Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||
Dividends declared | $ 1.65 | $ 1.55 | $ 3.20 | $ 3.10 |
General |
6 Months Ended |
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Jun. 30, 2022 | |
General [Abstract] | |
General | 1. Everest and Group and its subsidiaries. |
Basis Of Presentation |
6 Months Ended |
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Jun. 30, 2022 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. The unaudited and recurring accruals, interim basis. in accordance omitted sheet data was The results financial statements Company’s most recent The Company in Company is considered to be the primary beneficiary. as entity. The preparation assumptions liabilities) at the date of the financial reporting period. All intercompany accounts Certain presentation. Application of Recently Issued Accounting The Company months standards well as the year ended ended June 30, 2022, that impacted Group. Any Company to be either not applicable or immaterial to |
Investments |
6 Months Ended |
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Jun. 30, 2022 | |
Investments [Abstract] | |
Investments | 3. The appreciation/(depreciation) and fair At June 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 1,385,608 $ - $ 7,193 $ (54,571) $ 1,338,230 Obligations of U.S. states and 528,830 (151) 3,950 (24,348) 508,281 Corporate securities 7,505,558 (25,583) 31,650 (524,848) 6,986,777 Asset-backed securities 4,081,011 - 909 (183,241) 3,898,679 Mortgage-backed securities Commercial 1,024,591 - 124 (72,820) 951,895 Agency residential 2,874,574 - 2,937 (186,656) 2,690,855 Non-agency residential 5,349 - - (208) 5,141 Foreign government securities 1,463,494 - 11,670 (115,421) 1,359,743 Foreign corporate securities 4,539,402 (16,980) 21,900 (403,480) 4,140,842 Total fixed $ 23,408,417 $ (42,714) $ 80,333 $ (1,565,593) $ 21,880,443 At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 1,407,256 $ - $ 23,720 $ (10,358) $ 1,420,618 Obligations of U.S. states and 558,842 (151) 29,080 (1,150) 586,621 Corporate securities 7,443,535 (19,267) 195,210 (62,580) 7,556,898 Asset-backed securities 3,579,439 (7,679) 21,817 (11,848) 3,581,729 Mortgage-backed securities Commercial 1,032,506 - 37,550 (5,690) 1,064,366 Agency residential 2,361,208 - 32,997 (18,873) 2,375,332 Non-agency residential 6,530 - 22 (16) 6,536 Foreign government securities 1,423,634 - 41,957 (28,079) 1,437,512 Foreign corporate securities 4,250,642 (2,641) 95,195 (64,536) 4,278,660 Total fixed $ 22,063,592 $ (29,738) $ 477,548 $ (203,130) $ 22,308,272 The amortized by maturity securities. As the stated for mortgage-backed and At June 30, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: $ 1,261,875 $ 1,263,628 $ 1,398,742 $ 1,398,006 7,565,293 7,187,705 7,075,077 7,154,468 4,746,315 4,285,866 5,003,792 5,100,672 1,849,409 1,596,674 1,606,298 1,627,163 Asset-backed securities 4,081,011 3,898,679 3,579,439 3,581,729 Mortgage-backed securities: Commercial 1,024,591 951,895 1,032,506 1,064,366 Agency residential 2,874,574 2,690,855 2,361,208 2,375,332 Non-agency residential 5,349 5,141 6,530 6,536 Total fixed maturity securities $ 23,408,417 $ 21,880,443 $ 22,063,592 $ 22,308,272 During maturity 71.8 71.2 maturity securities held to maturity and ability credit loss manner as interest income for These fixed maturity of $ 62.8 0.1 0.2 fair 62.4 9.0 appreciation of 0.0 0.1 8.8 2022. The 5 years stated maturity of asset-backed The Company evaluated as maturity, rates, develop an estimate a expected to be $ 0.4 The changes investments are derived Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ (832,237) $ 97,127 $ (1,759,644) $ (235,581) Change in unrealized appreciation (depreciation), pre-tax (832,237) 97,127 (1,759,644) (235,581) Deferred tax benefit (expense) 115,714 (11,366) 232,123 29,061 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (716,523) $ 85,761 $ (1,527,521) $ (206,520) The tables available for that individual securities had been in a continuous unrealized Duration of Unrealized Loss at June Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 949,790 $ (39,469) $ 199,364 $ (15,102) $ 1,149,154 $ (54,571) Obligations of U.S. states and 210,645 (21,935) 12,067 (2,366) 222,712 (24,301) Corporate securities 4,911,170 (420,055) 779,916 (104,127) 5,691,086 (524,182) Asset-backed securities 3,623,327 (180,189) 42,484 (3,052) 3,665,811 (183,241) Mortgage-backed securities Commercial 926,417 (69,573) 21,217 (3,247) 947,634 (72,820) Agency residential 1,939,847 (116,105) 579,272 (70,551) 2,519,119 (186,656) Non-agency residential 4,402 (188) 739 (20) 5,141 (208) Foreign government securities 972,856 (73,986) 177,226 (41,435) 1,150,082 (115,421) Foreign corporate securities 3,100,785 (329,255) 479,179 (73,849) 3,579,964 (403,104) Total $ 16,639,239 $ (1,250,755) $ 2,291,464 $ (313,749) $ 18,930,703 $ (1,564,504) Securities where an allowance for credit 7,213 (1,089) - - 7,213 (1,089) Total fixed $ 16,646,452 $ (1,251,844) $ 2,291,464 $ (313,749) $ 18,937,916 $ (1,565,593) Duration of Unrealized Loss at June Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities Due in one year or less $ 660,642 $ (4,878) $ 90,052 $ (7,477) $ 750,694 $ (12,355) Due in one year through five years 5,163,545 (300,876) 818,035 (79,426) 5,981,580 (380,302) Due in five years through ten years 3,087,307 (359,536) 598,581 (114,767) 3,685,888 (474,303) Due after ten years 1,233,752 (219,410) 141,084 (35,209) 1,374,836 (254,619) Asset-backed securities 3,623,327 (180,189) 42,484 (3,052) 3,665,811 (183,241) Mortgage-backed securities 2,870,666 (185,866) 601,228 (73,818) 3,471,894 (259,684) Total $ 16,639,239 $ (1,250,755) $ 2,291,464 $ (313,749) $ 18,930,703 $ (1,564,504) Securities where an allowance for credit 7,213 (1,089) - - 7,213 (1,089) Total fixed $ 16,646,452 $ (1,251,844) $ 2,291,464 $ (313,749) $ 18,937,916 $ (1,565,593) The aggregate unrealized 18.9 1.6 securities for the loss 5.3 % securities available position at June 30, 1.3 % of the Company’s In addition, one market sector. 1.3 have been in an unrealized corporate securities, government 1.1 to securities 313.7 million of unrealized more securities, losses, 300.6 recognized value of credit evaluation changes contractual amortized cost. The these securities; and it is more of principal and interest payments. The tables available for that amounts presented 15.7 0.4 ) million depreciation Company has recorded an allowance Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities U.S. Treasury securities and U.S. government agencies and corporations $ 504,168 $ (6,264) $ 91,735 $ (4,094) $ 595,903 $ (10,358) Obligations of U.S. states and 51,094 (1,038) 2,558 (112) 53,652 (1,150) Corporate securities 2,132,576 (38,316) 472,831 (24,264) 2,605,407 (62,580) Asset-backed securities 1,954,079 (11,180) 41,823 (668) 1,995,902 (11,848) Mortgage-backed securities Commercial 221,852 (2,854) 40,496 (2,836) 262,348 (5,690) Agency residential 1,101,215 (12,178) 279,697 (6,695) 1,380,912 (18,873) Non-agency residential 2,320 (14) 156 (2) 2,476 (16) Foreign government securities 392,447 (9,709) 100,673 (18,370) 493,120 (28,079) Foreign corporate securities 1,734,510 (46,247) 210,722 (18,289) 1,945,232 (64,536) Total fixed $ 8,094,261 $ (127,800) $ 1,240,691 $ (75,330) $ 9,334,952 $ (203,130) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 129,860 $ (2,415) $ 136,827 $ (11,832) $ 266,687 $ (14,247) Due in one year through five years 2,165,467 (35,264) 446,247 (28,685) 2,611,714 (63,949) Due in five years through ten years 1,727,823 (47,413) 244,454 (22,038) 1,972,277 (69,451) Due after ten years 791,645 (16,482) 50,991 (2,574) 842,636 (19,056) Asset-backed securities 1,954,079 (11,180) 41,823 (668) 1,995,902 (11,848) Mortgage-backed securities 1,325,387 (15,046) 320,349 (9,533) 1,645,736 (24,579) Total fixed $ 8,094,261 $ (127,800) $ 1,240,691 $ (75,330) $ 9,334,952 $ (203,130) The December 31, 2021 9.3 203.1 issuer December 2.7 % available for sale. less 0.5 % above 127.8 million of unrealized loss agency these unrealized 116.2 one 75.3 securities available and securities. 