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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments
At September 30, 2020
Amortized
Allowance for
Unrealized
Unrealized
Market
(Dollars in thousands)
Cost
Credit Losses
Appreciation
Depreciation
Value
Fixed maturity securities
 
U.S. Treasury securities and obligations of
 
U.S. government agencies and corporations
$
1,387,482
$
-
$
67,544
$
(3,023)
$
1,452,003
Obligations of U.S. states and political subdivisions
514,787
-
30,939
(2,443)
543,283
Corporate securities
6,526,127
(17,474)
363,613
(66,917)
6,805,349
Asset-backed securities
1,326,918
-
23,191
(11,907)
1,338,202
Mortgage-backed securities
Commercial
892,998
-
78,298
(1,976)
969,320
Agency residential
2,044,837
-
76,284
(2,468)
2,118,653
Non-agency residential
2,559
-
-
(39)
2,520
Foreign government securities
1,476,092
(119)
86,015
(26,913)
1,535,075
Foreign corporate securities
2,959,614
(2,048)
165,297
(30,891)
3,091,972
Total fixed maturity securities
$
17,131,414
(19,641)
$
891,181
$
(146,577)
$
17,856,377
At December 31, 2019
Amortized
Unrealized
Unrealized
Market
OTTI in AOCI
(Dollars in thousands)
Cost
Appreciation
Depreciation
Value
(a)
Fixed maturity securities
 
U.S. Treasury securities and obligations of
 
U.S. government agencies and corporations
$
1,489,660
$
28,357
$
(2,214)
$
1,515,803
$
-
Obligations of U.S. states and political subdivisions
507,353
29,651
(89)
536,915
-
Corporate securities
6,227,661
185,052
(37,767)
6,374,946
469
Asset-backed securities
892,373
6,818
(1,858)
897,333
-
Mortgage-backed securities
Commercial
814,570
31,236
(1,249)
844,557
-
Agency residential
2,173,099
36,361
(10,879)
2,198,581
-
Non-agency residential
5,723
-
(20)
5,703
-
Foreign government securities
1,492,315
47,148
(33,513)
1,505,950
71
Foreign corporate securities
2,870,737
107,999
(33,580)
2,945,156
447
Total fixed maturity securities
$
16,473,491
$
472,622
$
(121,169)
$
16,824,944
$
987
(a)
 
Represents the amount of
 
OTTI recognized in
 
AOCI.
 
Amount includes unrealized gains
 
and losses on impaired
 
securities relating to changes
 
in the value of
such securities subsequent to the impairment measurement date.
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity
At September 30, 2020
At December 31, 2019
Amortized
Market
Amortized
Market
(Dollars in thousands)
Cost
Value
Cost
Value
Fixed maturity securities – available for sale:
 
Due in one year or less
$
1,475,335
$
1,483,621
$
1,456,960
$
1,457,919
 
Due after one year through five years
6,408,491
6,624,753
6,757,107
6,869,359
 
Due after five years through ten years
3,878,019
4,186,765
3,471,370
3,609,816
 
Due after ten years
1,102,257
1,132,543
902,289
941,676
Asset-backed securities
1,326,918
1,338,202
892,373
897,333
Mortgage-backed securities:
Commercial
892,998
969,320
814,570
844,557
Agency residential
2,044,837
2,118,653
2,173,099
2,198,581
Non-agency residential
2,559
2,520
5,723
5,703
Total fixed
 
maturity securities
$
17,131,414
$
17,856,377
$
16,473,491
$
16,824,944
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments
Three Months Ended
 
Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2020
2019
2020
2019
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred
 
taxes thereon:
Fixed maturity securities
$
55,587
$
103,173
$
392,640
$
584,333
Fixed maturity securities, other-than-temporary impairment
-
72
-
(1,671)
Change in unrealized appreciation (depreciation), pre-tax
55,587
103,245
392,640
582,662
Deferred tax benefit (expense)
(3,560)
(9,984)
(44,116)
(62,415)
Deferred tax benefit (expense), other-than-temporary
 
impairment
-
(25)
-
122
Change in unrealized appreciation (depreciation),
 
net of deferred taxes, included in shareholders’
 
equity
 
$
52,027
$
93,236
$
348,524
$
520,369
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type
Duration of Unrealized Loss at September 30, 2020 By Security Type
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in thousands)
Market Value
Depreciation
Market Value
Depreciation
Market Value
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations
$
69,055
$
(3,023)
$
-
$
-
$
69,055
$
(3,023)
Obligations of U.S. states and political subdivisions
50,368
(2,278)
4,943
(165)
55,311
(2,443)
Corporate securities
752,828
(24,799)
196,660
(42,118)
949,488
(66,917)
Asset-backed securities
328,216
(8,346)
163,014
(3,561)
491,230
(11,907)
Mortgage-backed securities
-
-
Commercial
77,850
(1,524)
6,634
(452)
84,484
(1,976)
Agency residential
248,155
(1,256)
65,145
(1,212)
313,300
(2,468)
Non-agency residential
213
(3)
2,308
(36)
2,521
(39)
Foreign government securities
83,267
(4,352)
176,739
(22,561)
260,006
(26,913)
Foreign corporate securities
399,841
(11,117)
193,809
(19,774)
593,650
(30,891)
Total fixed maturity securities
$
2,009,793
$
(56,698)
$
809,252
$
(89,879)
$
2,819,045
$
(146,577)
Duration of Unrealized Loss at December 31, 2019 By Security Type
 
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in thousands)
Market Value
Depreciation
Market Value
Depreciation
Market Value
Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations
$
85,527
$
(1,005)
$
249,371
$
(1,209)
$
334,898
$
(2,214)
Obligations of U.S. states and political subdivisions
4,600
(38)
5,522
(51)
10,122
(89)
Corporate securities
547,120
(9,877)
395,369
(27,890)
942,489
(37,767)
Asset-backed securities
176,222
(1,027)
94,190
(831)
270,412
(1,858)
Mortgage-backed securities
Commercial
83,127
(689)
23,063
(560)
106,190
(1,249)
Agency residential
344,267
(1,834)
488,680
(9,045)
832,947
(10,879)
Non-agency residential
332
-
3,976
(20)
4,308
(20)
Foreign government securities
210,766
(4,770)
283,648
(28,743)
494,414
(33,513)
Foreign corporate securities
278,403
(7,553)
365,808
(26,027)
644,211
(33,580)
Total fixed maturity securities
$
1,730,364
$
(26,793)
$
1,909,627
$
(94,376)
$
3,639,991
$
(121,169)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity
Duration of Unrealized Loss at September 30, 2020 By Maturity
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in thousands)
Market Value
Depreciation
Market Value
Depreciation
Market Value
Depreciation
Fixed maturity securities
Due in one year or less
$
76,867
$
(2,652)
$
135,762
$
(21,608)
$
212,629
$
(24,260)
Due in one year through five years
675,450
(22,976)
304,410
(29,003)
979,860
(51,979)
Due in five years through ten years
377,219
(12,287)
69,424
(4,266)
446,643
(16,553)
Due after ten years
225,823
(7,654)
62,555
(29,741)
288,378
(37,395)
Asset-backed securities
328,216
(8,346)
163,014
(3,561)
491,230
(11,907)
Mortgage-backed securities
326,218
(2,783)
74,087
(1,700)
400,305
(4,483)
Total fixed maturity securities
$
2,009,793
$
(56,698)
$
809,252
$
(89,879)
$
2,819,045
$
(146,577)
Duration of Unrealized Loss at December 31, 2019 By Maturity
Less than 12 months
Greater than 12 months
Total
Gross
Gross
Gross
Unrealized
Unrealized
Unrealized
(Dollars in thousands)
Market Value
Depreciation
Market Value
Depreciation
Market Value
Depreciation
Fixed maturity securities
Due in one year or less
$
67,879
$
(1,237)
$
416,583
$
(23,004)
$
484,462
$
(24,241)
Due in one year through five years
464,753
(7,960)
689,195
(38,138)
1,153,948
(46,098)
Due in five years through ten years
495,741
(12,388)
103,612
(11,100)
599,353
(23,488)
Due after ten years
98,043
(1,658)
90,328
(11,678)
188,371
(13,336)
Asset-backed securities
176,222
(1,027)
94,190
(831)
270,412
(1,858)
Mortgage-backed securities
427,726
(2,523)
515,719
(9,625)
943,445
(12,148)
Total fixed maturity securities
$
1,730,364
$
(26,793)
$
1,909,627
$
(94,376)
$
3,639,991
$
(121,169)
Summary Of Components Of Net Investment Income
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2020
2019
2020
2019
Fixed maturities
$
136,104
$
130,139
$
407,946
$
383,440
Equity securities
4,402
4,147
11,585
12,250
Short-term investments and cash
494
3,899
4,356
13,497
Other invested assets
Limited partnerships
88,778
43,758
22,092
100,298
Other
 
