Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |||||
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Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
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Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||||
Dividends declared | $ 1.55 | $ 1.55 | $ 1.55 | $ 1.40 | $ 1.40 | $ 1.40 |
General |
9 Months Ended |
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Sep. 30, 2020 | |
General [Abstract] | |
General | 1. Everest Re and insurance Group and its subsidiaries. |
Basis Of Presentation |
9 Months Ended |
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Sep. 30, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. The unaudited interim December 31, 2019 and for the three adjustments, consisting of fair statement annual financial statements States of December 31, 2019 consolidated balance sheet data was derived from include all disclosures required and 2019 are not necessarily indicative of the results for a full year. conjunction with the audited consolidated financial statements and notes 31, 2019, 2018 and 2017 included in the Company’s most recent Form 10-K filing. The Company consolidates in which the Company is determination as to whether an entity qualifies as a VIE surrounding each entity. The preparation of assumptions that affect liabilities) at the date of the financial statements and the reported amounts of reporting period. particularly true given the so is the operations, it mandate or environment, there could be an adverse impact on for the remainder of the year. With recent reinsurance and insurance aggregate operating 2020, the replaces the (reinsurance) and Insurance. change. All intercompany accounts and transactions have been eliminated. Certain reclassifications presentation. Application of Recently Issued Accounting Standard Changes. Modernization of Regulation In August 2020, issued Final business, legal effective for Register) and will 10-K filings. Accounting for Income Taxes . 2019-12, which exceptions related annual reporting period. The Company is statements. Simplification of In August Rule”) which addresses the simplification reports. requirement to disclose dividend per share information Comprehensive Income (Loss) and 2) a new requirement to disclose for each effective for Register), except was to be implemented for became effective November 5, 2018. of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, FASB accounting for implementation costs requires that implementation costs capitalized and development of over the term of the hosting arrangement. December 15, 2019 and interim periods within that annual reporting period. The Company adopted the guidance as of January statements. Accounting for Long In August 2018, the recognition, measurement and presentation of long duration contracts. address the assumptions at least annually and the discount deferred acquisition profits or benefits are required. December 15, 2020 and interim periods within that in November 2019 which defers the December 15, financial statements. Accounting for Impact In December 2017, the Bulletin (“SAB”) (“ASC”) Topic Company has adopted the to the determination tax expense have a material impact on the Company’s financial statements. Amortization of In March amortization period for callable debt securities be callable security. 15, 2018. have a material impact on the Company’s financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 (and has guidance and amendments in valuation of new guidance premiums receivables (amortized cost losses of information, current securities, the allowance for estimated amount by which periods beginning after December 15, 2019. modified retrospective 4,214 earnings, net of tax, which is disclosed separately within the Consolidated Statements Leases . outline new guidance and lease required only lease and interim reporting periods beginning after January 1, 2019 and elected to utilize a cumulative earnings for adoption continue guidance. the updated practical expedient renewals, termination guidance resulted in 69,869 other assets and a lease liability of 77,270 other liabilities of adoption, guidance. zero . The adoption of the updated guidance did not have a material effect on the Company’s Any issued Company to be either not applicable or immaterial to its financial statements. |
Investments |
9 Months Ended |
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Sep. 30, 2020 | |
Investments [Abstract] | |
Investments | 3. Effective January temporary impairment model Company to due to gross unrealized 2020 in accordance with ASU 2016-13 appreciation/(depreciation), market December 31, 2019, in accordance with previously applicable guidance. At September 30, 2020 Amortized Allowance 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 $ 1,387,482 $ - $ 67,544 $ (3,023) $ 1,452,003 Obligations of U.S. states and political subdivisions 514,787 - 30,939 (2,443) 543,283 Corporate securities 6,526,127 (17,474) 363,613 (66,917) 6,805,349 Asset-backed securities 1,326,918 - 23,191 (11,907) 1,338,202 Mortgage-backed securities Commercial 892,998 - 78,298 (1,976) 969,320 Agency residential 2,044,837 - 76,284 (2,468) 2,118,653 Non-agency residential 2,559 - - (39) 2,520 Foreign government securities 1,476,092 (119) 86,015 (26,913) 1,535,075 Foreign corporate securities 2,959,614 (2,048) 165,297 (30,891) 3,091,972 Total fixed maturity securities $ 17,131,414 (19,641) $ 891,181 $ (146,577) $ 17,856,377 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 $ 1,489,660 $ 28,357 $ (2,214) $ 1,515,803 $ - Obligations of U.S. states and political subdivisions 507,353 29,651 (89) 536,915 - Corporate securities 6,227,661 185,052 (37,767) 6,374,946 469 Asset-backed securities 892,373 6,818 (1,858) 897,333 - Mortgage-backed securities Commercial 814,570 31,236 (1,249) 844,557 - Agency residential 2,173,099 36,361 (10,879) 2,198,581 - Non-agency residential 5,723 - (20) 5,703 - Foreign government securities 1,492,315 47,148 (33,513) 1,505,950 71 Foreign corporate securities 2,870,737 107,999 (33,580) 2,945,156 447 Total fixed maturity securities $ 16,473,491 $ 472,622 $ (121,169) $ 16,824,944 $ 987 (a) such securities subsequent to the impairment measurement date. The amortized cost and market maturity. securities. As mortgage-backed and asset-backed securities are At September 30, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: $ 1,475,335 $ 1,483,621 $ 1,456,960 $ 1,457,919 6,408,491 6,624,753 6,757,107 6,869,359 3,878,019 4,186,765 3,471,370 3,609,816 1,102,257 1,132,543 902,289 941,676 Asset-backed securities 1,326,918 1,338,202 892,373 897,333 Mortgage-backed securities: Commercial 892,998 969,320 814,570 844,557 Agency residential 2,044,837 2,118,653 2,173,099 2,198,581 Non-agency residential 2,559 2,520 5,723 5,703 Total fixed $ 17,131,414 $ 17,856,377 $ 16,473,491 $ 16,824,944 The changes in following sources for the periods indicated: Three Months Ended Nine Months Ended September 30, September 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 Fixed maturity securities $ 55,587 $ 103,173 $ 392,640 $ 584,333 Fixed maturity securities, other-than-temporary impairment - 72 - (1,671) Change in unrealized appreciation (depreciation), pre-tax 55,587 103,245 392,640 582,662 Deferred tax benefit (expense) (3,560) (9,984) (44,116) (62,415) Deferred tax benefit (expense), other-than-temporary - (25) - 122 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ $ 52,027 $ 93,236 $ 348,524 $ 520,369 The Company reviews all of amortized cost credit related or credit related factors. interest rate by a change impairment, but rather a non-credit related are recorded as unrealized sell the adjustment in comprehensive income does not have the intent the security before recovery credit loss operations and comprehensive income the difference between a discounted adjustment that is tax, and is sheets. We will adjust record this operations and comprehensive income (loss). The Company does interest receivable that has not been accrued, it is recorded as income at that time. Prior to adjustments to recorded through other comprehensive income. The Company’s assessments with respect to interest and/or principal payments, enhancements or breakeven relevant information provided by rating Retrospective adjustments Company’s asset-backed reviewed to the new yield were applied to the prepayment rates, calculation of projected prepayments for pass-through security types. The tables below display securities, by individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at September 30, 2020 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 69,055 $ (3,023) $ - $ - $ 69,055 $ (3,023) Obligations of U.S. states and political subdivisions 50,368 (2,278) 4,943 (165) 55,311 (2,443) Corporate securities 752,828 (24,799) 196,660 (42,118) 949,488 (66,917) Asset-backed securities 328,216 (8,346) 163,014 (3,561) 491,230 (11,907) Mortgage-backed securities - - Commercial 77,850 (1,524) 6,634 (452) 84,484 (1,976) Agency residential 248,155 (1,256) 65,145 (1,212) 313,300 (2,468) Non-agency residential 213 (3) 2,308 (36) 2,521 (39) Foreign government securities 83,267 (4,352) 176,739 (22,561) 260,006 (26,913) Foreign corporate securities 399,841 (11,117) 193,809 (19,774) 593,650 (30,891) Total fixed maturity securities $ 2,009,793 $ (56,698) $ 809,252 $ (89,879) $ 2,819,045 $ (146,577) Duration of Unrealized Loss at September 30, 2020 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 76,867 $ (2,652) $ 135,762 $ (21,608) $ 212,629 $ (24,260) Due in one year through five years 675,450 (22,976) 304,410 (29,003) 979,860 (51,979) Due in five years through ten years 377,219 (12,287) 69,424 (4,266) 446,643 (16,553) Due after ten years 225,823 (7,654) 62,555 (29,741) 288,378 (37,395) Asset-backed securities 328,216 (8,346) 163,014 (3,561) 491,230 (11,907) Mortgage-backed securities 326,218 (2,783) 74,087 (1,700) 400,305 (4,483) Total fixed maturity securities $ 2,009,793 $ (56,698) $ 809,252 $ (89,879) $ 2,819,045 $ (146,577) The aggregate market September 30, 2020 2,819,045 146,577 securities for the 2020, did not exceed 0.1 % of the overall market value indicated on sector. 