (12) 517 (1) 1,070 (13) Foreign government securities 144,468 (3,758) 38,825 (8,202) 183,293 (11,960) Foreign corporate securities 207,389 (11,354) 61,954 (8,322) 269,343 (19,676) Total fixed maturity securities $ 2,075,489 $ (159,937) $ 354,504 $ (83,830) $ 2,429,993 $ (243,767) Duration of Unrealized Loss at March 31, 2020 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 102,257 $ (3,625) $ 56,571 $ (7,462) $ 158,828 $ (11,087) Due in one year through five years 692,049 (35,783) 130,311 (16,942) 822,360 (52,725) Due in five years through ten years 491,144 (38,231) 8,969 (1,254) 500,113 (39,485) Due after ten years 151,590 (12,185) 34,620 (50,041) 186,210 (62,226) Asset-backed securities 603,807 (68,849) 107,550 (7,825) 711,357 (76,674) Mortgage-backed securities 34,642 (1,264) 16,483 (306) 51,125 (1,570) Total fixed maturity securities $ 2,075,489 $ (159,937) $ 354,504 $ (83,830) $ 2,429,993 $ (243,767) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2020 were $ 2,429,993 thousand and $ 243,767 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2020, did not exceed 0.1 % of the overall market value of the Company’s fixed maturity securities. I n addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 159,937 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss positio n for less than one year were generally comprised of domestic and foreign corporate securities and asset backed securities. Of these unrealized losses, $ 123,786 thousand were related to securities that were rated investment grade by at least one nationall y recognized statistical rating agency. The $ 83,830 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 and asset backed securities. Of these unrealized losses $ 26,723 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation fo r mortgage-backed securities 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 Comp any 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 val ue and gross unrealized depreciation of fixed maturity 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 i ndicated: Duration of Unrealized Loss at December 31, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 8,997 $ (141) $ 203,780 $ (846) $ 212,777 $ (987) Obligations of U.S. states and political subdivisions 4,600 (38) 4,518 (49) 9,118 (87) Corporate securities 334,973 (5,186) 230,679 (21,252) 565,652 (26,438) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities Commercial 13,083 (87) 16,374 (67) 29,457 (154) Agency residential 19,019 (82) 17,147 (238) 36,166 (320) Non-agency residential - - 690 - 690 - Foreign government securities 113,256 (858) 109,953 (6,192) 223,209 (7,050) Foreign corporate securities 105,551 (1,260) 121,710 (7,879) 227,261 (9,139) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) Duration of Unrealized Loss at December 31, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 34,542 $ (1,067) $ 188,755 $ (6,411) $ 223,297 $ (7,478) Due in one year through five years 226,521 (2,554) 357,728 (11,562) 584,249 (14,116) Due in five years through ten years 251,967 (3,292) 43,129 (6,785) 295,096 (10,077) Due after ten years 54,347 (570) 81,028 (11,460) 135,375 (12,030) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities 32,102 (169) 34,211 (305) 66,313 (474) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2019 were $ 1,540,376 thousand and $ 45,484 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2019, did not exceed 0.2 % 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 $ 8,539 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss positio n for less than one year were generally comprised of domestic and foreign corporate securities. Of these unrealized losses, $ 5,645 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 36,945 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 and foreign government securities. Of these unreal ized losses $ 16,976 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities 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 a nd principal payments. The components of net investment income are presented in the tables below for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Fixed maturities $ 74,088 $ 67,054 Equity securities 1,592 1,431 Short-term investments and cash 1,570 2,736 Other invested assets Limited partnerships 6,996 8,055 Dividends from preferred shares of affiliate 7,758 7,758 Other (13,072) 2,980 Gross investment income before adjustments 78,932 90,014 Funds held interest income (expense) 3,257 2,881 Interest income from Parent 1,282 - Gross investment income 83,471 92,895 Investment expenses (9,270) (8,361) Net investment income $ 74,201 $ 84,534 (Some amounts may not reconcile due to rounding.) 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 $ 880,460 thousand in limited partnerships and private placement loans at March 31, 20 20 . These commitments will be funded when called in accordance with the partnership and loan agreem e nts, which have investment periods that expire, unless extended, through 2026. The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its short -term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of March 31, 20 20 , the market value of investments in the fac ility consolidated within the Company’s balance sheets was $ 214,344 thousand. Other invested assets, at fair value, as of March 31, 20 20 and December 31, 201 9 , were comprised of preferred shares held in Preferred Holdings, an affiliated company. Th e 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) 2020 2019 Fixed maturity securities, market value: Allowances for credit losses $ (12,099) $ - Other-than-temporary impairments - (2,290) Gains (losses) from sales (20,937) 3,426 Fixed maturity securities, fair value: Gains (losses) from fair value adjustments (1,123) 13 Equity securities, fair value: Gains (losses) from sales (27,602) 5,044 Gains (losses) from fair value adjustments (121,669) 77,846 Other invested assets (2,327) 396 Other invested assets, fair value: Gains (losses) from fair value adjustments 442,479 50,627 Short-term investment gains (losses) 145 (6) Total net realized capital gains (losses) $ 256,867 $ 135,056 Foreign Foreign Corporate Government Corporate Securities Securities Securities Total Balance as of December 31, 2019 $ - $ - $ - $ - Provision for credit losses (11,468) (70) (561) (12,099) Balance as of March 31, 2020 $ (11,468) $ (70) $ (561) $ (12,099) The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) fair value re-measurements, allowances for credit losses per ASU 2016-13 and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis in prior years 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 o f fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Proceeds from sales of fixed maturity securities $ 164,244 $ 1,603,889 Gross gains from sales 1,846 8,104 Gross losses from sales (22,783) (4,678) Proceeds from sales of equity securities $ 204,161 $ 69,238 Gross gains from sales 2,581 5,671 Gross losses from sales (30,183) (627) |
Reserves For Losses And LAE
Reserves For Losses And LAE | 3 Months Ended |
Mar. 31, 2020 | |
Reserves For Losses And LAE [Abstract] | |
Reserves For Losses And LAE | 4 . RESERVES FOR LOSSES AND LAE Activity in the reserve for losses and LAE is summarized for the periods indicated: Three Months Ended Three Months Ended March 31, March 31, (Dollars in thousands) 2020 2019 Gross reserves beginning of period $ 10,209,519 $ 10,167,018 Less reinsurance recoverables (4,215,348) (4,697,543) Net reserves beginning of period 5,994,171 5,469,475 Incurred related to: Current year 1,026,442 788,837 Prior years 3,071 7,259 Total incurred losses and LAE 1,029,513 796,096 Paid related to: Current year 138,778 100,676 Prior years 593,482 607,365 Total paid losses and LAE 732,260 708,041 Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 (36,673) 7,368 Net reserves end of period 6,254,751 5,564,898 Plus reinsurance recoverables 4,016,471 4,608,571 Gross reserves end of period $ 10,271,222 $ 10,173,469 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 1,026,44 2 thousand for the three months ended March 31, 2020 and $ 788,837 thousand for the three months ended March 31, 2019, respectively. The increase in current year incurred losses in 2020 compared to 2019 was primarily due to $ 35,700 thousand of incurred losses due to COVID-19 as well as the impact of the incre ase in prem iums earned. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value [Abstract] | |
Fair Value | 5 . FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it est ablishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in acti ve markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers managing publicly traded securities 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 d aily 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 d evelop 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 o n 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 indepen dent 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 dis count rates to determine fair value. At March 31, 2020, $ 881,064 thousand of fixed maturities, market value and $ 4,703 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value , $ 722,948 thousand and all of the $ 4,703 thousand of fixed maturities, fair value, were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has pro cedures in place to review and evaluate these independent third party valuations. The remaining Level 3 fixed maturities of $ 158,116 thousand were fair valued by the Company at either par or amortized cost, which the Company believes approximates fair val ue. At December 31, 2019, $ 702,331 thousand of fixed maturities, market value and $ 5,826 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 610,873 thousand and all of the $ 5,826 thousand of fixed maturities, fair value, were valued by investment managers’ valuation committees and a majority of these fair values were substantiated by valuations from independent third parties. The remaining Level 3 fixed maturities of $ 91,458 thousand were fair valued by the Company at either par or amortized cost, which the Company believes approximates fair value. The Company internally manages a public equity portfolio which had a fair value at March 31, 2020 and December 31, 2019 of $ 210,845 thousand and $ 170,888 thousand, respectively, and all prices were obtained from publicly published sources. Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as level 1 s ince the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exc hange rates published by nationally recognized sources. All categories of fixed maturity securities listed in the tables below are generally categorized as level 2, since a particular security may not have traded but the pricing services are able to use v aluation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair valu es provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The fixed maturities with fair values categorized as level 3 result when prices are not available from the nationally recognized pricing services. The composition and valuation inputs for the presented fixed maturities categories are as follows: U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar i ssuances or benchmark yields; Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securi ties, benchmark yields and credit spreads; Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar se curities, benchmark yields and credit spreads; Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted marke t prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields an d credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source. Other invested assets, at fair value, were categorized as Level 3 at March 31, 2020 and December 31, 2019, since it represen ted a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent. The 25 year redeemable, convertible preferred stock with a 1.75 % coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10 year and the swap rate on the Company’s June 1, 2044 , 4.868 % senior notes, with adjustments to reflect the Company’s own assumptions about the i nputs that market participants would use in pricing the asset. 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 March 31, Assets Inputs Inputs (Dollars in thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 805,412 $ - $ 805,412 $ - Obligations of U.S. States and political subdivisions 523,894 - 523,894 - Corporate securities 2,812,734 - 2,170,301 642,433 Asset-backed securities 800,118 - 561,487 238,631 Mortgage-backed securities Commercial 329,328 - 329,328 - Agency residential 665,728 - 665,728 - Non-agency residential 1,077 - 1,077 - Foreign government securities 670,852 - 670,852 - Foreign corporate securities 887,672 - 887,672 - Total fixed maturities, market value 7,496,815 - 6,615,751 881,064 Fixed maturities, fair value 4,703 - - 4,703 Equity securities, fair value 578,531 544,056 34,475 - Other invested assets, fair value 2,425,061 - - 2,425,061 There were no transfers between Level 1 and Level 2 for the three months ended March 31 , 2020 . 