XML 63 R49.htm IDEA: XBRL DOCUMENT v3.23.1
Fair Value - Level 3 rollforward (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year $ 1,010,025 $ 1,113,592
(Losses) gains included in net income (82,798) 118,172
Purchases 80,126 86,764
Settlements and sales (85,155) [1] (299,826) [2]
Level 3 transfers, Net 6,354 (8,677)
Balance, end of year 928,552 1,010,025
Change in unrealized (losses) gains relating to assets held at end of year $ (80,316) $ 54,670
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net (loss) income Net (loss) income
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net realized and unrealized investment (losses) gains Net realized and unrealized investment (losses) gains
Fixed maturities    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year $ 111,945 $ 154,535
(Losses) gains included in net income (13,862) (7,165)
Purchases 0 0
Settlements and sales (33,406) [1] (35,425) [2]
Level 3 transfers, Net 0 0
Balance, end of year 64,677 111,945
Change in unrealized (losses) gains relating to assets held at end of year (14,108) (8,818)
Sales 32,000 17,000
Fixed maturities | U.S. states, territories and municipalities    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 95,181 120,477
(Losses) gains included in net income (13,862) (7,330)
Purchases 0 0
Settlements and sales (32,572) (17,966)
Level 3 transfers, Net 0 0
Balance, end of year 48,747 95,181
Change in unrealized (losses) gains relating to assets held at end of year (14,108) (8,818)
Fixed maturities | Asset-backed securities    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 16,764 17,528
(Losses) gains included in net income 0 0
Purchases 0 0
Settlements and sales (834) (764)
Level 3 transfers, Net 0 0
Balance, end of year 15,930 16,764
Change in unrealized (losses) gains relating to assets held at end of year 0 0
Fixed maturities | Corporate bonds    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 0 16,530
(Losses) gains included in net income   165
Purchases   0
Settlements and sales   (16,695)
Level 3 transfers, Net   0
Balance, end of year   0
Change in unrealized (losses) gains relating to assets held at end of year   0
Short-term investments    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 0  
(Losses) gains included in net income 0  
Purchases 6,907  
Settlements and sales 0  
Level 3 transfers, Net 0  
Balance, end of year 6,907 0
Change in unrealized (losses) gains relating to assets held at end of year 0  
Equities    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year [3] 23,756 51,422
(Losses) gains included in net income (2,721) 63,045 [3]
Purchases 2,759 4,619 [3]
Settlements and sales (494) [1] (90,929) [2],[3]
Level 3 transfers, Net 0 (4,401) [3]
Balance, end of year 23,300 23,756 [3]
Change in unrealized (losses) gains relating to assets held at end of year (2,908) 6,681 [3]
Sales   91,000
Equities | Energy    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 2,368 34,448
(Losses) gains included in net income (854) 54,509
Purchases 0 6
Settlements and sales 0 (86,595)
Level 3 transfers, Net 0 0
Balance, end of year 1,514 2,368
Change in unrealized (losses) gains relating to assets held at end of year (854) 1,326
Sales   87,000
Equities | Consumer noncyclical    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 10,081 6,886
(Losses) gains included in net income 0 7,557
Purchases 0 0
Settlements and sales 0 0
Level 3 transfers, Net 0 (4,362)
Balance, end of year 10,081 10,081
Change in unrealized (losses) gains relating to assets held at end of year 0 4,522
Equities | Insurance    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 0 4,000
(Losses) gains included in net income   0
Purchases   0
Settlements and sales   (4,000)
Level 3 transfers, Net   0
Balance, end of year   0
Change in unrealized (losses) gains relating to assets held at end of year   0
Sales   4,000
Equities | Real estate    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 2,097 2,338
(Losses) gains included in net income (283) (241)
Purchases 0 0
Settlements and sales 0 0
Level 3 transfers, Net 0 0
Balance, end of year 1,814 2,097
Change in unrealized (losses) gains relating to assets held at end of year (283) (241)
Equities | Consumer cyclical    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 1,394 475
(Losses) gains included in net income (1,366) (916)
Purchases 0 1,835
Settlements and sales 0 0
Level 3 transfers, Net 0 0
