QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
Commission File Number |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
None | ||||||||
Former name, former address and former fiscal year, if changed since last report. |
Title | Trading Symbol | Name | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
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 |
March 31, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturity securities (amortized cost of $ | $ | $ | |||||||||
Investment funds | |||||||||||
Real estate | |||||||||||
Equity securities | |||||||||||
Arbitrage trading account | |||||||||||
Loans receivable (net of allowance for expected credit losses of $ | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Premiums and fees receivable (net of allowance for expected credit losses of $ | |||||||||||
Due from reinsurers (net of allowance for expected credit losses of $ | |||||||||||
Deferred policy acquisition costs | |||||||||||
Prepaid reinsurance premiums | |||||||||||
Trading account receivables from brokers and clearing organizations | |||||||||||
Property, furniture and equipment | |||||||||||
Goodwill | |||||||||||
Accrued investment income | |||||||||||
Current and deferred federal and foreign income taxes | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Reserves for losses and loss expenses | $ | $ | |||||||||
Unearned premiums | |||||||||||
Due to reinsurers | |||||||||||
Other liabilities | |||||||||||
Senior notes and other debt | |||||||||||
Subordinated debentures | |||||||||||
Total liabilities | |||||||||||
Equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Authorized | |||||||||||
Common stock, par value $ | |||||||||||
Authorized | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
REVENUES: | |||||||||||
Net premiums written | $ | $ | |||||||||
Change in net unearned premiums | ( | ( | |||||||||
Net premiums earned | |||||||||||
Net investment income | |||||||||||
Net investment gains: | |||||||||||
Net realized and unrealized gains on investments | |||||||||||
Change in allowance for expected credit losses on investments | ( | ||||||||||
Net investment gains | |||||||||||
Revenues from non-insurance businesses | |||||||||||
Insurance service fees | |||||||||||
Other income | |||||||||||
Total revenues | |||||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Losses and loss expenses | |||||||||||
Other operating costs and expenses | |||||||||||
Expenses from non-insurance businesses | |||||||||||
Interest expense | |||||||||||
Total operating costs and expenses | |||||||||||
Income before income taxes | |||||||||||
Income tax expense | ( | ( | |||||||||
Net income before noncontrolling interests | |||||||||||
Noncontrolling interests | ( | ( | |||||||||
Net income to common stockholders | $ | $ | |||||||||
NET INCOME PER SHARE: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income before noncontrolling interests | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Change in unrealized currency translation adjustments | |||||||||||
Change in unrealized investment gains (losses), net of taxes | ( | ||||||||||
Other comprehensive income (loss) | ( | ||||||||||
Comprehensive income | |||||||||||
Noncontrolling interests | ( | ( | |||||||||
Comprehensive income to common stockholders | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
COMMON STOCK: | |||||||||||
Beginning and end of period | $ | $ | |||||||||
ADDITIONAL PAID-IN CAPITAL: | |||||||||||
Beginning of period | $ | $ | |||||||||
Restricted stock units issued | ( | ( | |||||||||
Restricted stock units expensed | |||||||||||
End of period | $ | $ | |||||||||
RETAINED EARNINGS: | |||||||||||
Beginning of period | $ | $ | |||||||||
Net income to common stockholders | |||||||||||
Dividends ($ | ( | ( | |||||||||
End of period | $ | $ | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS: | |||||||||||
Unrealized investment (loss) gain: | |||||||||||
Beginning of period | $ | ( | $ | ||||||||
Change in unrealized gains (losses) on securities without an allowance for expected credit losses | ( | ||||||||||
Change in unrealized gains on securities with an allowance for expected credit losses | |||||||||||
End of period | ( | ( | |||||||||
Currency translation adjustments: | |||||||||||
Beginning of period | ( | ( | |||||||||
Net change in period | |||||||||||
End of period | ( | ( | |||||||||
Total accumulated other comprehensive loss | $ | ( | $ | ( | |||||||
TREASURY STOCK: | |||||||||||
Beginning of period | $ | ( | $ | ( | |||||||
Stock exercised/vested | |||||||||||
Stock repurchased | ( | ||||||||||
Other | ( | ||||||||||
End of period | $ | ( | $ | ( | |||||||
NONCONTROLLING INTERESTS: | |||||||||||
Beginning of period | $ | $ | |||||||||
Contributions | |||||||||||
Net income | |||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||
End of period | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
CASH FROM OPERATING ACTIVITIES: | |||||||||||
Net income to common stockholders | $ | $ | |||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Net investment gains | ( | ( | |||||||||
Depreciation and amortization | |||||||||||
Noncontrolling interests | |||||||||||
Investment funds | ( | ( | |||||||||
Stock incentive plans | |||||||||||
Change in: | |||||||||||
Arbitrage trading account | ( | ( | |||||||||
Premiums and fees receivable | ( | ( | |||||||||
Reinsurance accounts | ( | ( | |||||||||
Deferred policy acquisition costs | ( | ( | |||||||||
Income taxes | |||||||||||
Reserves for losses and loss expenses | |||||||||||
Unearned premiums | |||||||||||
Other | ( | ( | |||||||||
Net cash from operating activities | |||||||||||
CASH (USED IN) FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sale of fixed maturity securities | |||||||||||
Proceeds from sale of equity securities | |||||||||||
Distributions from (contributions to) investment funds | ( | ||||||||||
Proceeds from maturities and prepayments of fixed maturity securities | |||||||||||
Purchase of fixed maturity securities | ( | ( | |||||||||
Purchase of equity securities | ( | ( | |||||||||
Real estate sold | |||||||||||
Change in loans receivable | |||||||||||
Net purchases of property, furniture and equipment | ( | ( | |||||||||
Change in balances due to security brokers | ( | ||||||||||
Cash received in connection with business disposition | |||||||||||
Payment for business purchased net of cash acquired | ( | ||||||||||
Other | |||||||||||
Net cash (used in) from investing activities | ( | ||||||||||
CASH USED IN FINANCING ACTIVITIES: | |||||||||||
Repayment of senior notes and other debt | ( | ||||||||||
Net payments for stock options exercised | ( | ( | |||||||||
Net proceeds from issuance of debt | ( | ||||||||||
Cash dividends to common stockholders | ( | ( | |||||||||
Purchase of common treasury shares | ( | ||||||||||
Other, net | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net impact on cash due to change in foreign exchange rates | |||||||||||
Net change in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Basic | |||||||||||
Diluted |
(In thousands) | Unrealized Investment (Losses) Gains | Currency Translation Adjustments | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
As of and for the three months ended March 31, 2023 | |||||||||||||||||
Changes in AOCI | |||||||||||||||||
Beginning of period | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized investment loss related to noncontrolling interest | ( | ( | |||||||||||||||
End of period | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Pre-tax | $ | (1) | $ | $ | |||||||||||||
Tax effect | ( | (2) | ( | ||||||||||||||
After-tax amounts reclassified | $ | $ | $ | ||||||||||||||
Other comprehensive income | |||||||||||||||||
Pre-tax | $ | $ | $ | ||||||||||||||
Tax effect | ( | ( | |||||||||||||||
Other comprehensive income | $ | $ | $ | ||||||||||||||
As of and for the three months ended March 31, 2022 | |||||||||||||||||
Changes in AOCI | |||||||||||||||||
Beginning of period | $ | $ | ( | $ | ( | ||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Other comprehensive (loss) income | ( | ( | |||||||||||||||
Unrealized investment loss related to noncontrolling interest | ( | ( | |||||||||||||||
Ending balance | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Pre-tax | $ | (1) | $ | $ | |||||||||||||
Tax effect | ( | (2) | ( | ||||||||||||||
After-tax amounts reclassified | $ | $ | $ | ||||||||||||||
Other comprehensive (loss) income | |||||||||||||||||
Pre-tax | $ | ( | $ | $ | ( | ||||||||||||
Tax effect | |||||||||||||||||
Other comprehensive (loss) income | $ | ( | $ | $ | ( |
(In thousands) | Amortized Cost | Allowance for Expected Credit Losses (1) | Gross Unrealized | Fair Value | Carrying Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||||||
State and municipal | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||
Total held to maturity | ( | ||||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
U.S. government and government agency | ( | ||||||||||||||||||||||||||||||||||
State and municipal: | |||||||||||||||||||||||||||||||||||
Special revenue | ( | ||||||||||||||||||||||||||||||||||