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 December 31, Assets Inputs Inputs (Dollars in thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 777,515 $ - $ 777,515 $ - Obligations of U.S. States and political subdivisions 535,911 - 535,911 - Corporate securities 2,821,557 - 2,274,618 546,939 Asset-backed securities 765,957 - 612,316 153,641 Mortgage-backed securities Commercial 329,049 - 329,049 - Agency residential 644,687 - 644,687 - Non-agency residential 1,638 - 1,638 - Foreign government securities 658,007 - 658,007 - Foreign corporate securities 957,758 - 956,007 1,751 Total fixed maturities, market value 7,492,079 - 6,789,748 702,331 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 764,049 719,548 44,501 - Other invested assets, fair value 1,982,582 - - 1,982,582 In addition, $ 212,677 thousand and $ 209,578 thousand of investments within other invested assets on the consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical exped ient to determine fair value. The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 546,939 $ 153,641 $ 1,751 $ 702,331 $ 376,250 $ - $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings (214) 4 - (210) 4,858 - 119 4,977 Included in other comprehensive income (loss) (3,357) (15,882) - (19,239) 574 - - 574 Purchases, issuances and settlements 99,064 100,868 (1,751) 198,181 (12,046) - (565) (12,611) Transfers in and/or (out) of Level 3 - - - - (2,458) - - (2,458) Ending balance $ 642,432 $ 238,631 $ - $ 881,063 $ 367,178 $ - $ 7,298 $ 374,476 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 $ (539) $ - $ - $ (539) $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 5,826 $ 5,826 $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings (1,123) (1,123) 13 13 Included in other comprehensive income (loss) - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 4,703 $ 4,703 $ 2,350 $ 2,350 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.) The net transfers to/(from) level 3, fair value measurements using significant unobservable inputs for fixed maturities, market value were $ 0 thousand and $ (2,458) thousand for the three months ended March 31, 2020 and 2019, respectively. The transfers durin g 2019 were related to securities that were priced using investment managers as of December 31, 2018 and were subsequently priced by a recognized pricing service as of March 31, 2019. The following table presents the activity under Level 3, fair value mea surements using significant unobservable inputs by other invested assets, for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Other invested assets, fair value: Beginning balance $ 1,982,582 $ 1,717,336 Total gains or (losses) (realized/unrealized) Included in earnings 442,479 50,627 Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Ending balance $ 2,425,061 $ 1,767,963 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.) |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 6 . COMMITMENTS AND C ONTINGENCIES 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 fund s 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 positi ons 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 reinsu rance agreements, the Company is not a party to any other material litigation or arbitration. The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if e ither The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liab le for the periods indicated: At March 31, At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 141,281 $ 141,703 Unaffiliated life insurance company 33,116 35,082 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 7 . COMPREHENSIVE INCOME (LOSS) The following tables present 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, 2020 (Dollars in thousands) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (223,770) 46,246 $ (177,524) Reclassification of net realized losses (gains) included in net income (loss) 35,364 (7,478) 27,886 Foreign currency translation adjustments (37,532) 7,899 (29,633) Reclassification of amortization of net gain (loss) included in net income (loss) 1,165 (245) 920 Total other comprehensive income (loss) $ (224,773) $ 46,422 $ (178,351) (Some amounts may not reconcile due to rounding) Three Months Ended March 31, 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 112,441 $ (23,730) $ 88,711 URA(D) on securities - OTTI (332) 70 (262) Reclassification of net realized losses (gains) included in net income (loss) (1,532) 516 (1,016) Foreign currency translation adjustments 12,110 (2,546) 9,564 Reclassification of amortization of net gain (loss) included in net income (loss) 1,457 (306) 1,151 Total other comprehensive income (loss) $ 124,144 $ (25,996) $ 98,148 (Some amounts may not reconcile due to rounding) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Affected line item within the March 31, statements of operations and AOCI component 2020 2019 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 35,364 $ (1,532) Other net realized capital gains (losses) (7,478) 516 Income tax expense (benefit) $ 27,886 $ (1,016) Net income (loss) Benefit plan net gain (loss) $ 1,165 $ 1,457 Other underwriting expenses (245) (306) Income tax expense (benefit) $ 920 $ 1,151 Net income (loss) (Some amounts may not reconcile due to rounding) T he following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beginning balance of URA (D) on securities $ 124,612 $ (55,950) Current period change in URA (D) of investments - temporary (149,638) 87,695 Current period change in URA (D) of investments - non-credit OTTI - (262) Ending balance of URA (D) on securities (25,025) 31,483 Beginning balance of foreign currency translation adjustments 14,267 (2,886) Current period change in foreign currency translation adjustments (29,633) 9,564 Ending balance of foreign currency translation adjustments (15,367) 6,678 Beginning balance of benefit plan net gain (loss) (74,556) (67,418) Current period change in benefit plan net gain (loss) 920 1,151 Ending balance of benefit plan net gain (loss) (73,635) (66,267) Ending balance of accumulated other comprehensive income (loss) $ (114,027) $ (28,106) |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 3 Months Ended |
Mar. 31, 2020 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8 . COLLATERALIZED REINSURANCE AND 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 non-affiliated ceding companies. At March 31, 2020, the total amount on deposit in the trust account was $ 752,337 thousand. On April 24, 2014, the Company entered into two collateraliz ed reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts, which cover specified na med storm and earthquake events. The first agreement provides up to $ 250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States. The second agreement provides up to $ 200,000 thousand of reinsurance co verage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West r egions of the United States, Puerto Rico and British Columbia. These reinsurance agreements expired in April 2018 . On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro to provide the Company with catastro phe reinsurance coverage. This agreement is a multi-year reinsurance contract which covers specified earthquake events. The agreement provides up to $ 500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada. T hese reinsurance agreements expired in November, 2019. On December 1, 2015, the Company entered into two collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover nam ed storm and earthquake events. The first agreement provides up to $ 300,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The second agreement provides up to $ 325,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 13, 2017, the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with annual aggregate catastrophe reinsurance coverage. The initial three agreements are four year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 225,000 thousand, $ 400,000 thousand and $ 325,000 thou sand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 50,000 thousand, $ 75,000 thousand and $ 175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 30, 2018, the Compa ny entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover name d storm and earthquake events. The first two ag reements are four year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Ric o, the U.S. Virgin Islands and Canada. On December 12, 2019, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance c ontracts which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $ 150,000 thousand and $ 275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 150,000 thousand and $ 275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United State, Puerto Rico, the U.S. Virgin Islands and Canada. Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured loss es from covered events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the publi shed insured loss estimates for catastrophe events during the applicable covered periods of the various agreements have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery. Kiliman jaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 thousand of notes (“Series 2014-1 Notes”). The $ 450,000 thousand of Seri es 2014-1 Notes were fully redeemed on April 30, 2018 and are no longer outstanding. On November 18, 2014, Kilimanjaro issued $ 500,000 thousand of notes (“Series 2014-2 Notes”). The $ 450,000 thousand of Series 2014-2 Notes were fully redeemed in November 2019 and are no longer outstanding. On December 1, 2015, Kilimanjaro issued $ 625,000 thousand of notes (“Series 2015-1 Notes). On April 13, 2017, Kilimanjaro issued $ 950,000 thousand of notes (“Series 2017-1 Notes) and $ 300,000 thousand of notes (“Series 2017-2 Notes). On April 30, 2018, Kilimanjaro issued $ 262,500 thousand of notes (“Series 2018-1 Notes”) and $ 262,500 thousand of notes (“Series 2018-2 Notes”). On December 12, 2019 Kilimanjaro issued $ 425,000 thousand of notes (“Series 2019-1 Notes”) and $ 425,000 thousand of notes (“Series 2019-2 Notes’”). The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market fu nds with a rating of at least “AAAm” by Standard & Poor’s. |
Senior Notes
Senior Notes | 3 Months Ended |
Mar. 31, 2020 | |
Senior Notes [Abstract] | |
Senior Notes | 9 . S ENIOR 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. March 31, 2020 December 31, 2019 Consolidated Consolidated Principal Balance Sheet Market Balance Sheet Market (Dollars in thousands) Date Issued Date Due Amounts Amount Value Amount Value Senior notes 06/05/2014 06/01/2044 400,000 $ 397,104 $ 454,224 $ 397,074 $ 452,848 On June 5, 2014 , Holdings issued $ 400,000 thousand of 30 year senior notes at 4.868 %, which will mature on June 1, 2044 . Interest will be paid semi-annually on June 1 and December 1 of each year. Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Interest expense incurred $ 4,868 $ 4,868 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 3 Months Ended |
Mar. 31, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 10 . 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. March 31, 2020 December 31, 2019 Original Consolidated Consolidated Principal Maturity Date Balance Market Balance Market (Dollars in thousands) Date Issued Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 235,083 $ 181,834 $ 236,758 $ 233,191 During the fixed rate interest period from May 3, 2007 through May 14, 2017 , interest was 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 . 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 yea r, 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 quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for February 18, 2020 to May 14, 2020 is 4.08 %. 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 subordinat ed debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40 % senior notes on October 15, 2014 , the Company’s 4.868 % senior notes, due on June 1, 2044 , have become the Company’s lo ng term indebtedness that ranks senior to the long term subordinated notes. The Company repurchased and retired $ 1,700 thousand of its outstanding long term subordinated notes during the three months ended March 31, 2020. The Company realized a gain of $ 502 thousand from the repurchase of the long term subordinated notes. On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the te nder 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) 2020 2019 Interest expense incurred $ 2,538 $ 2,605 |
Federal Home Loan Bank Membersh
Federal Home Loan Bank Membership | 3 Months Ended |
Mar. 31, 2020 | |
Federal Home Loan Bank Membership [Abstract] | |
