þ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
Delaware | 22-1867895 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
475 Steamboat Road, Greenwich, Connecticut | 06830 | |
(Address of principal executive offices) | (Zip Code) |
(203) 629-3000 | ||
(Registrant’s telephone number, including area code) | ||
None | ||
Former name, former address and former fiscal year, if changed since last report. |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) | Emerging growth company o |
EX-101 INSTANCE DOCUMENT | |
EX-101 SCHEMA DOCUMENT | |
EX-101 CALCULATION LINKBASE DOCUMENT | |
EX-101 LABELS LINKBASE DOCUMENT | |
EX-101 PRESENTATION LINKBASE DOCUMENT | |
EX-101 DEFINITION LINKBASE DOCUMENT |
Item 1. | Financial Statements |
March 31, 2017 | December 31, 2016 | ||||||
(Unaudited) | (Audited) | ||||||
Assets | |||||||
Investments: | |||||||
Fixed maturity securities | $ | 13,422,979 | $ | 13,190,668 | |||
Investment funds | 1,238,558 | 1,198,146 | |||||
Real estate | 1,237,738 | 1,184,981 | |||||
Arbitrage trading account | 753,278 | 299,999 | |||||
Loans receivable | 103,650 | 106,798 | |||||
Equity securities available for sale | 611,378 | 669,200 | |||||
Total investments | 17,367,581 | 16,649,792 | |||||
Cash and cash equivalents | 608,393 | 795,285 | |||||
Premiums and fees receivable | 1,766,478 | 1,701,854 | |||||
Due from reinsurers | 1,640,190 | 1,743,980 | |||||
Deferred policy acquisition costs | 544,914 | 537,890 | |||||
Prepaid reinsurance premiums | 451,886 | 413,140 | |||||
Trading account receivables from brokers and clearing organizations | 29,131 | 484,593 | |||||
Property, furniture and equipment | 356,908 | 349,432 | |||||
Goodwill | 144,513 | 144,513 | |||||
Accrued investment income | 135,439 | 127,047 | |||||
Other assets | 501,981 | 402,550 | |||||
Total assets | $ | 23,547,414 | $ | 23,350,076 | |||
Liabilities and Equity | |||||||
Liabilities: | |||||||
Reserves for losses and loss expenses | $ | 11,224,324 | $ | 11,197,195 | |||
Unearned premiums | 3,402,892 | 3,283,300 | |||||
Due to reinsurers | 218,040 | 213,128 | |||||
Trading account securities sold but not yet purchased | 51,348 | 51,179 | |||||
Federal and foreign income taxes | 169,959 | 119,597 | |||||
Other liabilities | 775,039 | 916,318 | |||||
Senior notes and other debt | 1,759,494 | 1,760,595 | |||||
Subordinated debentures | 727,777 | 727,630 | |||||
Total liabilities | 18,328,873 | 18,268,942 | |||||
Equity: | |||||||
Preferred stock, par value $.10 per share: | |||||||
Authorized 5,000,000 shares; issued and outstanding - none | — | — | |||||
Common stock, par value $.20 per share: | |||||||
Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,218,479 and 121,193,599 shares, respectively | 47,024 | 47,024 | |||||
Additional paid-in capital | 1,047,589 | 1,037,446 | |||||
Retained earnings | 6,703,675 | 6,595,987 | |||||
Accumulated other comprehensive income | 69,491 | 55,568 | |||||
Treasury stock, at cost, 113,899,439 and 113,924,319 shares, respectively | (2,688,173 | ) | (2,688,817 | ) | |||
Total stockholders’ equity | 5,179,606 | 5,047,208 | |||||
Noncontrolling interests | 38,935 | 33,926 | |||||
Total equity | 5,218,541 | 5,081,134 | |||||
Total liabilities and equity | $ | 23,547,414 | $ | 23,350,076 |
For the Three Months | |||||||
Ended March 31, | |||||||
2017 | 2016 | ||||||
REVENUES: | |||||||
Net premiums written | $ | 1,646,838 | $ | 1,663,722 | |||
Change in net unearned premiums | (76,796 | ) | (136,387 | ) | |||
Net premiums earned | 1,570,042 | 1,527,335 | |||||
Net investment income | 148,858 | 130,133 | |||||
Insurance service fees | 33,280 | 40,362 | |||||
Net realized investment gains | 52,348 | 25,457 | |||||
Other-than-temporary impairments | — | (18,114 | ) | ||||
Revenues from non-insurance businesses | 65,390 | 101,780 | |||||
Other income | 500 | 258 | |||||
Total revenues | 1,870,418 | 1,807,211 | |||||
OPERATING COSTS AND EXPENSES: | |||||||
Losses and loss expenses | 979,603 | 922,321 | |||||
Other operating costs and expenses | 603,700 | 582,459 | |||||
Expenses from non-insurance businesses | 66,019 | 95,531 | |||||
Interest expense | 36,799 | 32,224 | |||||
Total operating costs and expenses | 1,686,121 | 1,632,535 | |||||
Income before income taxes | 184,297 | 174,676 | |||||
Income tax expense | (59,623 | ) | (54,428 | ) | |||
Net income before noncontrolling interests | 124,674 | 120,248 | |||||
Noncontrolling interests | (1,227 | ) | (737 | ) | |||
Net income to common stockholders | $ | 123,447 | $ | 119,511 | |||
NET INCOME PER SHARE: | |||||||
Basic | $ | 1.01 | $ | 0.97 | |||
Diluted | $ | 0.96 | $ | 0.93 |
For the Three Months | |||||||
Ended March 31, | |||||||
2017 | 2016 | ||||||
Net income before noncontrolling interests | $ | 124,674 | $ | 120,248 | |||
Other comprehensive income: | |||||||
Change in unrealized currency translation adjustments | 22,735 | (2,047 | ) | ||||
Change in unrealized investment gains, net of taxes | (8,831 | ) | 76,855 | ||||
Other comprehensive income | 13,904 | 74,808 | |||||
Comprehensive income | 138,578 | 195,056 | |||||
Noncontrolling interest | (1,208 | ) | (723 | ) | |||
Comprehensive income to common stockholders | $ | 137,370 | $ | 194,333 |
For the Three Months | |||||||
Ended March 31, | |||||||
2017 | 2016 | ||||||
COMMON STOCK: | |||||||
Beginning and end of period | $ | 47,024 | $ | 47,024 | |||
ADDITIONAL PAID-IN CAPITAL: | |||||||
Beginning of period | $ | 1,037,446 | $ | 1,005,455 | |||
Restricted stock units issued | (667 | ) | (652 | ) | |||
Restricted stock units expensed | 10,810 | 8,769 | |||||
End of period | $ | 1,047,589 | $ | 1,013,572 | |||
RETAINED EARNINGS: | |||||||
Beginning of period | $ | 6,595,987 | $ | 6,178,070 | |||
Net income to common stockholders | 123,447 | 119,511 | |||||
Dividends | (15,759 | ) | (14,711 | ) | |||
End of period | $ | 6,703,675 | $ | 6,282,870 | |||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||
Unrealized investment gains: | |||||||
Beginning of period | $ | 427,154 | $ | 180,695 | |||
Unrealized (losses) gains on securities not other-than-temporarily impaired | (8,913 | ) | 76,904 | ||||
Unrealized gains (losses) on other-than-temporarily impaired securities | 101 | (35 | ) | ||||
End of period | 418,342 | 257,564 | |||||
Currency translation adjustments: | |||||||
Beginning of period | (371,586 | ) | (247,393 | ) | |||
Net change in period | 22,735 | (2,047 | ) | ||||
End of period | (348,851 | ) | (249,440 | ) | |||
Total accumulated other comprehensive income | $ | 69,491 | $ | 8,124 | |||
TREASURY STOCK: | |||||||
Beginning of period | $ | (2,688,817 | ) | $ | (2,563,605 | ) | |
Stock exercised/vested | 644 | 652 | |||||
Stock repurchased | — | (37,424 | ) | ||||
End of period | $ | (2,688,173 | ) | $ | (2,600,377 | ) | |
NONCONTROLLING INTERESTS: | |||||||
Beginning of period | $ | 33,926 | $ | 32,962 | |||
Contributions | 3,801 | 3,158 | |||||
Net income | 1,227 | 737 | |||||
Other comprehensive loss, net of tax | (19 | ) | (14 | ) | |||
End of period | $ | 38,935 | $ | 36,843 |
For the Three Months | |||||||
Ended March 31, | |||||||
2017 | 2016 | ||||||
CASH FROM OPERATING ACTIVITIES: | |||||||
Net income to common stockholders | $ | 123,447 | $ | 119,511 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Net investment gains | (52,348 | ) | (7,343 | ) | |||
Depreciation and amortization | 18,133 | 30,245 | |||||
Noncontrolling interests | 1,227 | 737 | |||||
Investment funds | (26,649 | ) | (16,636 | ) | |||
Stock incentive plans | 10,780 | 8,766 | |||||
Change in: | |||||||
Arbitrage trading account | 2,350 | 383 | |||||
Premiums and fees receivable | (59,244 | ) | (79,531 | ) | |||
Reinsurance accounts | 67,205 | (26,319 | ) | ||||
Deferred policy acquisition costs | (6,126 | ) | (33,466 | ) | |||
Income taxes | 50,595 | 46,780 | |||||
Reserves for losses and loss expenses | 10,424 | 108,057 | |||||
Unearned premiums | 113,483 | 171,553 | |||||
Other | (177,805 | ) | (181,969 | ) | |||
Net cash from operating activities | 75,472 | 140,768 | |||||
CASH USED IN INVESTING ACTIVITIES: | |||||||
Proceeds from sale of fixed maturity securities | 719,969 | 381,732 | |||||
Proceeds from sale of equity securities | 51,854 | 1,880 | |||||
(Contributions to) distributions from investment funds | (11,290 | ) | 15,788 | ||||
Proceeds from maturities and prepayments of fixed maturity securities | 888,423 | 455,463 | |||||
Purchase of fixed maturity securities | (1,767,208 | ) | (1,032,129 | ) | |||
Purchase of equity securities | (103 | ) | (1,108 | ) | |||
Real estate purchased | (48,710 | ) | (53,781 | ) | |||
Change in loans receivable | 3,147 | 123,737 | |||||
Net additions to property, furniture and equipment | (12,457 | ) | (12,461 | ) | |||
Change in balances due to security brokers | (22,034 | ) | 69,642 | ||||
Payment for business purchased net of cash aquired | (71,346 | ) | (54,313 | ) | |||
Net cash used in investing activities | (269,755 | ) | (105,550 | ) | |||
CASH (USED IN) FROM FINANCING ACTIVITIES: | |||||||
Repayment of senior notes and other debt | (1,475 | ) | (33,721 | ) | |||
Net proceeds from issuance of debt | — | 110,093 | |||||
Cash dividends to common stockholders | — | (14,711 | ) | ||||
Purchase of common treasury shares | — | (37,424 | ) | ||||
Other, net | (1,281 | ) | 3,158 | ||||
Net cash (used in) from financing activities | (2,756 | ) | 27,395 | ||||
Net impact on cash due to change in foreign exchange rates | 10,147 | 11,271 | |||||
Net change in cash and cash equivalents | (186,892 | ) | 73,884 | ||||
Cash and cash equivalents at beginning of year | 795,285 | 763,631 | |||||
Cash and cash equivalents at end of period | $ | 608,393 | $ | 837,515 |
For the Three Months | |||||
Ended March 31, | |||||
(In thousands) | 2017 | 2016 | |||
Basic | 121,893 | 122,780 | |||
Diluted | 128,453 | 128,529 |
(In thousands) | 2017 | ||
Cash and cash equivalents | $ | 1,154 | |
Real estate, furniture and equipment | 6,434 | ||
Goodwill and other intangibles assets | 62,406 | ||
Other assets | 9,417 | ||
Total assets acquired | 79,411 | ||
Other liabilities assumed | (1,911 | ) | |
Noncontrolling interest | (5,000 | ) | |
Net assets acquired | $ | 72,500 |
(In thousands) | Unrealized Investment Gains (Losses) | Currency Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||
As of and for the three months ended March 31, 2017: | |||||||||||
Changes in AOCI | |||||||||||
Beginning of period | $ | 427,154 | $ | (371,586 | ) | $ | 55,568 | ||||
Other comprehensive income (loss) before reclassifications | 19,994 | 22,735 | 42,729 | ||||||||
Amounts reclassified from AOCI | (28,825 | ) | — | (28,825 | ) | ||||||
Other comprehensive income (loss) | (8,831 | ) | 22,735 | 13,904 | |||||||
Unrealized investment gain related to non-controlling interest | 19 | — | 19 | ||||||||
End of period | $ | 418,342 | $ | (348,851 | ) | $ | 69,491 | ||||
Amounts reclassified from AOCI | |||||||||||
Pre-tax | $ | (44,346 | ) | (1) | $ | — | $ | (44,346 | ) | ||
Tax effect | 15,521 | (2) | — | 15,521 | |||||||
After-tax amounts reclassified | $ | (28,825 | ) | $ | — | $ | (28,825 | ) | |||
Other comprehensive income (loss) | |||||||||||
Pre-tax | $ | (9,571 | ) | $ | 22,735 | $ | 13,164 | ||||
Tax effect | 740 | — | 740 | ||||||||
Other comprehensive income (loss) | $ | (8,831 | ) | $ | 22,735 | $ | 13,904 | ||||
As of and for the three months ended March 31, 2016: | |||||||||||
Changes in AOCI | |||||||||||
Beginning of period | $ | 180,695 | $ | (247,393 | ) | $ | (66,698 | ) | |||
Other comprehensive income (loss) before reclassifications | 78,242 | (2,047 | ) | 76,195 | |||||||
Amounts reclassified from AOCI | (1,387 | ) | — | (1,387 | ) | ||||||
Other comprehensive income (loss) | 76,855 | (2,047 | ) | 74,808 | |||||||
Unrealized investment gain related to non-controlling interest | 14 | 14 | |||||||||
End of period | $ | 257,564 | $ | (249,440 | ) | $ | 8,124 | ||||
Amounts reclassified from AOCI | |||||||||||
Pre-tax | $ | (2,134 | ) | (1) | $ | — | $ | (2,134 | ) | ||
Tax effect | 747 | (2) | — | 747 | |||||||
After-tax amounts reclassified | $ | (1,387 | ) | $ | — | $ | (1,387 | ) | |||
Other comprehensive income (loss) | |||||||||||
Pre-tax | $ | 114,390 | $ | (2,047 | ) | $ | 112,343 | ||||
Tax effect | (37,535 | ) | — | (37,535 | ) | ||||||
Other comprehensive income (loss) | $ | 76,855 | $ | (2,047 | ) | $ | 74,808 | ||||
(In thousands) | Amortized Cost | Gross Unrealized | Fair Value | Carrying Value | |||||||||||||||
Gains | Losses | ||||||||||||||||||
March 31, 2017 | |||||||||||||||||||
Held to maturity: | |||||||||||||||||||
State and municipal | $ | 73,631 | $ | 13,374 | $ | — | $ | 87,005 | $ | 73,631 | |||||||||
Residential mortgage-backed | 15,316 | 1,651 | — | 16,967 | 15,316 | ||||||||||||||
Total held to maturity | 88,947 | 15,025 | — | 103,972 | 88,947 | ||||||||||||||
Available for sale: | |||||||||||||||||||
U.S. government and government agency | 472,112 | 16,784 | (2,220 | ) | 486,676 | 486,676 | |||||||||||||
State and municipal: | |||||||||||||||||||
Special revenue | 2,759,063 | 69,226 | (15,887 | ) | 2,812,402 | 2,812,402 | |||||||||||||
State general obligation | 504,312 | 18,952 | (3,295 | ) | 519,969 | 519,969 | |||||||||||||
Pre-refunded | 349,697 | 20,013 | (146 | ) | 369,564 | 369,564 | |||||||||||||
Corporate backed | 376,664 | 8,290 | (5,639 | ) | 379,315 | 379,315 | |||||||||||||
Local general obligation | 360,941 | 20,497 | (1,602 | ) | 379,836 | 379,836 | |||||||||||||
Total state and municipal | 4,350,677 | 136,978 | (26,569 | ) | 4,461,086 | 4,461,086 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||||
Residential (1) | 1,067,779 | 14,081 | (13,030 | ) | 1,068,830 | 1,068,830 | |||||||||||||
Commercial | 144,583 | 347 | (2,126 | ) | 142,804 | 142,804 | |||||||||||||
Total mortgage-backed securities | 1,212,362 | 14,428 | (15,156 | ) | 1,211,634 | 1,211,634 | |||||||||||||
Asset-backed | 2,029,812 | 7,837 | (9,480 | ) | 2,028,169 | 2,028,169 | |||||||||||||
Corporate: | |||||||||||||||||||