State general obligation | ( | ||||||||||||||||||||||||||||||||||
Pre-refunded | ( | ||||||||||||||||||||||||||||||||||
Corporate backed | ( | ||||||||||||||||||||||||||||||||||
Local general obligation | ( | ||||||||||||||||||||||||||||||||||
Total state and municipal | ( | ||||||||||||||||||||||||||||||||||
Mortgage-backed: | |||||||||||||||||||||||||||||||||||
Residential | ( | ( | |||||||||||||||||||||||||||||||||
Commercial | ( | ||||||||||||||||||||||||||||||||||
Total mortgage-backed | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed | ( | ||||||||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||||||||
Industrial | ( | ( | |||||||||||||||||||||||||||||||||
Financial | ( | ( | |||||||||||||||||||||||||||||||||
Utilities | ( | ||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||
Total corporate | ( | ( | |||||||||||||||||||||||||||||||||
Foreign government | ( | ( | |||||||||||||||||||||||||||||||||
Total available for sale | ( | ( | |||||||||||||||||||||||||||||||||
Total investments in fixed maturity securities | $ | $ | ( | $ | $ | ( | $ | $ |
(In thousands) | Amortized Cost | Allowance for Expected Credit Losses (1) | Gross Unrealized | Fair Value | Carrying Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||||||
State and municipal | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||
Total held to maturity | ( | ||||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
U.S. government and government agency | ( | ||||||||||||||||||||||||||||||||||
State and municipal: | |||||||||||||||||||||||||||||||||||
Special revenue | ( | ||||||||||||||||||||||||||||||||||
State general obligation | ( | ||||||||||||||||||||||||||||||||||
Pre-refunded | ( | ||||||||||||||||||||||||||||||||||
Corporate backed | ( | ||||||||||||||||||||||||||||||||||
Local general obligation | ( | ||||||||||||||||||||||||||||||||||
Total state and municipal | ( | ||||||||||||||||||||||||||||||||||
Mortgage-backed: | |||||||||||||||||||||||||||||||||||
Residential | ( | ( | |||||||||||||||||||||||||||||||||
Commercial | ( | ||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed | ( | ||||||||||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||||||||
Industrial | ( | ( | |||||||||||||||||||||||||||||||||
Financial | ( | ( | |||||||||||||||||||||||||||||||||
Utilities | ( | ||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||
Total corporate | ( | ( | |||||||||||||||||||||||||||||||||
Foreign government | ( | ( | |||||||||||||||||||||||||||||||||
Total available for sale | ( | ( | |||||||||||||||||||||||||||||||||
Total investments in fixed maturity securities | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Allowance for expected credit losses, beginning of period | $ | $ | |||||||||
Provision for expected credit losses | ( | ( | |||||||||
Allowance for expected credit losses, end of period | $ | $ |
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Foreign Government | Corporate | Mortgage-backed | Total | Foreign Government | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Allowance for expected credit losses, beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Expected credit losses on securities for which credit losses were not previously recorded | ||||||||||||||||||||||||||||||||||||||||||||
Expected credit losses (gains) on securities for which credit losses were previously recorded | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Reduction due to disposals | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Allowance for expected credit losses, end of period | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | Amortized Cost (1) | Fair Value | |||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed securities | |||||||||||
Total | $ | $ |
(In thousands) | Cost | Gross Unrealized | Fair Value | Carrying Value | |||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Common stocks | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Preferred stocks | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Common stocks | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Preferred stocks | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Investment income (loss) earned on: | |||||||||||
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | $ | |||||||||
Arbitrage trading account | |||||||||||
Equity securities | |||||||||||
Investment funds | |||||||||||
Real estate | ( | ||||||||||
Gross investment income | |||||||||||
Investment expense | ( | ( | |||||||||
Net investment income | $ | $ |
Carrying Value as of | Income (Loss) from Investment Funds | ||||||||||||||||||||||
March 31, | December 31, | For the Three Months Ended March 31, | |||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Financial services | $ | $ | $ | ( | $ | ||||||||||||||||||
Transportation | |||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||
Infrastructure | |||||||||||||||||||||||
Energy | ( | ||||||||||||||||||||||
Other funds | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
Carrying Value | |||||||||||
March 31, | December 31, | ||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Properties in operation | $ | $ | |||||||||
Properties under development | |||||||||||
Total | $ | $ |
(In thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Amortized cost (net of allowance for expected credit losses): | |||||||||||
Real estate loans | $ | $ | |||||||||
Commercial loans | |||||||||||
Total | $ | $ | |||||||||
Fair value: | |||||||||||
Real estate loans | $ | $ | |||||||||
Commercial loans | |||||||||||
Total | $ | $ | |||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(In thousands) | Real Estate Loans | Commercial Loans | Total | Real Estate Loans | Commercial Loans | Total | |||||||||||||||||||||||||||||
Allowance for expected credit losses, beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Change in expected credit losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Allowance for expected credit losses, end of period | $ | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Net investment gains (losses): | |||||||||||
Fixed maturity securities: | |||||||||||
Gains | $ | $ | |||||||||
Losses | ( | ( | |||||||||
Equity securities (1): | |||||||||||
Net realized gains on investment sales | |||||||||||
Change in unrealized gains | |||||||||||
Investment funds | ( | ||||||||||
Real estate (2) | |||||||||||
Loans receivable | ( | ||||||||||
Other | ( | ( | |||||||||
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | |||||||||||
Change in allowance for expected credit losses on investments: | |||||||||||
Fixed maturity securities | ( | ||||||||||
Loans receivable | |||||||||||
Change in allowance for expected credit losses on investments | ( | ||||||||||
Net investment gains | |||||||||||
Income tax expense | ( | ( | |||||||||
After-tax net investment gains | $ | $ |
Change in unrealized investment gains (losses) on available for sale securities: | ||||||||||||||
Fixed maturity securities without allowance for expected credit losses | $ | $ | ( | |||||||||||
Fixed maturity securities with allowance for expected credit losses | ||||||||||||||
Investment funds | ||||||||||||||
Other | ( | |||||||||||||
Total change in unrealized investment gains (losses) | ( | |||||||||||||
Income tax (expense) benefit | ( | |||||||||||||
Noncontrolling interests | ( | ( | ||||||||||||
After-tax change in unrealized investment gains (losses) of available for sale securities | $ | $ | ( |
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, 2023 | |||||||||||||||||||||||||||||||||||
U.S. government and government agency | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
State and municipal | |||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. government and government agency | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
State and municipal | |||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
($ in thousands) | Number of Securities | Aggregate Fair Value | Gross Unrealized Loss | ||||||||||||||
Foreign government | $ | $ | |||||||||||||||
Corporate | |||||||||||||||||
State and municipal | |||||||||||||||||
Mortgage-backed | |||||||||||||||||
Asset-backed | |||||||||||||||||
Total | $ | $ |
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||||||||||
U.S. government and government agency | $ | $ | $ | $ | |||||||||||||||||||
State and municipal | |||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||
Total fixed maturity securities available for sale | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||
Preferred stocks | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Arbitrage trading account | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||||||||||
U.S. government and government agency | $ | $ | $ | $ | |||||||||||||||||||
State and municipal | |||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||
Total fixed maturity securities available for sale | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||
