Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets And Liabilities

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

September 30, 2020

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, market value

U.S. Treasury securities and obligations of

U.S. government agencies and corporations

$

1,452,003

$

-

$

1,452,003

$

-

Obligations of U.S. States and political subdivisions

543,283

-

543,283

-

Corporate securities

6,805,349

-

6,081,305

724,044

Asset-backed securities

1,338,202

-

933,413

404,789

Mortgage-backed securities

Commercial

969,320

-

969,320

-

Agency residential

2,118,653

-

2,118,653

-

Non-agency residential

2,520

-

2,520

-

Foreign government securities

1,535,075

-

1,535,075

-

Foreign corporate securities

3,091,972

-

3,086,270

5,702

Total fixed maturities, market value

17,856,377

-

16,721,842

1,134,535

Fixed maturities, fair value

3,748

-

-

3,748

Equity securities, fair value

1,173,162

1,084,448

88,714

-

Liabilities:

Equity index put option contracts

$

6,632

$

-

$

-

$

6,632

Fair Value Measurement Using:

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

December 31, 2019

(Level 1)

(Level 2)

(Level 3)

Assets:

Fixed maturities, market value

U.S. Treasury securities and obligations of

U.S. government agencies and corporations

$

1,515,803

$

-

$

1,515,803

$

-

Obligations of U.S. States and political subdivisions

536,915

-

536,915

-

Corporate securities

6,374,946

-

5,757,358

617,588

Asset-backed securities

897,333

-

743,692

153,641

Mortgage-backed securities

Commercial

844,557

-

844,557

-

Agency residential

2,198,581

-

2,198,581

-

Non-agency residential

5,703

-

5,703

-

Foreign government securities

1,505,950

-

1,505,950

-

Foreign corporate securities

2,945,156

-

2,943,406

1,750

Total fixed maturities, market value

16,824,944

-

16,051,965

772,979

Fixed maturities, fair value

5,826

-

-

5,826

Equity securities, fair value

931,457

864,584

66,873

-

Liabilities:

Equity index put option contracts

$

5,584

$

-

$

-

$

5,584

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

Total Fixed Maturities, Market Value

Three Months Ended September 30, 2020

Nine Months Ended September 30, 2020

Corporate

Asset-Backed

Foreign

Corporate

Asset-Backed

Foreign

(Dollars in thousands)

Securities

Securities

Corporate

Total

Securities

Securities

Corporate

Total

Beginning balance fixed maturities at market value

$

721,834

$

295,730

$

6,274

$

1,023,838

$

617,588

$

153,641

$

1,750

$

772,979

Total gains or (losses) (realized/unrealized)

Included in earnings

362

457

26

845

(100)

582

(71)

411

Included in other comprehensive income (loss)

(992)

5,028

126

4,162

(4,898)

7,238

86

2,426

Purchases, issuances and settlements

(1,349)

103,574

139

102,364

112,060

243,328

3,823

359,211

Transfers in and/or (out) of Level 3

4,189

-

(863)

3,326

(606)

-

114

(492)

Ending balance

$

724,044

$

404,789

$

5,702

$

1,134,535

$

724,044

$

404,789

$

5,702

$

1,134,535

The amount of total gains or losses for the period

included in earnings (or changes in net assets)

attributable to the change in unrealized gains 

or losses relating to assets still held

 at the reporting date

$

-

$

-

$

-

$

-

$

(539)

$

-

$

$

-

$

(539)

(Some amounts may not reconcile due to rounding.)

Total Fixed Maturities, Market Value

Three Months Ended September 30, 2019

Nine Months Ended September 30, 2019

Corporate

Asset-Backed

Foreign

Corporate

Asset-Backed

Foreign

(Dollars in thousands)

Securities

Securities

Corporate

Total

Securities

Securities

Corporate

Total

Beginning balance fixed maturities at market value

$

542,878

$

-

$

2,093

$

544,971

$

428,215

$

-

$

7,744

$

435,959

Total gains or (losses) (realized/unrealized)

Included in earnings

1,018

-

-

1,018

3,348

-

(119)

3,229

Included in other comprehensive income (loss)

(1,314)