56,698 unrealized loss securities, asset-backed securities and 42,015 thousand were statistical rating 89,879 unrealized loss foreign government 53,247 related to agency. no alt-A loans. investments and the coverage and are current on interest and principal payments. The Company, these securities; and it is more likely than not that the Company of its principal and interest payments. The tables equity securities, by security that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 85,527 $ (1,005) $ 249,371 $ (1,209) $ 334,898 $ (2,214) Obligations of U.S. states and political subdivisions 4,600 (38) 5,522 (51) 10,122 (89) Corporate securities 547,120 (9,877) 395,369 (27,890) 942,489 (37,767) Asset-backed securities 176,222 (1,027) 94,190 (831) 270,412 (1,858) Mortgage-backed securities Commercial 83,127 (689) 23,063 (560) 106,190 (1,249) Agency residential 344,267 (1,834) 488,680 (9,045) 832,947 (10,879) Non-agency residential 332 - 3,976 (20) 4,308 (20) Foreign government securities 210,766 (4,770) 283,648 (28,743) 494,414 (33,513) Foreign corporate securities 278,403 (7,553) 365,808 (26,027) 644,211 (33,580) Total fixed maturity securities $ 1,730,364 $ (26,793) $ 1,909,627 $ (94,376) $ 3,639,991 $ (121,169) Duration of Unrealized Loss at December 31, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 67,879 $ (1,237) $ 416,583 $ (23,004) $ 484,462 $ (24,241) Due in one year through five years 464,753 (7,960) 689,195 (38,138) 1,153,948 (46,098) Due in five years through ten years 495,741 (12,388) 103,612 (11,100) 599,353 (23,488) Due after ten years 98,043 (1,658) 90,328 (11,678) 188,371 (13,336) Asset-backed securities 176,222 (1,027) 94,190 (831) 270,412 (1,858) Mortgage-backed securities 427,726 (2,523) 515,719 (9,625) 943,445 (12,148) Total fixed maturity securities $ 1,730,364 $ (26,793) $ 1,909,627 $ (94,376) $ 3,639,991 $ (121,169) The aggregate market December 31, 3,639,991 121,169 securities for the 2019, did not exceed 0.8 % of the overall market value indicated on sector. 26,793 unrealized loss securities and 23,104 securities that were $ 94,376 than one year related agency residential 73,144 securities that were rated investment was no instances, there were no related interest obligations. interest and principal payments. The components of net investment income are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturities $ 136,104 $ 130,139 $ 407,946 $ 383,440 Equity securities 4,402 4,147 11,585 12,250 Short-term investments and cash 494 3,899 4,356 13,497 Other invested assets Limited partnerships 88,778 43,758 22,092 100,298 Other 14,742 7,286 (1,291) 13,565 Gross investment income before 244,520 189,229 444,688 523,050 Funds held interest 684 2,325 10,921 9,715 Future policy benefit reserve income (expense) (291) (372) (805) (965) Gross investment income 244,913 191,182 454,804 531,800 Investment expenses (10,680) (10,124) (34,688) (30,738) Net investment income $ 234,233 $ 181,058 $ 420,116 $ 501,062 The Company changes in value from these determines there has been a significant be recorded in the period in which the Company identifies the decline. The Company had contractual commitments to 1,464,947 partnerships and called in unless extended, through 2026 . The Company participates in the facility invests in high quality, participation in the consolidated within the Company’s balance sheets was $ 1,101,256 The components of net realized capital gains (losses) are presented in the tables below for Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturity securities, market value: Allowance for credit losses $ 6,196 $ - $ (19,641) $ - Other-than-temporary impairments - (7,314) - (15,404) Gains (losses) from sales 5,398 5,290 941 16,660 Fixed maturity securities, fair value: Gains (losses) from sales (1,968) - (1,968) 356 Gains (losses) from fair value adjustments 3,339 - 1,944 13 Equity securities, fair value: Gains (losses) from sales (1,317) (1,192) (12,642) 2,541 Gains (losses) from fair value adjustments 96,673 (12,008) 114,364 102,795 Other invested assets 1,084 2,098 50 2,341 Short-term investments gain 798 183 1,215 259 Total net realized $ 110,203 $ (12,943) $ 84,263 $ 109,561 Roll Forward of Allowance for Credit Losses Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Foreign Foreign Foreign Foreign Corporate Government Corporate Corporate Government Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in thousands) Beginning Balance $ (22,253) $ (92) $ (3,492) $ (25,837) $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded (6) - (144) (150) (27,666) (519) (4,699) (32,884) Increases in allowance on previously impaired securities (5,354) (27) (181) (5,562) (6,136) (27) (481) (6,644) Decreases in allowance on previously impaired securities 159 - 151 310 3,590 212 844 4,646 Reduction in allowance due to disposals 9,980 - 1,618 11,598 12,738 215 2,288 15,241 Balance as of September 30, 2020 $ (17,474) $ (119) $ (2,048) $ (19,641) $ (17,474) $ (119) $ (2,048) $ (19,641) The Company comprehensive income write-downs in the value of securities deemed to displayed in the table impairment had both a credit and non-credit component. The proceeds presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Proceeds from sales of fixed maturity securities $ 402,528 $ 271,025 $ 1,392,801 $ 2,591,938 Gross gains from sales 18,721 14,270 54,077 42,316 Gross losses from sales (15,291) (8,980) (55,104) (25,300) Proceeds from sales of equity securities $ 116,565 $ 35,924 $ 329,750 $ 185,157 Gross gains from sales 9,512 1,035 30,268 9,286 Gross losses from sales (10,829) (2,227) (42,910) (6,745) |
Reserve For Losses, LAE And Future Policy Benefit Reserve |
9 Months Ended |
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Sep. 30, 2020 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 4. Activity in the reserve for losses and LAE is summarized for the periods indicated: Nine Months Ended September 30, (Dollars in thousands) 2020 2019 Gross reserves beginning of period $ 13,611,313 $ 13,119,090 (1,640,712) (1,619,641) 11,970,601 11,499,449 Incurred related to: 4,572,640 3,559,505 1,426 (44,401) 4,574,066 3,515,104 Paid related to: 1,015,538 550,724 2,042,712 2,406,753 3,058,250 2,957,477 Foreign exchange/translation 2016-13 (28,024) (52,125) Net reserves end of period 13,458,393 12,004,952 1,774,732 1,632,687 $ 15,233,125 $ 13,637,639 (Some amounts may not reconcile due to rounding.) Current year 4,572,640 3,559,505 September 30, 2019 was primarily 434,918 increase in premiums earned. |
Derivatives |
9 Months Ended |
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Sep. 30, 2020 | |
Derivatives [Abstract] | |
Derivatives | 5. The Company seven two Company sold these equity equity index put position in contracts are consolidated statements Six prior to September 30, 2020 , with no The Company had one Standard & 30, 2020 S&P 500 of the S&P 0.5 %. maximum payout index value was zero . 3 % discount factor 146,796 the S&P index at 3,363.00 , there would have been no At September 30, 2020 and 6,632 and $ 5,584 The fair follows: (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2020 December 31, 2019 Equity index put option contracts Equity index put option liability $ 6,632 $ 5,584 Total $ 6,632 $ 5,584 The change in operations and comprehensive income (loss) as follows: (Dollars in thousands) For the Three Months Ended For the, Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2020 2019 2020 2019 Equity index put option contracts Net derivative gain (loss) $ 2,456 $ (189) $ (1,048) $ 3,395 Total $ 2,456 $ (189) $ (1,048) $ 3,395 |
Fair Value |
9 Months Ended |
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Sep. 30, 2020 | |
Fair Value [Abstract] | |
Fair Value | 6. GAAP guidance regarding fair value measurements address how are required common definition of received to measurement date. measurements. liability. lowest level being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs identical assets or liabilities in an active market; Level 2: Inputs markets, and substantially the full term of the financial instrument; Level 3: Inputs The Company’s managers. recognized pricing process. when fixed maturity securities do processes such addition, they interest rate scenarios for securities that have In limited instances not agree The investment the investment reasonableness of the the Company continually an independent pricing limited situations, about future $ 1,134,535 3,748 fair valued 805,061 were valued by 3,748 thousand of fixed Company has procedures fixed maturities of $ 329,474 approximates fair value. 772,979 5,826 thousand of fixed maturities, market value, $ 610,873 majority of these fair 5,826 valuations from independent independent third party valuations. 