10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-14527

EVEREST REINSURANCE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	22-3263609
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

100 Everest Way

Warren, New Jersey 07059

 (908) 604-3000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive office)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES  ☑      NO  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES  ☑      NO  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated Filer ☑	Smaller reporting company ☐
	Emerging growth company ☐

Indicate by check mark if the registrant is an emerging growth company and has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act.

YES   ☐     NO  ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES   ☐     NO ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

	Number of Shares Outstanding
Class	At May 1, 2021
Common Shares, $0.01 par value	1,000

The Registrant meets the conditions set forth in General Instruction H (1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format permitted by General Instruction H of Form 10-Q. 

EVEREST REINSURANCE HOLDINGS, INC.

Table of Contents

Form 10-Q

		Page
PART I
FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets at March 31, 2021 (unaudited) and December 31, 2020	1
	Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020 (unaudited)	2
	Consolidated Statements of Changes in Stockholder’s Equity for the three months ended March 31, 2021 and 2020 (unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)	4
	Notes to Consolidated Interim Financial Statements (unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II
OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts and par value per share)	March 31, 2021		December 31, 2020
	(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value (amortized cost: 2021, $10,799,513; 2020, $10,248,650 allowances for credit losses: 2021, ($8,708); 2020, ($1,566))	$	11,050,001	$	10,643,565
Equity securities, at fair value		1,226,120		1,288,767
Short-term investments (cost: 2021, $620,398; 2020, $708,043)		620,395		707,905
Other invested assets (cost: 2021, $1,177,837; 2020, $1,094,933)		1,177,837		1,094,933
Other invested assets, at fair value		1,889,558		1,796,479
Cash		518,681		378,518
Total investments and cash		16,482,592		15,910,167
Note Receivable - affiliated		300,000		300,000
Accrued investment income		94,239		80,196
Premiums receivable		1,611,678		1,591,980
Reinsurance receivables - unaffiliated		1,562,846		1,505,650
Reinsurance receivables - affiliated		2,578,710		2,701,655
Funds held by reinsureds		275,084		267,599
Deferred acquisition costs		388,746		379,707
Prepaid reinsurance premiums		363,706		363,489
Other assets		651,421		616,640
TOTAL ASSETS	$	24,309,022		23,717,083
LIABILITIES:
Reserve for losses and loss adjustment expenses	$	12,184,204	$	11,654,950
Unearned premium reserve		2,454,077		2,385,174
Funds held under reinsurance treaties		44,769		46,894
Other net payable to reinsurers		358,519		277,390
Losses in course of payment		141,053		161,154
Income taxes net payable		193,453		192,877
Senior notes due 6/1/2044		397,224		397,194
Senior notes due 10/15/2050		979,654		979,524
Long term notes due 5/1/2067		223,699		223,674
Borrowings from FHLB		310,000		310,000
Accrued interest on debt and borrowings		24,035		10,460
Unsettled securities payable		127,283		206,693
Other liabilities		441,251		456,786
Total liabilities		17,879,221		17,302,770
Commitments and Contingencies (Note 6)		(nil)		(nil)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized;   1,000 shares issued and outstanding (2021 and 2020)		-		-
Additional paid-in capital		1,101,200		1,101,092
Accumulated other comprehensive income (loss), net of deferred income   tax expense (benefit) of $43,436 at 2021 and $71,080 at 2020		163,955		268,018
Retained earnings		5,164,646		5,045,203
Total stockholder's equity		6,429,801		6,414,313
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	24,309,022	$	23,717,083
The accompanying notes are an integral part of the consolidated financial statements.

1

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
	(unaudited)
REVENUES:
Premiums earned	$	1,696,900	$	1,494,005
Net investment income		147,723		74,201
Net realized capital gains (losses):
Credit allowances on fixed maturity securities		(7,142)		(12,099)
Other net realized capital gains (losses)		142,153		268,966
Total net realized capital gains (losses)		135,011		256,867
Other income (expense)		3,979		(4,498)
Total revenues		1,983,613		1,820,575
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		1,354,084		1,029,513
Commission, brokerage, taxes and fees		349,854		323,104
Other underwriting expenses		109,795		101,208
Corporate expenses		4,581		3,721
Interest, fee and bond issue cost amortization expense		15,534		7,460
Total claims and expenses		1,833,848		1,465,006
INCOME (LOSS) BEFORE TAXES		149,765		355,569
Income tax expense (benefit)		30,322		38,924
NET INCOME (LOSS)	$	119,443	$	316,645
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)")   on securities arising during the period		(109,858)		(177,524)
Less: reclassification adjustment for realized   losses (gains) included in net income (loss)		1,490		27,886
Total URA(D) on securities arising during   the period		(108,368)		(149,638)
Foreign currency translation adjustments		2,262		(29,633)
Reclassification adjustment for amortization of net   (gain) loss included in net income (loss)		2,043		920
Total benefit plan net gain (loss) for the period		2,043		920
Total other comprehensive income (loss), net of tax		(104,063)		(178,351)
COMPREHENSIVE INCOME (LOSS)	$	15,380	$	138,294
The accompanying notes are an integral part of the consolidated financial statements.

2

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDER’S EQUITY

(Dollars in thousands, except share amounts)	2021		2020
	(unaudited)
COMMON STOCK (shares outstanding):
Balance, January 1		1,000		1,000
Balance, March 31		1,000		1,000
ADDITIONAL PAID-IN CAPITAL:
Balance, January 1	$	1,101,092	$	1,100,678
Share-based compensation plans		108		103
Balance, March 31		1,101,200		1,100,781
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
Balance, January 1		268,018		64,324
Net increase (decrease) during the period		(104,063)		(178,351)
Balance, March 31		163,955		(114,027)
RETAINED EARNINGS:
Balance, January 1		5,045,203		4,692,423
Change to beginning balance due to adoption of ASU 2016-13		-		907
Net income (loss)		119,443		316,645
Balance, March 31		5,164,646		5,009,975
TOTAL STOCKHOLDER'S EQUITY, March 31	$	6,429,801	$	5,996,729
The accompanying notes are an integral part of the consolidated financial statements.

3

EVEREST REINSURANCE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	119,443	$	316,645
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable		(20,229)		(88,422)
Decrease (increase) in funds held by reinsureds, net		(9,734)		(20,983)
Decrease (increase) in reinsurance receivables		70,548		97,388
Decrease (increase) in income taxes		28,199		35,413
Decrease (increase) in prepaid reinsurance premiums		404		30,259
Increase (decrease) in reserve for losses and loss adjustment expenses		528,062		106,144
Increase (decrease) in unearned premiums		68,743		112,401
Increase (decrease) in other net payable to reinsurers		80,245		84,561
Increase (decrease) in losses in course of payment		(19,876)		976
Change in equity adjustments in limited partnerships		(54,558)		6,063
Distribution of limited partnership income		11,015		9,486
Change in other assets and liabilities, net		(25,976)		(76,651)
Non-cash compensation expense		9,004		7,528
Amortization of bond premium (accrual of bond discount)		6,823		1,385
Net realized capital (gains) losses		(135,011)		(256,867)
Net cash provided by (used in) operating activities		657,102		365,327
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value		76,628		257,000
Proceeds from fixed maturities sold - available for sale, at market value		492,943		164,244
Proceeds from equity securities sold - at fair value		281,313		204,161
Distributions from other invested assets		32,201		76,391
Cost of fixed maturities acquired - available for sale, at market value		(1,140,719)		(713,474)
Cost of equity securities acquired - at fair value		(174,877)		(167,914)
Cost of other invested assets acquired		(51,719)		(101,663)
Net change in short-term investments		87,694		(45,503)
Net change in unsettled securities transactions		(99,747)		(34,793)
Net cash provided by (used in) investing activities		(496,283)		(361,551)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation, net of expense		(8,896)		(7,425)
Cost of debt repurchase		-		(1,198)
Net cash provided by (used in) financing activities		(8,896)		(8,623)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(11,760)		(20,301)
Net increase (decrease) in cash		140,163		(25,148)
Cash, beginning of period		378,518		411,122
Cash, end of period	$	518,681	$	385,974
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	2,001	$	3,558
Interest paid		1,775		2,712
The accompanying notes are an integral part of the consolidated financial statements.

4

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

For the Three Months Ended March 31, 2021, and 2020

1.  GENERAL

As used in this document, “Holdings” means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”); “Group” means Everest Re Group, Ltd. (Holdings Ireland’s parent); “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; “Everest Re” means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires) and the “Company” means Holdings and its subsidiaries.

2.  BASIS OF PRESENTATION

The unaudited interim consolidated financial statements of the Company for the three months ended March 31, 2021 and 2020 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2020 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.  The results for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2020, 2019 and 2018 included in the Company’s most recent Form 10-K filing. 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Ultimate actual results could differ, possibly materially, from those estimates. This is particularly true given the fluid and continuing nature of the COVID-19 pandemic.  This is an ongoing event and so is the Company’s evaluation and analysis.  While the Company’s analysis considers all aspects of its operations, it does not take into account legal, regulatory or legislative intervention that could retroactively mandate or expand coverage provisions. Given the uncertainties in the current public health and economic environment, there could be an adverse impact on results for the Property & Casualty industry and the Company for the remainder of the year.  The impact is dependent on the shape and length of the economic recovery.

All intercompany accounts and transactions have been eliminated. 

Application of Recently Issued Accounting Standard Changes. 

Accounting for Income Taxes.  In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company adopted the guidance effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial statements.

Accounting for Cloud Computing Arrangement.  In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract.  This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement.  The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company adopted the

5

guidance as of January 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s financial statements.

Valuation of Financial Instruments.  In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline guidance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities.  The new guidance requires the carrying value of assets measured at amortized cost, including reinsurance and premiums receivable, to be presented as the net amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). The allowance reflects expected credit losses of the financial asset which considers available information using a combination both historical information, current market conditions and reasonable and supportable forecasts.  For available-for-sale debt securities, the guidance modified the previous other than temporary impairment model, now requiring an allowance for estimated credit related losses rather than a permanent impairment, which will be limited to the amount by which fair value is below amortized cost.  The guidance is effective for annual and interim reporting periods beginning after December 15, 2019.  The Company adopted the guidance effective January 1, 2020, on a modified retrospective basis.  The adoption resulted in a cumulative adjustment of $907 thousand in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of Shareholders’ Equity.

Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. 

3.  INVESTMENTS

Effective January 1, 2020, the Company adopted ASU 2016-13 which modified the previous other than temporary impairment model for available for sale fixed maturity securities.  The guidance requires the Company to record allowances for credit losses for securities that are deemed to have valuation deterioration due to credit related factors.  The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation, gross unrealized depreciation and market value of available for sale, fixed maturity securities as of the dates indicated:

	At March 31, 2021
	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	$	622,352	$	-	$	16,658	$	(167)	$	638,843
Obligations of U.S. states and political   subdivisions		565,697		-		32,092		(2,741)		595,048
Corporate securities		3,660,209		(3,588)		114,692		(41,884)		3,729,429
Asset-backed securities		2,471,769		(4,915)		25,459		(2,210)		2,490,103
Mortgage-backed securities
Commercial		554,472		-		23,276		(5,158)		572,590
Agency residential		989,178		-		24,826		(8,153)		1,005,851
Non-agency residential		6,262		-		4		(2)		6,264
Foreign government securities		734,630		-		38,724		(4,065)		769,289
Foreign corporate securities		1,194,944		(205)		55,057		(7,212)		1,242,584
Total fixed maturity securities	$	10,799,513	$	(8,708)	$	330,788	$	(71,592)	$	11,050,001

6

	At December 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	$	659,957	$	-	$	22,032	$	-	$	681,989
Obligations of U.S. states and political   subdivisions		543,646		-		34,655		(1,255)		577,046
Corporate securities		3,316,525		(1,205)		166,072		(31,480)		3,449,912
Asset-backed securities		2,450,807		-		28,585		(5,222)		2,474,170
Mortgage-backed securities
Commercial		512,388		-		37,875		(183)		550,080
Agency residential		937,166		-		28,630		(696)		965,100
Non-agency residential		3,164		-		2		(2)		3,164
Foreign government securities		694,132		-		51,317		(3,211)		742,238
Foreign corporate securities		1,130,865		(361)		73,265		(3,903)		1,199,866
Total fixed maturity securities	$	10,248,650	$	(1,566)	$	442,433	$	(45,952)	$	10,643,565

The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. 

	At March 31, 2021				At December 31, 2020
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	710,217	$	715,721	$	658,561	$	659,622
Due after one year through five years		2,970,305		3,077,551		2,911,285		3,036,151
Due after five years through ten years		2,348,514		2,421,105		1,927,265		2,079,866
Due after ten years		748,796		760,816		848,014		875,412
Asset-backed securities		2,471,769		2,490,103		2,450,807		2,474,170
Mortgage-backed securities
Commercial		554,472		572,590		512,388		550,080
Agency residential		989,178		1,005,851		937,166		965,100
Non-agency residential		6,262		6,264		3,164		3,164
Total fixed maturity securities	$	10,799,513	$	11,050,001	$	10,248,650	$	10,643,565

The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods as indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	(137,150)	$	(188,407)
Change in unrealized appreciation (depreciation), pre-tax		(137,150)		(188,407)
Deferred tax benefit (expense)		28,782		38,769
Change in unrealized appreciation (depreciation),  net of deferred taxes, included in stockholder's equity	$	(108,368)	$	(149,638)

7

The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review.  The Company then assesses whether the decline in value is due to non-credit related or credit related factors.  In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information.  Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in market value.  Non-credit related declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss).  If the Company intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).  If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).  The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value.  The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).

The Company does not create an allowance for uncollectible interest.  If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time.

Prior to the adoption of ASU 2016-13 effective January 1, 2020, estimated credit losses were recorded as adjustments to the carrying value of the security and any subsequent improvement in market value were recorded through other comprehensive income.

The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. 

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

8

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: 

	Duration of Unrealized Loss at March 31, 2021 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	$	38,242	$	(167)	$	-	$	-	$	38,242	$	(167)
Obligations of U.S. states and   political subdivisions		56,822		(1,710)		12,079		(1,031)		68,901		(2,741)
Corporate securities		790,015		(24,012)		187,655		(17,872)		977,670		(41,884)
Asset-backed securities		240,987		(1,749)		22,773		(461)		263,760		(2,210)
Mortgage-backed securities
Commercial		120,334		(5,158)		-		-		120,334		(5,158)
Agency residential		529,830		(8,000)		12,012		(153)		541,842		(8,153)
Non-agency residential		3,529		-		156		(2)		3,685		(2)
Foreign government securities		69,597		(1,550)		22,968		(2,515)		92,565		(4,065)
Foreign corporate securities		248,667		(5,705)		14,374		(1,507)		263,041		(7,212)
Total fixed maturity securities	$	2,098,023	$	(48,051)	$	272,017	$	(23,541)	$	2,370,040	$	(71,592)

	Duration of Unrealized Loss at March 31, 2021 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	$	45,431	$	(823)	$	27,415	$	(3,064)	$	72,846	$	(3,887)
Due in one year through five years		434,857		(7,796)		112,809		(3,662)		547,666		(11,458)
Due in five years through ten years		544,227		(18,240)		9,671		(658)		553,898		(18,898)
Due after ten years		178,828		(6,285)		87,181		(15,541)		266,009		(21,826)
Asset-backed securities		240,987		(1,749)		22,773		(461)		263,760		(2,210)
Mortgage-backed securities		653,693		(13,158)		12,168		(155)		665,861		(13,313)
Total fixed maturity securities	$	2,098,023	$	(48,051)	$	272,017	$	(23,541)	$	2,370,040	$	(71,592)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2021 were $2,370,040 thousand and $71,592 thousand, respectively.  The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2021, did not exceed 0.2% of the overall market value of the Company’s fixed maturity securities.  In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $48,051 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities as well as commercial and agency residential mortgage backed securities. Of these unrealized losses, $42,125 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $23,541 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities as well as foreign government securities. Of these unrealized losses $5,374 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book

9

value of the investments and the related interest obligations.  The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. 

The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis.  In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 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
Obligations of U.S. states and   political subdivisions		19,524		(999)		4,059		(256)		23,583		(1,255)
Corporate securities		240,601		(7,799)		188,853		(23,681)		429,454		(31,480)
Asset-backed securities		223,919		(4,573)		81,952		(649)		305,871		(5,222)
Mortgage-backed securities
Commercial		37,414		(182)		3,983		(1)		41,397		(183)
Agency residential		235,809		(682)		1,573		(14)		237,382		(696)
Non-agency residential		161		(2)		-		-		161		(2)
Foreign government securities		10,505		(373)		25,793		(2,838)		36,298		(3,211)
Foreign corporate securities		57,900		(2,182)		18,349		(1,721)		76,249		(3,903)
Total fixed maturity securities	$	825,833	$	(16,792)	$	324,562	$	(29,160)	$	1,150,395	$	(45,952)

	Duration of Unrealized Loss at December 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	$	28,802	$	(1,218)	$	34,555	$	(4,142)	$	63,357	$	(5,360)
Due in one year through five years		150,106		(5,828)		116,987		(4,783)		267,093		(10,611)
Due in five years through ten years		81,492		(1,634)		13,118		(435)		94,610		(2,069)
Due after ten years		68,130		(2,673)		72,394		(19,136)		140,524		(21,809)
Asset-backed securities		223,919		(4,573)		81,952		(649)		305,871		(5,222)
Mortgage-backed securities		273,384		(866)		5,556		(15)		278,940		(881)
Total fixed maturity securities	$	825,833	$	(16,792)	$	324,562	$	(29,160)	$	1,150,395	$	(45,952)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2020 were $1,150,395 thousand and $45,952 thousand, respectively.  The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2020, did not exceed 0.2% of the overall market value of the Company’s fixed maturity securities.  In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $16,792 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities as well as asset backed securities. Of these unrealized losses, $12,522 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency.  The $29,160 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities and foreign

10

government securities. Of these unrealized losses $5,856 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations.  The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. 

The components of net investment income are presented in the tables below for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Fixed maturities	$	85,121	$	74,088
Equity securities		2,923		1,592
Short-term investments and cash		153		1,570
Other invested assets
Limited partnerships		52,151		6,996
Dividends from preferred shares of affiliate		7,758		7,758
Other		6,019		(13,072)
Gross investment income before adjustments		154,125		78,932
Funds held interest income (expense)		3,489		3,257
Interest income from Parent		1,268		1,282
Gross investment income		158,882		83,471
Investment expenses		(11,159)		(9,270)
Net investment income	$	147,723	$	74,201
(Some amounts may not reconcile due to rounding.)

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.  If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $1,025,888 thousand in limited partnerships and private placement loans at March 31, 2021. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026.

The Company participates in a private placement liquidity sweep facility (“the facility”).  The primary purpose of the facility is to enhance the Company’s return on its short-term investments and cash positions.  The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of March 31, 2021, the market value of investments in the facility consolidated within the Company’s balance sheets was $409,481 thousand. 

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Other invested assets, at fair value, as of March 31, 2021 and December 31, 2020, were comprised of preferred shares held in Preferred Holdings, an affiliated company.

The components of net realized capital gains (losses) are presented in the table below for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Fixed maturity securities, market value:
Allowances for credit losses	$	(7,142)	$	(12,099)
Gains (losses) from sales		3,927		(20,937)
Fixed maturity securities, fair value:
Gains (losses) from fair value adjustments		-		(1,123)
Equity securities, fair value:
Gains (losses) from sales		6,238		(27,602)
Gains (losses) from fair value adjustments		37,551		(121,669)
Other invested assets		1,346		(2,327)
Other invested assets, fair value:
Gains (losses) from fair value adjustments		93,078		442,479
Short-term investment gains (losses)		13		145
Total net realized capital gains (losses)	$	135,011	$	256,867

	Roll Forward of Allowance for Credit Losses
	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
			Asset		Foreign						Asset		Foreign
	Corporate		Backed		Corporate				Corporate		Backed		Corporate
	Securities		Securities		Securities		Total		Securities		Securities		Securities		Total
Beginning Balance	$	(1,205)	$	-	$	(361)	$	(1,566)	$	-	$	-	$	-	$	-
Credit losses on securities where credit
losses were not previously recorded		(2,383)		(4,915)		-		(7,298)		(11,468)		(70)		(561)		(12,099)
Increases in allowance on previously
impaired securities		-		-		-		-		-		-		-		-
Decreases in allowance on previously
impaired securities		-		-		-		-		-		-		-		-
Reduction in allowance due to disposals		-		-		156		156		-		-		-		-
Balance as of March 31	$	(3,588)	$	(4,915)	$	(205)	$	(8,708)	$	(11,468)	$	(70)	$	(561)	$	(12,099)

The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) fair value re-measurements, allowances for credit losses per ASU 2016-13 and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis in prior years as displayed in the table above.

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The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Proceeds from sales of fixed maturity securities	$	492,943	$	164,244
Gross gains from sales		6,349		1,846
Gross losses from sales		(2,422)		(22,783)
Proceeds from sales of equity securities	$	281,313	$	204,161
Gross gains from sales		12,304		2,581
Gross losses from sales		(6,066)		(30,183)

4.  RESERVES FOR LOSSES AND LAE

Activity in the reserve for losses and LAE is summarized for the periods indicated: 

	Three Months Ended March 31,
(Dollars in thousands)		2021		2020
Gross reserves beginning of period	$	11,654,950	$	10,209,519
Less reinsurance recoverables		(3,951,474)		(4,215,348)
Net reserves beginning of period		7,703,476		5,994,171
Incurred related to:
Current year		1,338,891		1,026,442
Prior years		15,193		3,071
Total incurred losses and LAE		1,354,084		1,029,513
Paid related to:
Current year		168,423		138,778
Prior years		527,470		593,482
Total paid losses and LAE		695,893		732,260
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13		(6,819)		(36,673)
Net reserves end of period		8,354,848		6,254,751
Plus reinsurance recoverables		3,829,356		4,016,471
Gross reserves end of period	$	12,184,204	$	10,271,222
(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $1,338,891 thousand for the three months ended March 31, 2021 and $1,026,442 thousand for the three months ended March 31, 2020, respectively. The increase in current year incurred losses in 2021 compared to 2020 was primarily due to a $230,500 thousand increase in current year catastrophe losses as well as the impact of the increase in premiums earned.

