Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Fair Value [Abstract] |
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| Fair Value Measurement Levels For All Assets And Liabilities |
| | | | | 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 | | $ | 1,434,931 | | $ | - | | $ | 1,434,931 | | $ | - | Obligations of U.S. States and political subdivisions | | | 532,281 | | | - | | | 532,281 | | | - | Corporate securities | | | 6,617,788 | | | - | | | 5,895,954 | | | 721,834 | Asset-backed securities | | | 1,069,558 | | | - | | | 773,828 | | | 295,730 | Mortgage-backed securities | | | | | | | | | | | | | Commercial | | | 919,796 | | | - | | | 919,796 | | | - | Agency residential | | | 2,089,251 | | | - | | | 2,089,251 | | | - | Non-agency residential | | | 3,111 | | | - | | | 3,111 | | | - | Foreign government securities | | | 1,501,200 | | | - | | | 1,501,200 | | | - | Foreign corporate securities | | | 2,887,343 | | | - | | | 2,881,069 | | | 6,274 | Total fixed maturities, market value | | | 17,055,259 | | | - | | | 16,031,421 | | | 1,023,838 | | | | | | | | | | | | | | Fixed maturities, fair value | | | 4,431 | | | - | | | - | | | 4,431 | Equity securities, fair value | | | 949,170 | | | 875,708 | | | 63,585 | | | 9,877 | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Equity index put option contracts | | $ | 9,088 | | $ | - | | $ | - | | $ | 9,088 |
| | | | | | 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 | | $ | 1,515,803 | | $ | - | | $ | 1,515,803 | | $ | - | Obligations of U.S. States and political subdivisions | | | 536,915 | | | - | | | 536,915 | | | - | Corporate securities | | | 6,374,946 | | | - | | | 5,757,358 | | | 617,588 | Asset-backed securities | | | 897,333 | | | - | | | 743,692 | | | 153,641 | Mortgage-backed securities | | | | | | | | | | | | | Commercial | | | 844,557 | | | - | | | 844,557 | | | - | Agency residential | | | 2,198,581 | | | - | | | 2,198,581 | | | - | Non-agency residential | | | 5,703 | | | - | | | 5,703 | | | - | Foreign government securities | | | 1,505,950 | | | - | | | 1,505,950 | | | - | Foreign corporate securities | | | 2,945,156 | | | - | | | 2,943,406 | | | 1,750 | Total fixed maturities, market value | | | 16,824,944 | | | - | | | 16,051,965 | | | 772,979 | | | | | | | | | | | | | | Fixed maturities, fair value | | | 5,826 | | | - | | | - | | | 5,826 | Equity securities, fair value | | | 931,457 | | | 864,584 | | | 66,873 | | | - | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Equity index put option contracts | | $ | 5,584 | | $ | - | | $ | - | | $ | 5,584 |
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| 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-Backed | | Foreign | | | | | Corporate | | Asset-Backed | | Foreign | | | | (Dollars in thousands) | | Securities | | Securities | | Corporate | | Total | | Securities | | Securities | | Corporate | | Total | Beginning balance fixed maturities at market value | | $ | 713,081 | | $ | 238,631 | | $ | - | | $ | 951,712 | | $ | 617,588 | | $ | 153,641 | | $ | 1,750 | | $ | 772,979 | 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 | | | 14,345 | | | 38,886 | | | 5,434 | | | 58,665 | | | 113,409 | | | 139,754 | | | 3,684 | | | 256,847 | Transfers in and/or (out) of Level 3 | | | (4,795) | | | - | | | 977 | | | (3,818) | | | (4,795) | | | - | | | 977 | | | (3,818) | Ending balance | | $ | 721,834 | | $ | 295,730 | | $ | 6,274 | | $ | 1,023,838 | | $ | 721,834 | | $ | 295,730 | | $ | 6,274 | | $ | 1,023,838 | | | | | | | | | | | | | | | | | | | | | | | | | | 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 fixed maturities at market value | | $ | 437,826 | | $ | 7,298 | | $ | 445,124 | | $ | 428,215 | | $ | 7,744 | | $ | 435,959 | 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) | | | 1,871 | | | - | | | 1,871 | | | 2,444 | | | - | | | 2,444 | Purchases, issuances and settlements | | | 101,732 | | | (4,967) | | | 96,765 | | | 108,370 | | | (5,532) | | | 102,838 | Transfers in and/or (out) of Level 3 | | | 3,977 | | | - | | | 3,977 | | | 1,519 | | | - | | | 1,519 | Ending balance | | $ | 542,878 | | $ | 2,093 | | $ | 544,971 | | $ | 542,878 | | $ | 2,093 | | $ | 544,971 | | | | | | | | | | | | | | | | | | | | 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 market 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) | | | - | | | - | | | - | | | - | Purchases, issuances and settlements | | | - | | | - | | | - | | | - | 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 market 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.) |
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| Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts |
| Three Months Ended | | Six Months Ended | | June 30, | | June 30, | (Dollars in thousands) | 2020 | | 2019 | | 2020 | | 2019 | Common Stock | | | | | | | | | | | | 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 | Liabilities: | | | | | | | | | | | | Balance, beginning of period | $ | 20,958 | | $ | 8,727 | | $ | 5,584 | | $ | 11,958 | Total (gains) or losses (realized/unrealized) | | | | | | | | | | | | Included in earnings | | (11,869) | | | (353) | | | 3,504 | | | (3,584) | Included in other comprehensive income (loss) | | - | | | - | | | - | | | - | Purchases, issuances and settlements | | - | | | - | | | - | | | - | Transfers in and/or (out) of Level 3 | | - | | | - | | | - | | | - | Balance, end of period | $ | 9,088 | | $ | 8,374 | | $ | 9,088 | | $ | 8,374 | | | | | | | | | | | | | 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.) | | | | | | |
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