644

-

(670)

1,130

644

-

1,774

Purchases, issuances and settlements

42,289

40,000

-

82,289

150,659

40,000

(5,532)

185,127

Transfers in and/or (out) of Level 3

3,176

-

-

3,176

4,695

-

-

4,695

Ending balance

$

588,047

$

40,644

$

2,093

$

630,784

$

588,047

$

40,644

$

2,093

$

630,784

The amount of total gains or losses for the period

included in earnings (or changes in net assets)

attributable to the change in unrealized gains 

or losses relating to assets still held

 at the reporting date

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

(Some amounts may not reconcile due to rounding.)

Total Fixed Maturities, Fair Value

Three Months Ended September 30, 2020

Nine Months Ended September 30, 2020

Foreign

Foreign

(Dollars in thousands)

Corporate

Total

Corporate

Total

Beginning balance fixed maturities at market value

$

4,431

$

4,431

$

5,826

$

5,826

Total gains or (losses) (realized/unrealized)

Included in earnings

1,371

1,371

(24)

(24)

Included in other comprehensive income (loss)

-

-

-

-

Purchases, issuances and settlements

(2,054)

(2,054)

(2,054)

(2,054)

Transfers in and/or (out) of Level 3

-

-

-

-

Ending balance

$

3,748

$

3,748

$

3,748

$

3,748

The amount of total gains or losses for the period

included in earnings (or changes in net assets)

attributable to the change in unrealized gains 

or losses relating to assets still held

 at the reporting date

$

-

$

-

$

-

$

-

(Some amounts may not reconcile due to rounding.)

Total Fixed Maturities, Fair Value

Three Months Ended September 30, 2019

Nine Months Ended September 30, 2019

Foreign

Foreign

(Dollars in thousands)

Corporate

Total

Corporate

Total

Beginning balance fixed maturities at market value

$

-

$

-

$

2,337

$

2,337

Total gains or (losses) (realized/unrealized)

Included in earnings

-

-

369

369

Included in other comprehensive income (loss)

-

-

-

-

Purchases, issuances and settlements

-

-

(2,706)

(2,706)

Transfers in and/or (out) of Level 3

-

-

-

-

Ending balance

$

-

$

-

$

-

$

-

The amount of total gains or losses for the period

included in earnings (or changes in net assets)

attributable to the change in unrealized gains 

or losses relating to assets still held

 at the reporting date

$

-

$

-

$

-

$

-

(Some amounts may not reconcile due to rounding.)

Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts

Three Months Ended 

Nine Months Ended

September 30,

September 30,

(Dollars in thousands)

2020

2019

2020

2019

Common Stock

Balance, beginning of period

$

9,877

$

-

$

-

$

-

Total (gains) or losses (realized/unrealized)

Included in earnings

-

-

-

-

Included in other comprehensive income (loss)

-

-

-

-

Purchases, issuances and settlements

-

-

9,877

-

Transfers in and/or (out) of Level 3

(9,877)

-

(9,877)

-

Balance, end of period

$

-

$

-

$

-

$

-

The amount of total gains or losses for the period included in earnings

(or changes in net assets) attributable to the change in unrealized

gains or losses relating to liabilities still held at the reporting date

$

-

$

-

$

-

$

-

(Some amounts may not reconcile due to rounding.)

Three Months Ended 

Nine Months Ended

September 30,

September 30,

(Dollars in thousands)

2020

2019

2020

2019

Liabilities:

Balance, beginning of period

$

9,088

$

8,374

$

5,584

$

11,958

Total (gains) or losses (realized/unrealized)

Included in earnings

(2,456)

189

1,048

(3,395)

Included in other comprehensive income (loss)

-

-

-

-

Purchases, issuances and settlements

-

-

-

-

Transfers in and/or (out) of Level 3

-

-

-

-

Balance, end of period

$

6,632

$

8,563

$

6,632

$

8,563

The amount of total gains or losses for the period included in earnings

(or changes in net assets) attributable to the change in unrealized

gains or losses relating to liabilities still held at the reporting date

$

-

$

-

$

-

$

-

(Some amounts may not reconcile due to rounding.)