Industrial | 2,391,507 | 70,783 | (5,330 | ) | 2,456,960 | 2,456,960 | |||||||||||||
Financial | 1,445,707 | 45,431 | (6,881 | ) | 1,484,257 | 1,484,257 | |||||||||||||
Utilities | 238,801 | 10,578 | (2,049 | ) | 247,330 | 247,330 | |||||||||||||
Other | 55,808 | 471 | (30 | ) | 56,249 | 56,249 | |||||||||||||
Total corporate | 4,131,823 | 127,263 | (14,290 | ) | 4,244,796 | 4,244,796 | |||||||||||||
Foreign | 864,556 | 38,692 | (1,577 | ) | 901,671 | 901,671 | |||||||||||||
Total available for sale | 13,061,342 | 341,982 | (69,292 | ) | 13,334,032 | 13,334,032 | |||||||||||||
Total investments in fixed maturity securities | $ | 13,150,289 | $ | 357,007 | $ | (69,292 | ) | $ | 13,438,004 | $ | 13,422,979 |
(In thousands) | Amortized Cost | Gross Unrealized | Fair Value | Carrying Value | |||||||||||||||
Gains | Losses | ||||||||||||||||||
December 31, 2016 | |||||||||||||||||||
Held to maturity: | |||||||||||||||||||
State and municipal | $ | 72,582 | $ | 12,453 | $ | — | $ | 85,035 | $ | 72,582 | |||||||||
Residential mortgage-backed | 15,944 | 1,693 | — | 17,637 | 15,944 | ||||||||||||||
Total held to maturity | 88,526 | 14,146 | — | 102,672 | 88,526 | ||||||||||||||
Available for sale: | |||||||||||||||||||
U.S. government and government agency | 496,187 | 20,208 | (2,593 | ) | 513,802 | 513,802 | |||||||||||||
State and municipal: | |||||||||||||||||||
Special revenue | 2,791,211 | 58,559 | (26,315 | ) | 2,823,455 | 2,823,455 | |||||||||||||
State general obligation | 524,682 | 16,964 | (5,139 | ) | 536,507 | 536,507 | |||||||||||||
Pre-refunded | 356,535 | 19,181 | (165 | ) | 375,551 | 375,551 | |||||||||||||
Corporate backed | 410,933 | 6,172 | (6,452 | ) | 410,653 | 410,653 | |||||||||||||
Local general obligation | 360,022 | 15,682 | (2,367 | ) | 373,337 | 373,337 | |||||||||||||
Total state and municipal | 4,443,383 | 116,558 | (40,438 | ) | 4,519,503 | 4,519,503 | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||||
Residential (1) | 1,034,301 | 15,431 | (12,950 | ) | 1,036,782 | 1,036,782 | |||||||||||||
Commercial | 155,540 | 304 | (2,981 | ) | 152,863 | 152,863 | |||||||||||||
Total mortgage-backed securities | 1,189,841 | 15,735 | (15,931 | ) | 1,189,645 | 1,189,645 | |||||||||||||
Asset-backed | 1,913,830 | 5,971 | (11,941 | ) | 1,907,860 | 1,907,860 | |||||||||||||
Corporate: | |||||||||||||||||||
Industrial | 2,315,567 | 71,007 | (7,174 | ) | 2,379,400 | 2,379,400 | |||||||||||||
Financial | 1,369,001 | 39,543 | (11,270 | ) | 1,397,274 | 1,397,274 | |||||||||||||
Utilities | 229,154 | 10,801 | (2,411 | ) | 237,544 | 237,544 | |||||||||||||
Other | 54,073 | 299 | (63 | ) | 54,309 | 54,309 | |||||||||||||
Total corporate | 3,967,795 | 121,650 | (20,918 | ) | 4,068,527 | 4,068,527 | |||||||||||||
Foreign | 858,773 | 46,794 | (2,762 | ) | 902,805 | 902,805 | |||||||||||||
Total available for sale | 12,869,809 | 326,916 | (94,583 | ) | 13,102,142 | 13,102,142 | |||||||||||||
Total investments in fixed maturity securities | $ | 12,958,335 | $ | 341,062 | $ | (94,583 | ) | $ | 13,204,814 | $ | 13,190,668 |
(1) | Gross unrealized losses for residential mortgage-backed securities include $717,960 and $818,691 as of March 31, 2017 and December 31, 2016, respectively, related to the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income. |
(In thousands) | Amortized Cost | Fair Value | |||||
Due in one year or less | $ | 1,033,358 | $ | 1,049,761 | |||
Due after one year through five years | 5,160,693 | 5,288,826 | |||||
Due after five years through ten years | 3,273,799 | 3,386,314 | |||||
Due after ten years | 2,454,761 | 2,484,502 | |||||
Mortgage-backed securities | 1,227,678 | 1,228,601 | |||||
Total | $ | 13,150,289 | $ | 13,438,004 |
(In thousands) | Cost | Gross Unrealized | Fair Value | Carrying Value | |||||||||||||||
Gains | Losses | ||||||||||||||||||
March 31, 2017 | |||||||||||||||||||
Common stocks | $ | 90,080 | $ | 333,397 | $ | (2,148 | ) | $ | 421,329 | $ | 421,329 | ||||||||
Preferred stocks | 121,360 | 70,795 | (2,106 | ) | 190,049 | 190,049 | |||||||||||||
Total | $ | 211,440 | $ | 404,192 | $ | (4,254 | ) | $ | 611,378 | $ | 611,378 | ||||||||
December 31, 2016 | |||||||||||||||||||
Common stocks | $ | 94,998 | $ | 351,906 | $ | (1,046 | ) | $ | 445,858 | $ | 445,858 | ||||||||
Preferred stocks | 125,589 | 101,392 | (3,639 | ) | 223,342 | 223,342 | |||||||||||||
Total | $ | 220,587 | $ | 453,298 | $ | (4,685 | ) | $ | 669,200 | $ | 669,200 |
For the Three Months | |||||||
Ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Investment income earned on: | |||||||
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 112,346 | $ | 108,835 | |||
Investment funds | 26,649 | 16,636 | |||||
Arbitrage trading account | 6,360 | 3,190 | |||||
Real estate | 4,566 | 2,717 | |||||
Equity securities available for sale | 639 | 868 | |||||
Gross investment income | 150,560 | 132,246 | |||||
Investment expense | (1,702 | ) | (2,113 | ) | |||
Net investment income | $ | 148,858 | $ | 130,133 |
Carrying Value as of | Income (Loss) from Investment Funds | ||||||||||||||
March 31, | December 31, | For the Three Months Ended March 31, | |||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Real estate | $ | 654,501 | $ | 641,783 | $ | 4,532 | $ | 17,037 | |||||||
Energy | 96,161 | 91,448 | 3,245 | (3,924 | ) | ||||||||||
Hedge equity | 74,779 | 73,913 | 866 | (2,852 | ) | ||||||||||
Other funds | 413,117 | 391,002 | 18,006 | 6,375 | |||||||||||
Total | $ | 1,238,558 | $ | 1,198,146 | $ | 26,649 | $ | 16,636 |
Carrying Value | |||||||
March 31, | December 31, | ||||||
(In thousands) | 2017 | 2016 | |||||
Properties in operation | $ | 448,422 | $ | 457,237 | |||
Properties under development | 789,316 | 727,744 | |||||
Total | $ | 1,237,738 | $ | 1,184,981 |
(In thousands) | March 31, 2017 | December 31, 2016 | |||||
Amortized cost (net of valuation allowance): | |||||||
Real estate loans | $ | 89,206 | $ | 92,415 | |||
Commercial loans | 14,444 | 14,383 | |||||
Total | $ | 103,650 | $ | 106,798 | |||
Fair value: | |||||||
Real estate loans | $ | 89,206 | $ | 92,415 | |||
Commercial loans | 15,947 | 15,884 | |||||
Total | $ | 105,153 | $ | 108,299 | |||
Valuation allowance: | |||||||
Specific | $ | 1,200 | $ | 1,200 | |||
General | 2,183 | 2,197 | |||||
Total | $ | 3,383 | $ | 3,397 | |||
For the Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Increase (decrease) in valuation allowance | $ | (14 | ) | $ | 568 |
For the Three Months Ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Realized investment gains (losses): | |||||||
Fixed maturity securities: | |||||||
Gains | $ | 5,605 | $ | 23,064 | |||
Losses | (3,965 | ) | (2,940 | ) | |||
Equity securities available for sale | 42,707 | 125 | |||||
Investment funds | 1,267 | (460 | ) | ||||
Real estate | 3,300 | 5,024 | |||||
Other | 3,434 | 644 | |||||
Net realized gains on investments sales | 52,348 | 25,457 | |||||
Other-than-temporary impairments (1) | — | (18,114 | ) | ||||
Net investment gains | 52,348 | 7,343 | |||||
Income tax expense | (18,322 | ) | (2,570 | ) | |||
After-tax net realized investment gains | $ | 34,026 | $ | 4,773 |
Change in unrealized investment gains (losses) of available for sale securities: | |||||||
Fixed maturity securities | $ | 37,984 | $ | 92,428 | |||
Previously impaired fixed maturity securities | 101 | (55 | ) | ||||
Equity securities available for sale | (48,862 | ) | 13,137 | ||||
Investment funds | 1,206 | 8,880 | |||||
Total change in unrealized investment gains (losses) | (9,571 | ) | 114,390 | ||||
Income tax benefit (expense) | 740 | (37,535 | ) | ||||
Noncontrolling interests | 19 | 14 | |||||
After-tax change in unrealized investment gains (losses) of available for sale securities | $ | (8,812 | ) | $ | 76,869 |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
(In thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||
U.S. government and government agency | $ | 95,253 | $ | 954 | $ | 33,071 | $ | 1,266 | $ | 128,324 | $ | 2,220 | |||||||||||
State and municipal | 1,111,978 | 22,836 | 150,439 | 3,733 | 1,262,417 | 26,569 | |||||||||||||||||
Mortgage-backed securities | 618,642 | 10,013 | 140,791 | 5,143 | 759,433 | 15,156 | |||||||||||||||||
Asset-backed securities | 1,204,310 | 4,386 | 95,421 | 5,094 | 1,299,731 | 9,480 | |||||||||||||||||
Corporate | 867,293 | 8,126 | 61,732 | 6,164 | 929,025 | 14,290 | |||||||||||||||||
Foreign government | 115,542 | 1,320 | 4,495 | 257 | 120,037 | 1,577 | |||||||||||||||||
Fixed maturity securities | 4,013,018 | 47,635 | 485,949 | 21,657 | 4,498,967 | 69,292 | |||||||||||||||||
Common stocks | 18,875 | 1,173 | 8,803 | 975 | 27,678 | 2,148 | |||||||||||||||||
Preferred stocks | — | — | 23,567 | 2,106 | 23,567 | 2,106 | |||||||||||||||||
Equity securities available for sale | 18,875 | 1,173 | 32,370 | 3,081 | 51,245 | 4,254 | |||||||||||||||||
Total | $ | 4,031,893 | $ | 48,808 | $ | 518,319 | $ | 24,738 | $ | 4,550,212 | $ | 73,546 | |||||||||||
December 31, 2016 | |||||||||||||||||||||||
U.S. government and government agency | $ | 112,709 | $ | 1,252 | $ | 35,450 | $ | 1,341 | $ | 148,159 | $ | 2,593 | |||||||||||
State and municipal | 1,562,614 | 35,553 | 133,034 | 4,885 | 1,695,648 | 40,438 | |||||||||||||||||
Mortgage-backed securities | 625,903 | 11,103 | 109,066 | 4,828 | 734,969 | 15,931 | |||||||||||||||||
Asset-backed securities | 1,010,836 | 5,340 | 201,693 | 6,601 | 1,212,529 | 11,941 | |||||||||||||||||
Corporate | 1,035,245 | 13,448 | 65,147 | 7,470 | 1,100,392 | 20,918 | |||||||||||||||||
Foreign government | 213,246 | 1,985 | 24,820 | 777 | 238,066 | 2,762 | |||||||||||||||||
Fixed maturity securities | 4,560,553 | 68,681 | 569,210 | 25,902 | 5,129,763 | 94,583 | |||||||||||||||||
Common stocks | 336 | 22 | 8,755 | 1,024 | 9,091 | 1,046 | |||||||||||||||||
Preferred stocks | — | — | 22,034 | 3,639 | 22,034 | 3,639 | |||||||||||||||||
Equity securities available for sale | 336 | 22 | 30,789 | 4,663 | 31,125 | 4,685 | |||||||||||||||||
Total | $ | 4,560,889 | $ | 68,703 | $ | 599,999 | $ | 30,565 | $ | 5,160,888 | $ | 99,268 |
($ in thousands) | Number of Securities | Aggregate Fair Value | Gross Unrealized Loss | |||||||
State and municipal | 1 | $ | 5,136 | $ | 3,725 | |||||
Mortgage-backed securities | 9 | 19,647 | 924 | |||||||
Corporate | 4 | 19,990 | 741 | |||||||
Foreign government | 11 | 51,901 | 681 | |||||||
Asset-backed securities | 6 | 9,615 | 173 | |||||||
Total | 31 | $ | 106,289 | $ | 6,244 |
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||
March 31, 2017 | |||||||||||||||
Assets: | |||||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||
U.S. government and government agency | $ | 486,676 | $ | — | $ | 486,676 | $ | — | |||||||
State and municipal | 4,461,086 | — | 4,461,086 | — | |||||||||||
Mortgage-backed securities | 1,211,634 | — | 1,211,634 | — | |||||||||||
Asset-backed securities | 2,028,169 | — | 2,027,990 | 179 | |||||||||||
Corporate | 4,244,796 | — | 4,244,796 | — | |||||||||||
Foreign government | 901,671 | — | 901,671 | — | |||||||||||
Total fixed maturity securities available for sale | 13,334,032 | — | 13,333,853 | 179 | |||||||||||
Equity securities available for sale: | |||||||||||||||
Common stocks | 421,329 | 403,855 | 8,671 | 8,803 | |||||||||||
Preferred stocks | 190,049 | — | 186,387 | 3,662 | |||||||||||
Total equity securities available for sale | 611,378 | 403,855 | 195,058 | 12,465 | |||||||||||
Arbitrage trading account | 753,278 | 256,752 | 496,465 | 61 | |||||||||||
Total | $ | 14,698,688 | $ | 660,607 | $ | 14,025,376 | $ | 12,705 | |||||||
Liabilities: | |||||||||||||||
Trading account securities sold but not yet purchased | $ | 51,348 | $ | 51,348 | $ | — | $ | — | |||||||
December 31, 2016 | |||||||||||||||
Assets: | |||||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||
U.S. government and government agency | $ | 513,802 | $ | — | $ | 513,802 | $ | — | |||||||
State and municipal | 4,519,503 | — | 4,519,503 | — | |||||||||||
Mortgage-backed securities | 1,189,645 | — | 1,189,645 | — | |||||||||||
Asset-backed securities | 1,907,860 | — | 1,907,677 | 183 | |||||||||||
Corporate | 4,068,527 | — | 4,068,527 | — | |||||||||||
Foreign government | 902,805 | — | 902,805 | — | |||||||||||
Total fixed maturity securities available for sale | 13,102,142 | — | 13,101,959 | 183 | |||||||||||
Equity securities available for sale: | |||||||||||||||
Common stocks | 445,858 | 429,647 | 7,457 | 8,754 | |||||||||||
Preferred stocks | 223,342 | — | 219,680 | 3,662 | |||||||||||
Total equity securities available for sale | 669,200 | 429,647 | 227,137 | 12,416 | |||||||||||
Arbitrage trading account | 299,999 | 224,623 | 75,376 | — | |||||||||||
Total | $ | 14,071,341 | $ | 654,270 | $ | 13,404,472 | $ | 12,599 | |||||||
Liabilities: | |||||||||||||||
Trading account securities sold but not yet purchased | $ | 51,179 | $ | 51,089 | $ | 90 | $ | — |
Gains (Losses) Included in: | |||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Earnings (Losses) | Other Comprehensive Income (Loss) | Impairments | Purchases | (Sales) | Paydowns / Maturities | Transfers | Ending Balance | ||||||||||||||||||||||||||
In / (Out) | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2017: | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities securities available for sale: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 183 | $ | 1 | $ | 10 | $ | — | $ | — | $ | (15 | ) | $ | — | $ | — | $ | 179 | ||||||||||||||||
Corporate | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 183 | 1 | 10 | — | — | (15 | ) | — | — | 179 | |||||||||||||||||||||||||
Equity securities available for sale: | |||||||||||||||||||||||||||||||||||
Common stocks | 8,754 | — | 49 | — | — | — | — | — | 8,803 | ||||||||||||||||||||||||||
Preferred stocks | 3,662 | — | — | — | — | — | — | 3,662 | |||||||||||||||||||||||||||
Total | 12,416 | — | 49 | — | — | — | — | — | 12,465 | ||||||||||||||||||||||||||
Arbitrage trading account | — | — | 61 | — | — | — | — | — | 61 | ||||||||||||||||||||||||||