Federal Home Loan Bank Membership | 11 . FEDERAL HOME LOAN BANK MEMBERSHIP Effective August 15, 2019, Everest Re became a member of the Federal Home Loan Bank (“FHLB”) organization, which allows Everest Re to borrow up to 10 % of its statutory admitted assets. As of March 31, 2020 , Everest Re had admitted assets of approximately $ 12,879,681 thousand which provides borrowing capacity of up to approximately $ 1,287,968 thousand. Through March 31, 2020, Everest Re had no borrowings through the FHLB. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 12 . LEASES Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payme nts utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follow s for the periods indicated: Three Months Ended Three Months Ended March 31, March 31, (Dollars in thousands) 2020 2019 Lease expense incurred: Operating lease cost $ 7,248 $ 4,562 At March 31, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 148,855 $ 152,978 Operating lease liabilities 158,350 160,387 Three Months Ended Three Months Ended March 31, March 31, (Dollars in thousands) 2020 2019 Operating cash flows from operating leases $ (4,357) $ (4,304) At March 31, At December 31, 2020 2019 Weighted average remaining operating lease term 12.8 years 12.8 years Weighted average discount rate on operating leases 3.83 % 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2020 $ 13,649 2021 15,844 2022 17,879 2023 17,450 2024 17,438 2025 14,430 Thereafter 111,609 Undiscounted lease payments 208,299 Less: present value adjustment 49,949 Total operating lease liability $ 158,350 The amount of operating lease liabilities is not separately presented in the consolidated financial statements but is included in other liabilities. Disclosures regarding minimum lease payments under previous lease accounting guidance can be found in the Company’s 2018 Form 10-K. On July 2, 2019, the Company entered into a lease agreement to relocate its corporate offices from Liberty Corner, New Jersey to a corporate complex in Warren, New Jersey. The new lease, which covers approximately 315,000 squar e feet of office space, will be effective October 1, 2019 and runs through 2036 . The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7,800 thousand per year. The Company expects to relocate the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex by 2021 . |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13 . SEGMENT REPORTING The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States as well as through branches in Canada and Singapore. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the United States. These segments are managed independently, but conform with corporate gu idelines 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 LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular loss, commission and brok erage 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. The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended Reinsurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 1,308,194 $ 1,153,111 Net written premiums 1,114,235 975,999 Premiums earned $ 1,007,034 $ 897,278 Incurred losses and LAE 682,707 553,714 Commission and brokerage 260,901 236,965 Other underwriting expenses 29,847 24,056 Underwriting gain (loss) $ 33,579 $ 82,543 Three Months Ended Insurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 666,771 $ 531,771 Net written premiums 524,474 416,244 Premiums earned $ 486,970 $ 373,176 Incurred losses and LAE 346,805 242,382 Commission and brokerage 62,203 51,253 Other underwriting expenses 71,361 54,326 Underwriting gain (loss) $ 6,601 $ 25,215 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) 2020 2019 Underwriting gain (loss) $ 40,180 $ 107,758 Net investment income 74,201 84,534 Net realized capital gains (losses) 256,867 135,056 Corporate expense (3,721) (1,651) Interest, fee and bond issue cost amortization expense (7,460) (9,828) Other income (expense) (4,498) (730) Income (loss) before taxes $ 355,569 $ 315,139 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) 2020 2019 Canada gross written premiums $ 63,637 $ 39,050 No other country represented more than 5 % of the Company’s revenues. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 14 . RELATED-PARTY TRANSACTIONS Parent Group entered into a $ 300,000 thousand long term note agreement with Everest Re as of December 17, 2019. The note will pay interest annually at a rate of 1.69 % and is scheduled to mature in December, 2028. This transaction is presented as a Note Receivable – Affiliated in the Consolidated Balance Sheet of Holdings. The Company recognized interest income related to the this long term note of $ 1,282 thousand and $ 0 thousand for the three months ended Mar ch 31, 2020 and 2019, respectively. Group entered into a $ 250,000 thousand long term promissory note agreement with Holdings as of December 31, 2014. The note was repaid in December 2018. Group’s Board of Directors approved an amended share repurc hase 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) 09/21/2004 5,000,000 07/21/2008 5,000,000 02/24/2010 5,000,000 02/22/2012 5,000,000 05/15/2013 5,000,000 11/19/2014 5,000,000 30,000,000 Holdings had purchased and held 9,719,971 Common Shares of Group, which were purchased in the open market between February 2007 and March 2011. In December, 2015, Holdings transferred the 9,719,971 Common Shares of Group, which it held as other invested assets, at fair value, valued at $ 1,773,214 thousand, to Preferred Holdings, an affiliated entity and subsidiary of Group, in exchange for 1,773.214 preferred shares of Preferred Holdings with a $ 1,0 00 thousand par value and 1.75 % annual dividend rate. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. Holdings has reported the preferred shares in Preferred Holdings, 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 the preferred shares of Preferred Holdings and on the Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (l oss) for the period indicated . Three Months Ended March 31, (Dollars in thousands) 2020 2019 Dividends received on preferred stock of affiliate $ 7,758 $ 7,758 Affiliated Companies Effective December 31, 2018, Holdings entered into a $ 300,000 thousand long-term promissory note agreement with Bermuda Re. The note was repaid in May, 2019. This transaction was presented as a Note Payable – Affiliated in the consolidated balance sheets of Holdings as of December 31, 2018. Interest expense of $ 0 thousand and $ 2,303 thousand was recorded by Holdings for the three months ended March 31, 2020 and 2019, respectively . Effective October 1, 2018, Holdings Ireland made a capital contribution of Global Services, an affiliated entity, to Holdings. Global Services had an equity value of $ 227,253 thousand at the time of contribution and that value is classified as additional paid in capital in the Company’s consolidate d balance sheets. Affiliates The table below represents affiliated quota share r einsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: (Dollars in thousands) Single Percent Assuming Occurrence Aggregate Coverage Period Ceding Company Ceded Company Type of Business Limit Limit 01/01/2010-12/31/2010 Everest Re 44.0 % Bermuda Re property / casualty business 150,000 325,000 01/01/2011-12/31/2011 Everest Re 50.0 % Bermuda Re property / casualty business 150,000 300,000 01/01/2012-12/31/2014 Everest Re 50.0 % Bermuda Re property / casualty business 100,000 200,000 01/01/2015-12/31/2016 Everest Re 50.0 % Bermuda Re property / casualty business 162,500 325,000 01/01/2017-12/31/2017 Everest Re 60.0 % Bermuda Re property / casualty business 219,000 438,000 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (1) - 01/01/2011-12/31/2011 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (1) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 206,250 (1) 412,500 (1) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 150,000 (1) 412,500 (1) 01/01/2014-12/31/2017 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 262,500 (1) 412,500 (1) 01/01/2012-12/31/2017 Everest Canada 80.0 % Everest Re- Canadian Branch property business - - (1) Amounts shown are Canadian dollars. Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance contract (“stop loss agreement”) with Bermuda Re. The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions. The stop loss agreement was renewed effective January 1, 2019. In addition, Everest Re entered into a property catastrophe excess of loss reinsurance contract with Bermuda Re, effective January 1, 2019. The contract provides $ 1 00,000 thousand of reinsurance coverage for property catastrophe losses above certain attachment points. The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to a n affiliate. (Dollars in thousands) Effective Transferring Assuming % of Business or Covered Period Date Company Company Amount of Transfer of Transfer 10/01/2001 Everest Re (Belgium Branch) Bermuda Re 100 % All years 10/01/2008 Everest Re Bermuda Re $ 747,022 01/01/2002-12/31/2007 12/31/2017 Everest Re Bermuda Re $ 970,000 All years On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re. The LPT agreement covers subject loss reserves of $ 2,336,242 thousand for accident years 2017 and prior. As a result of the LPT agreement, the Company transferred $ 1,000,000 thousand of cash and fixed maturity securities and transferred $ 970,000 thousand of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $ 500,000 thousand of adverse development coverage on the subject loss reserves. 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 and Lloyd’s syndicate 2786 for the peri ods indicated: Three Months Ended Bermuda Re March 31, (Dollars in thousands) 2020 2019 Ceded written premiums $ 30,500 $ 51,473 Ceded earned premiums 30,500 52,524 Ceded losses and LAE (22,159) 11,733 Three Months Ended Everest International March 31, (Dollars in thousands) 2020 2019 Ceded written premiums $ - $ - Ceded earned premiums - - Ceded losses and LAE 22 10 Three Months Ended Everest Canada March 31, (Dollars in thousands) 2020 2019 Assumed written premiums $ 236 $ - Assumed earned premiums 39 - Assumed losses and LAE 1,598 (1,601) Three Months Ended Lloyd's Syndicate 2786 March 31, (Dollars in thousands) 2020 2019 Assumed written premiums $ (3,031) $ (9,209) Assumed earned premiums (2,822) (18,827) Assumed losses and LAE 814 (7,918) In 2013, Group established Mt. Logan Re, which is a Class 3 insurer based in Bermuda. Mt. Logan Re then established separate segregated accounts for its business activity, which invest in a diversified set of catastrophe exposures. The following table su mmarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Three Months Ended Mt. Logan Re Segregated Accounts March 31, (Dollars in thousands) 2020 2019 Ceded written premiums $ 95,350 $ 63,223 Ceded earned premiums 79,855 44,822 Ceded losses and LAE 37,465 34,623 Assumed written premiums - - Assumed earned premiums - - Assumed losses and LAE - - |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 15 . RETIREMENT BENEFITS The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and c redited length of service. The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective Ja nuary 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 4,011 $ 2,276 Interest cost 2,483 2,930 Expected return on plan assets (5,197) (5,016) Amortization of net (income) loss 1,213 1,601 Settlement charge - 104 Net periodic benefit cost $ 2,510 $ 1,895 Other Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 141 $ 286 Interest cost 215 295 Amortization of prior service cost (48) (144) Amortization of net (income) loss - - Net periodic benefit cost $ 308 $ 437 (Some amounts may not reconcile due to rounding.) The service cost component of net periodic benefit costs is included within other underwriting expenses on the consolidated statement of operations and comprehensive income (loss). In accordance with ASU 2017-07, other staff compensation costs are also primarily recorded within this line item. The Company did not make any contributions to the qualified pension benefit plan for the three months ended March 31, 2020 and 2019, respectively . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 16 . I NCOME 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. The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annual effective tax rate approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/loss to determine the income tax expense or benefit for the year-to-date period. If the annual effective tax rate approach produces a year-to-date tax benefit which exceeds the amount which is estimated to be recoverable for the full year, then the tax benefit for the interim reporting period will be limited as prescribed under ASC 740-270 to the estimated recoverable based on the year-to-date result. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income/loss and effective tax rate. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17 . SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Revisions To Financial Statemen
Revisions To Financial Statements | 3 Months Ended |
Mar. 31, 2020 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 18 . REVISIONS TO FINANCIAL STATEMENTS In preparing third quarter 2019 financial statements, the Company identified errors in the handling of foreign exchange related to premium funds held from reinsureds . Although management determined that the impact of the foreign exchange differences were not material to prior period financial statements, the impact of recording the cumulative difference would have significantly impacted results within the third quarter 2019. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to correct the foreign exchange adjustments. Management assessed the materiality of this change within prior period financial sta tements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. T he prior period comparative financial statements that are presente d herein have been revised. The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (1,214) 484 (730) Total revenues $ 1,488,830 $ 484 $ 1,489,314 INCOME (LOSS) BEFORE TAXES $ 314,655 $ 484 $ 315,139 Income tax expense (benefit) 63,429 102 63,531 NET INCOME (LOSS) $ 251,226 $ 382 $ 251,608 COMPREHENSIVE INCOME (LOSS) $ 349,374 $ 382 $ 349,756 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 4,070,604 $ (7,908) $ 4,062,696 Net income (loss) 251,226 382 251,608 Balance, March 31 4,321,830 (7,524) 4,314,306 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 251,226 $ 382 $ 251,608 Decrease (increase) in funds held by reinsureds, net (13,877) (484) (14,361) Decrease (increase) in income taxes 94,631 102 94,733 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At March 31, 2020 Amortized Allowances for Unrealized Unrealized Market (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 771,122 $ - $ 35,125 $ (835) $ 805,412 Obligations of U.S. states and political subdivisions 507,155 - 21,733 (4,994) 523,894 Corporate securities 2,903,505 (11,468) 48,755 (128,058) 2,812,734 Asset-backed securities 875,091 - 1,701 (76,674) 800,118 Mortgage-backed securities Commercial 313,624 - 16,479 (775) 329,328 Agency residential 638,008 - 28,502 (782) 665,728 Non-agency residential 1,090 - - (13) 1,077 Foreign government securities 654,644 (70) 28,238 (11,960) 670,852 Foreign corporate securities 875,385 (561) 32,524 (19,676) 887,672 Total fixed maturity securities $ 7,539,624 $ (12,099) $ 213,057 $ (243,767) $ 7,496,815 At December 31, 2019 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 768,374 $ 10,128 $ (987) $ 777,515 $ - Obligations of U.S. states and political subdivisions 506,347 29,651 (87) 535,911 - Corporate securities 2,777,097 70,898 (26,438) 2,821,557 245 Asset-backed securities 761,607 5,659 (1,309) 765,957 - Mortgage-backed securities Commercial 311,961 17,242 (154) 329,049 - Agency residential 625,612 19,395 (320) 644,687 - Non-agency residential 1,638 - - 1,638 - Foreign government securities 646,149 18,908 (7,050) 658,007 27 Foreign corporate securities 935,640 31,257 (9,139) 957,758 333 Total fixed maturity securities $ 7,334,425 $ 203,138 $ (45,484) $ 7,492,079 $ 605 (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At March 31, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale Due in one year or less $ 617,696 $ 611,935 $ 569,506 $ 563,730 Due after one year through five years 2,878,464 2,885,401 2,919,966 2,963,903 Due after five years through ten years 1,626,513 1,654,400 1,541,695 1,602,642 Due after ten years 589,138 548,828 602,440 620,473 Asset-backed securities 875,091 800,118 761,607 765,957 Mortgage-backed securities Commercial 313,624 329,328 311,961 329,049 Agency residential 638,008 665,728 625,612 644,687 Non-agency residential 1,090 1,077 1,638 1,638 Total fixed maturity securities $ 7,539,624 $ 7,496,815 $ 7,334,425 $ 7,492,079 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (188,407) $ 110,909 Fixed maturity securities, other-than-temporary impairment - (332) Change in unrealized appreciation (depreciation), pre-tax (188,407) 110,577 Deferred tax benefit (expense) 38,769 (23,214) Deferred tax benefit (expense), other-than-temporary impairment - 70 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ (149,638) $ 87,433 |