5.  FAIR VALUE

GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP.  It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date.  In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements.  The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability.  The level in the hierarchy within which a given fair value measurement falls is determined based on

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the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. 

The levels in the hierarchy are defined as follows:

Level 1:	Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
Level 2:	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;
Level 3:	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers.  The investment asset managers managing publicly traded securities obtain prices from nationally recognized pricing services.  These services seek to utilize market data and observations in their evaluation process.  They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.  In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. 

In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers.  The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers.  In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices.  In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source.  No material variances were noted during these price validation procedures.  In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.  At March 31, 2021, $1,424,851 thousand of fixed maturities, market value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties.  The Company has procedures in place to evaluate these independent third party valuations. At December 31, 2020, $1,259,576 thousand of fixed maturities, market value were fair valued using unobservable inputs.

The Company internally manages a public equity portfolio which had a fair value at March 31, 2021 and December 31, 2020 of $912,126 thousand and $784,746 thousand, respectively, and all prices were obtained from publicly published sources. 

Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable.  Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value.  The Company uses foreign currency exchange rates published by nationally recognized sources.

All categories of fixed maturity securities listed in the tables below are generally categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority.  For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

The fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services. 

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The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

·U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;

·Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

·Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

·Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;

·Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source;

·Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source.

Other invested assets, at fair value, were categorized as Level 3 at March 31, 2021 and December 31, 2020, since it represented a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent.  The 25 year redeemable, convertible preferred stock with a 1.75% coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10 year and the swap rate on the Company’s June 1, 2044, 4.868% senior notes, with adjustments to reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset.

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The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated: 

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	March 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of   U.S. government agencies and corporations	$	638,843	$	-	$	638,843	$	-
Obligations of U.S. States and political subdivisions		595,048		-		595,048		-
Corporate securities		3,729,429		-		3,095,536		633,893
Asset-backed securities		2,490,103		-		1,704,743		785,360
Mortgage-backed securities
Commercial		572,590		-		572,590		-
Agency residential		1,005,851		-		1,005,851		-
Non-agency residential		6,264		-		6,264		-
Foreign government securities		769,289		-		769,289		-
Foreign corporate securities		1,242,584		-		1,236,986		5,598
Total fixed maturities, market value		11,050,001		-		9,625,150		1,424,851
Equity securities, fair value		1,226,120		1,191,064		35,056		-
Other invested assets, fair value		1,889,558		-		-		1,889,558

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The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated.

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of   U.S. government agencies and corporations	$	681,989	$	-	$	681,989	$	-
Obligations of U.S. States and political subdivisions		577,046		-		577,046		-
Corporate securities		3,449,912		-		2,819,068		630,844
Asset-backed securities		2,474,170		-		1,851,137		623,033
Mortgage-backed securities
Commercial		550,080		-		550,080		-
Agency residential		965,100		-		965,100		-
Non-agency residential		3,164		-		3,164		-
Foreign government securities		742,238		-		742,238		-
Foreign corporate securities		1,199,866		-		1,194,167		5,699
Total fixed maturities, market value		10,643,565		-		9,383,989		1,259,576
Equity securities, fair value		1,288,767		1,222,158		66,609		-
Other invested assets, fair value		1,796,479		-		-		1,796,479

In addition, $240,892 thousand and $224,698 thousand of investments within other invested assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical expedient to determine fair value. 

The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: 

	Total Fixed Maturities, Market Value
	Three Months Ended March 31, 2021
	Corporate		Asset		Foreign
(Dollars in thousands)	Securities		Backed Securities		Corporate		Total
Beginning balance	$	630,843	$	623,033	$	5,700	$	1,259,576
Total gains or (losses) (realized/unrealized)
Included in earnings		(1,788)		(4,168)		2		(5,954)
Included in other comprehensive   income (loss)		2,835		(3,135)		49		(251)
Purchases, issuances and settlements		2,003		169,630		(153)		171,480
Transfers in and/or (out) of Level 3		-		-		-		-
Ending balance	$	633,893	$	785,360	$	5,598	$	1,424,851
The amount of total gains or losses for the   period included in earnings (or changes in   net assets) attributable to the change in   unrealized gains or losses relating to   assets still held at the reporting date	$	-	$	-	$	-	$	-
(Some amounts may not reconcile due to rounding.)

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	Total Fixed Maturities, Market Value
	Three Months Ended March 31, 2020
	Corporate		Asset		Foreign
(Dollars in thousands)	Securities		Backed Securities		Corporate		Total
Beginning balance	$	546,939	$	153,641	$	1,751	$	702,331
Total gains or (losses) (realized/unrealized)
Included in earnings		(214)		4		-		(210)
Included in other comprehensive income (loss)		(3,357)		(15,882)		-		(19,239)
Purchases, issuances and settlements		99,064		100,868		(1,751)		198,181
Transfers in and/or (out) of Level 3		-		-		-		-
Ending balance	$	642,432	$	238,631	$	-	$	881,063
The amount of total gains or losses for the   period included in earnings (or changes in   net assets) attributable to the change in   unrealized gains or losses relating to   assets still held at the reporting date	$	(539)	$	-	$	-	$	(539)
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2021
	Foreign
(Dollars in thousands)	Corporate		Total
Beginning balance fixed maturities at fair value	$	-	$	-
Total gains or (losses) (realized/unrealized)
Included in earnings		-		-
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	-	$	-
The amount of total gains or losses for the period   included in earnings (or changes in net assets)   attributable to the change in unrealized gains or   losses relating to assets still held at the   reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2020
	Foreign
(Dollars in thousands)	Corporate		Total
Beginning balance fixed maturities at fair value	$	5,826	$	5,826
Total gains or (losses) (realized/unrealized)
Included in earnings		(1,123)		(1,123)
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	4,703	$	4,703
The amount of total gains or losses for the period   included in earnings (or changes in net assets)   attributable to the change in unrealized gains or   losses relating to assets still held at the   reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

18

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Other invested assets, fair value:
Beginning balance	$	1,796,479	$	1,982,582
Total gains or (losses) (realized/unrealized)
Included in earnings		93,079		442,479
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	1,889,558	$	2,425,061
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

6.  COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements.  In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it.  In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights.  These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation.  In all such matters, the Company believes that its positions are legally and commercially reasonable.  The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: 

	At March 31, 2021		At December 31, 2020
(Dollars in thousands)
The Prudential	$	139,981	$	140,773
Unaffiliated life insurance company		32,835		35,128

19

7.  COMPREHENSIVE INCOME (LOSS)

The following tables present the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: 

	Three Months Ended March 31, 2021
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related temporary	$	(139,019)		29,161	$	(109,858)
Reclassification of net realized losses (gains) included in net income (loss)		1,870		(379)		1,490
Foreign currency translation adjustments		2,856		(594)		2,262
Reclassification of amortization of net gain (loss) included in net income (loss)		2,586		(543)		2,043
Total other comprehensive income (loss)	$	(131,708)	$	27,645	$	(104,063)
(Some amounts may not reconcile due to rounding)

	Three Months Ended March 31, 2020
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary	$	(223,770)	$	46,246	$	(177,524)
Reclassification of net realized losses (gains) included in net income (loss)		35,364		(7,478)		27,886
Foreign currency translation adjustments		(37,532)		7,899		(29,633)
Reclassification of amortization of net gain (loss) included in net income (loss)		1,165		(245)		920
Total other comprehensive income (loss)	$	(224,773)	$	46,422	$	(178,351)
(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated: 

	Three Months Ended				Affected line item within the
	March 31,				statements of operations and
AOCI component	2021		2020		comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	1,870	$	35,364	Other net realized capital gains (losses)
		(379)		(7,478)	Income tax expense (benefit)
	$	1,490	$	27,886	Net income (loss)
Benefit plan net gain (loss)	$	2,586	$	1,165	Other underwriting expenses
		(543)		(245)	Income tax expense (benefit)
	$	2,043	$	920	Net income (loss)
(Some amounts may not reconcile due to rounding)

20

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Beginning balance of URA (D) on securities	$	313,161	$	124,612
Current period change in URA (D) of investments - non-credit related		(108,368)		(149,638)
Ending balance of URA (D) on securities		204,793		(25,025)
Beginning balance of foreign currency translation adjustments		28,727		14,267
Current period change in foreign currency translation adjustments		2,262		(29,633)
Ending balance of foreign currency translation adjustments		30,989		(15,367)
Beginning balance of benefit plan net gain (loss)		(73,870)		(74,556)
Current period change in benefit plan net gain (loss)		2,043		920
Ending balance of benefit plan net gain (loss)		(71,827)		(73,635)
Ending balance of accumulated other comprehensive income (loss)	$	163,955	$	(114,027)

8.  COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS

A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re’s investments as collateral, as security for assumed losses payable to non-affiliated ceding companies.  At March 31, 2021, the total amount on deposit in the trust account was $928,624 thousand.

On December 1, 2015, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage.  These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first agreement provides up to $300,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada.  The second agreement provides up to $325,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. These reinsurance agreements expired in December 2020.

On April 13, 2017, the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with annual aggregate catastrophe reinsurance coverage.  The initial three agreements are four year reinsurance contracts which cover named storm and earthquake events.  These agreements provide up to $225,000 thousand, $400,000 thousand and $325,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events.  These agreements provide up to $50,000 thousand, $75,000 thousand and $175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. 

On April 30, 2018, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage.  These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $62,500 thousand and $200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.  The remaining two agreements are five year reinsurance contracts which provide up to $62,500 thousand and $200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.

21

On December 12, 2019, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage.  These agreements are multi-year reinsurance contracts which cover named storm and earthquake events.  The first two agreements are four year reinsurance contracts which provide up to $150,000 thousand and $275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.  The remaining two agreements are five year reinsurance contracts which provide up to $150,000 thousand and $275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United State, Puerto Rico, the U.S. Virgin Islands and Canada.

On April 8, 2021, the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage.  These agreements are multi-year reinsurance contracts which cover named storm and earthquake events.  The first three agreements are four year reinsurance contracts which provide up to $150,000 thousand, $85,000 thousand and $85,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.  The remaining three agreements are five year reinsurance contracts which provide up to $150,000 thousand, $90,000 thousand and $90,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.

Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as, the geographic location of the events.  The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.  Currently, none of the published insured loss estimates for catastrophe events during the applicable covered periods of the various agreements have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery.

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors.  On December 1, 2015, Kilimanjaro issued $625,000 thousand of notes (“Series 2015-1 Notes).  The $625,000 thousand of Series 2015-1 Notes were fully redeemed and are no longer outstanding.  On April 13, 2017, Kilimanjaro issued $950,000 thousand of notes (“Series 2017-1 Notes) and $300,000 thousand of notes (“Series 2017-2 Notes). On April 30, 2018, Kilimanjaro issued $262,500 thousand of notes (“Series 2018-1 Notes”) and $262,500 thousand of notes (“Series 2018-2 Notes”). On December 12, 2019 Kilimanjaro issued $425,000 thousand of notes (“Series 2019-1 Notes”) and $425,000 thousand of notes (“Series 2019-2 Notes’”). On April 8, 2021 Kilimanjaro issued $320,000 thousand of notes (“Series 2021-1 Notes”) and $330,000 thousand of notes (“Series 2021-2 Notes”).  The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s. 

9.  SENIOR NOTES

The table below displays Holdings’ outstanding senior notes.  Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. 

				March 31, 2021				December 31, 2020
				Consolidated				Consolidated
			Principal	Balance Sheet		Market		Balance Sheet		Market
(Dollars in thousands)	Date Issued	Date Due	Amounts	Amount		Value		Amount		Value
4.868% Senior notes	06/05/2014	06/01/2044	400,000	$	397,224	$	479,616	$	397,194	$	528,000
3.5% Senior notes	10/07/2020	10/15/2050	1,000,000	$	979,654	$	976,480	$	979,524	$	1,138,100

On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year. 

22

On October 7, 2020, Holdings issued $1,000,000 thousand of 30 year senior notes an interest coupon rate of 3.5% which will mature on October 15, 2050.  Interest will be paid semi-annually on April 15th and October 15th of each year.

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Interest expense incurred 4.868% Senior Notes	$	4,868	$	4,868
Interest expense incurred 3.5% Senior Notes	$	8,805	$	-

10.  LONG TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes.  Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. 

March 31, 2021

December 31, 2020

Original

Consolidated

Consolidated

Principal

Maturity Date

Balance

Market

Balance

Market

(Dollars in thousands)

Date Issued

Amount

Scheduled

Final

Sheet Amount

Value

Sheet Amount

Value

Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

223,699

$

207,648

$

223,674

$

206,447

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007.  During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.  Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017.  The reset quarterly interest rate for February 16, 2021 to May 16, 2021 is 2.58%. 

Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant.  This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes.  Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. 

The Company repurchased and retired $0 thousand and $1,700 thousand of its outstanding long term subordinated notes during the three months ended March 31, 2021 and 2020, respectively. The Company realized a gain of $0 thousand and $502 thousand from the repurchase of the long term subordinated notes during the three months ended March 31, 2021 and 2020, respectively.

On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes.  Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand. In addition, during 2020, the Company repurchased and retired $13,183 thousand of these notes.

23

Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Interest expense incurred	$	1,462	$	2,538

11.  FEDERAL HOME LOAN BANK MEMBERSHIP

Effective August 15, 2019, Everest Reinsurance Company (“Everest Re”) became a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets.  As of March 31, 2021, Everest Re had admitted assets of approximately $17,280,068 thousand which provides borrowing capacity of up to approximately $1,728,007 thousand. 

During 2020, Everest Re borrowed $400,000 thousand under its FHLBNY capacity. The borrowings have interest payable at an interest rate of 0.35%.  As of March 31, 2021, $310,000 of these borrowings remain outstanding, with maturities in November and December 2021. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock.

12.  SEGMENT REPORTING

The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies.  Business is written in the United States as well as through branches in Canada and Singapore.  The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the United States.

These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.  Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. 

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses.  We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. 

The Company does not maintain separate balance sheet data for its operating segments.  Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. 

24

The following tables present the underwriting results for the operating segments for the periods indicated:

	Three Months Ended
Reinsurance	March 31,
(Dollars in thousands)	2021		2020
Gross written premiums	$	1,420,082	$	1,308,194
Net written premiums		1,208,813		1,114,235
Premiums earned	$	1,177,170	$	1,007,034
Incurred losses and LAE		970,318		682,707
Commission and brokerage		290,556		260,901
Other underwriting expenses		36,289		29,847
Underwriting gain (loss)	$	(119,994)	$	33,579

	Three Months Ended
Insurance	March 31,
(Dollars in thousands)	2021		2020
Gross written premiums	$	713,252	$	666,771
Net written premiums		556,530		524,474
Premiums earned	$	519,730	$	486,970
Incurred losses and LAE		383,766		346,805
Commission and brokerage		59,298		62,203
Other underwriting expenses		73,505		71,361
Underwriting gain (loss)	$	3,161	$	6,601

The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Underwriting gain (loss)	$	(116,833)	$	40,180
Net investment income		147,723		74,201
Net realized capital gains (losses)		135,011		256,867
Corporate expense		(4,581)		(3,721)
Interest, fee and bond issue cost amortization expense		(15,534)		(7,460)
Other income (expense)		3,979		(4,498)
Income (loss) before taxes	$	149,765	$	355,569

The Company produces business in the U.S. and internationally.  The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records.  Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Canada gross written premiums	$	34,330	$	63,637

No other country represented more than 5% of the Company’s revenues. 

25

13.  RELATED-PARTY TRANSACTIONS

Parent

Group entered into a $300,000 thousand long term note agreement with Everest Re as of December 17, 2019. The note will pay interest annually at a rate of 1.69% and is scheduled to mature in December, 2028. This transaction is presented as a Note Receivable – Affiliated in the Consolidated Balance Sheet of Holdings. The Company recognized interest income related to this long term note of $1,268 thousand and $1,282 thousand for the three months ended March 31, 2021 and 2020, respectively.

Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated transactions or both.  The table below represents the amendments to the share repurchase program for the common shares approved for repurchase. 

	Common
	Shares
	Authorized for
Amendment Date	Repurchase
(Dollars in thousands)
09/21/2004	5,000,000
07/21/2008	5,000,000
02/24/2010	5,000,000
02/22/2012	5,000,000
05/15/2013	5,000,000
11/19/2014	5,000,000
05/22/2020	2,000,000
	32,000,000

Holdings had purchased and held 9,719,971 Common Shares of Group, which were purchased in the open market between February 2007 and March 2011.

In December, 2015, Holdings transferred the 9,719,971 Common Shares of Group, which it held as other invested assets, at fair value, valued at $1,773,214 thousand, to Preferred Holdings, an affiliated entity and subsidiary of Group, in exchange for 1,773.214 preferred shares of Preferred Holdings with a $1,000 thousand par value and 1.75% annual dividend rate.  After the exchange, Holdings no longer holds any shares or has any ownership interest in Group. 

Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss).  The following table presents the dividends received on the preferred shares of Preferred Holdings and on the Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated. 

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Dividends received on preferred stock of affiliate	$	7,758	$	7,758

26

Affiliates

The Company has engaged in reinsurance transactions with Bermuda Re, Everest International Reinsurance Ltd. (“Everest International”), Mt. Logan Re, Everest Insurance Company of Canada (“Everest Canada”) and Lloyd’s Syndicate 2786, which are affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms.

The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period: 

(Dollars in thousands)
						Single
		Percent		Assuming		Occurrence		Aggregate
Coverage Period	Ceding Company	Ceded		Company	Type of Business	Limit		Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	property / casualty business	150,000		325,000
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	property / casualty business	150,000		300,000
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	property / casualty business	100,000		200,000
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	property / casualty business	162,500		325,000
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	property / casualty business	219,000		438,000
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350,000	(1)	-
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350,000	(1)	-
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	206,250	(1)	412,500	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	150,000	(1)	412,500	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	262,500	(1)	412,500	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re-   Canadian Branch	property business	-		-
01/01/2020	Everest International Assurance	100.0	%	Bermuda Re	life business	-		-
(1) Amounts shown are Canadian dollars.

Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance contract (“stop loss agreement”) with Bermuda Re.  The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions.  The stop loss agreement was most recently renewed effective January 1, 2021. 

In addition, Everest Re entered into a property catastrophe excess of loss reinsurance contract with Bermuda Re, effective January 1, 2019.  The contract provides $100,000 thousand of reinsurance coverage for property catastrophe losses above certain attachment points. This agreement expired on December 31, 2019 and was not renewed.

The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate. 

(Dollars in thousands)
Effective	Transferring	Assuming		% of Business or		Covered Period
Date	Company	Company		Amount of Transfer		of Transfer
10/01/2001	Everest Re  (Belgium Branch)	Bermuda Re		100	%	All years
10/01/2008	Everest Re	Bermuda Re	$	747,022		01/01/2002-12/31/2007
12/31/2017	Everest Re	Bermuda Re	$	970,000		All years

On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re.  The LPT agreement covers subject loss reserves of $2,336,242 thousand for accident years 2017 and prior.  As a result of the LPT agreement, the Company transferred $1,000,000 thousand of cash and fixed maturity securities and transferred $970,000 thousand of loss reserves to Bermuda Re.  As part of the LPT agreement, Bermuda Re will provide an additional $500,000 thousand of adverse development coverage on the subject loss reserves. 

27

The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada and Lloyd’s syndicate 2786 for the periods indicated: 

	Three Months Ended
Bermuda Re	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	70,798	$	30,500
Ceded earned premiums		70,877		30,500
Ceded losses and LAE		(30,150)		(22,159)

	Three Months Ended
Everest International	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	-	$	-
Ceded earned premiums		-		-
Ceded losses and LAE		-		22

	Three Months Ended
Everest Canada	March 31,
(Dollars in thousands)	2021		2020
Assumed written premiums	$	-	$	236
Assumed earned premiums		-		39
Assumed losses and LAE		59		1,598

	Three Months Ended
Lloyd's Syndicate 2786	March 31,
(Dollars in thousands)	2021		2020
Assumed written premiums	$	599	$	(3,031)
Assumed earned premiums		529		(2,822)
Assumed losses and LAE		(1,582)		814

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

	Three Months Ended
Mt. Logan Re Segregated Accounts	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	81,371	$	95,350
Ceded earned premiums		65,988		79,855
Ceded losses and LAE		72,994		37,465
Assumed written premiums		-		-
Assumed earned premiums		-		-
Assumed losses and LAE		-		-

14.  RETIREMENT BENEFITS

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010.  Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service.  The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations.  Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits. 

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Net periodic benefit cost for U.S. employees included the following components for the periods indicated: 

Pension Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Service cost	$	2,738	$	4,011
Interest cost		1,999		2,483
Expected return on plan assets		(5,580)		(5,197)
Amortization of net (income) loss		2,730		1,213
Net periodic benefit cost	$	1,887	$	2,510

Other Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Service cost	$	281	$	141
Interest cost		181		215
Amortization of prior service cost		(144)		(48)
Net periodic benefit cost	$	318	$	308
(Some amounts may not reconcile due to rounding.)

The service cost component of net periodic benefit costs is included within other underwriting expenses on the consolidated statement of operations and comprehensive income (loss).  In accordance with ASU 2017-07, other staff compensation costs are also primarily recorded within this line item. 

The Company did not make any contributions to the qualified pension benefit plan for the three months ended March 31, 2021 and 2020, respectively.

15.  INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore.  The Company’s non-U.S. branches are subject to income taxation at varying rates in their respective domiciles. 

The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting.  Under the estimated annual effective tax rate approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/loss to determine the income tax expense or benefit for the year-to-date period.  The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income/loss and effective tax rate.

16.  SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. 

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ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Industry Conditions.