Total | $ | 12,599 | $ | 1 | $ | 120 | $ | — | $ | — | $ | (15 | ) | $ | — | $ | — | $ | 12,705 | ||||||||||||||||
Year ended December 31, 2016: | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities securities available for sale: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 199 | $ | 3 | $ | 16 | $ | — | $ | — | $ | — | $ | (35 | ) | $ | — | $ | 183 | ||||||||||||||||
Corporate | 154 | 177 | — | — | — | (331 | ) | — | — | — | |||||||||||||||||||||||||
Total | 353 | 180 | 16 | — | — | (331 | ) | (35 | ) | — | 183 | ||||||||||||||||||||||||
Equity securities available for sale: | |||||||||||||||||||||||||||||||||||
Common stocks | 7,829 | — | 160 | — | 765 | — | — | — | 8,754 | ||||||||||||||||||||||||||
Preferred stocks | 3,624 | 38 | — | — | — | — | — | — | 3,662 | ||||||||||||||||||||||||||
Total | 11,453 | 38 | 160 | — | 765 | — | — | — | 12,416 | ||||||||||||||||||||||||||
Arbitrage trading account | 176 | (176 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 11,982 | $ | 42 | $ | 176 | $ | — | $ | 765 | $ | (331 | ) | $ | (35 | ) | $ | — | $ | 12,599 |
March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Net reserves at beginning of year | $ | 9,590,265 | $ | 9,244,872 | |||
Net provision for losses and loss expenses: | |||||||
Claims occurring during the current year (1) | 958,684 | 916,649 | |||||
Increase (decrease) in estimates for claims occurring in prior years (2) (3) | 8,727 | (5,601 | ) | ||||
Loss reserve discount accretion | 12,192 | 11,273 | |||||
Total | 979,603 | 922,321 | |||||
Net payments for claims: | |||||||
Current year | 97,461 | 259,633 | |||||
Prior year | 773,571 | 555,884 | |||||
Total | 871,032 | 815,517 | |||||
Foreign currency translation | 23,204 | 20,760 | |||||
Net reserves at end of period | 9,722,040 | 9,372,436 | |||||
Ceded reserve at end of period | 1,502,284 | 1,415,906 | |||||
Gross reserves at end of period | $ | 11,224,324 | $ | 10,788,342 |
(1) | Claims occurring during the current year are net of loss reserve discounts of $5,761,000 and $19,072,000 in 2017 and 2016, respectively. |
(2) | The increase in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $4,841,000 and decreased by $23,559,000 in 2017 and 2016, respectively. |
March 31, 2017 | December 31, 2016 | ||||||||||||||
(In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
Assets: | |||||||||||||||
Fixed maturity securities | $ | 13,422,979 | $ | 13,438,004 | $ | 13,190,668 | $ | 13,204,814 | |||||||
Equity securities available for sale | 611,378 | 611,378 | 669,200 | 669,200 | |||||||||||
Arbitrage trading account | 753,278 | 753,278 | 299,999 | 299,999 | |||||||||||
Loans receivable | 103,650 | 105,153 | 106,798 | 108,299 | |||||||||||
Cash and cash equivalents | 608,393 | 608,393 | 795,285 | 795,285 | |||||||||||
Trading account receivables from brokers and clearing organizations | 29,131 | 29,131 | 484,593 | 484,593 | |||||||||||
Due from broker | 3,749 | 3,749 | — | — | |||||||||||
Liabilities: | |||||||||||||||
Due to broker | — | — | 19,416 | 19,416 | |||||||||||
Trading account securities sold but not yet purchased | 51,348 | 51,348 | 51,179 | 51,179 | |||||||||||
Subordinated debentures | 727,777 | 750,104 | 727,630 | 687,504 | |||||||||||
Senior notes and other debt | 1,759,494 | 1,927,392 | 1,760,595 | 1,914,727 |
For the Three Months | |||||||
Ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Written premiums: | |||||||
Direct | $ | 1,721,062 | $ | 1,709,129 | |||
Assumed | 215,145 | 246,568 | |||||
Ceded | (289,369 | ) | (291,975 | ) | |||
Total net premiums written | $ | 1,646,838 | $ | 1,663,722 | |||
Earned premiums: | |||||||
Direct | $ | 1,613,364 | $ | 1,568,067 | |||
Assumed | 208,626 | 218,367 | |||||
Ceded | (251,948 | ) | (259,099 | ) | |||
Total net premiums earned | $ | 1,570,042 | $ | 1,527,335 | |||
Ceded losses and loss expenses incurred | $ | 35,192 | $ | 126,929 | |||
Ceded commissions earned | $ | 56,550 | $ | 47,973 |
($ in thousands) | Units | Fair Value | ||||
2017 | 1,853 | $ | 129 | |||
2016 | 5,580 | $ | 286 |
• | Insurance - primarily commercial insurance business, including excess and surplus lines and admitted lines in the United States, United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia; and |
• | Reinsurance - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa. |
Revenues | |||||||||||||||||||||||
(In thousands) | Earned Premiums | Investment Income | Other | Total (1) | Pre-Tax Income (Loss) | Net Income (Loss) to Common Stockholders | |||||||||||||||||
Three months ended March 31, 2017 | |||||||||||||||||||||||
Insurance | $ | 1,413,170 | $ | 111,909 | $ | 18,287 | $ | 1,543,366 | $ | 199,994 | $ | 134,095 | |||||||||||
Reinsurance | 156,872 | 24,778 | — | 181,650 | 4,594 | 3,099 | |||||||||||||||||
Corporate, other and eliminations (2) | — | 12,171 | 80,883 | 93,054 | (72,639 | ) | (47,773 | ) | |||||||||||||||
Net investment gains | — | — | 52,348 | 52,348 | 52,348 | 34,026 | |||||||||||||||||
Total | $ | 1,570,042 | $ | 148,858 | $ | 151,518 | $ | 1,870,418 | $ | 184,297 | $ | 123,447 | |||||||||||
Three months ended March 31, 2016 | |||||||||||||||||||||||
Insurance | $ | 1,366,605 | $ | 99,860 | $ | 26,793 | $ | 1,493,258 | $ | 199,651 | $ | 134,778 | |||||||||||
Reinsurance | 160,730 | 23,770 | — | 184,500 | 28,061 | 19,609 | |||||||||||||||||
Corporate, other and eliminations (2) | — | 6,503 | 115,607 | 122,110 | (60,379 | ) | (39,649 | ) | |||||||||||||||
Net investment gains | — | — | 7,343 | 7,343 | 7,343 | 4,773 | |||||||||||||||||
Total | $ | 1,527,335 | $ | 130,133 | $ | 149,743 | $ | 1,807,211 | $ | 174,676 | $ | 119,511 |
(In thousands) | March 31, 2017 | December 31, 2016 | |||||
Insurance | $ | 18,932,563 | $ | 19,137,758 | |||
Reinsurance | 2,750,876 | 2,524,338 | |||||
Corporate, other and eliminations | 1,863,975 | 1,687,980 | |||||
Consolidated | $ | 23,547,414 | $ | 23,350,076 |
For the Three Months | |||||||
Ended March 31, | |||||||
(In thousands) | 2017 | 2016 | |||||
Insurance: | |||||||
Other liability | $ | 451,830 | $ | 413,528 | |||
Workers’ compensation | 361,136 | 343,581 | |||||
Short-tail lines (1) | 309,234 | 327,076 | |||||
Commercial automobile | 158,126 | 156,817 | |||||
Professional liability | 132,844 | 125,603 | |||||
Total Insurance | 1,413,170 | 1,366,605 | |||||
Reinsurance: | |||||||
Casualty | 94,739 | 104,305 | |||||
Property | 62,133 | 56,425 | |||||
Total Reinsurance | 156,872 | 160,730 | |||||
Total | $ | 1,570,042 | $ | 1,527,335 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
(In thousands) | Frequency (+/-) | ||||||||||
Severity (+/-) | 1% | 5% | 10% | ||||||||
1% | $ | 76,915 | $ | 231,511 | $ | 424,755 | |||||
5% | 231,511 | 392,229 | 593,126 | ||||||||
10% | 424,755 | 593,126 | 803,590 |
(In thousands) | March 31, 2017 | December 31, 2016 | |||||
Insurance | $ | 8,028,555 | $ | 7,913,074 | |||
Reinsurance | 1,693,485 | 1,677,191 | |||||
Net reserves for losses and loss expenses | 9,722,040 | 9,590,265 | |||||
Ceded reserves for losses and loss expenses | 1,502,284 | 1,606,930 | |||||
Gross reserves for losses and loss expenses | $ | 11,224,324 | $ | 11,197,195 |
(In thousands) | Reported Case Reserves | Incurred But Not Reported | Total | ||||||||
March 31, 2017 | |||||||||||
Other liability | $ | 1,159,857 | $ | 2,106,241 | $ | 3,266,098 | |||||
Workers’ compensation (1) | 1,471,650 | 1,246,543 | 2,718,193 | ||||||||
Professional liability | 284,185 | 554,475 | 838,660 | ||||||||
Commercial automobile | 342,220 | 257,910 | 600,130 | ||||||||
Short-tail lines (2) | 320,151 | 285,323 | 605,474 | ||||||||
Total Insurance | 3,578,063 | 4,450,492 | 8,028,555 | ||||||||
Reinsurance (1) | 846,575 | 846,910 | 1,693,485 | ||||||||
Total | $ | 4,424,638 | $ | 5,297,402 | $ | 9,722,040 | |||||
December 31, 2016 | |||||||||||
Other liability | $ | 1,159,082 | $ | 2,061,966 | $ | 3,221,048 | |||||
Workers’ compensation (1) | 1,453,318 | 1,228,774 | 2,682,092 | ||||||||
Professional liability | 264,188 | 542,539 | 806,727 | ||||||||
Commercial automobile | 344,143 | 252,978 | 597,121 | ||||||||
Short-tail lines (2) | 322,872 | 283,214 | 606,086 | ||||||||
Total Insurance | 3,543,603 | 4,369,471 | 7,913,074 | ||||||||
Reinsurance (1) | 823,516 | 853,675 | 1,677,191 | ||||||||
Total | $ | 4,367,119 | $ | 5,223,146 | $ | 9,590,265 |
(In thousands) | 2017 | 2016 | |||||
Net (increase) decrease in prior year loss reserves | $ | (8,727 | ) | $ | 5,601 | ||
Increase in prior year earned premiums | 11,173 | 6,687 | |||||
Net favorable prior year development | $ | 2,446 | $ | 12,288 |
($ in thousands) | Number of Securities | Aggregate Fair Value | Gross Unrealized Loss | |||||||
Unrealized loss less than 20% of amortized cost | 633 | $ | 4,493,463 | $ | 65,385 | |||||
Unrealized loss of 20% or greater of amortized cost: | ||||||||||
Less than twelve months | 1 | 5,136 | 3,725 | |||||||
Twelve months and longer | 3 | 368 | 182 | |||||||
Total | 637 | $ | 4,498,967 | $ | 69,292 |
($ in thousands) | Number of Securities | Aggregate Fair Value | Gross Unrealized Loss | |||||||
State and municipal | 1 | $ | 5,136 | $ | 3,725 | |||||
Mortgage-backed securities | 9 | 19,647 | 924 | |||||||
Corporate | 4 | 19,990 | 741 | |||||||
Foreign government | 11 | 51,901 | 681 | |||||||
Asset-backed securities | 6 | 9,615 | 173 | |||||||
Total | 31 | $ | 106,289 | $ | 6,244 |
($ in thousands) | Carrying Value | Percent of Total | ||||
Pricing source: | ||||||
Independent pricing services | $ | 13,159,581 | 98.7 | % | ||
Syndicate manager | 45,931 | 0.3 | ||||
Directly by the Company based on: | ||||||
Observable data | 128,341 | 1.0 | ||||
Cash flow model | 179 | — | ||||
Total | $ | 13,334,032 | 100.0 | % |
($ in thousands) | 2017 | 2016 | |||||
Insurance: | |||||||
Gross premiums written | $ | 1,769,405 | $ | 1,752,033 | |||
Net premiums written | 1,494,135 | 1,479,207 | |||||
Net premiums earned | 1,413,170 | 1,366,605 | |||||
Loss ratio | 60.9 | % | 60.5 | % | |||
Expense ratio | 32.9 | % | 32.5 | % | |||
GAAP combined ratio | 93.8 | % | 93.0 | % | |||
Reinsurance: | |||||||
Gross premiums written | $ | 166,802 | $ | 203,664 | |||
Net premiums written | 152,703 | 184,515 | |||||
Net premiums earned | 156,872 | 160,730 | |||||
Loss ratio | 75.9 | % | 59.2 | % | |||
Expense ratio | 37.0 | % | 38.4 | % | |||
GAAP combined ratio | 112.9 | % | 97.6 | % | |||
Consolidated: | |||||||
Gross premiums written | $ | 1,936,207 | $ | 1,955,697 | |||
Net premiums written | 1,646,838 | 1,663,722 | |||||
Net premiums earned | 1,570,042 | 1,527,335 | |||||
Loss ratio | 62.4 | % | 60.4 | % | |||
Expense ratio | 33.3 | % | 33.1 | % | |||
GAAP combined ratio | 95.7 | % | 93.5 | % |
(In thousands, except per share data) | 2017 | 2016 | |||||
Net income to common stockholders | $ | 123,447 | $ | 119,511 | |||
Weighted average diluted shares | 128,453 | 128,529 | |||||
Net income per diluted share | $ | 0.96 | $ | 0.93 |
• | Insurance - gross premiums increased 1% to $1,769 million in 2017 from $1,752 million in 2016. Gross premiums increased $16 million (9%) for professional liability, $8 million (5%) for commercial auto and $3 million (1%) for other liability, and decreased $7 million (2%) for short-tail lines and $3 million (less than 1%) for workers' compensation. |
• | Reinsurance - gross premiums decreased 18% to $167 million in 2017 from $204 million in 2016. Gross premiums decreased $29 million (31%) for property lines and $8 million (7%) for casualty lines. |
Amount | Average Annualized Yield | ||||||||||||
($ In thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 112,346 | $ | 108,835 | 3.2 | % | 3.2 | % | |||||
Investment funds | 26,649 | 16,636 | 8.5 | 5.5 | |||||||||
Arbitrage trading account | 6,360 | 3,190 | 5.4 | 3.7 | |||||||||
Real estate | 4,566 | 2,717 | 1.5 | 1.1 | |||||||||
Equity securities available for sale | 639 | 868 | 1.2 | 2.2 | |||||||||
Gross investment income | 150,560 | 132,246 | 3.5 | 3.3 | |||||||||
Investment expenses | (1,702 | ) | (2,113 | ) | |||||||||
Total | $ | 148,858 | $ | 130,133 | 3.5 | % | 3.2 | % |
• | Insurance - The loss ratio was 60.9% in 2017 and 60.5% in 2016. Catastrophe losses were $14 million in 2017 compared with $15 million in 2016. Favorable prior year reserve development was $26 million in 2017 and $12 million in 2016. The loss ratio excluding catastrophe losses and prior year reserve development increased 1.6 points to 61.8% in 2017 from 60.2% in 2016. |
• | Reinsurance - The loss ratio of 75.9% in 2017 was 16.7 points higher than the loss ratio of 59.2% in 2016. Catastrophe losses were $0.2 million in 2017 compared with $0.5 million in 2016. Adverse prior year reserve development was $24 million in 2017 (primarily related to the change in the Ogden discount rate) compared with favorable prior year reserve development of $0.7 million in 2016. The loss ratio excluding catastrophe losses and prior year reserve development increased 1.4 points to 60.7% in 2017 from 59.3% in 2016. |
(In thousands) | 2017 | 2016 | |||||
Policy acquisition and operating insurance expenses | $ | 523,409 | $ | 505,255 | |||
Service expenses | 29,933 | 33,798 | |||||
Net foreign currency losses | 5,508 | 3,728 | |||||
Other costs and expenses | 44,850 | 39,678 | |||||
Total | $ | 603,700 | $ | 582,459 |
($ in thousands) | Carrying Value | Percent of Total | ||||
Fixed maturity securities: | ||||||
U.S. government and government agencies | $ | 486,676 | 2.7 | % | ||
State and municipal: | ||||||
Special revenue | 2,836,614 | 15.8 | ||||
State general obligation | 554,643 | 3.1 | ||||
Local general obligation | 393,876 | 2.2 | ||||
Corporate backed | 379,315 | 2.1 | ||||
Pre-refunded (1) | 370,269 | 2.1 | ||||
Total state and municipal | 4,534,717 | 25.2 | ||||
Mortgage-backed securities: | ||||||
Agency | 831,772 | 4.6 | ||||
Residential-Prime | 221,507 | 1.2 | ||||
Commercial | 142,804 | 0.8 | ||||
Residential-Alt A | 30,867 | 0.2 | ||||
Total mortgage-backed securities | 1,226,950 | 6.8 | ||||
Asset-backed securities | 2,028,169 | 11.3 | ||||
Corporate: | ||||||
Industrial | 2,456,960 | 13.7 | ||||