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, 2020 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ - $ - $ 9,003 $ (835) $ 9,003 $ (835) Obligations of U.S. states and political subdivisions 78,392 (4,745) 3,309 (249) 81,701 (4,994) Corporate securities 1,006,791 (69,967) 117,380 (58,091) 1,124,171 (128,058) Asset-backed securities 603,807 (68,849) 107,550 (7,825) 711,357 (76,674) Mortgage-backed securities Commercial 13,302 (491) 14,094 (284) 27,396 (775) Agency residential 20,787 (761) 1,872 (21) 22,659 (782) Non-agency residential 553 (12) 517 (1) 1,070 (13) Foreign government securities 144,468 (3,758) 38,825 (8,202) 183,293 (11,960) Foreign corporate securities 207,389 (11,354) 61,954 (8,322) 269,343 (19,676) Total fixed maturity securities $ 2,075,489 $ (159,937) $ 354,504 $ (83,830) $ 2,429,993 $ (243,767) Duration of Unrealized Loss at December 31, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 8,997 $ (141) $ 203,780 $ (846) $ 212,777 $ (987) Obligations of U.S. states and political subdivisions 4,600 (38) 4,518 (49) 9,118 (87) Corporate securities 334,973 (5,186) 230,679 (21,252) 565,652 (26,438) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities Commercial 13,083 (87) 16,374 (67) 29,457 (154) Agency residential 19,019 (82) 17,147 (238) 36,166 (320) Non-agency residential - - 690 - 690 - Foreign government securities 113,256 (858) 109,953 (6,192) 223,209 (7,050) Foreign corporate securities 105,551 (1,260) 121,710 (7,879) 227,261 (9,139) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) |
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, 2020 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 102,257 $ (3,625) $ 56,571 $ (7,462) $ 158,828 $ (11,087) Due in one year through five years 692,049 (35,783) 130,311 (16,942) 822,360 (52,725) Due in five years through ten years 491,144 (38,231) 8,969 (1,254) 500,113 (39,485) Due after ten years 151,590 (12,185) 34,620 (50,041) 186,210 (62,226) Asset-backed securities 603,807 (68,849) 107,550 (7,825) 711,357 (76,674) Mortgage-backed securities 34,642 (1,264) 16,483 (306) 51,125 (1,570) Total fixed maturity securities $ 2,075,489 $ (159,937) $ 354,504 $ (83,830) $ 2,429,993 $ (243,767) Duration of Unrealized Loss at December 31, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Market Unrealized Market Unrealized Market Unrealized (Dollars in thousands) Value Depreciation Value Depreciation Value Depreciation Fixed maturity securities Due in one year or less $ 34,542 $ (1,067) $ 188,755 $ (6,411) $ 223,297 $ (7,478) Due in one year through five years 226,521 (2,554) 357,728 (11,562) 584,249 (14,116) Due in five years through ten years 251,967 (3,292) 43,129 (6,785) 295,096 (10,077) Due after ten years 54,347 (570) 81,028 (11,460) 135,375 (12,030) Asset-backed securities 159,695 (887) 76,351 (422) 236,046 (1,309) Mortgage-backed securities 32,102 (169) 34,211 (305) 66,313 (474) Total fixed maturity securities $ 759,174 $ (8,539) $ 781,202 $ (36,945) $ 1,540,376 $ (45,484) |
Summary Of Components Of Net Investment Income | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Fixed maturities $ 74,088 $ 67,054 Equity securities 1,592 1,431 Short-term investments and cash 1,570 2,736 Other invested assets Limited partnerships 6,996 8,055 Dividends from preferred shares of affiliate 7,758 7,758 Other (13,072) 2,980 Gross investment income before adjustments 78,932 90,014 Funds held interest income (expense) 3,257 2,881 Interest income from Parent 1,282 - Gross investment income 83,471 92,895 Investment expenses (9,270) (8,361) Net investment income $ 74,201 $ 84,534 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Fixed maturity securities, market value: Allowances for credit losses $ (12,099) $ - Other-than-temporary impairments - (2,290) Gains (losses) from sales (20,937) 3,426 Fixed maturity securities, fair value: Gains (losses) from fair value adjustments (1,123) 13 Equity securities, fair value: Gains (losses) from sales (27,602) 5,044 Gains (losses) from fair value adjustments (121,669) 77,846 Other invested assets (2,327) 396 Other invested assets, fair value: Gains (losses) from fair value adjustments 442,479 50,627 Short-term investment gains (losses) 145 (6) Total net realized capital gains (losses) $ 256,867 $ 135,056 Foreign Foreign Corporate Government Corporate Securities Securities Securities Total Balance as of December 31, 2019 $ - $ - $ - $ - Provision for credit losses (11,468) (70) (561) (12,099) Balance as of March 31, 2020 $ (11,468) $ (70) $ (561) $ (12,099) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Proceeds from sales of fixed maturity securities $ 164,244 $ 1,603,889 Gross gains from sales 1,846 8,104 Gross losses from sales (22,783) (4,678) Proceeds from sales of equity securities $ 204,161 $ 69,238 Gross gains from sales 2,581 5,671 Gross losses from sales (30,183) (627) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Three Months Ended Three Months Ended March 31, March 31, (Dollars in thousands) 2020 2019 Gross reserves beginning of period $ 10,209,519 $ 10,167,018 Less reinsurance recoverables (4,215,348) (4,697,543) Net reserves beginning of period 5,994,171 5,469,475 Incurred related to: Current year 1,026,442 788,837 Prior years 3,071 7,259 Total incurred losses and LAE 1,029,513 796,096 Paid related to: Current year 138,778 100,676 Prior years 593,482 607,365 Total paid losses and LAE 732,260 708,041 Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 (36,673) 7,368 Net reserves end of period 6,254,751 5,564,898 Plus reinsurance recoverables 4,016,471 4,608,571 Gross reserves end of period $ 10,271,222 $ 10,173,469 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, Assets Inputs Inputs (Dollars in thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 805,412 $ - $ 805,412 $ - Obligations of U.S. States and political subdivisions 523,894 - 523,894 - Corporate securities 2,812,734 - 2,170,301 642,433 Asset-backed securities 800,118 - 561,487 238,631 Mortgage-backed securities Commercial 329,328 - 329,328 - Agency residential 665,728 - 665,728 - Non-agency residential 1,077 - 1,077 - Foreign government securities 670,852 - 670,852 - Foreign corporate securities 887,672 - 887,672 - Total fixed maturities, market value 7,496,815 - 6,615,751 881,064 Fixed maturities, fair value 4,703 - - 4,703 Equity securities, fair value 578,531 544,056 34,475 - Other invested assets, fair value 2,425,061 - - 2,425,061 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (Dollars in thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 777,515 $ - $ 777,515 $ - Obligations of U.S. States and political subdivisions 535,911 - 535,911 - Corporate securities 2,821,557 - 2,274,618 546,939 Asset-backed securities 765,957 - 612,316 153,641 Mortgage-backed securities Commercial 329,049 - 329,049 - Agency residential 644,687 - 644,687 - Non-agency residential 1,638 - 1,638 - Foreign government securities 658,007 - 658,007 - Foreign corporate securities 957,758 - 956,007 1,751 Total fixed maturities, market value 7,492,079 - 6,789,748 702,331 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 764,049 719,548 44,501 - Other invested assets, fair value 1,982,582 - - 1,982,582 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Corporate Asset Foreign Corporate Asset Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Backed Securities Corporate Total Beginning balance $ 546,939 $ 153,641 $ 1,751 $ 702,331 $ 376,250 $ - $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings (214) 4 - (210) 4,858 - 119 4,977 Included in other comprehensive income (loss) (3,357) (15,882) - (19,239) 574 - - 574 Purchases, issuances and settlements 99,064 100,868 (1,751) 198,181 (12,046) - (565) (12,611) Transfers in and/or (out) of Level 3 - - - - (2,458) - - (2,458) Ending balance $ 642,432 $ 238,631 $ - $ 881,063 $ 367,178 $ - $ 7,298 $ 374,476 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 $ (539) $ - $ - $ (539) $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 5,826 $ 5,826 $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings (1,123) (1,123) 13 13 Included in other comprehensive income (loss) - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 4,703 $ 4,703 $ 2,350 $ 2,350 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.) |
Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Other invested assets, fair value: Beginning balance $ 1,982,582 $ 1,717,336 Total gains or (losses) (realized/unrealized) Included in earnings 442,479 50,627 Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Ending balance $ 2,425,061 $ 1,767,963 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.) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At March 31, At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 141,281 $ 141,703 Unaffiliated life insurance company 33,116 35,082 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended March 31, 2020 (Dollars in thousands) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (223,770) 46,246 $ (177,524) Reclassification of net realized losses (gains) included in net income (loss) 35,364 (7,478) 27,886 Foreign currency translation adjustments (37,532) 7,899 (29,633) Reclassification of amortization of net gain (loss) included in net income (loss) 1,165 (245) 920 Total other comprehensive income (loss) $ (224,773) $ 46,422 $ (178,351) (Some amounts may not reconcile due to rounding) Three Months Ended March 31, 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 112,441 $ (23,730) $ 88,711 URA(D) on securities - OTTI (332) 70 (262) Reclassification of net realized losses (gains) included in net income (loss) (1,532) 516 (1,016) Foreign currency translation adjustments 12,110 (2,546) 9,564 Reclassification of amortization of net gain (loss) included in net income (loss) 1,457 (306) 1,151 Total other comprehensive income (loss) $ 124,144 $ (25,996) $ 98,148 (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Affected line item within the March 31, statements of operations and AOCI component 2020 2019 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 35,364 $ (1,532) Other net realized capital gains (losses) (7,478) 516 Income tax expense (benefit) $ 27,886 $ (1,016) Net income (loss) Benefit plan net gain (loss) $ 1,165 $ 1,457 Other underwriting expenses (245) (306) Income tax expense (benefit) $ 920 $ 1,151 Net income (loss) (Some amounts may not reconcile due to rounding) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beginning balance of URA (D) on securities $ 124,612 $ (55,950) Current period change in URA (D) of investments - temporary (149,638) 87,695 Current period change in URA (D) of investments - non-credit OTTI - (262) Ending balance of URA (D) on securities (25,025) 31,483 Beginning balance of foreign currency translation adjustments 14,267 (2,886) Current period change in foreign currency translation adjustments (29,633) 9,564 Ending balance of foreign currency translation adjustments (15,367) 6,678 Beginning balance of benefit plan net gain (loss) (74,556) (67,418) Current period change in benefit plan net gain (loss) 920 1,151 Ending balance of benefit plan net gain (loss) (73,635) (66,267) Ending balance of accumulated other comprehensive income (loss) $ (114,027) $ (28,106) |
Senior Notes (Tables)
Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | March 31, 2020 December 31, 2019 Consolidated Consolidated Principal Balance Sheet Market Balance Sheet Market (Dollars in thousands) Date Issued Date Due Amounts Amount Value Amount Value Senior notes 06/05/2014 06/01/2044 400,000 $ 397,104 $ 454,224 $ 397,074 $ 452,848 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Interest expense incurred $ 4,868 $ 4,868 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | March 31, 2020 December 31, 2019 Original Consolidated Consolidated Principal Maturity Date Balance Market Balance Market (Dollars in thousands) Date Issued Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 235,083 $ 181,834 $ 236,758 $ 233,191 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Interest expense incurred $ 2,538 $ 2,605 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Three Months Ended Three Months Ended March 31, March 31, (Dollars in thousands) 2020 2019 Lease expense incurred: Operating lease cost $ 7,248 $ 4,562 At March 31, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 148,855 $ 152,978 Operating lease liabilities 158,350 160,387 Three Months Ended Three Months Ended March 31, March 31, (Dollars in thousands) 2020 2019 Operating cash flows from operating leases $ (4,357) $ (4,304) At March 31, At December 31, 2020 2019 Weighted average remaining operating lease term 12.8 years 12.8 years Weighted average discount rate on operating leases 3.83 % 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) Remainder of 2020 $ 13,649 2021 15,844 2022 17,879 2023 17,450 2024 17,438 2025 14,430 Thereafter 111,609 Undiscounted lease payments 208,299 Less: present value adjustment 49,949 Total operating lease liability $ 158,350 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Reinsurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 1,308,194 $ 1,153,111 Net written premiums 1,114,235 975,999 Premiums earned $ 1,007,034 $ 897,278 Incurred losses and LAE 682,707 553,714 Commission and brokerage 260,901 236,965 Other underwriting expenses 29,847 24,056 Underwriting gain (loss) $ 33,579 $ 82,543 Three Months Ended Insurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 666,771 $ 531,771 Net written premiums 524,474 416,244 Premiums earned $ 486,970 $ 373,176 Incurred losses and LAE 346,805 242,382 Commission and brokerage 62,203 51,253 Other underwriting expenses 71,361 54,326 Underwriting gain (loss) $ 6,601 $ 25,215 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Underwriting gain (loss) $ 40,180 $ 107,758 Net investment income 74,201 84,534 Net realized capital gains (losses) 256,867 135,056 Corporate expense (3,721) (1,651) Interest, fee and bond issue cost amortization expense (7,460) (9,828) Other income (expense) (4,498) (730) Income (loss) before taxes $ 355,569 $ 315,139 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Canada gross written premiums $ 63,637 $ 39,050 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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) 09/21/2004 5,000,000 07/21/2008 5,000,000 02/24/2010 5,000,000 02/22/2012 5,000,000 05/15/2013 5,000,000 11/19/2014 5,000,000 30,000,000 |
Dividends Received On Preferred Shares | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Dividends received on preferred stock of affiliate $ 7,758 $ 7,758 |
Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period | (Dollars in thousands) Single Percent Assuming Occurrence Aggregate Coverage Period Ceding Company Ceded Company Type of Business Limit Limit 01/01/2010-12/31/2010 Everest Re 44.0 % Bermuda Re property / casualty business 150,000 325,000 01/01/2011-12/31/2011 Everest Re 50.0 % Bermuda Re property / casualty business 150,000 300,000 01/01/2012-12/31/2014 Everest Re 50.0 % Bermuda Re property / casualty business 100,000 200,000 01/01/2015-12/31/2016 Everest Re 50.0 % Bermuda Re property / casualty business 162,500 325,000 01/01/2017-12/31/2017 Everest Re 60.0 % Bermuda Re property / casualty business 219,000 438,000 01/01/2010-12/31/2010 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (1) - 01/01/2011-12/31/2011 Everest Re- Canadian Branch 60.0 % Bermuda Re property business 350,000 (1) - 01/01/2012-12/31/2012 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 206,250 (1) 412,500 (1) 01/01/2013-12/31/2013 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 150,000 (1) 412,500 (1) 01/01/2014-12/31/2017 Everest Re- Canadian Branch 75.0 % Bermuda Re property / casualty business 262,500 (1) 412,500 (1) 01/01/2012-12/31/2017 Everest Canada 80.0 % Everest Re- Canadian Branch property business - - (1) Amounts shown are Canadian dollars. |
Schedule Of 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 10/01/2001 Everest Re (Belgium Branch) Bermuda Re 100 % All years 10/01/2008 Everest Re Bermuda Re $ 747,022 01/01/2002-12/31/2007 12/31/2017 Everest Re Bermuda Re $ 970,000 All years |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Bermuda Re March 31, (Dollars in thousands) 2020 2019 Ceded written premiums $ 30,500 $ 51,473 Ceded earned premiums 30,500 52,524 Ceded losses and LAE (22,159) 11,733 Three Months Ended Everest International March 31, (Dollars in thousands) 2020 2019 Ceded written premiums $ - $ - Ceded earned premiums - - Ceded losses and LAE 22 10 Three Months Ended Everest Canada March 31, (Dollars in thousands) 2020 2019 Assumed written premiums $ 236 $ - Assumed earned premiums 39 - Assumed losses and LAE 1,598 (1,601) Three Months Ended Lloyd's Syndicate 2786 March 31, (Dollars in thousands) 2020 2019 Assumed written premiums $ (3,031) $ (9,209) Assumed earned premiums (2,822) (18,827) Assumed losses and LAE 814 (7,918) Three Months Ended Mt. Logan Re Segregated Accounts March 31, (Dollars in thousands) 2020 2019 Ceded written premiums $ 95,350 $ 63,223 Ceded earned premiums 79,855 44,822 Ceded losses and LAE 37,465 34,623 Assumed written premiums - - Assumed earned premiums - - Assumed losses and LAE - - |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary Of Net Periodic Benefit Cost | Pension Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 4,011 $ 2,276 Interest cost 2,483 2,930 Expected return on plan assets (5,197) (5,016) Amortization of net (income) loss 1,213 1,601 Settlement charge - 104 Net periodic benefit cost $ 2,510 $ 1,895 Other Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 141 $ 286 Interest cost 215 295 Amortization of prior service cost (48) (144) Amortization of net (income) loss - - Net periodic benefit cost $ 308 $ 437 (Some amounts may not reconcile due to rounding.) |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revisions To Financial Statements [Abstract] | |
Schedule Of Prior Period Financial Statements | CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (1,214) 484 (730) Total revenues $ 1,488,830 $ 484 $ 1,489,314 INCOME (LOSS) BEFORE TAXES $ 314,655 $ 484 $ 315,139 Income tax expense (benefit) 63,429 102 63,531 NET INCOME (LOSS) $ 251,226 $ 382 $ 251,608 COMPREHENSIVE INCOME (LOSS) $ 349,374 $ 382 $ 349,756 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 4,070,604 $ (7,908) $ 4,062,696 Net income (loss) 251,226 382 251,608 Balance, March 31 4,321,830 (7,524) 4,314,306 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 251,226 $ 382 $ 251,608 Decrease (increase) in funds held by reinsureds, net (13,877) (484) (14,361) Decrease (increase) in income taxes 94,631 102 94,733 |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Basis of Accounting [Line Items] | ||||
Operating lease right of use assets | $ 148,855,000 | $ 152,978,000 | $ 60,325,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | |||
Operating lease liabilities | $ 158,350,000 | 160,387,000 | $ 66,551,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |||
Retained Earnings [Member] | ||||
Basis of Accounting [Line Items] | ||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-03 | $ 907,000 | $ 0 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate market value of investments in unrealized loss position | $ 2,429,993,000 | $ 1,540,376,000 | |
Gross unrealized losses on investments in unrealized loss position | 243,767,000 | 45,484,000 | |
Short-term investments | $ 324,874,000 | 279,879,000 | |
Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 5.00% | 5.00% | |
Investment Grade [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | $ 123,786,000 | 5,645,000 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 26,723,000 | 16,976,000 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate market value of investments in unrealized loss position | 2,429,993,000 | 1,540,376,000 | |
Gross unrealized losses on investments in unrealized loss position | 243,767,000 | 45,484,000 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 159,937,000 | 8,539,000 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 83,830,000 | $ 36,945,000 | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.10% | 0.20% | |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Additional contractual commitments | $ 880,460,000 | ||
Private Placement Liquidity Sweep [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Short-term investments | 214,344,000 | ||
Sub-prime and Alt-A Loans [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross unrealized depreciation | $ 0 | $ 0 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | $ (12,099,000) | $ 0 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,539,624,000 | 7,334,425,000 |
Allowance for credit losses | (12,099,000) | |
Unrealized Appreciation | 213,057,000 | 203,138,000 |
Unrealized Depreciation | (243,767,000) | (45,484,000) |
Market Value | 7,496,815,000 | 7,492,079,000 |
OTTI in AOCI | 605,000 | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 771,122,000 | 768,374,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 35,125,000 | 10,128,000 |
Unrealized Depreciation | (835,000) | (987,000) |
Market Value | 805,412,000 | 777,515,000 |
OTTI in AOCI | ||
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 507,155,000 | 506,347,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 21,733,000 | 29,651,000 |
Unrealized Depreciation | (4,994,000) | (87,000) |
Market Value | 523,894,000 | 535,911,000 |
OTTI in AOCI | ||
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,903,505,000 | 2,777,097,000 |
Allowance for credit losses | (11,468,000) | |
Unrealized Appreciation | 48,755,000 | 70,898,000 |
Unrealized Depreciation | (128,058,000) | (26,438,000) |
Market Value | 2,812,734,000 | 2,821,557,000 |
OTTI in AOCI | 245,000 | |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 875,091,000 | 761,607,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 1,701,000 | 5,659,000 |
Unrealized Depreciation | (76,674,000) | (1,309,000) |
Market Value | 800,118,000 | 765,957,000 |
OTTI in AOCI | ||
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 313,624,000 | 311,961,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 16,479,000 | 17,242,000 |
Unrealized Depreciation | (775,000) | (154,000) |
Market Value | 329,328,000 | 329,049,000 |
OTTI in AOCI | ||
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 638,008,000 | 625,612,000 |
Allowance for credit losses | ||
Unrealized Appreciation | 28,502,000 | 19,395,000 |
Unrealized Depreciation | (782,000) | (320,000) |
Market Value | 665,728,000 | 644,687,000 |
OTTI in AOCI | ||
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,090,000 | 1,638,000 |
Allowance for credit losses | ||
Unrealized Appreciation | ||
Unrealized Depreciation | (13,000) | |
Market Value | 1,077,000 | 1,638,000 |
OTTI in AOCI | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 654,644,000 | 646,149,000 |
Allowance for credit losses | (70,000) | |
Unrealized Appreciation | 28,238,000 | 18,908,000 |
Unrealized Depreciation | (11,960,000) | (7,050,000) |
Market Value | 670,852,000 | 658,007,000 |
OTTI in AOCI | 27,000 | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 875,385,000 | 935,640,000 |
Allowance for credit losses | (561,000) | |
Unrealized Appreciation | 32,524,000 | 31,257,000 |
Unrealized Depreciation | (19,676,000) | (9,139,000) |
Market Value | $ 887,672,000 | 957,758,000 |
OTTI in AOCI | $ 333,000 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | $ 7,539,624 | $ 7,334,425 |
Fixed maturity securities - available for sale, Market Value | 7,496,815 | 7,492,079 |
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 | 617,696 | 569,506 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,878,464 | 2,919,966 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,626,513 | 1,541,695 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 589,138 | 602,440 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 611,935 | 563,730 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,885,401 | 2,963,903 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 1,654,400 | 1,602,642 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 548,828 | 620,473 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | 875,091 | 761,607 |
Fixed maturity securities - available for sale, Market Value | 800,118 | 765,957 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | 313,624 | 311,961 |
Fixed maturity securities - available for sale, Market Value | 329,328 | 329,049 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | 638,008 | 625,612 |
Fixed maturity securities - available for sale, Market Value | 665,728 | 644,687 |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | 1,090 | 1,638 |
Fixed maturity securities - available for sale, Market Value | $ 1,077 | $ 1,638 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | $ (188,407) | $ 110,577 |
Deferred tax benefit (expense) | 38,769 | (23,214) |
Deferred tax benefit (expense), other-than-temporary impairment | 70 | |
Total URA(D) on securities arising during the period | (149,638) | 87,433 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | (188,407) | 110,909 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | $ (332) |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 2,429,993 | $ 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (243,767) | (45,484) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 2,075,489 | 759,174 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (159,937) | (8,539) |
Available for sale securities, Greater than 12 months, Market Value | 354,504 | 781,202 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (83,830) | (36,945) |
Available-for-sale Securities, Market Value, Total | 2,429,993 | 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (243,767) | (45,484) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 8,997 | |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (141) | |