The worldwide reinsurance and insurance businesses are highly competitive, as well as cyclical by product and market.  As such, financial results tend to fluctuate with periods of constrained availability, higher rates and stronger profits followed by periods of abundant capacity, lower rates and constrained profitability.  Competition in the types of reinsurance and insurance business that we underwrite is based on many factors, including the perceived overall financial strength of the reinsurer or insurer, ratings of the reinsurer or insurer by A.M. Best and/or Standard & Poor’s, underwriting expertise, the jurisdictions where the reinsurer or insurer is licensed or otherwise authorized, capacity and coverages offered, premiums charged, other terms and conditions of the reinsurance and insurance business offered, services offered, speed of claims payment and reputation and experience in lines written.  Furthermore, the market impact from these competitive factors related to reinsurance and insurance is generally not consistent across lines of business, domestic and international geographical areas and distribution channels. 

We compete in the U.S. and international reinsurance and insurance markets with numerous global competitors. Our competitors include independent reinsurance and insurance companies, subsidiaries or affiliates of established worldwide insurance companies, reinsurance departments of certain insurance companies, domestic and international underwriting operations, and certain government sponsored risk transfer vehicles.  Some of these competitors have greater financial resources than we do and have established long term and continuing business relationships, which can be a significant competitive advantage.  In addition, the lack of strong barriers to entry into the reinsurance business and recently, the securitization of reinsurance and insurance risks through capital markets provide additional sources of potential reinsurance and insurance capacity and competition. 

Worldwide insurance and reinsurance market conditions historically have been competitive.  Generally, there was ample insurance and reinsurance capacity relative to demand, as well as, additional capital from the capital markets through insurance linked financial instruments.  These financial instruments such as side cars, catastrophe bonds and collateralized reinsurance funds, provided capital markets with access to insurance and reinsurance risk exposure.  The capital markets demand for these products was being primarily driven by a low interest environment and the desire to achieve greater risk diversification and potentially higher returns on their investments.  This increased competition was generally having a negative impact on rates, terms and conditions; however, the impact varies widely by market and coverage.

The industry continues to deal with the impacts of a global pandemic, COVID-19.  Globally, many countries mandated that their citizens remain at home and many non-essential businesses have continued to be physically closed.  We activated our operational resiliency plan across our global footprint and all of our critical operations are functioning effectively from remote locations.  We continue to service and meet the needs of our clients while ensuring the safety and health of our employees and customers.

There continues to be a negative impact on industry underwriting results from the pandemic.  These impacts vary significantly from country to country depending on the rate of infections and the corresponding mandated business restrictions. 

Prior to the pandemic, there was a growing industry consensus that there was some firming of (re)insurance rates for the areas impacted by the recent catastrophes.  The increased frequency of catastrophe losses in 2020 appears to be further pressuring the increase of rates.  Rates also appear to be firming in most lines of business, particularly in the casualty lines that had seen significant losses such as excess casualty and directors’ and officers’ liability.  Other casualty lines are experiencing modest rate increase, while some lines such as workers’ compensation were experiencing softer market conditions. It is too early to tell what will be the impact on pricing conditions but it is likely to change depending on the line of business and geography.

While we are unable to predict the full impact the pandemic will have on the insurance industry as it continues to have a negative impact on the global economy, we are well positioned to continue to service our clients.  Our capital position remains a source of strength, with high quality invested assets, significant liquidity and a low operating expense ratio. Our diversified global platform with its broad mix of products, distribution and geography is resilient.

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Financial Summary.

We monitor and evaluate our overall performance based upon financial results.  The following table displays a summary of the consolidated net income (loss), ratios and stockholder’s equity for the periods indicated: 

	Three Months Ended				Percentage
	March 31,				Increase/
(Dollars in millions)	2021		2020		(Decrease)
Gross written premiums	$	2,133.3	$	1,975.0	8.0%
Net written premiums		1,765.3		1,638.7	7.7%
REVENUES:
Premiums earned	$	1,696.9	$	1,494.0	13.6%
Net investment income		147.7		74.2	99.1%
Net realized capital gains (losses)		135.0		256.9	-47.4%
Other income (expense)		4.0		(4.5)	-188.5%
Total revenues		1,983.6		1,820.6	9.0%
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		1,354.1		1,029.5	31.5%
Commission, brokerage, taxes and fees		349.9		323.1	8.3%
Other underwriting expenses		109.8		101.2	8.5%
Corporate expense		4.6		3.7	23.1%
Interest, fee and bond issue cost amortization expense		15.5		7.5	108.2%
Total claims and expenses		1,833.8		1,465.0	25.2%
INCOME (LOSS) BEFORE TAXES		149.8		355.6	-57.9%
Income tax expense (benefit)		30.3		38.9	-22.1%
NET INCOME (LOSS)	$	119.4	$	316.6	-62.3%
RATIOS:					Point Change
Loss ratio		79.8%		68.9%	10.9
Commission and brokerage ratio		20.6%		21.6%	(1.0)
Other underwriting expense ratio		6.5%		6.8%	(0.3)
Combined ratio		106.9%		97.3%	9.6
	At		At		Percentage
	March 31,		December 31,		Increase/
(Dollars in millions)	2021		2020		(Decrease)
Balance sheet data:
Total investments and cash	$	16,482.6	$	15,910.2	3.6%
Total assets		24,309.0		23,717.1	2.5%
Loss and loss adjustment expense reserves		12,184.2		11,655.0	4.5%
Total debt		1,910.6		1,910.4	0.0%
Total liabilities		17,879.2		17,302.8	3.3%
Stockholder's equity		6,429.8		6,414.3	0.2%
(Some amounts may not reconcile due to rounding)
(NM, not meaningful)

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Revenues.

Premiums.  Gross written premiums increased by 8.0% to $2,133.3 million for the three months March 31, 2021, compared to $1,975.0 million for the three months ended March 31, 2020, reflecting a $111.9 million, or 8.6%, increase in our reinsurance business and a $46.5 million, or 7.0%, increase in our insurance business. The increase in reinsurance premiums was mainly due to increases in property pro rata business, property excess of loss business and casualty excess of loss writings. The rise in insurance premiums was primarily due to increases in specialty casualty business, property business and professional liability business, partially offset by a decline in workers’ compensation business.

Net written premiums increased by 7.7% to $1,765.3 million for the three months ended March 31, 2021, compared to $1,638.7 million for the three months ended March 31, 2020, which is consistent with the change in gross written premiums. Premiums earned increased by 13.6% to $1,696.9 million for the three months ended March 31, 2021, compared to $1,494.0 million for the three months ended March 31, 2020. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

Net Investment Income.Net investment income increased 99.1% to $147.7 million for the three months ended March 31, 2021 compared with net investment income of $74.2 million for the three months ended March 31, 2020. Net pre-tax investment income as a percentage of average invested assets was 3.8% and 2.6% for the three months ended March 31, 2021 and 2020, respectively. The increases in both income and yield were primarily the result of an increase in limited partnership income and higher income from our fixed income portfolio.

Net Realized Capital Gains (Losses).  Net realized capital gains were $135.0 million and $256.9 million for the three months ended March 31, 2021 and 2020, respectively. The net realized capital gains of $135.0 million for the three months ended March 31, 2021, were comprised of $130.6 million of gains from fair value re-measurements and $11.5 million of gains from sales of investments, partially offset by $7.1 million in net allowances for credit losses. The net realized capital gains of $256.9 million in 2020 were comprised of $319.7 million of gains from fair value re-measurements, partially offset by $50.7 million of losses from sales of investments and $12.1 million of allowances for credit losses.

Other Income (Expense).  We recorded other income of $4.0 million and other expense of $4.5 million for the three months ended March 31, 2021 and 2020, respectively. The change was primarily the result of fluctuations in foreign currency exchange rates. 

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Claims and Expenses.

Incurred Losses and Loss Adjustment Expenses.  The following table presents our incurred losses and loss adjustment expenses (“LAE”) for the periods indicated. 

	Three Months Ended March 31,
	Current		Ratio %/		Prior		Ratio %/		Total		Ratio %/
(Dollars in millions)	Year		Pt Change		Years		Pt Change		Incurred		Pt Change
2021
Attritional	$	1,078.4	63.6%		$	(1.0)	-0.1%		$	1,077.4	63.5%
Catastrophes		260.5	15.4%			16.2	1.0%			276.7	16.4%
Total	$	1,338.9	79.0%		$	15.2	0.9%		$	1,354.1	79.8%
2020
Attritional	$	996.4	66.7%		$	(1.1)	-0.1%		$	995.3	66.6%
Catastrophes		30.0	2.0%			4.2	0.3%			34.2	2.3%
Total	$	1,026.4	68.7%		$	3.1	0.2%		$	1,029.5	68.9%
Variance 2021/2020
Attritional	$	82.0	(3.1)	pts	$	0.1	-	pts	$	82.1	(3.1)	pts
Catastrophes		230.5	13.4	pts		12.0	0.7	pts		242.5	14.1	pts
Total	$	312.5	10.3	pts	$	12.1	0.7	pts	$	324.6	10.9	pts

Incurred losses and LAE increased by 31.5% to $1,354.1 million for the three months ended March 31, 2021 compared to $1,029.5 million for the three months ended March 31, 2020, primarily due to an increase of $230.5 million in current year catastrophe losses and an increase of $82.0 million in current year attritional losses, mainly related to the impact of the increase in premiums earned partially offset by $35.7 million of COVID-19 losses incurred in 2020. The current year catastrophe losses of $260.5 million for the three months ended March 31, 2021 related to Texas winter storms ($253.0 million), and the 2021 Aussie floods ($7.5 million). The current year catastrophe losses of $30.0 million for the three months ended March 31, 2020 related to the Nashville tornadoes ($10.0 million), Australia East Coast storms ($10.0 million) and the Australia fires ($10.0 million).

Commission, Brokerage, Taxes and Fees.  Commission, brokerage, taxes and fees increased to $349.9 million for the three months ended March 31, 2021 compared to $323.1 million for the three months ended March 31, 2020. The increase was mainly due to the impact of the increase in premiums earned and changes in affiliated reinsurance agreements.

Other Underwriting Expenses. Other underwriting expenses increased to $109.8 million for the three months ended March 31, 2021 compared to $101.2 million for the three months ended March 31, 2020. These increases were mainly due to changes in affiliated reinsurance agreements, impact of increase in premiums earned and costs incurred to support the expansion of the insurance business. 

Corporate Expenses.Corporate expenses, which are general operating expenses that are not allocated to segments, have increased slightly to $4.6 million from $3.7 million for the three months ended March 31, 2021 and 2020, respectively. The increases were mainly due to higher compensation costs.

Interest, Fees and Bond Issue Cost Amortization Expense.  Interest, fees and other bond amortization expense was $15.5 million and $7.5 million for the three months ended March 31, 2021 and 2020, respectively. The variance in expense was primarily due to interest expense on the $1,000.0 million of senior notes issued in October 2020 and the movement in the floating interest rate related to the long term subordinated notes, which is reset quarterly per the note agreement. The floating rate was 2.6% as of March 31, 2021 compared to 4.1% as of March 31, 2020.

Income Tax Expense (Benefit).  We had an income tax expense of $30.3 million and $38.9 million for the three months ended March 31, 2021 and 2020, respectively.  Income tax benefit or expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions.  The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, qualifying dividends, and

33

foreign tax credits. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.  The change in income tax expense (benefit) for the three months ended March 31, 2021 as compared to the three months ended March 31, 2020 results primarily from higher investment income and earned premiums offset by higher catastrophe losses and the impact of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) incurred in the first quarter of 2020. 

The CARES Act was passed by Congress and signed into law by the President on March 27, 2020 in response to the COVID-19 pandemic.  Among the provisions of the CARES Act was a special tax provision which allows companies to elect to carryback five years net operating losses incurred in the 2018, 2019 and/or 2020 tax years.  The Tax Cuts and Jobs Act of 2017 had eliminated net operating loss carrybacks for most companies. The Company determined that the special five year loss carryback tax provision provided a tax benefit of $31.0 million which it recorded in the quarter ended March 31, 2020.

Net Income (Loss).

Our net income was $119.4 million and $316.6 million, for the three months ended March 31, 2021 and 2020 respectively. The changes were primarily driven by the financial component fluctuations explained above. 

Ratios.

Our combined ratio increased by 9.6 points to 106.9% for the three months ended March 31, 2021 compared to 97.3% for the three months ended March 31, 2020. The loss ratio component increased by 10.9 points for the three months ended March 31, 2021 over the same period last year mainly due to an increase of $230.5 million in current year catastrophe losses. The commission and brokerage ratio component decreased to 20.6% for the three months ended March 31, 2021 compared to 21.6% for the three months ended March 31, 2020, reflecting changes in affiliated reinsurance agreements and changes in the mix of business. The other underwriting expense ratio decreased slightly to 6.5% for the three months ended March 31, 2021 from 6.8% for the three months ended March 31, 2020.

Stockholder's Equity.

Stockholder’s equity increased by $15.5 million to $6,429.8 million at March 31, 2021  from $6,414.3 million at December 31, 2020, principally as a result of $119.4 million of net income, $2.3 million of net foreign currency translation adjustments and $2.0 million of net benefit plan obligation adjustments, partially offset by $108.4 million of net unrealized depreciation on investments, net of tax.

Consolidated Investment Results

Net Investment Income. 

Net investment income increased by 99.1% to $147.7 million for the three months ended March 31, 2021 compared to $74.2 million for the three months ended March 31, 2020. This increase was primarily the result of an increase in limited partnership income and higher income from our fixed income portfolio.

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The following table shows the components of net investment income for the periods indicated: 

	Three Months Ended
	March 31,
(Dollars in millions)	2021		2020
Fixed maturities	$	85.1	$	74.1
Equity securities		2.9		1.6
Short-term investments and cash		0.1		1.6
Other invested assets
Limited partnerships		52.2		7.0
Dividends from preferred shares of affiliate		7.8		7.8
Other		6.0		(13.1)
Gross investment income before adjustments		154.1		79.0
Funds held interest income (expense)		3.5		3.2
Interest income from Parent		1.3		1.3
Gross investment income		158.9		83.5
Investment expenses		11.2		9.3
Net investment income	$	147.7	$	74.2
(Some amounts may not reconcile due to rounding.)

The following tables show a comparison of various investment yields for the periods indicated:

	At	At
	March 31,	December 31,
	2021	2020
Imbedded pre-tax yield of cash and invested assets	3.0%	3.1%
Imbedded after-tax yield of cash and invested assets	2.4%	2.5%

	Three Months Ended
	March 31,
	2021	2020
Annualized pre-tax yield on average cash and invested assets	3.8%	2.6%
Annualized after-tax yield on average cash and invested assets	3.1%	2.1%

35

Net Realized Capital Gains (Losses).

The following table presents the composition of our net realized capital gains (losses) for the periods indicated: 

	Three Months Ended March 31,
(Dollars in millions)	2021		2020		Variance
Gains (losses) from sales:
Fixed maturity securities, market value
Gains	$	6.3	$	1.8	$	4.5
Losses		(2.4)		(22.8)		20.4
Total		3.9		(21.0)		24.9
Equity securities, fair value
Gains		12.3		2.6		9.7
Losses		(6.1)		(30.2)		24.1
Total		6.2		(27.6)		33.8
Other invested assets
Gains		1.4		3.0		(1.6)
Losses		(0.1)		(5.4)		5.3
Total		1.3		(2.4)		3.7
Short Term Investments:
Gains		-		0.1		(0.1)
Losses		-		-		-
Total		-		0.1		(0.1)
Total net realized gains (losses) from sales
Gains		20.1		7.5		12.6
Losses		(8.6)		(58.4)		49.8
Total		11.5		(50.7)		62.2
Allowances for credit losses:		(7.1)		(12.1)		5.0
Gains (losses) from fair value adjustments:
Fixed maturities, fair value		-		(1.1)		1.1
Equity securities, fair value		37.6		(121.7)		159.3
Other invested assets, fair value		93.1		442.5		(349.4)
Total		130.6		319.7		(189.1)
Total net realized gains (losses)	$	135.0	$	256.9	$	(121.9)
(Some amounts may not reconcile due to rounding.)

Net Realized Capital Gains (Losses). Net realized capital gains were $135.0 million and $256.9 million for the three months ended March 31, 2021 and 2020, respectively. The net realized capital gains of $135.0 million for the three months ended March 31, 2021, were comprised of $130.6 million of gains from fair value re-measurements and $11.5 million of gains from sales of investments, partially offset by $7.1 million in net allowances for credit losses. The net realized capital gains of $256.9 million in 2020 were comprised of $319.7 million of gains from fair value re-measurements, partially offset by $50.7 million of losses from sales of investments and $12.1 million of allowances for credit losses.

Segment Results.

The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies.  Business is written in the United States as well as through branches in Canada and Singapore.  The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the United States.

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These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.  Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. 

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses.  We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. 

Our loss and LAE reserves are management’s best estimate of our ultimate liability for unpaid claims.  We re-evaluate our estimates on an ongoing basis, including all prior period reserves, taking into consideration all available information and, in particular, recently reported loss claim experience and trends related to prior periods.  Such re-evaluations are recorded in incurred losses in the period in which the re-evaluation is made. 

The following discusses the underwriting results for each of our segments for the periods indicated: 

Reinsurance.

The following table presents the underwriting results and ratios for the Reinsurance segment for the periods indicated.

	Three Months Ended March 31,
(Dollars in millions)	2021		2020		Variance		% Change
Gross written premiums	$	1,420.1	$	1,308.2	$	111.9	8.6%
Net written premiums		1,208.8		1,114.2		94.6	8.5%
Premiums earned	$	1,177.2	$	1,007.0	$	170.2	16.9%
Incurred losses and LAE		970.3		682.7		287.6	42.1%
Commission and brokerage		290.6		260.9		29.7	11.4%
Other underwriting expenses		36.3		29.8		6.5	21.6%
Underwriting gain (loss)	$	(120.0)	$	33.6	$	(153.6)	NM
							Point Chg
Loss ratio		82.4%		67.8%			14.6
Commission and brokerage ratio		24.7%		25.9%			(1.2)
Other underwriting ratio		3.1%		3.0%			0.1
Combined ratio		110.2%		96.7%			13.5
(Some amounts may not reconcile due to rounding.)
(NM, not meaningful)

Premiums.Gross written premiums increased by 8.6% to $1,420.1 million for the three months ended March 31, 2021 from $1,308.2 million for the three months ended March 31, 2020 primarily due to increases in property pro rata business, property excess of loss business and casualty excess of loss writings. Net written premiums increased by 8.5% to $1,208.8 million for the three months ended March 31, 2021 compared to $1,114.2 million for the three months ended March 31, 2020, which is consistent with the change in gross written premiums. Premiums earned increased 16.9% to $1,177.2 million for the three months ended March 31, 2021 compared to $1,007.0 million for the three months ended March 31, 2020. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

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Incurred Losses and LAE.The following tables present the incurred losses and LAE for the Reinsurance segment for the periods indicated.

	Three Months Ended March 31,
	Current		Ratio %/		Prior		Ratio %/		Total		Ratio %/
(Dollars in millions)	Year		Pt Change		Years		Pt Change		Incurred		Pt Change
2021
Attritional	$	741.8	63.0%		$	-	0.0%		$	741.8	63.0%
Catastrophes		213.0	18.1%			15.5	1.3%			228.5	19.4%
Total segment	$	954.8	81.1%		$	15.5	1.3%		$	970.3	82.4%
2020
Attritional	$	654.7	65.0%		$	(0.6)	-0.1%		$	654.0	64.9%
Catastrophes		24.5	2.4%			4.2	0.4%			28.7	2.8%
Total segment	$	679.2	67.4%		$	3.5	0.3%		$	682.7	67.8%
Variance 2021/2020
Attritional	$	87.1	(2.0)	pts	$	0.6	0.1	pts	$	87.8	(1.9)	pts
Catastrophes		188.5	15.7	pts		11.3	0.9	pts		199.8	16.6	pts
Total segment	$	275.6	13.7	pts	$	12.0	1.0	pts	$	287.6	14.6	pts

Incurred losses increased by 42.1% to $970.3 million for the three months ended March 31, 2021 compared to $682.7 million for the three months ended March 31, 2020.  The rise in incurred losses was primarily due to an increase of $188.5 million on current years catastrophe losses and an increase of $87.1 million in current year attritional losses, primarily related to the impact of the increase in premiums earned. The $213.0 million of current year catastrophe losses for the three months ended March 31, 2021 related to Texas winter storms ($205.5 million), and the 2021 Aussie floods  ($7.5 million).The current year catastrophe losses of $24.5 million for the three months ended March 31, 2020 primarily related to Australia East Coast storms ($10.0 million), Australia fires (10.0 million) and the Nashville tornadoes ($4.5 million).

Segment Expenses.  Commission and brokerage increased to $290.6 million for the three months ended March 31, 2021 compared to $260.9 million for the three months ended March 31, 2020. The increase was mainly due to the impact of the increase in premiums earned. Segment other underwriting expenses increased to $36.3 million for the three months ended March 31, 2021 from $29.8 million for the three months ended March 31, 2020,mainly due to the impact of the increase in premiums earned and changes in affiliated reinsurance agreements.

Insurance.

The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated. 