72.3 by at least one to securities still have excess The components of net investment Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Fixed maturities $ 168,769 $ 148,262 $ 316,995 $ 289,178 Equity securities 4,600 3,493 8,746 8,331 Short-term investments and cash 6,587 773 6,746 953 Other invested assets: Limited partnerships 47,584 239,966 136,021 354,299 Other 13,991 25,855 25,822 31,874 Gross investment income before 241,531 418,349 494,330 684,635 Funds held interest income (expense) 772 3,287 4,457 11,253 Future policy benefit reserve income (expense) (128) (170) (350) (461) Gross investment income 242,175 421,466 498,437 695,427 Investment expenses (16,197) (14,371) (29,629) (27,919) Net investment income $ 225,978 $ 407,095 $ 468,808 $ 667,508 The changes partnerships is dependent partnership. generally decline in value Company identifies the decline. The Company had 2.4 private accordance extended, through 2026 . The Company the invests participation in the Company’s balance sheets 377.7 Variable Interest The primarily entity that as simple provided whether the Company has Company that most to assessment, Consolidated Financial no t hold any securities for which it is the primary beneficiary. The partnerships it is not the performance December 31, 2021 3.1 2.9 included in Company's totaling 2.2 partnership during These management. In Company collateralized loan maturity. than its due securities issued by the losses impact the economic performance is limited to the amount of the Company’s The components of net gains (losses) on investments Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Fixed maturity securities: Allowance for credit losses $ (1,490) $ (15,927) $ (13,343) $ (22,904) Net realized gains (losses) from dispositions (15,560) 10,060 (12,761) 19,234 Equity securities, fair value: Net realized gains (losses) from dispositions (30,926) 3,755 (42,713) 9,993 Gains (losses) from fair value adjustments (188,924) 103,525 (325,784) 132,581 Other invested assets 583 2,748 4,735 4,094 Short-term investments gain (loss) 52 (52) (26) 13 Total net gains (losses) on investments $ (236,265) $ 104,109 $ (389,892) $ 143,011 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Obligations of Obligations of U.S. States Foreign U.S. States Foreign Corporate Asset-Backed and Political Corporate Corporate Asset-Backed and Political Corporate Securities Securities Subdivisions Securities Total Securities Securities Subdivisions Securities Total (Dollars in thousands) Beginning Balance $ (20,049) $ (7,679) $ (151) $ (13,712) $ (41,591) $ (19,267) $ (7,679) $ (151) $ (2,641) $ (29,738) Credit losses on securities where credit losses were not previously recorded (4,887) - - (4,706) (9,593) (6,816) - - (15,890) (22,706) Increases in allowance on previously impaired securities (654) - - (732) (1,386) (654) - - (732) (1,386) Decreases in allowance on previously impaired securities - - - - - - - - - - Reduction in allowance due to disposals 7 7,679 - 2,170 9,856 1,154 7,679 - 2,283 11,116 Balance as of June 30, 2022 $ (25,583) $ - $ (151) $ (16,980) $ (42,714) $ (25,583) $ - $ (151) $ (16,980) $ (42,714) Roll Forward of Allowance for Credit Losses – Fixed maturities, Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Foreign Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Government Corporate Securities Securities Securities Total Securities Securities Securities Securities Total (Dollars in thousands) Beginning Balance $ (3,603) $ (4,915) $ (205) $ (8,723) $ (1,220) $ - $ (22) $ (503) $ (1,745) Credit losses on securities where credit losses were not previously recorded (13,537) - (1,055) (14,592) (15,920) (4,915) - (1,055) (21,890) Increases in allowance on previously impaired securities (1,468) - - (1,468) (1,468) - - - (1,468) Decreases in allowance on previously impaired securities - - - - - - - - - Reduction in allowance due to disposals 133 - - 133 133 - 22 298 453 Balance as of June 30, 2021 $ (18,475) $ (4,915) $ (1,260) $ (24,650) $ (18,475) $ (4,915) $ - $ (1,260) $ (24,650) The proceeds are presented in the table below Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Proceeds from sales of fixed maturity securities, available for sale $ 353,160 $ 371,459 $ 772,148 $ 599,737 Gross gains from dispositions 7,456 19,870 27,578 34,734 Gross losses from dispositions (23,016) (9,810) (40,339) (15,500) Proceeds from sales of equity securities $ 347,714 $ 193,350 $ 437,815 $ 474,663 Gross gains from dispositions 4,135 5,803 7,643 18,107 Gross losses from dispositions (35,061) (2,048) (50,356) (8,114) |
Reserve For Losses, LAE And Future Policy Benefit Reserve |
6 Months Ended |
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Jun. 30, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 4. Activity in the reserve for losses and LAE is summarized Six Months Ended June 30, (Dollars in thousands) 2022 2021 Gross reserves beginning of period $ 19,009,486 $ 16,322,143 (1,946,365) (1,843,691) 17,063,121 14,478,452 Incurred related to: 3,667,769 3,302,013 (1,659) (4,453) 3,666,110 3,297,560 Paid related to: 978,599 710,677 1,483,844 1,399,579 2,462,443 2,110,256 Foreign exchange/translation adjustment (259,484) 35,651 Net reserves end of period 18,007,304 15,701,407 1,985,750 1,862,760 $ 19,993,054 $ 17,564,167 (Some amounts may not reconcile due Current year 3.7 3.3 respectively. underlying 45.0 Ukraine/Russia war, 115.0 The war in Russia, located United States. have recorded 45.0 months ended June 30, 2022. |
Fair Value |
6 Months Ended |
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Jun. 30, 2022 | |
Fair Value [Abstract] | |
Fair Value | 5. GAAP guidance they are common received measurement measurements. liability. lowest being the lowest priority. The levels in the hierarchy Level 1: identical assets or liabilities in an active market; Level 2: markets, substantially the full term of the financial instrument; Level 3: The managers. recognized process. when fixed processes addition, interest rate scenarios The investment the reasonableness Company initial party securities price validation may use At 2.2 these fixed maturities were were evaluate 2.1 fair valued using unobservable inputs. The Company internally 31, 2021 of $ 896.9 1.3 to for 2.1 2.0 respectively. recognized pricing vendors. Equity categorized exchanges are fair value. Fixed maturity have interest rate yield For pricing services rates from nationally recognized In categorized are comparable may obtain market providing the quotes. managers converted to U.S. dollars The composition follows: • U.S. comprised prices, reported trades, quoted • the similar securities, benchmark yields and credit spreads; • Corporate securities values securities, benchmark yields and credit spreads; • Asset-backed prices, reported observable inputs such as prepayment speeds, • Foreign values securities and applicable, converted to U.S. • Foreign corporate are and models with observable inputs converted to U.S. dollars The following has recorded at fair value Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,338,230 $ - $ 1,338,230 $ - Obligations of U.S. States and political subdivisions 508,281 - 508,281 - Corporate securities 6,986,777 - 6,124,350 862,427 Asset-backed securities 3,898,679 - 2,643,282 1,255,397 Mortgage-backed securities Commercial 951,895 - 946,204 5,691 Agency residential 2,690,855 - 2,690,855 - Non-agency residential 5,141 - 5,141 - Foreign government securities 1,359,743 - 1,359,743 - Foreign corporate securities 4,140,842 - 4,100,881 39,961 Total fixed maturities, available for sale 21,880,443 - 19,716,967 2,163,476 Equity securities, fair value 1,299,221 1,226,921 72,300 - Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,420,618 $ - $ 1,420,618 $ - Obligations of U.S. States and political subdivisions 586,621 - 586,621 - Corporate securities 7,556,898 - 6,756,324 800,574 Asset-backed securities 3,581,729 - 2,330,448 1,251,281 Mortgage-backed securities Commercial 1,064,366 - 1,064,366 - Agency residential 2,375,332 - 2,375,332 - Non-agency residential 6,536 - 6,536 - Foreign government securities 1,437,512 - 1,437,512 - Foreign corporate securities 4,278,660 - 4,262,645 16,015 Total fixed maturities, available for sale 22,308,272 - 20,240,402 2,067,870 Equity securities, fair value 1,825,908 1,742,367 83,541 - In addition, 297.2 286.6 balance sheets hierarchy tables as The following inputs for fixed maturities available Total Fixed Maturities, Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities CMBS Corporate Total Securities