Preferred stocks | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Arbitrage trading account | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Gains (Losses) Included In: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Beginning Balance | Earnings (Losses) | Other Comprehensive Income (Losses) | Impairments | Purchases | Sales | Paydowns / Maturities | Transfers In / (Out) | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stocks | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Preferred stocks | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arbitrage trading account | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stocks | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Preferred stocks | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Arbitrage trading account | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Net reserves at beginning of period | $ | $ | |||||||||
Net provision for losses and loss expenses: | |||||||||||
Claims occurring during the current year (1) | |||||||||||
Increase in estimates for claims occurring in prior years (2) (3) | |||||||||||
Loss reserve discount accretion | |||||||||||
Total | |||||||||||
Net payments for claims: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total | |||||||||||
Foreign currency translation | |||||||||||
Net reserves at end of period | |||||||||||
Ceded reserves at end of period | |||||||||||
Gross reserves at end of period | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Arbitrage trading account | |||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Trading account receivables from brokers and clearing organizations | |||||||||||||||||||||||
Due from broker | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Senior notes and other debt | |||||||||||||||||||||||
Subordinated debentures | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Written premiums: | |||||||||||
Direct | $ | $ | |||||||||
Assumed | |||||||||||
Ceded | ( | ( | |||||||||
Total net premiums written | $ | $ | |||||||||
Earned premiums: | |||||||||||
Direct | $ | $ | |||||||||
Assumed | |||||||||||
Ceded | ( | ( | |||||||||
Total net premiums earned | $ | $ | |||||||||
Ceded losses and loss expenses incurred | $ | $ | |||||||||
Ceded commissions earned | $ | $ |
(In thousands) | 2023 | 2022 | |||||||||
Allowance for expected credit losses, beginning of period | $ | $ | |||||||||
Change in expected credit losses | |||||||||||
Allowance for expected credit losses, end of period | $ | $ |
(In thousands) | 2023 | 2022 | |||||||||
Allowance for expected credit losses, beginning of period | $ | $ | |||||||||
Change in expected credit losses | ( | ||||||||||
Allowance for expected credit losses, end of period | $ | $ |
($ in thousands) | Units | Fair Value | |||||||||
2023 | $ | ||||||||||
2022 | $ |
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Leases: | |||||||||||
Lease cost | $ | $ | |||||||||
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new lease liabilities | $ | $ |
As of March 31, | |||||||||||
($ in thousands) | 2023 | 2022 | |||||||||
Right-of-use assets | $ | $ | |||||||||
Lease liabilities | $ | $ | |||||||||
Weighted-average remaining lease term | |||||||||||
Weighted-average discount rate | % | % |
(In thousands) | March 31, 2023 | ||||
Contractual Maturities: | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total undiscounted future minimum lease payments | |||||
Less: Discount impact | |||||
Total lease liability | $ |
Revenues | |||||||||||||||||||||||||||||||||||
(In thousands) | Earned Premiums (1) | Investment Income | Other | Total (2) | Pre-Tax Income (Loss) | Net Income (Loss) to Common Stockholders | |||||||||||||||||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Insurance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Reinsurance & Monoline Excess | |||||||||||||||||||||||||||||||||||
Corporate, other and eliminations (3) | ( | ( | |||||||||||||||||||||||||||||||||
Net investment gains | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Insurance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Reinsurance & Monoline Excess | |||||||||||||||||||||||||||||||||||
Corporate, other and eliminations (3) | ( | ( | |||||||||||||||||||||||||||||||||
Net investment gains | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
(In thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Insurance | $ | $ | |||||||||
Reinsurance & Monoline Excess | |||||||||||
Corporate, other and eliminations | |||||||||||
Consolidated | $ | $ |
For the Three Months Ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Insurance: | |||||||||||
Other liability | $ | $ | |||||||||
Short-tail lines (1) | |||||||||||
Commercial automobile | |||||||||||
Workers' compensation | |||||||||||
Professional liability | |||||||||||
Total Insurance | |||||||||||
Reinsurance & Monoline Excess: | |||||||||||
Casualty reinsurance | |||||||||||
Monoline excess (2) | |||||||||||
Property reinsurance | |||||||||||
Total Reinsurance & Monoline Excess | |||||||||||
Total | $ | $ |
(In thousands) | Frequency (+/-) | ||||||||||||||||
Severity (+/-) | 1% | 5% | 10% | ||||||||||||||
1% | $ | 116,072 | $ | 349,370 | $ | 640,993 | |||||||||||
5% | 349,370 | 591,908 | 895,081 | ||||||||||||||
10% | 640,993 | 895,081 | 1,212,690 |
(In thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Insurance | $ | 11,524,946 | $ | 11,233,924 | |||||||
Reinsurance & Monoline Excess | 3,047,087 | 3,014,955 | |||||||||
Net reserves for losses and loss expenses | 14,572,033 | 14,248,879 | |||||||||
Ceded reserves for losses and loss expenses | 2,859,602 | 2,762,344 | |||||||||
Gross reserves for losses and loss expenses | $ | 17,431,635 | $ | 17,011,223 |
(In thousands) | Reported Case Reserves | Incurred But Not Reported | Total | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Other liability | $ | 1,819,236 | $ | 4,009,866 | $ | 5,829,102 | |||||||||||
Workers’ compensation (1) | 1,022,327 | 878,769 | 1,901,096 | ||||||||||||||
Professional liability | 495,427 | 1,326,097 | 1,821,524 | ||||||||||||||
Commercial automobile | 624,234 | 561,947 | 1,186,181 | ||||||||||||||
Short-tail lines (2) | 391,540 | 395,503 | 787,043 | ||||||||||||||
Total Insurance | 4,352,764 | 7,172,182 | 11,524,946 | ||||||||||||||
Reinsurance & Monoline Excess (1) (3) | 1,531,257 | 1,515,830 | 3,047,087 | ||||||||||||||
Total | $ | 5,884,021 | $ | 8,688,012 | $ | 14,572,033 | |||||||||||
December 31, 2022 | |||||||||||||||||
Other liability | $ | 1,808,700 | $ | 3,826,444 | $ | 5,635,144 | |||||||||||
Workers’ compensation (1) | 1,023,961 | 899,215 | 1,923,176 | ||||||||||||||
Professional liability | 501,572 | 1,243,604 | 1,745,176 | ||||||||||||||
Commercial automobile | 629,149 | 528,398 | 1,157,547 | ||||||||||||||
Short-tail lines (2) | 403,974 | 368,907 | 772,881 | ||||||||||||||
Total Insurance | 4,367,356 | 6,866,568 | 11,233,924 | ||||||||||||||
Reinsurance & Monoline Excess (1) (3) | 1,551,687 | 1,463,268 | 3,014,955 | ||||||||||||||
Total | $ | 5,919,043 | $ | 8,329,836 | $ | 14,248,879 |
(In thousands) | 2023 | 2022 | |||||||||
Increase in prior year loss reserves | $ | (28,205) | $ | (3,761) | |||||||
Increase in prior year earned premiums | 4,313 | 4,407 | |||||||||
Net (unfavorable) favorable prior year development | $ | (23,892) | $ | 646 |
($ in thousands) | Number of Securities | Aggregate Fair Value | Gross Unrealized Loss | ||||||||||||||
Foreign government | 33 | $ | 105,347 | $ | 64,516 | ||||||||||||
Corporate | 16 | 45,507 | 3,789 | ||||||||||||||
State and municipal | 1 | 12,066 | 2,936 | ||||||||||||||
Mortgage-backed | 14 | 4,202 | 199 | ||||||||||||||
Asset-backed | 1 | 8 | 8 | ||||||||||||||
Total | 65 | $ | 167,130 | $ | 71,448 |
($ in thousands) | Carrying Value | Percent of Total | |||||||||
Pricing source: | |||||||||||
Independent pricing services | $ | 17,555,166 | 97.3 | % | |||||||
Syndicate manager | 67,780 | 0.4 | |||||||||
Directly by the Company based on: | |||||||||||
Observable data | 416,401 | 2.3 | |||||||||
Total | $ | 18,039,347 | 100.0 | % |
($ in thousands) | 2023 | 2022 | |||||||||
Insurance: | |||||||||||
Gross premiums written | $ | 2,652,234 | $ | 2,484,799 | |||||||
Net premiums written | 2,210,834 | 2,073,291 | |||||||||
Net premiums earned | 2,181,876 | 1,962,835 | |||||||||
Loss ratio | 62.8 | % | 59.5 | % | |||||||
Expense ratio | 28.7 | % | 28.1 | % | |||||||
GAAP combined ratio | 91.5 | % | 87.6 | % | |||||||
Reinsurance & Monoline Excess: | |||||||||||
Gross premiums written | $ | 397,083 | $ | 375,038 | |||||||
Net premiums written | 363,990 | 339,963 | |||||||||
Net premiums earned | 309,556 | 286,252 | |||||||||
Loss ratio | 54.5 | % | 59.9 | % | |||||||
Expense ratio | 29.5 | % | 29.5 | % | |||||||
GAAP combined ratio | 84.0 | % | 89.4 | % | |||||||
Consolidated: | |||||||||||
Gross premiums written | $ | 3,049,317 | $ | 2,859,837 | |||||||
Net premiums written | 2,574,824 | 2,413,254 | |||||||||
Net premiums earned | 2,491,432 | 2,249,087 | |||||||||
Loss ratio | 61.8 | % | 59.5 | % | |||||||
Expense ratio | 28.8 | % | 28.3 | % | |||||||
GAAP combined ratio | 90.6 | % | 87.8 | % |
(In thousands, except per share data) | 2023 | 2022 | |||||||||
Net income to common stockholders | $ | 294,126 | $ | 590,638 | |||||||
Weighted average diluted shares | 277,339 | 279,157 | |||||||||