	Three Months Ended March 31,
(Dollars in millions)	2021		2020		Variance		% Change
Gross written premiums	$	713.3	$	666.8	$	46.5	7.0%
Net written premiums		556.5		524.5		32.0	6.1%
Premiums earned	$	519.7	$	487.0	$	32.7	6.7%
Incurred losses and LAE		383.8		346.8		37.0	10.7%
Commission and brokerage		59.3		62.2		(2.9)	-4.7%
Other underwriting expenses		73.5		71.4		2.1	2.9%
Underwriting gain (loss)	$	3.2	$	6.6	$	(3.4)	-52.1%
							Point Chg
Loss ratio		73.8%		71.2%			2.6
Commission and brokerage ratio		11.4%		12.8%			(1.4)
Other underwriting ratio		14.1%		14.6%			(0.5)
Combined ratio		99.4%		98.6%			0.7
(Some amounts may not reconcile due to rounding.)
(NM, not meaningful)

38

Premiums.Gross written premiums increased by 7.0% to $713.3 million for the three months ended March 31, 2021 compared to $666.8 million for the three months ended March 31, 2020. The rise in gross written premiums was primarily due to increases in specialty casualty business, property business and professional liability business, partially offset by a decline in workers’ compensation business. Net written premiums increased by 6.1% to $556.5 million for the three months ended March 31, 2021 compared to $524.5 million for the three months ended March 31, 2020, which is consistent with the change in gross written premiums. Premiums earned increased 6.7% to $519.7 million for the three months ended March 31, 2021 compared to $487.0 million for the three months ended March 31, 2020. The change in premiums earned is the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.

Incurred Losses and LAE.The following tables present the incurred losses and LAE for the Insurance segment for the periods indicated. 

	Three Months Ended March 31,
	Current		Ratio %/		Prior		Ratio %/		Total		Ratio %/
(Dollars in millions)	Year		Pt Change		Years		Pt Change		Incurred		Pt Change
2021
Attritional	$	336.6	64.8%		$	(1.0)	-0.2%		$	335.6	64.6%
Catastrophes		47.5	9.1%			0.7	0.1%			48.2	9.3%
Total segment	$	384.1	73.9%		$	(0.3)	-0.1%		$	383.8	73.8%
2020
Attritional	$	341.8	70.2%		$	(0.5)	-0.1%		$	341.3	70.1%
Catastrophes		5.5	1.1%			-	0.0%			5.5	1.1%
Total segment	$	347.3	71.3%		$	(0.5)	-0.1%		$	346.8	71.2%
Variance 2021/2020
Attritional	$	(5.2)	(5.4)	pts	$	(0.5)	(0.1)	pts	$	(5.7)	(5.5)	pts
Catastrophes		42.0	8.0	pts		0.7	0.1	pts		42.7	8.2	pts
Total segment	$	36.8	2.6	pts	$	0.2	-	pts	$	37.0	2.6	pts

Incurred losses and LAE increased by 10.7% to $383.8 million for the three months ended March 31, 2021 compared to $346.8 million for the three months ended March 31, 2020, mainly due to an increase of $42.0 million in current year catastrophe losses. The $47.5 million of current year catastrophe losses for the three months ended March 31, 2021, related to Texas winter storms ($47.5 million). The current year catastrophe losses for the three months ended March 31, 2020 of $5.5 million related to the Nashville tornadoes ($5.5 million).

Segment Expenses.Commission and brokerage decreased to $59.3 million for the three months ended March 31, 2021 compared to $62.2 million for the three months ended March 31, 2020. The decrease was primarily due to changes in the mix of business. Segment other underwriting expenses increased to $73.5 million for the three months ended March 31, 2021 compared to $71.4 million for the three months ended March 31, 2020, mainly due to the impact of the increase in premiums earned and expenses related to the continued build out of the insurance business.

Market Sensitive Instruments.

The SEC’s Financial Reporting Release #48 requires registrants to clarify and expand upon the existing financial statement disclosure requirements for derivative financial instruments, derivative commodity instruments and other financial instruments (collectively, “market sensitive instruments”).  We do not generally enter into market sensitive instruments for trading purposes. 

Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, taxable and tax-preferenced fixed maturity portfolio, while maintaining an adequate level of liquidity.  Our mix of taxable and tax-preferenced investments is adjusted periodically, consistent with our current and projected operating results, market conditions and our tax position.  The fixed maturity securities in the investment portfolio are comprised of non-trading available for sale securities.  Additionally, we have invested in equity securities. 

39

The overall investment strategy considers the scope of present and anticipated Company operations.  In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis.  This analysis includes estimated payout characteristics for which our investments provide liquidity.  This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality.  The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period. 

Interest Rate Risk.  Our $16.5 billion investment portfolio, at March 31, 2021, is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk.  The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact. 

Interest rate risk is the potential change in value of the fixed maturity securities portfolio, including short-term investments, from a change in market interest rates.  In a declining interest rate environment, it includes prepayment risk on the $1,584.7 million of mortgage-backed securities in the $11,050.0 million fixed maturity portfolio.  Prepayment risk results from potential accelerated principal payments that shorten the average life and thus the expected yield of the security. 

The table below displays the potential impact of market value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $620.4 million of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates.  For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually.  To generate appropriate price estimate on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were taken into account.  For legal entities with non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the market value change under the various interest rate change scenarios. 

	Impact of Interest Rate Shift in Basis Points
	At March 31, 2021
(Dollars in millions)	-200		-100		-		100		200
Total Market/Fair Value	$	12,388.5	$	12,029.4	$	11,670.4	$	11,311.4	$	10,952.3
Market/Fair Value Change from Base (%)		6.2%		3.1%		0.0%		-3.1%		-6.2%
Change in Unrealized Appreciation
After-tax from Base ($)	$	567.3	$	283.6	$	-	$	(283.6)	$	(567.3)

We had $12,184.2 million and $11,654.9 million of gross reserves for losses and LAE as of March 31, 2021 and December 31, 2020, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are the opposite of the interest rate impacts on the fair value of investments. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration that is reasonably consistent with our fixed income portfolio.

Equity Risk. Equity risk is the potential change in fair and/or market value of the common stock, preferred stock and mutual fund portfolios arising from changing prices. Our equity investments consist of a diversified portfolio of individual securities. The primary objective of the equity portfolio is to obtain greater total return relative to our core bonds over time through market appreciation and income.

40

The table below displays the impact on fair/market value and after-tax change in fair/market value of a 10% and 20% change in equity prices up and down for the periods indicated. 

	Impact of Percentage Change in Equity Fair/Market Values
	At March 31, 2021
(Dollars in millions)	-20%		-10%		0%		10%		20%
Fair/Market Value of the Equity Portfolio	$	980.9	$	1,103.5	$	1,226.1	$	1,348.7	$	1,471.3
After-tax Change in Fair/Market Value		(193.7)		(96.9)		-		96.9		193.7

Foreign Currency Risk.  Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates.  Each of our non-U.S. (“foreign”) operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines.  Each foreign operation may conduct business in its local currency, as well as the currency of other countries in which it operates.  The primary foreign currency exposures for these foreign operations are the Singapore and Canadian Dollars.  We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities.  In accordance with FASB guidance, the impact on the market value of available for sale fixed maturities due to changes in foreign currency exchange rates, in relation to functional currency, is reflected as part of other comprehensive income.  Conversely, the impact of changes in foreign currency exchange rates, in relation to functional currency, on other assets and liabilities is reflected through net income as a component of other income (expense).  In addition, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar.  This translation amount is reported as a component of other comprehensive income. 

SAFE HARBOR DISCLOSURE

This report contains forward-looking statements within the meaning of the U.S. federal securities laws.  We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws.  In some cases, these statements can be identified by the use of forward-looking words such as “may”, “will”, “should”, “could”, “anticipate”, “estimate”, “expect”, “plan”, “believe”, “predict”, “potential” and “intend”.  Forward-looking statements contained in this report include information regarding our reserves for losses and LAE, the CARES Act, the impact of the TCJA, the adequacy of our provision for uncollectible balances, estimates of our catastrophe exposure, the effects of catastrophic and pandemic events on our financial statements and the ability of our subsidiaries to pay dividends.  Forward-looking statements only reflect our expectations and are not guarantees of performance.  These statements involve risks, uncertainties and assumptions.  Actual events or results may differ materially from our expectations.  Important factors that could cause our actual events or results to be materially different from our expectations include those discussed under the caption ITEM 1A, “Risk Factors” in the Company’s most recent 10-K filing.  We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. 

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk Instruments.  See “Market Sensitive Instruments” in PART I – ITEM 2. 

ITEM 4.  CONTROLS AND PROCEDURES

As of the end of the period covered by this report, our management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)).  Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.  Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, also conducted

41

an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  Based on that evaluation, there has been no such change during the quarter covered by this report. 

PART II

ITEM 1.  LEGAL PROCEEDINGS

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements.  In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it.  In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights.  These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation.  In all such matters, the Company believes that its positions are legally and commercially reasonable.  The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

ITEM 1A.  RISK FACTORS

No material changes.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.  OTHER INFORMATION

None. 

42

ITEM 6.  EXHIBITS

Exhibit Index:
Exhibit No.	Description
31.1	Section 302 Certification of Juan C. Andrade
31.2	Section 302 Certification of Mark Kociancic
32.1	Section 906 Certification of Juan C. Andrade and Mark Kociancic
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Labels Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

43

Everest Reinsurance Holdings, Inc.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Everest Reinsurance Holdings, Inc.
	(Registrant)
	/S/ MARK KOCIANCIC
	Mark Kociancic
	Executive Vice President and
		Chief Financial Officer
	(Duly Authorized Officer and Principal Financial Officer)
Dated:  May 17, 2021

44

EX-31.1

 

Exhibit 31.1

CERTIFICATIONS

I, Juan C. Andrade, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 17, 2021

/S/ JUAN C. ANDRADE

Juan C. Andrade

Chairman, President and

Chief Executive Officer

1

EX-31.2

 

Exhibit 31.2

CERTIFICATIONS

I, Mark Kociancic, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Everest Reinsurance Holdings, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 17, 2021

/S/ MARK KOCIANCIC

Mark Kociancic

Executive Vice President and

Chief Financial Officer

1

EX-32.1

 

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 of Everest Reinsurance Holdings, Inc., a corporation organized under the laws of Delaware (the “Company”), filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. ss. 1350, as enacted by section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 17, 2021

/S/ JUAN C. ANDRADE

Juan C. Andrade

Chairman, President and

Chief Executive Officer

/S/ MARK KOCIANCIC

Mark Kociancic

Executive Vice President and

Chief Financial Officer

1

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 01, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Transition Report	false
Entity File Number	1-14527
Entity Registrant Name	EVEREST REINSURANCE HOLDINGS INC
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	22-3263609
Entity Address Address Line 1	100 Everest Way
Entity Address City Or Town	Warren
Entity Address, State or Province	NJ
Entity Address Postal Zip Code	07059
City Area Code	908
Local Phone Number	604-3000
Title of 12(b) Security	Common Shares, $0.01 par value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Amendment Flag	false
Entity Central Index Key	0000914748
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS:
Fixed maturities - available for sale, at market value (amortized cost: 2021, $10,799,513; 2020, $10,248,650 allowances for credit losses: 2021, ($8,708); 2020, ($1,566))	$ 11,050,001	$ 10,643,565
Fixed maturities - available for sale, at fair value
Equity securities, at fair value	1,226,120	1,288,767
Short-term investments (cost: 2021, $620,398; 2020, $708,043)	620,395	707,905
Other invested assets (cost: 2021, $1,177,837; 2020, $1,094,933)	1,177,837	1,094,933
Other invested assets, at fair value	1,889,558	1,796,479
Cash	518,681	378,518
Total investments and cash	16,482,592	15,910,167
Note Receivable - affiliated	300,000	300,000
Accrued investment income	94,239	80,196
Premiums receivable	1,611,678	1,591,980
Reinsurance receivables - unaffiliated	1,562,846	1,505,650
Reinsurance receivables - affiliated	2,578,710	2,701,655
Funds held by reinsureds	275,084	267,599
Deferred acquisition costs	388,746	379,707
Prepaid reinsurance premiums	363,706	363,489
Other assets	651,421	616,640
TOTAL ASSETS	24,309,022	23,717,083
LIABILITIES:
Reserve for losses and loss adjustment expenses	12,184,204	11,654,950
Unearned premium reserve	2,454,077	2,385,174
Funds held under reinsurance treaties	44,769	46,894
Other net payable to reinsurers	358,519	277,390
Losses in course of payment	141,053	161,154
Income taxes net payable	193,453	192,877
Long term notes due 5/1/2067	223,699	223,674
Borrowings from FHLB	310,000	310,000
Accrued interest on debt and borrowings	24,035	10,460
Unsettled securities payable	127,283	206,693
Other liabilities	441,251	456,786
Total liabilities	17,879,221	17,302,770
Commitments and Contingencies (Note 6)
STOCKHOLDER'S EQUITY:
Common stock, par value: $0.01; 3,000 shares authorized; 1,000 shares issued and outstanding (2021 and 2020)
Additional paid-in capital	1,101,200	1,101,092
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $43,436 at 2021 and $71,080 at 2020	163,955	268,018
Retained earnings	5,164,646	5,045,203
Total stockholder's equity	6,429,801	6,414,313
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	24,309,022	23,717,083
Senior Notes [Member] | Senior Notes 4.868% [Member]
LIABILITIES:
Senior notes	397,224	397,194
Senior Notes [Member] | Senior Notes 3.5% [Member]
LIABILITIES:
Senior notes	$ 979,654	$ 979,524

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fixed maturities - available for sale, amortized cost	$ 10,799,513	$ 10,248,650
Fixed maturities - available for sale, at market value, allowance for credit loss	8,708	1,566
Short-term investments, cost	620,398	708,043
Other invested assets, cost	$ 1,177,837	$ 1,094,933
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
Accumulated other comprehensive income (loss), deferred income tax expense (benefit)	$ 43,436	$ 71,080
Senior Notes [Member] | Senior Notes 4.868% [Member]
Debt instrument, maturity date	Jun. 01, 2044	Jun. 01, 2044
Senior Notes [Member] | Senior Notes 3.5% [Member]
Debt instrument, maturity date	Oct. 15, 2050	Oct. 15, 2050
Long Term Subordinated Debt [Member] | Subordinated Notes 6.6% [Member]
Debt instrument, maturity date	May 01, 2067	May 01, 2067

XML

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Premiums earned	$ 1,696,900	$ 1,494,005
Net investment income	147,723	74,201
Net realized capital gains (losses):
Credit allowances on fixed maturity securities	(7,142)	(12,099)
Other net realized capital gains (losses)	142,153	268,966
Total net realized capital gains (losses)	135,011	256,867
Other income (expense)	3,979	(4,498)
Total revenues	1,983,613	1,820,575
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses	1,354,084	1,029,513
Commission, brokerage, taxes and fees	349,854	323,104
Other underwriting expenses	109,795	101,208
Corporate expenses	4,581	3,721
Interest, fee and bond issue cost amortization expense	15,534	7,460
Total claims and expenses	1,833,848	1,465,006
INCOME (LOSS) BEFORE TAXES	149,765	355,569
Income tax expense (benefit)	30,322	38,924
NET INCOME (LOSS)	119,443	316,645
Other comprehensive income (loss), net of tax :
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period	(109,858)	(177,524)
Less: reclassification adjustment for realized losses (gains) included in net income (loss)	1,490	27,886
Total URA(D) on securities arising during the period	(108,368)	(149,638)
Foreign currency translation adjustments	2,262	(29,633)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)	2,043	920
Total benefit plan net gain (loss) for the period	2,043	920
Total other comprehensive income (loss), net of tax	(104,063)	(178,351)
COMPREHENSIVE INCOME (LOSS)	$ 15,380	$ 138,294

XML

Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect Period Of Adoption Adjustment [Member]
Beginning balance at Dec. 31, 2019			$ 1,100,678	$ 64,324	$ 4,692,423
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019						$ 907
Beginning balance, shares at Dec. 31, 2019		1,000
Share-based compensation plans			103
Net increase (decrease) during the period	$ (178,351)			(178,351)
Net income (loss)	316,645				316,645
Ending balance, shares at Mar. 31, 2020		1,000
Ending balance at Mar. 31, 2020	5,996,729		1,100,781	(114,027)	5,009,975
Beginning balance at Dec. 31, 2020	$ 6,414,313		1,101,092	268,018	5,045,203
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020
Beginning balance, shares at Dec. 31, 2020	1,000	1,000
Share-based compensation plans			108
Net increase (decrease) during the period	$ (104,063)			(104,063)
Net income (loss)	$ 119,443				119,443
Ending balance, shares at Mar. 31, 2021	1,000	1,000
Ending balance at Mar. 31, 2021	$ 6,429,801		$ 1,101,200	$ 163,955	$ 5,164,646

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 119,443	$ 316,645
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable	(20,229)	(88,422)
Decrease (increase) in funds held by reinsureds, net	(9,734)	(20,983)
Decrease (increase) in reinsurance receivables	70,548	97,388
Decrease (increase) in income taxes	28,199	35,413
Decrease (increase) in prepaid reinsurance premiums	404	30,259
Increase (decrease) in reserve for losses and loss adjustment expenses	528,062	106,144
Increase (decrease) in unearned premiums	68,743	112,401
Increase (decrease) in other net payable to reinsurers	80,245	84,561
Increase (decrease) in losses in course of payment	(19,876)	976
Change in equity adjustments in limited partnerships	(54,558)	6,063
Distribution of limited partnership income	11,015	9,486
Change in other assets and liabilities, net	(25,976)	(76,651)
Non-cash compensation expense	9,004	7,528
Amortization of bond premium (accrual of bond discount)	6,823	1,385
Net realized capital (gains) losses	(135,011)	(256,867)
Net cash provided by (used in) operating activities	657,102	365,327
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value	76,628	257,000
Proceeds from fixed maturities sold - available for sale, at market value	492,943	164,244
Proceeds from equity securities sold - at fair value	281,313	204,161
Distributions from other invested assets	32,201	76,391
Cost of fixed maturities acquired - available for sale, at market value	(1,140,719)	(713,474)
Cost of equity securities acquired- at fair value	(174,877)	(167,914)
Cost of other invested assets acquired	(51,719)	(101,663)
Net change in short-term investments	87,694	(45,503)
Net change in unsettled securities transactions	(99,747)	(34,793)
Net cash provided by (used in) investing activities	(496,283)	(361,551)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax benefit from share-based compensation, net of expense	(8,896)	(7,425)
Cost of debt repurchase		(1,198)
Net cash provided by (used in) financing activities	(8,896)	(8,623)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(11,760)	(20,301)
Net increase (decrease) in cash	140,163	(25,148)
Cash, beginning of period	378,518	411,122
Cash, end of period	518,681	385,974
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	2,001	3,558
Interest paid	$ 1,775	$ 2,712

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General

3 Months Ended

Mar. 31, 2021

General [Abstract]

General

1.  GENERAL

As used in this document, “Holdings” means Everest Reinsurance Holdings, Inc., a Delaware company and direct subsidiary of Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”); “Group” means Everest Re Group, Ltd. (Holdings Ireland’s parent); “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd., a subsidiary of Group; “Everest Re” means Everest Reinsurance Company and its subsidiaries, a subsidiary of Holdings (unless the context otherwise requires) and the “Company” means Holdings and its subsidiaries.

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Basis Of Presentation

3 Months Ended

Mar. 31, 2021

Basis Of Presentation [Abstract]

Basis Of Presentation

2.  BASIS OF PRESENTATION

The unaudited interim consolidated financial statements of the Company for the three months ended March 31, 2021 and 2020 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2020 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2020, 2019 and 2018 included in the Company’s most recent Form 10-K filing.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. This is particularly true given the fluid and continuing nature of the COVID-19 pandemic. This is an ongoing event and so is the Company’s evaluation and analysis. While the Company’s analysis considers all aspects of its operations, it does not take into account legal, regulatory or legislative intervention that could retroactively mandate or expand coverage provisions. Given the uncertainties in the current public health and economic environment, there could be an adverse impact on results for the Property & Casualty industry and the Company for the remainder of the year. The impact is dependent on the shape and length of the economic recovery.

All intercompany accounts and transactions have been eliminated.

Application of Recently Issued Accounting Standard Changes.

Accounting for Income Taxes. In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company adopted the guidance effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial statements.

Accounting for Cloud Computing Arrangement.  In August 2018, FASB issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract.  This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement.  The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company adopted the guidance as of January 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s financial statements.

Valuation of Financial Instruments.  In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline guidance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities.  The new guidance requires the carrying value of assets measured at amortized cost, including reinsurance and premiums receivable, to be presented as the net amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). The allowance reflects expected credit losses of the financial asset which considers available information using a combination both historical information, current market conditions and reasonable and supportable forecasts. For available-for-sale debt securities, the guidance modified the previous other than temporary impairment model, now requiring an allowance for estimated credit related losses rather than a permanent impairment, which will be limited to the amount by which fair value is below amortized cost.  The guidance is effective for annual and interim reporting periods beginning after December 15, 2019.  The Company adopted the guidance effective January 1, 2020, on a modified retrospective basis. The adoption resulted in a cumulative adjustment of $907 thousand in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of Shareholders’ Equity.

Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements.