Securities CMBS Corporate Total Beginning balance fixed maturities $ 714,656 $ 1,388,691 $ 5,890 $ 15,926 $ 2,125,163 $ 800,574 $ 1,251,281 $ - $ 16,015 $ 2,067,870 Total gains or (losses) (realized/unrealized) Included in earnings (4,534) 35 - 16 (4,483) 11,409 137 - 29 11,575 Included in other comprehensive income (loss) (3,003) (47,202) (199) (3,747) (54,151) (7,170) (75,990) (222) (3,808) (87,190) Purchases, issuances and settlements 27,750 61,565 - 7,632 96,947 (69,944) 227,661 5,913 7,591 171,221 Transfers in/(out) of Level securities in/(out) of investment categories 127,558 (147,692) - 20,134 - 127,558 (147,692) - 20,134 - Ending balance $ 862,427 $ 1,255,397 $ 5,691 $ 39,961 $ 2,163,476 $ 862,427 $ 1,255,397 $ 5,691 $ 39,961 $ 2,163,476 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 $ (5,261) $ 7,679 $ - $ - $ 2,418 $ (4,943) $ 7,679 $ - $ - $ 2,736 (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities $ 704,542 $ 785,360 $ 5,598 $ 1,495,500 $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 Total gains or (losses) (realized/unrealized) Included in earnings (13,761) 206 137 (13,418) (15,550) (3,962) 140 (19,372) Included in other comprehensive income (loss) 4,582 7,610 (85) 12,107 7,418 4,475 (36) 11,857 Purchases, issuances and settlements 10,208 22,100 (763) 31,545 12,211 191,730 (916) 203,025 Transfers in/(out) of Level securities in/(out) of investment categories - - - - - - - - Ending balance $ 705,571 $ 815,276 $ 4,887 $ 1,525,734 $ 705,571 $ 815,276 $ 4,887 $ 1,525,734 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 $ (17,279) $ (4,915) $ - $ (22,194) $ (17,279) $ (4,915) $ - $ (22,194) (Some amounts may not reconcile due to rounding.) The allowances, 71.4 71.2 values available unobservable inputs and therefore |
Earnings Per Common Share |
6 Months Ended |
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Jun. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 6. Basic shares outstanding. under various would participate in the earnings of the entity. Net income basic and dilutive shares outstanding. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share amounts) 2022 2021 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ 122,630 $ 679,982 $ 420,381 $ 1,021,844 Less: (64,982) (62,045) (126,079) (124,274) Undistributed earnings 57,648 617,937 294,302 897,570 Percentage allocated to 98.6 % 98.6 % 98.7 % 98.7 % 56,870 609,411 290,356 885,595 Add: 64,184 61,245 124,466 122,659 Numerator for basic and diluted $ 121,054 $ 670,656 $ 414,822 $ 1,008,254 Denominator Denominator for basic earnings per weighted 38,898 39,527 38,861 39,535 Effect of dilutive securities: Options - 41 7 48 Denominator for diluted earnings per adjusted 38,898 39,567 38,867 39,582 Per common share net income (loss) Basic $ 3.11 $ 16.97 $ 10.67 $ 25.50 Diluted $ 3.11 $ 16.95 $ 10.67 $ 25.47 (1) Basic weighted-average common shares outstanding 38,898 39,527 38,861 39,535 Basic weighted-average common shares outstanding and unvested common shares expected to vest 39,430 40,080 39,389 40,069 Percentage allocated to common shareholders 98.6 % 98.6 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options granted September 19, 2022 . |
Commitments And Contingencies |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. In informal obligations rights under an agreement or to others resolved through all such matters, considers expenses. Aside not a party to any other material litigation |
Other Comprehensive Income (Loss) |
6 Months Ended |
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Jun. 30, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 8. The following operations for the periods indicated: Three Months Ended June Six Months Ended June 30, 2022 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ (848,704) $ 116,340 $ (732,364) $ (1,781,013) $ 233,473 $ (1,547,540) Reclassification of net realized (loss) 16,467 (626) 15,841 21,369 (1,350) 20,019 Foreign currency translation adjustments (30,896) 2,627 (28,269) (65,499) 3,128 (62,371) Reclassification of benefit plan liability amortization income (loss) 959 (201) 758 1,919 (404) 1,515 Total other comprehensive $ (862,174) $ 118,140 $ (744,034) $ (1,823,224) $ 234,847 $ (1,588,377) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ 94,009 $ (9,838) $ 84,171 $ (235,157) $ 30,713 $ (204,444) Reclassification of net realized (loss) 3,118 (1,528) 1,590 (424) (1,652) (2,076) Foreign currency translation adjustments 38,022 (3,727) 34,295 29,034 (4,321) 24,713 Reclassification of benefit plan liability amortization income (loss) 2,586 (543) 2,043 5,172 (1,086) 4,086 Total other comprehensive $ 137,735 $ (15,636) $ 122,099 $ (201,375) $ 23,654 $ (177,721) The following table presents details Three Months Ended Six Months Ended June 30, June 30, Affected line item within the statements of AOCI component 2022 2021 2022 2021 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 16,467 $ 3,118 $ 21,369 $ (424) Other net realized capital gains (losses) (626) (1,528) (1,350) (1,652) Income tax expense (benefit) $ 15,841 $ 1,590 $ 20,019 $ (2,076) Net income (loss) Benefit plan net gain (loss) $ 959 $ 2,586 $ 1,919 $ 5,172 Other underwriting expenses (201) (543) (404) (1,086) Income tax expense (benefit) $ 758 $ 2,043 $ 1,515 $ 4,086 Net income (loss) The following the consolidated balance sheets for the periods Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Beginning balance of URA (D) on securities $ (571,602) $ 431,878 $ 239,397 $ 724,159 Current period change in URA (D) of investments - non-credit related (716,523) 85,761 (1,527,521) (206,520) Ending balance of URA (D) on securities (1,288,124) 517,639 (1,288,124) 517,639 Beginning balance of foreign currency translation adjustments (211,583) (124,972) (177,481) (115,390) Current period change in foreign currency translation adjustments (28,269) 34,295 (62,371) 24,713 Ending balance of foreign currency translation adjustments (239,852) (90,677) (239,852) (90,677) Beginning balance of benefit plan net gain (loss) (49,634) (71,827) (50,392) (73,870) Current period change in benefit plan net gain (loss) 758 2,043 1,515 4,086 Ending balance of benefit plan net gain (loss) (48,877) (69,784) (48,877) (69,784) Ending balance of accumulated other comprehensive income (loss) $ (1,576,854) $ 357,178 $ (1,576,854) $ 357,178 (Some amounts may not reconcile due to rounding.) |
Credit Facilities |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Credit Facilities [Abstract] | |
Credit Facilities | 9. The Company 1.2 30, 2022. 340.0 may be guarantee the uncommitted The terms and outstanding amounts for Group Credit Facility Effective Reinsurance, five year , 800.0 million senior credit 2012, four year , 800.0 facilities, which (“Wells Fargo Bank”) is Effective this facility described 2016 Group subsequently cancelled from was in compliance with all Group Credit The following table summarizes the (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Group $ - $ - $ 39,198 $ 39,198 12/30/2022 Total Wells $ - $ - $ 39,198 $ 39,198 Bermuda Re Wells Fargo Effective February to as Facility 50.0 2021, 500.0 credit. The following table summarizes the (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Bilateral $ 500,000 $ 435,413 12/30/2022 $ 500,000 $ 351,497 12/30/2022 Total Wells $ 500,000 $ 435,413 $ 500,000 $ 351,497 Bermuda Re Citibank Letter of Credit Facility Effective which superseded 31, 2020. current Bermuda Re 230.0 of 140.0 million, Citibank N.A. The following table summarizes the (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Citibank LOC Facility- $ 230,000 $ 419 12/16/22 $ 230,000 $ 4,425 02/28/22 208,340 12/31/22 925 03/01/22 473 01/21/23 1,264 11/24/22 4,425 02/28/23 423 12/16/22 1,097 03/01/23 146 12/20/22 975 08/15/23 216,622 12/31/22 1,222 09/23/23 473 01/21/23 145 12/20/23 985 08/15/23 – 1,234 09/23/23 Bermuda Re Citibank LOC Facility 140,000 84,203 12/31/22 140,000 84,203 12/31/22 21,671 03/30/26 22,731 12/30/25 Total Citibank $ 370,000 $ 322,970 $ 370,000 $ 333,429 Bermuda Re Bayerische Landesbank Effective Landesbank, Bermuda Re 200.0 million of secured letters of credit. The following table summarizes the (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bayerische Landesbank Bilateral LOC $ 200,000 $ 153,427 12/31/2022 $ 200,000 $ 154,691 12/31/2022 Total Bayerische $ 200,000 $ 153,427 $ 200,000 $ 154,691 Bermuda Re Lloyd’s Effective October Markets Lloyd’s 50.0 credit, and subject to credit approval 250.0 The following table summarizes the (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility $ 50,000 $ 46,008 12/31/2022 $ 50,000 $ 46,008 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility 200,000 84,806 12/31/2022 - - Total Bermuda Re $ 250,000 $ 130,814 $ 50,000 $ 46,008 Bermuda Re Barclays Bank Credit Effective an agreement provides for the committed issuance 200.0 The following table summarizes the (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Barclays Bilateral $ 200,000 $ 171,628 12/31/2022 $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re $ 200,000 $ 171,628 $ 200,000 $ 186,299 Federal Home Loan Bank Membership Everest (“FHLBNY”), which allows 10 % of its Everest 20.8 approximately 2.1 519.0 maturities in 0.53 % and 0.65 %. Everest 0.8 0.3 and 2021, 1.5 0.6 ended 4.5 % borrowed funds be used to acquire additional |