162,106 either par or amortized cost, which the Company believes approximates fair value. The Company December 31, 591,681 170,888 from publicly published sources. Equity securities categorized as exchanges are categorized fair or sources. All categories of particular security may not have traded but the pricing services are able to use valuation market inputs such as maturity and provided by dollars using currency exchange rates from nationally The fixed maturities with fair values categorized nationally recognized pricing services. The composition and valuation inputs for the presented fixed maturities categories are as follows: • U.S. comprised of U.S. prices, reported trades, quoted prices for similar issuances or benchmark yields; • Obligations the fair similar securities, benchmark yields and credit spreads; • Corporate values are securities, benchmark yields and credit spreads; • Asset-backed prices, reported trades, observable inputs such as prepayment speeds, collateral performance and default spreads; • Foreign values are securities and models with applicable, converted to U.S. dollars using an exchange • Foreign are based and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange The Company’s liability these equity accepted pricing market indexes values, Company’s credit default swap rate. The following table has recorded at fair value (fair and market Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) September 30, 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations U.S. government agencies and corporations $ 1,452,003 $ - $ 1,452,003 $ - Obligations of U.S. States and political 543,283 - 543,283 - Corporate securities 6,805,349 - 6,081,305 724,044 Asset-backed securities 1,338,202 - 933,413 404,789 Mortgage-backed securities Commercial 969,320 - 969,320 - Agency residential 2,118,653 - 2,118,653 - Non-agency residential 2,520 - 2,520 - Foreign government securities 1,535,075 - 1,535,075 - Foreign corporate securities 3,091,972 - 3,086,270 5,702 Total fixed 17,856,377 - 16,721,842 1,134,535 Fixed maturities, fair value 3,748 - - 3,748 Equity securities, fair value 1,173,162 1,084,448 88,714 - Liabilities: Equity index put option contracts $ 6,632 $ - $ - $ 6,632 There were no The following table has recorded at fair value (fair and market 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 U.S. government agencies and corporations $ 1,515,803 $ - $ 1,515,803 $ - Obligations of U.S. States and political 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 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 In addition, 218,821 209,578 consolidated balance within the fair fair value. The following tables inputs for fixed maturities, for the periods indicated: Total Fixed Maturities, Market Three Months Ended September 30, 2020 Nine Months Ended September 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 $ 721,834 $ 295,730 $ 6,274 $ 1,023,838 $ 617,588 $ 153,641 $ 1,750 $ 772,979 Total gains or (losses) (realized/unrealized) Included in earnings 362 457 26 845 (100) 582 (71) 411 Included in other comprehensive income (loss) (992) 5,028 126 4,162 (4,898) 7,238 86 2,426 Purchases, issuances and settlements (1,349) 103,574 139 102,364 112,060 243,328 3,823 359,211 Transfers in and/or (out) of Level 4,189 - (863) 3,326 (606) - 114 (492) Ending balance $ 724,044 $ 404,789 $ 5,702 $ 1,134,535 $ 724,044 $ 404,789 $ 5,702 $ 1,134,535 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 $ - $ - $ - $ - $ (539) $ - $ $ - $ (539) (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Market Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 $ 542,878 $ - $ 2,093 $ 544,971 $ 428,215 $ - $ 7,744 $ 435,959 Total gains or (losses) (realized/unrealized) Included in earnings 1,018 - - 1,018 3,348 - (119) 3,229 Included in other comprehensive income (loss) (1,314) 644 - (670) 1,130 644 - 1,774 Purchases, issuances and settlements 42,289 40,000 - 82,289 150,659 40,000 (5,532) 185,127 Transfers in and/or (out) of Level 3,176 - - 3,176 4,695 - - 4,695 Ending balance $ 588,047 $ 40,644 $ 2,093 $ 630,784 $ 588,047 $ 40,644 $ 2,093 $ 630,784 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 $ - $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 4,431 $ 4,431 $ 5,826 $ 5,826 Total gains or (losses) (realized/unrealized) Included in earnings 1,371 1,371 (24) (24) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements (2,054) (2,054) (2,054) (2,054) Transfers in and/or (out) of Level 3 - - - - Ending balance $ 3,748 $ 3,748 $ 3,748 $ 3,748 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 $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ - $ - $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings - - 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - (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 $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The following table inputs for equity securities, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Common Stock Balance, beginning of period $ 9,877 $ - $ - $ - Total (gains) or losses (realized/unrealized) Included in earnings - - - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - 9,877 - Transfers in and/or (out) of Level 3 (9,877) - (9,877) - Balance, end of period $ - $ - $ - $ - 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 net maturities, market 3,326 492 ) thousand September 30, 3,176 4,695 months ended 3,326 ended September 30, 2020 were using investment managers as 492 ) thousand during the nine months ended September and were subsequently priced by a 3,176 thousand and $ 4,695 recognized pricing service and were subsequently priced using investment managers as of September 30, 2019. The net securities, fair 9,877 ) thousand for The transfers 9,877 ) thousand related to cost as of June 30, 2020 and was subsequently priced based upon the as of September 30, 2020. The following table inputs for equity index put option contracts, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Liabilities: Balance, beginning of period $ 9,088 $ 8,374 $ 5,584 $ 11,958 Total (gains) or losses (realized/unrealized) Included in earnings (2,456) 189 1,048 (3,395) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 6,632 $ 8,563 $ 6,632 $ 8,563 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.) |
Earnings Per Common Share |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 7. Basic earnings shares outstanding. under various share would participate in the earnings of the entity. Net income (loss) per basic and dilutive shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2020 2019 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 243,057 $ 104,398 $ 450,549 $ 791,817 Less: (61,910) (56,995) (187,115) (171,131) Undistributed earnings 181,148 47,403 263,435 620,687 Percentage 98.8 % 98.9 % 98.7 % 98.9 % 178,938 46,869 260,096 613,847 Add: 61,199 56,403 184,836 169,329 Numerator for basic and diluted earnings per common share $ 240,138 $ 103,273 $ 444,931 $ 783,176 Denominator Denominator for basic earnings per weighted-average common shares 39,483 40,287 39,711 40,289 Effect of dilutive securities: Options 74 125 79 131 Denominator for diluted earnings per adjusted weighted-average common shares 39,557 40,411 39,790 40,421 Per common share net income (loss) Basic $ 6.08 $ 2.56 $ 11.20 $ 19.44 Diluted $ 6.07 $ 2.56 $ 11.18 $ 19.38 (1) Basic weighted-average common shares outstanding 39,483 40,287 39,711 40,289 Basic weighted-average common shares outstanding and unvested 39,971 40,746 40,221 40,738 Percentage allocated to common shareholders 98.8 % 98.9 % 98.7 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no 2019. All outstanding options expire on or between February 24, 2021 September 19, 2022 . |
Commitments And Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 8. In the informal dispute resolution obligations under rights under an agreement or to collect funds owing to it. others to resolved through both all such matters, the Company considers the statuses expenses. Aside from not a party to any other material litigation or arbitration. The Company Prudential”) and an annuity contracts obligations in Prudential or the annuity contract. The table below contingently liable for the periods indicated: At September 30, At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 141,488 $ 141,703 Unaffiliated life insurance company 34,441 35,082 |
Other Comprehensive Income (Loss) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 9. The following table presents operations for the periods indicated: Three Months Ended September 30, 2020 Nine Months Ended September 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 - non- credit related $ 68,264 $ (4,784) $ 63,480 $ 373,990 $ (38,155) $ 335,835 Reclassification of net realized losses (gains) included in net income (loss) (12,678) 1,225 (11,453) 18,650 (5,961) 12,689 Foreign currency translation adjustments 64,453 (3,825) 60,628 28,555 1,835 30,390 Reclassification of benefit plan liability amortization included in net income (loss) 2,285 (479) 1,806 5,736 (1,204) 4,532 Total other comprehensive income (loss) $ 122,324 $ (7,863) $ 114,461 $ 426,931 $ (43,485) $ 383,446 Three Months Ended September 30, 2019 Nine Months Ended September 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 - non- credit related $ 103,247 $ (9,529) $ 93,718 $ 587,930 $ (61,792) $ 526,138 URA(D) on securities - OTTI 72 (25) 47 (1,671) 122 (1,549) Reclassification of net realized losses (gains) included in net income (loss) (74) (455) (529) (3,597) (623) (4,220) Foreign currency translation adjustments (2,665) (761) (3,426) (13,890) (1,316) (15,206) Reclassification of benefit plan liability amortization included in net income (loss) 1,726 (363) 1,363 4,640 (975) 3,665 Total other comprehensive income (loss) $ 102,306 $ (11,133) $ 91,173 $ 573,412 $ (64,584) $ 508,828 The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2020 2019 2020 2019 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (12,678) $ (74) $ 18,650 $ (3,597) Other net realized capital gains (losses) 1,225 (455) (5,961) (623) Income tax expense (benefit) $ (11,453) $ (529) $ 12,689 $ (4,220) Net income (loss) Benefit plan net gain (loss) $ 2,285 $ 1,726 $ 5,736 $ 4,640 Other underwriting expenses (479) (363) (1,204) (975) Income tax expense (benefit) $ 1,806 $ 1,363 $ 4,532 $ 3,665 Net income (loss) The following table the consolidated balance sheets for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Beginning balance of URA (D) on securities $ 600,922 $ 247,741 $ 304,425 $ (179,392) Current period change in URA (D) of investments - non-credit related 52,027 93,190 348,524 521,919 Current period change in URA (D) of investments - non-credit OTTI - 47 - (1,549) Ending balance of URA (D) on securities 652,949 340,978 652,949 340,978 Beginning balance of foreign currency translation adjustments (231,955) (227,527) (201,717) (215,747) Current period change in foreign currency translation adjustments 60,628 (3,426) 30,390 (15,206) Ending balance of foreign currency translation adjustments (171,327) (230,953) (171,327) (230,953) Beginning balance of benefit plan net gain (loss) (71,830) (65,116) (74,556) (67,418) Current period change in benefit plan net gain (loss) 1,806 1,363 4,532 3,665 Ending balance of benefit plan net gain (loss) (70,024) (63,753) (70,024) (63,753) Ending balance of accumulated other comprehensive income (loss) $ 411,598 $ 46,272 $ 411,598 $ 46,272 (Some amounts may not reconcile due to rounding.) |