Financial | 1,484,257 | 8.3 | ||||
Utilities | 247,330 | 1.4 | ||||
Other | 56,249 | 0.3 | ||||
Total corporate | 4,244,796 | 23.7 | ||||
Foreign government and foreign government agencies | 901,671 | 5.0 | ||||
Total fixed maturity securities | 13,422,979 | 74.7 | ||||
Equity securities available for sale: | ||||||
Common stocks | 421,329 | 2.3 | ||||
Preferred stocks | 190,049 | 1.1 | ||||
Total equity securities available for sale | 611,378 | 3.4 | ||||
Cash and cash equivalents | 608,393 | 3.4 | ||||
Investment funds | 1,238,558 | 6.9 | ||||
Real estate | 1,237,738 | 6.9 | ||||
Arbitrage trading account | 753,278 | 4.2 | ||||
Loans receivable | 103,650 | 0.5 | ||||
Total investments | $ | 17,975,974 | 100.0 | % |
(In thousands) | Carrying Value | ||
Argentina | $ | 263,374 | |
Australia | 217,042 | ||
Canada | 163,023 | ||
United Kingdom | 84,438 | ||
Brazil | 50,378 | ||
Germany | 46,187 | ||
Supranational (1) | 37,081 | ||
Norway | 19,735 | ||
Colombia | 7,873 | ||
Uruguay | 6,340 | ||
Singapore | 6,200 | ||
Total | $ | 901,671 |
Number | ||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/ 15d-14(a). | ||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/ 15d-14(a). | ||
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
W. R. BERKLEY CORPORATION | ||
Date: | May 5, 2017 | /s/ W. Robert Berkley, Jr. |
W. Robert Berkley, Jr. | ||
President and Chief Executive Officer | ||
Date: | May 5, 2017 | /s/ Richard M. Baio |
Richard M. Baio | ||
Senior Vice President - Chief Financial Officer and Treasurer |
/s/ W. Robert Berkley, Jr. | |
W. Robert Berkley, Jr. | |
President and Chief Executive Officer |
/s/ Richard M. Baio | |
Richard M. Baio | |
Senior Vice President — Chief Financial Officer and Treasurer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ W. Robert Berkley, Jr. |
W. Robert Berkley, Jr. |
President and Chief Executive Officer |
/s/ Richard M. Baio |
Richard M. Baio |
Senior Vice President — Chief Financial Officer and Treasurer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
May 02, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BERKLEY W R CORP | |
Entity Central Index Key | 0000011544 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 121,228,108 |
Consolidated Balance Sheet Consolidated Balance Sheet (Parenthetical) - $ / shares |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value $.10 per share: | $ 0.1 | $ 0.1 |
Preferred shares authorized | 5,000,000 | 5,000,000 |
Preferred shares issued | 0 | 0 |
Preferred shares outstanding | 0 | 0 |
Common stock, par value $.20 per share: | $ 0.2 | $ 0.2 |
Common shares authorized | 500,000,000 | 500,000,000 |
Common shares issued | 122,641,527 | 123,307,837 |
Common shares outstanding | 122,641,527 | 123,307,837 |
Treasury stock issued at cost | 112,476,391 | 111,810,081 |
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Net income before noncontrolling interests | $ 124,674 | $ 120,248 |
Other comprehensive income: | ||
Change in unrealized currency translation adjustments | 22,735 | (2,047) |
Change in unrealized investment gains, net of taxes | (8,831) | 76,855 |
Other comprehensive income | 13,904 | 74,808 |
Comprehensive income | 138,578 | 195,056 |
Noncontrolling interest | (1,208) | (723) |
Comprehensive income to common stockholders | $ 137,370 | $ 194,333 |
General General |
3 Months Ended |
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Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | General The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”) have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to a description of areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Reclassifications have been made in the 2016 financial statements as originally reported to conform to the presentation of the 2017 financial statements. The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective tax rate for the quarter differs from the federal income tax rate of 35% principally because of tax-exempt investment income. |
Per Share Data Per Share Data |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including shares held in a grantor trust established in March 2017). The Company transferred 4,087,731 common shares to the grantor trust for delivery upon settlement of vested but mandatorily deferred restricted stock units (RSUs). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
|
Recent Accounting Pronouncements Recent Accounting Pronouncements |
3 Months Ended |
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Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements: In May 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-09, Disclosures about Short-Duration Contracts. ASU 2015-09 requires companies that issue short duration insurance contracts to disclose additional information, including: (i) incurred and paid claims development tables; (ii) frequency and severity of claims; and (iii) information about material changes in judgments made in calculating the liability for unpaid claim adjustment expenses, including reasons for the change and the effects on the financial statements. The Company adopted this updated guidance on January 1, 2016 with regard to the annual requirements and on January 1, 2017 with regard to the interim requirements. The amendments in ASU 2015-09 are applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. As the requirements are disclosure only, the adoption of this guidance did not impact our financial condition or results of operations, but did result in additional disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 includes provisions intended to simplify various previous provisions related to how share-based payments are accounted for and presented in the financial statements. Under the new guidance, excess tax benefits (deductions for share based payment awards for tax purposes that exceed the compensation cost recognized for financial reporting purposes) are reported within the income tax expense financial statement line item. Previously, excess tax benefits were reported within additional paid in capital. The Company adopted this updated guidance on January 1, 2017 prospectively. The adoption of this guidance did not have a material impact on the Company's financial condition or results of operations. All other accounting and reporting standards that became effective in 2017 were either not applicable to the Company or their adoption did not have a material impact on the Company. Accounting and reporting standards that are not yet effective: In May 2014, the FASB issued ASU 2014-09, Revenue from Customers. ASU 2014-09 clarifies the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company’s insurance service fee revenue and non-insurance business revenue will be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The updated guidance, as amended by ASU 2015-14, is effective for public business entities for annual and interim reporting periods beginning after December 15, 2017. The adoption of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. ASU 2016-01 amends the accounting guidance for financial instruments to require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The updated guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017 and interim periods within those years. The adoption of this guidance is not expected to have a material effect on the Company’s financial condition upon adoption, but will impact results of operations after adoption of this guidance as unrealized gains and losses on equity securities will no longer be reported directly in accumulated other comprehensive income (AOCI), but will instead be reported in net income. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the accounting and disclosure guidance for leases. This guidance retains the two classifications of a lease, as either an operating or finance lease, both of which will require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The right-of-use asset and the lease liability will be determined based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance is effective for reporting periods beginning after December 15, 2018, and will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. The Company is currently evaluating the impact that the adoption of this guidance will have on its results of operations, financial position and liquidity. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which amends the accounting guidance for credit losses on financial instruments. The updated guidance amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost. The updated guidance is effective for reporting periods beginning after December 15, 2019. The Company will not be able to determine the impact the adoption of this guidance will have on its results of operations, financial position or liquidity until the year the guidance becomes effective. All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company. |
Acquistions Acquisitions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Acquisitions In March 2017, the Company acquired an 89.5% ownership interest for $72.5 million in a company engaged in providing textile solutions world-wide. The fair value of the assets acquired and liabilities assumed have been estimated based on a preliminary valuation. The fair values of the assets and liabilities will be adjusted, as needed, following completion of the final valuation. The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2017:
In February 2016, the Company acquired an 85% ownership interest for $42.3 million in a company engaged in the distribution of promotional merchandise. |
Statements of Comprehensive Income (Loss) Statements of Comprehensive Income (Loss) (Notes) |
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Comprehensive Income (Loss) | (5) Consolidated Statement of Comprehensive Income (Loss) The following tables present the components of the changes in accumulated other comprehensive income (loss) ("AOCI"):
_________________________ (1) Net realized investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Statements of Cash Flow Statements of Cash Flow |
3 Months Ended |
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Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures | Statements of Cash Flow Interest payments were $61,782,000 and $56,968,000 and income taxes paid were $1,610,000 and $5,644,000 in the three months ended March 31, 2017 and 2016, respectively. |
Investments In Fixed Maturity Securities |
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Schedule of Marketable Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At March 31, 2017 and December 31, 2016, investments in fixed maturity securities were as follows:
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The amortized cost and fair value of fixed maturity securities at March 31, 2017, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
At March 31, 2017 and December 31, 2016, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities. |
Reserves for Loss and Loss Expenses Reserves for Loss and Loss Expenses |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves for Loss and Loss Expenses | Reserves for Losses and Loss Expenses Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each operating unit. These methods include paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting “tail factors” in areas where the Company’s own data is limited. The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each operating unit. The establishment of the actuarially derived loss reserve point estimate also includes consideration of qualitative factors that may affect the ultimate losses. These qualitative considerations include, among others, the impact of re-underwriting initiatives, changes in the mix of business, changes in distribution sources and changes in policy terms and conditions. The key assumptions used to arrive at the best estimate of loss reserves are the expected loss ratios, rate of loss cost inflation, and reported and paid loss emergence patterns. Expected loss ratios represent management’s expectation of losses at the time the business is priced and written, before any actual claims experience has emerged. This expectation is a significant determinant of the estimate of loss reserves for recently written business where there is little paid or incurred loss data to consider. Expected loss ratios are generally derived from historical loss ratios adjusted for the impact of rate changes, loss cost trends and known changes in the type of risks underwritten. Expected loss ratios are estimated for each key line of business within each operating unit. Expected loss cost inflation is particularly important for the long-tail lines, such as excess casualty, and claims with a high medical component, such as workers’ compensation. Reported and paid loss emergence patterns are used to project current reported or paid loss amounts to their ultimate settlement value. Loss development factors are based on the historical emergence patterns of paid and incurred losses, and are derived from the Company’s own experience and industry data. The paid loss emergence pattern is also significant to excess and assumed workers’ compensation reserves because those reserves are discounted to their estimated present value based upon such estimated payout patterns. Loss frequency and severity are measures of loss activity that are considered in determining the key assumptions described in our discussion of loss and loss expense reserves, including expected loss ratios, rate of loss cost inflation and reported and paid loss emergence patterns. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations. Another factor affecting estimates of loss frequency and severity is the loss reporting lag, which is the period of time between the occurrence of a loss and the date the loss is reported to the Company. The length of the loss reporting lag affects our ability to accurately predict loss frequency (loss frequencies are more predictable for lines with short reporting lags) as well as the amount of reserves needed for incurred but not reported losses (less IBNR is required for lines with short reporting lags). As a result, loss reserves for lines with short reporting lags are likely to have less variation from initial loss estimates. For lines with short reporting lags, which include commercial automobile, primary workers’ compensation, other liability (claims-made) and property business, the key assumption is the loss emergence pattern used to project ultimate loss estimates from known losses paid or reported to date. For lines of business with long reporting lags, which include other liability (occurrence), products liability, excess workers’ compensation and liability reinsurance, the key assumption is the expected loss ratio since there is often little paid or incurred loss data to consider. Historically, the Company has experienced less variation from its initial loss estimates for lines of businesses with short reporting lags than for lines of business with long reporting lags. The key assumptions used in calculating the most recent estimate of the loss reserves are reviewed each quarter and adjusted, to the extent necessary, to reflect the latest reported loss data, current trends and other factors observed. The table below provides a reconciliation of the beginning and ending reserve balances:
(3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $2 million and $12 million as of March 31, 2017 and 2016, respectively. During the three months ended March 31, 2017, favorable prior year development (net of additional and return premiums) of $2.4 million included $26.2 million of favorable development for the Insurance segment, largely offset by $23.8 million of adverse development for the Reinsurance segment. The favorable development for the Insurance segment was primarily attributable to workers' compensation business, including excess workers' compensation. The favorable workers' compensation development was spread across many accident years, including prior to 2008, but was most significant in accident years 2014 and 2015. The favorable workers' compensation development reflects a continuation of the benign loss cost trends experienced during 2016, particularly the favorable claim frequency trends ( i.e., number of reported claims per unit of exposure). The adverse development for the Reinsurance segment was almost entirely due to reserve strengthening associated with claims impacted by the change in the Ogden discount rate in the UK. The Ogden rate is the discount rate used to calculate lump-sum bodily injury payouts in the UK and was recently reduced by the UK Ministry of Justice from +2.5% to -0.75%. The adverse development mostly related to UK motor bodily injury claims which we reinsured on an excess of loss basis in accident years 2012 through 2016. During the three months ended March 31, 2016, favorable prior year development (net of additional and return premiums) of $12.3 million included $11.6 million for the Insurance segment and $0.7 million for the Reinsurance segment. The favorable development for the Insurance segment was primarily attributable to workers' compensation business from accident years 2010 through 2015, partially offset by adverse development for commercial auto liability from accident years 2011 through 2014. The favorable development for workers' compensation reflects favorable claim frequency trends (i.e., number of reported claims per unit of exposure), while the unfavorable development for commercial auto liability was driven by higher large loss activity than expected. |
Investments in Equity Securities |
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Equity securities available for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Equity Securities | Investments in Equity Securities Available for Sale At March 31, 2017 and December 31, 2016, investments in equity securities were as follows:
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Arbitrage Trading Account Arbitrage Trading Account (Notes) |
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Mar. 31, 2017 | |
Schedule of Investments [Abstract] | |
Arbitrage Trading Account and Arbitrage Funds [Text Block] | Arbitrage Trading Account At March 31, 2017 and December 31, 2016, the fair and carrying values of the arbitrage trading account were $753 million and $300 million, respectively. The primary focus of the trading account is merger arbitrage. Merger arbitrage is the business of investing in the securities of publicly held companies which are the targets in announced tender offers and mergers. Arbitrage investing differs from other types of investing in its focus on transactions and events believed likely to bring about a change in value over a relatively short time period (usually four months or less). The Company uses put options, call options and swap contracts in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options and contracts are reported at fair value. As of March 31, 2017, the fair value of long option contracts outstanding was $0.6 million (notional amount of $14 million) and the fair value of short option contracts outstanding was $0.4 million (notional amount of $40 million). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives. |
Net Investment Income Net Investment Income |
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Income Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Income Net investment income consisted of the following:
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Investment Funds Investment Funds |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | Investment Funds The Company evaluates whether it is an investor in a variable interest entity (VIE). Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investments funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments which were $362 million as of March 31, 2017. Investment funds consist of the following:
The Company's share of the earnings or losses of investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. |
Real Estate Real Estate |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows:
In 2017, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, an office complex in New York City and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $16,654,000 and $14,996,000 as of March 31, 2017 and December 31, 2016, respectively. Related depreciation expense was $1,648,000 and $1,668,000 for the three months ended March 31, 2017 and 2016, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $13,116,000 in 2017, $26,513,000 in 2018, $27,839,000 in 2019, $26,673,000 in 2020, $26,958,000 in 2021, $26,618,000 in 2022 and $449,273,000 thereafter. Properties under development include an office building in London and a mixed-use project in Washington, D.C. |
Loans Receivable Loans Receivable |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable | Loans Receivable Loans receivable are as follows:
Loans receivable in non-accrual status were $5.3 million and $5.4 million as of March 31, 2017 and December 31, 2016, respectively. The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions. Loans receivable with a potential for default are further assessed using discounted cash flow analysis and comparable cost and sales methodologies, if appropriate. The real estate loans are secured by commercial real estate primarily located in North Carolina and New York. These loans generally earn interest at floating LIBOR-based interest rates and have maturities (inclusive of extension options) through August 2025. The commercial loans are with small business owners who have secured the related financing with the assets of the business. Commercial loans primarily earn interest on a fixed basis and have varying maturities generally not exceeding 10 years. In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions. Based on these considerations, none of the real estate loans were considered to be impaired at March 31, 2017, and accordingly, the Company determined that a specific valuation allowance was not required. |
Realized And Unrealized Investment Gains (Losses) |
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Realized and Unrealized Investment Gains (Losses) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized Investment Gains (Losses) | Realized and Unrealized Investment Gains (Losses) Realized and unrealized investment gains (losses) are as follows:
(1) There were no other than temporary impairments (OTTI) for the three months ended March 31, 2017. OTTI for the three months ended March 31, 2016 of $18.1 million related to common stock. |
Securities In An Unrealized Loss Position |
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Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | Securities in an Unrealized Loss Position The following tables summarize all securities in an unrealized loss position at March 31, 2017 and December 31, 2016 by the length of time those securities have been continuously in an unrealized loss position:
Fixed Maturity Securities – A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2017 is presented in the table below:
For OTTI of fixed maturity securities that management does not intend to sell or, to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income. The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI. Preferred Stocks – At March 31, 2017, there was one preferred stock in an unrealized loss position, with a fair value of $23.6 million and a gross unrealized loss of $2.1 million. Based upon management’s view of the underlying value of this security, the Company does not consider the security to be OTTI. For three months ended March 31, 2017 and 2016, there were no OTTI for preferred stocks. Common Stocks – At March 31, 2017, there were three common stocks in an unrealized loss position, with an aggregate fair value of $27.7 million and a gross unrealized loss of $2.1 million. Based on management's view of the underlying securities, the Company does not consider these equity securities to be OTTI. There was no OTTI of common stocks for the three months ended March 31, 2017. For the three months ended March 31, 2016, OTTI for common stocks was $18.1 million. |
Fair Value Measurements Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially, all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by level:
There were no significant transfers between Levels 1 and 2 during the three months ended March 31, 2017 or during the year ended December 31, 2016. The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2017 and for the year ended December 31, 2016:
During the three months ended March 31, 2017 and the year ended December 31, 2016, there were no transfers out of Level 3. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:
The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 16 above. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Reinsurance Reinsurance |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance [Text Block] | Reinsurance The following is a summary of reinsurance financial information:
The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. The Company also cedes premiums to state assigned risk plans and captive insurance companies. Estimated amounts due from reinsurers are reported net of reserves for uncollectible reinsurance of $1 million as of March 31, 2017 and December 31, 2016. |
Fair Value Of Financial Instruments Fair Value of Financial Instruments (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially, all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by level:
There were no significant transfers between Levels 1 and 2 during the three months ended March 31, 2017 or during the year ended December 31, 2016. The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2017 and for the year ended December 31, 2016:
During the three months ended March 31, 2017 and the year ended December 31, 2016, there were no transfers out of Level 3. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:
The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 16 above. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Restricted Stock Units Restricted Stock Units (Notes) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||
Restricted Stock Units | Restricted Stock Units Pursuant to its stock incentive plan, the Company may issue restricted stock units (RSUs) to employees of the Company and its subsidiaries. The RSUs generally vest three to five years from the award date and are subject to other vesting and forfeiture provisions contained in the award agreement. RSUs are expensed pro-ratably over the vesting period. RSU expenses were $11 million and $9 million for the three months ended March 31, 2017 and 2016, respectively. A summary of RSUs issued in the three months ended March 31, 2017 and 2016 follows:
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Litigation and Contingent Liabilities Litigation and Contingent Liabilities |
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Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Litigation and Contingent Liabilities In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance businesses. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of loss and loss expense reserves. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. |
Industry Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segments | The Company’s reportable segments include the following two business segments, plus a corporate segment:
Commencing with the first quarter of 2017, the Company reclassified two businesses from the Insurance segment to the Reinsurance segment. Reclassifications have been made to the Company's 2016 financial information to conform with this presentation. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company's overall effective tax rate. Summary financial information about the Company's reporting segments is presented in the following tables. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment.