Net income per diluted share | $ | 1.06 | $ | 2.12 |
Amount | Average Annualized Yield | ||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 195,642 | $ | 101,284 | 3.8 | % | 2.2 | % | |||||||||||||||
Arbitrage trading account | 18,256 | 9,187 | 9.4 | 3.1 | |||||||||||||||||||
Equity securities | 13,746 | 10,856 | 4.8 | 4.7 | |||||||||||||||||||
Investment funds | 2,180 | 52,012 | 0.5 | 13.7 | |||||||||||||||||||
Real estate | (3,711) | 2,146 | (1.1) | 0.5 | |||||||||||||||||||
Gross investment income | 226,113 | 175,485 | 3.5 | 3.0 | |||||||||||||||||||
Investment expenses | (2,715) | (1,973) | — | — | |||||||||||||||||||
Total | $ | 223,398 | $ | 173,512 | 3.5 | % | 2.9 | % |
($ in thousands) | 2023 | 2022 | |||||||||
Policy acquisition and insurance operating expenses | $ | 718,276 | $ | 635,453 | |||||||
Insurance service expenses | 25,180 | 22,466 | |||||||||
Net foreign currency losses (gains) | 9,495 | (4,168) | |||||||||
Other costs and expenses | 72,624 | 60,148 | |||||||||
Total | $ | 825,575 | $ | 713,899 |
($ in thousands) | Carrying Value | Percent of Total | |||||||||
Fixed maturity securities: | |||||||||||
U.S. government and government agencies | $ | 1,049,267 | 4.2 | % | |||||||
State and municipal: | |||||||||||
Special revenue | 1,674,483 | 6.7 | |||||||||
Local general obligation | 434,679 | 1.7 | |||||||||
State general obligation | 422,832 | 1.7 | |||||||||
Corporate backed | 196,817 | 0.8 | |||||||||
Pre-refunded (1) | 108,915 | 0.4 | |||||||||
Total state and municipal | 2,837,726 | 11.3 | |||||||||
Mortgage-backed: | |||||||||||
Agency | 1,081,356 | 4.4 | |||||||||
Commercial | 583,745 | 2.3 | |||||||||
Residential-Prime | 232,602 | 0.9 | |||||||||
Residential-Alt A | 3,425 | — | |||||||||
Total mortgage-backed | 1,901,128 | 7.6 | |||||||||
Asset-backed | 3,845,453 | 15.4 | |||||||||
Corporate: | |||||||||||
Industrial | 3,385,444 | 13.6 | |||||||||
Financial | 2,626,304 | 10.5 | |||||||||
Utilities | 627,327 | 2.5 | |||||||||
Other | 486,574 | 1.9 | |||||||||
Total corporate | 7,125,649 | 28.5 | |||||||||
Foreign government and foreign government agencies | 1,331,890 | 5.4 | |||||||||
Total fixed maturity securities | 18,091,113 | 72.4 | |||||||||
Equity securities: | |||||||||||
Common stocks | 1,057,599 | 4.2 | |||||||||
Preferred stocks | 222,356 | 0.9 | |||||||||
Total equity securities | 1,279,955 | 5.1 | |||||||||
Cash and cash equivalents (2) | 1,843,534 | 7.4 | |||||||||
Investment funds | 1,601,567 | 6.5 | |||||||||
Real estate | 1,338,504 | 5.4 | |||||||||
Arbitrage trading account | 609,001 | 2.4 | |||||||||
Loans receivable | 194,944 | 0.8 | |||||||||
Total investments | $ | 24,958,618 | 100.0 | % |
Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||
January 2023 | 729,600 | $ | 69.09 | 729,600 | 12,900,006 | ||||||||||||||||||
February 2023 | 644,965 | $ | 67.06 | 644,965 | 12,255,041 | ||||||||||||||||||
March 2023 | 663,826 | $ | 62.50 | 663,826 | 11,591,215 |
Number | |||||||||||
Form of 2023 Performance Unit Award Agreement under the W. R. Berkley Corporation 2019 Long-Term Incentive Plan. | |||||||||||
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 4, 2023 | /s/ W. Robert Berkley, Jr. | ||||||
W. Robert Berkley, Jr. | ||||||||
President and Chief Executive Officer | ||||||||
Date: | May 4, 2023 | /s/ Richard M. Baio | ||||||
Richard M. Baio | ||||||||
Executive Vice President - Chief Financial Officer |
“Client” | means any person, firm, company or other business entity whom or which during the Relevant Business Period: (a) to whom the Company or any Group Company provided insurance or reinsurance; or (b) was an insurance intermediary which introduced such insurance or reinsurance business to the Company or any Group Company, and in each case with whom or which during the Relevant Business Period: a.the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or b.about whom or which the Participant has had Confidential Information during the course of his or her employment. | ||||
“Competing Business” | means any business which at any time is in or which intends to be in competition with any Relevant Business. |
“Confidential Information” | means any and all information which is of a confidential nature or which the Company reasonably regards as being confidential or a trade secret concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective Clients or Prospective Clients including without prejudice to the generality of the foregoing all information, records and materials relating to: a.underwriting premiums or quotes, pricing models and formulas, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, and profit commission; b.syndicate or other business projections and forecasts; c.Client lists, brokers lists and price sensitive information; d.technical information, including computer programs, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets; e.remuneration and personnel details concerning other Company employees or contractors; f.planned products, planned services, marketing surveys, internal templates, training materials, research reports, market share and pricing statistics, budgets, fee levels; g.computer passwords, the contents of any databases, tables, know how documents or materials; h.commissions, commission charges, pricing policies and all information about research and development; and i.the Company’s or any Group Company’s Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of their business operations, their requirements for services supplied by the Company or any Group Company and all confidential aspects of their relationship with the Company or any Group Company. | ||||
“directly or indirectly” | means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any other person and whether on his or her own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person. |
“Group” | means the Company, its subsidiaries or holding companies from time to time and any subsidiary of any holding company from time to time; and “Group Company” means any company within the Group. | ||||
“Key Employee” | means any director or officer of the Company or any Group Company and/or any employee (other than administrative or clerical personnel) of the Company or any Group Company, in each case who, at any time during the Relevant Business Period: a.was employed by the Company or any Group Company; and b.with whom the Participant has had Material Dealings or exercised control or had management responsibility for; and/or c.has had access to or has obtained Confidential Information during the Relevant Business Period. | ||||
“Material Dealings” | means receiving orders, instructions or enquiries from, contracting or making preparations to contract with, making sales or presenting to or with, tendering for business from, having responsibility with or for, having personal knowledge of or otherwise having significant other contact. | ||||
“Prospective Client” | means any person, firm, company or other business entity who was at any time during the Relevant Business Period: (a) in negotiations with the Company or any Group Company for the provision of insurance or reinsurance; or (b) an insurance intermediary who may introduce such insurance or reinsurance business to the Company or any Group Company, and in each case with whom or which during the Relevant Business Period: a.the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or b.about whom or which the Participant has had Confidential Information during the course of Participant’s employment. Provided that this definition shall not apply to any such person, firm, company or other business entity which has withdrawn from or discontinued such negotiations or discussions, having stated its intention to do so (other than through any unlawful activity by the Participant). |
“Relevant Business” | means any class or classes of insurance or reinsurance business which was underwritten in the twelve months immediately prior to the Termination Date by the Company or any Group Company and with which the Participant was directly or indirectly materially concerned or involved or had personal knowledge in the course of Participant’s duties during the Relevant Business Period. | ||||
“Relevant Business Period” | means (1) during employment, the twelve month period immediately prior to the action or activity that may be in breach of clauses 2.1.1 to 2.1.4 and (2) after termination of employment, the twelve month period immediately prior to the Termination Date. This defined term shall replace the term “Look Back Period” in the body of this Agreemen | ||||
“Relevant Period” | means the period beginning on the date hereof and ending two years following the Settlement Date. | ||||
“Termination Date” | means the date on which the Participant’s employment or engagement with the Company terminates for any reason. |
“Client” | means any person, firm, company or other business entity whom or which during the Relevant Business Period: (a) to whom the Company or any Group Company provided insurance or reinsurance; or (b) was an insurance intermediary which introduced such insurance or reinsurance business to the Company or any Group Company, and in each case with whom or which during the Relevant Business Period: a.the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or b.about whom or which the Participant has had Confidential Information during the course of his or her employment. | ||||