Credit Facilities |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Credit Facilities [Abstract] | |
Credit Facilities | 10. The Company two 1,000,000 additional credit facility 52,175 of credit and/or connection with the two Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Credit facility interest and fees incurred $ 105 $ 105 $ 560 $ 315 The terms and outstanding amounts for each facility are discussed below: Group Credit Facility Effective May Reinsurance, Ltd. five year , $ 800,000 thousand senior credit 22, 2012, four year , $ 800,000 credit facilities, which have similar terms, (“Wells Fargo Tranche one 200,000 purposes, and for at the Offered Rate established by 0.5 % per annum Rate plus 1.0 % per annum. Group’s senior 600,000 issuance of standby letters of credit on a collateralized The Group Credit 0.35 maintain a 5,370,979 plus 25 % of ending on or after March 31, 2016 and for 25 % of any increase in consolidated net worth at September 30, 6,372,662 with all Group Credit Facility covenants. On March 25, 2020, Group 50,000 revolving credit loan. no from the facility during the year ended 2019. The following table summarizes the outstanding letters of credit and/or (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 99,077 12/31/2020 $ 200,000 $ 33,737 12/31/2020 Tranche Two 600,000 586,186 12/31/2020 600,000 2,381 7/29/2020 Tranche Two - 1,649 9/30/2020 Tranche Two - 573,353 12/31/2020 Tranche Two - 12,364 1/4/2021 Total Wells Fargo $ 800,000 $ 685,263 $ 800,000 $ 623,484 Bermuda Re Letter of Credit Facility Effective December 31, 2019, Bermuda Re renewed referred to updated fees. $ 200,000 reinsurer. 0.35 % per annum of the principal amount of issued standard letters 0.45 % per issued extended tenor letters 60 credit shall be 0.15 % per annum. The following table summarizes the outstanding letters of credit for (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2020 $ 200,000 $ 4,425 02/29/2020 93,846 12/31/2020 512 09/03/2020 4,425 02/28/2021 3,672 11/24/2020 183 12/16/2021 177 12/16/2020 109 12/20/2021 125 12/20/2020 5,475 12/31/2021 101,404 12/31/2020 777 08/15/2022 559 08/15/2021 37,802 09/30/2024 37,096 12/30/2023 Total Citibank Bilateral Agreement $ 200,000 $ 146,289 $ 200,000 $ 147,970 Everest International Credit Facility Effective May International Credit Facility”). £ 52,175 commitment fee of 0.1 % per annum on the average available under Company pays a credit commission fee of 0.35 % per annum on drawings outstanding under the facility. The Everest 0.35 $ 5,532,663 70 % of consolidated 25 % of consolidated income for each of Group’s and for which 25 % of any period attributable to $ 5,910,400 Credit Facility requirements. The following table summarizes the outstanding letters of credit for (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 52,175 £ 52,175 12/31/2023 £ 47,000 £ 47,000 12/31/2023 - - - - Total Lloyd's Bank Credit Facility £ 52,175 £ 52,175 £ 47,000 £ 47,000 Federal Home Loan Bank Membership Effective August Loan Bank 10 % of assets. 14,667,099 which provides borrowing capacity of up to approximately $ 1,466,709 On August 31, 90,000 90,000 thousand collateralized 0.35 % and November 30, 2020 . 4.5 % of borrowed funds membership stock. |
Collateralized Reinsurance And Trust Agreements |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 11. Certain subsidiaries investments as collateral, September 30, 2020, the total amount on deposit in trust accounts was $ 1,158,783 The Company reinsures Logan Re is Companies Act 2000 and 100 % of the voting common accounts for Mt. shares have been in a globally. The following segregated accounts and assumed by the Company from Mt. Logan Re segregated Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2020 2019 2020 2019 (Dollars in thousands) Ceded written premiums 86,712 97,391 245,422 237,841 Ceded earned premiums 71,396 79,560 233,089 220,200 Ceded losses and LAE 87,917 79,499 173,968 164,914 Assumed written premiums 8,894 9,867 14,448 14,900 Assumed earned premiums 8,894 9,867 14,448 14,900 Assumed losses and LAE - - - - Each segregated collateral, which 806,564 993,036 December 31, 2019, 66,175 $ 46,390 Effective April Logan Re segregated 269,198 to accident 2002 2015 . cash of 252,000 under the agreement 319,000 the maximum liability. On April two Limited (“Kilimanjaro”), a reinsurance coverage. storm and earthquake 250,000 from named storms in specified states $ 200,000 Atlantic and earthquakes in specified states Puerto Rico and British Columbia. April, 2018 . On November 18, provide the Company with catastrophe contract which covers specified earthquake events. 500,000 reinsurance coverage agreements expired in November 2019 . On December 1, 2015 two provide the contracts which 300,000 thousand of reinsurance Canada. 325,000 and earthquakes in the United States, Puerto Rico and Canada. On April six provide the Company with annual aggregate catastrophe three four year to $ 225,000 400,000 325,000 reinsurance coverage subsequent three five year events. 50,000 75,000 175,000 respectively, of States, Puerto Rico and Canada. On April four provide the contracts which cover named two four year contracts which 62,500 200,000 reinsurance coverage Islands and two five year $ 62,500 200,000 storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin On December 12, four to provide the contracts which cover named two four year contracts which 150,000 275,000 reinsurance coverage Islands and two five year $ 150,000 275,000 storms and earthquakes in the United State, Puerto Rico, the U.S. Virgin Recoveries under estimated industry The estimated industry recognized authority catastrophe events event retentions or aggregate retentions Kilimanjaro has financed to unrelated, 450,000 2014-1 Notes”). 450,000 no longer outstanding. 500,000 Notes”). 500,000 longer outstanding. 625,000 Notes). 950,000 300,000 thousand of 262,500 (“Series 2018-1 262,500 Kilimanjaro issued 425,000 425,000 Notes”). duration of with a rating of at least “AAAm” |
Senior Notes |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Senior Notes [Abstract] | |
Senior Notes | 12. The table below based on quoted the fair value hierarchy. September 30, 2020 December 31, 2019 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value Senior notes 06-05-2014 06-01-2044 400,000 $ 397,164 $ 460,252 $ 397,074 $ 452,848 On June 5, 400,000 30 4.868 %, which will June 1, 2044 . Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars In thousands 2020 2019 2020 2019 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 In addition to the above senior notes outstanding, Holdings issued $ 1,000,000 30 year on October 7, 2020 3.5 %. October 15, 2050 interest semi-annually on April 15th and October 15th of each year. |
Long Term Subordinated Notes |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 13. The table value is considered Level 2 in the fair value hierarchy. Maturity Date September 30, 2020 December 31, 2019 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value Long term subordinated notes 04-26-2007 $ 400,000 05-15-2037 05-01-2067 $ 223,649 $ 191,301 $ 236,758 $ 233,191 During the fixed rate May 3, 2007 May 14, 2017 , interest was 6.6 %, payable semi-annually in arrears on November 15 and May 15 of each year, November 15, 2007 . 3 month 238.5 August 15 and November one for up to ten quarterly for periods November 15, 2020 is 2.67 %. Holdings may redeem the long term subordinated 100 % of the principal amount plus accrued and unpaid interest; date and prior May 1, 2047 certain senior subordinated debt the maturity 5.40 % senior notes October 15, 2014 , the 4.868 % senior notes, due on June 1, 2044 , have subordinated notes. The Company repurchased 0 13,183 subordinated notes realized a 0 2,536 for the three and nine months ended September 30, 2020, respectively. On March 19, 6.60 % fixed to reduced its outstanding debt by $ 161,441 Interest expense indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Interest expense incurred $ 1,587 $ 2,881 $ 6,126 $ 8,892 |
Leases |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 14. Effective January 1, the accounting for office space lease expense is recognized extend or renew the lease term. liability includes lease payments related to options to extend reasonably certain of exercise utilizes either secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Lease expense incurred: Operating lease cost $ 8,424 $ 5,384 $ 24,572 $ 16,602 At September 30, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 149,206 $ 161,435 Operating lease liabilities 163,329 169,909 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Operating cash flows from operating $ (5,047) $ (5,739) $ (14,883) $ (14,665) At September 30, At December 31, 2020 2019 Weighted average 12.3 years 12.6 years Weighted average 4.11 % 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2020 $ 5,235 2021 18,433 2022 20,882 2023 20,110 2024 19,859 2025 16,868 Thereafter 119,204 Undiscounted lease payments 220,591 Less: 57,262 Total operating $ 163,329 On July Corner, New 315,000 2036 . payment of 650 7,800 Company expects to relocate the new corporate complex during 2021. |