Collateralized Reinsurance And Trust Agreements |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 10. Certain investments June 30, 2022, the total amount on deposit in trust 2.0 The Company Logan Re is 100 % of the voting Group. by risk/peril and across different The segregated accounts and Three Months Ended Six Months Ended June 30, June 30, Mt. Logan Re Segregated Accounts 2022 2021 2022 2021 (Dollars in thousands) Ceded written premiums $ 31,805 $ 56,183 $ 82,044 $ 155,293 Ceded earned premiums 41,068 71,422 91,511 149,529 Ceded losses and LAE 21,097 31,052 61,717 111,895 Assumed written premiums 580 2,741 1,373 5,217 Assumed earned premiums 580 2,741 1,373 5,217 Assumed losses and LAE - - - - Effective Logan 269.2 accident years 2002 2015 . of $ 252.0 agreement 319.0 liability. 181.2 million and 206.1 14.2 and $ 15.5 The (“Kilimanjaro”), reinsurance earthquake events. (Dollars in thousands) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/30/2018 5/5/2023 $ 62,500 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/30/2018 5/5/2023 200,000 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 150,000 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 275,000 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 150,000 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 275,000 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 150,000 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 150,000 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90,000 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90,000 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake 6/22/2022 6/22/2025 300,000 Aggregate Total available limit as of $ 2,062,500 Recoveries estimated The recognized catastrophe event retentions or aggregate Kilimanjaro to reinsurance trusts government money market (Dollars in thousands) Note Series Issue Date Maturity Date Amount Series 2018-1 Class A-2 4/30/2018 5/5/2023 $ 62,500 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200,000 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150,000 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275,000 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150,000 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275,000 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150,000 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150,000 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90,000 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90,000 Series 2022-1 Class A 6/22/2022 6/22/2025 300,000 $ 2,062,500 |
Senior Notes |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Senior Notes [Abstract] | |
Senior Notes | 11. The based on the fair value hierarchy. June 30, 2022 December 31, 2021 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Fair Value Sheet Amount Fair Value 4.868 % Senior notes 6/5/2014 6/1/2044 $ 400,000 $ 397,373 $ 374,212 $ 397,314 $ 503,840 3.5 % Senior notes 10/7/2020 10/15/2050 1,000,000 980,310 769,220 980,046 1,054,520 3.125 % Senior notes 10/4/2021 10/15/2052 1,000,000 968,811 701,820 968,440 983,140 $ 2,400,000 $ 2,346,495 $ 1,845,252 $ 2,345,800 $ 2,541,500 Interest expense incurred in Three Months Ended Six Months Ended June 30, June 30, (Dollars In thousands 2022 2021 2022 2021 Interest expense incurred 4.868 % Senior notes $ 4,868 $ 4,868 $ 9,736 $ 9,736 Interest expense incurred 3.5 % Senior notes 8,807 8,805 17,614 17,610 Interest expense incurred 3.125 % Senior notes 7,827 - 15,741 - $ 21,502 $ 13,673 $ 43,090 $ 27,346 |
Long Term Subordinated Notes |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 12. The table below based Level 2 in the fair value hierarchy. Maturity Date June 30, 2022 December 31, 2021 Original Consolidated Balance Fair Consolidated Balance Fair (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 223,824 $ 189,012 $ 223,774 $ 216,289 During the fixed May 3, 2007 May 14, 2017 , interest 6.6 %, payable semi-annually in arrears November 15, 2007 . 3 238.5 August 15 one for up ten quarterly August 14, 2022 is 3.80 %. Holdings may redeem 100 % of the principal amount date and May 1, 2047 certain subordinated 4.868 % senior notes, June 1, 2044 , 3.5 % senior noted October 15, 2050 3.125 % senior notes due October 15, 2052 subordinated notes. On March 6.60 % fixed reduced its 161.4 $ 13.2 Interest indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Interest expense incurred $ 1,927 $ 1,460 $ 3,458 $ 2,922 |
Segment Reporting |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. The Reinsurance on both Business is the United and Singapore and a branch in the Netherlands. These segments are management, Management upon their underwriting results. Underwriting commission and brokerage results using respectively, earned. The Company does not data. The following tables present the underwriting Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,201,210 $ 1,245,829 $ 3,447,038 $ 4,386,822 $ 2,246,567 $ 6,633,389 Net written premiums 2,122,221 899,242 3,021,464 4,203,670 1,629,806 5,833,477 Premiums earned $ 2,139,559 $ 776,678 $ 2,916,237 $ 4,205,813 $ 1,502,189 $ 5,708,003 Incurred losses and LAE 1,382,104 494,143 1,876,247 2,706,820 959,290 3,666,110 Commission and brokerage 530,859 99,435 630,294 1,045,101 190,422 1,235,523 Other underwriting expenses 52,063 117,470 169,533 102,516 228,310 330,826 Underwriting gain (loss) $ 174,534 $ 65,630 $ 240,165 $ 351,376 $ 124,168 $ 475,544 Net investment income 225,978 468,808 Net gains (losses) on investments (236,265) (389,892) Corporate expenses (15,018) (29,038) Interest, fee and bond (24,398) (48,476) Other income (expense) (71,337) (55,977) Income (loss) before taxes $ 119,123 $ 420,969 (Some amounts may not reconcile due to rounding.) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,148,235 $ 1,041,905 $ 3,190,140 $ 4,207,250 $ 1,914,323 $ 6,121,573 Net written premiums 2,059,919 749,492 2,809,411 3,972,868 1,390,479 5,363,347 Premiums earned $ 1,920,801 $ 637,571 $ 2,558,372 $ 3,698,253 $ 1,247,984 $ 4,946,237 Incurred losses and LAE 1,168,139 418,002 1,586,141 2,440,045 857,515 3,297,560 Commission and brokerage 473,258 84,490 557,749 881,982 164,777 1,046,760 Other underwriting expenses 47,065 93,779 140,844 99,061 184,014 283,075 Underwriting gain (loss) $ 232,339 $ 41,300 $ 273,639 $ 277,165 $ 41,678 $ 318,843 Net investment income 407,095 667,508 Net gains (losses) on investments 104,109 143,011 Corporate expenses (16,168) (28,546) Interest, fee and bond (15,607) (31,246) Other income (expense) 7,114 63,707 Income (loss) before taxes $ 760,181 $ 1,133,276 (Some amounts may not reconcile due to rounding.) The assets the Company’s other than the U.S., in which the Company writes business, Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 United Kingdom gross written premium $ 312,343 $ 249,314 $ 623,924 $ 615,462 |
Share-Based Compensation Plans |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 14. For 2,330 2022 with a fair value of $ 280.98 For 199,138 187,760 , 9,048 2,330 2022, 301.535 287.9425 280.98 Additionally, 18,340 $ 301.535 |
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 15. The Netherlands, domiciled Bermudian domiciles. The Company generally tax the determine quarter represents period less such of all known events rate. |