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Investments

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Investments

3. INVESTMENTS

Effective January 1, 2020, the Company adopted ASU 2016-13 which modified the previous other than temporary impairment model for available for sale fixed maturity securities. The guidance requires the Company to record allowances for credit losses for securities that are deemed to have valuation deterioration due to credit related factors. The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation, gross unrealized depreciation and market value of available for sale, fixed maturity securities as of the dates indicated:

	At March 31, 2021
	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	$	622,352	$	-	$	16,658	$	(167)	$	638,843
Obligations of U.S. states and political  subdivisions		565,697		-		32,092		(2,741)		595,048
Corporate securities		3,660,209		(3,588)		114,692		(41,884)		3,729,429
Asset-backed securities		2,471,769		(4,915)		25,459		(2,210)		2,490,103
Mortgage-backed securities
Commercial		554,472		-		23,276		(5,158)		572,590
Agency residential		989,178		-		24,826		(8,153)		1,005,851
Non-agency residential		6,262		-		4		(2)		6,264
Foreign government securities		734,630		-		38,724		(4,065)		769,289
Foreign corporate securities		1,194,944		(205)		55,057		(7,212)		1,242,584
Total fixed maturity securities	$	10,799,513	$	(8,708)	$	330,788	$	(71,592)	$	11,050,001

	At December 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	$	659,957	$	-	$	22,032	$	-	$	681,989
Obligations of U.S. states and political  subdivisions		543,646		-		34,655		(1,255)		577,046
Corporate securities		3,316,525		(1,205)		166,072		(31,480)		3,449,912
Asset-backed securities		2,450,807		-		28,585		(5,222)		2,474,170
Mortgage-backed securities
Commercial		512,388		-		37,875		(183)		550,080
Agency residential		937,166		-		28,630		(696)		965,100
Non-agency residential		3,164		-		2		(2)		3,164
Foreign government securities		694,132		-		51,317		(3,211)		742,238
Foreign corporate securities		1,130,865		(361)		73,265		(3,903)		1,199,866
Total fixed maturity securities	$	10,248,650	$	(1,566)	$	442,433	$	(45,952)	$	10,643,565

The amortized cost and market value of fixed maturity securities are shown in the following tables by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

	At March 31, 2021				At December 31, 2020
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	710,217	$	715,721	$	658,561	$	659,622
Due after one year through five years		2,970,305		3,077,551		2,911,285		3,036,151
Due after five years through ten years		2,348,514		2,421,105		1,927,265		2,079,866
Due after ten years		748,796		760,816		848,014		875,412
Asset-backed securities		2,471,769		2,490,103		2,450,807		2,474,170
Mortgage-backed securities
Commercial		554,472		572,590		512,388		550,080
Agency residential		989,178		1,005,851		937,166		965,100
Non-agency residential		6,262		6,264		3,164		3,164
Total fixed maturity securities	$	10,799,513	$	11,050,001	$	10,248,650	$	10,643,565

The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods as indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	(137,150)	$	(188,407)
Change in unrealized appreciation (depreciation), pre-tax		(137,150)		(188,407)
Deferred tax benefit (expense)		28,782		38,769
Change in unrealized appreciation (depreciation),  net of deferred taxes, included in stockholder's equity	$	(108,368)	$	(149,638)

The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in market value. Non-credit related declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. The Company will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss).

The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time.

Prior to the adoption of ASU 2016-13 effective January 1, 2020, estimated credit losses were recorded as adjustments to the carrying value of the security and any subsequent improvement in market value were recorded through other comprehensive income.

The Company’s assessments are based on the issuers’ current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts.

Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company’s asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at March 31, 2021 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	$	38,242	$	(167)	$	-	$	-	$	38,242	$	(167)
Obligations of U.S. states and  political subdivisions		56,822		(1,710)		12,079		(1,031)		68,901		(2,741)
Corporate securities		790,015		(24,012)		187,655		(17,872)		977,670		(41,884)
Asset-backed securities		240,987		(1,749)		22,773		(461)		263,760		(2,210)
Mortgage-backed securities
Commercial		120,334		(5,158)		-		-		120,334		(5,158)
Agency residential		529,830		(8,000)		12,012		(153)		541,842		(8,153)
Non-agency residential		3,529		-		156		(2)		3,685		(2)
Foreign government securities		69,597		(1,550)		22,968		(2,515)		92,565		(4,065)
Foreign corporate securities		248,667		(5,705)		14,374		(1,507)		263,041		(7,212)
Total fixed maturity securities	$	2,098,023	$	(48,051)	$	272,017	$	(23,541)	$	2,370,040	$	(71,592)

	Duration of Unrealized Loss at March 31, 2021 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	$	45,431	$	(823)	$	27,415	$	(3,064)	$	72,846	$	(3,887)
Due in one year through five years		434,857		(7,796)		112,809		(3,662)		547,666		(11,458)
Due in five years through ten years		544,227		(18,240)		9,671		(658)		553,898		(18,898)
Due after ten years		178,828		(6,285)		87,181		(15,541)		266,009		(21,826)
Asset-backed securities		240,987		(1,749)		22,773		(461)		263,760		(2,210)
Mortgage-backed securities		653,693		(13,158)		12,168		(155)		665,861		(13,313)
Total fixed maturity securities	$	2,098,023	$	(48,051)	$	272,017	$	(23,541)	$	2,370,040	$	(71,592)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2021 were $2,370,040 thousand and $71,592 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2021, did not exceed 0.2% of the overall market value of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector.The $48,051 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities as well as commercial and agency residential mortgage backed securities. Of these unrealized losses, $42,125 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $23,541 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities as well as foreign government securities. Of these unrealized losses $5,374 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments.

The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

	Duration of Unrealized Loss at December 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
Obligations of U.S. states and  political subdivisions		19,524		(999)		4,059		(256)		23,583		(1,255)
Corporate securities		240,601		(7,799)		188,853		(23,681)		429,454		(31,480)
Asset-backed securities		223,919		(4,573)		81,952		(649)		305,871		(5,222)
Mortgage-backed securities
Commercial		37,414		(182)		3,983		(1)		41,397		(183)
Agency residential		235,809		(682)		1,573		(14)		237,382		(696)
Non-agency residential		161		(2)		-		-		161		(2)
Foreign government securities		10,505		(373)		25,793		(2,838)		36,298		(3,211)
Foreign corporate securities		57,900		(2,182)		18,349		(1,721)		76,249		(3,903)
Total fixed maturity securities	$	825,833	$	(16,792)	$	324,562	$	(29,160)	$	1,150,395	$	(45,952)

	Duration of Unrealized Loss at December 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	$	28,802	$	(1,218)	$	34,555	$	(4,142)	$	63,357	$	(5,360)
Due in one year through five years		150,106		(5,828)		116,987		(4,783)		267,093		(10,611)
Due in five years through ten years		81,492		(1,634)		13,118		(435)		94,610		(2,069)
Due after ten years		68,130		(2,673)		72,394		(19,136)		140,524		(21,809)
Asset-backed securities		223,919		(4,573)		81,952		(649)		305,871		(5,222)
Mortgage-backed securities		273,384		(866)		5,556		(15)		278,940		(881)
Total fixed maturity securities	$	825,833	$	(16,792)	$	324,562	$	(29,160)	$	1,150,395	$	(45,952)

The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2020 were $1,150,395 thousand and $45,952 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2020, did not exceed 0.2% of the overall market value of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $16,792 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities as well as asset backed securities. Of these unrealized losses, $12,522 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $29,160 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities and foreign government securities. Of these unrealized losses $5,856 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no gross unrealized depreciation for mortgage-backed securities related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.

The components of net investment income are presented in the tables below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Fixed maturities	$	85,121	$	74,088
Equity securities		2,923		1,592
Short-term investments and cash		153		1,570
Other invested assets
Limited partnerships		52,151		6,996
Dividends from preferred shares of affiliate		7,758		7,758
Other		6,019		(13,072)
Gross investment income before adjustments		154,125		78,932
Funds held interest income (expense)		3,489		3,257
Interest income from Parent		1,268		1,282
Gross investment income		158,882		83,471
Investment expenses		(11,159)		(9,270)
Net investment income	$	147,723	$	74,201
(Some amounts may not reconcile due to rounding.)

The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.

The Company had contractual commitments to invest up to an additional $1,025,888 thousand in limited partnerships and private placement loans at March 31, 2021.These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026.

The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of March 31, 2021, the market value of investments in the facility consolidated within the Company’s balance sheets was $409,481 thousand.

Other invested assets, at fair value, as of March 31, 2021 and December 31, 2020, were comprised of preferred shares held in Preferred Holdings, an affiliated company.

The components of net realized capital gains (losses) are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Fixed maturity securities, market value:
Allowances for credit losses	$	(7,142)	$	(12,099)
Gains (losses) from sales		3,927		(20,937)
Fixed maturity securities, fair value:
Gains (losses) from fair value adjustments		-		(1,123)
Equity securities, fair value:
Gains (losses) from sales		6,238		(27,602)
Gains (losses) from fair value adjustments		37,551		(121,669)
Other invested assets		1,346		(2,327)
Other invested assets, fair value:
Gains (losses) from fair value adjustments		93,078		442,479
Short-term investment gains (losses)		13		145
Total net realized capital gains (losses)	$	135,011	$	256,867

	Roll Forward of Allowance for Credit Losses
	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
			Asset		Foreign						Asset		Foreign
	Corporate		Backed		Corporate				Corporate		Backed		Corporate
	Securities		Securities		Securities		Total		Securities		Securities		Securities		Total
Beginning Balance	$	(1,205)	$	-	$	(361)	$	(1,566)	$	-	$	-	$	-	$	-
Credit losses on securities where credit
losses were not previously recorded		(2,383)		(4,915)		-		(7,298)		(11,468)		(70)		(561)		(12,099)
Increases in allowance on previously
impaired securities		-		-		-		-		-		-		-		-
Decreases in allowance on previously
impaired securities		-		-		-		-		-		-		-		-
Reduction in allowance due to disposals		-		-		156		156		-		-		-		-
Balance as of March 31	$	(3,588)	$	(4,915)	$	(205)	$	(8,708)	$	(11,468)	$	(70)	$	(561)	$	(12,099)

The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) fair value re-measurements, allowances for credit losses per ASU 2016-13 and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis in prior years as displayed in the table above.

The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Proceeds from sales of fixed maturity securities	$	492,943	$	164,244
Gross gains from sales		6,349		1,846
Gross losses from sales		(2,422)		(22,783)
Proceeds from sales of equity securities	$	281,313	$	204,161
Gross gains from sales		12,304		2,581
Gross losses from sales		(6,066)		(30,183)

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Reserves For Losses And LAE

3 Months Ended

Mar. 31, 2021

Reserves For Losses And LAE [Abstract]

Reserves For Losses And LAE

4. RESERVES FOR LOSSES AND LAE

Activity in the reserve for losses and LAE is summarized for the periods indicated:

	Three Months Ended March 31,
(Dollars in thousands)		2021		2020
Gross reserves beginning of period	$	11,654,950	$	10,209,519
Less reinsurance recoverables		(3,951,474)		(4,215,348)
Net reserves beginning of period		7,703,476		5,994,171
Incurred related to:
Current year		1,338,891		1,026,442
Prior years		15,193		3,071
Total incurred losses and LAE		1,354,084		1,029,513
Paid related to:
Current year		168,423		138,778
Prior years		527,470		593,482
Total paid losses and LAE		695,893		732,260
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13		(6,819)		(36,673)
Net reserves end of period		8,354,848		6,254,751
Plus reinsurance recoverables		3,829,356		4,016,471
Gross reserves end of period	$	12,184,204	$	10,271,222
(Some amounts may not reconcile due to rounding.)

Current year incurred losses were $1,338,891 thousand forthe three months ended March 31, 2021 and $1,026,442 thousand for the three months ended March 31, 2020, respectively. The increase in current year incurred losses in 2021 compared to 2020 was primarily due to a $230,500 thousandincrease in current year catastrophe losses as well as the impact of the increase in premiums earned.

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Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value [Abstract]

Fair Value

5. FAIR VALUE

GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.

The levels in the hierarchy are defined as follows:

Level 1:

Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;

Level 2:

Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;

Level 3:

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers managing publicly traded securities obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.

In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. At March 31, 2021, $1,424,851thousand of fixed maturities, market value were fair valued using unobservable inputs.The majority of the fixed maturities, market value, were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third party valuations. At December 31, 2020, $1,259,576 thousand of fixed maturities, market value were fair valued using unobservable inputs.

The Company internally manages a public equity portfolio which had a fair value at March 31, 2021 and December 31, 2020 of $912,126 thousand and $784,746 thousand, respectively, and all prices were obtained from publicly published sources.

Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by nationally recognized sources.

All categories of fixed maturity securities listed in the tables below are generally categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.

The fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services.

The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:

U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;

Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;

Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;

Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source;

Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source.

Other invested assets, at fair value, were categorized as Level 3 at March 31, 2021 and December 31, 2020, since it represented a privately placed convertible preferred stock issued by an affiliate. The stock was received in exchange for shares of the Company’s parent. The 25 year redeemable, convertible preferred stock with a 1.75% coupon is valued using a pricing model. The pricing model includes observable inputs such as the U.S. Treasury yield curve rate T note constant maturity 10 year and the swap rate on the Company’s June 1, 2044, 4.868% senior notes, with adjustments to reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset.

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated:

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	March 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	638,843	$	-	$	638,843	$	-
Obligations of U.S. States and political subdivisions		595,048		-		595,048		-
Corporate securities		3,729,429		-		3,095,536		633,893
Asset-backed securities		2,490,103		-		1,704,743		785,360
Mortgage-backed securities
Commercial		572,590		-		572,590		-
Agency residential		1,005,851		-		1,005,851		-
Non-agency residential		6,264		-		6,264		-
Foreign government securities		769,289		-		769,289		-
Foreign corporate securities		1,242,584		-		1,236,986		5,598
Total fixed maturities, market value		11,050,001		-		9,625,150		1,424,851
Equity securities, fair value		1,226,120		1,191,064		35,056		-
Other invested assets, fair value		1,889,558		-		-		1,889,558

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated.

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	681,989	$	-	$	681,989	$	-
Obligations of U.S. States and political subdivisions		577,046		-		577,046		-
Corporate securities		3,449,912		-		2,819,068		630,844
Asset-backed securities		2,474,170		-		1,851,137		623,033
Mortgage-backed securities
Commercial		550,080		-		550,080		-
Agency residential		965,100		-		965,100		-
Non-agency residential		3,164		-		3,164		-
Foreign government securities		742,238		-		742,238		-
Foreign corporate securities		1,199,866		-		1,194,167		5,699
Total fixed maturities, market value		10,643,565		-		9,383,989		1,259,576
Equity securities, fair value		1,288,767		1,222,158		66,609		-
Other invested assets, fair value		1,796,479		-		-		1,796,479

In addition, $240,892 thousand and $224,698thousand of investments within other invested assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical expedient to determine fair value.

The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated:

	Total Fixed Maturities, Market Value
	Three Months Ended March 31, 2021
	Corporate		Asset		Foreign
(Dollars in thousands)	Securities		Backed Securities		Corporate		Total
Beginning balance	$	630,843	$	623,033	$	5,700	$	1,259,576
Total gains or (losses) (realized/unrealized)
Included in earnings		(1,788)		(4,168)		2		(5,954)
Included in other comprehensive  income (loss)		2,835		(3,135)		49		(251)
Purchases, issuances and settlements		2,003		169,630		(153)		171,480
Transfers in and/or (out) of Level 3		-		-		-		-
Ending balance	$	633,893	$	785,360	$	5,598	$	1,424,851
The amount of total gains or losses for the  period included in earnings (or changes in  net assets) attributable to the change in  unrealized gains or losses relating to  assets still held at the reporting date	$	-	$	-	$	-	$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Market Value
	Three Months Ended March 31, 2020
	Corporate		Asset		Foreign
(Dollars in thousands)	Securities		Backed Securities		Corporate		Total
Beginning balance	$	546,939	$	153,641	$	1,751	$	702,331
Total gains or (losses) (realized/unrealized)
Included in earnings		(214)		4		-		(210)
Included in other comprehensive income (loss)		(3,357)		(15,882)		-		(19,239)
Purchases, issuances and settlements		99,064		100,868		(1,751)		198,181
Transfers in and/or (out) of Level 3		-		-		-		-
Ending balance	$	642,432	$	238,631	$	-	$	881,063
The amount of total gains or losses for the  period included in earnings (or changes in  net assets) attributable to the change in  unrealized gains or losses relating to  assets still held at the reporting date	$	(539)	$	-	$	-	$	(539)
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2021
	Foreign
(Dollars in thousands)	Corporate		Total
Beginning balance fixed maturities at fair value	$	-	$	-
Total gains or (losses) (realized/unrealized)
Included in earnings		-		-
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	-	$	-
The amount of total gains or losses for the period  included in earnings (or changes in net assets)  attributable to the change in unrealized gains or  losses relating to assets still held at the  reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2020
	Foreign
(Dollars in thousands)	Corporate		Total
Beginning balance fixed maturities at fair value	$	5,826	$	5,826
Total gains or (losses) (realized/unrealized)
Included in earnings		(1,123)		(1,123)
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	4,703	$	4,703
The amount of total gains or losses for the period  included in earnings (or changes in net assets)  attributable to the change in unrealized gains or  losses relating to assets still held at the  reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by other invested assets, for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Other invested assets, fair value:
Beginning balance	$	1,796,479	$	1,982,582
Total gains or (losses) (realized/unrealized)
Included in earnings		93,079		442,479
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	1,889,558	$	2,425,061
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies [Abstract]

Commitments And Contingencies

6. COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses.

Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.

The Company has entered into separate annuity agreements with The Prudential Insurance Company of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract.

The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated:

	At March 31, 2021		At December 31, 2020
(Dollars in thousands)
The Prudential	$	139,981	$	140,773
Unaffiliated life insurance company		32,835		35,128

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Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Comprehensive Income (Loss) [Abstract]

Comprehensive Income (Loss)

7. COMPREHENSIVE INCOME (LOSS)

The following tables present the components of comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended March 31, 2021
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related temporary	$	(139,019)		29,161	$	(109,858)
Reclassification of net realized losses (gains) included in net income (loss)		1,870		(379)		1,490
Foreign currency translation adjustments		2,856		(594)		2,262
Reclassification of amortization of net gain (loss) included in net income (loss)		2,586		(543)		2,043
Total other comprehensive income (loss)	$	(131,708)	$	27,645	$	(104,063)
(Some amounts may not reconcile due to rounding)

	Three Months Ended March 31, 2020
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary	$	(223,770)	$	46,246	$	(177,524)
Reclassification of net realized losses (gains) included in net income (loss)		35,364		(7,478)		27,886
Foreign currency translation adjustments		(37,532)		7,899		(29,633)
Reclassification of amortization of net gain (loss) included in net income (loss)		1,165		(245)		920
Total other comprehensive income (loss)	$	(224,773)	$	46,422	$	(178,351)
(Some amounts may not reconcile due to rounding)

The following table presents details of the amounts reclassified from AOCI for the periods indicated:

	Three Months Ended				Affected line item within the
	March 31,				statements of operations and
AOCI component	2021		2020		comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	1,870	$	35,364	Other net realized capital gains (losses)
		(379)		(7,478)	Income tax expense (benefit)
	$	1,490	$	27,886	Net income (loss)
Benefit plan net gain (loss)	$	2,586	$	1,165	Other underwriting expenses
		(543)		(245)	Income tax expense (benefit)
	$	2,043	$	920	Net income (loss)
(Some amounts may not reconcile due to rounding)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Beginning balance of URA (D) on securities	$	313,161	$	124,612
Current period change in URA (D) of investments - non-credit related		(108,368)		(149,638)
Ending balance of URA (D) on securities		204,793		(25,025)
Beginning balance of foreign currency translation adjustments		28,727		14,267
Current period change in foreign currency translation adjustments		2,262		(29,633)
Ending balance of foreign currency translation adjustments		30,989		(15,367)
Beginning balance of benefit plan net gain (loss)		(73,870)		(74,556)
Current period change in benefit plan net gain (loss)		2,043		920
Ending balance of benefit plan net gain (loss)		(71,827)		(73,635)
Ending balance of accumulated other comprehensive income (loss)	$	163,955	$	(114,027)

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Collateralized Reinsurance And Trust Agreements

3 Months Ended

Mar. 31, 2021

Collateralized Reinsurance And Trust Agreements [Abstract]

Collateralized Reinsurance And Trust Agreements

8. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS

A subsidiary of the Company, Everest Re, has established a trust agreement, which effectively uses Everest Re’s investments as collateral, as security for assumed losses payable to non-affiliated ceding companies. At March 31, 2021, the total amount on deposit in the trust account was $928,624 thousand.

On December 1, 2015, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first agreement provides up to $300,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The second agreement provides up to $325,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. These reinsurance agreements expired in December 2020.

On April 13, 2017, the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with annual aggregate catastrophe reinsurance coverage. The initial three agreements are four year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $225,000 thousand, $400,000 thousand and $325,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $50,000 thousand, $75,000 thousand and $175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada.

On April 30, 2018, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $62,500 thousand and $200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $62,500 thousand and $200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.

On December 12, 2019, the Company entered into four collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first two agreements are four year reinsurance contracts which provide up to $150,000 thousand and $275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $150,000 thousand and $275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United State, Puerto Rico, the U.S. Virgin Islands and Canada.

On April 8, 2021, the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first three agreements are four year reinsurance contracts which provide up to $150,000 thousand, $85,000 thousand and $85,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining three agreements are five year reinsurance contracts which provide up to $150,000 thousand, $90,000 thousand and $90,000thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada.

Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the published insured loss estimates for catastrophe events during the applicable covered periods of the various agreements have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery.

Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On December 1, 2015, Kilimanjaro issued $625,000 thousand of notes (“Series 2015-1 Notes). The $625,000 thousand of Series 2015-1 Notes were fully redeemed and are no longer outstanding. On April 13, 2017, Kilimanjaro issued $950,000 thousand of notes (“Series 2017-1 Notes) and $300,000 thousand of notes (“Series 2017-2 Notes). On April 30, 2018, Kilimanjaro issued $262,500 thousand of notes (“Series 2018-1 Notes”) and $262,500 thousand of notes (“Series 2018-2 Notes”). On December 12, 2019 Kilimanjaro issued $425,000 thousand of notes (“Series 2019-1 Notes”) and $425,000 thousand of notes (“Series 2019-2 Notes’”). On April 8, 2021 Kilimanjaro issued $320,000 thousand of notes (“Series 2021-1 Notes”) and $330,000 thousand of notes (“Series 2021-2 Notes”). The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s.

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Senior Notes

3 Months Ended

Mar. 31, 2021

Senior Notes [Abstract]

Senior Notes

9. SENIOR NOTES

The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

				March 31, 2021				December 31, 2020
				Consolidated				Consolidated
			Principal	Balance Sheet		Market		Balance Sheet		Market
(Dollars in thousands)	Date Issued	Date Due	Amounts	Amount		Value		Amount		Value
4.868% Senior notes	06/05/2014	06/01/2044	400,000	$	397,224	$	479,616	$	397,194	$	528,000
3.5% Senior notes	10/07/2020	10/15/2050	1,000,000	$	979,654	$	976,480	$	979,524	$	1,138,100

On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year.