Segment Reporting |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. The Reinsurance on both a Business is written and the United brokers, surplus U.S., Canada, Ireland and a branch located in Zurich. These segments are managed independently, management, control Management generally upon their underwriting results. Underwriting results include commission and using ratios, in respectively, divide earned. The Company Company does not review and evaluate data. The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended Nine Months Ended Reinsurance September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 2,086,961 $ 1,736,672 $ 5,403,080 $ 4,678,310 Net written premiums 1,936,851 1,583,713 4,974,034 4,212,952 Premiums earned $ 1,669,257 $ 1,420,799 $ 4,656,733 $ 4,072,078 Incurred losses and LAE 1,335,048 1,050,621 3,361,367 2,605,901 Commission and brokerage 373,251 371,098 1,130,946 1,039,113 Other underwriting expenses 51,333 43,832 135,170 117,031 Underwriting gain (loss) $ (90,375) $ (44,752) $ 29,250 $ 310,033 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 704,643 $ 666,602 $ 2,328,733 $ 2,018,727 Net written premiums 511,829 484,844 1,693,603 1,491,286 Premiums earned $ 536,554 $ 484,820 $ 1,628,297 $ 1,383,537 Incurred losses and LAE 401,162 321,303 1,212,699 909,203 Commission and brokerage 72,081 71,978 229,224 214,387 Other underwriting expenses 87,542 74,326 250,695 204,945 Underwriting gain (loss) $ (24,231) $ 17,213 $ (64,321) $ 55,002 The following reported in the indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Underwriting gain (loss) $ (114,606) $ (27,539) $ (35,071) $ 365,035 Net investment income 234,233 181,058 420,116 501,062 Net realized capital gains (losses) 110,203 (12,943) 84,263 109,561 Net derivative gain (loss) 2,456 (189) (1,048) 3,395 Corporate expenses (10,618) (8,435) (29,184) (22,622) Interest, fee and bond issue cost amortization (6,641) (7,907) (21,477) (23,972) Other income (expense) 57,481 (31,025) 48,354 (52,550) Income (loss) before taxes $ 272,508 $ 93,020 $ 465,953 $ 879,909 The Company assets residing in the Company’s financial records. other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 United Kingdom gross written premium $ 314,502 $ 272,297 $ 857,310 $ 743,294 No other country represented more than 5 % of the Company’s revenues. |
Share-Based Compensation Plans |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 16. For the three months 5,590 September 11, 2020 , with a fair value of $ 207.5050 . For the 173,419 167,829 February 26, 2020 , with a fair value 277.145 5,590 September 11, 2020 207.5050 . 16,120 granted on February 26, 2020 , with a fair value of $ 277.145 |
Retirement Benefits |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 17. The Company employed prior to April 1, 2010. a period prescribed pension plan provided compensating pension benefits for participants the qualified 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 2,040 $ 2,064 $ 8,092 $ 6,616 Interest cost 2,562 2,928 7,608 8,788 Expected return on plan assets (5,197) (4,492) (15,591) (14,523) Amortization of net (income) loss 2,462 1,909 6,137 5,111 FAS 88 settlement charge 871 102 871 309 Net periodic benefit cost $ 2,738 $ 2,511 $ 7,117 $ 6,301 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 311 $ 245 $ 763 $ 818 Interest cost 215 245 644 835 Amortization of prior service cost (177) (144) (401) (433) Amortization of net (income) loss - (39) - (39) Net periodic benefit cost $ 349 $ 307 $ 1,006 $ 1,181 The service cost component consolidated statement of operations staff compensation costs are also primarily recorded within this line item. The Company no t make months ended September 30, 2020 and 2019, respectively. |
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 18. The Company Singapore, Switzerland, the subsidiaries are exempt subsidiaries and branches are subject to income taxation at varying rates The Company generally applies the estimated tax provision the estimated annualized determine the quarter represents the period less such amount for of all known rate. |
Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. The Company has Hurricanes Delta these events, anticipates that the losses from these events will adversely impact its fourth quarter 2020 financial statements. |
Investments (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At September 30, 2020 Amortized Allowance 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 $ 1,387,482 $ - $ 67,544 $ (3,023) $ 1,452,003 Obligations of U.S. states and political subdivisions 514,787 - 30,939 (2,443) 543,283 Corporate securities 6,526,127 (17,474) 363,613 (66,917) 6,805,349 Asset-backed securities 1,326,918 - 23,191 (11,907) 1,338,202 Mortgage-backed securities Commercial 892,998 - 78,298 (1,976) 969,320 Agency residential 2,044,837 - 76,284 (2,468) 2,118,653 Non-agency residential 2,559 - - (39) 2,520 Foreign government securities 1,476,092 (119) 86,015 (26,913) 1,535,075 Foreign corporate securities 2,959,614 (2,048) 165,297 (30,891) 3,091,972 Total fixed maturity securities $ 17,131,414 (19,641) $ 891,181 $ (146,577) $ 17,856,377 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 $ 1,489,660 $ 28,357 $ (2,214) $ 1,515,803 $ - Obligations of U.S. states and political subdivisions 507,353 29,651 (89) 536,915 - Corporate securities 6,227,661 185,052 (37,767) 6,374,946 469 Asset-backed securities 892,373 6,818 (1,858) 897,333 - Mortgage-backed securities Commercial 814,570 31,236 (1,249) 844,557 - Agency residential 2,173,099 36,361 (10,879) 2,198,581 - Non-agency residential 5,723 - (20) 5,703 - Foreign government securities 1,492,315 47,148 (33,513) 1,505,950 71 Foreign corporate securities 2,870,737 107,999 (33,580) 2,945,156 447 Total fixed maturity securities $ 16,473,491 $ 472,622 $ (121,169) $ 16,824,944 $ 987 (a) such securities subsequent to the impairment measurement date. |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: $ 1,475,335 $ 1,483,621 $ 1,456,960 $ 1,457,919 6,408,491 6,624,753 6,757,107 6,869,359 3,878,019 4,186,765 3,471,370 3,609,816 1,102,257 1,132,543 902,289 941,676 Asset-backed securities 1,326,918 1,338,202 892,373 897,333 Mortgage-backed securities: Commercial 892,998 969,320 814,570 844,557 Agency residential 2,044,837 2,118,653 2,173,099 2,198,581 Non-agency residential 2,559 2,520 5,723 5,703 Total fixed $ 17,131,414 $ 17,856,377 $ 16,473,491 $ 16,824,944 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 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 Fixed maturity securities $ 55,587 $ 103,173 $ 392,640 $ 584,333 Fixed maturity securities, other-than-temporary impairment - 72 - (1,671) Change in unrealized appreciation (depreciation), pre-tax 55,587 103,245 392,640 582,662 Deferred tax benefit (expense) (3,560) (9,984) (44,116) (62,415) Deferred tax benefit (expense), other-than-temporary - (25) - 122 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ $ 52,027 $ 93,236 $ 348,524 $ 520,369 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2020 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 69,055 $ (3,023) $ - $ - $ 69,055 $ (3,023) Obligations of U.S. states and political subdivisions 50,368 (2,278) 4,943 (165) 55,311 (2,443) Corporate securities 752,828 (24,799) 196,660 (42,118) 949,488 (66,917) Asset-backed securities 328,216 (8,346) 163,014 (3,561) 491,230 (11,907) Mortgage-backed securities - - Commercial 77,850 (1,524) 6,634 (452) 84,484 (1,976) Agency residential 248,155 (1,256) 65,145 (1,212) 313,300 (2,468) Non-agency residential 213 (3) 2,308 (36) 2,521 (39) Foreign government securities 83,267 (4,352) 176,739 (22,561) 260,006 (26,913) Foreign corporate securities 399,841 (11,117) 193,809 (19,774) 593,650 (30,891) Total fixed maturity securities $ 2,009,793 $ (56,698) $ 809,252 $ (89,879) $ 2,819,045 $ (146,577) Duration of Unrealized Loss at December 31, 2019 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 85,527 $ (1,005) $ 249,371 $ (1,209) $ 334,898 $ (2,214) Obligations of U.S. states and political subdivisions 4,600 (38) 5,522 (51) 10,122 (89) Corporate securities 547,120 (9,877) 395,369 (27,890) 942,489 (37,767) Asset-backed securities 176,222 (1,027) 94,190 (831) 270,412 (1,858) Mortgage-backed securities Commercial 83,127 (689) 23,063 (560) 106,190 (1,249) Agency residential 344,267 (1,834) 488,680 (9,045) 832,947 (10,879) Non-agency residential 332 - 3,976 (20) 4,308 (20) Foreign government securities 210,766 (4,770) 283,648 (28,743) 494,414 (33,513) Foreign corporate securities 278,403 (7,553) 365,808 (26,027) 644,211 (33,580) Total fixed maturity securities $ 1,730,364 $ (26,793) $ 1,909,627 $ (94,376) $ 3,639,991 $ (121,169) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2020 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 76,867 $ (2,652) $ 135,762 $ (21,608) $ 212,629 $ (24,260) Due in one year through five years 675,450 (22,976) 304,410 (29,003) 979,860 (51,979) Due in five years through ten years 377,219 (12,287) 69,424 (4,266) 446,643 (16,553) Due after ten years 225,823 (7,654) 62,555 (29,741) 288,378 (37,395) Asset-backed securities 328,216 (8,346) 163,014 (3,561) 491,230 (11,907) Mortgage-backed securities 326,218 (2,783) 74,087 (1,700) 400,305 (4,483) Total fixed maturity securities $ 2,009,793 $ (56,698) $ 809,252 $ (89,879) $ 2,819,045 $ (146,577) Duration of Unrealized Loss at December 31, 2019 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 67,879 $ (1,237) $ 416,583 $ (23,004) $ 484,462 $ (24,241) Due in one year through five years 464,753 (7,960) 689,195 (38,138) 1,153,948 (46,098) Due in five years through ten years 495,741 (12,388) 103,612 (11,100) 599,353 (23,488) Due after ten years 98,043 (1,658) 90,328 (11,678) 188,371 (13,336) Asset-backed securities 176,222 (1,027) 94,190 (831) 270,412 (1,858) Mortgage-backed securities 427,726 (2,523) 515,719 (9,625) 943,445 (12,148) Total fixed maturity securities $ 1,730,364 $ (26,793) $ 1,909,627 $ (94,376) $ 3,639,991 $ (121,169) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturities $ 136,104 $ 130,139 $ 407,946 $ 383,440 Equity securities 4,402 4,147 11,585 12,250 Short-term investments and cash 494 3,899 4,356 13,497 Other invested assets Limited partnerships 88,778 43,758 22,092 100,298 Other 14,742 7,286 (1,291) 13,565 Gross investment income before 244,520 189,229 444,688 523,050 Funds held interest 684 2,325 10,921 9,715 Future policy benefit reserve income (expense) (291) (372) (805) (965) Gross investment income 244,913 191,182 454,804 531,800 Investment expenses (10,680) (10,124) (34,688) (30,738) Net investment income $ 234,233 $ 181,058 $ 420,116 $ 501,062 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Fixed maturity securities, market value: Allowance for credit losses $ 6,196 $ - $ (19,641) $ - Other-than-temporary impairments - (7,314) - (15,404) Gains (losses) from sales 5,398 5,290 941 16,660 Fixed maturity securities, fair value: Gains (losses) from sales (1,968) - (1,968) 356 Gains (losses) from fair value adjustments 3,339 - 1,944 13 Equity securities, fair value: Gains (losses) from sales (1,317) (1,192) (12,642) 2,541 Gains (losses) from fair value adjustments 96,673 (12,008) 