Subsequent Events |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. The Company have any subsequent |
Investments (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At June 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 1,385,608 $ - $ 7,193 $ (54,571) $ 1,338,230 Obligations of U.S. states and 528,830 (151) 3,950 (24,348) 508,281 Corporate securities 7,505,558 (25,583) 31,650 (524,848) 6,986,777 Asset-backed securities 4,081,011 - 909 (183,241) 3,898,679 Mortgage-backed securities Commercial 1,024,591 - 124 (72,820) 951,895 Agency residential 2,874,574 - 2,937 (186,656) 2,690,855 Non-agency residential 5,349 - - (208) 5,141 Foreign government securities 1,463,494 - 11,670 (115,421) 1,359,743 Foreign corporate securities 4,539,402 (16,980) 21,900 (403,480) 4,140,842 Total fixed $ 23,408,417 $ (42,714) $ 80,333 $ (1,565,593) $ 21,880,443 At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 1,407,256 $ - $ 23,720 $ (10,358) $ 1,420,618 Obligations of U.S. states and 558,842 (151) 29,080 (1,150) 586,621 Corporate securities 7,443,535 (19,267) 195,210 (62,580) 7,556,898 Asset-backed securities 3,579,439 (7,679) 21,817 (11,848) 3,581,729 Mortgage-backed securities Commercial 1,032,506 - 37,550 (5,690) 1,064,366 Agency residential 2,361,208 - 32,997 (18,873) 2,375,332 Non-agency residential 6,530 - 22 (16) 6,536 Foreign government securities 1,423,634 - 41,957 (28,079) 1,437,512 Foreign corporate securities 4,250,642 (2,641) 95,195 (64,536) 4,278,660 Total fixed $ 22,063,592 $ (29,738) $ 477,548 $ (203,130) $ 22,308,272 |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At June 30, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: $ 1,261,875 $ 1,263,628 $ 1,398,742 $ 1,398,006 7,565,293 7,187,705 7,075,077 7,154,468 4,746,315 4,285,866 5,003,792 5,100,672 1,849,409 1,596,674 1,606,298 1,627,163 Asset-backed securities 4,081,011 3,898,679 3,579,439 3,581,729 Mortgage-backed securities: Commercial 1,024,591 951,895 1,032,506 1,064,366 Agency residential 2,874,574 2,690,855 2,361,208 2,375,332 Non-agency residential 5,349 5,141 6,530 6,536 Total fixed maturity securities $ 23,408,417 $ 21,880,443 $ 22,063,592 $ 22,308,272 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ (832,237) $ 97,127 $ (1,759,644) $ (235,581) Change in unrealized appreciation (depreciation), pre-tax (832,237) 97,127 (1,759,644) (235,581) Deferred tax benefit (expense) 115,714 (11,366) 232,123 29,061 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (716,523) $ 85,761 $ (1,527,521) $ (206,520) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at June Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for U.S. Treasury securities and U.S. government agencies and corporations $ 949,790 $ (39,469) $ 199,364 $ (15,102) $ 1,149,154 $ (54,571) Obligations of U.S. states and 210,645 (21,935) 12,067 (2,366) 222,712 (24,301) Corporate securities 4,911,170 (420,055) 779,916 (104,127) 5,691,086 (524,182) Asset-backed securities 3,623,327 (180,189) 42,484 (3,052) 3,665,811 (183,241) Mortgage-backed securities Commercial 926,417 (69,573) 21,217 (3,247) 947,634 (72,820) Agency residential 1,939,847 (116,105) 579,272 (70,551) 2,519,119 (186,656) Non-agency residential 4,402 (188) 739 (20) 5,141 (208) Foreign government securities 972,856 (73,986) 177,226 (41,435) 1,150,082 (115,421) Foreign corporate securities 3,100,785 (329,255) 479,179 (73,849) 3,579,964 (403,104) Total $ 16,639,239 $ (1,250,755) $ 2,291,464 $ (313,749) $ 18,930,703 $ (1,564,504) Securities where an allowance for credit 7,213 (1,089) - - 7,213 (1,089) Total fixed $ 16,646,452 $ (1,251,844) $ 2,291,464 $ (313,749) $ 18,937,916 $ (1,565,593) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities U.S. Treasury securities and U.S. government agencies and corporations $ 504,168 $ (6,264) $ 91,735 $ (4,094) $ 595,903 $ (10,358) Obligations of U.S. states and 51,094 (1,038) 2,558 (112) 53,652 (1,150) Corporate securities 2,132,576 (38,316) 472,831 (24,264) 2,605,407 (62,580) Asset-backed securities 1,954,079 (11,180) 41,823 (668) 1,995,902 (11,848) Mortgage-backed securities Commercial 221,852 (2,854) 40,496 (2,836) 262,348 (5,690) Agency residential 1,101,215 (12,178) 279,697 (6,695) 1,380,912 (18,873) Non-agency residential 2,320 (14) 156 (2) 2,476 (16) Foreign government securities 392,447 (9,709) 100,673 (18,370) 493,120 (28,079) Foreign corporate securities 1,734,510 (46,247) 210,722 (18,289) 1,945,232 (64,536) Total fixed $ 8,094,261 $ (127,800) $ 1,240,691 $ (75,330) $ 9,334,952 $ (203,130) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at June Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities Due in one year or less $ 660,642 $ (4,878) $ 90,052 $ (7,477) $ 750,694 $ (12,355) Due in one year through five years 5,163,545 (300,876) 818,035 (79,426) 5,981,580 (380,302) Due in five years through ten years 3,087,307 (359,536) 598,581 (114,767) 3,685,888 (474,303) Due after ten years 1,233,752 (219,410) 141,084 (35,209) 1,374,836 (254,619) Asset-backed securities 3,623,327 (180,189) 42,484 (3,052) 3,665,811 (183,241) Mortgage-backed securities 2,870,666 (185,866) 601,228 (73,818) 3,471,894 (259,684) Total $ 16,639,239 $ (1,250,755) $ 2,291,464 $ (313,749) $ 18,930,703 $ (1,564,504) Securities where an allowance for credit 7,213 (1,089) - - 7,213 (1,089) Total fixed $ 16,646,452 $ (1,251,844) $ 2,291,464 $ (313,749) $ 18,937,916 $ (1,565,593) Duration of Unrealized Loss at December Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for Due in one year or less $ 129,860 $ (2,415) $ 136,827 $ (11,832) $ 266,687 $ (14,247) Due in one year through five years 2,165,467 (35,264) 446,247 (28,685) 2,611,714 (63,949) Due in five years through ten years 1,727,823 (47,413) 244,454 (22,038) 1,972,277 (69,451) Due after ten years 791,645 (16,482) 50,991 (2,574) 842,636 (19,056) Asset-backed securities 1,954,079 (11,180) 41,823 (668) 1,995,902 (11,848) Mortgage-backed securities 1,325,387 (15,046) 320,349 (9,533) 1,645,736 (24,579) Total fixed $ 8,094,261 $ (127,800) $ 1,240,691 $ (75,330) $ 9,334,952 $ (203,130) |
Summary Of Components Of Net Investment Income | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Fixed maturities $ 168,769 $ 148,262 $ 316,995 $ 289,178 Equity securities 4,600 3,493 8,746 8,331 Short-term investments and cash 6,587 773 6,746 953 Other invested assets: Limited partnerships 47,584 239,966 136,021 354,299 Other 13,991 25,855 25,822 31,874 Gross investment income before 241,531 418,349 494,330 684,635 Funds held interest income (expense) 772 3,287 4,457 11,253 Future policy benefit reserve income (expense) (128) (170) (350) (461) Gross investment income 242,175 421,466 498,437 695,427 Investment expenses (16,197) (14,371) (29,629) (27,919) Net investment income $ 225,978 $ 407,095 $ 468,808 $ 667,508 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Fixed maturity securities: Allowance for credit losses $ (1,490) $ (15,927) $ (13,343) $ (22,904) Net realized gains (losses) from dispositions (15,560) 10,060 (12,761) 19,234 Equity securities, fair value: Net realized gains (losses) from dispositions (30,926) 3,755 (42,713) 9,993 Gains (losses) from fair value adjustments (188,924) 103,525 (325,784) 132,581 Other invested assets 583 2,748 4,735 4,094 Short-term investments gain (loss) 52 (52) (26) 13 Total net gains (losses) on investments $ (236,265) $ 104,109 $ (389,892) $ 143,011 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Obligations of Obligations of U.S. States Foreign U.S. States Foreign Corporate Asset-Backed and Political Corporate Corporate Asset-Backed and Political Corporate Securities Securities Subdivisions Securities Total Securities Securities Subdivisions Securities Total (Dollars in thousands) Beginning Balance $ (20,049) $ (7,679) $ (151) $ (13,712) $ (41,591) $ (19,267) $ (7,679) $ (151) $ (2,641) $ (29,738) Credit losses on securities where credit losses were not previously recorded (4,887) - - (4,706) (9,593) (6,816) - - (15,890) (22,706) Increases in allowance on previously impaired securities (654) - - (732) (1,386) (654) - - (732) (1,386) Decreases in allowance on previously impaired securities - - - - - - - - - - Reduction in allowance due to disposals 7 7,679 - 2,170 9,856 1,154 7,679 - 2,283 11,116 Balance as of June 30, 2022 $ (25,583) $ - $ (151) $ (16,980) $ (42,714) $ (25,583) $ - $ (151) $ (16,980) $ (42,714) Roll