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Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments [Abstract]

Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

		At June 30, 2019
		Amortized			Unrealized			Unrealized			Market			OTTI in AOCI
(Dollars in thousands)		Cost			Appreciation			Depreciation			Value			(a)
Fixed maturity securities
	U.S. Treasury securities and obligations of
	U.S. government agencies and corporations	$	1,301,006		$	33,777		$	(2,578)		$	1,332,205		$	-
	Obligations of U.S. states and political subdivisions		502,025			27,035			(351)			528,709			-
	Corporate securities		5,892,619			161,213			(33,382)			6,020,450			368
	Asset-backed securities		759,213			2,346			(1,958)			759,601			-
	Mortgage-backed securities
	Commercial		677,210			26,967			(927)			703,250			-
	Agency residential		2,294,248			28,879			(11,711)			2,311,416			-
	Non-agency residential		8,381			39			(15)			8,405			-
	Foreign government securities		1,293,568			49,162			(39,548)			1,303,182			-
	Foreign corporate securities		2,778,285			113,443			(54,422)			2,837,306			434
Total fixed maturity securities		$	15,506,555		$	442,861		$	(144,892)		$	15,804,524		$	802

		At December 31, 2018
		Amortized			Unrealized			Unrealized			Market			OTTI in AOCI
(Dollars in thousands)		Cost			Appreciation			Depreciation			Value			(a)
Fixed maturity securities
	U.S. Treasury securities and obligations of
	U.S. government agencies and corporations	$	2,629,454		$	16,781		$	(15,101)		$	2,631,134		$	-
	Obligations of U.S. states and political subdivisions		490,018			12,915			(2,839)			500,094			439
	Corporate securities		5,538,582			48,465			(141,515)			5,445,532			1,688
	Asset-backed securities		545,427			162			(5,492)			540,097			-
	Mortgage-backed securities
	Commercial		329,883			2,167			(5,340)			326,710			-
	Agency residential		1,832,760			7,325			(43,821)			1,796,264			-
	Non-agency residential		10,198			37			(26)			10,209			-
	Foreign government securities		1,335,328			34,743			(55,906)			1,314,165			98
	Foreign corporate securities		2,694,922			63,994			(97,858)			2,661,058			320
Total fixed maturity securities		$	15,406,572		$	186,589		$	(367,898)		$	15,225,263		$	2,545

(a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity

	At June 30, 2019						At December 31, 2018
	Amortized			Market			Amortized			Market
(Dollars in thousands)	Cost			Value			Cost			Value
Fixed maturity securities – available for sale:
Due in one year or less	$	1,566,736		$	1,579,362		$	1,328,571		$	1,330,534
Due after one year through five years		6,605,036			6,687,305			8,114,247			8,016,490
Due after five years through ten years		2,761,724			2,880,168			2,455,911			2,413,846
Due after ten years		834,007			875,017			789,575			791,113
Asset-backed securities		759,213			759,601			545,427			540,097
Mortgage-backed securities:
Commercial		677,210			703,250			329,883			326,710
Agency residential		2,294,248			2,311,416			1,832,760			1,796,264
Non-agency residential		8,381			8,405			10,198			10,209
Total fixed maturity securities	$.	15,506,555		$.	15,804,524		$.	15,406,572		$.	15,225,263

Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2019			2018			2019			2018
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	227,266		$	(40,921)		$	481,160		$	(260,406)
Fixed maturity securities, other-than-temporary impairment		(1,499)			456			(1,743)			267
Change in unrealized appreciation (depreciation), pre-tax		225,767			(40,465)			479,417			(260,139)
Deferred tax benefit (expense)		(29,954)			(1,007)			(52,431)			19,292
Deferred tax benefit (expense), other-than-temporary impairment		77			(55)			147			(76)
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in shareholders’ equity	$	195,890		$	(41,527)		$	427,133		$	(240,923)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

		Duration of Unrealized Loss at June 30, 2019 By Security Type
	Less than 12 months						Greater than 12 months						Total
				Gross						Gross						Gross
				Unrealized						Unrealized						Unrealized
(Dollars in thousands)	Market Value			Depreciation			Market Value			Depreciation			Market Value			Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	37,959		$	(11)		$	352,523		$	(2,567)		$	390,482		$	(2,578)
Obligations of U.S. states and political subdivisions		2,994			(50)			9,840			(301)			12,834			(351)
Corporate securities		243,339			(9,044)			956,838			(24,338)			1,200,177			(33,382)
Asset-backed securities		313,948			(1,051)			206,558			(907)			520,506			(1,958)
Mortgage-backed securities
Commercial		3,168			(35)			75,713			(892)			78,881			(927)
Agency residential		38,520			(100)			1,068,294			(11,611)			1,106,814			(11,711)
Non-agency residential		6,902			(15)			-			-			6,902			(15)
Foreign government securities		133,946			(6,114)			355,728			(33,434)			489,674			(39,548)
Foreign corporate securities		158,663			(5,387)			635,609			(49,035)			794,272			(54,422)
Total fixed maturity securities	$	939,439		$	(21,807)		$	3,661,103		$	(123,085)		$	4,600,542		$	(144,892)