114,364 102,795 Other invested assets 1,084 2,098 50 2,341 Short-term investments gain 798 183 1,215 259 Total net realized $ 110,203 $ (12,943) $ 84,263 $ 109,561 Roll Forward of Allowance for Credit Losses Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Foreign Foreign Foreign Foreign Corporate Government Corporate Corporate Government Corporate Securities Securities Securities Total Securities Securities Securities Total (Dollars in thousands) Beginning Balance $ (22,253) $ (92) $ (3,492) $ (25,837) $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded (6) - (144) (150) (27,666) (519) (4,699) (32,884) Increases in allowance on previously impaired securities (5,354) (27) (181) (5,562) (6,136) (27) (481) (6,644) Decreases in allowance on previously impaired securities 159 - 151 310 3,590 212 844 4,646 Reduction in allowance due to disposals 9,980 - 1,618 11,598 12,738 215 2,288 15,241 Balance as of September 30, 2020 $ (17,474) $ (119) $ (2,048) $ (19,641) $ (17,474) $ (119) $ (2,048) $ (19,641) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Proceeds from sales of fixed maturity securities $ 402,528 $ 271,025 $ 1,392,801 $ 2,591,938 Gross gains from sales 18,721 14,270 54,077 42,316 Gross losses from sales (15,291) (8,980) (55,104) (25,300) Proceeds from sales of equity securities $ 116,565 $ 35,924 $ 329,750 $ 185,157 Gross gains from sales 9,512 1,035 30,268 9,286 Gross losses from sales (10,829) (2,227) (42,910) (6,745) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Nine Months Ended September 30, (Dollars in thousands) 2020 2019 Gross reserves beginning of period $ 13,611,313 $ 13,119,090 (1,640,712) (1,619,641) 11,970,601 11,499,449 Incurred related to: 4,572,640 3,559,505 1,426 (44,401) 4,574,066 3,515,104 Paid related to: 1,015,538 550,724 2,042,712 2,406,753 3,058,250 2,957,477 Foreign exchange/translation 2016-13 (28,024) (52,125) Net reserves end of period 13,458,393 12,004,952 1,774,732 1,632,687 $ 15,233,125 $ 13,637,639 (Some amounts may not reconcile due to rounding.) |
Derivatives (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Derivatives [Abstract] | |
Summary Of The Fair Value Of The Equity Index Put Options | (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2020 December 31, 2019 Equity index put option contracts Equity index put option liability $ 6,632 $ 5,584 Total $ 6,632 $ 5,584 (Dollars in thousands) For the Three Months Ended For the, Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2020 2019 2020 2019 Equity index put option contracts Net derivative gain (loss) $ 2,456 $ (189) $ (1,048) $ 3,395 Total $ 2,456 $ (189) $ (1,048) $ 3,395 |
Fair Value (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Fair Value [Abstract] | |
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) September 30, 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations U.S. government agencies and corporations $ 1,452,003 $ - $ 1,452,003 $ - Obligations of U.S. States and political 543,283 - 543,283 - Corporate securities 6,805,349 - 6,081,305 724,044 Asset-backed securities 1,338,202 - 933,413 404,789 Mortgage-backed securities Commercial 969,320 - 969,320 - Agency residential 2,118,653 - 2,118,653 - Non-agency residential 2,520 - 2,520 - Foreign government securities 1,535,075 - 1,535,075 - Foreign corporate securities 3,091,972 - 3,086,270 5,702 Total fixed 17,856,377 - 16,721,842 1,134,535 Fixed maturities, fair value 3,748 - - 3,748 Equity securities, fair value 1,173,162 1,084,448 88,714 - Liabilities: Equity index put option contracts $ 6,632 $ - $ - $ 6,632 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 U.S. government agencies and corporations $ 1,515,803 $ - $ 1,515,803 $ - Obligations of U.S. States and political 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 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 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Three Months Ended September 30, 2020 Nine Months Ended September 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 $ 721,834 $ 295,730 $ 6,274 $ 1,023,838 $ 617,588 $ 153,641 $ 1,750 $ 772,979 Total gains or (losses) (realized/unrealized) Included in earnings 362 457 26 845 (100) 582 (71) 411 Included in other comprehensive income (loss) (992) 5,028 126 4,162 (4,898) 7,238 86 2,426 Purchases, issuances and settlements (1,349) 103,574 139 102,364 112,060 243,328 3,823 359,211 Transfers in and/or (out) of Level 4,189 - (863) 3,326 (606) - 114 (492) Ending balance $ 724,044 $ 404,789 $ 5,702 $ 1,134,535 $ 724,044 $ 404,789 $ 5,702 $ 1,134,535 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 $ - $ - $ - $ - $ (539) $ - $ $ - $ (539) (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Market Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 $ 542,878 $ - $ 2,093 $ 544,971 $ 428,215 $ - $ 7,744 $ 435,959 Total gains or (losses) (realized/unrealized) Included in earnings 1,018 - - 1,018 3,348 - (119) 3,229 Included in other comprehensive income (loss) (1,314) 644 - (670) 1,130 644 - 1,774 Purchases, issuances and settlements 42,289 40,000 - 82,289 150,659 40,000 (5,532) 185,127 Transfers in and/or (out) of Level 3,176 - - 3,176 4,695 - - 4,695 Ending balance $ 588,047 $ 40,644 $ 2,093 $ 630,784 $ 588,047 $ 40,644 $ 2,093 $ 630,784 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 $ - $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 4,431 $ 4,431 $ 5,826 $ 5,826 Total gains or (losses) (realized/unrealized) Included in earnings 1,371 1,371 (24) (24) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements (2,054) (2,054) (2,054) (2,054) Transfers in and/or (out) of Level 3 - - - - Ending balance $ 3,748 $ 3,748 $ 3,748 $ 3,748 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 $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ - $ - $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings - - 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - (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 $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Common Stock Balance, beginning of period $ 9,877 $ - $ - $ - Total (gains) or losses (realized/unrealized) Included in earnings - - - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - 9,877 - Transfers in and/or (out) of Level 3 (9,877) - (9,877) - Balance, end of period $ - $ - $ - $ - 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Liabilities: Balance, beginning of period $ 9,088 $ 8,374 $ 5,584 $ 11,958 Total (gains) or losses (realized/unrealized) Included in earnings (2,456) 189 1,048 (3,395) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 6,632 $ 8,563 $ 6,632 $ 8,563 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.) |
Earnings Per Common Share (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2020 2019 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 243,057 $ 104,398 $ 450,549 $ 791,817 Less: (61,910) (56,995) (187,115) (171,131) Undistributed earnings 181,148 47,403 263,435 620,687 Percentage 98.8 % 98.9 % 98.7 % 98.9 % 178,938 46,869 260,096 613,847 Add: 61,199 56,403 184,836 169,329 Numerator for basic and diluted earnings per common share $ 240,138 $ 103,273 $ 444,931 $ 783,176 Denominator Denominator for basic earnings per weighted-average common shares 39,483 40,287 39,711 40,289 Effect of dilutive securities: Options 74 125 79 131 Denominator for diluted earnings per adjusted weighted-average common shares 39,557 40,411 39,790 40,421 Per common share net income (loss) Basic $ 6.08 $ 2.56 $ 11.20 $ 19.44 Diluted $ 6.07 $ 2.56 $ 11.18 $ 19.38 (1) Basic weighted-average common shares outstanding 39,483 40,287 39,711 40,289 Basic weighted-average common shares outstanding and unvested 39,971 40,746 40,221 40,738 Percentage allocated to common shareholders 98.8 % 98.9 % 98.7 % 98.9 % (Some amounts may not reconcile due to rounding.) |
Commitments And Contingencies (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At September 30, At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 141,488 $ 141,703 Unaffiliated life insurance company 34,441 35,082 |
Other Comprehensive Income (Loss) (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2020 Nine Months Ended September 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 - non- credit related $ 68,264 $ (4,784) $ 63,480 $ 373,990 $ (38,155) $ 335,835 Reclassification of net realized losses (gains) included in net income (loss) (12,678) 1,225 (11,453) 18,650 (5,961) 12,689 Foreign currency translation adjustments 64,453 (3,825) 60,628 28,555 1,835 30,390 Reclassification of benefit plan liability amortization included in net income (loss) 2,285 (479) 1,806 5,736 (1,204) 4,532 Total other comprehensive income (loss) $ 122,324 $ (7,863) $ 114,461 $ 426,931 $ (43,485) $ 383,446 Three Months Ended September 30, 2019 Nine Months Ended September 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 - non- credit related $ 103,247 $ (9,529) $ 93,718 $ 587,930 $ (61,792) $ 526,138 URA(D) on securities - OTTI 72 (25) 47 (1,671) 122 (1,549) Reclassification of net realized losses (gains) included in net income (loss) (74) (455) (529) (3,597) (623) (4,220) Foreign currency translation adjustments (2,665) (761) (3,426) (13,890) (1,316) (15,206) Reclassification of benefit plan liability amortization included in net income (loss) 1,726 (363) 1,363 4,640 (975) 3,665 Total other comprehensive income (loss) $ 102,306 $ (11,133) $ 91,173 $ 573,412 $ (64,584) $ 508,828 |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2020 2019 2020 2019 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (12,678) $ (74) $ 18,650 $ (3,597) Other net realized capital gains (losses) 1,225 (455) (5,961) (623) Income tax expense (benefit) $ (11,453) $ (529) $ 12,689 $ (4,220) Net income (loss) Benefit plan net gain (loss) $ 2,285 $ 1,726 $ 5,736 $ 4,640 Other underwriting expenses (479) (363) (1,204) (975) Income tax expense (benefit) $ 1,806 $ 1,363 $ 4,532 $ 3,665 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Beginning balance of URA (D) on securities $ 600,922 $ 247,741 $ 304,425 $ (179,392) Current period change in URA (D) of investments - non-credit related 52,027 93,190 348,524 521,919 Current period change in URA (D) of