Forward of Allowance for Credit Losses – Fixed maturities, Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Foreign Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Government Corporate Securities Securities Securities Total Securities Securities Securities Securities Total (Dollars in thousands) Beginning Balance $ (3,603) $ (4,915) $ (205) $ (8,723) $ (1,220) $ - $ (22) $ (503) $ (1,745) Credit losses on securities where credit losses were not previously recorded (13,537) - (1,055) (14,592) (15,920) (4,915) - (1,055) (21,890) Increases in allowance on previously impaired securities (1,468) - - (1,468) (1,468) - - - (1,468) Decreases in allowance on previously impaired securities - - - - - - - - - Reduction in allowance due to disposals 133 - - 133 133 - 22 298 453 Balance as of June 30, 2021 $ (18,475) $ (4,915) $ (1,260) $ (24,650) $ (18,475) $ (4,915) $ - $ (1,260) $ (24,650) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Proceeds from sales of fixed maturity securities, available for sale $ 353,160 $ 371,459 $ 772,148 $ 599,737 Gross gains from dispositions 7,456 19,870 27,578 34,734 Gross losses from dispositions (23,016) (9,810) (40,339) (15,500) Proceeds from sales of equity securities $ 347,714 $ 193,350 $ 437,815 $ 474,663 Gross gains from dispositions 4,135 5,803 7,643 18,107 Gross losses from dispositions (35,061) (2,048) (50,356) (8,114) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Six Months Ended June 30, (Dollars in thousands) 2022 2021 Gross reserves beginning of period $ 19,009,486 $ 16,322,143 (1,946,365) (1,843,691) 17,063,121 14,478,452 Incurred related to: 3,667,769 3,302,013 (1,659) (4,453) 3,666,110 3,297,560 Paid related to: 978,599 710,677 1,483,844 1,399,579 2,462,443 2,110,256 Foreign exchange/translation adjustment (259,484) 35,651 Net reserves end of period 18,007,304 15,701,407 1,985,750 1,862,760 $ 19,993,054 $ 17,564,167 (Some amounts may not reconcile due |
Fair Value (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
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) June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,338,230 $ - $ 1,338,230 $ - Obligations of U.S. States and political subdivisions 508,281 - 508,281 - Corporate securities 6,986,777 - 6,124,350 862,427 Asset-backed securities 3,898,679 - 2,643,282 1,255,397 Mortgage-backed securities Commercial 951,895 - 946,204 5,691 Agency residential 2,690,855 - 2,690,855 - Non-agency residential 5,141 - 5,141 - Foreign government securities 1,359,743 - 1,359,743 - Foreign corporate securities 4,140,842 - 4,100,881 39,961 Total fixed maturities, available for sale 21,880,443 - 19,716,967 2,163,476 Equity securities, fair value 1,299,221 1,226,921 72,300 - Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,420,618 $ - $ 1,420,618 $ - Obligations of U.S. States and political subdivisions 586,621 - 586,621 - Corporate securities 7,556,898 - 6,756,324 800,574 Asset-backed securities 3,581,729 - 2,330,448 1,251,281 Mortgage-backed securities Commercial 1,064,366 - 1,064,366 - Agency residential 2,375,332 - 2,375,332 - Non-agency residential 6,536 - 6,536 - Foreign government securities 1,437,512 - 1,437,512 - Foreign corporate securities 4,278,660 - 4,262,645 16,015 Total fixed maturities, available for sale 22,308,272 - 20,240,402 2,067,870 Equity securities, fair value 1,825,908 1,742,367 83,541 - |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities CMBS Corporate Total Securities Securities CMBS Corporate Total Beginning balance fixed maturities $ 714,656 $ 1,388,691 $ 5,890 $ 15,926 $ 2,125,163 $ 800,574 $ 1,251,281 $ - $ 16,015 $ 2,067,870 Total gains or (losses) (realized/unrealized) Included in earnings (4,534) 35 - 16 (4,483) 11,409 137 - 29 11,575 Included in other comprehensive income (loss) (3,003) (47,202) (199) (3,747) (54,151) (7,170) (75,990) (222) (3,808) (87,190) Purchases, issuances and settlements 27,750 61,565 - 7,632 96,947 (69,944) 227,661 5,913 7,591 171,221 Transfers in/(out) of Level securities in/(out) of investment categories 127,558 (147,692) - 20,134 - 127,558 (147,692) - 20,134 - Ending balance $ 862,427 $ 1,255,397 $ 5,691 $ 39,961 $ 2,163,476 $ 862,427 $ 1,255,397 $ 5,691 $ 39,961 $ 2,163,476 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 $ (5,261) $ 7,679 $ - $ - $ 2,418 $ (4,943) $ 7,679 $ - $ - $ 2,736 (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities $ 704,542 $ 785,360 $ 5,598 $ 1,495,500 $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 Total gains or (losses) (realized/unrealized) Included in earnings (13,761) 206 137 (13,418) (15,550) (3,962) 140 (19,372) Included in other comprehensive income (loss) 4,582 7,610 (85) 12,107 7,418 4,475 (36) 11,857 Purchases, issuances and settlements 10,208 22,100 (763) 31,545 12,211 191,730 (916) 203,025 Transfers in/(out) of Level securities in/(out) of investment categories - - - - - - - - Ending balance $ 705,571 $ 815,276 $ 4,887 $ 1,525,734 $ 705,571 $ 815,276 $ 4,887 $ 1,525,734 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 $ (17,279) $ (4,915) $ - $ (22,194) $ (17,279) $ (4,915) $ - $ (22,194) (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share amounts) 2022 2021 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ 122,630 $ 679,982 $ 420,381 $ 1,021,844 Less: (64,982) (62,045) (126,079) (124,274) Undistributed earnings 57,648 617,937 294,302 897,570 Percentage allocated to 98.6 % 98.6 % 98.7 % 98.7 % 56,870 609,411 290,356 885,595 Add: 64,184 61,245 124,466 122,659 Numerator for basic and diluted $ 121,054 $ 670,656 $ 414,822 $ 1,008,254 Denominator Denominator for basic earnings per weighted 38,898 39,527 38,861 39,535 Effect of dilutive securities: Options - 41 7 48 Denominator for diluted earnings per adjusted 38,898 39,567 38,867 39,582 Per common share net income (loss) Basic $ 3.11 $ 16.97 $ 10.67 $ 25.50 Diluted $ 3.11 $ 16.95 $ 10.67 $ 25.47 (1) Basic weighted-average common shares outstanding 38,898 39,527 38,861 39,535 Basic weighted-average common shares outstanding and unvested common shares expected to vest 39,430 40,080 39,389 40,069 Percentage allocated to common shareholders 98.6 % 98.6 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) |
Other Comprehensive Income (Loss) (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended June Six Months Ended June 30, 2022 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ (848,704) $ 116,340 $ (732,364) $ (1,781,013) $ 233,473 $ (1,547,540) Reclassification of net realized (loss) 16,467 (626) 15,841 21,369 (1,350) 20,019 Foreign currency translation adjustments (30,896) 2,627 (28,269) (65,499) 3,128 (62,371) Reclassification of benefit plan liability amortization income (loss) 959 (201) 758 1,919 (404) 1,515 Total other comprehensive $ (862,174) $ 118,140 $ (744,034) $ (1,823,224) $ 234,847 $ (1,588,377) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) credit related $ 94,009 $ (9,838) $ 84,171 $ (235,157) $ 30,713 $ (204,444) Reclassification of net realized (loss) 3,118 (1,528) 1,590 (424) (1,652) (2,076) Foreign currency translation adjustments 38,022 (3,727) 34,295 29,034 (4,321) 24,713 Reclassification of benefit plan liability amortization income (loss) 2,586 (543) 2,043 5,172 (1,086) 4,086 Total other comprehensive $ 137,735 $ (15,636) $ 122,099 $ (201,375) $ 23,654 $ (177,721) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Six Months Ended June 30, June 30, Affected line item within the statements of AOCI component 2022 2021 2022 2021 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 16,467 $ 3,118 $ 21,369 $ (424) Other net realized capital gains (losses) (626) (1,528) (1,350) (1,652) Income tax expense (benefit) $ 15,841 $ 1,590 $ 20,019 $ (2,076) Net income (loss) Benefit plan net gain (loss) $ 959 $ 2,586 $ 1,919 $ 5,172 Other underwriting expenses (201) (543) (404) (1,086) Income tax expense (benefit) $ 758 $ 2,043 $ 1,515 $ 4,086 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Beginning balance of URA (D) on securities $ (571,602) $ 431,878 $ 239,397 $ 724,159 Current period change in URA (D) of investments - non-credit related (716,523) 85,761 (1,527,521) (206,520) Ending balance of URA (D) on securities (1,288,124) 517,639 (1,288,124) 517,639 Beginning balance of foreign currency translation adjustments (211,583) (124,972) (177,481) (115,390) Current period change in foreign currency translation adjustments (28,269) 34,295 (62,371) 24,713 Ending balance of foreign currency translation adjustments (239,852) (90,677) (239,852) (90,677) Beginning balance of benefit plan net gain (loss) (49,634) (71,827) (50,392) (73,870) Current period change in benefit plan net gain (loss) 758 2,043 1,515 4,086 Ending balance of benefit plan net gain (loss) (48,877) (69,784) (48,877) (69,784) Ending balance of accumulated other comprehensive income (loss) $ (1,576,854) $ 357,178 $ (1,576,854) $ 357,178 (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Group $ - $ - $ 39,198 $ 39,198 12/30/2022 Total Wells $ - $ - $ 39,198 $ 39,198 |
