Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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, $0.01 par value | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Amendment Flag | false | |
Entity Central Index Key | 0000914748 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2020, $7,657,782; 2019, $7,334,425 allowances for credit losses: 2020, $19,925; 2019, $0) | $ 7,919,377 | $ 7,492,079 |
Fixed maturities - available for sale, at fair value | 4,431 | 5,826 |
Equity securities, at fair value | 789,819 | 764,049 |
Short-term investments (cost: 2020, $588,983; 2019, $279,824) | 588,693 | 279,879 |
Other invested assets (cost: 2020, $1,033,457; 2019, $1,020,766) | 1,033,457 | 1,020,766 |
Other invested assets, at fair value | 1,786,003 | 1,982,582 |
Cash | 445,617 | 411,122 |
Total investments and cash | 12,567,397 | 11,956,303 |
Note Receivable - affiliated | 300,000 | 300,000 |
Accrued investment income | 62,738 | 54,383 |
Premiums receivable | 1,479,774 | 1,337,344 |
Reinsurance receivables - unaffiliated | 1,380,469 | 1,318,820 |
Reinsurance receivables - affiliated | 2,823,553 | 3,125,269 |
Income taxes | 86,402 | 65,793 |
Funds held by reinsureds | 242,611 | 228,297 |
Deferred acquisition costs | 383,855 | 388,238 |
Prepaid reinsurance premiums | 396,556 | 413,612 |
Other assets | 557,699 | 518,127 |
TOTAL ASSETS | 20,281,054 | 19,706,186 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 10,383,323 | 10,209,519 |
Unearned premium reserve | 2,286,856 | 2,198,932 |
Funds held under reinsurance treaties | 42,380 | 41,233 |
Other net payable to reinsurers | 354,900 | 267,367 |
Losses in course of payment | 188,853 | 70,541 |
Senior notes due 6/1/2044 | 397,134 | 397,074 |
Long term notes due 5/1/2067 | 223,625 | 236,758 |
Accrued interest on debt and borrowings | 2,368 | 2,878 |
Unsettled securities payable | 67,485 | 25,230 |
Other liabilities | 350,558 | 399,229 |
Total liabilities | 14,297,482 | 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 (2020 and 2019) | ||
Additional paid-in capital | 1,100,882 | 1,100,678 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $38,126 at 2020 and $16,977 at 2019 | 143,308 | 64,324 |
Retained earnings | 4,739,382 | 4,692,423 |
Total stockholder's equity | 5,983,572 | 5,857,425 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 20,281,054 | $ 19,706,186 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Fixed maturities - available for sale, amortized cost | $ 7,657,782,000 | $ 7,334,425,000 |
Fixed maturities - available for sale, at market value, allowance for credit loss | 19,925,000 | 0 |
Short-term investments, cost | 588,983,000 | 279,824,000 |
Other invested assets, cost | $ 1,033,457,000 | $ 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) | $ 38,126,000 | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUES: | ||||
Premiums earned | $ 1,538,960 | $ 1,375,623 | $ 3,032,965 | $ 2,646,077 |
Net investment income | 35,153 | 90,709 | 109,354 | 175,243 |
Net realized capital gains (losses): | ||||
Credit allowances on fixed maturity securities | (7,826) | (19,925) | ||
Other-than-temporary impairments on fixed maturity securities | (4,929) | (7,219) | ||
Other net realized capital gains (losses) | (471,534) | 147,492 | (202,568) | 284,838 |
Total net realized capital gains (losses) | (479,360) | 142,563 | (222,493) | 277,619 |
Other income (expense) | (5,122) | (5,055) | (9,620) | (5,785) |
Total revenues | 1,089,631 | 1,603,840 | 2,910,206 | 3,093,154 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 975,832 | 843,222 | 2,005,345 | 1,639,318 |
Commission, brokerage, taxes and fees | 355,699 | 316,775 | 678,803 | 604,993 |
Other underwriting expenses | 94,131 | 83,351 | 195,339 | 161,733 |
Corporate expenses | 3,514 | 2,519 | 7,235 | 4,170 |
Interest, fee and bond issue cost amortization expense | 6,922 | 9,684 | 14,382 | 19,512 |
Total claims and expenses | 1,436,098 | 1,255,551 | 2,901,104 | 2,429,726 |
INCOME (LOSS) BEFORE TAXES | (346,467) | 348,289 | 9,102 | 663,428 |
Income tax expense (benefit) | (75,874) | 67,367 | (36,950) | 130,898 |
NET INCOME (LOSS) | (270,593) | 280,922 | 46,052 | 532,530 |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 243,550 | 68,095 | 66,026 | 156,544 |
Less: reclassification adjustment for realized losses (gains) included in net income (loss) | 3,543 | 5,858 | 31,429 | 4,842 |
Total URA(D) on securities arising during the period | 247,093 | 73,953 | 97,455 | 161,386 |
Foreign currency translation adjustments | 8,436 | (7,475) | (21,197) | 2,089 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 1,806 | 1,151 | 2,726 | 2,302 |
Total benefit plan net gain (loss) for the period | 1,806 | 1,151 | 2,726 | 2,302 |
Total other comprehensive income (loss), net of tax | 257,335 | 67,629 | 78,984 | 165,777 |
COMPREHENSIVE INCOME (LOSS) | $ (13,258) | $ 348,551 | $ 125,036 | $ 698,307 |
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 | ||||
Net income (loss) | 251,608,000 | ||||
Ending balance, shares at Mar. 31, 2019 | 1,000 | ||||
Ending balance, at Mar. 31, 2019 | 1,100,402,000 | (28,106,000) | 4,314,306,000 | ||
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 | ||||
Net increase (decrease) during the period | $ 165,777,000 | ||||
Net income (loss) | 532,530,000 | ||||
Ending balance, shares at Jun. 30, 2019 | 1,000 | ||||
Ending balance, at Jun. 30, 2019 | 5,735,239,000 | 1,100,489,000 | 39,523,000 | 4,595,227,000 | |
Beginning balance, at Mar. 31, 2019 | 1,100,402,000 | (28,106,000) | 4,314,306,000 | ||
Beginning balance, shares at Mar. 31, 2019 | 1,000 | ||||
Share-based compensation plans | 87,000 | ||||
Net increase (decrease) during the period | 67,629,000 | 67,629,000 | |||
Net income (loss) | 280,922,000 | 280,922,000 | |||
Ending balance, shares at Jun. 30, 2019 | 1,000 | ||||
Ending balance, at Jun. 30, 2019 | 5,735,239,000 | 1,100,489,000 | 39,523,000 | 4,595,227,000 | |
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) | ||||
Net income (loss) | 316,645,000 | ||||
Ending balance, shares at Mar. 31, 2020 | 1,000 | ||||
Ending balance, at Mar. 31, 2020 | 1,100,781,000 | (114,027,000) | 5,009,975,000 | ||
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 | |||
Net increase (decrease) during the period | $ 78,984,000 | ||||
Net income (loss) | $ 46,052,000 | ||||
Ending balance, shares at Jun. 30, 2020 | 1,000 | 1,000 | |||
Ending balance, at Jun. 30, 2020 | $ 5,983,572,000 | 1,100,882,000 | 143,308,000 | 4,739,382,000 | |
Beginning balance, at Mar. 31, 2020 | 1,100,781,000 | (114,027,000) | 5,009,975,000 | ||
Beginning balance, shares at Mar. 31, 2020 | 1,000 | ||||
Share-based compensation plans | 101,000 | ||||
Net increase (decrease) during the period | 257,335,000 | 257,335,000 | |||
Net income (loss) | $ (270,593,000) | (270,593,000) | |||
Ending balance, shares at Jun. 30, 2020 | 1,000 | 1,000 | |||
Ending balance, at Jun. 30, 2020 | $ 5,983,572,000 | $ 1,100,882,000 | $ 143,308,000 | $ 4,739,382,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 46,052 | $ 532,530 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (147,210) | (93,371) |
Decrease (increase) in funds held by reinsureds, net | (13,336) | (13,929) |
Decrease (increase) in reinsurance receivables | 233,199 | 82,701 |
Decrease (increase) in income taxes | (41,843) | 214,671 |
Decrease (increase) in prepaid reinsurance premiums | 15,928 | (110,643) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 205,192 | (21,387) |
Increase (decrease) in unearned premiums | 90,640 | 176,412 |
Increase (decrease) in other net payable to reinsurers | 89,520 | 3,307 |
Increase (decrease) in losses in course of payment | 118,964 | (22,634) |
Change in equity adjustments in limited partnerships | 50,809 | (23,662) |
Distribution of limited partnership income | 30,916 | 24,969 |
Change in other assets and liabilities, net | (75,931) | (65,421) |
Non-cash compensation expense | 15,462 | 13,913 |
Amortization of bond premium (accrual of bond discount) | 4,436 | 826 |
Net realized capital (gains) losses | 222,493 | (277,619) |
Net cash provided by (used in) operating activities | 845,291 | 420,663 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 494,544 | 437,371 |
Proceeds from fixed maturities sold - available for sale, at market value | 337,723 | 2,004,602 |
Proceeds from fixed maturities sold - available for sale, at fair value | 2,706 | |
Proceeds from equity securities sold - at fair value | 213,003 | 148,973 |
Distributions from other invested assets | 119,727 | 76,149 |
Cost of fixed maturities acquired - available for sale, at market value | (1,226,251) | (2,251,818) |
Cost of equity securities acquired- at fair value | (222,818) | (228,872) |
Cost of other invested assets acquired | (215,569) | (138,096) |
Net change in short-term investments | (308,979) | (192,889) |
Net change in unsettled securities transactions | 37,744 | 13,100 |
Net cash provided by (used in) investing activities | (770,876) | (128,774) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Tax benefit from share-based compensation, net of expense | (15,258) | (13,739) |
Cost of debt repurchase | (10,648) | |
Proceeds from issuance (cost of repayment) of note payable-affiliated | (300,000) | |
Net cash provided by (used in) financing activities | (25,906) | (313,739) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (14,015) | (5,483) |
Net increase (decrease) in cash | 34,495 | (27,333) |
Cash, beginning of period | 411,122 | 404,522 |
Cash, end of period | 445,617 | 377,189 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | 4,763 | (87,045) |
Interest paid | $ 14,782 | $ 19,433 |
General
General | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2 . B ASIS OF PRESENTATION The unaudited interim consolidated financial statements of the Company for the three and six months ended June 30 , 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 annua l 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 GAAP. The results for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results for a full year. These financia l 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 sta tements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. This is particularly true given the fluid and continuing nature of the COVID-19 pandemic. This is an ongoing ev ent 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 prov isions. Given the uncertainties in the current public health and economic environment, there could be an adverse 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, the Company manages its reinsurance and insurance operations as autonomous units and key strategic decisions are based on the aggregate operating r esults and projections for these segments of business. Accordingly, effective January 1, 2020, the Company revised 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 Accounting Standard Changes. Accounting for Income Taxes . In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, w hich 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 aft er December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its financial statements. Simplification of Disclosure Requirements. In August 2018, the Securi ties and Exchange Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simplification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main change addressed by the Rule that is applica ble to the Company is a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after Novem ber 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 porti ons 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 A rrangement. In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company 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 re lease. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount of tax expense it recorded i n 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company’s financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which outlines guidance on the amortizat ion period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effecti ve 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 Fina ncial Instruments. In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline guidance on the valuation of and accounting for assets measured at amortiz ed cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation accou nt). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting peri ods 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 Consolidated 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 assets and lease lia bilities on the balance sheets for most leases that were previously deemed operating leases and required only lease expense presentation in the statements of operations. The guidance is effective for annual and interim reporting periods beginning after De cember 15, 2018. The Company adopted ASU 2016-02 effective January 1, 2019 and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparativ e periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply the package of practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption. The Company did not elect the hindsight practical expedient to determine the lease term of existing leases (e.g. The Company did not re-assess lease renewals, termination options nor purchase options in de termining 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 the consolidated ba lance 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 guidance 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 financial statements. |