investments - non-credit OTTI - 47 - (1,549) Ending balance of URA (D) on securities 652,949 340,978 652,949 340,978 Beginning balance of foreign currency translation adjustments (231,955) (227,527) (201,717) (215,747) Current period change in foreign currency translation adjustments 60,628 (3,426) 30,390 (15,206) Ending balance of foreign currency translation adjustments (171,327) (230,953) (171,327) (230,953) Beginning balance of benefit plan net gain (loss) (71,830) (65,116) (74,556) (67,418) Current period change in benefit plan net gain (loss) 1,806 1,363 4,532 3,665 Ending balance of benefit plan net gain (loss) (70,024) (63,753) (70,024) (63,753) Ending balance of accumulated other comprehensive income (loss) $ 411,598 $ 46,272 $ 411,598 $ 46,272 (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Credit facility interest and fees incurred $ 105 $ 105 $ 560 $ 315 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 99,077 12/31/2020 $ 200,000 $ 33,737 12/31/2020 Tranche Two 600,000 586,186 12/31/2020 600,000 2,381 7/29/2020 Tranche Two - 1,649 9/30/2020 Tranche Two - 573,353 12/31/2020 Tranche Two - 12,364 1/4/2021 Total Wells Fargo $ 800,000 $ 685,263 $ 800,000 $ 623,484 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2020 $ 200,000 $ 4,425 02/29/2020 93,846 12/31/2020 512 09/03/2020 4,425 02/28/2021 3,672 11/24/2020 183 12/16/2021 177 12/16/2020 109 12/20/2021 125 12/20/2020 5,475 12/31/2021 101,404 12/31/2020 777 08/15/2022 559 08/15/2021 37,802 09/30/2024 37,096 12/30/2023 Total Citibank Bilateral Agreement $ 200,000 $ 146,289 $ 200,000 $ 147,970 |
Lloyds Bank plc Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 52,175 £ 52,175 12/31/2023 £ 47,000 £ 47,000 12/31/2023 - - - - Total Lloyd's Bank Credit Facility £ 52,175 £ 52,175 £ 47,000 £ 47,000 |
Collateralized Reinsurance And Trust Agreements (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2020 2019 2020 2019 (Dollars in thousands) Ceded written premiums 86,712 97,391 245,422 237,841 Ceded earned premiums 71,396 79,560 233,089 220,200 Ceded losses and LAE 87,917 79,499 173,968 164,914 Assumed written premiums 8,894 9,867 14,448 14,900 Assumed earned premiums 8,894 9,867 14,448 14,900 Assumed losses and LAE - - - - |
Senior Notes (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2020 December 31, 2019 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value Senior notes 06-05-2014 06-01-2044 400,000 $ 397,164 $ 460,252 $ 397,074 $ 452,848 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars In thousands 2020 2019 2020 2019 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date September 30, 2020 December 31, 2019 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value Long term subordinated notes 04-26-2007 $ 400,000 05-15-2037 05-01-2067 $ 223,649 $ 191,301 $ 236,758 $ 233,191 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Interest expense incurred $ 1,587 $ 2,881 $ 6,126 $ 8,892 |
Leases (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Lease expense incurred: Operating lease cost $ 8,424 $ 5,384 $ 24,572 $ 16,602 At September 30, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 149,206 $ 161,435 Operating lease liabilities 163,329 169,909 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Operating cash flows from operating $ (5,047) $ (5,739) $ (14,883) $ (14,665) At September 30, At December 31, 2020 2019 Weighted average 12.3 years 12.6 years Weighted average 4.11 % 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) Remainder of 2020 $ 5,235 2021 18,433 2022 20,882 2023 20,110 2024 19,859 2025 16,868 Thereafter 119,204 Undiscounted lease payments 220,591 Less: 57,262 Total operating $ 163,329 |
Segment Reporting (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Nine Months Ended Reinsurance September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 2,086,961 $ 1,736,672 $ 5,403,080 $ 4,678,310 Net written premiums 1,936,851 1,583,713 4,974,034 4,212,952 Premiums earned $ 1,669,257 $ 1,420,799 $ 4,656,733 $ 4,072,078 Incurred losses and LAE 1,335,048 1,050,621 3,361,367 2,605,901 Commission and brokerage 373,251 371,098 1,130,946 1,039,113 Other underwriting expenses 51,333 43,832 135,170 117,031 Underwriting gain (loss) $ (90,375) $ (44,752) $ 29,250 $ 310,033 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Gross written premiums $ 704,643 $ 666,602 $ 2,328,733 $ 2,018,727 Net written premiums 511,829 484,844 1,693,603 1,491,286 Premiums earned $ 536,554 $ 484,820 $ 1,628,297 $ 1,383,537 Incurred losses and LAE 401,162 321,303 1,212,699 909,203 Commission and brokerage 72,081 71,978 229,224 214,387 Other underwriting expenses 87,542 74,326 250,695 204,945 Underwriting gain (loss) $ (24,231) $ 17,213 $ (64,321) $ 55,002 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Underwriting gain (loss) $ (114,606) $ (27,539) $ (35,071) $ 365,035 Net investment income 234,233 181,058 420,116 501,062 Net realized capital gains (losses) 110,203 (12,943) 84,263 109,561 Net derivative gain (loss) 2,456 (189) (1,048) 3,395 Corporate expenses (10,618) (8,435) (29,184) (22,622) Interest, fee and bond issue cost amortization (6,641) (7,907) (21,477) (23,972) Other income (expense) 57,481 (31,025) 48,354 (52,550) Income (loss) before taxes $ 272,508 $ 93,020 $ 465,953 $ 879,909 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 United Kingdom gross written premium $ 314,502 $ 272,297 $ 857,310 $ 743,294 |
Retirement Benefits (Tables) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Defined Benefit Pension Plan [Member] | |
Net Periodic Benefit Cost For U.S. Employees | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 2,040 $ 2,064 $ 8,092 $ 6,616 Interest cost 2,562 2,928 7,608 8,788 Expected return on plan assets (5,197) (4,492) (15,591) (14,523) Amortization of net (income) loss 2,462 1,909 6,137 5,111 FAS 88 settlement charge 871 102 871 309 Net periodic benefit cost $ 2,738 $ 2,511 $ 7,117 $ 6,301 |
Post-Retirement Plan [Member] | |
Net Periodic Benefit Cost For U.S. Employees | Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2020 2019 2020 2019 Service cost $ 311 $ 245 $ 763 $ 818 Interest cost 215 245 644 835 Amortization of prior service cost (177) (144) (401) (433) Amortization of net (income) loss - (39) - (39) Net periodic benefit cost $ 349 $ 307 $ 1,006 $ 1,181 |
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 55,587 | $ 103,245 | $ 392,640 | $ 582,662 |
Deferred tax benefit (expense) | (3,560) | (9,984) | (44,116) | (62,415) |
Deferred tax benefit (expense), other-than-temporary impairment | (25) | 122 | ||
Total URA(D) on securities arising during the period | 52,027 | 93,236 | 348,524 | 520,369 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 55,587 | 103,173 | 392,640 | 584,333 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 72 | $ (1,671) |
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 402,528 | $ 271,025 | $ 1,392,801 | $ 2,591,938 |
Gross gains from sales | 18,721 | 14,270 | 54,077 | 42,316 |
Gross losses from sales | (15,291) | (8,980) | (55,104) | (25,300) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 116,565 | 35,924 | 329,750 | 185,157 |
Gross gains from sales | 9,512 | 1,035 | 30,268 | 9,286 |
Gross losses from sales | $ (10,829) | $ (2,227) | $ (42,910) | $ (6,745) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Incurred related to: Current year | $ 4,572,640 | $ 3,559,505 |
Covid-19 [Member] | ||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Incurred related to: Current year | $ 434,918 |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | ||
Gross reserves beginning of period | $ 13,611,313 | $ 13,119,090 |
Less reinsurance recoverables | (1,640,712) | (1,619,641) |
Net reserves beginning of period | 11,970,601 | 11,499,449 |
Incurred related to: Current year | 4,572,640 | 3,559,505 |
Incurred related to: Prior years | 1,426 | (44,401) |
Total incurred losses and LAE | 4,574,066 | 3,515,104 |
Paid related to: Current year | 1,015,538 | 550,724 |
Paid related to: Prior years | 2,042,712 | 2,406,753 |
Total paid losses and LAE | 3,058,250 | 2,957,477 |
Foreign exchange/translation adjustment | (28,024) | (52,125) |
Net reserves end of period | 13,458,393 | 12,004,952 |
Plus reinsurance recoverables | 1,774,732 | 1,632,687 |
Gross reserves end of period | $ 15,233,125 | $ 13,637,639 |
Derivatives (Summary Of The Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | $ 6,632 | $ 6,632 | $ 5,584 | ||
Net derivative gain (loss) | 2,456 | $ (189) | (1,048) | $ 3,395 | |
Equity Index Put Option Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | 6,632 | 6,632 | $ 5,584 | ||
Net derivative gain (loss) | $ 2,456 | $ (189) | $ (1,048) | $ 3,395 |
Earnings Per Common Share (Narrative) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive options | 0 | 0 | 0 | 0 |
Minimum [Member] | ||||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | Feb. 24, 2021 | |||
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | Sep. 19, 2022 |
Earnings Per Common Share (Schedule Of Net Income (Loss) Per Common Share) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Common Share [Abstract] | ||||
Net income (loss) | $ 243,057,000 | $ 104,398,000 | $ 450,549,000 | $ 791,817,000 |
Less: dividends declared-common shares and unnvested common shares | (61,910,000) | (56,995,000) | (187,115,000) | (171,131,000) |
Undistributed earnings | $ 181,148,000 | $ 47,403,000 | $ 263,435,000 | $ 620,687,000 |
Percentage allocated to common shareholders | 98.80% | 98.90% | 98.70% | 98.90% |
Net income (loss) available to common stockholders, total | $ 178,938,000 | $ 46,869,000 | $ 260,096,000 | $ 613,847,000 |
Add: dividends declared-common shareholders | 61,199,000 | 56,403,000 | 184,836,000 | 169,329,000 |
Numerator for basic and diluted earnings per common share | $ 240,138,000 | $ 103,273,000 | $ 444,931,000 | $ 783,176,000 |
Denominator for basic earnings per weighted-average common shares | 39,483,000 | 40,287,000 | 39,711,000 | 40,289,000 |
Effect of dilutive securities: Options | 74,000 | 125,000 | 79,000 | 131,000 |
Denominator for diluted earnings per adjusted weighted-average common shares | 39,557,000 | 40,411,000 | 39,790,000 | 40,421,000 |