Available for sale securities, Greater than 12 months, Market Value | 9,003 | 203,780 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (835) | (846) |
Available-for-sale Securities, Market Value, Total | 9,003 | 212,777 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (835) | (987) |
Obligation of U.S. States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 78,392 | 4,600 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (4,745) | (38) |
Available for sale securities, Greater than 12 months, Market Value | 3,309 | 4,518 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (249) | (49) |
Available-for-sale Securities, Market Value, Total | 81,701 | 9,118 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (4,994) | (87) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,006,791 | 334,973 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (69,967) | (5,186) |
Available for sale securities, Greater than 12 months, Market Value | 117,380 | 230,679 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (58,091) | (21,252) |
Available-for-sale Securities, Market Value, Total | 1,124,171 | 565,652 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (128,058) | (26,438) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 603,807 | 159,695 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (68,849) | (887) |
Available for sale securities, Greater than 12 months, Market Value | 107,550 | 76,351 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,825) | (422) |
Available-for-sale Securities, Market Value, Total | 711,357 | 236,046 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (76,674) | (1,309) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 13,302 | 13,083 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (491) | (87) |
Available for sale securities, Greater than 12 months, Market Value | 14,094 | 16,374 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (284) | (67) |
Available-for-sale Securities, Market Value, Total | 27,396 | 29,457 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (775) | (154) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 20,787 | 19,019 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (761) | (82) |
Available for sale securities, Greater than 12 months, Market Value | 1,872 | 17,147 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (21) | (238) |
Available-for-sale Securities, Market Value, Total | 22,659 | 36,166 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (782) | (320) |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 553 | |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (12) | |
Available for sale securities, Greater than 12 months, Market Value | 517 | 690 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1) | |
Available-for-sale Securities, Market Value, Total | 1,070 | 690 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (13) | |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 144,468 | 113,256 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,758) | (858) |
Available for sale securities, Greater than 12 months, Market Value | 38,825 | 109,953 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (8,202) | (6,192) |
Available-for-sale Securities, Market Value, Total | 183,293 | 223,209 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (11,960) | (7,050) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 207,389 | 105,551 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (11,354) | (1,260) |
Available for sale securities, Greater than 12 months, Market Value | 61,954 | 121,710 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (8,322) | (7,879) |
Available-for-sale Securities, Market Value, Total | 269,343 | 227,261 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (19,676) | $ (9,139) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 2,429,993 | $ 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (243,767) | (45,484) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 2,075,489 | 759,174 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (159,937) | (8,539) |
Available for sale securities, Greater than 12 months, Market Value | 354,504 | 781,202 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (83,830) | (36,945) |
Available-for-sale Securities, Market Value, Total | 2,429,993 | 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (243,767) | (45,484) |
Due In One Year Or Less [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 102,257 | 34,542 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,625) | (1,067) |
Available for sale securities, Greater than 12 months, Market Value | 56,571 | 188,755 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,462) | (6,411) |
Available-for-sale Securities, Market Value, Total | 158,828 | 223,297 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (11,087) | (7,478) |
Due In One Year Through Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 692,049 | 226,521 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (35,783) | (2,554) |
Available for sale securities, Greater than 12 months, Market Value | 130,311 | 357,728 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (16,942) | (11,562) |
Available-for-sale Securities, Market Value, Total | 822,360 | 584,249 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (52,725) | (14,116) |
Due In Five Years Through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 491,144 | 251,967 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (38,231) | (3,292) |
Available for sale securities, Greater than 12 months, Market Value | 8,969 | 43,129 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1,254) | (6,785) |
Available-for-sale Securities, Market Value, Total | 500,113 | 295,096 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (39,485) | (10,077) |
Due After Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 151,590 | 54,347 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (12,185) | (570) |
Available for sale securities, Greater than 12 months, Market Value | 34,620 | 81,028 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (50,041) | (11,460) |
Available-for-sale Securities, Market Value, Total | 186,210 | 135,375 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (62,226) | (12,030) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 603,807 | 159,695 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (68,849) | (887) |
Available for sale securities, Greater than 12 months, Market Value | 107,550 | 76,351 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7,825) | (422) |
Available-for-sale Securities, Market Value, Total | 711,357 | 236,046 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (76,674) | (1,309) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 34,642 | 32,102 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,264) | (169) |
Available for sale securities, Greater than 12 months, Market Value | 16,483 | 34,211 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (306) | (305) |
Available-for-sale Securities, Market Value, Total | 51,125 | 66,313 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (1,570) | $ (474) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | $ 78,932 | $ 90,014 |
Funds held interest income (expense) | 3,257 | 2,881 |
Interest income from Parent | 1,282 | |
Gross investment income | 83,471 | 92,895 |
Investment expenses | (9,270) | (8,361) |
Net investment income | 74,201 | 84,534 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 74,088 | 67,054 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 1,592 | 1,431 |
Short-Term Investments and Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 1,570 | 2,736 |
Limited Partnerships [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 6,996 | 8,055 |
Dividends From Preferred Shares Of Affiliate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 7,758 | 7,758 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | $ (13,072) | $ 2,980 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other-than-temporary impairments | $ (2,290,000) | |
Total net realized capital gains (losses) | 256,867,000 | 135,056,000 |
Balance as of December 31, 2019 | 0 | |
Balance as of March 31, 2020 | (12,099,000) | |
Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (12,099,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (12,099,000) | |
Balance as of March 31, 2020 | (12,099,000) | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (12,099,000) | |
Fixed Maturity Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (12,099,000) | |
Other-than-temporary impairments | (2,290,000) | |
Gains (losses) from sales | (20,937,000) | 3,426,000 |
Provision for credit losses | (12,099,000) | |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from fair value adjustments | (1,123,000) | 13,000 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (11,468,000) | |
Corporate Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (11,468,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (11,468,000) | |
Balance as of March 31, 2020 | (11,468,000) | |
Equity Securities [Member] | Fair Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | (27,602,000) | 5,044,000 |
Gains (losses) from fair value adjustments | (121,669,000) | 77,846,000 |
Other Invested Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | (2,327,000) | 396,000 |
Other Invested Assets [Member] | Fair Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from fair value adjustments | 442,479,000 | 50,627,000 |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | 145,000 | $ (6,000) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (70,000) | |
Foreign Government Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (70,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (70,000) | |
Balance as of March 31, 2020 | (70,000) | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (561,000) | |
Foreign Corporate Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (561,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (561,000) | |
Balance as of March 31, 2020 | $ (561,000) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of securities | $ 164,244 | $ 1,603,889 |
Gross gains from sales | 1,846 | 8,104 |
Gross losses from sales | (22,783) | (4,678) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of securities | 204,161 | 69,238 |
Gross gains from sales | 2,581 | 5,671 |
Gross losses from sales | $ (30,183) | $ (627) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reserves For Losses And LAE [Line Items] | ||
Incurred related to: Current year | $ 1,026,442 | $ 788,837 |
Increase (decrease) in reinsurance business | 3,071 | $ 7,259 |
Covid-19 [Member] | ||
Reserves For Losses And LAE [Line Items] | ||
Increase (decrease) in reinsurance business | $ (35,700) |
Reserves For Losses And LAE (Su
Reserves For Losses And LAE (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reserves For Losses And LAE [Abstract] | ||
Gross reserves beginning of period | $ 10,209,519 | $ 10,167,018 |
Less reinsurance recoverables | (4,215,348) | (4,697,543) |
Net reserves at beginning of period | 5,994,171 | 5,469,475 |
Incurred related to: Current year | 1,026,442 | 788,837 |
Incurred related to: Prior years | 3,071 | 7,259 |
Total incurred losses and LAE | 1,029,513 | 796,096 |
Paid related to: Current year | 138,778 | 100,676 |
Paid related to: Prior years | 593,482 | 607,365 |
Total paid losses and LAE | 732,260 | 708,041 |
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 | (36,673) | 7,368 |
Net reserves at end of period | 6,254,751 | 5,564,898 |
Plus reinsurance recoverables | 4,016,471 | 4,608,571 |
Gross reserves end of period | $ 10,271,222 | $ 10,173,469 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of public equity portfolio | $ 210,845,000 | $ 170,888,000 | ||
Annual dividend rate | 1.75% | |||
Transfers between Level 1 and Level 2 | 0 | |||
Investments within other invested assets | 2,425,061,000 | 1,982,582,000 | ||
Transfers from level 3 | $ 0 | $ (2,458,000) | ||
Redeemable Convertible Preferred Stock [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Preferred stock tern | 25 years | |||
Annual dividend rate | 1.75% | |||
Adjustments for New Accounting Pronouncement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments within other invested assets | $ 212,677,000 | 209,578,000 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments within other invested assets | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments within other invested assets | 2,425,061,000 | 1,982,582,000 | ||
Market Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Transfers from level 3 | (2,458,000) | |||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Transfers from level 3 | ||||
Fixed Maturities [Member] | Market Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities | 881,064,000 | 702,331,000 | ||
Fixed Maturities [Member] | Market Value [Member] | Investment Managers' Valuation Committees, Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities | 722,948,000 | 610,873,000 | ||
Fixed Maturities [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities | 4,703,000 | 5,826,000 | ||
Fixed Maturities [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities | 158,116,000 | 91,458,000 | ||
Fixed Maturities [Member] | Fair Value [Member] | Investment Managers' Valuation Committees, Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities | $ 4,703,000 | $ 5,826,000 | ||
Senior Notes [Member] | Senior Notes 4.868% [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Observable input constant maturity | 10 years | |||
Debt instrument, stated interest rate | 4.868% | |||
Date Due | Jun. 1, 2044 | Jun. 1, 2044 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 7,496,815 | $ 7,492,079 |
Fixed maturities, fair value | 4,703 | 5,826 |
Equity securities, fair value | 578,531 | 764,049 |