“Obligation” | means any of the activities, individually or in the aggregate, described in sub-sections A through F of Section 5(f). | ||||
“Competing Business” | means any business which at any time is in or which intends to be in competition with any Relevant Business. |
“Confidential Information” | means any and all information which is of a confidential nature or which the Company reasonably regards as being confidential or a trade secret concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective Clients or Prospective Clients including without prejudice to the generality of the foregoing all information, records and materials relating to: a.underwriting premiums or quotes, pricing models and formulas, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, and profit commission; b.syndicate or other business projections and forecasts; c.Client lists, brokers lists and price sensitive information; d.technical information, including computer programs, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets; e.remuneration and personnel details; f.planned products, planned services, marketing surveys, internal templates, training materials, research reports, market share and pricing statistics, budgets, fee levels; g.computer passwords, the contents of any databases, tables, know how documents or materials; h.commissions, commission charges, pricing policies and all information about research and development; and i.the Company’s or any Group Company’s Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of their business operations, their requirements for services supplied by the Company or any Group Company and all confidential aspects of their relationship with the Company or any Group Company. | ||||
“directly or indirectly” | means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any other person and whether on his or her own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person. |
“Group” | means the Company, its subsidiaries or holding companies from time to time and any subsidiary of any holding company from time to time; and “Group Company” means any company within the Group. | ||||
“Key Employee” | means any director or officer of the Company or any Group Company and/or any employee (other than administrative or clerical personnel) of the Company or any Group Company, in each case who, at any time during the Relevant Business Period: a.was employed by the Company or any Group Company; and b.with whom the Participant has had Material Dealings or exercised control or had management responsibility for; and/or c.has had access to or has obtained Confidential Information during the Relevant Business Period. | ||||
“Material Dealings” | means receiving orders, instructions or enquiries from, contracting or making preparations to contract with, making sales or presenting to or with, tendering for business from, having responsibility with or for, having personal knowledge of or otherwise having significant other contact. | ||||
“Prospective Client” | means any person, firm, company or other business entity who was at any time during the Relevant Business Period: (a) in negotiations with the Company or any Group Company for the provision of insurance or reinsurance; or (b) an insurance intermediary who may introduce such insurance or reinsurance business to the Company or any Group Company, and in each case with whom or which during the Relevant Business Period: a.the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or b.about whom or which the Participant has had Confidential Information during the course of Participant’s employment. Provided that this definition shall not apply to any such person, firm, company or other business entity which has withdrawn from or discontinued such negotiations or discussions, having stated its intention to do so (other than through any unlawful activity by the Participant). |
“Relevant Business” | means any class or classes of insurance or reinsurance business which was underwritten in the twelve months immediately prior to the Termination Date by the Company or any Group Company and with which the Participant was directly or indirectly materially concerned or involved or had personal knowledge in the course of Participant’s duties during the Relevant Period. | ||||
“Relevant Business Period” | means (1) during employment, the twelve month period immediately prior to the action or activity that may be in breach of clauses A to D of Section 5(f) and (2) after termination of employment, the twelve month period immediately prior to the Termination Date. The term “Look Back Period” in the main Agreement shall be replaced with the defined term “Relevant Business Period” | ||||
“Termination Date” | means the date on which the Participant’s employment or engagement with the Company terminates for any reason. |
/s/ W. Robert Berkley, Jr. | |||||
W. Robert Berkley, Jr. | |||||
President and Chief Executive Officer |
/s/ Richard M. Baio | |||||
Richard M. Baio | |||||
Executive 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 | ||
Executive Vice President, Chief Financial Officer and Treasurer |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interests | $ 295,729 | $ 593,030 |
Other comprehensive income (loss): | ||
Change in unrealized currency translation adjustments | 4,866 | 56,272 |
Change in unrealized investment gains (losses), net of taxes | 180,799 | (423,545) |
Other comprehensive income (loss) | 185,665 | (367,273) |
Comprehensive income | 481,394 | 225,757 |
Noncontrolling interests | (1,602) | (2,391) |
Comprehensive income to common stockholders | $ 479,792 | $ 223,366 |
Statements of Cash Flows |
3 Months Ended |
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Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Interest payments were $41,150,000 and $52,899,000 for the three months ended March 31, 2023 and 2022, respectively. There were no income taxes paid for the three months ended March 31, 2023 and 2022, respectively. |
Consolidated Statements of Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Comprehensive Income | Consolidated Statements of Comprehensive Income The following table presents the components of the changes in accumulated other comprehensive income ("AOCI"):
____________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income.
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General |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | 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. For the quarter ended March 31, 2022, the Company did not correct the proceeds from sale of fixed maturity securities and purchase of fixed maturity securities lines within the consolidated statements of cash flows for an incremental inter-company elimination as the effects were not material and had no impact on the total amount of investing activities. 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 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, 2022. The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective income tax rate differs from the federal income tax rate of 21% primarily due to state and foreign income taxes, which was partially offset by tax-exempt investment income.
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Per Share Data |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data | 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 11,416,856 and 11,592,699 common shares held in a grantor trust as of March 31, 2023 and 2022, respectively). The common shares held in the grantor trust are 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:
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Recent Accounting Pronouncements and Accounting Policies |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Accounting Policies | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2023 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: All 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.
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Investments In Fixed Maturity Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At March 31, 2023 and December 31, 2022, investments in fixed maturity securities were as follows:
____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 31, 2023 and 2022:
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2023 and 2022:
During the three months ended March 31, 2023, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 31, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to foreign government securities. The amortized cost and fair value of fixed maturity securities at March 31, 2023, 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.
________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $107 thousand related to held to maturity securities. At March 31, 2023 and December 31, 2022, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.