On October 7, 2020, Holdings issued $1,000,000 thousand of 30 year senior notes an interest coupon rate of 3.5% which will mature on October 15, 2050. Interest will be paid semi-annually on April 15th and October 15th of each year.

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Interest expense incurred 4.868% Senior Notes	$	4,868	$	4,868
Interest expense incurred 3.5% Senior Notes	$	8,805	$	-

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Long Term Subordinated Notes

3 Months Ended

Mar. 31, 2021

Long Term Subordinated Notes [Abstract]

Long Term Subordinated Notes

10. LONG TERM SUBORDINATED NOTES

The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy.

March 31, 2021

December 31, 2020

Original

Consolidated

Consolidated

Principal

Maturity Date

Balance

Market

Balance

Market

(Dollars in thousands)

Date Issued

Amount

Scheduled

Final

Sheet Amount

Value

Sheet Amount

Value

Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

223,699

$

207,648

$

223,674

$

206,447

During the fixed rate interest period from May 3, 2007through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for February 16, 2021 to May 16, 2021 is 2.58%.

Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes.

The Company repurchased and retired $0 thousand and $1,700 thousand of its outstanding long term subordinated notes during the three months ended March 31, 2021 and 2020, respectively. The Company realized a gain of $0 thousand and $502 thousand from the repurchase of the long term subordinated notes during the three months ended March 31, 2021 and 2020, respectively.

On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand. In addition, during 2020, the Company repurchased and retired $13,183 thousand of these notes.

Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Interest expense incurred	$	1,462	$	2,538

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Federal Home Loan Bank Membership

3 Months Ended

Mar. 31, 2021

Federal Home Loan Bank Membership [Abstract]

Federal Home Loan Bank Membership

11. FEDERAL HOME LOAN BANK MEMBERSHIP

Effective August 15, 2019, Everest Reinsurance Company (“Everest Re”) became a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of March 31, 2021, Everest Re had admitted assets of approximately $17,280,068 thousand which provides borrowing capacity of up to approximately $1,728,007 thousand.

During 2020, Everest Re borrowed $400,000 thousand under its FHLBNY capacity. The borrowings have interest payable at an interest rate of 0.35%. As of March 31, 2021, $310,000 of these borrowings remain outstanding, with maturities in November and December 2021. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock.

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Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

12. SEGMENT REPORTING

The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States as well as through branches in Canada and Singapore. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the United States.

These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results.

Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.

The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data.

The following tables present the underwriting results for the operating segments for the periods indicated:

	Three Months Ended
Reinsurance	March 31,
(Dollars in thousands)	2021		2020
Gross written premiums	$	1,420,082	$	1,308,194
Net written premiums		1,208,813		1,114,235
Premiums earned	$	1,177,170	$	1,007,034
Incurred losses and LAE		970,318		682,707
Commission and brokerage		290,556		260,901
Other underwriting expenses		36,289		29,847
Underwriting gain (loss)	$	(119,994)	$	33,579

	Three Months Ended
Insurance	March 31,
(Dollars in thousands)	2021		2020
Gross written premiums	$	713,252	$	666,771
Net written premiums		556,530		524,474
Premiums earned	$	519,730	$	486,970
Incurred losses and LAE		383,766		346,805
Commission and brokerage		59,298		62,203
Other underwriting expenses		73,505		71,361
Underwriting gain (loss)	$	3,161	$	6,601

The following table reconciles the underwriting results for the operating segments to income (loss) before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Underwriting gain (loss)	$	(116,833)	$	40,180
Net investment income		147,723		74,201
Net realized capital gains (losses)		135,011		256,867
Corporate expense		(4,581)		(3,721)
Interest, fee and bond issue cost amortization expense		(15,534)		(7,460)
Other income (expense)		3,979		(4,498)
Income (loss) before taxes	$	149,765	$	355,569

The Company produces business in the U.S. and internationally. The net income deriving from assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated:

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Canada gross written premiums	$	34,330	$	63,637

No other country represented more than 5% of the Company’s revenues.

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Related-Party Transactions

3 Months Ended

Mar. 31, 2021

Related-Party Transactions [Abstract]

Related-Party Transactions

13. RELATED-PARTY TRANSACTIONS

Parent

Group entered into a $300,000 thousand long term note agreement with Everest Re as of December 17, 2019. The note will pay interest annually at a rate of 1.69% and is scheduled to mature in December, 2028. This transaction is presented as a Note Receivable – Affiliated in the Consolidated Balance Sheet of Holdings. The Company recognized interest income related to this long term note of $1,268 thousand and $1,282 thousand for the three months ended March 31, 2021 and 2020, respectively.

Group’s Board of Directors approved an amended share repurchase program authorizing Group and/or its subsidiary Holdings to purchase Group’s common shares through open market transactions, privately negotiated transactions or both. The table below represents the amendments to the share repurchase program for the common shares approved for repurchase.

	Common
	Shares
	Authorized for
Amendment Date	Repurchase
(Dollars in thousands)
09/21/2004	5,000,000
07/21/2008	5,000,000
02/24/2010	5,000,000
02/22/2012	5,000,000
05/15/2013	5,000,000
11/19/2014	5,000,000
05/22/2020	2,000,000
	32,000,000

Holdings had purchased and held 9,719,971 Common Shares of Group, which were purchased in the open market between February 2007 and March 2011.

In December, 2015, Holdings transferred the 9,719,971 Common Shares of Group, which it held as other invested assets, at fair value, valued at $1,773,214 thousand, to Preferred Holdings, an affiliated entity and subsidiary of Group, in exchange for 1,773.214 preferred shares of Preferred Holdings with a $1,000 thousand par value and 1.75% annual dividend rate. After the exchange, Holdings no longer holds any shares or has any ownership interest in Group.

Holdings has reported the preferred shares in Preferred Holdings, as other invested assets, fair value, in the consolidated balance sheets with changes in fair value re-measurement recorded in net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss). The following table presents the dividends received on the preferred shares of Preferred Holdings and on the Parent shares that are reported as net investment income in the consolidated statements of operations and comprehensive income (loss) for the period indicated.

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Dividends received on preferred stock of affiliate	$	7,758	$	7,758

Affiliates

The Company has engaged in reinsurance transactions with Bermuda Re, Everest International Reinsurance Ltd. (“Everest International”), Mt. Logan Re, Everest Insurance Company of Canada (“Everest Canada”) and Lloyd’s Syndicate 2786, which are affiliated companies primarily driven by enterprise risk and capital management considerations under which business is ceded at market rates and terms.

The table below represents affiliated quota share reinsurance agreements ("whole account quota share") for all new and renewal business for the indicated coverage period:

(Dollars in thousands)
						Single
		Percent		Assuming		Occurrence		Aggregate
Coverage Period	Ceding Company	Ceded		Company	Type of Business	Limit		Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	property / casualty business	150,000		325,000
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	property / casualty business	150,000		300,000
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	property / casualty business	100,000		200,000
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	property / casualty business	162,500		325,000
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	property / casualty business	219,000		438,000
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350,000	(1)	-
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350,000	(1)	-
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	206,250	(1)	412,500	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	150,000	(1)	412,500	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	262,500	(1)	412,500	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re-   Canadian Branch	property business	-		-
01/01/2020	Everest International Assurance	100.0	%	Bermuda Re	life business	-		-
(1) Amounts shown are Canadian dollars.

Effective January 1, 2018, Everest Re entered into a twelve month whole account aggregate stop loss reinsurance contract (“stop loss agreement”) with Bermuda Re. The stop loss agreement provides coverage for ultimate net losses on applicable net earned premiums above a retention level, subject to certain other coverage limits and conditions. The stop loss agreement was most recently renewed effective January 1, 2021.

In addition, Everest Re entered into a property catastrophe excess of loss reinsurance contract with Bermuda Re, effective January 1, 2019. The contract provides $100,000 thousand of reinsurance coverage for property catastrophe losses above certain attachment points. This agreement expired on December 31, 2019 and was not renewed.

The table below represents loss portfolio transfer (“LPT”) reinsurance agreements whereby net insurance exposures and reserves were transferred to an affiliate.

(Dollars in thousands)
Effective	Transferring	Assuming		% of Business or		Covered Period
Date	Company	Company		Amount of Transfer		of Transfer
10/01/2001	Everest Re (Belgium Branch)	Bermuda Re		100	%	All years
10/01/2008	Everest Re	Bermuda Re	$	747,022		01/01/2002-12/31/2007
12/31/2017	Everest Re	Bermuda Re	$	970,000		All years

On December 31, 2017, the Company entered into a LPT agreement with Bermuda Re. The LPT agreement covers subject loss reserves of $2,336,242 thousand for accident years 2017 and prior. As a result of the LPT agreement, the Company transferred $1,000,000 thousand of cash and fixed maturity securities and transferred $970,000 thousand of loss reserves to Bermuda Re. As part of the LPT agreement, Bermuda Re will provide an additional $500,000 thousand of adverse development coverage on the subject loss reserves.

The following tables summarize the premiums and losses ceded by the Company to Bermuda Re and Everest International, respectively, and premiums and losses assumed by the Company from Everest Canada and Lloyd’s syndicate 2786 for the periods indicated:

	Three Months Ended
Bermuda Re	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	70,798	$	30,500
Ceded earned premiums		70,877		30,500
Ceded losses and LAE		(30,150)		(22,159)

	Three Months Ended
Everest International	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	-	$	-
Ceded earned premiums		-		-
Ceded losses and LAE		-		22

	Three Months Ended
Everest Canada	March 31,
(Dollars in thousands)	2021		2020
Assumed written premiums	$	-	$	236
Assumed earned premiums		-		39
Assumed losses and LAE		59		1,598

	Three Months Ended
Lloyd's Syndicate 2786	March 31,
(Dollars in thousands)	2021		2020
Assumed written premiums	$	599	$	(3,031)
Assumed earned premiums		529		(2,822)
Assumed losses and LAE		(1,582)		814

The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

	Three Months Ended
Mt. Logan Re Segregated Accounts	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	81,371	$	95,350
Ceded earned premiums		65,988		79,855
Ceded losses and LAE		72,994		37,465
Assumed written premiums		-		-
Assumed earned premiums		-		-
Assumed losses and LAE		-		-

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Retirement Benefits

3 Months Ended

Mar. 31, 2021

Employee Benefit Plans [Abstract]

Employee Benefit Plans

14.  RETIREMENT BENEFITS

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits.

Net periodic benefit cost for U.S. employees included the following components for the periods indicated:

Pension Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Service cost	$	2,738	$	4,011
Interest cost		1,999		2,483
Expected return on plan assets		(5,580)		(5,197)
Amortization of net (income) loss		2,730		1,213
Net periodic benefit cost	$	1,887	$	2,510

Other Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Service cost	$	281	$	141
Interest cost		181		215
Amortization of prior service cost		(144)		(48)
Net periodic benefit cost	$	318	$	308
(Some amounts may not reconcile due to rounding.)

The service cost component of net periodic benefit costs is included within other underwriting expenses on the consolidated statement of operations and comprehensive income (loss). In accordance with ASU 2017-07, other staff compensation costs are also primarily recorded within this line item.

The Company did not make any contributions to the qualified pension benefit plan for the three months ended March 31, 2021 and 2020, respectively.

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Taxes [Abstract]

Income Taxes

15.INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with significant branches in Canada and Singapore. The Company’s non-U.S. branches are subject to income taxation at varying rates in their respective domiciles.

The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annual effective tax rate approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/loss to determine the income tax expense or benefit for the year-to-date period.  The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income/loss and effective tax rate.

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Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

16. SUBSEQUENT EVENTS

The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report.

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Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

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

	At March 31, 2021
	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	$	622,352	$	-	$	16,658	$	(167)	$	638,843
Obligations of U.S. states and political  subdivisions		565,697		-		32,092		(2,741)		595,048
Corporate securities		3,660,209		(3,588)		114,692		(41,884)		3,729,429
Asset-backed securities		2,471,769		(4,915)		25,459		(2,210)		2,490,103
Mortgage-backed securities
Commercial		554,472		-		23,276		(5,158)		572,590
Agency residential		989,178		-		24,826		(8,153)		1,005,851
Non-agency residential		6,262		-		4		(2)		6,264
Foreign government securities		734,630		-		38,724		(4,065)		769,289
Foreign corporate securities		1,194,944		(205)		55,057		(7,212)		1,242,584
Total fixed maturity securities	$	10,799,513	$	(8,708)	$	330,788	$	(71,592)	$	11,050,001

	At December 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	$	659,957	$	-	$	22,032	$	-	$	681,989
Obligations of U.S. states and political  subdivisions		543,646		-		34,655		(1,255)		577,046
Corporate securities		3,316,525		(1,205)		166,072		(31,480)		3,449,912
Asset-backed securities		2,450,807		-		28,585		(5,222)		2,474,170
Mortgage-backed securities
Commercial		512,388		-		37,875		(183)		550,080
Agency residential		937,166		-		28,630		(696)		965,100
Non-agency residential		3,164		-		2		(2)		3,164
Foreign government securities		694,132		-		51,317		(3,211)		742,238
Foreign corporate securities		1,130,865		(361)		73,265		(3,903)		1,199,866
Total fixed maturity securities	$	10,248,650	$	(1,566)	$	442,433	$	(45,952)	$	10,643,565

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

	At March 31, 2021				At December 31, 2020
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale
Due in one year or less	$	710,217	$	715,721	$	658,561	$	659,622
Due after one year through five years		2,970,305		3,077,551		2,911,285		3,036,151
Due after five years through ten years		2,348,514		2,421,105		1,927,265		2,079,866
Due after ten years		748,796		760,816		848,014		875,412
Asset-backed securities		2,471,769		2,490,103		2,450,807		2,474,170
Mortgage-backed securities
Commercial		554,472		572,590		512,388		550,080
Agency residential		989,178		1,005,851		937,166		965,100
Non-agency residential		6,262		6,264		3,164		3,164
Total fixed maturity securities	$	10,799,513	$	11,050,001	$	10,248,650	$	10,643,565

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

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	(137,150)	$	(188,407)
Change in unrealized appreciation (depreciation), pre-tax		(137,150)		(188,407)
Deferred tax benefit (expense)		28,782		38,769
Change in unrealized appreciation (depreciation),  net of deferred taxes, included in stockholder's equity	$	(108,368)	$	(149,638)

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, 2021 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	$	38,242	$	(167)	$	-	$	-	$	38,242	$	(167)
Obligations of U.S. states and  political subdivisions		56,822		(1,710)		12,079		(1,031)		68,901		(2,741)
Corporate securities		790,015		(24,012)		187,655		(17,872)		977,670		(41,884)
Asset-backed securities		240,987		(1,749)		22,773		(461)		263,760		(2,210)
Mortgage-backed securities
Commercial		120,334		(5,158)		-		-		120,334		(5,158)
Agency residential		529,830		(8,000)		12,012		(153)		541,842		(8,153)
Non-agency residential		3,529		-		156		(2)		3,685		(2)
Foreign government securities		69,597		(1,550)		22,968		(2,515)		92,565		(4,065)
Foreign corporate securities		248,667		(5,705)		14,374		(1,507)		263,041		(7,212)
Total fixed maturity securities	$	2,098,023	$	(48,051)	$	272,017	$	(23,541)	$	2,370,040	$	(71,592)

	Duration of Unrealized Loss at December 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
Obligations of U.S. states and  political subdivisions		19,524		(999)		4,059		(256)		23,583		(1,255)
Corporate securities		240,601		(7,799)		188,853		(23,681)		429,454		(31,480)
Asset-backed securities		223,919		(4,573)		81,952		(649)		305,871		(5,222)
Mortgage-backed securities
Commercial		37,414		(182)		3,983		(1)		41,397		(183)
Agency residential		235,809		(682)		1,573		(14)		237,382		(696)
Non-agency residential		161		(2)		-		-		161		(2)
Foreign government securities		10,505		(373)		25,793		(2,838)		36,298		(3,211)
Foreign corporate securities		57,900		(2,182)		18,349		(1,721)		76,249		(3,903)
Total fixed maturity securities	$	825,833	$	(16,792)	$	324,562	$	(29,160)	$	1,150,395	$	(45,952)

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, 2021 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	$	45,431	$	(823)	$	27,415	$	(3,064)	$	72,846	$	(3,887)
Due in one year through five years		434,857		(7,796)		112,809		(3,662)		547,666		(11,458)
Due in five years through ten years		544,227		(18,240)		9,671		(658)		553,898		(18,898)
Due after ten years		178,828		(6,285)		87,181		(15,541)		266,009		(21,826)
Asset-backed securities		240,987		(1,749)		22,773		(461)		263,760		(2,210)
Mortgage-backed securities		653,693		(13,158)		12,168		(155)		665,861		(13,313)
Total fixed maturity securities	$	2,098,023	$	(48,051)	$	272,017	$	(23,541)	$	2,370,040	$	(71,592)

	Duration of Unrealized Loss at December 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	$	28,802	$	(1,218)	$	34,555	$	(4,142)	$	63,357	$	(5,360)
Due in one year through five years		150,106		(5,828)		116,987		(4,783)		267,093		(10,611)
Due in five years through ten years		81,492		(1,634)		13,118		(435)		94,610		(2,069)
Due after ten years		68,130		(2,673)		72,394		(19,136)		140,524		(21,809)
Asset-backed securities		223,919		(4,573)		81,952		(649)		305,871		(5,222)
Mortgage-backed securities		273,384		(866)		5,556		(15)		278,940		(881)
Total fixed maturity securities	$	825,833	$	(16,792)	$	324,562	$	(29,160)	$	1,150,395	$	(45,952)

Summary Of Components Of Net Investment Income

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Fixed maturities	$	85,121	$	74,088
Equity securities		2,923		1,592
Short-term investments and cash		153		1,570
Other invested assets
Limited partnerships		52,151		6,996
Dividends from preferred shares of affiliate		7,758		7,758
Other		6,019		(13,072)
Gross investment income before adjustments		154,125		78,932
Funds held interest income (expense)		3,489		3,257
Interest income from Parent		1,268		1,282
Gross investment income		158,882		83,471
Investment expenses		(11,159)		(9,270)
Net investment income	$	147,723	$	74,201
(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)	2021		2020
Fixed maturity securities, market value:
Allowances for credit losses	$	(7,142)	$	(12,099)
Gains (losses) from sales		3,927		(20,937)
Fixed maturity securities, fair value:
Gains (losses) from fair value adjustments		-		(1,123)
Equity securities, fair value:
Gains (losses) from sales		6,238		(27,602)
Gains (losses) from fair value adjustments		37,551		(121,669)
Other invested assets		1,346		(2,327)
Other invested assets, fair value:
Gains (losses) from fair value adjustments		93,078		442,479
Short-term investment gains (losses)		13		145
Total net realized capital gains (losses)	$	135,011	$	256,867

	Roll Forward of Allowance for Credit Losses
	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
			Asset		Foreign						Asset		Foreign
	Corporate		Backed		Corporate				Corporate		Backed		Corporate
	Securities		Securities		Securities		Total		Securities		Securities		Securities		Total
Beginning Balance	$	(1,205)	$	-	$	(361)	$	(1,566)	$	-	$	-	$	-	$	-
Credit losses on securities where credit
losses were not previously recorded		(2,383)		(4,915)		-		(7,298)		(11,468)		(70)		(561)		(12,099)
Increases in allowance on previously
impaired securities		-		-		-		-		-		-		-		-
Decreases in allowance on previously
impaired securities		-		-		-		-		-		-		-		-
Reduction in allowance due to disposals		-		-		156		156		-		-		-		-
Balance as of March 31	$	(3,588)	$	(4,915)	$	(205)	$	(8,708)	$	(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)	2021		2020
Proceeds from sales of fixed maturity securities	$	492,943	$	164,244
Gross gains from sales		6,349		1,846
Gross losses from sales		(2,422)		(22,783)
Proceeds from sales of equity securities	$	281,313	$	204,161
Gross gains from sales		12,304		2,581
Gross losses from sales		(6,066)		(30,183)

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Reserves For Losses And LAE (Tables)

3 Months Ended

Mar. 31, 2021

Reserves For Losses And LAE [Abstract]

Summary Of Activity In The Reserve For Losses And LAE

	Three Months Ended March 31,
(Dollars in thousands)		2021		2020
Gross reserves beginning of period	$	11,654,950	$	10,209,519
Less reinsurance recoverables		(3,951,474)		(4,215,348)
Net reserves beginning of period		7,703,476		5,994,171
Incurred related to:
Current year		1,338,891		1,026,442
Prior years		15,193		3,071
Total incurred losses and LAE		1,354,084		1,029,513
Paid related to:
Current year		168,423		138,778
Prior years		527,470		593,482
Total paid losses and LAE		695,893		732,260
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13		(6,819)		(36,673)
Net reserves end of period		8,354,848		6,254,751
Plus reinsurance recoverables		3,829,356		4,016,471
Gross reserves end of period	$	12,184,204	$	10,271,222
(Some amounts may not reconcile due to rounding.)