(1) Revenues for Insurance includes $184 million and $200 million for the three months ended March 31, 2017 and 2016, respectively, from foreign countries. Revenues for Reinsurance includes $49 million and $54 million for the three months ended March 31, 2017 and 2016, respectively, from foreign countries. (2) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. Identifiable Assets
Net premiums earned by major line of business are as follows:
______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Per Share Data (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
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Acquistions Acquisitions (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value of net assets acquired and liabilities assumed | The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2017:
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Statements of Comprehensive Income (Loss) Statements of Comprehensive Income (Loss) (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of changes in accumulated other comprehensive income (loss) | The following tables present the components of the changes in accumulated other comprehensive income (loss) ("AOCI"):
_________________________ (1) Net realized investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and fair value of fixed maturity securities by contractual maturity | The amortized cost and fair value of fixed maturity securities at March 31, 2017, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
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Debt Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments in fixed maturity securities | At March 31, 2017 and December 31, 2016, investments in fixed maturity securities were as follows:
____________
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Reserves for Loss and Loss Expenses Reserves for Loss and Loss Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Reserves | The table below provides a reconciliation of the beginning and ending reserve balances:
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Investments in Equity Securities Investments in Equity Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities available for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in Equity Securities | At March 31, 2017 and December 31, 2016, investments in equity securities were as follows:
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Net Investment Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Investment Income | Net investment income consisted of the following:
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Investment Funds Investment Funds (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Investment Funds | Investment funds consist of the following:
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Real Estate Real Estate (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Investments | Investment in real estate represents directly owned property held for investment, as follows:
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Loans Receivable Loans Receivable (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable | Loans receivable are as follows:
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Realized And Unrealized Investment Gains (Losses) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized Investment Gains (Losses) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized Investment Gains (Losses) | Realized and unrealized investment gains (losses) are as follows:
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Unrealized Gain (Loss) on Investments |
(1) There were no other than temporary impairments (OTTI) for the three months ended March 31, 2017. OTTI for the three months ended March 31, 2016 of $18.1 million related to common stock. |
Securities In An Unrealized Loss Position Securities In An Unrealized Loss Position (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in an unrealized loss position | The following tables summarize all securities in an unrealized loss position at March 31, 2017 and December 31, 2016 by the length of time those securities have been continuously in an unrealized loss position:
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Non-Investment Grade Fixed Maturity Securities | Fixed Maturity Securities – A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2017 is presented in the table below:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair value, On A Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 by level:
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Summarize Changes In Level 3 Assets | The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2017 and for the year ended December 31, 2016:
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Reinsurance (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Financial Information | The following is a summary of reinsurance financial information:
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts And Estimated Fair Values Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:
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Restricted Stock Units (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the three months ended March 31, 2017 and 2016 follows:
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Industry Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information Of Company Operating Segments |
(1) Revenues for Insurance includes $184 million and $200 million for the three months ended March 31, 2017 and 2016, respectively, from foreign countries. Revenues for Reinsurance includes $49 million and $54 million for the three months ended March 31, 2017 and 2016, respectively, from foreign countries. (2) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. |
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Identifiable Assets By Segment | Identifiable Assets
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Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows:
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General General (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Federal Income Tax Rate | 35.00% |
Per Share Data (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings Per Share [Abstract] | ||
Basic (shares) | 121,893 | 122,780 |
Diluted (shares) | 128,453 | 128,529 |
Acquistions (Details) - Selling and Marketing Expense [Member] $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% |
Net assets acquired | $ 72,500 |
Estimated Fair Value of Net Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Business Acquisition [Line Items] | ||
Goodwill | $ 144,513 | $ 144,513 |
Premiums and fees receivable | 1,766,478 | 1,701,854 |
Noncontrolling interests | (38,935) | $ (33,926) |
Selling and Marketing Expense [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 1,154 | |
Real estate, furniture and equipment | 6,434 | |
Goodwill and other intangibles assets | 62,406 | |
Other assets | 9,417 | |
Total assets acquired | 79,411 | |
Other liabilities assumed | (1,911) | |
Noncontrolling interests | (5,000) | |
Net assets acquired | $ 72,500 |
Statements of Cash Flow (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Supplemental Cash Flow Information [Abstract] | ||
Interest payments | $ 61,782,000 | $ 56,968,000 |
Income taxes paid | $ 1,610,000 | $ 5,644,000 |
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities (Investments in fixed maturity securities) (Details) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
||||
---|---|---|---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total held to maturity, Amortized Cost | $ 88,947,000 | $ 88,526,000 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 15,025,000 | 14,146,000 | ||||
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 | ||||
Total held to maturity, Fair Value | 103,972,000 | 102,672,000 | ||||
Total held to maturity, Carrying Value | 88,947,000 | 88,526,000 | ||||
Total available for sale, Amortized Cost | 13,061,342,000 | 12,869,809,000 | ||||
Total available for sale, Gross Unrealized Gains | 341,982,000 | 326,916,000 | ||||
Total available for sale, Gross Unrealized Losses | (69,292,000) | (94,583,000) | ||||
Total available for sale, Fair Value | 13,334,032,000 | 13,102,142,000 | ||||
Total available for sale, Carrying Value | 13,334,032,000 | 13,102,142,000 | ||||
Total investments in fixed maturity securities, Amortized Value | 13,150,289,000 | 12,958,335,000 | ||||
Total investments in fixed maturity securities, Gross Unrealized Gains | 357,007,000 | 341,062,000 | ||||
Total investments in fixed maturity securities, Gross Unrealized Losses | (69,292,000) | (94,583,000) | ||||
Total investments in fixed maturity securities, Fair Value | 13,438,004,000 | 13,204,814,000 | ||||
Total investments in fixed maturity securities, Carrying Value | $ 13,422,979,000 | 13,190,668,000 | ||||
Minimum ownership of Common stockholders equity | 10.00% | |||||
Foreign government | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | $ 864,556,000 | 858,773,000 | ||||
Total available for sale, Gross Unrealized Gains | 38,692,000 | 46,794,000 | ||||
Total available for sale, Gross Unrealized Losses | (1,577,000) | (2,762,000) | ||||
Total available for sale, Fair Value | 901,671,000 | 902,805,000 | ||||
Total available for sale, Carrying Value | 901,671,000 | 902,805,000 | ||||
Commercial Mortgage Backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 144,583,000 | 155,540,000 | ||||
Total available for sale, Gross Unrealized Gains | 347,000 | 304,000 | ||||
Total available for sale, Gross Unrealized Losses | (2,126,000) | (2,981,000) | ||||
Total available for sale, Fair Value | 142,804,000 | 152,863,000 | ||||
Total available for sale, Carrying Value | 142,804,000 | 152,863,000 | ||||
U.S. government and government agency | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 472,112,000 | 496,187,000 | ||||
Total available for sale, Gross Unrealized Gains | 16,784,000 | 20,208,000 | ||||
Total available for sale, Gross Unrealized Losses | (2,220,000) | (2,593,000) | ||||
Total available for sale, Fair Value | 486,676,000 | 513,802,000 | ||||
Total available for sale, Carrying Value | 486,676,000 | 513,802,000 | ||||
Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 2,759,063,000 | 2,791,211,000 | ||||
Total available for sale, Gross Unrealized Gains | 69,226,000 | 58,559,000 | ||||
Total available for sale, Gross Unrealized Losses | (15,887,000) | (26,315,000) | ||||
Total available for sale, Fair Value | 2,812,402,000 | 2,823,455,000 | ||||
Total available for sale, Carrying Value | 2,812,402,000 | 2,823,455,000 | ||||
Corporation [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 376,664,000 | 410,933,000 | ||||
Total available for sale, Gross Unrealized Gains | 8,290,000 | 6,172,000 | ||||
Total available for sale, Gross Unrealized Losses | (5,639,000) | (6,452,000) | ||||
Total available for sale, Fair Value | 379,315,000 | 410,653,000 | ||||
Total available for sale, Carrying Value | 379,315,000 | 410,653,000 | ||||
Debt, State Government [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 504,312,000 | 524,682,000 | ||||
Total available for sale, Gross Unrealized Gains | 18,952,000 | 16,964,000 | ||||
Total available for sale, Gross Unrealized Losses | (3,295,000) | (5,139,000) | ||||
Total available for sale, Fair Value | 519,969,000 | 536,507,000 | ||||
Total available for sale, Carrying Value | 519,969,000 | 536,507,000 | ||||
Revenue Subject to Refund [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 349,697,000 | 356,535,000 | ||||
Total available for sale, Gross Unrealized Gains | 20,013,000 | 19,181,000 | ||||
Total available for sale, Gross Unrealized Losses | (146,000) | (165,000) | ||||
Total available for sale, Fair Value | 369,564,000 | 375,551,000 | ||||
Total available for sale, Carrying Value | 369,564,000 | 375,551,000 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | [1] | 1,067,779,000 | 1,034,301,000 | |||
Total available for sale, Gross Unrealized Gains | [1] | 14,081,000 | 15,431,000 | |||
Total available for sale, Gross Unrealized Losses | [1] | (13,030,000) | (12,950,000) | |||
Total available for sale, Fair Value | 1,068,830,000 | [1] | 1,036,782,000 | |||
Total available for sale, Carrying Value | [1] | 1,068,830,000 | 1,036,782,000 | |||
Non-credit portion of other-than-temporary impairments (OTTI) | 717,960 | 818,691 | ||||
Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 4,131,823,000 | 3,967,795,000 | ||||
Total available for sale, Gross Unrealized Gains | 127,263,000 | 121,650,000 | ||||
Total available for sale, Gross Unrealized Losses | (14,290,000) | (20,918,000) | ||||
Total available for sale, Fair Value | 4,244,796,000 | 4,068,527,000 | ||||
Total available for sale, Carrying Value | 4,244,796,000 | 4,068,527,000 | ||||
State and municipal | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 4,350,677,000 | 4,443,383,000 | ||||
Total available for sale, Gross Unrealized Gains | 136,978,000 | 116,558,000 | ||||
Total available for sale, Gross Unrealized Losses | (26,569,000) | (40,438,000) | ||||
Total available for sale, Fair Value | 4,461,086,000 | 4,519,503,000 | ||||
Total available for sale, Carrying Value | 4,461,086,000 | 4,519,503,000 | ||||
Debt, Local Government [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 360,941,000 | 360,022,000 | ||||
Total available for sale, Gross Unrealized Gains | 20,497,000 | 15,682,000 | ||||
Total available for sale, Gross Unrealized Losses | (1,602,000) | (2,367,000) | ||||
Total available for sale, Fair Value | 379,836,000 | 373,337,000 | ||||
Total available for sale, Carrying Value | 379,836,000 | 373,337,000 | ||||
Mortgage-backed securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 1,212,362,000 | 1,189,841,000 | ||||
Total available for sale, Gross Unrealized Gains | 14,428,000 | 15,735,000 | ||||
Total available for sale, Gross Unrealized Losses | (15,156,000) | (15,931,000) | ||||
Total available for sale, Fair Value | 1,211,634,000 | 1,189,645,000 | ||||
Total available for sale, Carrying Value | 1,211,634,000 | 1,189,645,000 | ||||
Asset-backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 2,029,812,000 | 1,913,830,000 | ||||
Total available for sale, Gross Unrealized Gains | 7,837,000 | 5,971,000 | ||||
Total available for sale, Gross Unrealized Losses | (9,480,000) | (11,941,000) | ||||
Total available for sale, Fair Value | 2,028,169,000 | 1,907,860,000 | ||||
Total available for sale, Carrying Value | 2,028,169,000 | 1,907,860,000 | ||||
Industrial Property [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 2,391,507,000 | 2,315,567,000 | ||||
Total available for sale, Gross Unrealized Gains | 70,783,000 | 71,007,000 | ||||
Total available for sale, Gross Unrealized Losses | (5,330,000) | (7,174,000) | ||||
Total available for sale, Fair Value | 2,456,960,000 | 2,379,400,000 | ||||
Total available for sale, Carrying Value | 2,456,960,000 | 2,379,400,000 | ||||
Domestic Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 1,445,707,000 | 1,369,001,000 | ||||
Total available for sale, Gross Unrealized Gains | 45,431,000 | 39,543,000 | ||||
Total available for sale, Gross Unrealized Losses | (6,881,000) | (11,270,000) | ||||
Total available for sale, Fair Value | 1,484,257,000 | 1,397,274,000 | ||||
Total available for sale, Carrying Value | 1,484,257,000 | 1,397,274,000 | ||||
Public Utility, Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 238,801,000 | 229,154,000 | ||||
Total available for sale, Gross Unrealized Gains | 10,578,000 | 10,801,000 | ||||
Total available for sale, Gross Unrealized Losses | (2,049,000) | (2,411,000) | ||||
Total available for sale, Fair Value | 247,330,000 | 237,544,000 | ||||
Total available for sale, Carrying Value | 247,330,000 | 237,544,000 | ||||
Other Security Investments [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total available for sale, Amortized Cost | 55,808,000 | 54,073,000 | ||||
Total available for sale, Gross Unrealized Gains | 471,000 | 299,000 | ||||
Total available for sale, Gross Unrealized Losses | (30,000) | (63,000) | ||||
Total available for sale, Fair Value | 56,249,000 | 54,309,000 | ||||
Total available for sale, Carrying Value | 56,249,000 | 54,309,000 | ||||
State and municipal | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total held to maturity, Amortized Cost | 73,631,000 | 72,582,000 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 13,374,000 | 12,453,000 | ||||
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 | ||||
Total held to maturity, Fair Value | 87,005,000 | 85,035,000 | ||||
Total held to maturity, Carrying Value | 73,631,000 | 72,582,000 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Total held to maturity, Amortized Cost | 15,316,000 | 15,944,000 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,651,000 | 1,693,000 | ||||
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 | ||||
Total held to maturity, Fair Value | 16,967,000 | 17,637,000 | ||||
Total held to maturity, Carrying Value | $ 15,316,000 | $ 15,944,000 | ||||
|
Reserves for Loss and Loss Expenses (Reconciliation of Net Reserves) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Insurance [Abstract] | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | $ 9,722,040,000 | $ 9,372,436,000 | $ 9,590,265,000 | $ 9,244,872,000 | |||||
Current Year Claims and Claims Adjustment Expense | [1] | 958,684,000 | 916,649,000 | ||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Adjustment | [2] | (8,727,000) | (5,601,000) | ||||||
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Loss Reserve Discount Accretion | (12,192,000) | 11,273,000 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 979,603,000 | 922,321,000 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 97,461,000 | 259,633,000 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 773,571,000 | 555,884,000 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 871,032,000 | 815,517,000 | |||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Foreign Exchange Translation | 23,204,000 | 20,760,000 | |||||||
Reinsurance Recoverables, Gross | 1,502,284,000 | 1,415,906,000 | |||||||
Liability for Claims and Claims Adjustment Expense | 11,224,324,000 | 10,788,342,000 | 11,197,195,000 | ||||||
Workers' Compensation Discount, Amount | 5,761,000 | 19,072,000 | |||||||
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Undiscounted Basis Prior Years, Increase (Decrease) | 4,841,000 | 23,559,000 | |||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||||
Prior Year Claims and Claims Adjustment Expense | $ 2,000,000 | 12,300,000 | |||||||
Reinsurance-Global Segment [Member] | |||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||||
Prior Year Claims and Claims Adjustment Expense | $ 700,000 | ||||||||
Insurance-Domestic Segment [Member] | |||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||||
Prior Year Claims and Claims Adjustment Expense | $ 11,600,000 | ||||||||
|
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities (Amortized cost and fair value of fixed maturity securities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