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Wells Fargo Bank Bilateral $ 500,000 $ 435,413 12/30/2022 $ 500,000 $ 351,497 12/30/2022 Total Wells $ 500,000 $ 435,413 $ 500,000 $ 351,497 |
Bermuda Re Citibank LOC Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Citibank LOC Facility- $ 230,000 $ 419 12/16/22 $ 230,000 $ 4,425 02/28/22 208,340 12/31/22 925 03/01/22 473 01/21/23 1,264 11/24/22 4,425 02/28/23 423 12/16/22 1,097 03/01/23 146 12/20/22 975 08/15/23 216,622 12/31/22 1,222 09/23/23 473 01/21/23 145 12/20/23 985 08/15/23 – 1,234 09/23/23 Bermuda Re Citibank LOC Facility 140,000 84,203 12/31/22 140,000 84,203 12/31/22 21,671 03/30/26 22,731 12/30/25 Total Citibank $ 370,000 $ 322,970 $ 370,000 $ 333,429 |
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bayerische Landesbank Bilateral LOC $ 200,000 $ 153,427 12/31/2022 $ 200,000 $ 154,691 12/31/2022 Total Bayerische $ 200,000 $ 153,427 $ 200,000 $ 154,691 |
Bermuda Re Lloyd's Bank Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility $ 50,000 $ 46,008 12/31/2022 $ 50,000 $ 46,008 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility 200,000 84,806 12/31/2022 - - Total Bermuda Re $ 250,000 $ 130,814 $ 50,000 $ 46,008 |
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At June 30, 2022 At December 31, 2021 Bank Capacity In Use Date of Expiry Capacity In Use Date of Expiry Bermuda Re Barclays Bilateral $ 200,000 $ 171,628 12/31/2022 $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re $ 200,000 $ 171,628 $ 200,000 $ 186,299 |
Collateralized Reinsurance And Trust Agreements (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Six Months Ended June 30, June 30, Mt. Logan Re Segregated Accounts 2022 2021 2022 2021 (Dollars in thousands) Ceded written premiums $ 31,805 $ 56,183 $ 82,044 $ 155,293 Ceded earned premiums 41,068 71,422 91,511 149,529 Ceded losses and LAE 21,097 31,052 61,717 111,895 Assumed written premiums 580 2,741 1,373 5,217 Assumed earned premiums 580 2,741 1,373 5,217 Assumed losses and LAE - - - - |
Summary of Collateralized Reinsurance Agreements | (Dollars in thousands) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/30/2018 5/5/2023 $ 62,500 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/30/2018 5/5/2023 200,000 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 150,000 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2023 275,000 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 150,000 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 12/12/2019 12/19/2024 275,000 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 150,000 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 150,000 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90,000 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake 4/8/2021 4/20/2026 90,000 Aggregate Series 2022-1 Class A US, Canada, Puerto Rico – Named Storm and Earthquake 6/22/2022 6/22/2025 300,000 Aggregate Total available limit as of $ 2,062,500 |
Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts | (Dollars in thousands) Note Series Issue Date Maturity Date Amount Series 2018-1 Class A-2 4/30/2018 5/5/2023 $ 62,500 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200,000 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150,000 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275,000 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150,000 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275,000 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150,000 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150,000 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90,000 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90,000 Series 2022-1 Class A 6/22/2022 6/22/2025 300,000 $ 2,062,500 |
Senior Notes (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | June 30, 2022 December 31, 2021 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Fair Value Sheet Amount Fair Value 4.868 % Senior notes 6/5/2014 6/1/2044 $ 400,000 $ 397,373 $ 374,212 $ 397,314 $ 503,840 3.5 % Senior notes 10/7/2020 10/15/2050 1,000,000 980,310 769,220 980,046 1,054,520 3.125 % Senior notes 10/4/2021 10/15/2052 1,000,000 968,811 701,820 968,440 983,140 $ 2,400,000 $ 2,346,495 $ 1,845,252 $ 2,345,800 $ 2,541,500 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars In thousands 2022 2021 2022 2021 Interest expense incurred 4.868 % Senior notes $ 4,868 $ 4,868 $ 9,736 $ 9,736 Interest expense incurred 3.5 % Senior notes 8,807 8,805 17,614 17,610 Interest expense incurred 3.125 % Senior notes 7,827 - 15,741 - $ 21,502 $ 13,673 $ 43,090 $ 27,346 |
Long Term Subordinated Notes (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date June 30, 2022 December 31, 2021 Original Consolidated Balance Fair Consolidated Balance Fair (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 223,824 $ 189,012 $ 223,774 $ 216,289 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Interest expense incurred $ 1,927 $ 1,460 $ 3,458 $ 2,922 |
Segment Reporting (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,201,210 $ 1,245,829 $ 3,447,038 $ 4,386,822 $ 2,246,567 $ 6,633,389 Net written premiums 2,122,221 899,242 3,021,464 4,203,670 1,629,806 5,833,477 Premiums earned $ 2,139,559 $ 776,678 $ 2,916,237 $ 4,205,813 $ 1,502,189 $ 5,708,003 Incurred losses and LAE 1,382,104 494,143 1,876,247 2,706,820 959,290 3,666,110 Commission and brokerage 530,859 99,435 630,294 1,045,101 190,422 1,235,523 Other underwriting expenses 52,063 117,470 169,533 102,516 228,310 330,826 Underwriting gain (loss) $ 174,534 $ 65,630 $ 240,165 $ 351,376 $ 124,168 $ 475,544 Net investment income 225,978 468,808 Net gains (losses) on investments (236,265) (389,892) Corporate expenses (15,018) (29,038) Interest, fee and bond (24,398) (48,476) Other income (expense) (71,337) (55,977) Income (loss) before taxes $ 119,123 $ 420,969 (Some amounts may not reconcile due to rounding.) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,148,235 $ 1,041,905 $ 3,190,140 $ 4,207,250 $ 1,914,323 $ 6,121,573 Net written premiums 2,059,919 749,492 2,809,411 3,972,868 1,390,479 5,363,347 Premiums earned $ 1,920,801 $ 637,571 $ 2,558,372 $ 3,698,253 $ 1,247,984 $ 4,946,237 Incurred losses and LAE 1,168,139 418,002 1,586,141 2,440,045 857,515 3,297,560 Commission and brokerage 473,258 84,490 557,749 881,982 164,777 1,046,760 Other underwriting expenses 47,065 93,779 140,844 99,061 184,014 283,075 Underwriting gain (loss) $ 232,339 $ 41,300 $ 273,639 $ 277,165 $ 41,678 $ 318,843 Net investment income 407,095 667,508 Net gains (losses) on investments 104,109 143,011 Corporate expenses (16,168) (28,546) Interest, fee and bond (15,607) (31,246) Other income (expense) 7,114 63,707 Income (loss) before taxes $ 760,181 $ 1,133,276 (Some amounts may not reconcile due to rounding.) |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 United Kingdom gross written premium $ 312,343 $ 249,314 $ 623,924 $ 615,462 |
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (832,237) | $ 97,127 | $ (1,759,644) | $ (235,581) |
Deferred tax benefit (expense) | 115,714 | (11,366) | 232,123 | 29,061 |
Total URA(D) on securities arising during the period | (716,523) | 85,761 | (1,527,521) | (206,520) |
Fixed Maturity Securities and Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (832,237) | $ 97,127 | $ (1,759,644) | $ (235,581) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Current year losses | $ 3,667,769 | $ 3,302,013 | |
Ukraine/Russia War [Member] | |||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Current year losses | $ 45,000 | 45,000 | |
Catastrophe Losses [Member] | |||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||