Investments
Investments | 6 Months Ended |
Jun. 30, 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 securit ies as of June 30 , 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 ac cordance with previously applicable guidance At June 30, 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 $ 741,244 $ - $ 31,740 $ - $ 772,984 Obligations of U.S. states and political subdivisions 507,475 - 27,597 (3,789) 531,283 Corporate securities 2,935,665 (19,398) 135,213 (51,922) 2,999,558 Asset-backed securities 991,779 - 14,504 (21,500) 984,783 Mortgage-backed securities Commercial 348,329 - 33,506 (788) 381,047 Agency residential 604,360 - 33,190 (349) 637,201 Non-agency residential 509 - - (3) 506 Foreign government securities 636,346 - 38,578 (5,034) 669,890 Foreign corporate securities 892,075 (527) 57,601 (7,024) 942,125 Total fixed maturity securities $ 7,657,782 $ (19,925) $ 371,929 $ (90,409) $ 7,919,377 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 June 30, 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 $ 716,996 $ 714,607 $ 569,506 $ 563,730 Due after one year through five years 2,773,635 2,866,814 2,919,966 2,963,903 Due after five years through ten years 1,615,652 1,735,868 1,541,695 1,602,642 Due after ten years 606,522 598,551 602,440 620,473 Asset-backed securities 991,779 984,783 761,607 765,957 Mortgage-backed securities Commercial 348,329 381,047 311,961 329,049 Agency residential 604,360 637,201 625,612 644,687 Non-agency residential 509 506 1,638 1,638 Total fixed maturity securities $ 7,657,782 $ 7,919,377 $ 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 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 $ 311,927 $ 93,919 $ 123,520 $ 204,828 Fixed maturity securities, other-than-temporary impairment - (368) - (700) Change in unrealized appreciation (depreciation), pre-tax 311,927 93,551 123,520 204,128 Deferred tax benefit (expense) (64,834) (19,675) (26,065) (42,889) Deferred tax benefit (expense), other-than-temporary impairment - 77 - 147 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 247,093 $ 73,953 $ 97,455 $ 161,386 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 June 30, 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 Obligations of U.S. states and political subdivisions 70,056 (3,564) 3,331 (225) 73,387 (3,789) Corporate securities 423,967 (20,116) 122,165 (31,806) 546,132 (51,922) Asset-backed securities 437,211 (16,250) 129,870 (5,250) 567,081 (21,500) Mortgage-backed securities Commercial 31,984 (756) 3,303 (32) 35,287 (788) Agency residential 23,621 (342) 1,166 (7) 24,787 (349) Non-agency residential 161 (2) 344 (1) 505 (3) Foreign government securities 51,453 (506) 41,802 (4,528) 93,255 (5,034) Foreign corporate securities 90,660 (2,151) 38,483 (4,873) 129,143 (7,024) Total fixed maturity securities $ 1,129,113 $ (43,687) $ 340,464 $ (46,722) $ 1,469,577 $ (90,409) Duration of Unrealized Loss at June 30, 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 $ 32,323 $ (473) $ 52,176 $ (8,444) $ 84,499 $ (8,917) Due in one year through five years 340,168 (12,125) 94,125 (6,849) 434,293 (18,974) Due in five years through ten years 154,542 (6,913) 2,842 (659) 157,384 (7,572) Due after ten years 109,103 (6,826) 56,638 (25,480) 165,741 (32,306) Asset-backed securities 437,211 (16,250) 129,870 (5,250) 567,081 (21,500) Mortgage-backed securities 55,766 (1,100) 4,813 (40) 60,579 (1,140) Total fixed maturity securities $ 1,129,113 $ (43,687) $ 340,464 $ (46,722) $ 1,469,577 $ (90,409) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at June 30, 2020 were $ 1,469,577 thousand and $ 90,409 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at June 30, 2020, did not exceed 0.1 % 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 $ 43,687 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities and asset backed securities. Of these unrealized losses, $ 2 5,991 thousand were related to securities that were rated investment grade by at least one nationally r ecognized statistical rating agency. The $ 46,722 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 se curities and asset backed securities. Of these unrealized losses $ 15,488 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There w as no gross unrealized depreciation for m ortgage-backed securities related to sub-prime and alt-A loans. In all instan ces, 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 hav e excess credit coverage and are current on interest and principal payments. The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity 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 indi cated: 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturities $ 74,897 $ 65,374 $ 148,985 $ 132,428 Equity securities 2,024 2,319 3,616 3,750 Short-term investments and cash 578 3,169 2,148 5,905 Other invested assets Limited partnerships (40,465) 15,116 (33,469) 23,171 Dividends from preferred shares of affiliate 7,758 7,758 15,516 15,516 Other (2,962) 3,299 (16,034) 6,279 Gross investment income before adjustments 41,830 97,035 120,762 187,049 Funds held interest income (expense) 901 1,445 4,158 4,326 Interest income from Parent 1,281 - 2,563 - Gross investment income 44,012 98,480 127,483 191,375 Investment expenses (8,859) (7,771) (18,129) (16,132) Net investment income $ 35,153 $ 90,709 $ 109,354 $ 175,243 (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 $ 1,040,369 thousand in limited partnerships and private placement loans at June 30 , 20 20 . These commitments will be funded when called in accordance with the partnership and loan agreemen ts, 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-t erm 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 June 30, 20 20 , the market value of investments in the facili ty consolidated within the Company’s balance sheets was $ 340,950 thousand. Other invested assets, at fair value, as of June 30, 20 20 and December 31, 201 9 , were comprised of preferred shares held in Preferred Holdings, an affiliated company. The co mponents of net realized capital gains (losses) are presented in the table below for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturity securities, market value: Allowances for credit losses $ (7,826) $ - $ (19,925) $ - Other-than-temporary impairments - (4,929) - (7,219) Gains (losses) from sales 1,963 (2,313) (18,974) 1,113 Fixed maturity securities, fair value: Gains (losses) from sales - 356 - 356 Gains (losses) from fair value adjustments (272) - (1,395) 13 Equity securities, fair value: Gains (losses) from sales 16,274 (1,314) (11,328) 3,730 Gains (losses) from fair value adjustments 148,205 25,829 26,536 103,675 Other invested assets 1,292 (152) (1,035) 244 Other invested assets, fair value: Gains (losses) from fair value adjustments (639,058) 125,024 (196,579) 175,651 Short-term investment gains (losses) 62 62 207 56 Total net realized capital gains (losses) $ (479,360) $ 142,563 $ (222,493) $ 277,619 Roll Forward of Allowance for Credit Losses Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Foreign Foreign Foreign Foreign Corporate Government Corporate Corporate Government Corporate Securities Securities Securities Total Securities Securities Securities Total Beginning Balance $ (11,468) $ (70) $ (561) $ (12,099) $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded (10,355) - - (10,355) (21,823) (70) (561) (22,454) Increases in allowance on previously impaired securities (555) - (211) (766) (555) - (211) (766) Decreases in allowance on previously impaired securities 1,238 - 116 1,354 1,238 - 116 1,354 Reduction in allowance due to disposals 1,742 70 129 1,941 1,742 70 129 1,941 Balance as of June 30, 2020 $ (19,398) $ - $ (527) $ (19,925) $ (19,398) $ - $ (527) $ (19,925) 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Proceeds from sales of fixed maturity securities $ 173,479 $ 403,419 $ 337,723 $ 2,007,308 Gross gains from sales 8,755 3,133 10,601 11,237 Gross losses from sales (6,792) (5,090) (29,575) (9,768) Proceeds from sales of equity securities $ 8,842 $ 79,735 $ 213,003 $ 148,973 Gross gains from sales 18,172 2,577 20,753 8,248 Gross losses from sales (1,898) (3,891) (32,081) (4,518) |
Reserves For Losses And LAE
Reserves For Losses And LAE | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, (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 2,006,988 1,615,277 Prior years (1,643) 24,041 Total incurred losses and LAE 2,005,345 1,639,318 Paid related to: Current year 474,372 391,381 Prior years 1,025,866 1,144,204 Total paid losses and LAE 1,500,238 1,535,585 Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 (26,906) 228 Net reserves end of period 6,472,371 5,573,437 Plus reinsurance recoverables 3,910,952 4,574,975 Gross reserves end of period $ 10,383,323 $ 10,148,412 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 2,006,988 thousand for the six months ended June 30, 2020 and $ 1,615,277 thousand for the six months end ed June 30, 2019, respectively. The increase in current year incurred losses in 2020 compared to 2019 was primarily due to $ 73,691 thousand of incurred losses due to COVID-19 as well as the impact of the increase in premiums earned. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 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 th roughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hiera rchy 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 obser vable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observ able 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 availab le market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addit ion, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. In limited instances where prices are not provided by pricing services or in rare ins tances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the invest ment 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 r eviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Compa ny may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. At June 30, 2020, $ 953,190 thousand of fixed maturities, market value and $ 4,431 thousand of fixed maturities, fair value were fair valued usi ng unobservable inputs. The majority of the fixed maturities, market value, $ 782,259 thousand and all of the $ 4,431 thousand of fixed maturities, fair value, were valued by investment managers’ valuation committees and many of these fair values were subst antiated by valuations from independent third parties. The Company has procedures in place to review and evaluate these independent third party valuations. The remaining Level 3 fixed maturities of $ 170,931 thousand were fair valued by the Company at eit her par or amortized cost, which the Company believes approximates fair value. 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 m ajority 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 f rom 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 equit y portfolio which had a fair value at June 30, 2020 and December 31, 2019 of $ 365,554 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 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by nationally recognized sources. During the three months ended June 30, 2020, the Company purchased preferred stock in a private entity and these are categoriz ed as Level 3. All categories of fixed maturity securities listed in the tables below are generally categorized as L evel 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market in puts such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing se rvices 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 L evel 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 a gencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; Corporate securiti es are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; Asset-backed a nd 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 perf ormance and default spreads; Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models wit h 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 i ssuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S . dollars using an exchange rate from a nationally recognized source. Other invested assets, at fair value, were categorized as Level 3 at June 30, 2020 and December 31, 2019, since it represented a privately placed convertible preferred stock issued by a n 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. Trea sury 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 inputs 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 Assets Inputs Inputs (Dollars in thousands) June 30, 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 $ 772,984 $ - $ 772,984 $ - Obligations of U.S. States and political subdivisions 531,283 - 531,283 - Corporate securities 2,999,558 - 2,348,372 651,186 Asset-backed securities 984,783 - 689,053 295,730 Mortgage-backed securities Commercial 381,047 - 381,047 - Agency residential 637,201 - 637,201 - Non-agency residential 506 - 506 - Foreign government securities 669,890 - 669,890 - Foreign corporate securities 942,125 - 935,851 6,274 Total fixed maturities, market value 7,919,377 - 6,966,187 953,190 Fixed maturities, fair value 4,431 - - 4,431 Equity securities, fair value 789,819 740,197 39,745 9,877 Other invested assets, fair value 1,786,003 - - 1,786,003 There were no transfers between Level 1 and Level 2 for the six months ended June 30 , 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 Assets Inputs Inputs (Dollars in thousands) December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 