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Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments [Abstract]

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

		At September 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	$	1,202,171		$	39,053		$	(1,824)		$	1,239,400		$	-
	Obligations of U.S. states and political subdivisions		506,860			30,609			(98)			537,371			-
	Corporate securities		6,315,184			199,078			(38,925)			6,475,337			409
	Asset-backed securities		864,311			3,293			(2,718)			864,886			-
	Mortgage-backed securities
	Commercial		728,348			39,643			(699)			767,292			-
	Agency residential		2,367,704			40,888			(6,976)			2,401,616			-
	Non-agency residential		8,047			38			(18)			8,067			-
	Foreign government securities		1,325,153			54,419			(36,009)			1,343,563			-
	Foreign corporate securities		2,847,063			129,449			(47,911)			2,928,601			465
Total fixed maturity securities		$	16,164,841		$	536,470		$	(135,178)		$	16,566,133		$	874

		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 September 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	$	1,430,361		$	1,444,393		$	1,328,571		$	1,330,534
Due after one year through five years		6,639,678			6,750,145			8,114,247			8,016,490
Due after five years through ten years		3,117,529			3,274,937			2,455,911			2,413,846
Due after ten years		1,008,863			1,054,797			789,575			791,113
Asset-backed securities		864,311			864,886			545,427			540,097
Mortgage-backed securities:
Commercial		728,348			767,292			329,883			326,710
Agency residential		2,367,704			2,401,616			1,832,760			1,796,264
Non-agency residential		8,047			8,067			10,198			10,209
Total fixed maturity securities	$.	16,164,841		$.	16,566,133		$.	15,406,572		$.	15,225,263

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

	Three Months Ended						Nine Months Ended
	September 30,						September 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	$	103,173		$	(22,073)		$	584,333		$	(282,479)
Fixed maturity securities, other-than-temporary impairment		72			72			(1,671)			339
Change in unrealized appreciation (depreciation), pre-tax		103,245			(22,001)			582,662			(282,140)
Deferred tax benefit (expense)		(9,984)			1,205			(62,415)			20,497
Deferred tax benefit (expense), other-than-temporary impairment		(25)			(69)			122			(145)
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in shareholders’ equity	$	93,236		$	(20,865)		$	520,369		$	(261,788)

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

		Duration of Unrealized Loss at September 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	$	23,964		$	(20)		$	316,601		$	(1,804)		$	340,565		$	(1,824)
Obligations of U.S. states and political subdivisions		6,672			(52)			3,518			(46)			10,190			(98)
Corporate securities		524,855			(11,045)			526,975			(27,880)			1,051,830			(38,925)
Asset-backed securities		337,232			(2,029)			175,138			(689)			512,370			(2,718)
Mortgage-backed securities
Commercial		4,944			-			47,201			(699)			52,145			(699)
Agency residential		32,779			(95)			617,460			(6,881)			650,239			(6,976)
Non-agency residential		3,200			(16)			2,381			(2)			5,581			(18)
Foreign government securities		163,595			(4,794)			304,079			(31,215)			467,674			(36,009)
Foreign corporate securities		235,652			(5,728)			491,150			(42,183)			726,802			(47,911)
Total fixed maturity securities	$	1,332,893		$	(23,779)		$	2,484,503		$	(111,399)		$	3,817,396		$	(135,178)

		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 September 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	$	76,571		$	(1,341)		$	446,039		$	(22,077)		$	522,610		$	(23,418)
Due in one year through five years		354,417			(6,986)			982,505			(55,581)			1,336,922			(62,567)
Due in five years through ten years		330,090			(10,236)			118,854			(14,860)			448,944			(25,096)
Due after ten years		193,660			(3,076)			94,925			(10,610)			288,585			(13,686)
Asset-backed securities		337,232			(2,029)			175,138			(689)			512,370			(2,718)
Mortgage-backed securities		40,923			(111)			667,042			(7,582)			707,965			(7,693)
Total fixed maturity securities	$	1,332,893		$	(23,779)		$	2,484,503		$	(111,399)		$	3,817,396		$	(135,178)

		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						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2019			2018				2019			2018
Fixed maturities	$	130,139		$	119,513		$	383,440		$	343,019
Equity securities		4,147			5,380			12,250			18,879
Short-term investments and cash		3,899			5,005			13,497			8,829
Other invested assets
Limited partnerships		43,758			38,342			100,298			83,719
Other		7,286			2,980			13,565			9,964
Gross investment income before adjustments		189,229			171,220			523,050			464,410
Funds held interest income (expense)		2,325			1,003			9,715			6,572
Future policy benefit reserve income (expense)		(372)			(431)			(965)			(999)
Gross investment income		191,182			171,792			531,800			469,983
Investment expenses		(10,124)			(10,429)			(30,738)			(29,004)
Net investment income	$	181,058		$	161,363		$	501,062		$	440,979

Summary Of Components Of Net Realized Capital Gains (Losses)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2019				2018		2019			2018
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(7,314)		$	(3,825)		$	(15,404)		$	(4,783)
Gains (losses) from sales		5,290			738			16,660			11,087
Fixed maturity securities, fair value:
Gains (losses) from sales		-			(717)			356			(1,799)
Gains (losses) from fair value adjustments		-			584			13			1,542
Equity securities, fair value:
Gains (losses) from sales		(1,192)			9,507			2,541			7,984
Gains (losses) from fair value adjustments		(12,008)			47,653			102,795			30,200
Other invested assets		2,098			913			2,341			1,497
Short-term investments gain (loss)		183			(49)			259			(49)
Total net realized capital gains (losses)	$	(12,943)		$	54,804		$	109,561		$	45,679

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2019			2018			2019			2018
Proceeds from sales of fixed maturity securities	$	271,025		$	531,452		$	2,591,938		$	1,757,890
Gross gains from sales		14,270			5,653			42,316			25,479
Gross losses from sales		(8,980)			(5,632)			(25,300)			(16,191)
Proceeds from sales of equity securities	$	35,924		$	209,437		$	185,157		$	785,819
Gross gains from sales		1,035			14,182			9,286			28,228
Gross losses from sales		(2,227)			(4,675)			(6,745)			(20,244)

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