Per common share net income (loss) | ||||
Basic | $ 6.08 | $ 2.56 | $ 11.20 | $ 19.44 |
Diluted | $ 6.07 | $ 2.56 | $ 11.18 | $ 19.38 |
Basic weighted-average common shares outstanding | 39,483,000 | 40,287,000 | 39,711,000 | 40,289,000 |
Basic weighted-average common shares outstanding and unnvested common shares expected to vest | 39,971,000 | 40,746,000 | 40,221,000 | 40,738,000 |
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,488 | $ 141,703 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,441 | $ 35,082 |
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total, Before Tax | $ 122,324 | $ 102,306 | $ 426,931 | $ 573,412 |
Total, Tax Effect | (7,863) | (11,133) | (43,485) | (64,584) |
Total, Net of Tax | 114,461 | 91,173 | 383,446 | 508,828 |
URA(D) On Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 68,264 | 103,247 | 373,990 | 587,930 |
Tax Effect | (4,784) | (9,529) | (38,155) | (61,792) |
Net of Tax | 63,480 | 93,718 | 335,835 | 526,138 |
Reclassification, Before Tax | (12,678) | (74) | 18,650 | (3,597) |
Reclassification, Tax Effect | 1,225 | (455) | (5,961) | (623) |
Reclassification, Net of Tax | (11,453) | (529) | 12,689 | (4,220) |
Total, Net of Tax | 52,027 | 93,190 | 348,524 | 521,919 |
URA(D) On Securities OTTI [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 72 | (1,671) | ||
Tax Effect | (25) | 122 | ||
Net of Tax | 47 | (1,549) | ||
Total, Net of Tax | 47 | (1,549) | ||
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 64,453 | (2,665) | 28,555 | (13,890) |
Tax Effect | (3,825) | (761) | 1,835 | (1,316) |
Net of Tax | 60,628 | (3,426) | 30,390 | (15,206) |
Total, Net of Tax | 60,628 | (3,426) | 30,390 | (15,206) |
Benefit Plan Net Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification, Before Tax | 2,285 | 1,726 | 5,736 | 4,640 |
Reclassification, Tax Effect | (479) | (363) | (1,204) | (975) |
Reclassification, Net of Tax | 1,806 | 1,363 | 4,532 | 3,665 |
Total, Net of Tax | $ 1,806 | $ 1,363 | $ 4,532 | $ 3,665 |
Other 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 | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | $ 9,132,925 | $ 9,132,925 | ||||||
Current period change | $ 114,461 | $ 91,173 | 383,446 | $ 508,828 | ||||
Balance | 9,591,292 | 8,983,258 | 9,591,292 | 8,983,258 | ||||
URA(D) On Securities [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | 600,922 | 304,425 | 247,741 | $ (179,392) | 304,425 | (179,392) | ||
Current period change | 52,027 | 93,190 | 348,524 | 521,919 | ||||
Balance | 652,949 | $ 600,922 | 340,978 | $ 247,741 | 652,949 | 340,978 | ||
URA(D) On Securities OTTI [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Current period change | 47 | (1,549) | ||||||
Foreign Currency Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (231,955) | (201,717) | (227,527) | (215,747) | (201,717) | (215,747) | ||
Current period change | 60,628 | (3,426) | 30,390 | (15,206) | ||||
Balance | (171,327) | (231,955) | (230,953) | (227,527) | (171,327) | (230,953) | ||
Benefit Plan Net Gain (Loss) [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (71,830) | (74,556) | (65,116) | (67,418) | (74,556) | (67,418) | ||
Current period change | 1,806 | 1,363 | 4,532 | 3,665 | ||||
Balance | (70,024) | (71,830) | (63,753) | (65,116) | (70,024) | (63,753) | ||
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | 297,137 | (269,751) | 28,152 | (44,902) | (216,111) | (462,557) | 28,152 | (462,557) |
Current period change | 114,461 | 566,888 | (297,903) | 91,174 | 171,209 | 246,446 | ||
Balance | $ 411,598 | $ 297,137 | $ (269,751) | $ 46,272 | $ (44,902) | $ (216,111) | $ 411,598 | $ 46,272 |
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Credit Facilities [Abstract] | ||||
Credit facility interest and fees incurred | $ 105 | $ 105 | $ 560 | $ 315 |
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 86,712 | $ 97,391 | $ 245,422 | $ 237,841 |
Ceded earned premiums | 71,396 | 79,560 | 233,089 | 220,200 |
Ceded losses and LAE | 87,917 | 79,499 | 173,968 | 164,914 |
Assumed written premiums | 8,894 | 9,867 | 14,448 | 14,900 |
Assumed earned premiums | 8,894 | 9,867 | 14,448 | 14,900 |
Assumed losses and LAE |
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] - USD ($) |
9 Months Ended | |
---|---|---|
Oct. 07, 2020 |
Sep. 30, 2020 |
|
Debt Instrument [Line Items] | ||
Date issued | Jun. 05, 2014 | |
Debt instrument face amount | $ 400,000,000 | |
Debt instrument, term | 30 years | |
Debt instrument, stated interest rate | 4.868% | |
Debt instrument, maturity date | Jun. 01, 2044 | |
SubsequentEventMember | ||
Debt Instrument [Line Items] | ||
Date issued | Oct. 07, 2020 | |
Debt instrument face amount | $ 1,000,000,000 | |
Debt instrument, term | 30 years | |
Debt instrument, stated interest rate | 3.50% | |
Debt instrument, maturity date | Oct. 15, 2050 |
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,164,000 | $ 397,074,000 |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Jun. 05, 2014 | |
Date due | Jun. 01, 2044 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,164,000 | 397,074,000 |
Market Value | $ 460,252,000 | $ 452,848,000 |
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 14,604 | $ 14,604 |
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 223,649 | $ 236,758 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Principal Amounts | $ 400,000 | |
Maturity Date | May 01, 2067 | |
Consolidated balance sheet amount | $ 223,649 | 236,758 |
Market Value | $ 191,301 | $ 233,191 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 | |
Final [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 01, 2067 |
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 1,587 | $ 2,881 | $ 6,126 | $ 8,892 |
Leases (Narrative) (Details) - Warren, New Jersey [Member] $ in Thousands |
Jul. 02, 2019
USD ($)
ft²
|
---|---|
Lease [Line Items] | |
Area of property | ft² | 315,000 |
Annual lease expense | $ 7,800 |
Monthly lease expense | $ 650 |
Lease expiration, year | 2036 |
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Leases [Abstract] | ||||||
Lease expense incurred: Operating lease cost | $ 8,424 | $ 5,384 | $ 24,572 | $ 16,602 | ||
Operating lease right of use assets | 149,206 | 149,206 | $ 161,435 | $ 69,869 | ||
Operating lease liabilities | 163,329 | 163,329 | $ 169,909 | $ 77,270 | ||
Operating cash flows from operating leases | $ (5,047) | $ (5,739) | $ (14,883) | $ (14,665) | ||
Weighted average remaining operating lease term | 12 years 3 months 18 days | 12 years 3 months 18 days | 12 years 7 months 6 days | |||
Weighted average discount rate on operating leases | 4.11% | 4.11% | 3.91% |
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Leases [Abstract] | |||
Remainder of 2020 | $ 5,235 | ||
2021 | 18,433 | ||
2022 | 20,882 | ||
2023 | 20,110 | ||
2024 | 19,859 | ||
2025 | 16,868 | ||
Thereafter | 119,204 | ||
Undiscounted lease payments | 220,591 | ||
Less: present value adjustment | 57,262 | ||
Total operating lease liability | $ 163,329 | $ 169,909 | $ 77,270 |
Segment Reporting (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Sales Revenue Net [Member] | Maximum [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 5.00% |
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 2,205,811 | $ 1,905,619 | $ 6,285,030 | $ 5,455,615 |
Incurred losses and LAE | 1,736,210 | 1,371,924 | 4,574,066 | 3,515,104 |
Commission and brokerage | 445,332 | 443,076 | 1,360,170 | 1,253,500 |
Other underwriting expenses | 138,875 | 118,158 | 385,865 | 321,976 |
Underwriting gain (loss) | (114,606) | (27,539) | (35,071) | 365,035 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 2,086,961 | 1,736,672 | 5,403,080 | 4,678,310 |
Net written premiums | 1,936,851 | 1,583,713 | 4,974,034 | 4,212,952 |
Premiums earned | 1,669,257 | 1,420,799 | 4,656,733 | 4,072,078 |
Incurred losses and LAE | 1,335,048 | 1,050,621 | 3,361,367 | 2,605,901 |
Commission and brokerage | 373,251 | 371,098 | 1,130,946 | 1,039,113 |
Other underwriting expenses | 51,333 | 43,832 | 135,170 | 117,031 |
Underwriting gain (loss) | (90,375) | (44,752) | 29,250 | 310,033 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 704,643 | 666,602 | 2,328,733 | 2,018,727 |
Net written premiums | 511,829 | 484,844 | 1,693,603 | 1,491,286 |
Premiums earned | 536,554 | 484,820 | 1,628,297 | 1,383,537 |
Incurred losses and LAE | 401,162 | 321,303 | 1,212,699 | 909,203 |
Commission and brokerage | 72,081 | 71,978 | 229,224 | 214,387 |
Other underwriting expenses | 87,542 | 74,326 | 250,695 | 204,945 |
Underwriting gain (loss) | $ (24,231) | $ 17,213 | $ (64,321) | $ 55,002 |
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting gain (loss) | $ (114,606) | $ (27,539) | $ (35,071) | $ 365,035 |
Net investment income | 234,233 | 181,058 | 420,116 | 501,062 |
Net realized capital gains (losses) | 110,203 | (12,943) | 84,263 | 109,561 |
Net derivative gain (loss) | 2,456 | (189) | (1,048) | 3,395 |
Corporate expenses | (10,618) | (8,435) | (29,184) | (22,622) |
Interest, fee and bond issue cost amortization expense | (6,641) | (7,907) | (21,477) | (23,972) |
Other income (expense) | 57,481 | (31,025) | 48,354 | (52,550) |
INCOME (LOSS) BEFORE TAXES | $ 272,508 | $ 93,020 | $ 465,953 | $ 879,909 |
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | $ 314,502 | $ 272,297 | $ 857,310 | $ 743,294 |
Retirement Benefits (Narrative) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement Benefits (Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,040 | $ 2,064 | $ 8,092 | $ 6,616 |
Interest cost | 2,562 | 2,928 | 7,608 | 8,788 |
Expected return on plan assets | (5,197) | (4,492) | (15,591) | (14,523) |
Amortization of net (income) loss | 2,462 | 1,909 | 6,137 | 5,111 |
FAS 88 settlement charge | 871 | 102 | 871 | 309 |
Net periodic benefit cost | 2,738 | 2,511 | 7,117 | 6,301 |
Post-Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 311 | 245 | 763 | 818 |
Interest cost | 215 | 245 | 644 | 835 |
Amortization of prior service cost | (177) | (144) | (401) | (433) |
Amortization of net (income) loss | (39) | (39) | ||
Net periodic benefit cost | $ 349 | $ 307 | $ 1,006 | $ 1,181 |
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