14,742
7,286
(1,291)
13,565
Gross investment income before
 
adjustments
244,520
189,229
444,688
523,050
Funds held interest
 
income (expense)
684
2,325
10,921
9,715
Future policy benefit reserve income (expense)
(291)
(372)
(805)
(965)
Gross investment income
244,913
191,182
454,804
531,800
Investment expenses
(10,680)
(10,124)
(34,688)
(30,738)
Net investment income
$
234,233
$
181,058
$
420,116
$
501,062
Summary Of Components Of Net Realized Capital Gains (Losses)
Three Months Ended
 
Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2020
2019
2020
2019
Fixed maturity securities, market value:
Allowance for credit losses
$
6,196
$
-
$
(19,641)
$
-
Other-than-temporary impairments
-
(7,314)
-
(15,404)
Gains (losses) from sales
5,398
5,290
941
16,660
Fixed maturity securities, fair value:
Gains (losses) from sales
(1,968)
-
(1,968)
356
Gains (losses) from fair value adjustments
3,339
-
1,944
13
Equity securities, fair value:
Gains (losses) from sales
(1,317)
(1,192)
(12,642)
2,541
Gains (losses) from fair value adjustments
96,673
(12,008)
114,364
102,795
Other invested assets
1,084
2,098
50
2,341
Short-term investments gain
 
(loss)
798
183
1,215
259
Total net realized
 
capital gains (losses)
$
110,203
$
(12,943)
$
84,263
$
109,561
Roll Forward of Allowance for Credit Losses
Three Months Ended September 30, 2020
Nine Months Ended September 30, 2020
Foreign
Foreign
Foreign
Foreign
Corporate
Government
Corporate
Corporate
Government
Corporate
Securities
Securities
Securities
Total
Securities
Securities
Securities
Total
(Dollars in thousands)
Beginning Balance
$
(22,253)
$
(92)
$
(3,492)
$
(25,837)
$
-
$
-
$
-
$
-
Credit losses on securities where credit
losses were not previously recorded
(6)
-
(144)
(150)
(27,666)
(519)
(4,699)
(32,884)
Increases in allowance on previously
impaired securities
(5,354)
(27)
(181)
(5,562)
(6,136)
(27)
(481)
(6,644)
Decreases in allowance on previously
 
impaired securities
159
-
151
310
3,590
212
844
4,646
Reduction in allowance due to disposals
9,980
-
1,618
11,598
12,738
215
2,288
15,241
Balance as of September 30, 2020
$
(17,474)
$
(119)
$
(2,048)
$
(19,641)
$
(17,474)
$
(119)
$
(2,048)
$
(19,641)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in thousands)
2020
2019
2020
2019
Proceeds from sales of fixed maturity securities
$
402,528
$
271,025
$
1,392,801
$
2,591,938
Gross gains from sales
18,721
14,270
54,077
42,316
Gross losses from sales
(15,291)
(8,980)
(55,104)
(25,300)
Proceeds from sales of equity securities
$
116,565
$
35,924
$
329,750
$
185,157
Gross gains from sales
9,512
1,035
30,268
9,286
Gross losses from sales
(10,829)
(2,227)
(42,910)
(6,745)