		Duration of Unrealized Loss at December 31, 2018 By Security Type
	Less than 12 months						Greater than 12 months						Total
				Gross						Gross						Gross
				Unrealized						Unrealized						Unrealized
(Dollars in thousands)	Market Value			Depreciation			Market Value			Depreciation			Market Value			Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	76,226		$	(158)		$	777,409		$	(14,943)		$	853,635		$	(15,101)
Obligations of U.S. states and political subdivisions		71,559			(1,444)			38,105			(1,395)			109,664			(2,839)
Corporate securities		2,513,463			(69,619)			1,683,729			(71,896)			4,197,192			(141,515)
Asset-backed securities		230,285			(2,746)			245,300			(2,746)			475,585			(5,492)
Mortgage-backed securities
Commercial		71,167			(1,128)			154,201			(4,212)			225,368			(5,340)
Agency residential		156,930			(975)			1,373,629			(42,846)			1,530,559			(43,821)
Non-agency residential		10,174			(26)			-			-			10,174			(26)
Foreign government securities		196,303			(9,719)			494,156			(46,187)			690,459			(55,906)
Foreign corporate securities		939,808			(35,023)			782,405			(62,835)			1,722,213			(97,858)
Total fixed maturity securities	$	4,265,915		$	(120,838)		$	5,548,934		$	(247,060)		$	9,814,849		$	(367,898)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity

		Duration of Unrealized Loss at June 30, 2019 By Maturity
	Less than 12 months						Greater than 12 months						Total
				Gross						Gross						Gross
				Unrealized						Unrealized						Unrealized
(Dollars in thousands)	Market Value			Depreciation			Market Value			Depreciation			Market Value			Depreciation
Fixed maturity securities
Due in one year or less	$	72,925		$	(1,270)		$	653,276		$	(21,829)		$	726,201		$	(23,099)
Due in one year through five years		251,725			(4,989)			1,317,255			(64,110)			1,568,980			(69,099)
Due in five years through ten years		223,082			(12,638)			216,841			(12,797)			439,923			(25,435)
Due after ten years		29,169			(1,709)			123,166			(10,939)			152,335			(12,648)
Asset-backed securities		313,948			(1,051)			206,558			(907)			520,506			(1,958)
Mortgage-backed securities		48,590			(150)			1,144,007			(12,503)			1,192,597			(12,653)
Total fixed maturity securities	$	939,439		$	(21,807)		$	3,661,103		$	(123,085)		$	4,600,542		$	(144,892)

		Duration of Unrealized Loss at December 31, 2018 By Maturity
	Less than 12 months						Greater than 12 months						Total
				Gross						Gross						Gross
				Unrealized						Unrealized						Unrealized
(Dollars in thousands)	Market Value			Depreciation			Market Value			Depreciation			Market Value			Depreciation
Fixed maturity securities
Due in one year or less	$	454,239		$	(2,558)		$	427,513		$	(20,675)		$	881,752		$	(23,233)
Due in one year through five years		2,014,704			(45,148)			2,764,981			(129,940)			4,779,685			(175,088)
Due in five years through ten years		1,082,568			(51,300)			492,216			(34,210)			1,574,784			(85,510)
Due after ten years		245,848			(16,957)			91,094			(12,431)			336,942			(29,388)
Asset-backed securities		230,285			(2,746)			245,300			(2,746)			475,585			(5,492)
Mortgage-backed securities		238,271			(2,129)			1,527,830			(47,058)			1,766,101			(49,187)
Total fixed maturity securities	$	4,265,915		$	(120,838)		$	5,548,934		$	(247,060)		$	9,814,849		$	(367,898)

Summary Of Components Of Net Investment Income

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2019			2018				2019			2018
Fixed maturities	$	126,593		$	114,824		$	253,301		$	223,506
Equity securities		4,596			6,672			8,103			13,499
Short-term investments and cash		5,393			2,092			9,598			3,824
Other invested assets
Limited partnerships		48,243			21,996			56,540			45,377
Other		3,299			2,659			6,279			6,984
Gross investment income before adjustments		188,124			148,243			333,821			293,190
Funds held interest income (expense)		1,422			1,939			7,390			5,569
Future policy benefit reserve income (expense)		(359)			(359)			(593)			(568)
Gross investment income		189,187			149,823			340,618			298,191
Investment expenses		(10,159)			(8,501)			(20,614)			(18,575)
Net investment income	$	179,028		$	141,322		$	320,004		$	279,616

Summary Of Components Of Net Realized Capital Gains (Losses)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2019				2018		2019			2018
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(5,157)		$	(888)		$	(8,090)		$	(958)
Gains (losses) from sales		6,097			(43)			11,370			10,349
Fixed maturity securities, fair value:
Gains (losses) from sales		356			(1,068)			356			(1,082)
Gains (losses) from fair value adjustments		-			958			13			958
Equity securities, fair value:
Gains (losses) from sales		(1,315)			(1,563)			3,733			(1,523)
Gains (losses) from fair value adjustments		30,362			17,800			114,803			(17,453)
Other invested assets		(153)			581			243			584
Short-term investments gain (loss)		82			(1)			76			-
Total net realized capital gains (losses)	$	30,272		$	15,776		$	122,504		$	(9,125)

Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2019			2018			2019			2018
Proceeds from sales of fixed maturity securities	$	522,687		$	862,150		$	2,320,913		$	1,226,438
Gross gains from sales		11,908			6,824			28,046			19,826
Gross losses from sales		(5,455)			(7,935)			(16,320)			(10,559)
Proceeds from sales of equity securities	$	79,733		$	376,507		$	149,233		$	576,382
Gross gains from sales		2,576			7,359			8,251			14,046
Gross losses from sales		(3,891)			(8,922)			(4,518)			(15,569)

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