Other invested assets, at fair value | 2,425,061 | 1,982,582 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Fixed maturities, fair value | ||
Equity securities, fair value | 544,056 | 719,548 |
Other invested assets, at fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 6,615,751 | 6,789,748 |
Fixed maturities, fair value | ||
Equity securities, fair value | 34,475 | 44,501 |
Other invested assets, at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 881,064 | 702,331 |
Fixed maturities, fair value | 4,703 | 5,826 |
Equity securities, fair value | ||
Other invested assets, at fair value | 2,425,061 | 1,982,582 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 805,412 | 777,515 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 805,412 | 777,515 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Obligation of U.S. States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 523,894 | 535,911 |
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 maturities, market value | 523,894 | 535,911 |
Obligation of U.S. States and Political Subdivisions [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,812,734 | 2,821,557 |
Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,170,301 | 2,274,618 |
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 642,433 | 546,939 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 800,118 | 765,957 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 561,487 | 612,316 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 238,631 | 153,641 |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 329,328 | 329,049 |
Commercial [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Commercial [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 329,328 | 329,049 |
Commercial [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 665,728 | 644,687 |
Agency Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 665,728 | 644,687 |
Agency Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Non-agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,077 | 1,638 |
Non-agency Residential [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Non-agency Residential [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,077 | 1,638 |
Non-agency Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 670,852 | 658,007 |
Foreign Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 670,852 | 658,007 |
Foreign Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 887,672 | 957,758 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 887,672 | 956,007 |
Foreign Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 1,751 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers in and/or (out) of Level 3 | $ 0 | $ (2,458,000) |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Market Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 702,331,000 | 383,994,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | (210,000) | 4,977,000 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (19,239,000) | 574,000 |
Purchases, issuances and settlements | 198,181,000 | (12,611,000) |
Transfers in and/or (out) of Level 3 | (2,458,000) | |
Ending balance | 881,063,000 | 374,476,000 |
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 | (539,000) | |
Market Value [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 546,939,000 | 376,250,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | (214,000) | 4,858,000 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (3,357,000) | 574,000 |
Purchases, issuances and settlements | 99,064,000 | (12,046,000) |
Transfers in and/or (out) of Level 3 | (2,458,000) | |
Ending balance | 642,432,000 | 367,178,000 |
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 | (539,000) | |
Market Value [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 153,641,000 | |
Total gains or (losses) (realized/unrealized), Included in earnings | 4,000 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (15,882,000) | |
Purchases, issuances and settlements | 100,868,000 | |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 238,631,000 | |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Market Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1,751,000 | 7,744,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | 119,000 | |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (1,751,000) | (565,000) |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 7,298,000 | |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 5,826,000 | 2,337,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | (1,123,000) | 13,000 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Ending balance | 4,703,000 | 2,350,000 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Fair Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 5,826,000 | 2,337,000 |
Total gains or (losses) (realized/unrealized), Included in earnings | (1,123,000) | 13,000 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Ending balance | 4,703,000 | $ 2,350,000 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs for Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value [Abstract] | ||
Beginning Balance | $ 1,982,582 | $ 1,717,336 |
Total gains or (losses) (realized/unrealized) Included in earnings | 442,479 | 50,627 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Ending Balance | 2,425,061 | 1,767,963 |
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 |
Commitments And Contingencies_2
Commitments And Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,281 | $ 141,703 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,116 | $ 35,082 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Comprehensive Income (Loss) [Line Items] | ||
Before Tax | $ 35,364 | $ (1,532) |
Tax Effect | (7,478) | 516 |
Net of Tax | 27,886 | (1,016) |
Reclassification, Before Tax | 1,165 | 1,457 |
Reclassification, Tax Effect | (245) | (306) |
Reclassification, Net of Tax | 920 | 1,151 |
Total, Before Tax | (224,773) | 124,144 |
Total, Tax Effect | 46,422 | (25,996) |
Total, Net of Tax | (178,351) | 98,148 |
URA(D) On Securities [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (223,770) | 112,441 |
Tax Effect | 46,246 | (23,730) |
Net of Tax | (177,524) | 88,711 |
Total, Net of Tax | (149,638) | 87,695 |
URA(D) On Securities - OTTI [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (332) | |
Tax Effect | (70) | |
Net of Tax | (262) | |
Total, Net of Tax | (262) | |
Foreign Currency Translation Adjustments [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (37,532) | 12,110 |
Tax Effect | 7,899 | (2,546) |
Net of Tax | (29,633) | 9,564 |
Total, Net of Tax | (29,633) | 9,564 |
Benefit Plan Net Gain (Loss) [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Total, Net of Tax | $ 920 | $ 1,151 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other net realized capital gains (losses) | $ (268,966) | $ (137,346) |
Other underwriting expenses | 1,165 | 1,457 |
Income tax expense (benefit) | (245) | (306) |
Net income (loss) | 920 | 1,151 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other net realized capital gains (losses) | 35,364 | (1,532) |
Income tax expense (benefit) | (7,478) | 516 |
Net income (loss) | 27,886 | (1,016) |
Benefit Plan Net Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other underwriting expenses | 1,165 | 1,457 |
Income tax expense (benefit) | (245) | (306) |
Net income (loss) | $ 920 | $ 1,151 |
Comprehensive Income (Loss) (_2
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, | $ 5,857,425 | |
Current period change | (178,351) | $ 98,148 |
Ending balance, | 5,996,729 | 5,386,602 |
URA(D) On Securities [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, | 124,612 | (55,950) |
Current period change | (149,638) | 87,695 |
Ending balance, | (25,025) | 31,483 |
URA(D) On Securities - OTTI [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Current period change | (262) | |
Foreign Currency Translation Adjustments [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, | 14,267 | (2,886) |
Current period change | (29,633) | 9,564 |
Ending balance, | (15,367) | 6,678 |
Benefit Plan Net Gain (Loss) [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, | (74,556) | (67,418) |
Current period change | 920 | 1,151 |
Ending balance, | (73,635) | (66,267) |
Accumulated Other Comprehensive Income (Loss), Net Of Taxes [Member] | ||
Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, | 64,324 | (126,254) |
Current period change | (178,351) | 98,148 |
Ending balance, | $ (114,027) | $ (28,106) |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 12, 2019USD ($)Item | Apr. 30, 2018USD ($)Item | Apr. 13, 2017USD ($)Item | Dec. 01, 2015USD ($)Item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)Item | Nov. 30, 2019USD ($) | Mar. 31, 2020USD ($) |
Effects of Reinsurance [Line Items] | ||||||||
Amount on deposit in trust accounts | $ 752,337 | |||||||
Kilimanjaro Re Limited [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | Item | 4 | 6 | 2 | 2 | ||||
Reinsurance contract expiration | Apr. 1, 2018 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | Item | 4 | |||||||
Reinsurance coverage amount | $ 500,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeastern United States [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | $ 250,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Southeast, Mid-Atlantic And Northeast United States And Puerto Rico [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 200,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1-2 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | Item | 2 | 2 | ||||||
Reinsurance Contracts | 4 years | 4 years | ||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 1- 3 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | Item | 3 | |||||||
Reinsurance Contracts | 4 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | $ 150,000 | $ 62,500 | $ 225,000 | $ 300,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | $ 275,000 | $ 200,000 | 400,000 | 325,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3-4 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | Item | 2 | 2 | ||||||
Reinsurance Contracts | 5 years | 5 years | ||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | $ 150,000 | $ 62,500 | $ 325,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 4 - 6 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Number of collateralized reinsurance agreements | Item | 3 | |||||||
Reinsurance Contracts | 5 years | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 275,000 | 200,000 | $ 50,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 75,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Reinsurance coverage amount | 175,000 | |||||||
Series 2014-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | $ 450,000 | |||||||
Catastrophe Reinsurance Bonds Redeemed Amount | 450,000 | |||||||
Series 2014-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | $ 500,000 | |||||||
Catastrophe Reinsurance Bonds Redeemed Amount | $ 450,000 | |||||||
Series 2015-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | $ 625,000 | |||||||
Series 2017-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | 950,000 | |||||||
Series 2017-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | $ 300,000 | |||||||
Series 2018-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | 262,500 | |||||||
Series 2018-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | $ 262,500 | |||||||
Series 2019-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | 425,000 | |||||||
Series 2019-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | ||||||||
Effects of Reinsurance [Line Items] | ||||||||
Catastrophe reinsurance bonds, funded amount | $ 425,000 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - Senior Notes 4.868% [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Principal Amounts | $ 400,000,000 | |
Debt maturity term | 30 years | |
Debt instrument, stated interest rate | 4.868% | |
Maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,104,000 | $ 397,074,000 |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Date Due | Jun. 1, 2044 | Jun. 1, 2044 |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,104,000 | $ 397,074,000 |
Market value | $ 454,224,000 | $ 452,848,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Senior Notes [Abstract] | ||
Interest expense incurred | $ 4,868 | $ 4,868 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding debt reduction | $ 161,441 | |
Senior Notes 5.40% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Debt instrument, maturity date | Oct. 15, 2014 | |
Senior Notes 4.868% [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | |
Debt instrument, maturity date | Jun. 1, 2044 | Jun. 1, 2044 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | |
Right to defer interest, period | 10 years | |
Reset quarterly interest rate | 4.08% | |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
Percentage of principal amount required for redemption | 100.00% | |
Outstanding debt reduction | $ 1,700 | |
Gain on repurchase and retirement of debt | $ 502 | |
Debt instrument, maturity date | May 1, 2067 | May 1, 2067 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 3, 2007 | |
Redemption date | May 15, 2017 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest payment date | May 14, 2017 | |
Redemption date | May 1, 2047 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 235,083,000 | $ 236,758,000 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity date | May 1, 2067 | May 1, 2067 |
Consolidated Balance Sheet Amount | $ 235,083,000 | $ 236,758,000 |
Market value | $ 181,834,000 | $ 233,191,000 |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 15, 2037 | |
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 1, 2067 |
Long Term Subordinated Notes _2
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | ||