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Investments in Equity Securities |
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Debt Securities, Available-for-sale [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Equity Securities | Investments in Fixed Maturity Securities At March 31, 2023 and December 31, 2022, investments in fixed maturity securities were as follows:
____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 31, 2023 and 2022:
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2023 and 2022:
During the three months ended March 31, 2023, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 31, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to foreign government securities. The amortized cost and fair value of fixed maturity securities at March 31, 2023, 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.
________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $107 thousand related to held to maturity securities. At March 31, 2023 and December 31, 2022, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.
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Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments in Equity Securities | Investments in Equity Securities At March 31, 2023 and December 31, 2022, investments in equity securities were as follows:
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Arbitrage Trading Account |
3 Months Ended |
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Mar. 31, 2023 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At March 31, 2023 and December 31, 2022, the fair and carrying values of the arbitrage trading account were $609 million and $944 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 and call options in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options are reported at fair value. As of March 31, 2023, the fair value of long option contracts outstanding was $5 thousand (notional amount of $2 million). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives.
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Net Investment Income |
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Net Investment Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Income Net investment income consisted of the following:
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Investment Funds |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds | 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 investment 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 $408 million as of March 31, 2023. Investment funds consisted of the following:
The Company's share of the earnings or losses from investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Financial services investment funds include the minority investment in Lifson Re, a Bermuda reinsurance company. Effective January 1, 2021, Lifson Re participated on a fully collateralized basis in a majority of the Company’s reinsurance placements for a 22.5% share of placed amounts. The percentage increased from 22.5% to 30.0% effective July 1, 2022. This pertains to all traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating. For the three months ended March 31, 2023 and 2022, the Company ceded approximately $107 million and $89 million, respectively, of written premiums to Lifson Re. Other funds include deferred compensation trust assets of $34 million and $30 million as of March 31, 2023 and December 31, 2022, respectively. These assets support other liabilities reflected in the balance sheet of an equal amount for employees who have elected to defer a portion of their compensation. The change in the net asset value of the trust is recorded in other funds within net investment income with an offsetting equal amount within corporate expenses.
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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:
As of March 31, 2023, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of accumulated depreciation and amortization of $30,180,000 and $33,206,000 as of March 31, 2023 and December 31, 2022, respectively. Related depreciation expense was $2,281,000 and $4,788,000 for the three months ended March 31, 2023 and 2022, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $24,345,984 in 2023, $34,786,393 in 2024, $32,070,092 in 2025, $29,483,276 in 2026, $28,567,112 in 2027, $28,906,220 in 2028 and $482,081,845 thereafter. During the first quarter of 2022, the Company sold a real estate investment in London (proceeds from the real estate and related entity is presented on the business disposition line within the consolidated statements of cash flows). A mixed-use project in Washington, D.C. had been under development in 2023 and 2022, with the completed portion reported in properties in operation as of March 31, 2023.
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Loans Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable | Loans Receivable At March 31, 2023 and December 31, 2022, loans receivable were as follows:
The real estate loans are secured by commercial and residential real estate primarily located in London and New York. These loans generally earn interest at fixed or stepped interest rates and have maturities through 2026. 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. Loans receivable in non-accrual status were none as of both March 31, 2023 and December 31, 2022, respectively. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended March 31, 2023 and 2022:
During the three months ended March 31, 2023, the Company decreased the allowance primarily due to a decrease in the weighted average life of the loans receivable portfolio. During the three months ended March 31, 2022, the Company reduced the allowance primarily due to the decrease in the duration of the loan portfolio. 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. 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.
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Net Investment Gains (Losses) |
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Realized and Unrealized Investment Gains (Losses) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Gains (Losses) | Net Investment Gains Net investment gains (losses) were as follows:
______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized (losses) gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.
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Fixed Maturity Securities In An Unrealized Loss Position |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities In An Unrealized Loss Position | Fixed Maturity Securities in an Unrealized Loss Position The following tables summarize all fixed maturity securities in an unrealized loss position at March 31, 2023 and December 31, 2022 by the length of time those securities have been continuously in an unrealized loss position:
Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2023 is presented in the table below:
For 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 (loss). 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.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity available for sale securities, equity securities and its arbitrage 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, 2023 and December 31, 2022 by level:
The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2023 and for the year ended December 31, 2022:
For the three months ended March 31, 2023 and for the year ended December 31, 2022, there were no securities transferred into or 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:
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Reserves for Loss and Loss Expenses |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves for Loss and Loss Expenses | Reserves for Loss and Loss Expenses The Company's reserves for losses and loss expenses are comprised of case reserves and incurred but not reported liabilities ("IBNR"). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted up or down as appropriate. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. 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:
_______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $11 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. (2) The change 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 $19 million and decreased by $4 million for the three months ended March 31, 2023 and 2022, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Adverse development, net of additional and return premiums, was $24 million for the three months ended March 31, 2023, and favorable development was $1 million for the three months ended March 31, 2022, respectively. The COVID-19 global pandemic has impacted, and may further impact, the Company’s results through its effect on claim frequency and severity. Loss cost trends have been impacted and may be further impacted by COVID-19-related claims in certain lines of business. Losses incurred from COVID-19-related claims have been offset, to a certain extent, by lower claim frequency in certain lines of our businesses; however, as the economy and legal systems have reopened, the benefit of lower claim frequency has partially abated. The ultimate net impact of COVID-19 on the Company remains uncertain. New variants of the COVID-19 virus continue to create risks with respect to loss costs and the potential for renewed impact of the other effects of COVID-19 associated with economic conditions, inflation, and social distancing and work from home rules. Most of the COVID-19-related claims reported to the Company to date involve certain short-tailed lines of business, including contingency and event cancellation, business interruption, and film production delay. The Company has also received COVID-19-related claims for longer-tailed casualty lines of business such as workers’ compensation and other liability; however, the estimated incurred loss impact for these reported claims are not material at this time. Given the continuing uncertainty regarding the pandemic's pervasiveness, the future impact that the pandemic may have on claim frequency and severity remains uncertain at this time. The Company has estimated the potential COVID-19 impact to its contingency and event cancellation, workers’ compensation, and other lines of business under a number of possible scenarios; however, due to COVID-19’s continued evolving impact, there remains uncertainty around the Company’s COVID-19 reserves. In addition, should the pandemic continue or worsen as a result of new COVID-19 variants or otherwise, governments in the jurisdictions where we operate may impose restrictions, including lockdowns, as well as renew their efforts to expand policy coverage terms beyond the policy’s intended coverage. Accordingly, losses arising from these actions, and the other factors described above, could exceed the Company’s reserves established for those related policies. As of March 31, 2023, the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $344 million, of which $291 million relates to the Insurance segment and $53 million relates to the Reinsurance & Monoline Excess segment. Such $344 million of COVID-19-related losses included $339 million of reported losses and $5 million of IBNR. For the three months ended March 31, 2023, the Company recognized current accident year losses for COVID-19-related claims activity, net of reinsurance, of approximately $43 thousand, all of which relates to the Insurance segment. During the three months ended March 31, 2023, adverse prior year development (net of additional and return premiums) of $24 million included $17 million for the Insurance segment and $7 million for the Reinsurance & Monoline Excess segment. This overall adverse development for both segments was primarily attributed to property catastrophe losses related to 2022 events which were still being adjusted and settled during the first quarter of 2023. In particular, losses related to U.S. winter storms which occurred during the month of December were a significant driver of the development, as information gathering and evaluation of many of these losses were still ongoing into the new year. In addition to the property prior year adverse development discussed above, during the first quarter of 2023, the Insurance segment experienced adverse prior year development on casualty lines for the 2016 through 2019 accident years, which was offset by favorable prior year development on casualty lines for the 2022 accident year. The adverse development on the 2016 through 2019 accident years was concentrated in the other liability line of business, and to a lesser degree, professional liability, including medical professional. The development, which particularly impacted business attaching excess of primary policy limits, was driven by a larger than expected number of large losses reported. The Company believes social inflation is contributing to an increase