Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments [Abstract]

Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

	At March 31, 2020
	Amortized		Allowances for		Unrealized		Unrealized		Market
(Dollars in thousands)	Cost		Credit Losses		Appreciation		Depreciation		Value
Fixed maturity securities
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	771,122	$	-	$	35,125	$	(835)	$	805,412
Obligations of U.S. states and political  subdivisions		507,155		-		21,733		(4,994)		523,894
Corporate securities		2,903,505		(11,468)		48,755		(128,058)		2,812,734
Asset-backed securities		875,091		-		1,701		(76,674)		800,118
Mortgage-backed securities
Commercial		313,624		-		16,479		(775)		329,328
Agency residential		638,008		-		28,502		(782)		665,728
Non-agency residential		1,090		-		-		(13)		1,077
Foreign government securities		654,644		(70)		28,238		(11,960)		670,852
Foreign corporate securities		875,385		(561)		32,524		(19,676)		887,672
Total fixed maturity securities	$	7,539,624	$	(12,099)	$	213,057	$	(243,767)	$	7,496,815

	At December 31, 2019
	Amortized		Unrealized		Unrealized		Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation		Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	768,374	$	10,128	$	(987)	$	777,515	$	-
Obligations of U.S. states and political  subdivisions		506,347		29,651		(87)		535,911		-
Corporate securities		2,777,097		70,898		(26,438)		2,821,557		245
Asset-backed securities		761,607		5,659		(1,309)		765,957		-
Mortgage-backed securities
Commercial		311,961		17,242		(154)		329,049		-
Agency residential		625,612		19,395		(320)		644,687		-
Non-agency residential		1,638		-		-		1,638		-
Foreign government securities		646,149		18,908		(7,050)		658,007		27
Foreign corporate securities		935,640		31,257		(9,139)		957,758		333
Total fixed maturity securities	$	7,334,425	$	203,138	$	(45,484)	$	7,492,079	$	605

^(a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity

	At March 31, 2020				At December 31, 2019
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	617,696	$	611,935	$	569,506	$	563,730
Due after one year through five years		2,878,464		2,885,401		2,919,966		2,963,903
Due after five years through ten years		1,626,513		1,654,400		1,541,695		1,602,642
Due after ten years		589,138		548,828		602,440		620,473
Asset-backed securities		875,091		800,118		761,607		765,957
Mortgage-backed securities
Commercial		313,624		329,328		311,961		329,049
Agency residential		638,008		665,728		625,612		644,687
Non-agency residential		1,090		1,077		1,638		1,638
Total fixed maturity securities	$	7,539,624	$	7,496,815	$	7,334,425	$	7,492,079

Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments

	Three Months Ended
	March 31,
(Dollars in thousands)	2020		2019
Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	(188,407)	$	110,909
Fixed maturity securities, other-than-temporary impairment		-		(332)
Change in unrealized appreciation (depreciation), pre-tax		(188,407)		110,577
Deferred tax benefit (expense)		38,769		(23,214)
Deferred tax benefit (expense), other-than-temporary impairment		-		70
Change in unrealized appreciation (depreciation),  net of deferred taxes, included in  stockholder's equity	$	(149,638)	$	87,433

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

	Duration of Unrealized Loss at March 31, 2020 By Security Type
	Less than 12 months				Greater than 12 months				Total
			Gross				Gross				Gross
	Market		Unrealized		Market		Unrealized		Market		Unrealized
(Dollars in thousands)	Value		Depreciation		Value		Depreciation		Value		Depreciation
Fixed maturity securities -  available for sale
U.S. Treasury securities and  obligations of U.S. government  agencies and corporations	$	-	$	-	$	9,003	$	(835)	$	9,003	$	(835)
Obligations of U.S. states and  political subdivisions		78,392		(4,745)		3,309		(249)		81,701		(4,994)
Corporate securities		1,006,791		(69,967)		117,380		(58,091)		1,124,171		(128,058)
Asset-backed securities		603,807		(68,849)		107,550		(7,825)		711,357		(76,674)
Mortgage-backed securities
Commercial		13,302		(491)		14,094		(284)		27,396		(775)
Agency residential		20,787		(761)		1,872		(21)		22,659		(782)
Non-agency residential		553		(12)		517		(1)		1,070		(13)
Foreign government securities		144,468		(3,758)		38,825		(8,202)		183,293		(11,960)
Foreign corporate securities		207,389		(11,354)		61,954		(8,322)		269,343		(19,676)
Total fixed maturity securities	$	2,075,489	$	(159,937)	$	354,504	$	(83,830)	$	2,429,993	$	(243,767)