Interest expense incurred | $ 2,538 | $ 2,605 |
Federal Home Loan Bank Member_2
Federal Home Loan Bank Membership (Narrative) (Details) | Mar. 31, 2020USD ($) |
Federal Home Loan Bank Membership [Abstract] | |
Maximum percentage of admitted assets allowed for borrowing base | 10.00% |
Admitted assets for FHLB | $ 12,879,681,000 |
Maximum amount available under FHLB | 1,287,968,000 |
Borrowings from FHLB | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | Jul. 02, 2019USD ($)ft² |
Area of property | ft² | 315,000 |
Lease maturity year | 2036 |
Lease monthly payment amount | $ 650 |
Lease annual payment amount | $ 7,800 |
Leases (Supplemental Informatio
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Lease expense incurred: Operating lease cost | $ 7,248 | $ 4,562 | ||
Operating lease right of use assets | 148,855 | $ 152,978 | $ 60,325 | |
Operating lease liabilities | 158,350 | $ 160,387 | $ 66,551 | |
Operating cash flows from operating leases | $ (4,357) | $ (4,304) | ||
Weighted average remaining operating lease term | 12 years 9 months 18 days | 12 years 9 months 18 days | ||
Weighted average discount rate on operating leases | 3.83% | 3.91% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
Remainder of 2020 | $ 13,649 | ||
2021 | 15,844 | ||
2022 | 17,879 | ||
2023 | 17,450 | ||
2024 | 17,438 | ||
2025 | 14,430 | ||
Thereafter | 111,609 | ||
Undiscounted lease payments | 208,299 | ||
Less: present value adjustment | 49,949 | ||
Total operating lease liability | $ 158,350 | $ 160,387 | $ 66,551 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of revenues | 5.00% | 5.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Premiums earned | $ 1,494,005 | $ 1,270,454 |
Incurred losses and LAE | 1,029,513 | 796,096 |
Commission and brokerage | 323,104 | 288,218 |
Other underwriting expenses | 101,208 | 78,382 |
Underwriting gain (loss) | 40,180 | 107,758 |
U.S. Reinsurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premiums | 1,308,194 | 1,153,111 |
Net written premiums | 1,114,235 | 975,999 |
Premiums earned | 1,007,034 | 897,278 |
Incurred losses and LAE | 682,707 | 553,714 |
Commission and brokerage | 260,901 | 236,965 |
Other underwriting expenses | 29,847 | 24,056 |
Underwriting gain (loss) | 33,579 | 82,543 |
Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premiums | 666,771 | 531,771 |
Net written premiums | 524,474 | 416,244 |
Premiums earned | 486,970 | 373,176 |
Incurred losses and LAE | 346,805 | 242,382 |
Commission and brokerage | 62,203 | 51,253 |
Other underwriting expenses | 71,361 | 54,326 |
Underwriting gain (loss) | $ 6,601 | $ 25,215 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Underwriting gain (loss) | $ 40,180 | $ 107,758 |
Net investment income | 74,201 | 84,534 |
Net realized capital gains (losses) | 256,867 | 135,056 |
Corporate expense | (3,721) | (1,651) |
Interest, fee and bond issue cost amortization expense | (7,460) | (9,828) |
Other income (expense) | (4,498) | (730) |
INCOME (LOSS) BEFORE TAXES | $ 355,569 | $ 315,139 |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premiums | $ 63,637 | $ 39,050 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2015 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 17, 2019 | Dec. 31, 2018 | Oct. 01, 2018 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||||||||||
Note receivable - affiliated | $ 300,000,000 | $ 300,000,000 | |||||||||
Interest income | $ 1,282,000 | $ 0 | |||||||||
Shares purchased and held | 9,719,971 | ||||||||||
Shares transferred to affiliated entity | 9,719,971 | ||||||||||
Shares fair value | $ 1,773,214,000 | ||||||||||
Shares received in exchange from affiliated entity for transfer | 1,773.214 | ||||||||||
Preferred shares par value | $ 1,000,000 | ||||||||||
Annual dividend rate | 1.75% | ||||||||||
Interest expense | $ 4,868,000 | 4,868,000 | |||||||||
Additional paid-in capital | 1,100,781,000 | $ 1,100,678,000 | |||||||||
Subject loss reserves | $ 2,336,242,000 | ||||||||||
Duration of Stop Loss Agreement | 12 months | ||||||||||
Amount of Business Transfer | 1,000,000,000 | ||||||||||
Note Payable - Affiliated [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Note payable - affiliated | $ 300,000,000 | ||||||||||
Interest expense | $ 0 | 2,303,000 | |||||||||
Parent Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Note receivable - affiliated | $ 250,000,000 | ||||||||||
Note payable - affiliated | $ 300,000,000 | ||||||||||
Debt instrument, stated interest rate | 1.69% | ||||||||||
Maturity date | Dec. 31, 2028 | ||||||||||
Global Services [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Additional paid-in capital | $ 227,253,000 | ||||||||||
Bermuda Re [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Reinsurance coverage amount | $ 30,500,000 | $ 51,473,000 | |||||||||
Amount of Business Transfer | 970,000,000 | ||||||||||
Adverse development coverage | $ 500,000,000 | ||||||||||
Catastrophe Reinsurance [Member] | Bermuda Re [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Reinsurance coverage amount | $ 100,000,000 |
Related-Party Transactions (Ame
Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) | Mar. 31, 2020shares |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 30,000,000 |
Amendment Date, 09/21/2004 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 07/21/2008 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 02/24/2010 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 02/22/2012 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 05/15/2013 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Amendment Date, 11/19/2014 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 5,000,000 |
Related-Party Transactions (Div
Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends From Preferred Shares Of Affiliate [Member] | ||
Related Party Transaction [Line Items] | ||
Dividends received on preferred stock of affiliate | $ 7,758 | $ 7,758 |
Related-Party Transactions (Aff
Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 3 months ended Mar. 31, 2020 $ in Thousands, $ in Thousands | CAD ($) | USD ($) |
Coverage Period 01/01/2010-12/31/2010 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 44.00% | 44.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 150,000 | |
Aggregate Limit | $ 325,000 | |
Coverage Period 01/01/2011-12/31/2011 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 50.00% | 50.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 150,000 | |
Aggregate Limit | $ 300,000 | |
Coverage Period 01/01/2012-12/31/2014 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 50.00% | 50.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 100,000 | |
Aggregate Limit | $ 200,000 | |
Coverage Period 01/01/2015-12/31/2016 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 50.00% | 50.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 162,500 | |
Aggregate Limit | $ 325,000 | |
Coverage Period 01/01/2017-12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re | Everest Re |
Percent Ceded | 60.00% | 60.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 219,000 | |
Aggregate Limit | $ 438,000 | |
Coverage Period 01/01/2010-12/31/2010 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 60.00% | 60.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property business | property business |
Single Occurrence Limit | $ 350,000 | |
Aggregate Limit | ||
Coverage Period 01/01/2011-12/31/2011 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 60.00% | 60.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property business | property business |
Single Occurrence Limit | $ 350,000 | |
Aggregate Limit | ||
Coverage Period 01/01/2012-12/31/2012 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 75.00% | 75.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 206,250 | |
Aggregate Limit | $ 412,500 | |
Coverage Period 01/01/2013-12/31/2013 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 75.00% | 75.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 150,000 | |
Aggregate Limit | $ 412,500 | |
Coverage Period 01/01/2014-12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Percent Ceded | 75.00% | 75.00% |
Assuming Company | Bermuda Re | Bermuda Re |
Type of Business | property / casualty business | property / casualty business |
Single Occurrence Limit | $ 262,500 | |
Aggregate Limit | $ 412,500 | |
Coverage Period 01/01/2012-12/31/2017 [Member] | ||
Reinsurance [Line Items] | ||
Ceding Company | Everest Canada | Everest Canada |
Percent Ceded | 80.00% | 80.00% |
Assuming Company | Everest Re- Canadian Branch | Everest Re- Canadian Branch |
Type of Business | property business | property business |
Single Occurrence Limit | ||
Aggregate Limit |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Effective Date 10/01/2001 [Member] | |
Reinsurance [Line Items] | |
Transferring Company | Everest Re (Belgium Branch) |
Assuming Company | Bermuda Re |
% of Business Transfer | 100.00% |
Covered Period of Transfer | All years |
Effective Date 10/01/2008 [Member] | |
Reinsurance [Line Items] | |
Transferring Company | Everest Re |
Assuming Company | Bermuda Re |
Amount of Transfer | $ 747,022 |
Covered Period of Transfer | 01/01/2002-12/31/2007 |
Effective Date 12/31/2017 [Member] | |
Reinsurance [Line Items] | |
Transferring Company | Everest Re |
Assuming Company | Bermuda Re |
Amount of Transfer | $ 970,000 |
Covered Period of Transfer | All years |
Related-Party Transactions (Pre
Related-Party Transactions (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Mt. Logan Re Segregated Accounts [Member] | ||
Effects of Reinsurance [Line Items] | ||
Ceded written premiums | $ 95,350 | $ 63,223 |
Ceded earned premiums | 79,855 | 44,822 |
Ceded losses and LAE | 37,465 | 34,623 |
Assumed written premiums | ||
Assumed earned premiums | ||
Assumed losses and LAE | ||
Bermuda Re [Member] | ||
Effects of Reinsurance [Line Items] | ||
Ceded written premiums | 30,500 | 51,473 |
Ceded earned premiums | 30,500 | 52,524 |
Ceded losses and LAE | (22,159) | 11,733 |
Everest International [Member] | ||
Effects of Reinsurance [Line Items] | ||
Ceded written premiums | ||
Ceded earned premiums | ||
Ceded losses and LAE | 22 | 10 |
Everest Canada [Member] | ||
Effects of Reinsurance [Line Items] | ||
Assumed written premiums | 236 | |
Assumed earned premiums | 39 | |
Assumed losses and LAE | 1,598 | (1,601) |
Lloyd's Syndicate [Member] | ||
Effects of Reinsurance [Line Items] | ||
Assumed written premiums | (3,031) | (9,209) |
Assumed earned premiums | (2,822) | (18,827) |
Assumed losses and LAE | $ 814 | $ (7,918) |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4,011,000 | $ 2,276,000 |
Interest cost | 2,483,000 | 2,930,000 |
Expected return on plan assets | (5,197,000) | (5,016,000) |
Amortization of net (income) loss | 1,213,000 | 1,601,000 |
Settlement charge | 104,000 | |
Net periodic benefit cost | 2,510,000 | 1,895,000 |
Pension contributions | 0 | 0 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 141,000 | 286,000 |
Interest cost | 215,000 | 295,000 |
Amortization of prior service cost | (48,000) | (144,000) |
Amortization of net (income) loss | ||
Net periodic benefit cost | $ 308,000 | $ 437,000 |
Revisions To Financial Statem_3
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Operations And Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES: | ||
Other income (expense) | $ (4,498) | $ (730) |
Total revenues | 1,820,575 | 1,489,314 |
INCOME (LOSS) BEFORE TAXES | 355,569 | 315,139 |
Income tax expense (benefit) | 38,924 | 63,531 |
NET INCOME (LOSS) | 251,608 | |
COMPREHENSIVE INCOME (LOSS) | $ 138,294 | 349,756 |
As Previously Reported [Member] | ||
REVENUES: | ||
Other income (expense) | (1,214) | |
Total revenues | 1,488,830 | |
INCOME (LOSS) BEFORE TAXES | 314,655 | |
Income tax expense (benefit) | 63,429 | |
NET INCOME (LOSS) | 251,226 | |
COMPREHENSIVE INCOME (LOSS) | 349,374 | |
Impact of Revisions [Member] | ||
REVENUES: | ||
Other income (expense) | 484 | |
Total revenues | 484 | |
INCOME (LOSS) BEFORE TAXES | 484 | |
Income tax expense (benefit) | 102 | |
NET INCOME (LOSS) | 382 | |
COMPREHENSIVE INCOME (LOSS) | $ 382 |
Revisions To Financial Statem_4
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Stockholder's Equity) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |
Net income (loss) | $ 251,608 |
Ending balance, | 5,386,602 |
Retained Earnings [Member] | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |
Beginning balance, | 4,062,696 |
Net income (loss) | 251,608 |
Ending balance, | 4,314,306 |
As Previously Reported [Member] | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |
Net income (loss) | 251,226 |
As Previously Reported [Member] | Retained Earnings [Member] | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |
Beginning balance, | 4,070,604 |
Net income (loss) | 251,226 |
Ending balance, | 4,321,830 |
Impact of Revisions [Member] | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |
Net income (loss) | 382 |
Impact of Revisions [Member] | Retained Earnings [Member] | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |
Beginning balance, | (7,908) |
Net income (loss) | 382 |
Ending balance, | $ (7,524) |
Revisions To Financial Statem_5
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 251,608 | |
Decrease (increase) in funds held by reinsureds, net | $ (20,983) | (14,361) |
Decrease (increase) in income taxes | $ 35,413 | 94,733 |
As Previously Reported [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | 251,226 | |
Decrease (increase) in funds held by reinsureds, net | (13,877) | |
Decrease (increase) in income taxes | 94,631 | |
Impact of Revisions [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | 382 | |
Decrease (increase) in funds held by reinsureds, net | (484) | |
Decrease (increase) in income taxes | $ 102 |