in the frequency of large losses for these accident years. Social inflation can include higher settlement demands from plaintiffs, use of tactics such as litigation funding by the plaintiffs’ bar, negative public sentiment towards large businesses and corporations, and erosion of tort reforms, among others. The favorable prior year development on casualty lines for the 2022 accident year in the Insurance segment was concentrated in the other liability, professional liability, and workers’ compensation lines of business. Due to uncertainty regarding incurred loss frequency and severity in light of ongoing social inflation and the emergence from the COVID-19 pandemic, the Company set its initial loss ratios for the 2022 accident year prudently, and largely maintained these estimates through the end of 2022. The reported loss experience to date for these lines of business for the 2022 accident year has been significantly better than was expected, and the Company has begun to react to this favorable emergence in the first quarter of 2023 for these lines. During the three months ended March 31, 2022, favorable prior year development (net of additional and return premiums) of $1 million included $6 million of favorable development for the Insurance segment, largely offset by $5 million of adverse development for the Reinsurance & Monoline Excess segment. The overall favorable development for the Insurance segment was primarily attributable to favorable development on the 2021 accident year, largely offset by adverse development on the 2015 through 2019 accident years. The favorable development on the 2021 accident year was concentrated in the commercial auto liability, other liability and accident and health (employer stop loss) lines of business. The Company continued to experience lower reported claim frequency in commercial auto and other liability in 2021 relative to historical averages, and lower reported incurred losses relative to our expectations. These trends began in 2020, and were likely caused by the impacts of the COVID-19 pandemic, including, for example, lockdowns, reduced driving/traffic, significant work from home, court closures, and similar reduced activities and travel. While reported claim frequency in these lines increased in 2021 relative to 2020, it remained below the historical levels pre- the start of the COVID-19 pandemic. Due to the ongoing uncertainty regarding the ultimate impacts of the COVID-19 pandemic on accident year 2021 incurred losses, the Company remains cautious in factoring in these trends in setting its initial loss ratio picks for this year. As accident year 2021 has begun to mature, we have recognized some of the favorable reported experience in our ultimate loss picks made as of March 31, 2022. The adverse development on the 2015 through 2019 accident years is concentrated in the other liability line of business, and to a lesser degree professional liability and commercial auto liability. The development is driven by a larger than expected number of large losses reported. The large losses particularly impacted the excess and surplus lines casualty classes of business. The overall adverse development for the Reinsurance & Monoline Excess segment was driven mainly by adverse development in the non-proportional reinsurance assumed liability and professional liability lines of business, largely offset by favorable development in excess workers' compensation. Both the adverse and favorable development was spread across many prior accident years. The adverse development was associated primarily with our U.S. assumed reinsurance business, and related to accounts insuring construction projects and professional liability exposures. The favorable excess workers' compensation development was driven by continued lower claim frequency and reported losses relative to our expectations and to favorable claim settlements.
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Fair Value Of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity available for sale securities, equity securities and its arbitrage 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, 2023 and December 31, 2022 by level:
The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2023 and for the year ended December 31, 2022:
For the three months ended March 31, 2023 and for the year ended December 31, 2022, there were no securities transferred into or 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:
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Premiums and Reinsurance Related Information |
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Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums and Reinsurance Related Information | Premiums and Reinsurance Related Information The following is a summary of insurance and reinsurance financial information:
The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the three months ended March 31, 2023 and 2022:
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 an allowance for expected credit losses. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the three months ended March 31, 2023 and 2022:
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Share-based Payment Arrangement [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 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 $12 million and $11 million for the three months ended March 31, 2023 and 2022, respectively. A summary of RSUs issued in the three months ended March 31, 2023 and 2022 follows:
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Litigation and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingent Liabilities | 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. |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessees are required to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months on the balance sheet. All leases disclosed within this footnote are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term. To determine the discount rate used to calculate present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew. The main leases entered into by the Company are for office space used by the Company’s operating units across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information are as follows:
Contractual maturities of the Company’s future minimum lease payments are as follows:
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Business Segments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: •Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom •Reinsurance & Monoline Excess - reinsurance business on a facultative and treaty basis, primarily in the United States, the United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa, as well as operations that solely retain risk on an excess basis. 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) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance from foreign operations for the three months ended March 31, 2023 and 2022 were $274 million and $235 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2023 and 2022 were $106 million and $96 million, respectively. (3) 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. (2) Monoline excess includes operations that solely retain risk on an excess basis.
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Recent Accounting Pronouncements and Accounting Policies (Policies) |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data | 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 11,416,856 and 11,592,699 common shares held in a grantor trust as of March 31, 2023 and 2022, respectively). The common shares held in the grantor trust are 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:
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Recent Accounting Pronouncements | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2023 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: All 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.
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Consolidated Statements of Comprehensive Income (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of changes in accumulated other comprehensive income (loss) | The following table presents the components of the changes in accumulated other comprehensive income ("AOCI"):
____________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income.
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Per Share Data (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares | 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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Investments in Fixed Maturity Securities (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments in fixed maturity securities | At March 31, 2023 and December 31, 2022, investments in fixed maturity securities were as follows:
____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
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Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 31, 2023 and 2022:
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Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2023 and 2022:
During the three months ended March 31, 2023, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 31, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to foreign government securities.
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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, 2023, 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.
________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $107 thousand related to held to maturity securities.
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Investments in Equity Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in Equity Securities | At March 31, 2023 and December 31, 2022, investments in equity securities were as follows:
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Net Investment Income (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Investment Income | Net investment income consisted of the following:
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Investment Funds (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Funds | Investment funds consisted of the following:
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Real Estate (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable | At March 31, 2023 and December 31, 2022, loans receivable were as follows:
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Financing Receivable, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended March 31, 2023 and 2022:
During the three months ended March 31, 2023, the Company decreased the allowance primarily due to a decrease in the weighted average life of the loans receivable portfolio. During the three months ended March 31, 2022, the Company reduced the allowance primarily due to the decrease in the duration of the loan portfolio.
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Net Investment Gains (Losses) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized Investment Gains (Losses) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized And Unrealized Investment Gains (Losses) | Net investment gains (losses) were as follows:
______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized (losses) gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. (2) During March 2022, the Company realized a gain on the sale of a real estate investment in London, U.K. of $251 million, net of transaction expenses and the foreign currency impact, including the reversal of the currency translation adjustment.
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Fixed Maturity Securities In An Unrealized Loss Position (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in an unrealized loss position | The following tables summarize all fixed maturity securities in an unrealized loss position at March 31, 2023 and December 31, 2022 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 | A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2023 is presented in the table below:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and December 31, 2022 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, 2023 and for the year ended December 31, 2022:
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Reserves for Loss and Loss Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances:
_______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $11 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. (2) The change 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 $19 million and decreased by $4 million for the three months ended March 31, 2023 and 2022, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Adverse development, net of additional and return premiums, was $24 million for the three months ended March 31, 2023, and favorable development was $1 million for the three months ended March 31, 2022, respectively.