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, $ 224,467 thousand and $ 209,578 thousand of investments within other invested assets on the consolidated balance sheets as of June 30 , 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 expedient to determine fair value. The following tables present the activity under Level 3, fair value m easurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Corporate Asset Foreign Corporate Foreign Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Corporate Corporate Total Beginning balance $ 642,432 $ 238,631 $ - $ 881,063 $ 546,939 $ 153,641 $ 1,751 $ 702,331 Total gains or (losses) (realized/unrealized) Included in earnings (248) 121 (97) (224) (462) 125 (97) (434) Included in other comprehensive income (loss) (549) 18,092 (40) 17,503 (3,906) 2,210 (40) (1,736) Purchases, issuances and settlements 14,346 38,886 5,434 58,666 113,410 139,754 3,683 256,847 Transfers in and/or (out) of Level 3 (4,795) - 977 (3,818) (4,795) - 977 (3,818) Ending balance $ 651,186 $ 295,730 $ 6,274 $ 953,190 $ 651,186 $ 295,730 $ 6,274 $ 953,190 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, Market Value Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 367,178 $ 7,298 $ 374,476 $ 376,250 $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings (2,528) (238) (2,766) 2,330 (119) 2,211 Included in other comprehensive income (loss) 1,870 - 1,870 2,444 - 2,444 Purchases, issuances and settlements 101,732 (4,967) 96,765 89,686 (5,532) 84,154 Transfers in and/or (out) of Level 3 3,977 - 3,977 1,519 - 1,519 Ending balance $ 472,229 $ 2,093 $ 474,322 $ 472,229 $ 2,093 $ 474,322 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 4,703 $ 4,703 $ 5,826 $ 5,826 Total gains or (losses) (realized/unrealized) Included in earnings (272) (272) (1,395) (1,395) Included in other comprehensive income (loss) - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 4,431 $ 4,431 $ 4,431 $ 4,431 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 2,350 $ 2,350 $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings 356 356 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements (2,706) (2,706) (2,706) (2,706) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - 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 ($ 3,818 ) thousand for both the three and six months ended June 30, 2020 and were $ 3,977 thousand and $ 1,519 thousand for the three and six months ended June 30, 2019, respectively. The transfers during 2020 were related to securities that were priced using investment managers as of December 31, 2019 and were subsequently priced by a recognized pricing service as of June 30, 2020. The transfers during 2019 were related to securities that were priced using a recognized pricing service as of December 31, 2018 and were subsequently priced by investment managers as of June 30, 2019. The following table presents the activity u nder Level 3, fair value measurements using significant unobservable inputs by equity securities, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Equity securities Balance, beginning of period $ - $ - $ - $ - Total (gains) or losses (realized/unrealized) Included in earnings - - - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 9,877 - 9,877 - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 9,877 $ - $ 9,877 $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Other invested assets, fair value: Beginning balance $ 2,425,061 $ 1,767,963 $ 1,982,582 $ 1,717,336 Total gains or (losses) (realized/unrealized) Included in earnings (639,058) 125,025 (196,579) 175,652 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 1,786,003 $ 1,892,988 $ 1,786,003 $ 1,892,988 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2020 At December 31, 2019 (Dollars in thousands) The Prudential $ 141,186 $ 141,703 Unaffiliated life insurance company 33,778 35,082 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 Six Months Ended June 30, 2020 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 307,356 (63,806) $ 243,550 $ 83,586 (17,560) $ 66,026 URA(D) on securities - OTTI - - - - - - Reclassification of net realized losses (gains) included in net income (loss) 4,570 (1,027) 3,543 39,934 (8,505) 31,429 Foreign currency translation adjustments 10,675 (2,239) 8,436 (26,857) 5,660 (21,197) Reclassification of amortization of net gain (loss) included in net income (loss) 2,286 (480) 1,806 3,451 (725) 2,726 Total other comprehensive income (loss) $ 324,887 $ (67,552) $ 257,335 $ 100,114 $ (21,130) $ 78,984 (Some amounts may not reconcile due to rounding) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 86,524 $ (18,138) $ 68,386 $ 198,965 $ (41,868) $ 157,097 URA(D) on securities - OTTI (368) 77 (291) (700) 147 (553) Reclassification of net realized losses (gains) included in net income (loss) 7,394 (1,536) 5,858 5,862 (1,020) 4,842 Foreign currency translation adjustments (9,465) 1,990 (7,475) 2,645 (556) 2,089 Reclassification of amortization of net gain (loss) included in net income (loss) 1,457 (306) 1,151 2,914 (612) 2,302 Total other comprehensive income (loss) $ 85,542 $ (17,913) $ 67,629 $ 209,686 $ (43,909) $ 165,777 (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 Six Months Ended Affected line item within the June 30, June 30, statements of operations and AOCI component 2020 2019 2020 2019 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 4,570 $ 7,394 $ 39,934 $ 5,862 Other net realized capital gains (losses) (1,027) (1,536) (8,505) (1,020) Income tax expense (benefit) $ 3,543 $ 5,858 $ 31,429 $ 4,842 Net income (loss) Benefit plan net gain (loss) $ 2,286 $ 1,457 $ 3,451 $ 2,914 Other underwriting expenses (480) (306) (725) (612) Income tax expense (benefit) $ 1,806 $ 1,151 $ 2,726 $ 2,302 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Beginning balance of URA (D) on securities $ (25,025) $ 31,483 $ 124,612 $ (55,950) Current period change in URA (D) of investments - temporary 247,093 74,244 97,455 161,939 Current period change in URA (D) of investments - non-credit OTTI - (291) - (553) Ending balance of URA (D) on securities 222,068 105,436 222,068 105,436 Beginning balance of foreign currency translation adjustments (15,367) 6,678 14,267 (2,886) Current period change in foreign currency translation adjustments 8,436 (7,475) (21,197) 2,089 Ending balance of foreign currency translation adjustments (6,931) (797) (6,931) (797) Beginning balance of benefit plan net gain (loss) (73,635) (66,267) (74,556) (67,418) Current period change in benefit plan net gain (loss) 1,806 1,151 2,726 2,302 Ending balance of benefit plan net gain (loss) (71,829) (65,116) (71,829) (65,116) Ending balance of accumulated other comprehensive income (loss) $ 143,308 $ 39,523 $ 143,308 $ 39,523 |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 6 Months Ended |
Jun. 30, 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 June 30, 2020, the total amount on deposit in the trust account was $ 826,662 thousand. On April 24, 2014, the Company entered into two collateralize d 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 nam ed 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 cov erage 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 re gions 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 catastrop he 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. Th ese 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 r einsurance 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 thous and, 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 Compan y 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 agr eements are four year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico , the U.S. Virgin Islands and Canada. On December 12, 2019, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance co ntracts 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 e arthquakes 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 c overage 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 losse s 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 publis hed 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. Kilimanj aro 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 Serie s 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 2 019 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 2 017-2 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 $ 4 25,000 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 fun ds with a rating of at least “AAAm” by Standard & Poor’s. |
Senior Notes
Senior Notes | 6 Months Ended |
Jun. 30, 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. June 30, 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 $ 397,134 $ 469,804 $ 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest expense incurred $ 4,868 $ 4,868 $ 9,736 $ 9,736 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 6 Months Ended |
Jun. 30, 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. June 30, 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 $ 223,625 $ 197,378 $ 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 May 15, 2020 to August 16, 2020 is 2.78 %. 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 o r after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40 % senior notes on October 15, 2014 , the Company’s 4.868 % senior notes, due on June 1, 2044 , have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. The Company repurchased and retired $ 11,483 thousand and $ 13,183 thousand of its outstanding long term subordinated notes during the three and six months ended June 30, 2020 , respectively. The Company realized a gain of $ 2,034 thousand and $ 2,536 thousand from the repurchase of the long term subordinated notes during the three and six months ended June 30, 2020 , respectively. On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $ 161,441 thousand. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest expense incurred $ 2,000 $ 3,406 $ 4,539 $ 6,011 |
Federal Home Loan Bank Membersh
Federal Home Loan Bank Membership | 6 Months Ended |
Jun. 30, 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 June 30, 2020, Everest Re had admitted assets of approximately $ 13,435,683 thousand which provides borrowing capacity of up to approximately $ 1,343,568 thousand. Through June 30, 2020, Everest Re had no borrowings through the FHLB. |
Leases
Leases | 6 Months Ended |
Jun. 30, 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 Six Months Ended (Dollars in thousands) June 30, June 30, 2020 2019 2020 2019 Lease expense incurred: Operating lease cost $ 7,424 $ 4,793 $ 14,672 $ 9,355 (Dollars in thousands) At June 30, 2020 At December 31, 2019 Operating lease right of use assets $ 143,986 $ 152,978 Operating lease liabilities 155,440 160,387 Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, 2020 2019 2020 2019 Operating cash flows from operating leases $ (4,501) $ (4,314) $ (8,858) $ (8,617) At June 30, 2020 At December 31, 2019 Weighted average remaining operating lease term 12.6 years 12.8 years Weighted average discount rate on operating leases 4.02 % 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2020 $ 9,120 2021 16,181 2022 18,615 2023 18,202 2024 18,208 2025 15,217 Thereafter 116,149 Undiscounted lease payments 211,692 Less: present value adjustment 56,252 Total operating lease liability $ 155,440 On July 2, 2019, the Company entered into a lease agreement to relocate its corporate offices from Liberty Corner, New Jersey to a corporate complex in Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, 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 Libert y Corner, New Jersey facility to the new corporate complex during 2021. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 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 Six Months Ended Reinsurance June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 1,124,895 $ 1,014,434 $ 2,433,089 $ 2,167,545 Net written premiums 992,750 837,913 2,106,984 1,813,912 Premiums earned $ 1,062,833 $ 958,222 $ 2,069,868 $ 1,855,500 Incurred losses and LAE 630,658 581,281 1,313,366 1,134,995 Commission and brokerage 292,286 258,563 553,187 495,528 Other underwriting expenses 26,599 25,360 56,446 49,416 Underwriting gain (loss) $ 113,290 $ 93,018 $ 146,869 $ 175,561 Three Months Ended Six Months Ended Insurance June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 713,352 $ 673,603 $ 1,380,123 $ 1,205,374 Net written premiums 508,801 481,952 1,033,275 898,196 Premiums earned $ 476,127 $ 417,401 $ 963,097 $ 790,577 Incurred losses and LAE 345,174 261,941 691,979 504,323 Commission and brokerage 63,413 58,212 125,616 109,465 Other underwriting expenses 67,532 57,991 138,893 112,317 Underwriting gain (loss) $ 8 $ 39,257 $ 6,609 $ 64,472 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Underwriting gain (loss) $ 113,298 $ 132,275 $ 153,478 $ 240,033 Net investment income 35,153 90,709 109,354 175,243 Net realized capital gains (losses) (479,360) 142,563 (222,493) 277,619 Corporate expense (3,514) (2,519) (7,235) (4,170) Interest, fee and bond issue cost amortization expense (6,922) (9,684) (14,382) (19,512) Other income (expense) (5,122) (5,055) (9,620) (5,785) Income (loss) before taxes $ (346,467) $ 348,289 $ 9,102 $ 663,428 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Canada gross written premiums $ 71,021 $ 47,206 $ 134,658 $ 86,256 No other country represented more than 5 % of the Company’s revenues. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 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 Consolid ated Balance Sheet of Holdings. The Company recognized interest income related to this long term note of $ 1,281 thousand and $ 0 thousand for the three months ended June 30, 2020 and 2019, respectively and $ 2,563 thousand and $ 0 thousand for the six months ended June 30, 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 rep urchase 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 t he 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 05/22/2020 2,000,000 32,000,000 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Dividends received on preferred stock of affiliate $ 7,758 $ 7,758 $ 15,516 $ 15,516 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. Interest expense of $ 1,356 thousand and $ 3,658 thousand was recorded by Holdings for the three and six months ended June 30, 20 19 , 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 ca pital in the Company’s consolidated balance sheets. Affiliates The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: (Dollars in thousands) 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 most recently renewed effective January 1, 2020 . 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. This agreement expired on December 31, 2019 and was not renewed. 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 Six Months Ended Bermuda Re June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Ceded written premiums $ 31,669 $ 19,534 $ 62,169 $ 71,007 Ceded earned premiums 31,813 16,598 62,313 69,122 Ceded losses and LAE 12,208 (3,417) (9,951) 8,316 Three Months Ended Six Months Ended Everest International June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Ceded written premiums $ - $ - $ - $ - Ceded earned premiums - - - - Ceded losses and LAE (7) (46) 16 (36) Three Months Ended Six Months Ended Everest Canada June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Assumed written premiums $ (235) $ - $ 1 $ - Assumed earned premiums (46) - (7) - Assumed losses and LAE (948) 2,296 650 695 Three Months Ended Six Months Ended Lloyd's Syndicate 2786 June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Assumed written premiums $ 630 $ 483 $ (2,401) $ (8,726) Assumed earned premiums 639 1,596 (2,183) (17,231) Assumed losses and LAE (1,438) 4,391 (624) (3,527) 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 Six Months Ended Mt. Logan Re Segregated Accounts June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Ceded written premiums $ 41,864 $ 51,289 $ 137,214 $ 114,512 Ceded earned premiums 60,412 61,812 140,267 106,634 Ceded losses and LAE 36,835 30,159 74,300 64,781 Assumed written premiums - - - - Assumed earned premiums - - - - Assumed losses and LAE - - - - |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 2,041 $ 2,276 $ 6,052 $ 4,553 Interest cost 2,563 2,930 5,046 5,860 Expected return on plan assets (5,197) (5,016) (10,394) (10,031) Amortization of net (income) loss 2,462 1,601 3,675 3,203 Settlement charge - 104 - 208 Net periodic benefit cost $ 1,869 $ 1,895 $ 4,379 $ 3,793 Other Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 311 $ 286 $ 452 $ 573 Interest cost 215 295 429 590 Amortization of prior service cost (176) (144) (224) (289) Net periodic benefit cost $ 350 $ 437 $ 657 $ 874 (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 and six months ended June 30, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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 annua l 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. The tax expense or benefit for the quarter repres ents 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 | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17 . SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In late July and early August 2020, Hurricane Isaias impacted the United States and the Caribbean. Also, on August 4, 2020, an explosion occurred in Beirut, Lebanon which imp acted a port and surrounding area. Due to the recentness of these events, the Company is unable to estimate the amount of losses at this time. However, the Company anticipates that the losses from these events will adversely impact third quarter 2020 finan cial statements. |
Revisions To Financial Statemen
Revisions To Financial Statements | 6 Months Ended |
Jun. 30, 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 AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (3,812) (1,243) (5,055) (5,026) (759) (5,785) Total revenues $ 1,605,083 $ (1,243) $ 1,603,840 $ 3,093,913 $ (759) $ 3,093,154 INCOME (LOSS) BEFORE TAXES $ 349,532 $ (1,243) $ 348,289 $ 664,187 $ (759) $ 663,428 Income tax expense (benefit) 67,628 (261) 67,367 131,057 (159) 130,898 NET INCOME (LOSS) $ 281,904 $ (982) $ 280,922 $ 533,130 $ (600) $ 532,530 COMPREHENSIVE INCOME (LOSS) $ 349,533 $ (982) $ 348,551 $ 698,907 $ (600) $ 698,307 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 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 Net income (loss) 281,904 (982) 280,922 Balance, June 30 4,603,734 (8,507) 4,595,227 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 5,743,746 $ (8,507) $ 5,735,239 CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 533,130 $ (600) $ 532,530 Decrease (increase) in funds held by reinsureds, net (14,688) 759 (13,929) Decrease (increase) in income taxes 214,830 (159) 214,671 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At June 30, 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 $ 741,244 $ - $ 31,740 $ - $ 772,984 Obligations of U.S. states and political subdivisions 507,475 - 27,597 (3,789) 531,283 Corporate securities 2,935,665 (19,398) 135,213 (51,922) 2,999,558 Asset-backed securities 991,779 - 14,504 (21,500) 984,783 Mortgage-backed securities Commercial 348,329 - 33,506 (788) 381,047 Agency residential 604,360 - 33,190 (349) 637,201 Non-agency residential 509 - - (3) 506 Foreign government securities 636,346 - 38,578 (5,034) 669,890 Foreign corporate securities 892,075 (527) 57,601 (7,024) 942,125 Total fixed maturity securities $ 7,657,782 $ (19,925) $ 371,929 $ (90,409) $ 7,919,377 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 June 30, 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 $ 716,996 $ 714,607 $ 569,506 $ 563,730 Due after one year through five years 2,773,635 2,866,814 2,919,966 2,963,903 Due after five years through ten years 1,615,652 1,735,868 1,541,695 1,602,642 Due after ten years 606,522 598,551 602,440 620,473 Asset-backed securities 991,779 984,783 761,607 765,957 Mortgage-backed securities Commercial 348,329 381,047 311,961 329,049 Agency residential 604,360 637,201 625,612 644,687 Non-agency residential 509 506 1,638 1,638 Total fixed maturity securities $ 7,657,782 $ 7,919,377 $ 7,334,425 $ 7,492,079 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 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 $ 311,927 $ 93,919 $ 123,520 $ 204,828 Fixed maturity securities, other-than-temporary impairment - (368) - (700) Change in unrealized appreciation (depreciation), pre-tax 311,927 93,551 123,520 204,128 Deferred tax benefit (expense) (64,834) (19,675) (26,065) (42,889) Deferred tax benefit (expense), other-than-temporary impairment - 77 - 147 Change in unrealized appreciation (depreciation), net of deferred taxes, included in stockholder's equity $ 247,093 $ 73,953 $ 97,455 $ 161,386 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at June 30, 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 Obligations of U.S. states and political subdivisions 70,056 (3,564) 3,331 (225) 73,387 (3,789) Corporate securities 423,967 (20,116) 122,165 (31,806) 546,132 (51,922) Asset-backed securities 437,211 (16,250) 129,870 (5,250) 567,081 (21,500) Mortgage-backed securities Commercial 31,984 (756) 3,303 (32) 35,287 (788) Agency residential 23,621 (342) 1,166 (7) 24,787 (349) Non-agency residential 161 (2) 344 (1) 505 (3) Foreign government securities 51,453 (506) 41,802 (4,528) 93,255 (5,034) Foreign corporate securities 90,660 (2,151) 38,483 (4,873) 129,143 (7,024) Total fixed maturity securities $ 1,129,113 $ (43,687) $ 340,464 $ (46,722) $ 1,469,577 $ (90,409) 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 June 30, 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 $ 32,323 $ (473) $ 52,176 $ (8,444) $ 84,499 $ (8,917) Due in one year through five years 340,168 (12,125) 94,125 (6,849) 434,293 (18,974) Due in five years through ten years 154,542 (6,913) 2,842 (659) 157,384 (7,572) Due after ten years 109,103 (6,826) 56,638 (25,480) 165,741 (32,306) Asset-backed securities 437,211 (16,250) 129,870 (5,250) 567,081 (21,500) Mortgage-backed securities 55,766 (1,100) 4,813 (40) 60,579 (1,140) Total fixed maturity securities $ 1,129,113 $ (43,687) $ 340,464 $ (46,722) $ 1,469,577 $ (90,409) 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturities $ 74,897 $ 65,374 $ 148,985 $ 132,428 Equity securities 2,024 2,319 3,616 3,750 Short-term investments and cash 578 3,169 2,148 5,905 Other invested assets Limited partnerships (40,465) 15,116 (33,469) 23,171 Dividends from preferred shares of affiliate 7,758 7,758 15,516 15,516 Other (2,962) 3,299 (16,034) 6,279 Gross investment income before adjustments 41,830 97,035 120,762 187,049 Funds held interest income (expense) 901 1,445 4,158 4,326 Interest income from Parent 1,281 - 2,563 - Gross investment income 44,012 98,480 127,483 191,375 Investment expenses (8,859) (7,771) (18,129) (16,132) Net investment income $ 35,153 $ 90,709 $ 109,354 $ 175,243 (Some amounts may not reconcile due to rounding.) |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturity securities, market value: Allowances for credit losses $ (7,826) $ - $ (19,925) $ - Other-than-temporary impairments - (4,929) - (7,219) Gains (losses) from sales 1,963 (2,313) (18,974) 1,113 Fixed maturity securities, fair value: Gains (losses) from sales - 356 - 356 Gains (losses) from fair value adjustments (272) - (1,395) 13 Equity securities, fair value: Gains (losses) from sales 16,274 (1,314) (11,328) 3,730 Gains (losses) from fair value adjustments 148,205 25,829 26,536 103,675 Other invested assets 1,292 (152) (1,035) 244 Other invested assets, fair value: Gains (losses) from fair value adjustments (639,058) 125,024 (196,579) 175,651 Short-term investment gains (losses) 62 62 207 56 Total net realized capital gains (losses) $ (479,360) $ 142,563 $ (222,493) $ 277,619 Roll Forward of Allowance for Credit Losses Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Foreign Foreign Foreign Foreign Corporate Government Corporate Corporate Government Corporate Securities Securities Securities Total Securities Securities Securities Total Beginning Balance $ (11,468) $ (70) $ (561) $ (12,099) $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded (10,355) - - (10,355) (21,823) (70) (561) (22,454) Increases in allowance on previously impaired securities (555) - (211) (766) (555) - (211) (766) Decreases in allowance on previously impaired securities 1,238 - 116 1,354 1,238 - 116 1,354 Reduction in allowance due to disposals 1,742 70 129 1,941 1,742 70 129 1,941 Balance as of June 30, 2020 $ (19,398) $ - $ (527) $ (19,925) $ (19,398) $ - $ (527) $ (19,925) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Proceeds from sales of fixed maturity securities $ 173,479 $ 403,419 $ 337,723 $ 2,007,308 Gross gains from sales 8,755 3,133 10,601 11,237 Gross losses from sales (6,792) (5,090) (29,575) (9,768) Proceeds from sales of equity securities $ 8,842 $ 79,735 $ 213,003 $ 148,973 Gross gains from sales 18,172 2,577 20,753 8,248 Gross losses from sales (1,898) (3,891) (32,081) (4,518) |
Reserves For Losses And LAE (Ta
