Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Components Of The Provision

	Years Ended December 31,
(Dollars in thousands)	2015		2014		2013
Current tax expense (benefit):
U.S.	$	90,486	$	143,297	$	116,829
Non-U.S.		14,811		22,575		18,219
Total current tax expense (benefit)		105,297		165,872		135,048
Total deferred U.S. tax expense (benefit)		28,724		21,780		154,658
Total income tax expense (benefit)	$	134,021	$	187,652	$	289,706
(Some amounts may not reconcile due to rounding.)

Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate

	Years Ended December 31,
(Dollars in thousands)	2015						2014						2013
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
Underwriting gain (loss)	$	294,386		$	617,137		$	228,194		$	658,421		$	246,699		$	491,909
Net investment income		234,709			239,115			260,501			270,069			274,920			273,589
Net realized capital gains (losses)		(159,268	)		(24,879	)		78,006			6,040			295,814			4,413
Net derivative gain (loss)		-			6,317			-			(11,599	)		-			44,044
Corporate expenses		(7,179	)		(16,075	)		(7,252	)		(16,169	)		(8,262	)		(16,555	)
Interest, fee and bond issue cost amortization expense		(35,434	)		(756	)		(37,970	)		(563	)		(45,452	)		(665	)
Other income (expense)		27,706			32,730			(1,561	)		19,998			(7,086	)		1,598
Pre-tax income (loss)	$	354,920		$	853,589		$	519,918		$	926,197		$	756,633		$	798,333
Expected tax provision at the applicable statutory rate(s)		124,221			14,848			181,972			21,279			264,822			16,279
Increase (decrease) in taxes resulting from:
Tax exempt income		(10,004	)		-			(12,231	)		-			(15,038	)		-
Dividend received deduction		(5,364	)		-			(5,910	)		-			(7,809	)		-
Proration		2,160			-			1,835			-			2,274			-
Other		8,197			(37	)		(588	)		1,296			27,238			1,940
Total income tax provision	$	119,210		$	14,811		$	165,077		$	22,575		$	271,487		$	18,219
(Some amounts may not reconcile due to rounding.)

Net Deferred Income Tax Assets

	Years Ended December 31,
(Dollars in thousands)	2015			2014
Deferred tax assets:
Loss reserves	$	169,771		$	153,978
Unearned premium reserves		40,624			44,582
Net unrecognized losses on benefit plans		33,971			40,377
Investment impairments		23,481			13,841
Benefit plan liability		18,747			9,873
Foreign tax credits		11,836			64,902
Alternative minimum tax credits		7,604			44,954
Uncollectible reinsurance reserves		5,534			5,237
Net operating loss carryforward		3,412			3,296
Deferred expenses		3,182			3,076
Other assets		16,663			21,048
Total deferred tax assets		334,825			405,164
Deferred tax liabilities:
Net fair value income		80,268			128,856
Deferred acquisition costs		33,227			38,636
Gain on tender of debt		16,437			21,916
Net unrealized investment gains		7,491			28,108
Other liabilities		15,960			15,379
Total deferred tax liabilities		153,383			232,895
Net deferred tax assets		181,442			172,269
Less:  Valuation allowance		(3,412	)		(3,296	)
Total net deferred tax assets	$	178,030		$	168,973