||||
---|---|---|---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 88,947 | $ 88,526 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 15,025 | 14,146 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 | ||||
Held-to-maturity Securities, Fair Value | 103,972 | 102,672 | ||||
Held-to-maturity Securities | 88,947 | 88,526 | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 13,061,342 | 12,869,809 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 341,982 | 326,916 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (69,292) | (94,583) | ||||
Available For Sale Securities Debt Securities Fair Value | 13,334,032 | 13,102,142 | ||||
Available-for-sale Securities, Debt Securities | 13,334,032 | 13,102,142 | ||||
Marketable Securities Fixed Maturities Gross Unrealized Gains | 357,007 | 341,062 | ||||
Fixed maturity securities | 13,422,979 | 13,190,668 | ||||
Marketable Securities Fixed Maturities Gross Unrealized Losses | 69,292 | 94,583 | ||||
Amortized Cost, Due in one year or less | 1,033,358 | |||||
Amortized Cost, Due after one year through five years | 5,160,693 | |||||
Amortized Cost, Due after five years through ten years | 3,273,799 | |||||
Amortized Cost, Due after ten years | 2,454,761 | |||||
Amortized Cost, Mortgaged-backed securities | 1,227,678 | |||||
Total investments in fixed maturity securities, Amortized Value | 13,150,289 | 12,958,335 | ||||
Fair Value, Due in one year or less | 1,049,761 | |||||
Fair Value, Due after one year through five years | 5,288,826 | |||||
Fair Value, Due after five years through ten years | 3,386,314 | |||||
Fair Value, Due after ten years | 2,484,502 | |||||
Fair Value, Mortgage-backed securities | 1,228,601 | |||||
Total investments in fixed maturity securities, Fair Value | 13,438,004 | 13,204,814 | ||||
Foreign government | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 864,556 | 858,773 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 38,692 | 46,794 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (1,577) | (2,762) | ||||
Available For Sale Securities Debt Securities Fair Value | 901,671 | 902,805 | ||||
Available-for-sale Securities, Debt Securities | 901,671 | 902,805 | ||||
Commercial Mortgage Backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 144,583 | 155,540 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 347 | 304 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (2,126) | (2,981) | ||||
Available For Sale Securities Debt Securities Fair Value | 142,804 | 152,863 | ||||
Available-for-sale Securities, Debt Securities | 142,804 | 152,863 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | [1] | 1,067,779 | 1,034,301 | |||
Available For Sale Securities Debt Securities Gross Unrealized Gain | [1] | 14,081 | 15,431 | |||
Available For Sale Securities Debt Securities Gross Unrealized Losses | [1] | (13,030) | (12,950) | |||
Available For Sale Securities Debt Securities Fair Value | 1,068,830 | [1] | 1,036,782 | |||
Available-for-sale Securities, Debt Securities | [1] | 1,068,830 | 1,036,782 | |||
State and municipal | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,350,677 | 4,443,383 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 136,978 | 116,558 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (26,569) | (40,438) | ||||
Available For Sale Securities Debt Securities Fair Value | 4,461,086 | 4,519,503 | ||||
Available-for-sale Securities, Debt Securities | 4,461,086 | 4,519,503 | ||||
U.S. government and government agency | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 472,112 | 496,187 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 16,784 | 20,208 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (2,220) | (2,593) | ||||
Available For Sale Securities Debt Securities Fair Value | 486,676 | 513,802 | ||||
Available-for-sale Securities, Debt Securities | 486,676 | 513,802 | ||||
Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,759,063 | 2,791,211 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 69,226 | 58,559 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (15,887) | (26,315) | ||||
Available For Sale Securities Debt Securities Fair Value | 2,812,402 | 2,823,455 | ||||
Available-for-sale Securities, Debt Securities | 2,812,402 | 2,823,455 | ||||
Debt, State Government [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 504,312 | 524,682 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 18,952 | 16,964 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (3,295) | (5,139) | ||||
Available For Sale Securities Debt Securities Fair Value | 519,969 | 536,507 | ||||
Available-for-sale Securities, Debt Securities | 519,969 | 536,507 | ||||
Revenue Subject to Refund [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 349,697 | 356,535 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 20,013 | 19,181 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (146) | (165) | ||||
Available For Sale Securities Debt Securities Fair Value | 369,564 | 375,551 | ||||
Available-for-sale Securities, Debt Securities | 369,564 | 375,551 | ||||
Corporation [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 376,664 | 410,933 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 8,290 | 6,172 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (5,639) | (6,452) | ||||
Available For Sale Securities Debt Securities Fair Value | 379,315 | 410,653 | ||||
Available-for-sale Securities, Debt Securities | 379,315 | 410,653 | ||||
Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,131,823 | 3,967,795 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 127,263 | 121,650 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (14,290) | (20,918) | ||||
Available For Sale Securities Debt Securities Fair Value | 4,244,796 | 4,068,527 | ||||
Available-for-sale Securities, Debt Securities | 4,244,796 | 4,068,527 | ||||
Mortgage-backed securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,212,362 | 1,189,841 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 14,428 | 15,735 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (15,156) | (15,931) | ||||
Available For Sale Securities Debt Securities Fair Value | 1,211,634 | 1,189,645 | ||||
Available-for-sale Securities, Debt Securities | 1,211,634 | 1,189,645 | ||||
Asset-backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,029,812 | 1,913,830 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 7,837 | 5,971 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (9,480) | (11,941) | ||||
Available For Sale Securities Debt Securities Fair Value | 2,028,169 | 1,907,860 | ||||
Available-for-sale Securities, Debt Securities | 2,028,169 | 1,907,860 | ||||
Industrial Property [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,391,507 | 2,315,567 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 70,783 | 71,007 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (5,330) | (7,174) | ||||
Available For Sale Securities Debt Securities Fair Value | 2,456,960 | 2,379,400 | ||||
Available-for-sale Securities, Debt Securities | 2,456,960 | 2,379,400 | ||||
Domestic Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,445,707 | 1,369,001 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 45,431 | 39,543 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (6,881) | (11,270) | ||||
Available For Sale Securities Debt Securities Fair Value | 1,484,257 | 1,397,274 | ||||
Available-for-sale Securities, Debt Securities | 1,484,257 | 1,397,274 | ||||
Public Utility, Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 238,801 | 229,154 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 10,578 | 10,801 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (2,049) | (2,411) | ||||
Available For Sale Securities Debt Securities Fair Value | 247,330 | 237,544 | ||||
Available-for-sale Securities, Debt Securities | 247,330 | 237,544 | ||||
Other Security Investments [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis | 55,808 | 54,073 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Gain | 471 | 299 | ||||
Available For Sale Securities Debt Securities Gross Unrealized Losses | (30) | (63) | ||||
Available For Sale Securities Debt Securities Fair Value | 56,249 | 54,309 | ||||
Available-for-sale Securities, Debt Securities | 56,249 | 54,309 | ||||
State and municipal | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 73,631 | 72,582 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 13,374 | 12,453 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 | ||||
Held-to-maturity Securities, Fair Value | 87,005 | 85,035 | ||||
Held-to-maturity Securities | 73,631 | 72,582 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 15,316 | 15,944 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,651 | 1,693 | ||||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 | ||||
Held-to-maturity Securities, Fair Value | 16,967 | 17,637 | ||||
Held-to-maturity Securities | $ 15,316 | $ 15,944 | ||||
|
Investments in Equity Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 211,440 | $ 220,587 |
Gross Unrealized, Gains | 404,192 | 453,298 |
Gross Unrealized, Losses | (4,254) | (4,685) |
Carrying and fair value of equity securities | 611,378 | 669,200 |
Common stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 90,080 | 94,998 |
Gross Unrealized, Gains | 333,397 | 351,906 |
Gross Unrealized, Losses | (2,148) | (1,046) |
Carrying and fair value of equity securities | 421,329 | 445,858 |
Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 121,360 | 125,589 |
Gross Unrealized, Gains | 70,795 | 101,392 |
Gross Unrealized, Losses | (2,106) | (3,639) |
Carrying and fair value of equity securities | $ 190,049 | $ 223,342 |
Arbitrage Trading Account (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Arbitrage trading account | $ 753,278 | $ 299,999 |
Options Held [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | 400 | |
Derivative, Notional Amount | 40,000 | |
Options Held [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Fair Value, Net | 600 | |
Derivative, Notional Amount | 14,000 | |
Arbitrage Trading Account [Member] | ||
Derivative [Line Items] | ||
Arbitrage trading account | $ 753,000 | $ 300,000 |
Net Investment Income Net Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Net Investment Income [Line Items] | ||
Investment income | $ 150,560 | $ 132,246 |
Investment expense | (1,702) | (2,113) |
Net investment income | 148,858 | 130,133 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||
Net Investment Income [Line Items] | ||
Investment income | 112,346 | 108,835 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Investment income | 26,649 | 16,636 |
Arbitrage trading account | ||
Net Investment Income [Line Items] | ||
Investment income | 6,360 | 3,190 |
Equity securities available for sale | ||
Net Investment Income [Line Items] | ||
Investment income | 639 | 868 |
Real estate | ||
Net Investment Income [Line Items] | ||
Investment income | $ 4,566 | $ 2,717 |
Investment Funds Investment Funds (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | $ 1,238,558 | $ 1,198,146 | |
Income (Loss) from Investment Funds | 26,649 | $ 16,636 | |
Real estate | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 654,501 | 641,783 | |
Income (Loss) from Investment Funds | 4,532 | ||
Wholly Owned Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (Loss) from Investment Funds | 17,037 | ||
Energy | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 96,161 | 91,448 | |
Income (Loss) from Investment Funds | 3,245 | (3,924) | |
Hedge equity | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 74,779 | 73,913 | |
Income (Loss) from Investment Funds | 866 | (2,852) | |
Other funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 413,117 | $ 391,002 | |
Income (Loss) from Investment Funds | $ 18,006 | $ 6,375 |
Real Estate Real Estate (Details) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Real Estate [Abstract] | ||
Properties in operation | $ 448,422,000 | $ 457,237,000 |
Properties under development | 789,316,000 | 727,744,000 |
Total | 1,237,738,000 | 1,184,981,000 |
Real Estate Investment Property, Accumulated Depreciation | $ 16,654,000 | $ 14,996,000 |
Real Estate Real Estate (Details 1) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 16,654,000 | $ 14,996,000 | |
Real estate depreciation expense | 1,648,000 | $ 1,668,000 | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 13,116,000 | ||
Lease future minimum payments Current | 26,513,000 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 27,839,000 | ||
Lease future minimum payments 2017 | 26,673,000 | ||
Future Minimum Payments 2018 | 26,958,000 | ||
Lease future minimum payments 2019 | 26,618,000 | ||
Lease future minimum payments there after | $ 449,273,000 |
Loans Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 5,300 | $ 5,400 | |
Loans and Leases Receivable, Gross | 103,650 | 106,798 | |
Loans receivable | 105,153 | 108,299 | |
Valuation allowance, specific | 1,200 | 1,200 | |
Valuation allowance, general | 2,183 | 2,197 | |
Valuation allowance of loans receivable | 3,383 | 3,397 | |
Decrease in valuation allowance | (14) | $ 568 | |
Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 89,206 | 92,415 | |
Loans receivable | 89,206 | 92,415 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 14,444 | 14,383 | |
Loans receivable | $ 15,947 | $ 15,884 |
Realized And Unrealized Investment Gains Realized and Unrealized Investment Gains (Loss) (Realized and unrealized investmetns gains(losses)) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Fixed maturity securities, gains | $ 5,605 | $ 23,064 |
Fixed maturity securities, losses | (3,965) | (2,940) |
Equity securities available for sale | 42,707 | 125 |
Investment funds | 1,267 | (460) |
Real Estate Realized Gain (Loss) on Disposal | 3,300 | 5,024 |
Other | 3,434 | 644 |
Realized Gain (Loss) on Investments, Including Equity Method Investments, Excluding Other than Temporary Impairments and Allowances | 52,348 | 25,457 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | (18,114) |
Gain (Loss) on Investments | 52,348 | 7,343 |
Net investment gains | 52,348 | 7,343 |
Income tax expense | (18,322) | (2,570) |
After-tax net realized investment gains | $ 34,026 | $ 4,773 |
Realized and Unrealized Investment Gains (Losses) (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 18,114 |
Change in unrealized gains (losses) before income taxes and noncontrolling interests | (9,571) | 114,390 |
Income tax benefit (expense) | 740 | (37,535) |
Noncontrolling interests | 19 | 14 |
Total change in unrealized gains | (8,812) | 76,869 |
Debt Securities Previously Impaired [Member] | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Change in unrealized gains (losses) before income taxes and noncontrolling interests | 101 | (55) |
Debt Securities [Member] | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Change in unrealized gains (losses) before income taxes and noncontrolling interests | 37,984 | 92,428 |
Equity securities available for sale | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Change in unrealized gains (losses) before income taxes and noncontrolling interests | (48,862) | 13,137 |
Investment funds | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Change in unrealized gains (losses) before income taxes and noncontrolling interests | $ 1,206 | 8,880 |
Common stocks | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment | $ 18,100 |
Securities In An Unrealized Loss Position Securities in an Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Schedule of Available-for-sale Securities [Line Items] | |||
Marketable Securities, Realized Loss, Other than Temporary Impairments, Amount | $ 0 | $ (18,114) | |
Fair Value, Less than 12 Months | 4,031,893 | $ 4,560,889 | |
Gross Unrealized Losses, Less than 12 Months | 48,808 | 68,703 | |
Fair Value, 12 Months or Greater | 518,319 | 599,999 | |
Gross Unrealized Losses, 12 Months or Greater | 24,738 | 30,565 | |
Fair Value, Total | 4,550,212 | 5,160,888 | |
Gross Unrealized Losses, Total | 73,546 | 99,268 | |
U.S. government and government agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 95,253 | 112,709 | |
Gross Unrealized Losses, Less than 12 Months | 954 | 1,252 | |
Fair Value, 12 Months or Greater | 33,071 | 35,450 | |
Gross Unrealized Losses, 12 Months or Greater | 1,266 | 1,341 | |
Fair Value, Total | 128,324 | 148,159 | |
Gross Unrealized Losses, Total | 2,220 | 2,593 | |
State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 1,111,978 | 1,562,614 | |
Gross Unrealized Losses, Less than 12 Months | 22,836 | 35,553 | |
Fair Value, 12 Months or Greater | 150,439 | 133,034 | |
Gross Unrealized Losses, 12 Months or Greater | 3,733 | 4,885 | |
Fair Value, Total | 1,262,417 | 1,695,648 | |
Gross Unrealized Losses, Total | 26,569 | 40,438 | |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 618,642 | 625,903 | |
Gross Unrealized Losses, Less than 12 Months | 10,013 | 11,103 | |
Fair Value, 12 Months or Greater | 140,791 | 109,066 | |
Gross Unrealized Losses, 12 Months or Greater | 5,143 | 4,828 | |
Fair Value, Total | 759,433 | 734,969 | |
Gross Unrealized Losses, Total | 15,156 | 15,931 | |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 1,204,310 | 1,010,836 | |
Gross Unrealized Losses, Less than 12 Months | 4,386 | 5,340 | |
Fair Value, 12 Months or Greater | 95,421 | 201,693 | |
Gross Unrealized Losses, 12 Months or Greater | 5,094 | 6,601 | |
Fair Value, Total | 1,299,731 | 1,212,529 | |
Gross Unrealized Losses, Total | 9,480 | 11,941 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 867,293 | 1,035,245 | |
Gross Unrealized Losses, Less than 12 Months | 8,126 | 13,448 | |
Fair Value, 12 Months or Greater | 61,732 | 65,147 | |
Gross Unrealized Losses, 12 Months or Greater | 6,164 | 7,470 | |
Fair Value, Total | 929,025 | 1,100,392 | |
Gross Unrealized Losses, Total | 14,290 | 20,918 | |
Foreign government | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 115,542 | 213,246 | |
Gross Unrealized Losses, Less than 12 Months | 1,320 | 1,985 | |
Fair Value, 12 Months or Greater | 4,495 | 24,820 | |
Gross Unrealized Losses, 12 Months or Greater | 257 | 777 | |
Fair Value, Total | 120,037 | 238,066 | |
Gross Unrealized Losses, Total | 1,577 | 2,762 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 4,013,018 | 4,560,553 | |
Gross Unrealized Losses, Less than 12 Months | 47,635 | 68,681 | |
Fair Value, 12 Months or Greater | 485,949 | 569,210 | |
Gross Unrealized Losses, 12 Months or Greater | 21,657 | 25,902 | |
Fair Value, Total | 4,498,967 | 5,129,763 | |
Gross Unrealized Losses, Total | 69,292 | 94,583 | |
Preferred stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 0 | 0 | |
Gross Unrealized Losses, Less than 12 Months | 0 | 0 | |
Fair Value, 12 Months or Greater | 23,567 | 22,034 | |
Gross Unrealized Losses, 12 Months or Greater | 2,106 | 3,639 | |
Fair Value, Total | 23,600 | 22,034 | |
Gross Unrealized Losses, Total | 2,106 | 3,639 | |
Equity securities available for sale | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 18,875 | 336 | |