Reserves For Losses And LAE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Reserves For Losses And LAE [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Six Months Ended June 30, (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 2,006,988 1,615,277 Prior years (1,643) 24,041 Total incurred losses and LAE 2,005,345 1,639,318 Paid related to: Current year 474,372 391,381 Prior years 1,025,866 1,144,204 Total paid losses and LAE 1,500,238 1,535,585 Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 (26,906) 228 Net reserves end of period 6,472,371 5,573,437 Plus reinsurance recoverables 3,910,952 4,574,975 Gross reserves end of period $ 10,383,323 $ 10,148,412 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 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 Assets Inputs Inputs (Dollars in thousands) June 30, 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 $ 772,984 $ - $ 772,984 $ - Obligations of U.S. States and political subdivisions 531,283 - 531,283 - Corporate securities 2,999,558 - 2,348,372 651,186 Asset-backed securities 984,783 - 689,053 295,730 Mortgage-backed securities Commercial 381,047 - 381,047 - Agency residential 637,201 - 637,201 - Non-agency residential 506 - 506 - Foreign government securities 669,890 - 669,890 - Foreign corporate securities 942,125 - 935,851 6,274 Total fixed maturities, market value 7,919,377 - 6,966,187 953,190 Fixed maturities, fair value 4,431 - - 4,431 Equity securities, fair value 789,819 740,197 39,745 9,877 Other invested assets, fair value 1,786,003 - - 1,786,003 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 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 June 30, 2020 Six Months Ended June 30, 2020 Corporate Asset Foreign Corporate Foreign Foreign (Dollars in thousands) Securities Backed Securities Corporate Total Securities Corporate Corporate Total Beginning balance $ 642,432 $ 238,631 $ - $ 881,063 $ 546,939 $ 153,641 $ 1,751 $ 702,331 Total gains or (losses) (realized/unrealized) Included in earnings (248) 121 (97) (224) (462) 125 (97) (434) Included in other comprehensive income (loss) (549) 18,092 (40) 17,503 (3,906) 2,210 (40) (1,736) Purchases, issuances and settlements 14,346 38,886 5,434 58,666 113,410 139,754 3,683 256,847 Transfers in and/or (out) of Level 3 (4,795) - 977 (3,818) (4,795) - 977 (3,818) Ending balance $ 651,186 $ 295,730 $ 6,274 $ 953,190 $ 651,186 $ 295,730 $ 6,274 $ 953,190 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, Market Value Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance $ 367,178 $ 7,298 $ 374,476 $ 376,250 $ 7,744 $ 383,994 Total gains or (losses) (realized/unrealized) Included in earnings (2,528) (238) (2,766) 2,330 (119) 2,211 Included in other comprehensive income (loss) 1,870 - 1,870 2,444 - 2,444 Purchases, issuances and settlements 101,732 (4,967) 96,765 89,686 (5,532) 84,154 Transfers in and/or (out) of Level 3 3,977 - 3,977 1,519 - 1,519 Ending balance $ 472,229 $ 2,093 $ 474,322 $ 472,229 $ 2,093 $ 474,322 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 4,703 $ 4,703 $ 5,826 $ 5,826 Total gains or (losses) (realized/unrealized) Included in earnings (272) (272) (1,395) (1,395) Included in other comprehensive income (loss) - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 4,431 $ 4,431 $ 4,431 $ 4,431 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ 2,350 $ 2,350 $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings 356 356 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements (2,706) (2,706) (2,706) (2,706) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - 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 | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Equity securities Balance, beginning of period $ - $ - $ - $ - Total (gains) or losses (realized/unrealized) Included in earnings - - - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 9,877 - 9,877 - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 9,877 $ - $ 9,877 $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Other invested assets, fair value: Beginning balance $ 2,425,061 $ 1,767,963 $ 1,982,582 $ 1,717,336 Total gains or (losses) (realized/unrealized) Included in earnings (639,058) 125,025 (196,579) 175,652 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 1,786,003 $ 1,892,988 $ 1,786,003 $ 1,892,988 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) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies [Abstract] | |
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | At June 30, 2020 At December 31, 2019 (Dollars in thousands) The Prudential $ 141,186 $ 141,703 Unaffiliated life insurance company 33,778 35,082 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 307,356 (63,806) $ 243,550 $ 83,586 (17,560) $ 66,026 URA(D) on securities - OTTI - - - - - - Reclassification of net realized losses (gains) included in net income (loss) 4,570 (1,027) 3,543 39,934 (8,505) 31,429 Foreign currency translation adjustments 10,675 (2,239) 8,436 (26,857) 5,660 (21,197) Reclassification of amortization of net gain (loss) included in net income (loss) 2,286 (480) 1,806 3,451 (725) 2,726 Total other comprehensive income (loss) $ 324,887 $ (67,552) $ 257,335 $ 100,114 $ (21,130) $ 78,984 (Some amounts may not reconcile due to rounding) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 86,524 $ (18,138) $ 68,386 $ 198,965 $ (41,868) $ 157,097 URA(D) on securities - OTTI (368) 77 (291) (700) 147 (553) Reclassification of net realized losses (gains) included in net income (loss) 7,394 (1,536) 5,858 5,862 (1,020) 4,842 Foreign currency translation adjustments (9,465) 1,990 (7,475) 2,645 (556) 2,089 Reclassification of amortization of net gain (loss) included in net income (loss) 1,457 (306) 1,151 2,914 (612) 2,302 Total other comprehensive income (loss) $ 85,542 $ (17,913) $ 67,629 $ 209,686 $ (43,909) $ 165,777 (Some amounts may not reconcile due to rounding) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Six Months Ended Affected line item within the June 30, June 30, statements of operations and AOCI component 2020 2019 2020 2019 comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 4,570 $ 7,394 $ 39,934 $ 5,862 Other net realized capital gains (losses) (1,027) (1,536) (8,505) (1,020) Income tax expense (benefit) $ 3,543 $ 5,858 $ 31,429 $ 4,842 Net income (loss) Benefit plan net gain (loss) $ 2,286 $ 1,457 $ 3,451 $ 2,914 Other underwriting expenses (480) (306) (725) (612) Income tax expense (benefit) $ 1,806 $ 1,151 $ 2,726 $ 2,302 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Beginning balance of URA (D) on securities $ (25,025) $ 31,483 $ 124,612 $ (55,950) Current period change in URA (D) of investments - temporary 247,093 74,244 97,455 161,939 Current period change in URA (D) of investments - non-credit OTTI - (291) - (553) Ending balance of URA (D) on securities 222,068 105,436 222,068 105,436 Beginning balance of foreign currency translation adjustments (15,367) 6,678 14,267 (2,886) Current period change in foreign currency translation adjustments 8,436 (7,475) (21,197) 2,089 Ending balance of foreign currency translation adjustments (6,931) (797) (6,931) (797) Beginning balance of benefit plan net gain (loss) (73,635) (66,267) (74,556) (67,418) Current period change in benefit plan net gain (loss) 1,806 1,151 2,726 2,302 Ending balance of benefit plan net gain (loss) (71,829) (65,116) (71,829) (65,116) Ending balance of accumulated other comprehensive income (loss) $ 143,308 $ 39,523 $ 143,308 $ 39,523 |
Senior Notes (Tables)
Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | June 30, 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 $ 397,134 $ 469,804 $ 397,074 $ 452,848 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest expense incurred $ 4,868 $ 4,868 $ 9,736 $ 9,736 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | June 30, 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 $ 223,625 $ 197,378 $ 236,758 $ 233,191 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Interest expense incurred $ 2,000 $ 3,406 $ 4,539 $ 6,011 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, 2020 2019 2020 2019 Lease expense incurred: Operating lease cost $ 7,424 $ 4,793 $ 14,672 $ 9,355 (Dollars in thousands) At June 30, 2020 At December 31, 2019 Operating lease right of use assets $ 143,986 $ 152,978 Operating lease liabilities 155,440 160,387 Three Months Ended Six Months Ended (Dollars in thousands) June 30, June 30, 2020 2019 2020 2019 Operating cash flows from operating leases $ (4,501) $ (4,314) $ (8,858) $ (8,617) At June 30, 2020 At December 31, 2019 Weighted average remaining operating lease term 12.6 years 12.8 years Weighted average discount rate on operating leases 4.02 % 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) Remainder of 2020 $ 9,120 2021 16,181 2022 18,615 2023 18,202 2024 18,208 2025 15,217 Thereafter 116,149 Undiscounted lease payments 211,692 Less: present value adjustment 56,252 Total operating lease liability $ 155,440 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Six Months Ended Reinsurance June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 1,124,895 $ 1,014,434 $ 2,433,089 $ 2,167,545 Net written premiums 992,750 837,913 2,106,984 1,813,912 Premiums earned $ 1,062,833 $ 958,222 $ 2,069,868 $ 1,855,500 Incurred losses and LAE 630,658 581,281 1,313,366 1,134,995 Commission and brokerage 292,286 258,563 553,187 495,528 Other underwriting expenses 26,599 25,360 56,446 49,416 Underwriting gain (loss) $ 113,290 $ 93,018 $ 146,869 $ 175,561 Three Months Ended Six Months Ended Insurance June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 713,352 $ 673,603 $ 1,380,123 $ 1,205,374 Net written premiums 508,801 481,952 1,033,275 898,196 Premiums earned $ 476,127 $ 417,401 $ 963,097 $ 790,577 Incurred losses and LAE 345,174 261,941 691,979 504,323 Commission and brokerage 63,413 58,212 125,616 109,465 Other underwriting expenses 67,532 57,991 138,893 112,317 Underwriting gain (loss) $ 8 $ 39,257 $ 6,609 $ 64,472 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Underwriting gain (loss) $ 113,298 $ 132,275 $ 153,478 $ 240,033 Net investment income 35,153 90,709 109,354 175,243 Net realized capital gains (losses) (479,360) 142,563 (222,493) 277,619 Corporate expense (3,514) (2,519) (7,235) (4,170) Interest, fee and bond issue cost amortization expense (6,922) (9,684) (14,382) (19,512) Other income (expense) (5,122) (5,055) (9,620) (5,785) Income (loss) before taxes $ (346,467) $ 348,289 $ 9,102 $ 663,428 |
Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Canada gross written premiums $ 71,021 $ 47,206 $ 134,658 $ 86,256 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 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 05/22/2020 2,000,000 32,000,000 |
Dividends Received On Preferred Shares | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Dividends received on preferred stock of affiliate $ 7,758 $ 7,758 $ 15,516 $ 15,516 |
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 Six Months Ended Bermuda Re June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Ceded written premiums $ 31,669 $ 19,534 $ 62,169 $ 71,007 Ceded earned premiums 31,813 16,598 62,313 69,122 Ceded losses and LAE 12,208 (3,417) (9,951) 8,316 Three Months Ended Six Months Ended Everest International June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Ceded written premiums $ - $ - $ - $ - Ceded earned premiums - - - - Ceded losses and LAE (7) (46) 16 (36) Three Months Ended Six Months Ended Everest Canada June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Assumed written premiums $ (235) $ - $ 1 $ - Assumed earned premiums (46) - (7) - Assumed losses and LAE (948) 2,296 650 695 Three Months Ended Six Months Ended Lloyd's Syndicate 2786 June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Assumed written premiums $ 630 $ 483 $ (2,401) $ (8,726) Assumed earned premiums 639 1,596 (2,183) (17,231) Assumed losses and LAE (1,438) 4,391 (624) (3,527) Three Months Ended Six Months Ended Mt. Logan Re Segregated Accounts June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Ceded written premiums $ 41,864 $ 51,289 $ 137,214 $ 114,512 Ceded earned premiums 60,412 61,812 140,267 106,634 Ceded losses and LAE 36,835 30,159 74,300 64,781 Assumed written premiums - - - - Assumed earned premiums - - - - Assumed losses and LAE - - - - |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Summary Of Net Periodic Benefit Cost | Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 2,041 $ 2,276 $ 6,052 $ 4,553 Interest cost 2,563 2,930 5,046 5,860 Expected return on plan assets (5,197) (5,016) (10,394) (10,031) Amortization of net (income) loss 2,462 1,601 3,675 3,203 Settlement charge - 104 - 208 Net periodic benefit cost $ 1,869 $ 1,895 $ 4,379 $ 3,793 Other Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 311 $ 286 $ 452 $ 573 Interest cost 215 295 429 590 Amortization of prior service cost (176) (144) (224) (289) Net periodic benefit cost $ 350 $ 437 $ 657 $ 874 (Some amounts may not reconcile due to rounding.) |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revisions To Financial Statements [Abstract] | |
Schedule Of Prior Period Financial Statements | CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) (3,812) (1,243) (5,055) (5,026) (759) (5,785) Total revenues $ 1,605,083 $ (1,243) $ 1,603,840 $ 3,093,913 $ (759) $ 3,093,154 INCOME (LOSS) BEFORE TAXES $ 349,532 $ (1,243) $ 348,289 $ 664,187 $ (759) $ 663,428 Income tax expense (benefit) 67,628 (261) 67,367 131,057 (159) 130,898 NET INCOME (LOSS) $ 281,904 $ (982) $ 280,922 $ 533,130 $ (600) $ 532,530 COMPREHENSIVE INCOME (LOSS) $ 349,533 $ (982) $ 348,551 $ 698,907 $ (600) $ 698,307 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 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 Net income (loss) 281,904 (982) 280,922 Balance, June 30 4,603,734 (8,507) 4,595,227 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 5,743,746 $ (8,507) $ 5,735,239 CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 533,130 $ (600) $ 532,530 Decrease (increase) in funds held by reinsureds, net (14,688) 759 (13,929) Decrease (increase) in income taxes 214,830 (159) 214,671 |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Basis of Accounting [Line Items] | ||||
Operating lease right of use assets | $ 143,986,000 | $ 152,978,000 | $ 60,325,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | |||
Operating lease liabilities | $ 155,440,000 | 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 ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 1,469,577,000 | $ 1,540,376,000 |
Gross unrealized losses on investments in unrealized loss position | 90,409,000 | 45,484,000 |
Short-term investments | 588,693,000 | 279,879,000 |
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 | 25,991,000 | 5,645,000 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 15,488,000 | 16,976,000 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 1,469,577,000 | 1,540,376,000 |
Gross unrealized losses on investments in unrealized loss position | 90,409,000 | 45,484,000 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 43,687,000 | 8,539,000 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 46,722,000 | $ 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% |
Private Placement Liquidity Sweep [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | $ 340,950,000 | |