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Premiums and Reinsurance Related Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance Financial Information | The following is a summary of insurance and reinsurance financial information:
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Premium receivable, allowance for credit loss | The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the three months ended March 31, 2023 and 2022:
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Reinsurance Recoverable, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the three months ended March 31, 2023 and 2022:
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Restricted Stock Units (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the three months ended March 31, 2023 and 2022 follows:
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | Further information relating to operating lease expense and other operating lease information are as follows:
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Supplemental Balance Sheet Information |
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Maturities of Operating Lease Liabilities | Contractual maturities of the Company’s future minimum lease payments are as follows:
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Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information Of Company Operating Segments |
(1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance from foreign operations for the three months ended March 31, 2023 and 2022 were $274 million and $235 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2023 and 2022 were $106 million and $96 million, respectively. (3) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments
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Identifiable Assets By Segment |
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Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows:
______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. (2) Monoline excess includes operations that solely retain risk on an excess basis.
|
Statements of Cash Flows (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Interest payments | $ 41,150,000 | $ 52,899,000 |
Income taxes paid | $ 0 | $ 0 |
General (Details) |
Mar. 23, 2022 |
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 |
Per Share Data (Narrative) (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Weighted average number of shares held in grantor trust (in shares) | 11,416,856,000 | 11,592,699 |
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, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Basic (shares) | 274,977 | 276,772 |
Diluted (shares) | 277,339 | 279,157 |
Investments in Fixed Maturity Securities (HTM Allowance for Credit Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 114 | $ 387 |
Cumulative effect adjustment resulting from changes in accounting principles | 107 | 378 |
Provision for expected credit losses | (7) | (9) |
Allowance for expected credit losses, end of period | $ 107 | $ 378 |
Arbitrage Trading Account (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Equity securities | $ 609,000 | $ 944,000 |
Long | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 5 | |
Notional amount of derivative | $ (2,000) |
Net Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net Investment Income [Line Items] | ||
Gross investment income | $ 226,113 | $ 175,485 |
Investment expense | (2,715) | (1,973) |
Net investment income | 223,398 | 173,512 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||
Net Investment Income [Line Items] | ||
Gross investment income | 195,642 | 101,284 |
Arbitrage trading account | ||
Net Investment Income [Line Items] | ||
Gross investment income | 2,180 | 52,012 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Gross investment income | 13,746 | 10,856 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Gross investment income | 18,256 | 9,187 |
Real estate | ||
Net Investment Income [Line Items] | ||
Gross investment income | $ (3,711) | $ 2,146 |
Real Estate (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Real Estate [Abstract] | ||
Properties in operation | $ 1,111,713 | $ 1,114,167 |
Properties under development | 226,791 | 226,455 |
Total | $ 1,338,504 | $ 1,340,622 |
Real Estate (Narrative) (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 30,180,000 | $ 33,206,000 | |
Real estate depreciation expense | 2,281,000 | $ 4,788,000 | |
Lease future minimum payments 2021 | 24,345,984 | ||
Lease future minimum payments 2022 | 34,786,393 | ||
Lease future minimum payments 2023 | 32,070,092 | ||
Lease future minimum payments 2024 | 29,483,276 | ||
Lease future minimum payments 2025 | 28,567,112 | ||
Lease future minimum payments 2026 | 28,906,220 | ||
Lease future minimum payments there after | $ 482,081,845 |
Loans Receivable (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 194,944,000 | $ 193,002,000 |
Loans receivable | 187,455,000 | 187,981,000 |
Loans in nonaccrual status | 0 | |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 175,745,000 | 173,616,000 |
Loans receivable | 168,256,000 | 168,595,000 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 19,199,000 | 19,386,000 |
Loans receivable | $ 19,199,000 | $ 19,386,000 |
Loans receivable maturity term | 10 years |
Loans Receivable - Allowance For Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | $ 1,791 | $ 1,718 |
Change in expected credit losses | (182) | (289) |
Allowance for expected credit losses, end of period | 1,609 | 1,429 |
Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | 1,100 | 1,362 |
Change in expected credit losses | (61) | (67) |
Allowance for expected credit losses, end of period | 1,039 | 1,295 |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | 691 | 356 |
Change in expected credit losses | (121) | (222) |
Allowance for expected credit losses, end of period | $ 570 | $ 134 |
Net Investment Gains (Losses) (Net Investment Gains (Losses)) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Fixed maturity securities, gains | $ 943 | $ 1,705 | |
Fixed maturity securities, losses | (18,130) | (2,984) | |
Net realized gains on investment sales | 1,060 | 905 | |
Change in unrealized gains | 43,404 | 93,213 | |
Investment funds | 10 | (2,162) | |
Real estate (2) | 10,739 | 286,192 | |
Loans receivable | 0 | (32) | |
Other | (15,415) | (6,955) | |
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | 22,611 | 369,882 | |
Fixed maturity securities | 217 | (3,906) | |
Loans receivable | 182 | 289 | |
Change in allowance for expected credit losses on investments | 399 | (3,617) | |
Net investment gains | 23,010 | 366,265 | |
Income tax expense | (4,850) | (78,442) | |
After-tax net investment gains | $ 18,160 | $ 287,823 | |
Realized gain on sale of real estate investment | $ 251,000 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Fair Value Disclosures [Abstract] | ||
Securities transferred into or out of level 3, net | $ 0 | $ 0 |
Reserves for Loss and Loss Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of period | $ 14,248,879 | $ 12,848,362 | |
Net provision for losses and loss expenses: | |||
Claims occurring during the current year | 1,502,817 | 1,327,695 | |
Decrease in estimates for claims occurring in prior years | 28,205 | 3,761 | |
Loss reserve discount accretion | 7,733 | 7,796 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 1,538,755 | 1,339,252 | |
Net payments for claims: | |||
Current year | 110,274 | 84,598 | |
Prior years | 1,106,481 | 933,656 | |
Total | 1,216,755 | 1,018,254 | |
Foreign currency translation | 1,154 | 9,983 | |
Net reserves at end of period | 14,572,033 | 13,179,343 | $ 14,248,879 |
Ceded reserves at end of period | 2,859,602 | 2,543,546 | |
Gross reserves at end of period | $ 17,431,635 | $ 15,722,889 | $ 17,011,223 |
Premiums and Reinsurance Related Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Written premiums: | ||||
Written premiums, direct | $ 2,738,754 | $ 2,542,336 | ||
Written premiums, assumed | 310,563 | 317,500 | ||
Written premiums, ceded | (474,493) | (446,582) | ||
Total net premiums written | 2,574,824 | 2,413,254 | ||
Earned premiums: | ||||
Earned premiums, direct | 2,667,063 | 2,404,597 | ||
Earned premiums, assumed | 295,230 | 292,373 | ||
Earned premiums, ceded | (470,861) | (447,883) | ||
Net premiums earned | 2,491,432 | 2,249,087 | ||
Ceded losses and loss expenses incurred | 315,476 | 243,294 | ||
Ceded commissions earned | 118,418 | 117,445 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 8,703 | $ 7,655 | $ 8,064 | $ 7,713 |
Premiums and Reinsurance Related Information - Premiums and Reinsurance, Allowance For Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 30,660 | $ 25,218 |
Cumulative effect adjustment resulting from changes in accounting principles | 32,353 | 28,236 |
Change in expected credit losses | 1,693 | 3,018 |
Allowance for expected credit losses, end of period | 32,353 | 28,236 |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 8,064 | 7,713 |
Cumulative effect adjustment resulting from changes in accounting principles | 8,703 | 7,655 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 639 | (58) |
Allowance for expected credit losses, end of period | $ 8,703 | $ 7,655 |
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 12,000 | |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted stock units (in units) | 0 | 1,660 |
Fair Value | $ 0 | $ 150 |
Minimum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 3 years | |
Maximum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 5 years |
Leases (Lease Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases [Abstract] | ||
Lease cost | $ 10,188 | $ 10,198 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | 10,563 | 10,993 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 5,313 | $ 17,269 |
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Mar. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 164,547 | $ 180,424 |
Operating lease, liability | $ 199,225 | $ 217,086 |
Weighted-average remaining lease term | 7 years 1 month 6 days | 7 years 3 months 18 days |
Weighted-average discount rate | 4.49% | 4.58% |
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Mar. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
2023 | $ 36,209 | |
2024 | 42,330 | |
2025 | 34,121 | |
2026 | 27,166 | |
2027 | 17,585 | |
Thereafter | 72,767 | |
Total undiscounted future minimum lease payments | 230,178 | |
Less: Discount impact | 30,953 | |
Total lease liability | $ 199,225 | $ 217,086 |
Business Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 34,296,064 | $ 33,815,103 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 27,062,484 | 27,012,479 |
Operating Segments | Reinsurance & Monoline Excess | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 5,191,920 | 5,195,752 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 2,041,660 | $ 1,606,872 |
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