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	March 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	638,843	$	-	$	638,843	$	-
Obligations of U.S. States and political subdivisions		595,048		-		595,048		-
Corporate securities		3,729,429		-		3,095,536		633,893
Asset-backed securities		2,490,103		-		1,704,743		785,360
Mortgage-backed securities
Commercial		572,590		-		572,590		-
Agency residential		1,005,851		-		1,005,851		-
Non-agency residential		6,264		-		6,264		-
Foreign government securities		769,289		-		769,289		-
Foreign corporate securities		1,242,584		-		1,236,986		5,598
Total fixed maturities, market value		11,050,001		-		9,625,150		1,424,851
Equity securities, fair value		1,226,120		1,191,064		35,056		-
Other invested assets, fair value		1,889,558		-		-		1,889,558

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$	681,989	$	-	$	681,989	$	-
Obligations of U.S. States and political subdivisions		577,046		-		577,046		-
Corporate securities		3,449,912		-		2,819,068		630,844
Asset-backed securities		2,474,170		-		1,851,137		623,033
Mortgage-backed securities
Commercial		550,080		-		550,080		-
Agency residential		965,100		-		965,100		-
Non-agency residential		3,164		-		3,164		-
Foreign government securities		742,238		-		742,238		-
Foreign corporate securities		1,199,866		-		1,194,167		5,699
Total fixed maturities, market value		10,643,565		-		9,383,989		1,259,576
Equity securities, fair value		1,288,767		1,222,158		66,609		-
Other invested assets, fair value		1,796,479		-		-		1,796,479

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type

	Total Fixed Maturities, Market Value
	Three Months Ended March 31, 2021
	Corporate		Asset		Foreign
(Dollars in thousands)	Securities		Backed Securities		Corporate		Total
Beginning balance	$	630,843	$	623,033	$	5,700	$	1,259,576
Total gains or (losses) (realized/unrealized)
Included in earnings		(1,788)		(4,168)		2		(5,954)
Included in other comprehensive  income (loss)		2,835		(3,135)		49		(251)
Purchases, issuances and settlements		2,003		169,630		(153)		171,480
Transfers in and/or (out) of Level 3		-		-		-		-
Ending balance	$	633,893	$	785,360	$	5,598	$	1,424,851
The amount of total gains or losses for the  period included in earnings (or changes in  net assets) attributable to the change in  unrealized gains or losses relating to  assets still held at the reporting date	$	-	$	-	$	-	$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Market Value
	Three Months Ended March 31, 2020
	Corporate		Asset		Foreign
(Dollars in thousands)	Securities		Backed Securities		Corporate		Total
Beginning balance	$	546,939	$	153,641	$	1,751	$	702,331
Total gains or (losses) (realized/unrealized)
Included in earnings		(214)		4		-		(210)
Included in other comprehensive income (loss)		(3,357)		(15,882)		-		(19,239)
Purchases, issuances and settlements		99,064		100,868		(1,751)		198,181
Transfers in and/or (out) of Level 3		-		-		-		-
Ending balance	$	642,432	$	238,631	$	-	$	881,063
The amount of total gains or losses for the  period included in earnings (or changes in  net assets) attributable to the change in  unrealized gains or losses relating to  assets still held at the reporting date	$	(539)	$	-	$	-	$	(539)
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2021
	Foreign
(Dollars in thousands)	Corporate		Total
Beginning balance fixed maturities at fair value	$	-	$	-
Total gains or (losses) (realized/unrealized)
Included in earnings		-		-
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	-	$	-
The amount of total gains or losses for the period  included in earnings (or changes in net assets)  attributable to the change in unrealized gains or  losses relating to assets still held at the  reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2020
	Foreign
(Dollars in thousands)	Corporate		Total
Beginning balance fixed maturities at fair value	$	5,826	$	5,826
Total gains or (losses) (realized/unrealized)
Included in earnings		(1,123)		(1,123)
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	4,703	$	4,703
The amount of total gains or losses for the period  included in earnings (or changes in net assets)  attributable to the change in unrealized gains or  losses relating to assets still held at the  reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

Fair Value Measurements Using Significant Unobservable Inputs For Equity Securities and Other Invested Assets

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Other invested assets, fair value:
Beginning balance	$	1,796,479	$	1,982,582
Total gains or (losses) (realized/unrealized)
Included in earnings		93,079		442,479
Included in other comprehensive income (loss)		-		-
Purchases, issuances and settlements		-		-
Transfers in and/or (out) of Level 3		-		-
Ending balance	$	1,889,558	$	2,425,061
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date	$	-	$	-
(Some amounts may not reconcile due to rounding.)

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Commitments And Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies [Abstract]

Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable

	At March 31, 2021		At December 31, 2020
(Dollars in thousands)
The Prudential	$	139,981	$	140,773
Unaffiliated life insurance company		32,835		35,128

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Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Comprehensive Income (Loss) [Abstract]

Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations

	Three Months Ended March 31, 2021
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related temporary	$	(139,019)		29,161	$	(109,858)
Reclassification of net realized losses (gains) included in net income (loss)		1,870		(379)		1,490
Foreign currency translation adjustments		2,856		(594)		2,262
Reclassification of amortization of net gain (loss) included in net income (loss)		2,586		(543)		2,043
Total other comprehensive income (loss)	$	(131,708)	$	27,645	$	(104,063)
(Some amounts may not reconcile due to rounding)

	Three Months Ended March 31, 2020
(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary	$	(223,770)	$	46,246	$	(177,524)
Reclassification of net realized losses (gains) included in net income (loss)		35,364		(7,478)		27,886
Foreign currency translation adjustments		(37,532)		7,899		(29,633)
Reclassification of amortization of net gain (loss) included in net income (loss)		1,165		(245)		920
Total other comprehensive income (loss)	$	(224,773)	$	46,422	$	(178,351)
(Some amounts may not reconcile due to rounding)

Reclassification From Accumulated Other Comprehensive Income

	Three Months Ended				Affected line item within the
	March 31,				statements of operations and
AOCI component	2021		2020		comprehensive income (loss)
(Dollars in thousands)
URA(D) on securities	$	1,870	$	35,364	Other net realized capital gains (losses)
		(379)		(7,478)	Income tax expense (benefit)
	$	1,490	$	27,886	Net income (loss)
Benefit plan net gain (loss)	$	2,586	$	1,165	Other underwriting expenses
		(543)		(245)	Income tax expense (benefit)
	$	2,043	$	920	Net income (loss)
(Some amounts may not reconcile due to rounding)

Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Beginning balance of URA (D) on securities	$	313,161	$	124,612
Current period change in URA (D) of investments - non-credit related		(108,368)		(149,638)
Ending balance of URA (D) on securities		204,793		(25,025)
Beginning balance of foreign currency translation adjustments		28,727		14,267
Current period change in foreign currency translation adjustments		2,262		(29,633)
Ending balance of foreign currency translation adjustments		30,989		(15,367)
Beginning balance of benefit plan net gain (loss)		(73,870)		(74,556)
Current period change in benefit plan net gain (loss)		2,043		920
Ending balance of benefit plan net gain (loss)		(71,827)		(73,635)
Ending balance of accumulated other comprehensive income (loss)	$	163,955	$	(114,027)

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Senior Notes (Tables)

3 Months Ended

Mar. 31, 2021

Senior Notes [Abstract]

Schedule Of Outstanding Senior Notes

				March 31, 2021				December 31, 2020
				Consolidated				Consolidated
			Principal	Balance Sheet		Market		Balance Sheet		Market
(Dollars in thousands)	Date Issued	Date Due	Amounts	Amount		Value		Amount		Value
4.868% Senior notes	06/05/2014	06/01/2044	400,000	$	397,224	$	479,616	$	397,194	$	528,000
3.5% Senior notes	10/07/2020	10/15/2050	1,000,000	$	979,654	$	976,480	$	979,524	$	1,138,100

Schedule Of Interest Expense Incurred In Connection With Senior Notes

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Interest expense incurred 4.868% Senior Notes	$	4,868	$	4,868
Interest expense incurred 3.5% Senior Notes	$	8,805	$	-

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Long Term Subordinated Notes (Tables)

3 Months Ended

Mar. 31, 2021

Long Term Subordinated Notes [Abstract]

Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes

March 31, 2021

December 31, 2020

Original

Consolidated

Consolidated

Principal

Maturity Date

Balance

Market

Balance

Market

(Dollars in thousands)

Date Issued

Amount

Scheduled

Final

Sheet Amount

Value

Sheet Amount

Value

Long term subordinated notes

04/26/2007

$

400,000

05/15/2037

05/01/2067

$

223,699

$

207,648

$

223,674

$

206,447

Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Interest expense incurred	$	1,462	$	2,538

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule Of Underwriting Results For Operating Segments

	Three Months Ended
Reinsurance	March 31,
(Dollars in thousands)	2021		2020
Gross written premiums	$	1,420,082	$	1,308,194
Net written premiums		1,208,813		1,114,235
Premiums earned	$	1,177,170	$	1,007,034
Incurred losses and LAE		970,318		682,707
Commission and brokerage		290,556		260,901
Other underwriting expenses		36,289		29,847
Underwriting gain (loss)	$	(119,994)	$	33,579

	Three Months Ended
Insurance	March 31,
(Dollars in thousands)	2021		2020
Gross written premiums	$	713,252	$	666,771
Net written premiums		556,530		524,474
Premiums earned	$	519,730	$	486,970
Incurred losses and LAE		383,766		346,805
Commission and brokerage		59,298		62,203
Other underwriting expenses		73,505		71,361
Underwriting gain (loss)	$	3,161	$	6,601

Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Underwriting gain (loss)	$	(116,833)	$	40,180
Net investment income		147,723		74,201
Net realized capital gains (losses)		135,011		256,867
Corporate expense		(4,581)		(3,721)
Interest, fee and bond issue cost amortization expense		(15,534)		(7,460)
Other income (expense)		3,979		(4,498)
Income (loss) before taxes	$	149,765	$	355,569

Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Canada gross written premiums	$	34,330	$	63,637

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Related-Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

Related-Party Transactions [Abstract]

Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase

	Common
	Shares
	Authorized for
Amendment Date	Repurchase
(Dollars in thousands)
09/21/2004	5,000,000
07/21/2008	5,000,000
02/24/2010	5,000,000
02/22/2012	5,000,000
05/15/2013	5,000,000
11/19/2014	5,000,000
05/22/2020	2,000,000
	32,000,000

Dividends Received On Preferred Shares

	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Dividends received on preferred stock of affiliate	$	7,758	$	7,758

Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period

(Dollars in thousands)
						Single
		Percent		Assuming		Occurrence		Aggregate
Coverage Period	Ceding Company	Ceded		Company	Type of Business	Limit		Limit
01/01/2010-12/31/2010	Everest Re	44.0	%	Bermuda Re	property / casualty business	150,000		325,000
01/01/2011-12/31/2011	Everest Re	50.0	%	Bermuda Re	property / casualty business	150,000		300,000
01/01/2012-12/31/2014	Everest Re	50.0	%	Bermuda Re	property / casualty business	100,000		200,000
01/01/2015-12/31/2016	Everest Re	50.0	%	Bermuda Re	property / casualty business	162,500		325,000
01/01/2017-12/31/2017	Everest Re	60.0	%	Bermuda Re	property / casualty business	219,000		438,000
01/01/2010-12/31/2010	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350,000	(1)	-
01/01/2011-12/31/2011	Everest Re- Canadian Branch	60.0	%	Bermuda Re	property business	350,000	(1)	-
01/01/2012-12/31/2012	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	206,250	(1)	412,500	(1)
01/01/2013-12/31/2013	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	150,000	(1)	412,500	(1)
01/01/2014-12/31/2017	Everest Re- Canadian Branch	75.0	%	Bermuda Re	property / casualty business	262,500	(1)	412,500	(1)
01/01/2012-12/31/2017	Everest Canada	80.0	%	Everest Re-   Canadian Branch	property business	-		-
01/01/2020	Everest International Assurance	100.0	%	Bermuda Re	life business	-		-
(1) Amounts shown are Canadian dollars.

Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate

(Dollars in thousands)
Effective	Transferring	Assuming		% of Business or		Covered Period
Date	Company	Company		Amount of Transfer		of Transfer
10/01/2001	Everest Re (Belgium Branch)	Bermuda Re		100	%	All years
10/01/2008	Everest Re	Bermuda Re	$	747,022		01/01/2002-12/31/2007
12/31/2017	Everest Re	Bermuda Re	$	970,000		All years

Premiums And Losses Ceded By The Company To Affiliate

	Three Months Ended
Bermuda Re	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	70,798	$	30,500
Ceded earned premiums		70,877		30,500
Ceded losses and LAE		(30,150)		(22,159)

	Three Months Ended
Everest International	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	-	$	-
Ceded earned premiums		-		-
Ceded losses and LAE		-		22

	Three Months Ended
Everest Canada	March 31,
(Dollars in thousands)	2021		2020
Assumed written premiums	$	-	$	236
Assumed earned premiums		-		39
Assumed losses and LAE		59		1,598

	Three Months Ended
Lloyd's Syndicate 2786	March 31,
(Dollars in thousands)	2021		2020
Assumed written premiums	$	599	$	(3,031)
Assumed earned premiums		529		(2,822)
Assumed losses and LAE		(1,582)		814

	Three Months Ended
Mt. Logan Re Segregated Accounts	March 31,
(Dollars in thousands)	2021		2020
Ceded written premiums	$	81,371	$	95,350
Ceded earned premiums		65,988		79,855
Ceded losses and LAE		72,994		37,465
Assumed written premiums		-		-
Assumed earned premiums		-		-
Assumed losses and LAE		-		-

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Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Summary Of Net Periodic Benefit Cost

Pension Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Service cost	$	2,738	$	4,011
Interest cost		1,999		2,483
Expected return on plan assets		(5,580)		(5,197)
Amortization of net (income) loss		2,730		1,213
Net periodic benefit cost	$	1,887	$	2,510

Other Benefits	Three Months Ended
	March 31,
(Dollars in thousands)	2021		2020
Service cost	$	281	$	141
Interest cost		181		215
Amortization of prior service cost		(144)		(48)
Net periodic benefit cost	$	318	$	308
(Some amounts may not reconcile due to rounding.)

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Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Basis Of Presentation [Line Items]
Stockholders equity	$ 6,429,801	$ 6,414,313	$ 5,996,729
Retained Earnings [Member]
Basis Of Presentation [Line Items]
Stockholders equity	$ 5,164,646	5,045,203	$ 5,009,975	$ 4,692,423
Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Basis Of Presentation [Line Items]
Stockholders equity				$ 907

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Investments (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Aggregate market value of investments in unrealized loss position		$ 1,150,395,000
Gross unrealized losses on investments in unrealized loss position		45,952,000
Additional contractual commitments	$ 1,025,888,000
Contractual commitments, investment period expiration date	2026
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Aggregate market value of investments in unrealized loss position	$ 2,370,040,000	1,150,395,000
Gross unrealized losses on investments in unrealized loss position	71,592,000	45,952,000
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	48,051,000	16,792,000
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	23,541,000	29,160,000
Available-for-sale securities	$ 11,050,001,000	$ 10,643,565,000
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage threshold of unrealized losses not exceeded by any one single issuer	0.20%	0.20%
Investment Grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation	$ 42,125,000	$ 12,522,000
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation	5,374,000	5,856,000
Sub-Prime and Alt-A Loans [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized depreciation	0	$ 0
Private Placement Liquidity Sweep [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities	$ 409,481,000

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Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Allowance for credit losses	$ (8,708)	$ (1,566)	$ (12,099)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,799,513	10,248,650
Allowance for credit losses	(8,708)	(1,566)
Unrealized Appreciation	330,788	442,433
Unrealized Depreciation	(71,592)	(45,952)
Market Value	11,050,001	10,643,565
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	622,352	659,957
Allowance for credit losses
Unrealized Appreciation	16,658	22,032
Unrealized Depreciation	(167)
Market Value	638,843	681,989
Obligation of U.S. States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	565,697	543,646
Allowance for credit losses
Unrealized Appreciation	32,092	34,655
Unrealized Depreciation	(2,741)	(1,255)
Market Value	595,048	577,046
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,660,209	3,316,525
Allowance for credit losses	(3,588)	(1,205)	(11,468)
Unrealized Appreciation	114,692	166,072
Unrealized Depreciation	(41,884)	(31,480)
Market Value	3,729,429	3,449,912
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,471,769	2,450,807
Allowance for credit losses	(4,915)		(70)
Unrealized Appreciation	25,459	28,585
Unrealized Depreciation	(2,210)	(5,222)
Market Value	2,490,103	2,474,170
Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	554,472	512,388
Allowance for credit losses
Unrealized Appreciation	23,276	37,875
Unrealized Depreciation	(5,158)	(183)
Market Value	572,590	550,080
Agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	989,178	937,166
Allowance for credit losses
Unrealized Appreciation	24,826	28,630
Unrealized Depreciation	(8,153)	(696)
Market Value	1,005,851	965,100
Non-agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,262	3,164
Allowance for credit losses
Unrealized Appreciation	4	2
Unrealized Depreciation	(2)	(2)
Market Value	6,264	3,164
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	734,630	694,132
Allowance for credit losses
Unrealized Appreciation	38,724	51,317
Unrealized Depreciation	(4,065)	(3,211)
Market Value	769,289	742,238
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,194,944	1,130,865
Allowance for credit losses	(205)	(361)	$ (561)
Unrealized Appreciation	55,057	73,265
Unrealized Depreciation	(7,212)	(3,903)
Market Value	$ 1,242,584	$ 1,199,866

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Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	$ 10,799,513	$ 10,248,650
Fixed maturity securities - available for sale, Market Value	11,050,001	10,643,565
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost	710,217	658,561
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost	2,970,305	2,911,285
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost	2,348,514	1,927,265
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost	748,796	848,014
Fixed maturity securities - available for sale, Due in one year or less, Market Value	715,721	659,622
Fixed maturity securities - available for sale, Due after one year through five years, Market Value	3,077,551	3,036,151
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value	2,421,105	2,079,866
Fixed maturity securities - available for sale, Due after ten years, Market Value	760,816	875,412
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	2,471,769	2,450,807
Fixed maturity securities - available for sale, Market Value	2,490,103	2,474,170
Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	554,472	512,388
Fixed maturity securities - available for sale, Market Value	572,590	550,080
Agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	989,178	937,166
Fixed maturity securities - available for sale, Market Value	1,005,851	965,100
Non-agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities - available for sale, Amortized Cost	6,262	3,164
Fixed maturity securities - available for sale, Market Value	$ 6,264	$ 3,164

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Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	$ (137,150)	$ (188,407)
Deferred tax benefit (expense)	28,782	38,769
Deferred tax benefit (expense), other-than-temporary impairment
Total URA(D) on securities arising during the period	(108,368)	(149,638)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax	(137,150)	(188,407)
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation), pre-tax

XML

Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value		$ 1,150,395
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total		(45,952)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	$ 2,098,023	825,833
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(48,051)	(16,792)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	272,017	324,562
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(23,541)	(29,160)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	2,370,040	1,150,395
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(71,592)	(45,952)
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	38,242
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(167)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	38,242
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(167)
Obligation of U.S. States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	56,822	19,524
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(1,710)	(999)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	12,079	4,059
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(1,031)	(256)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	68,901	23,583
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(2,741)	(1,255)
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	790,015	240,601
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(24,012)	(7,799)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	187,655	188,853
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(17,872)	(23,681)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	977,670	429,454
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(41,884)	(31,480)
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	240,987	223,919
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(1,749)	(4,573)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	22,773	81,952
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(461)	(649)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	263,760	305,871
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(2,210)	(5,222)
Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	120,334	37,414
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(5,158)	(182)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value		3,983
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation		(1)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	120,334	41,397
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(5,158)	(183)
Agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	529,830	235,809
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(8,000)	(682)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	12,012	1,573
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(153)	(14)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	541,842	237,382
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(8,153)	(696)
Non-agency Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	3,529	161
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation		(2)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	156
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(2)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	3,685	161
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(2)	(2)
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	69,597	10,505
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(1,550)	(373)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	22,968	25,793
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(2,515)	(2,838)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	92,565	36,298
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(4,065)	(3,211)
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	248,667	57,900
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(5,705)	(2,182)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	14,374	18,349
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(1,507)	(1,721)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	263,041	76,249
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	$ (7,212)	$ (3,903)

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Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value		$ 1,150,395
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total		(45,952)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	$ 2,098,023	825,833
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(48,051)	(16,792)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	272,017	324,562
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(23,541)	(29,160)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	2,370,040	1,150,395
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(71,592)	(45,952)
Due In One Year Or Less [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	45,431	28,802
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(823)	(1,218)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	27,415	34,555
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(3,064)	(4,142)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	72,846	63,357
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(3,887)	(5,360)
Due In One Year Through Five Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	434,857	150,106
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(7,796)	(5,828)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	112,809	116,987
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(3,662)	(4,783)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	547,666	267,093
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(11,458)	(10,611)
Due In Five Years Through Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	544,227	81,492
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(18,240)	(1,634)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	9,671	13,118
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(658)	(435)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	553,898	94,610
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(18,898)	(2,069)
Due After Ten Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	178,828	68,130
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(6,285)	(2,673)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	87,181	72,394
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(15,541)	(19,136)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	266,009	140,524
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(21,826)	(21,809)
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	240,987	223,919
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(1,749)	(4,573)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	22,773	81,952
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(461)	(649)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	263,760	305,871
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	(2,210)	(5,222)
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value	653,693	273,384
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation	(13,158)	(866)
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value	12,168	5,556
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation	(155)	(15)
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value	665,861	278,940
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total	$ (13,313)	$ (881)

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Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	$ 154,125	$ 78,932
Funds held interest income (expense)	3,489	3,257
Interest income from Parent	1,268	1,282
Gross investment income	158,882	83,471
Investment expenses	(11,159)	(9,270)
Net investment income	147,723	74,201
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	85,121	74,088
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	2,923	1,592
Short-Term Investments and Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	153	1,570
Limited Partnerships [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	52,151	6,996
Dividends From Preferred Shares Of Affiliate [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	7,758	7,758
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income before adjustments	$ 6,019	$ (13,072)

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Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Total net realized capital gains (losses)	$ 135,011	$ 256,867
Beginning Balance	(1,566)
Credit losses on securities where credit losses were not previously recorded	(7,298)	(12,099)
Increases in allowance on previously impaired securities
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals	156
Ending Balance	(8,708)	(12,099)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(1,566)
Ending Balance	(8,708)
Fixed Maturity Securities [Member] | Market Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Allowance for credit losses	(7,142)	(12,099)
Other-than-temporary impairments
Gains (losses) from sales	3,927	(20,937)
Fixed Maturity Securities [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from sales
Gains (losses) from fair value adjustments		(1,123)
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(1,205)
Credit losses on securities where credit losses were not previously recorded	(2,383)	(11,468)
Increases in allowance on previously impaired securities
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals
Ending Balance	(3,588)	(11,468)
Asset Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance
Credit losses on securities where credit losses were not previously recorded	(4,915)	(70)
Increases in allowance on previously impaired securities
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals
Ending Balance	(4,915)	(70)
Equity Securities [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from sales	6,238	(27,602)
Gains (losses) from fair value adjustments	37,551	(121,669)
Other Invested Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from sales	1,346	(2,327)
Other Invested Assets [Member] | Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from fair value adjustments	93,078	442,479
Short-Term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gains (losses) from sales	13	145
Foreign Government Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance
Ending Balance
Foreign Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Beginning Balance	(361)
Credit losses on securities where credit losses were not previously recorded		(561)
Increases in allowance on previously impaired securities
Decrease in allowance on previously impaired securities
Reduction in allowance due to disposals	156
Ending Balance	$ (205)	$ (561)