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 ($) | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | $ (19,925,000) | $ (12,099,000) | $ 0 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,657,782,000 | 7,334,425,000 | |
Allowance for credit losses | (19,925,000) | ||
Unrealized Appreciation | 371,929,000 | 203,138,000 | |
Unrealized Depreciation | (90,409,000) | (45,484,000) | |
Market Value | 7,919,377,000 | 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 | 741,244,000 | 768,374,000 | |
Allowance for credit losses | |||
Unrealized Appreciation | 31,740,000 | 10,128,000 | |
Unrealized Depreciation | (987,000) | ||
Market Value | 772,984,000 | 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 | 507,475,000 | 506,347,000 | |
Allowance for credit losses | |||
Unrealized Appreciation | 27,597,000 | 29,651,000 | |
Unrealized Depreciation | (3,789,000) | (87,000) | |
Market Value | 531,283,000 | 535,911,000 | |
OTTI in AOCI | |||
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,935,665,000 | 2,777,097,000 | |
Allowance for credit losses | (19,398,000) | (11,468,000) | |
Unrealized Appreciation | 135,213,000 | 70,898,000 | |
Unrealized Depreciation | (51,922,000) | (26,438,000) | |
Market Value | 2,999,558,000 | 2,821,557,000 | |
OTTI in AOCI | 245,000 | ||
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 991,779,000 | 761,607,000 | |
Allowance for credit losses | |||
Unrealized Appreciation | 14,504,000 | 5,659,000 | |
Unrealized Depreciation | (21,500,000) | (1,309,000) | |
Market Value | 984,783,000 | 765,957,000 | |
OTTI in AOCI | |||
Commercial [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 348,329,000 | 311,961,000 | |
Allowance for credit losses | |||
Unrealized Appreciation | 33,506,000 | 17,242,000 | |
Unrealized Depreciation | (788,000) | (154,000) | |
Market Value | 381,047,000 | 329,049,000 | |
OTTI in AOCI | |||
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 604,360,000 | 625,612,000 | |
Allowance for credit losses | |||
Unrealized Appreciation | 33,190,000 | 19,395,000 | |
Unrealized Depreciation | (349,000) | (320,000) | |
Market Value | 637,201,000 | 644,687,000 | |
OTTI in AOCI | |||
Non-agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 509,000 | 1,638,000 | |
Allowance for credit losses | |||
Unrealized Appreciation | |||
Unrealized Depreciation | (3,000) | ||
Market Value | 506,000 | 1,638,000 | |
OTTI in AOCI | |||
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 636,346,000 | 646,149,000 | |
Allowance for credit losses | (70,000) | ||
Unrealized Appreciation | 38,578,000 | 18,908,000 | |
Unrealized Depreciation | (5,034,000) | (7,050,000) | |
Market Value | 669,890,000 | 658,007,000 | |
OTTI in AOCI | 27,000 | ||
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 892,075,000 | 935,640,000 | |
Allowance for credit losses | (527,000) | $ (561,000) | |
Unrealized Appreciation | 57,601,000 | 31,257,000 | |
Unrealized Depreciation | (7,024,000) | (9,139,000) | |
Market Value | $ 942,125,000 | 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | $ 7,657,782 | $ 7,334,425 |
Fixed maturity securities - available for sale, Market Value | 7,919,377 | 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 | 716,996 | 569,506 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 2,773,635 | 2,919,966 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,615,652 | 1,541,695 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 606,522 | 602,440 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 714,607 | 563,730 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 2,866,814 | 2,963,903 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 1,735,868 | 1,602,642 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 598,551 | 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 | 991,779 | 761,607 |
Fixed maturity securities - available for sale, Market Value | 984,783 | 765,957 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | 348,329 | 311,961 |
Fixed maturity securities - available for sale, Market Value | 381,047 | 329,049 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, at market value, Amortized Cost | 604,360 | 625,612 |
Fixed maturity securities - available for sale, Market Value | 637,201 | 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 | 509 | 1,638 |
Fixed maturity securities - available for sale, Market Value | $ 506 | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 311,927 | $ 93,551 | $ 123,520 | $ 204,128 |
Deferred tax benefit (expense) | (64,834) | (19,675) | (26,065) | (42,889) |
Deferred tax benefit (expense), other-than-temporary impairment | 77 | 147 | ||
Total URA(D) on securities arising during the period | 247,093 | 73,953 | 97,455 | 161,386 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 311,927 | 93,919 | 123,520 | 204,828 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (368) | $ (700) |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 1,469,577 | $ 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (90,409) | (45,484) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,129,113 | 759,174 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (43,687) | (8,539) |
Available for sale securities, Greater than 12 months, Market Value | 340,464 | 781,202 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (46,722) | (36,945) |
Available-for-sale Securities, Market Value, Total | 1,469,577 | 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (90,409) | (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 | 203,780 | |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (846) | |
Available-for-sale Securities, Market Value, Total | 212,777 | |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (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 | 70,056 | 4,600 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (3,564) | (38) |
Available for sale securities, Greater than 12 months, Market Value | 3,331 | 4,518 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (225) | (49) |
Available-for-sale Securities, Market Value, Total | 73,387 | 9,118 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3,789) | (87) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 423,967 | 334,973 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (20,116) | (5,186) |
Available for sale securities, Greater than 12 months, Market Value | 122,165 | 230,679 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (31,806) | (21,252) |
Available-for-sale Securities, Market Value, Total | 546,132 | 565,652 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (51,922) | (26,438) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 437,211 | 159,695 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (16,250) | (887) |
Available for sale securities, Greater than 12 months, Market Value | 129,870 | 76,351 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (5,250) | (422) |
Available-for-sale Securities, Market Value, Total | 567,081 | 236,046 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (21,500) | (1,309) |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 31,984 | 13,083 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (756) | (87) |
Available for sale securities, Greater than 12 months, Market Value | 3,303 | 16,374 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (32) | (67) |
Available-for-sale Securities, Market Value, Total | 35,287 | 29,457 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (788) | (154) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 23,621 | 19,019 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (342) | (82) |
Available for sale securities, Greater than 12 months, Market Value | 1,166 | 17,147 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (7) | (238) |
Available-for-sale Securities, Market Value, Total | 24,787 | 36,166 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (349) | (320) |
Non-agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 161 | |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2) | |
Available for sale securities, Greater than 12 months, Market Value | 344 | 690 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (1) | |
Available-for-sale Securities, Market Value, Total | 505 | 690 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (3) | |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 51,453 | 113,256 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (506) | (858) |
Available for sale securities, Greater than 12 months, Market Value | 41,802 | 109,953 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (4,528) | (6,192) |
Available-for-sale Securities, Market Value, Total | 93,255 | 223,209 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (5,034) | (7,050) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 90,660 | 105,551 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (2,151) | (1,260) |
Available for sale securities, Greater than 12 months, Market Value | 38,483 | 121,710 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (4,873) | (7,879) |
Available-for-sale Securities, Market Value, Total | 129,143 | 227,261 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (7,024) | $ (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 | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Market Value, Total | $ 1,469,577 | $ 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (90,409) | (45,484) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 1,129,113 | 759,174 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (43,687) | (8,539) |
Available for sale securities, Greater than 12 months, Market Value | 340,464 | 781,202 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (46,722) | (36,945) |
Available-for-sale Securities, Market Value, Total | 1,469,577 | 1,540,376 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (90,409) | (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 | 32,323 | 34,542 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (473) | (1,067) |
Available for sale securities, Greater than 12 months, Market Value | 52,176 | 188,755 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (8,444) | (6,411) |
Available-for-sale Securities, Market Value, Total | 84,499 | 223,297 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (8,917) | (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 | 340,168 | 226,521 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (12,125) | (2,554) |
Available for sale securities, Greater than 12 months, Market Value | 94,125 | 357,728 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (6,849) | (11,562) |
Available-for-sale Securities, Market Value, Total | 434,293 | 584,249 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (18,974) | (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 | 154,542 | 251,967 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,913) | (3,292) |
Available for sale securities, Greater than 12 months, Market Value | 2,842 | 43,129 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (659) | (6,785) |
Available-for-sale Securities, Market Value, Total | 157,384 | 295,096 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (7,572) | (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 | 109,103 | 54,347 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (6,826) | (570) |
Available for sale securities, Greater than 12 months, Market Value | 56,638 | 81,028 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (25,480) | (11,460) |
Available-for-sale Securities, Market Value, Total | 165,741 | 135,375 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (32,306) | (12,030) |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 437,211 | 159,695 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (16,250) | (887) |
Available for sale securities, Greater than 12 months, Market Value | 129,870 | 76,351 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (5,250) | (422) |
Available-for-sale Securities, Market Value, Total | 567,081 | 236,046 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | (21,500) | (1,309) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less than 12 months, Market Value | 55,766 | 32,102 |
Available for sale securities, Less than 12 months, Gross Unrealized Depreciation | (1,100) | (169) |
Available for sale securities, Greater than 12 months, Market Value | 4,813 | 34,211 |
Available for sale securities, Greater than 12 months, Gross Unrealized Depreciation | (40) | (305) |
Available-for-sale Securities, Market Value, Total | 60,579 | 66,313 |
Available-for-sale Securities, Gross Unrealized Depreciation, Total | $ (1,140) | $ (474) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 41,830 | $ 97,035 | $ 120,762 | $ 187,049 |
Funds held interest income (expense) | 901 | 1,445 | 4,158 | 4,326 |
Interest income from Parent | 1,281 | 2,563 | ||
Gross investment income | 44,012 | 98,480 | 127,483 | 191,375 |
Investment expenses | (8,859) | (7,771) | (18,129) | (16,132) |
Net investment income | 35,153 | 90,709 | 109,354 | 175,243 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 74,897 | 65,374 | 148,985 | 132,428 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 2,024 | 2,319 | 3,616 | 3,750 |
Short-Term Investments and Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 578 | 3,169 | 2,148 | 5,905 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | (40,465) | 15,116 | (33,469) | 23,171 |