	Duration of Unrealized Loss at December 31, 2019 By Security Type
	Less than 12 months				Greater than 12 months				Total
			Gross				Gross				Gross
	Market		Unrealized		Market		Unrealized		Market		Unrealized
(Dollars in thousands)	Value		Depreciation		Value		Depreciation		Value		Depreciation
Fixed maturity securities -  available for sale
U.S. Treasury securities and  obligations of U.S. government  agencies and corporations	$	8,997	$	(141)	$	203,780	$	(846)	$	212,777	$	(987)
Obligations of U.S. states and  political subdivisions		4,600		(38)		4,518		(49)		9,118		(87)
Corporate securities		334,973		(5,186)		230,679		(21,252)		565,652		(26,438)
Asset-backed securities		159,695		(887)		76,351		(422)		236,046		(1,309)
Mortgage-backed securities
Commercial		13,083		(87)		16,374		(67)		29,457		(154)
Agency residential		19,019		(82)		17,147		(238)		36,166		(320)
Non-agency residential		-		-		690		-		690		-
Foreign government securities		113,256		(858)		109,953		(6,192)		223,209		(7,050)
Foreign corporate securities		105,551		(1,260)		121,710		(7,879)		227,261		(9,139)
Total fixed maturity securities	$	759,174	$	(8,539)	$	781,202	$	(36,945)	$	1,540,376	$	(45,484)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity

	Duration of Unrealized Loss at March 31, 2020 By Maturity
	Less than 12 months				Greater than 12 months				Total
			Gross				Gross				Gross
	Market		Unrealized		Market		Unrealized		Market		Unrealized
(Dollars in thousands)	Value		Depreciation		Value		Depreciation		Value		Depreciation
Fixed maturity securities
Due in one year or less	$	102,257	$	(3,625)	$	56,571	$	(7,462)	$	158,828	$	(11,087)
Due in one year through five years		692,049		(35,783)		130,311		(16,942)		822,360		(52,725)
Due in five years through ten years		491,144		(38,231)		8,969		(1,254)		500,113		(39,485)
Due after ten years		151,590		(12,185)		34,620		(50,041)		186,210		(62,226)
Asset-backed securities		603,807		(68,849)		107,550		(7,825)		711,357		(76,674)
Mortgage-backed securities		34,642		(1,264)		16,483		(306)		51,125		(1,570)
Total fixed maturity securities	$	2,075,489	$	(159,937)	$	354,504	$	(83,830)	$	2,429,993	$	(243,767)

	Duration of Unrealized Loss at December 31, 2019 By Maturity
	Less than 12 months				Greater than 12 months				Total
			Gross				Gross				Gross
	Market		Unrealized		Market		Unrealized		Market		Unrealized
(Dollars in thousands)	Value		Depreciation		Value		Depreciation		Value		Depreciation
Fixed maturity securities
Due in one year or less	$	34,542	$	(1,067)	$	188,755	$	(6,411)	$	223,297	$	(7,478)
Due in one year through five years		226,521		(2,554)		357,728		(11,562)		584,249		(14,116)
Due in five years through ten years		251,967		(3,292)		43,129		(6,785)		295,096		(10,077)
Due after ten years		54,347		(570)		81,028		(11,460)		135,375		(12,030)
Asset-backed securities		159,695		(887)		76,351		(422)		236,046		(1,309)
Mortgage-backed securities		32,102		(169)		34,211		(305)		66,313		(474)
Total fixed maturity securities	$	759,174	$	(8,539)	$	781,202	$	(36,945)	$	1,540,376	$	(45,484)

Summary Of Components Of Net Investment Income

	Three Months Ended
	March 31,
(Dollars in thousands)	2020		2019
Fixed maturities	$	74,088	$	67,054
Equity securities		1,592		1,431
Short-term investments and cash		1,570		2,736
Other invested assets
Limited partnerships		6,996		8,055
Dividends from preferred shares of affiliate		7,758		7,758
Other		(13,072)		2,980
Gross investment income before adjustments		78,932		90,014
Funds held interest income (expense)		3,257		2,881
Interest income from Parent		1,282		-
Gross investment income		83,471		92,895
Investment expenses		(9,270)		(8,361)
Net investment income	$	74,201	$	84,534
(Some amounts may not reconcile due to rounding.)

Summary Of Components Of Net Realized Capital Gains (Losses)

	Three Months Ended
	March 31,
(Dollars in thousands)	2020		2019
Fixed maturity securities, market value:
Allowances for credit losses	$	(12,099)	$	-
Other-than-temporary impairments		-		(2,290)
Gains (losses) from sales		(20,937)		3,426
Fixed maturity securities, fair value:
Gains (losses) from fair value adjustments		(1,123)		13
Equity securities, fair value:
Gains (losses) from sales		(27,602)		5,044
Gains (losses) from fair value adjustments		(121,669)		77,846
Other invested assets		(2,327)		396
Other invested assets, fair value:
Gains (losses) from fair value adjustments		442,479		50,627
Short-term investment gains (losses)		145		(6)
Total net realized capital gains (losses)	$	256,867	$	135,056

			Foreign		Foreign
	Corporate		Government		Corporate
	Securities		Securities		Securities		Total
Balance as of December 31, 2019	$	-	$	-	$	-	$	-
Provision for credit losses		(11,468)		(70)		(561)		(12,099)
Balance as of March 31, 2020	$	(11,468)	$	(70)	$	(561)	$	(12,099)

Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities

	Three Months Ended
	March 31,
(Dollars in thousands)	2020		2019
Proceeds from sales of fixed maturity securities	$	164,244	$	1,603,889
Gross gains from sales		1,846		8,104
Gross losses from sales		(22,783)		(4,678)
Proceeds from sales of equity securities	$	204,161	$	69,238
Gross gains from sales		2,581		5,671
Gross losses from sales		(30,183)		(627)