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Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of securities	$ 492,943	$ 164,244
Gross gains from sales	6,349	1,846
Gross losses from sales	(2,422)	(22,783)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of securities	281,313	204,161
Gross gains from sales	12,304	2,581
Gross losses from sales	$ (6,066)	$ (30,183)

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Reserves For Losses And LAE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reserves For Losses And LAE [Line Items]
Current year incurred losses	$ 1,338,891	$ 1,026,442

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Reserves For Losses And LAE (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reserves For Losses And LAE [Abstract]
Gross reserves beginning of period	$ 11,654,950	$ 10,209,519
Less reinsurance recoverables	(3,951,474)	(4,215,348)
Net reserves beginning of period	7,703,476	5,994,171
Incurred related to: Current year	1,338,891	1,026,442
Incurred related to : Prior years	15,193	3,071
Total incurred losses and LAE	1,354,084	1,029,513
Paid related to: Current year	168,423	138,778
Paid related to: Prior years	527,470	593,482
Total paid losses and LAE	695,893	732,260
Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13	(6,819)	(36,673)
Net reserves end of period	8,354,848	6,254,751
Plus reinsurance recoverables	3,829,356	4,016,471
Gross reserves end of period	$ 12,184,204	$ 10,271,222

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Fair Value (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of public equity portfolio		$ 912,126		$ 784,746
Annual dividend rate	1.75%
Investments within other invested assets		1,889,558		1,796,479
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments within other invested assets
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments within other invested assets		1,889,558		1,796,479
Market Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers from level 3
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers from level 3
Fair Value [Member] | Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments within other invested assets		240,892		224,698
Fixed Maturities [Member] | Market Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities		$ 1,424,851		$ 1,259,576
Senior Notes [Member] | Senior Notes 4.868% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Observable input constant maturity		10 years
Debt instrument, stated interest rate		4.868%
Date Due		Jun. 01, 2044		Jun. 01, 2044

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Fair Value (Fair Value Measurement Levels For All Assets, Recorded At Fair And Market Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	$ 11,050,001	$ 10,643,565
Fixed maturities, fair value
Equity securities, at fair value	1,226,120	1,288,767
Other invested assets, at fair value	1,889,558	1,796,479
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Fixed maturities, fair value
Equity securities, at fair value	1,191,064	1,222,158
Other invested assets, at fair value
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	9,625,150	9,383,989
Fixed maturities, fair value
Equity securities, at fair value	35,056	66,609
Other invested assets, at fair value
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	1,424,851	1,259,576
Fixed maturities, fair value
Equity securities, at fair value
Other invested assets, at fair value	1,889,558	1,796,479
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	638,843	681,989
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	638,843	681,989
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Obligation of U.S. States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	595,048	577,046
Obligation of U.S. States and Political Subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Obligation of U.S. States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	595,048	577,046
Obligation of U.S. States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	3,729,429	3,449,912
Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	3,095,536	2,819,068
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	633,893	630,844
Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	2,490,103	2,474,170
Asset-backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	1,704,743	1,851,137
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	785,360	623,033
Commercial [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	572,590	550,080
Commercial [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Commercial [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	572,590	550,080
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Agency Residential [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	1,005,851	965,100
Agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	1,005,851	965,100
Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Non-agency Residential [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	6,264	3,164
Non-agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Non-agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	6,264	3,164
Non-agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Foreign Government Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	769,289	742,238
Foreign Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Foreign Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	769,289	742,238
Foreign Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Foreign Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	1,242,584	1,199,866
Foreign Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value
Foreign Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	1,236,986	1,194,167
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, market value	$ 5,598	$ 5,699

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Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Market Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 1,259,576	$ 702,331
Total gains or (losses) (realized/unrealized), Included in earnings	(5,954)	(210)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(251)	(19,239)
Purchases, issuances and settlements	171,480	198,181
Transfers in and/or (out) of Level 3
Ending balance	1,424,851	881,063
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date		(539)
Market Value [Member] | Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	630,843	546,939
Total gains or (losses) (realized/unrealized), Included in earnings	(1,788)	(214)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	2,835	(3,357)
Purchases, issuances and settlements	2,003	99,064
Transfers in and/or (out) of Level 3
Ending balance	633,893	642,432
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date		(539)
Market Value [Member] | Asset-backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	623,033	153,641
Total gains or (losses) (realized/unrealized), Included in earnings	(4,168)	4
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	(3,135)	(15,882)
Purchases, issuances and settlements	169,630	100,868
Transfers in and/or (out) of Level 3
Ending balance	785,360	238,631
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Market Value [Member] | Foreign Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	5,700	1,751
Total gains or (losses) (realized/unrealized), Included in earnings	2
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)	49
Purchases, issuances and settlements	(153)	(1,751)
Transfers in and/or (out) of Level 3
Ending balance	5,598
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		5,826
Total gains or (losses) (realized/unrealized), Included in earnings		(1,123)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)
Purchases, issuances and settlements
Transfers in and/or (out) of Level 3
Ending balance		4,703
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date
Fair Value [Member] | Foreign Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		5,826
Total gains or (losses) (realized/unrealized), Included in earnings		(1,123)
Total gains or (losses) (realized/unrealized), Included in other comprehensive income (loss)
Purchases, issuances and settlements
Transfers in and/or (out) of Level 3
Ending balance		4,703
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date

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Fair Value (Fair Value Measurements Using Significant Unobservable Inputs for Equity Securities And Other Invested Assets (Details) - Investments [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 1,796,479	$ 1,982,582
Total gains or (losses) (realized/unrealized) Included in earnings	93,079	442,479
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss)
Purchases, issuances and settlements
Transfers in and/or (out) of Level 3
Ending Balance	1,889,558	2,425,061
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date

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Commitments And Contingencies (Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
The Prudential Insurance Company [Member]
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 139,981	$ 140,773
Unaffiliated Life Insurance Company [Member]
Loss Contingencies [Line Items]
Estimated cost to replace annuities	$ 32,835	$ 35,128

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Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comprehensive Income (Loss) [Line Items]
Before Tax	$ 1,870	$ 35,364
Tax Effect	(379)	(7,478)
Net of Tax	1,490	27,886
Reclassification, Before Tax	2,586	1,165
Reclassification, Tax Effect	(543)	(245)
Reclassification, Net of Tax	2,043	920
Total, Before Tax	(131,708)	(224,773)
Total, Tax Effect	27,645	46,422
Total, Net of Tax	(104,063)	(178,351)
URA(D) On Securities [Member]
Comprehensive Income (Loss) [Line Items]
Before Tax	(139,019)	(223,770)
Tax Effect	29,161	46,246
Net of Tax	(109,858)	(177,524)
Total, Net of Tax	(108,368)	(149,638)
URA(D) On Securities - OTTI [Member]
Comprehensive Income (Loss) [Line Items]
Before Tax
Tax Effect
Net of Tax
Foreign Currency Translation Adjustments [Member]
Comprehensive Income (Loss) [Line Items]
Before Tax	2,856	(37,532)
Tax Effect	(594)	7,899
Net of Tax	2,262	(29,633)
Total, Net of Tax	2,262	(29,633)
Benefit Plan Net Gain (Loss) [Member]
Comprehensive Income (Loss) [Line Items]
Total, Net of Tax	$ 2,043	$ 920

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Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	$ (142,153)	$ (268,966)
Other underwriting expenses	2,586	1,165
Income tax expense (benefit)	(543)	(245)
Net income (loss)	2,043	920
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net realized capital gains (losses)	1,870	35,364
Income tax expense (benefit)	(379)	(7,478)
Net income (loss)	1,490	27,886
Benefit Plan Net Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other underwriting expenses	2,586	1,165
Income tax expense (benefit)	(543)	(245)
Net income (loss)	$ 2,043	$ 920

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Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 6,414,313
Net increase (decrease) during the period	(104,063)	$ (178,351)
Ending balance	6,429,801	5,996,729
URA(D) On Securities [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	313,161	124,612
Net increase (decrease) during the period	(108,368)	(149,638)
Ending balance	204,793	(25,025)
Foreign Currency Translation Adjustments [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	28,727	14,267
Net increase (decrease) during the period	2,262	(29,633)
Ending balance	30,989	(15,367)
Benefit Plan Net Gain (Loss) [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	(73,870)	(74,556)
Net increase (decrease) during the period	2,043	920
Ending balance	(71,827)	(73,635)
Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member]
Comprehensive Income (Loss) [Line Items]
Beginning balance	268,018	64,324
Net increase (decrease) during the period	(104,063)	(178,351)
Ending balance	$ 163,955	$ (114,027)

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Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands						3 Months Ended
	Apr. 08, 2021 USD ($) Item	Dec. 12, 2019 USD ($) Item	Apr. 30, 2018 USD ($) Item	Apr. 13, 2017 USD ($) Item	Dec. 01, 2015 USD ($) Item	Mar. 31, 2021 USD ($)
Effects of Reinsurance [Line Items]
Amount on deposit in trust accounts						$ 928,624
Kilimanjaro Re Limited [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item			4	6	2
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item		4
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item	6
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1-2 [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item		2	2
Reinsurance Contracts		4 years	4 years
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 1- 3 [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item				3
Reinsurance Contracts				4 years
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 1- 3 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item	3
Reinsurance Contracts	4 years
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount		$ 150,000	$ 62,500	$ 225,000	$ 300,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	$ 150,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount		$ 275,000	$ 200,000	400,000	325,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	85,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3-4 [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item		2	2
Reinsurance Contracts		5 years	5 years
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount		$ 150,000	$ 62,500	$ 325,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	$ 85,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 4 - 6 [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item				3
Reinsurance Contracts				5 years
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreements 4 - 6 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Number of collateralized reinsurance agreements | Item	3
Reinsurance Contracts	5 years
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount		275,000	200,000	$ 50,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	$ 150,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount				75,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	90,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount				175,000
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Reinsurance coverage amount	90,000
Series 2015-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount					$ 625,000
Catastrophe Reinsurance Bonds Redeemed Amount						$ 625,000
Series 2017-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount				950,000
Series 2017-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount				$ 300,000
Series 2018-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount			262,500
Series 2018-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount			$ 262,500
Series 2019-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount		425,000
Series 2019-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount		$ 425,000
Series 2021-1 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount	320,000
Series 2021-2 Notes [Member] | Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | Subsequent Event [Member]
Effects of Reinsurance [Line Items]
Catastrophe reinsurance bonds, funded amount	$ 330,000

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Senior Notes (Narrative) (Details) - Senior Notes [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Senior Notes 4.868% [Member]
Debt Instrument [Line Items]
Date Issued	Jun. 05, 2014
Principal Amounts	$ 400,000,000
Debt maturity term	30 years
Debt instrument, stated interest rate	4.868%
Maturity date	Jun. 01, 2044	Jun. 01, 2044
Senior Notes 3.5% [Member]
Debt Instrument [Line Items]
Date Issued	Oct. 07, 2020
Principal Amounts	$ 1,000,000,000
Debt maturity term	30 years
Debt instrument, stated interest rate	3.50%
Maturity date	Oct. 15, 2050	Oct. 15, 2050

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Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - Senior Notes [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Senior Notes 4.868% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Date Issued	Jun. 05, 2014
Date Due	Jun. 01, 2044	Jun. 01, 2044
Principal Amounts	$ 400,000,000
Consolidated Balance Sheet Amount	397,224,000	$ 397,194,000
Market Value	$ 479,616,000	$ 528,000,000
Debt instrument, stated interest rate	4.868%
Senior Notes 3.5% [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Date Issued	Oct. 07, 2020
Date Due	Oct. 15, 2050	Oct. 15, 2050
Principal Amounts	$ 1,000,000,000
Consolidated Balance Sheet Amount	979,654,000	$ 979,524,000
Market Value	$ 976,480,000	$ 1,138,100,000
Debt instrument, stated interest rate	3.50%

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Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Senior Notes 4.868% [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 4,868	$ 4,868
Debt instrument, stated interest rate	4.868%
Senior Notes 3.5% [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 8,805
Debt instrument, stated interest rate	3.50%

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Long Term Subordinated Notes (Narrative) (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) Item	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	May 16, 2021
Long Term Subordinated Debt [Member]
Debt Instrument [Line Items]
Outstanding debt reduction	$ 161,441,000
Senior Notes 5.40% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.40%
Debt instrument, maturity date	Oct. 15, 2014
Senior Notes 4.868% [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.868%
Debt instrument, maturity date	Jun. 01, 2044		Jun. 01, 2044
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	6.60%
Right to defer interest, number of occasions | Item	1
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly	2.385%
Percentage of principal amount required for redemption	100.00%
Outstanding debt reduction	$ 0	$ 1,700,000	$ 13,183,000
Debt instrument, maturity date	May 01, 2067		May 01, 2067
Gain on repurchase and retirement of debt	$ 0	$ 502,000
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Reset quarterly interest rate				2.58%
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest payment date	May 3, 2007
Redemption date	May 15, 2017
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest payment date	May 14, 2017
Right to defer interest on one or more occasions for up to number of consecutive years	10 years
Redemption date	May 01, 2047

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Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Consolidated Balance Sheet Amount	$ 223,699,000	$ 223,674,000
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member]
Debt Instrument [Line Items]
Date Issued	Apr. 26, 2007
Original Principal Amount	$ 400,000,000
Maturity date	May 01, 2067	May 01, 2067
Consolidated Balance Sheet Amount	$ 223,699,000	$ 223,674,000
Market Value	$ 207,648,000	$ 206,447,000
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Scheduled [Member]
Debt Instrument [Line Items]
Maturity date	May 15, 2037
Subordinated Notes 6.6% [Member] | Long Term Subordinated Debt [Member] | Final [Member]
Debt Instrument [Line Items]
Maturity date	May 01, 2067

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Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Long Term Subordinated Notes [Abstract]
Interest expense incurred	$ 1,462	$ 2,538

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Federal Home Loan Bank Membership (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items]
Maximum percentage of admitted assets allowed for borrowing base	10.00%
Admitted assets for FHLB	$ 17,280,068,000
Maximum amount available under FHLB	1,728,007,000
Borrowings from FHLB	310,000,000	$ 310,000,000
Federal Home Loan Bank Of New York [Member]
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items]
Borrowings from FHLB		$ 400,000,000
FHLB advance interest rate		0.35%
Outstanding	$ 310,000,000
Amount of borrowed funds required to be used to acquire additional membership stock, percentage	4.50%

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Segment Reporting (Narrative) (Details)	Mar. 31, 2021
Concentration Risk [Line Items]
Percentage threshold of company revenue not exceeded by any other country	5.00%

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Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Premiums earned	$ 1,696,900	$ 1,494,005
Incurred losses and LAE	1,354,084	1,029,513
Commission and brokerage	349,854	323,104
Other underwriting expenses	109,795	101,208
Underwriting gain (loss)	(116,833)	40,180
Reinsurance [Member]
Segment Reporting Information [Line Items]
Gross written premiums	1,420,082	1,308,194
Net written premiums	1,208,813	1,114,235
Premiums earned	1,177,170	1,007,034
Incurred losses and LAE	970,318	682,707
Commission and brokerage	290,556	260,901
Other underwriting expenses	36,289	29,847
Underwriting gain (loss)	(119,994)	33,579
Insurance [Member]
Segment Reporting Information [Line Items]
Gross written premiums	713,252	666,771
Net written premiums	556,530	524,474
Premiums earned	519,730	486,970
Incurred losses and LAE	383,766	346,805
Commission and brokerage	59,298	62,203
Other underwriting expenses	73,505	71,361
Underwriting gain (loss)	$ 3,161	$ 6,601

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Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Underwriting gain (loss)	$ (116,833)	$ 40,180
Net investment income	147,723	74,201
Net realized capital gains (losses)	135,011	256,867
Corporate expense	(4,581)	(3,721)
Interest, fee and bond issue cost amortization expense	(15,534)	(7,460)
Other income (expense)	3,979	(4,498)
INCOME (LOSS) BEFORE TAXES	$ 149,765	$ 355,569

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Segment Reporting (Schedule Of Gross Written Premium Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Canada [Member]
Segment Reporting Information [Line Items]
Gross written premiums	$ 34,330	$ 63,637

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Related-Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2020
Related Party Transaction [Line Items]
Note Receivable - affiliated		$ 300,000			$ 300,000
Note receivable interest rate		1.69%
Interest income		$ 1,268	$ 1,282
Shares purchased and held		9,719,971
Shares transferred to affiliated entity	9,719,971
Shares fair value	$ 1,773,214
Shares received in exchange from affiliated entity for transfer	1,773.214
Preferred shares par value	$ 1,000
Annual dividend rate	1.75%
Amount transferred				$ 1,000,000
Subject loss reserves				2,336,242
Bermuda Re [Member]
Related Party Transaction [Line Items]
Amount transferred				970,000
Adverse development coverage				$ 500,000

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Related-Party Transactions (Amendments To The Share Repurchase Program For The Common Shares Approved For Repurchase) (Details)	Mar. 31, 2021 shares
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	32,000,000
Amendment Date, 09/21/2004 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 07/21/2008 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 02/24/2010 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 02/22/2012 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 05/15/2013 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 11/19/2014 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	5,000,000
Amendment Date, 05/22/2020 [Member]
Equity, Class of Treasury Stock [Line Items]
Common Shares Authorized for Repurchase, amount	2,000,000

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Related-Party Transactions (Dividends Received On Preferred Shares) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividends From Preferred Shares Of Affiliate [Member]
Related Party Transaction [Line Items]
Dividends received on preferred stock of affiliate	$ 7,758	$ 7,758

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Related-Party Transactions (Affiliated Quota Share Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details)	3 Months Ended
	Mar. 31, 2021 USD ($)
Coverage Period 01/01/2010-12/31/2010 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re
Percent Ceded	44.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 150,000,000
Aggregate Limit	$ 325,000,000
Coverage Period 01/01/2011-12/31/2011 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re
Percent Ceded	50.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 150,000,000
Aggregate Limit	$ 300,000,000
Coverage Period 01/01/2012-12/31/2014 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re
Percent Ceded	50.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 100,000,000
Aggregate Limit	$ 200,000,000
Coverage Period 01/01/2015-12/31/2016 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re
Percent Ceded	50.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 162,500,000
Aggregate Limit	$ 325,000,000
Coverage Period 01/01/2017-12/31/2017 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re
Percent Ceded	60.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 219,000,000
Aggregate Limit	$ 438,000,000
Coverage Period 01/01/2010-12/31/2010 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch
Percent Ceded	60.00%
Assuming Company	Bermuda Re
Type of Business	property business
Single Occurrence Limit	$ 350,000,000
Aggregate Limit
Coverage Period 01/01/2011-12/31/2011 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch
Percent Ceded	60.00%
Assuming Company	Bermuda Re
Type of Business	property business
Single Occurrence Limit	$ 350,000,000
Aggregate Limit
Coverage Period 01/01/2012-12/31/2012 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch
Percent Ceded	75.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 206,250,000
Aggregate Limit	$ 412,500,000
Coverage Period 01/01/2013-12/31/2013 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch
Percent Ceded	75.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 150,000,000
Aggregate Limit	$ 412,500,000
Coverage Period 01/01/2014-12/31/2017 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Re- Canadian Branch
Percent Ceded	75.00%
Assuming Company	Bermuda Re
Type of Business	property / casualty business
Single Occurrence Limit	$ 262,500,000
Aggregate Limit	$ 412,500,000
Coverage Period 01/01/2012-12/31/2017 [Member]
Related Party Transaction [Line Items]
Ceding Company	Everest Canada
Percent Ceded	80.00%
Assuming Company	Everest Re-   Canadian Branch
Type of Business	property business
Single Occurrence Limit
Aggregate Limit
Coverage Period 01/01/2020
Related Party Transaction [Line Items]
Ceding Company	Everest International Assurance
Percent Ceded	100.00%
Assuming Company	Bermuda Re
Type of Business	life business
Single Occurrence Limit
Aggregate Limit

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Related-Party Transactions ((Schedule Of Loss Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Effective Date 10/01/2001 [Member]
Related Party Transaction [Line Items]
Transferring Company	Everest Re (Belgium Branch)
Assuming Company	Bermuda Re
% of Business Transfer	100.00%
Covered Period of Transfer	All years
Effective Date 10/01/2008 [Member]
Related Party Transaction [Line Items]
Transferring Company	Everest Re
Assuming Company	Bermuda Re
Amount of Transfer	$ 747,022
Covered Period of Transfer	01/01/2002-12/31/2007
Effective Date 12/31/2017 [Member]
Related Party Transaction [Line Items]
Transferring Company	Everest Re
Assuming Company	Bermuda Re
Amount of Transfer	$ 970,000
Covered Period of Transfer	All years

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Retirement Benefits (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Pension Plans [Member] | Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 0	$ 0

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Retirement Benefits (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Amortization of net (income) loss	$ 2,730	$ 1,213
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,738	4,011
Interest cost	1,999	2,483
Expected return on plan assets	(5,580)	(5,197)
Net periodic benefit cost	1,887	2,510
Post-Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	281	141
Interest cost	181	215
Amortization of prior service cost	144	48
Net periodic benefit cost	$ 318	$ 308

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Label	Element	Value
Redeemable Convertible Preferred Stock [Member]
Preferred Stock Term	cik0000914748_PreferredStockTerm	25 years
Preferred Stock, Dividend Rate, Percentage	us-gaap_PreferredStockDividendRatePercentage	1.75%