Dividends From Preferred Shares Of Affiliate [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 7,758 | 7,758 | 15,516 | 15,516 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ (2,962) | $ 3,299 | $ (16,034) | $ 6,279 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (4,929,000) | $ (7,219,000) | ||
Total net realized capital gains (losses) | (479,360,000) | 142,563,000 | (222,493,000) | 277,619,000 |
Balance as of December 31, 2019 | (12,099,000) | 0 | ||
Credit losses on securities where credit losses were not previously recorded | (10,355,000) | (22,454,000) | ||
Increases in allowance on previously impaired securities | (766,000) | (766,000) | ||
Decrease in allowance on previously impaired securities | 1,354,000 | 1,354,000 | ||
Reduction in allowance due to disposals | 1,941,000 | 1,941,000 | ||
Balance as of June 30, 2020 | (19,925,000) | (19,925,000) | ||
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Balance as of June 30, 2020 | (19,925,000) | (19,925,000) | ||
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Allowance for credit losses | (7,826,000) | (19,925,000) | ||
Other-than-temporary impairments | (4,929,000) | (7,219,000) | ||
Gains (losses) from sales | 1,963,000 | (2,313,000) | (18,974,000) | 1,113,000 |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 356,000 | 356,000 | ||
Gains (losses) from fair value adjustments | (272,000) | (1,395,000) | 13,000 | |
Corporate Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Balance as of December 31, 2019 | (11,468,000) | |||
Credit losses on securities where credit losses were not previously recorded | (10,355,000) | (21,823,000) | ||
Increases in allowance on previously impaired securities | (555,000) | (555,000) | ||
Decrease in allowance on previously impaired securities | 1,238,000 | 1,238,000 | ||
Reduction in allowance due to disposals | 1,742,000 | 1,742,000 | ||
Balance as of June 30, 2020 | (19,398,000) | (19,398,000) | ||
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 16,274,000 | (1,314,000) | (11,328,000) | 3,730,000 |
Gains (losses) from fair value adjustments | 148,205,000 | 25,829,000 | 26,536,000 | 103,675,000 |
Other Invested Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 1,292,000 | (152,000) | (1,035,000) | 244,000 |
Other Invested Assets [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from fair value adjustments | (639,058,000) | 125,024,000 | (196,579,000) | 175,651,000 |
Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 62,000 | $ 62,000 | 207,000 | $ 56,000 |
Foreign Government Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Balance as of December 31, 2019 | (70,000) | |||
Credit losses on securities where credit losses were not previously recorded | (70,000) | |||
Increases in allowance on previously impaired securities | ||||
Decrease in allowance on previously impaired securities | ||||
Reduction in allowance due to disposals | 70,000 | 70,000 | ||
Balance as of June 30, 2020 | ||||
Foreign Corporate Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Balance as of December 31, 2019 | (561,000) | |||
Credit losses on securities where credit losses were not previously recorded | (561,000) | |||
Increases in allowance on previously impaired securities | (211,000) | (211,000) | ||
Decrease in allowance on previously impaired securities | 116,000 | 116,000 | ||
Reduction in allowance due to disposals | 129,000 | 129,000 | ||
Balance as of June 30, 2020 | $ (527,000) | $ (527,000) |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 173,479 | $ 403,419 | $ 337,723 | $ 2,007,308 |
Gross gains from sales | 8,755 | 3,133 | 10,601 | 11,237 |
Gross losses from sales | (6,792) | (5,090) | (29,575) | (9,768) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 8,842 | 79,735 | 213,003 | 148,973 |
Gross gains from sales | 18,172 | 2,577 | 20,753 | 8,248 |
Gross losses from sales | $ (1,898) | $ (3,891) | $ (32,081) | $ (4,518) |
Reserves For Losses And LAE (Na
Reserves For Losses And LAE (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Reserves For Losses And LAE [Line Items] | ||
Incurred related to: Current year | $ 2,006,988 | $ 1,615,277 |
Increase (decrease) in reinsurance business | (1,643) | $ 24,041 |
Covid-19 [Member] | ||
Reserves For Losses And LAE [Line Items] | ||
Increase (decrease) in reinsurance business | $ (73,691) |
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 | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 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 | 2,006,988 | 1,615,277 |
Incurred related to: Prior years | (1,643) | 24,041 |
Total incurred losses and LAE | 2,005,345 | 1,639,318 |
Paid related to: Current year | 474,372 | 391,381 |
Paid related to: Prior years | 1,025,866 | 1,144,204 |
Total paid losses and LAE | 1,500,238 | 1,535,585 |
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 | (26,906) | 228 |
Net reserves at end of period | 6,472,371 | 5,573,437 |
Plus reinsurance recoverables | 3,910,952 | 4,574,975 |
Gross reserves end of period | $ 10,383,323 | $ 10,148,412 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of public equity portfolio | $ 365,554,000 | $ 365,554,000 | $ 170,888,000 | |||
Annual dividend rate | 1.75% | |||||
Transfers between Level 1 and Level 2 | 0 | 0 | ||||
Investments within other invested assets | 1,786,003,000 | 1,786,003,000 | 1,982,582,000 | |||
Transfers from level 3 | (3,818,000) | $ 3,977,000 | $ (3,818,000) | $ 1,519,000 | ||
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 | 224,467,000 | $ 224,467,000 | 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 | 1,786,003,000 | 1,786,003,000 | 1,982,582,000 | |||
Market Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Transfers from level 3 | (3,818,000) | 3,977,000 | (3,818,000) | 1,519,000 | ||
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 | 953,190,000 | 953,190,000 | 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 | 782,259,000 | 782,259,000 | 610,873,000 | |||
Fixed Maturities [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale securities | 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 | $ 170,931,000 | $ 170,931,000 | 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 | $ 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% | 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 7,919,377 | $ 7,492,079 |
Fixed maturities, fair value | 4,431 | 5,826 |
Equity securities, fair value | 789,819 | 764,049 |
Other invested assets, at fair value | 1,786,003 | 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 | 740,197 | 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 | 6,966,187 | 6,789,748 |
Fixed maturities, fair value | ||
Equity securities, fair value | 39,745 | 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 | 953,190 | 702,331 |
Fixed maturities, fair value | 4,431 | 5,826 |
Equity securities, fair value | 9,877 | |
Other invested assets, at fair value | 1,786,003 | 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 | 772,984 | 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 | 772,984 | 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 | 531,283 | 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 | 531,283 | 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 | 2,999,558 | 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 | 2,348,372 | 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 | 651,186 | 546,939 |
Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 984,783 | 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 | 689,053 | 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 | 295,730 | 153,641 |
Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 381,047 | 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 | 381,047 | 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 | 637,201 | 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 | 637,201 | 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 | 506 | 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 | 506 | 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 | 669,890 | 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 | 669,890 | 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 | 942,125 | 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 | 935,851 | 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 | $ 6,274 | $ 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Transfers in and/or (out) of Level 3 | $ (3,818) | $ 3,977 | $ (3,818) | $ 1,519 |
Market Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 881,063 | 374,476 | 702,331 | 383,994 |
Total gains or (losses) (realized/unrealized), Included in earnings | (224) | (2,766) | (434) | 2,211 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 17,503 | 1,870 | (1,736) | 2,444 |
Purchases, issuances and settlements | 58,666 | 96,765 | 256,847 | 84,154 |
Transfers in and/or (out) of Level 3 | (3,818) | 3,977 | (3,818) | 1,519 |
Ending balance | 953,190 | 474,322 | 953,190 | 474,322 |
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) | |||
Market Value [Member] | Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 642,432 | 367,178 | 546,939 | 376,250 |
Total gains or (losses) (realized/unrealized), Included in earnings | (248) | (2,528) | (462) | 2,330 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (549) | 1,870 | (3,906) | 2,444 |
Purchases, issuances and settlements | 14,346 | 101,732 | 113,410 | 89,686 |
Transfers in and/or (out) of Level 3 | (4,795) | 3,977 | (4,795) | 1,519 |
Ending balance | 651,186 | 472,229 | 651,186 | 472,229 |
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) | |||
Market Value [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 238,631 | 153,641 | ||
Total gains or (losses) (realized/unrealized), Included in earnings | 121 | 125 | ||
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | 18,092 | 2,210 | ||
Purchases, issuances and settlements | 38,886 | 139,754 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 295,730 | 295,730 | ||
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 | 7,298 | 1,751 | 7,744 | |
Total gains or (losses) (realized/unrealized), Included in earnings | (97) | (238) | (97) | (119) |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | (40) | (40) | ||
Purchases, issuances and settlements | 5,434 | (4,967) | 3,683 | (5,532) |
Transfers in and/or (out) of Level 3 | 977 | 977 | ||
Ending balance | 6,274 | 2,093 | 6,274 | 2,093 |
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 | 4,703 | 2,350 | 5,826 | 2,337 |
Total gains or (losses) (realized/unrealized), Included in earnings | (272) | 356 | (1,395) | 369 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | (2,706) | (2,706) | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 4,431 | 4,431 | ||
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 | 4,703 | 2,350 | 5,826 | 2,337 |
Total gains or (losses) (realized/unrealized), Included in earnings | (272) | 356 | (1,395) | 369 |
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | (2,706) | (2,706) | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 4,431 | 4,431 | ||
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) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | ||||
Total gains or (losses) (realized/unrealized) Included in earnings | ||||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | 9,877 | 9,877 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending Balance | 9,877 | 9,877 | ||
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 | ||||
Other Invested Assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 2,425,061 | 1,767,963 | 1,982,582 | 1,717,336 |
Total gains or (losses) (realized/unrealized) Included in earnings | (639,058) | 125,025 | (196,579) | 175,652 |
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 | 1,786,003 | 1,892,988 | 1,786,003 | 1,892,988 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,186 | $ 141,703 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,778 | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | $ 4,570 | $ 7,394 | $ 39,934 | $ 5,862 |
Tax Effect | (1,027) | (1,536) | (8,505) | (1,020) |
Net of Tax | 3,543 | 5,858 | 31,429 | 4,842 |
Reclassification, Before Tax | 2,286 | 1,457 | 3,451 | 2,914 |
Reclassification, Tax Effect | (480) | (306) | (725) | (612) |
Reclassification, Net of Tax | 1,806 | 1,151 | 2,726 | 2,302 |
Total, Before Tax | 324,887 | 85,542 | 100,114 | 209,686 |
Total, Tax Effect | (67,552) | (17,913) | (21,130) | (43,909) |
Total, Net of Tax | 257,335 | 67,629 | 78,984 | 165,777 |
URA(D) On Securities [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 307,356 | 86,524 | 83,586 | 198,965 |
Tax Effect | (63,806) | (18,138) | (17,560) | (41,868) |
Net of Tax | 243,550 | 68,386 | 66,026 | 157,097 |
Total, Net of Tax | 247,093 | 74,244 | 97,455 | 161,939 |
URA(D) On Securities - OTTI [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | (368) | (700) | ||
Tax Effect | (77) | 147 | ||
Net of Tax | (291) | (553) | ||
Total, Net of Tax | (291) | (553) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 10,675 | (9,465) | (26,857) | 2,645 |
Tax Effect | (2,239) | 1,990 | 5,660 | (556) |
Net of Tax | 8,436 | (7,475) | (21,197) | 2,089 |
Total, Net of Tax | 8,436 | (7,475) | (21,197) | 2,089 |
Benefit Plan Net Gain (Loss) [Member] | ||||
Comprehensive Income (Loss) [Line Items] | ||||
Total, Net of Tax | $ 1,806 | $ 1,151 | $ 2,726 | $ 2,302 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ 471,534 | $ (147,492) | $ 202,568 | $ (284,838) |
Other underwriting expenses | 2,286 | 1,457 | 3,451 | 2,914 |
Income tax expense (benefit) | (480) | (306) | (725) | (612) |
Net income (loss) | 1,806 | 1,151 | 2,726 | 2,302 |