Balance, end of year 28 1,394
Change in unrealized (losses) gains relating to assets held at end of year (1,366) (916)
Equities | Industrials    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 220 39
(Losses) gains included in net income 13 245
Purchases 0 309
Settlements and sales (157) (334)
Level 3 transfers, Net 0 (39)
Balance, end of year 76 220
Change in unrealized (losses) gains relating to assets held at end of year (53) 99
Equities | Finance    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 128 138
(Losses) gains included in net income (8) (10)
Purchases 0 0
Settlements and sales 0 0
Level 3 transfers, Net 0 0
Balance, end of year 120 128
Change in unrealized (losses) gains relating to assets held at end of year (8) (10)
Equities | Diversified    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 7,468 3,098
(Losses) gains included in net income (223) 1,901
Purchases 2,759 2,469
Settlements and sales (337) 0
Level 3 transfers, Net 0 0
Balance, end of year 9,667 7,468
Change in unrealized (losses) gains relating to assets held at end of year (344) 1,901
Other invested assets    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 874,324 907,635
(Losses) gains included in net income (66,215) 62,292
Purchases 70,460 82,145
Settlements and sales (51,255) [1] (173,472) [2]
Level 3 transfers, Net 6,354 (4,276)
Balance, end of year 833,668 874,324
Change in unrealized (losses) gains relating to assets held at end of year (63,300) 56,807
Sales 36,000 119,000
Other invested assets | Derivatives, net    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 7,796 (862)
(Losses) gains included in net income 1,929 5,718
Purchases 5,631 3,059
Settlements and sales (8) (119)
Level 3 transfers, Net 0 0
Balance, end of year 15,348 7,796
Change in unrealized (losses) gains relating to assets held at end of year 996 4,018
Other invested assets | Corporate loans    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year [3] 287,527 374,556
(Losses) gains included in net income 1,443 (9,883) [3]
Purchases 34,543 78,673 [3]
Settlements and sales (42,589) (151,543) [3]
Level 3 transfers, Net 6,354 (4,276) [3]
Balance, end of year 287,278 287,527 [3]
Change in unrealized (losses) gains relating to assets held at end of year 2,166 (6,844) [3]
Sales 33,000  
Other invested assets | Notes and loan receivables and notes securitization    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year 6,575 7,121
(Losses) gains included in net income (594) (71)
Purchases 0 21
Settlements and sales (2,815) (496)
Level 3 transfers, Net 0 0
Balance, end of year 3,166 6,575
Change in unrealized (losses) gains relating to assets held at end of year 2,301 (6,895)
Sales 3,000  
Other invested assets | Fund investments    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year [3] 11,739 32,810
(Losses) gains included in net income 92 (149) [3]
Purchases 30,286 392 [3]
Settlements and sales (5,843) (21,314) [3]
Level 3 transfers, Net 0 0 [3]
Balance, end of year 36,274 11,739 [3]
Change in unrealized (losses) gains relating to assets held at end of year 322 (149) [3]
Other invested assets | Real estate company investment    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Balance, beginning of year [3] 560,687 494,010
(Losses) gains included in net income (69,085) 66,677 [3]
Purchases 0 0 [3]
Settlements and sales 0 0 [3]
Level 3 transfers, Net 0 0 [3]
Balance, end of year 491,602 560,687 [3]
Change in unrealized (losses) gains relating to assets held at end of year $ (69,085) $ 66,677 [3]
[1] Included sales of Fixed maturities and Other invested assets of $32 million and $36 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Other invested assets included sales of corporate loans of $33 million and sales of notes and loan receivables and notes securitization of $3 million.
[2] Included sales of Fixed maturities, Equities and Other invested assets of $17 million, $91 million and $119 million, respectively. Sales of Fixed maturities were comprised of U.S. states, territories and municipalities. Sales of Equities included sales of $87 million in energy and $4 million in insurance. Sales of Other invested assets included sales of corporate loans.
[3] The Level 3 reconciliation for the year ended December 31, 2021 has been recast to reflect the reclassification of certain investments within the fair value table as discussed above.