Gross Unrealized Losses, Less than 12 Months | 1,173 | 22 | |
Fair Value, 12 Months or Greater | 32,370 | 30,789 | |
Gross Unrealized Losses, 12 Months or Greater | 3,081 | 4,663 | |
Fair Value, Total | 51,245 | 31,125 | |
Gross Unrealized Losses, Total | 4,254 | 4,685 | |
Common stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Less than 12 Months | 18,875 | 336 | |
Gross Unrealized Losses, Less than 12 Months | 1,173 | 22 | |
Fair Value, 12 Months or Greater | 8,803 | 8,755 | |
Gross Unrealized Losses, 12 Months or Greater | 975 | 1,024 | |
Fair Value, Total | 27,678 | 9,091 | |
Gross Unrealized Losses, Total | 2,148 | $ 1,046 | |
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Total | 106,289 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Total | 19,647 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair Value, Total | $ 19,990 | ||
Common stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Marketable Securities, Realized Loss, Other than Temporary Impairments, Amount | $ 18,100 |
Securities In An Unrealized Loss Position Non-Investment Grade Fixed Maturity Securities (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017
USD ($)
position
shares
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | $ 4,550,212 | $ 5,160,888 | |
Available For Sale Equity Securities Gross Unrealized Gains | 404,192 | 453,298 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 73,546 | 99,268 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 4,498,967 | 5,129,763 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 69,292 | 94,583 | |
Preferred stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | $ 0 | |
Aggregate fair value of securities in a continuous unrealized loss position | 23,600 | 22,034 | |
Available For Sale Equity Securities Gross Unrealized Gains | 70,795 | 101,392 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 2,106 | 3,639 | |
Common stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 27,700 | ||
Aggregate fair value of securities in a continuous unrealized loss position | 27,678 | 9,091 | |
Available For Sale Equity Securities Gross Unrealized Gains | 333,397 | 351,906 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 2,148 | 1,046 | |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 759,433 | 734,969 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 15,156 | 15,931 | |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 1,299,731 | 1,212,529 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 9,480 | 11,941 | |
State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 1,262,417 | 1,695,648 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 26,569 | 40,438 | |
Foreign government | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 120,037 | 238,066 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | 1,577 | 2,762 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 929,025 | 1,100,392 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In AOCI | $ 14,290 | $ 20,918 | |
Noninvestment Grade Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | shares | 1 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | 31 | ||
Aggregate fair value of securities in a continuous unrealized loss position | $ 106,289 | ||
Gross Unrealized Loss | $ 6,244 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | 9 | ||
Aggregate fair value of securities in a continuous unrealized loss position | $ 19,647 | ||
Gross Unrealized Loss | $ 924 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | Foreign Government Debt [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | 11 | ||
Aggregate fair value of securities in a continuous unrealized loss position | $ 51,901 | ||
Gross Unrealized Loss | $ 681 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | 4 | ||
Aggregate fair value of securities in a continuous unrealized loss position | $ 19,990 | ||
Gross Unrealized Loss | 741 | ||
Common stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Equity Securities Gross Unrealized Gains | $ 2,100 | ||
Noninvestment Grade Investments at Loss Less than 5 Million [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | position | 6 | ||
Aggregate fair value of securities in a continuous unrealized loss position | $ 9,615 | ||
Gross Unrealized Loss | $ 173 |
Securities In An Unrealized Loss Position Securities In An Unrealized Loss Position (Narrative) (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017
USD ($)
shares
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | $ 4,550,212 | $ 5,160,888 | |
Gross Unrealized Losses | 73,546 | 99,268 | |
Available For Sale Equity Securities Gross Unrealized Gains | $ 404,192 | 453,298 | |
Noninvestment Grade Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Securities | shares | 1 | ||
Preferred stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | $ 23,600 | 22,034 | |
Gross Unrealized Losses | 2,106 | 3,639 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | $ 0 | |
Available For Sale Equity Securities Gross Unrealized Gains | 70,795 | 101,392 | |
Common stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate fair value of securities in a continuous unrealized loss position | 27,678 | 9,091 | |
Gross Unrealized Losses | 2,148 | 1,046 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 27,700 | ||
Available For Sale Equity Securities Gross Unrealized Gains | 333,397 | $ 351,906 | |
Common stocks | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Equity Securities Gross Unrealized Gains | $ 2,100 |
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | $ 13,334,032 | $ 13,102,142 |
Loans receivable | 611,378 | 669,200 |
Arbitrage trading account | 753,278 | 299,999 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 13,334,032 | 13,102,142 |
Loans receivable | 611,378 | 669,200 |
Assets, fair value disclosure | 14,698,688 | 14,071,341 |
Arbitrage trading account | 753,278 | 299,999 |
Securities sold but not yet purchased | 51,348 | 51,179 |
Fair Value, Measurements, Recurring [Member] | U.S. government and government agency | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 486,676 | 513,802 |
Fair Value, Measurements, Recurring [Member] | State and municipal | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 4,461,086 | 4,519,503 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 1,211,634 | 1,189,645 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 2,028,169 | 1,907,860 |
Fair Value, Measurements, Recurring [Member] | Corporate | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 4,244,796 | 4,068,527 |
Fair Value, Measurements, Recurring [Member] | Foreign government | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 901,671 | 902,805 |
Fair Value, Measurements, Recurring [Member] | Common stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 421,329 | 445,858 |
Fair Value, Measurements, Recurring [Member] | Preferred stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 190,049 | 223,342 |
Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Loans receivable | 403,855 | 429,647 |
Assets, fair value disclosure | 660,607 | 654,270 |
Arbitrage trading account | 256,752 | 224,623 |
Securities sold but not yet purchased | 51,348 | 51,089 |
Level 1 | Fair Value, Measurements, Recurring [Member] | U.S. government and government agency | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring [Member] | State and municipal | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring [Member] | Corporate | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring [Member] | Foreign government | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring [Member] | Common stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 403,855 | 429,647 |
Level 1 | Fair Value, Measurements, Recurring [Member] | Preferred stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 13,333,853 | 13,101,959 |
Loans receivable | 195,058 | 227,137 |
Assets, fair value disclosure | 14,025,376 | 13,404,472 |
Arbitrage trading account | 496,465 | 75,376 |
Securities sold but not yet purchased | 0 | 90 |
Level 2 | Fair Value, Measurements, Recurring [Member] | U.S. government and government agency | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 486,676 | 513,802 |
Level 2 | Fair Value, Measurements, Recurring [Member] | State and municipal | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 4,461,086 | 4,519,503 |
Level 2 | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 1,211,634 | 1,189,645 |
Level 2 | Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 2,027,990 | 1,907,677 |
Level 2 | Fair Value, Measurements, Recurring [Member] | Corporate | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 4,244,796 | 4,068,527 |
Level 2 | Fair Value, Measurements, Recurring [Member] | Foreign government | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 901,671 | 902,805 |
Level 2 | Fair Value, Measurements, Recurring [Member] | Common stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 8,671 | 7,457 |
Level 2 | Fair Value, Measurements, Recurring [Member] | Preferred stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 186,387 | 219,680 |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 179 | 183 |
Loans receivable | 12,465 | 12,416 |
Assets, fair value disclosure | 12,705 | 12,599 |
Arbitrage trading account | 61 | 0 |
Securities sold but not yet purchased | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | U.S. government and government agency | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | State and municipal | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 179 | 183 |
Level 3 | Fair Value, Measurements, Recurring [Member] | Corporate | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | Foreign government | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring [Member] | Common stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 8,803 | 8,754 |
Level 3 | Fair Value, Measurements, Recurring [Member] | Preferred stocks | ||
Fair Value Measurements, Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | $ 3,662 | $ 3,662 |
Fair Value Measurements Fair Value Measurements (Summarize Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | $ 12,599 | $ 11,982 |
Assets, earnings | 1 | 42 |
Assets, other comprehensive income | 120 | 176 |
Assets, purchases | 0 | 765 |
Assets, (sales) | (15) | (331) |
Assets, maturities | 35 | |
Assets, ending balance | 12,705 | 12,599 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |
Level 3 | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 183 | 199 |
Assets, earnings | 1 | 3 |
Assets, other comprehensive income | 10 | 16 |
Assets, purchases | 0 | 0 |
Assets, (sales) | 15 | 0 |
Assets, maturities | 0 | (35) |
Assets, ending balance | 179 | 183 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 |
Level 3 | Equity securities available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 12,416 | 11,453 |
Assets, earnings | 0 | 38 |
Assets, other comprehensive income | 49 | 160 |
Assets, purchases | 0 | 765 |
Assets, (sales) | 0 | 0 |
Assets, ending balance | 12,465 | 12,416 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Level 3 | Preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 3,662 | 3,624 |
Assets, earnings | 0 | 38 |
Assets, other comprehensive income | $ 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Assets, purchases | $ 0 | $ 0 |
Assets, (sales) | 0 | 0 |
Assets, ending balance | 3,662 | 3,662 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |
Level 3 | Common stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 8,754 | 7,829 |
Assets, earnings | 0 | 0 |
Assets, other comprehensive income | $ 49 | $ 160 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Assets, purchases | $ 0 | $ 765 |
Assets, (sales) | 0 | 0 |
Assets, ending balance | 8,803 | 8,754 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Level 3 | Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 183 | 353 |
Assets, earnings | 1 | 180 |
Assets, other comprehensive income | $ 10 | $ 16 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Assets, purchases | $ 0 | $ 0 |
Assets, (sales) | (15) | (331) |
Assets, maturities | 35 | |
Assets, ending balance | 179 | 183 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Level 3 | Corporate Debt Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 0 | 154 |
Assets, earnings | 0 | 177 |
Assets, other comprehensive income | $ 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Assets, purchases | $ 0 | $ 0 |
Assets, (sales) | 0 | (331) |
Assets, ending balance | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Level 3 | Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 0 | 176 |
Assets, earnings | 0 | (176) |
Assets, other comprehensive income | $ 61 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Assets, purchases | $ 0 | $ 0 |
Assets, (sales) | 0 | 0 |
Assets, ending balance | 61 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 |
Reinsurance Reinsurance (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Premiums Written | |||
Written premiums, direct | $ 1,721,062 | $ 1,709,129 | |
Written premiums, assumed | 215,145 | 246,568 | |
Written premiums, ceded | (289,369) | (291,975) | |
Total net premiums written | 1,646,838 | 1,663,722 | |
Premiums Earned | |||
Earned premiums, direct | 1,613,364 | 1,568,067 | |
Earned premiums, assumed | 208,626 | 218,367 | |
Earned premiums, ceded | (251,948) | (259,099) | |
Net premiums earned | 1,570,042 | 1,527,335 | |
Ceded losses and loss expenses incurred | 35,192 | 126,929 | |
Uncollectible reinsurance | 1,000 | $ 1,000 | |
Fees and Commissions, Other | $ 56,550 | $ 47,973 |
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets: | ||
Equity securities available for sale | $ 753,278 | $ 299,999 |
Loans receivable | 105,153 | 108,299 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 13,422,979 | 13,190,668 |
Equity securities available for sale | 611,378 | 669,200 |
Equity securities available for sale | 753,278 | 299,999 |
Loans receivable | 103,650 | 106,798 |
Cash and cash equivalents | 608,393 | 795,285 |
Trading account receivables from brokers and clearing organizations | 29,131 | 484,593 |
Due From Brokers, Fair Value Disclosure | 3,749 | 0 |
Due from broker fair value | 0 | 19,416 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 51,348 | 51,179 |
Subordinated debentures | 727,777 | 727,630 |
Senior notes and other debt | 1,759,494 | 1,760,595 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 13,438,004 | 13,204,814 |
Equity securities available for sale | 611,378 | 669,200 |
Equity securities available for sale | 753,278 | 299,999 |
Loans receivable | 105,153 | 108,299 |
Cash and cash equivalents | 608,393 | 795,285 |
Trading account receivables from brokers and clearing organizations | 29,131 | 484,593 |
Due From Brokers, Fair Value Disclosure | 3,749 | 0 |
Due from broker fair value | 0 | 19,416 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 51,348 | 51,179 |
Subordinated debentures | 750,104 | 687,504 |
Senior notes and other debt | $ 1,927,392 | $ 1,914,727 |
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 11,000 | $ 9,000 |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted Stock Units | 1,853 | 5,580,000 |
Restricted Stock Units, Fair Value | $ 129 | $ 286 |
Minimum [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 3 years | |
Maximum [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 5 years |
Industry Segments (Financial Information of Company Operating Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | $ 1,570,042 | $ 1,527,335 | |||
Investment Income and Funds | 148,858 | 130,133 | |||
Other Revenues | 151,518 | 149,743 | |||
Total revenues | 1,870,418 | 1,807,211 | |||
Pre-Tax Income (Loss) | 184,297 | 174,676 | |||
Net Income (Loss) | 123,447 | 119,511 | |||
Net investment gains | 52,348 | 7,343 | |||
Net investment gains, net of tax | 34,026 | 4,773 | |||
Intersegment Eliminations and Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | [1] | 0 | 0 | ||
Investment Income and Funds | [1] | 12,171 | 6,503 | ||
Other Revenues | [1] | 80,883 | 115,607 | ||
Total revenues | [1] | 93,054 | 122,110 | ||
Pre-Tax Income (Loss) | [1] | (72,639) | (60,379) | ||
Net Income (Loss) | [1] | (47,773) | (39,649) | ||
Insurance-Domestic Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | 1,413,170 | 1,366,605 | |||
Insurance-Domestic Segment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | 1,413,170 | 1,366,605 | |||
Investment Income and Funds | 111,909 | 99,860 | |||
Other Revenues | 18,287 | 26,793 | |||
Total revenues | 1,543,366 | 1,493,258 | |||
Pre-Tax Income (Loss) | 199,994 | 199,651 | |||
Net Income (Loss) | 134,095 | 134,778 | |||
Reinsurance-Global Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | 156,872 | 160,730 | |||
Reinsurance-Global Segment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | 156,872 | 160,730 | |||
Investment Income and Funds | 24,778 | 23,770 | |||
Other Revenues | 0 | 0 | |||
Total revenues | 181,650 | 184,500 | |||
Pre-Tax Income (Loss) | 4,594 | 28,061 | |||
Net Income (Loss) | 3,099 | 19,609 | |||
Net Investment Gains Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earned Premiums | 0 | 0 | |||
Investment Income and Funds | $ 0 | $ 0 | |||
|
Industry Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated Assets | $ 23,547,414 | $ 23,350,076 | ||
Operating Segments [Member] | Reinsurance-Global Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated Assets | 2,750,876 | 2,524,338 | ||
Operating Segments [Member] | Insurance-Domestic Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated Assets | 18,932,563 | 19,137,758 | ||
Intersegment Eliminations and Corporate, Non-Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated Assets | [1] | $ 1,863,975 | $ 1,687,980 | |
|
Industry Segments Industry Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | $ 1,570,042 | $ 1,527,335 |
Insurance-Domestic Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 1,413,170 | 1,366,605 |
Insurance-Domestic Segment [Member] | Other Insurance Liabilities [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 451,830 | 413,528 |
Insurance-Domestic Segment [Member] | Workers' Compensation [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 361,136 | 343,581 |
Insurance-Domestic Segment [Member] | Property [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 309,234 | 327,076 |
Insurance-Domestic Segment [Member] | Commercial Automobile [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 158,126 | 156,817 |
Insurance-Domestic Segment [Member] | Products Liability [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 132,844 | 125,603 |
Reinsurance-Global Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 156,872 | 160,730 |
Reinsurance-Global Segment [Member] | Property [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | 62,133 | 56,425 |
Reinsurance-Global Segment [Member] | Casualty [Member] | ||
Revenue from External Customer [Line Items] | ||
Premiums Earned, Net | $ 94,739 | $ 104,305 |
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