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) | 4,570 | 7,394 | 39,934 | 5,862 |
Income tax expense (benefit) | (1,027) | (1,536) | (8,505) | (1,020) |
Net income (loss) | 3,543 | 5,858 | 31,429 | 4,842 |
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 | 2,286 | 1,457 | 3,451 | 2,914 |
Income tax expense (benefit) | (480) | (306) | (725) | (612) |
Net income (loss) | $ 1,806 | $ 1,151 | $ 2,726 | $ 2,302 |
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 | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance, | $ 5,857,425 | $ 5,857,425 | ||||
Current period change | $ 257,335 | $ 67,629 | 78,984 | $ 165,777 | ||
Ending balance, | 5,983,572 | 5,735,239 | 5,983,572 | 5,735,239 | ||
URA(D) On Securities [Member] | ||||||
Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance, | (25,025) | 124,612 | 31,483 | $ (55,950) | 124,612 | (55,950) |
Current period change | 247,093 | 74,244 | 97,455 | 161,939 | ||
Ending balance, | 222,068 | (25,025) | 105,436 | 31,483 | 222,068 | 105,436 |
URA(D) On Securities - OTTI [Member] | ||||||
Comprehensive Income (Loss) [Line Items] | ||||||
Current period change | (291) | (553) | ||||
Foreign Currency Translation Adjustments [Member] | ||||||
Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance, | (15,367) | 14,267 | 6,678 | (2,886) | 14,267 | (2,886) |
Current period change | 8,436 | (7,475) | (21,197) | 2,089 | ||
Ending balance, | (6,931) | (15,367) | (797) | 6,678 | (6,931) | (797) |
Benefit Plan Net Gain (Loss) [Member] | ||||||
Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance, | (73,635) | (74,556) | (66,267) | (67,418) | (74,556) | (67,418) |
Current period change | 1,806 | 1,151 | 2,726 | 2,302 | ||
Ending balance, | (71,829) | (73,635) | (65,116) | (66,267) | (71,829) | (65,116) |
Accumulated Other Comprehensive Income (Loss), Net Of Taxes [Member] | ||||||
Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance, | (114,027) | 64,324 | (28,106) | (126,254) | 64,324 | (126,254) |
Current period change | 257,335 | (178,351) | 67,629 | 98,148 | ||
Ending balance, | $ 143,308 | $ (114,027) | $ 39,523 | $ (28,106) | $ 143,308 | $ 39,523 |
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 ($) | Jun. 30, 2020USD ($) |
Effects of Reinsurance [Line Items] | ||||||||
Amount on deposit in trust accounts | $ 826,662 | |||||||
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 ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,134,000 | $ 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 | 397,134,000 | $ 397,074,000 |
Market value | $ 469,804,000 | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 9,736 | $ 9,736 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 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% | 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% | 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% | 6.60% | |
Right to defer interest, period | 10 years | ||
Reset quarterly interest rate | 2.78% | 2.78% | |
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 | $ 11,483 | $ 13,183 | |
Gain on repurchase and retirement of debt | $ 2,034 | $ 2,536 | |
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 ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 223,625,000 | $ 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 | $ 223,625,000 | $ 236,758,000 |
Market value | $ 197,378,000 | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 2,000 | $ 3,406 | $ 4,539 | $ 6,011 |
Federal Home Loan Bank Member_2
Federal Home Loan Bank Membership (Narrative) (Details) | Jun. 30, 2020USD ($) |
Federal Home Loan Bank Membership [Abstract] | |
Maximum percentage of admitted assets allowed for borrowing base | 10.00% |
Admitted assets for FHLB | $ 13,435,683,000 |
Maximum amount available under FHLB | 1,343,568,000 |
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 | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||||||
Lease expense incurred: Operating lease cost | $ 7,424 | $ 4,793 | $ 14,672 | $ 9,355 | ||
Operating lease right of use assets | 143,986 | 143,986 | $ 152,978 | $ 60,325 | ||
Operating lease liabilities | 155,440 | 155,440 | $ 160,387 | $ 66,551 | ||
Operating cash flows from operating leases | $ (4,501) | $ (4,314) | $ (8,858) | $ (8,617) | ||
Weighted average remaining operating lease term | 12 years 7 months 6 days | 12 years 7 months 6 days | 12 years 9 months 18 days | |||
Weighted average discount rate on operating leases | 4.02% | 4.02% | 3.91% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
Remainder of 2020 | $ 9,120 | ||
2021 | 16,181 | ||
2022 | 18,615 | ||
2023 | 18,202 | ||
2024 | 18,208 | ||
2025 | 15,217 | ||
Thereafter | 116,149 | ||
Undiscounted lease payments | 211,692 | ||
Less: present value adjustment | 56,252 | ||
Total operating lease liability | $ 155,440 | $ 160,387 | $ 66,551 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Sales Revenue, Net [Member] | Maximum [Member] | |
Concentration Risk [Line Items] | |
Percentage of revenues | 5.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 1,538,960 | $ 1,375,623 | $ 3,032,965 | $ 2,646,077 |
Incurred losses and LAE | 975,832 | 843,222 | 2,005,345 | 1,639,318 |
Commission and brokerage | 355,699 | 316,775 | 678,803 | 604,993 |
Other underwriting expenses | 94,131 | 83,351 | 195,339 | 161,733 |
Underwriting gain (loss) | 113,298 | 132,275 | 153,478 | 240,033 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 1,124,895 | 1,014,434 | 2,433,089 | 2,167,545 |
Net written premiums | 992,750 | 837,913 | 2,106,984 | 1,813,912 |
Premiums earned | 1,062,833 | 958,222 | 2,069,868 | 1,855,500 |
Incurred losses and LAE | 630,658 | 581,281 | 1,313,366 | 1,134,995 |
Commission and brokerage | 292,286 | 258,563 | 553,187 | 495,528 |
Other underwriting expenses | 26,599 | 25,360 | 56,446 | 49,416 |
Underwriting gain (loss) | 113,290 | 93,018 | 146,869 | 175,561 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 713,352 | 673,603 | 1,380,123 | 1,205,374 |
Net written premiums | 508,801 | 481,952 | 1,033,275 | 898,196 |
Premiums earned | 476,127 | 417,401 | 963,097 | 790,577 |
Incurred losses and LAE | 345,174 | 261,941 | 691,979 | 504,323 |
Commission and brokerage | 63,413 | 58,212 | 125,616 | 109,465 |
Other underwriting expenses | 67,532 | 57,991 | 138,893 | 112,317 |
Underwriting gain (loss) | $ 8 | $ 39,257 | $ 6,609 | $ 64,472 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting [Abstract] | ||||
Underwriting gain (loss) | $ 113,298 | $ 132,275 | $ 153,478 | $ 240,033 |
Net investment income | 35,153 | 90,709 | 109,354 | 175,243 |
Net realized capital gains (losses) | (479,360) | 142,563 | (222,493) | 277,619 |
Corporate expense | (3,514) | (2,519) | (7,235) | (4,170) |
Interest, fee and bond issue cost amortization expense | (6,922) | (9,684) | (14,382) | (19,512) |
Other income (expense) | (5,122) | (5,055) | (9,620) | (5,785) |
INCOME (LOSS) BEFORE TAXES | $ (346,467) | $ 348,289 | $ 9,102 | $ 663,428 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | $ 71,021 | $ 47,206 | $ 134,658 | $ 86,256 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2015 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 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 | $ 300,000,000 | ||||||||||
Interest income | $ 1,281,000 | $ 0 | $ 2,563,000 | $ 0 | |||||||||
Shares purchased and held | 9,719,971 | 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 | $ 9,736,000 | 9,736,000 | |||||||||
Additional paid-in capital | 1,100,882,000 | $ 1,100,882,000 | $ 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 | 1,356,000 | 3,658,000 | |||||||||||
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 | $ 31,669,000 | $ 19,534,000 | $ 62,169,000 | $ 71,007,000 | |||||||||
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) | Jun. 30, 2020shares |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 32,000,000 |
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 |
Amendment Date, 05/22/2020 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Common Shares Authorized for Repurchase, amount | 2,000,000 |
Related-Party Transactions (Div
Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends From Preferred Shares Of Affiliate [Member] | ||||
Related Party Transaction [Line Items] | ||||
Dividends received on preferred stock of affiliate | $ 7,758 | $ 7,758 | $ 15,516 | $ 15,516 |
Related-Party Transactions (Aff
Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) - 6 months ended Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Mt. Logan Re Segregated Accounts [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 41,864 | $ 51,289 | $ 137,214 | $ 114,512 |
Ceded earned premiums | 60,412 | 61,812 | 140,267 | 106,634 |
Ceded losses and LAE | 36,835 | 30,159 | 74,300 | 64,781 |
Assumed written premiums | ||||
Assumed earned premiums | ||||
Assumed losses and LAE | ||||
Bermuda Re [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | 31,669 | 19,534 | 62,169 | 71,007 |
Ceded earned premiums | 31,813 | 16,598 | 62,313 | 69,122 |
Ceded losses and LAE | 12,208 | (3,417) | (9,951) | 8,316 |
Everest International [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | ||||
Ceded earned premiums | ||||
Ceded losses and LAE | (7) | (46) | 16 | (36) |
Everest Canada [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Assumed written premiums | (235) | 1 | ||
Assumed earned premiums | (46) | (7) | ||
Assumed losses and LAE | (948) | 2,296 | 650 | 695 |
Lloyd's Syndicate [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Assumed written premiums | 630 | 483 | (2,401) | (8,726) |
Assumed earned premiums | 639 | 1,596 | (2,183) | (17,231) |
Assumed losses and LAE | $ (1,438) | $ 4,391 | $ (624) | $ (3,527) |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,041,000 | $ 2,276,000 | $ 6,052,000 | $ 4,553,000 |
Interest cost | 2,563,000 | 2,930,000 | 5,046,000 | 5,860,000 |
Expected return on plan assets | (5,197,000) | (5,016,000) | (10,394,000) | (10,031,000) |
Amortization of net (income) loss | 2,462,000 | 1,601,000 | 3,675,000 | 3,203,000 |
Settlement charge | 104,000 | 208,000 | ||
Net periodic benefit cost | 1,869,000 | 1,895,000 | 4,379,000 | 3,793,000 |
Pension contributions | 0 | 0 | 0 | 0 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 311,000 | 286,000 | 452,000 | 573,000 |
Interest cost | 215,000 | 295,000 | 429,000 | 590,000 |
Amortization of prior service cost | (176,000) | (144,000) | (224,000) | (289,000) |
Net periodic benefit cost | $ 350,000 | $ 437,000 | $ 657,000 | $ 874,000 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUES: | ||||
Other income (expense) | $ (5,122) | $ (5,055) | $ (9,620) | $ (5,785) |
Total revenues | 1,089,631 | 1,603,840 | 2,910,206 | 3,093,154 |
INCOME (LOSS) BEFORE TAXES | (346,467) | 348,289 | 9,102 | 663,428 |
Income tax expense (benefit) | (75,874) | 67,367 | (36,950) | 130,898 |
NET INCOME (LOSS) | 280,922 | 532,530 | ||
COMPREHENSIVE INCOME (LOSS) | $ (13,258) | 348,551 | $ 125,036 | 698,307 |
As Previously Reported [Member] | ||||
REVENUES: | ||||
Other income (expense) | (3,812) | (5,026) | ||
Total revenues | 1,605,083 | 3,093,913 | ||
INCOME (LOSS) BEFORE TAXES | 349,532 | 664,187 | ||
Income tax expense (benefit) | 67,628 | 131,057 | ||
NET INCOME (LOSS) | 281,904 | 533,130 | ||
COMPREHENSIVE INCOME (LOSS) | 349,533 | 698,907 | ||
Impact of Revisions [Member] | ||||
REVENUES: | ||||
Other income (expense) | (1,243) | (759) | ||
Total revenues | (1,243) | (759) | ||
INCOME (LOSS) BEFORE TAXES | (1,243) | (759) | ||
Income tax expense (benefit) | (261) | (159) | ||
NET INCOME (LOSS) | (982) | (600) | ||
COMPREHENSIVE INCOME (LOSS) | $ (982) | $ (600) |
Revisions To Financial Statem_4
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Stockholder's Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | $ 280,922 | $ 532,530 | |
Ending balance, | 5,735,239 | 5,735,239 | |
Retained Earnings [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Beginning balance, | 4,314,306 | $ 4,062,696 | 4,062,696 |
Net income (loss) | 280,922 | 251,608 | |
Ending balance, | 4,595,227 | 4,314,306 | 4,595,227 |
As Previously Reported [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | 281,904 | 533,130 | |
Ending balance, | 5,743,746 | 5,743,746 | |
As Previously Reported [Member] | Retained Earnings [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Beginning balance, | 4,321,830 | 4,070,604 | 4,070,604 |
Net income (loss) | 281,904 | 251,226 | |
Ending balance, | 4,603,734 | 4,321,830 | 4,603,734 |
Impact of Revisions [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Net income (loss) | (982) | (600) | |
Ending balance, | (8,507) | (8,507) | |
Impact of Revisions [Member] | Retained Earnings [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Beginning balance, | (7,524) | (7,908) | (7,908) |
Net income (loss) | (982) | 382 | |
Ending balance, | $ (8,507) | $ (7,524) | $ (8,507) |
Revisions To Financial Statem_5
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 280,922 | $ 532,530 | |
Decrease (increase) in funds held by reinsureds, net | $ (13,336) | (13,929) | |
Decrease (increase) in income taxes | $ (41,843) | 214,671 | |
As Previously Reported [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 281,904 | 533,130 | |
Decrease (increase) in funds held by reinsureds, net | (14,688) | ||
Decrease (increase) in income taxes | 214,830 | ||
Impact of Revisions [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (982) | (600) | |
Decrease (increase) in funds held by reinsureds, net | 759 | ||
Decrease (increase) in income taxes | $ (159) |