Current year losses | $ (115,000) |
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | ||
Gross reserves beginning of period | $ 19,009,486 | $ 16,322,143 |
Less reinsurance recoverables on unpaid losses | (1,946,365) | (1,843,691) |
Net reserves beginning of period | 17,063,121 | 14,478,452 |
Incurred related to: Current year | 3,667,769 | 3,302,013 |
Incurred related to: Prior years | (1,659) | (4,453) |
Total incurred losses and LAE | 3,666,110 | 3,297,560 |
Paid related to: Current year | 978,599 | 710,677 |
Paid related to: Prior years | 1,483,844 | 1,399,579 |
Total paid losses and LAE | 2,462,443 | 2,110,256 |
Foreign exchange/translation adjustment | (259,484) | 35,651 |
Net reserves end of period | 18,007,304 | 15,701,407 |
Plus reinsurance recoverables on unpaid losses | 1,985,750 | 1,862,760 |
Gross reserves end of period | $ 19,993,054 | $ 17,564,167 |
Earnings Per Common Share (Narrative) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive options | 0 | 0 | 0 | 0 |
Maximum [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | Sep. 19, 2022 |
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total, Before Tax | $ (862,174) | $ 137,735 | $ (1,823,224) | $ (201,375) |
Total, Tax Effect | 118,140 | (15,636) | 234,847 | 23,654 |
Total, Net of Tax | (744,034) | 122,099 | (1,588,377) | (177,721) |
URA(D) On Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | (848,704) | 94,009 | (1,781,013) | (235,157) |
Tax Effect | 116,340 | (9,838) | 233,473 | 30,713 |
Net of Tax | (732,364) | 84,171 | (1,547,540) | (204,444) |
Reclassification, Before Tax | 16,467 | 3,118 | 21,369 | (424) |
Reclassification, Tax Effect | (626) | (1,528) | (1,350) | (1,652) |
Reclassification, Net of Tax | 15,841 | 1,590 | 20,019 | (2,076) |
Total, Net of Tax | (716,523) | 85,761 | (1,527,521) | (206,520) |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | (30,896) | 38,022 | (65,499) | 29,034 |
Tax Effect | 2,627 | (3,727) | 3,128 | (4,321) |
Net of Tax | (28,269) | 34,295 | (62,371) | 24,713 |
Total, Net of Tax | (28,269) | 34,295 | (62,371) | 24,713 |
Benefit Plan Net Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification, Before Tax | 959 | 2,586 | 1,919 | 5,172 |
Reclassification, Tax Effect | (201) | (543) | (404) | (1,086) |
Reclassification, Net of Tax | 758 | 2,043 | 1,515 | 4,086 |
Total, Net of Tax | $ 758 | $ 2,043 | $ 1,515 | $ 4,086 |
Other 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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 10,139,180 | |||
Current period change | $ (744,034) | $ 122,099 | (1,588,377) | $ (177,721) |
Balance | 8,852,866 | 10,416,789 | 8,852,866 | 10,416,789 |
URA(D) On Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (571,602) | 431,878 | 239,397 | 724,159 |
Current period change | (716,523) | 85,761 | (1,527,521) | (206,520) |
Balance | (1,288,124) | 517,639 | (1,288,124) | 517,639 |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (211,583) | (124,972) | (177,481) | (115,390) |
Current period change | (28,269) | 34,295 | (62,371) | 24,713 |
Balance | (239,852) | (90,677) | (239,852) | (90,677) |
Benefit Plan Net Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (49,634) | (71,827) | (50,392) | (73,870) |
Current period change | 758 | 2,043 | 1,515 | 4,086 |
Balance | (48,877) | (69,784) | (48,877) | (69,784) |
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (832,820) | 235,079 | 11,523 | 534,899 |
Current period change | (744,034) | 122,099 | (1,588,377) | (177,721) |
Balance | $ (1,576,854) | $ 357,178 | $ (1,576,854) | $ 357,178 |
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Apr. 01, 2018 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 2.0 | ||
Preferred shares | |||
Reinsurance recoverable | 181.2 | 206.1 | |
Deferred gain liability | $ 14.2 | $ 15.5 | |
Mt Logan Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Percentage of voting common shares owned by Group | 100.00% | ||
Retrocede amount | $ 269.2 | ||
Cash transferred | 252.0 | ||
Mt Logan Re [Member] | Minimum [Member] | |||
Effects of Reinsurance [Line Items] | |||
Accident year | 2002 | ||
Mt Logan Re [Member] | Maximum [Member] | |||
Effects of Reinsurance [Line Items] | |||
Accident year | 2015 | ||
Liability retroceded | $ 319.0 |
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 31,805 | $ 56,183 | $ 82,044 | $ 155,293 |
Ceded earned premiums | 41,068 | 71,422 | 91,511 | 149,529 |
Ceded losses and LAE | 21,097 | 31,052 | 61,717 | 111,895 |
Assumed written premiums | 580 | 2,741 | 1,373 | 5,217 |
Assumed earned premiums | 580 | 2,741 | 1,373 | 5,217 |
Assumed losses and LAE |
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 21,502 | $ 13,673 | $ 43,090 | $ 27,346 |
4.868% Senior Notes due 6/1/2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 4,868 | 4,868 | $ 9,736 | 9,736 |
Debt instrument, stated interest rate | 4.868% | 4.868% | ||
3.5% Senior Notes due 10/15/2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 8,807 | 8,805 | $ 17,614 | 17,610 |
Debt instrument, stated interest rate | 3.50% | 3.50% | ||
3.125% Senior Notes due 10/15/2052 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 7,827 | $ 15,741 | ||
Debt instrument, stated interest rate | 3.125% | 3.125% |
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 223,824,000 | $ 223,774,000 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity Date | May 01, 2067 | |
Consolidated balance sheet amount | $ 223,824,000 | 223,774,000 |
Fair Value | $ 189,012,000 | $ 216,289,000 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 |
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Interest expense incurred | $ 1,927 | $ 1,460 | $ 3,458 | $ 2,922 |
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Gross written premium | $ 3,447,038 | $ 3,190,140 | $ 6,633,389 | $ 6,121,573 |
Net written premiums | 3,021,464 | 2,809,411 | 5,833,477 | 5,363,347 |
Premiums earned | 2,916,237 | 2,558,372 | 5,708,003 | 4,946,237 |
Incurred losses and LAE | 1,876,247 | 1,586,141 | 3,666,110 | 3,297,560 |
Commission and brokerage | 630,294 | 557,749 | 1,235,523 | 1,046,760 |
Other underwriting expenses | 169,533 | 140,844 | 330,826 | 283,075 |
Underwriting gain (loss) | 240,165 | 273,639 | 475,544 | 318,843 |
Net investment income | 225,978 | 407,095 | 468,808 | 667,508 |
Net gains (losses) on investments | (236,265) | 104,109 | (389,892) | 143,011 |
Corporate expenses | (15,018) | (16,168) | (29,038) | (28,546) |
Interest, fee and bond issue cost amortization expense | (24,398) | (15,607) | (48,476) | (31,246) |
Other income (expense) | (71,337) | 7,114 | (55,977) | 63,707 |
INCOME (LOSS) BEFORE TAXES | 119,123 | 760,181 | 420,969 | 1,133,276 |
Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 2,201,210 | 2,148,235 | 4,386,822 | 4,207,250 |
Net written premiums | 2,122,221 | 2,059,919 | 4,203,670 | 3,972,868 |
Premiums earned | 2,139,559 | 1,920,801 | 4,205,813 | 3,698,253 |
Incurred losses and LAE | 1,382,104 | 1,168,139 | 2,706,820 | 2,440,045 |
Commission and brokerage | 530,859 | 473,258 | 1,045,101 | 881,982 |
Other underwriting expenses | 52,063 | 47,065 | 102,516 | 99,061 |
Underwriting gain (loss) | 174,534 | 232,339 | 351,376 | 277,165 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 1,245,829 | 1,041,905 | 2,246,567 | 1,914,323 |
Net written premiums | 899,242 | 749,492 | 1,629,806 | 1,390,479 |
Premiums earned | 776,678 | 637,571 | 1,502,189 | 1,247,984 |
Incurred losses and LAE | 494,143 | 418,002 | 959,290 | 857,515 |
Commission and brokerage | 99,435 | 84,490 | 190,422 | 164,777 |
Other underwriting expenses | 117,470 | 93,779 | 228,310 | 184,014 |
Underwriting gain (loss) | $ 65,630 | $ 41,300 | $ 124,168 | $ 41,678 |
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | $ 312,343 | $ 249,314 | $ 623,924 | $ 615,462 |
Share-Based Compensation Plans (Narrative) (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
May 10, 2022 |
Feb. 24, 2022 |
Feb. 23, 2022 |
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Restricted Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period | 2,330 | 9,048 | 187,760 | 2,330 | 199,138 |
Weighted-average grant-date fair value of options granted | $ 280.98 | $ 287.9425 | $ 301.535 | ||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period | 18,340 | ||||
Weighted-average grant-date fair value of options granted | $ 301.535 |