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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes [Abstract] |
Components Of The Provision |
| Years Ended December 31,
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Current tax expense (benefit): |  |  |  |  |  |  |  |
U.S. | $ | (5,044) |  | $ | (38,625) |  | $ | (117,173)
Non-U.S. |  | 14,420 |  |  | 6,497 |  |  | 2,849
Total current tax expense (benefit) |  | 9,376 |  |  | (32,128) |  |  | (114,324)
Deferred tax expense (benefit): |  |  |  |  |  |  |  |
U.S. |  | 80,247 |  |  | (298,998) |  |  | 50,207
Non-U.S. |  | (97) |  |  | (97) |  |  | 777
Total deferred tax expense (benefit) |  | 80,150 |  |  | (299,095) |  |  | 50,984
Total income tax expense (benefit) | $ | 89,526 |  | $ | (331,223) |  | $ | (63,340)
(Some amounts may not reconcile due to rounding.)
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate |
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
(Dollars in thousands) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Underwriting gain (loss) | $ | 38,964 |  | $ | 297,199 |  | $ | (1,407,020) |  | $ | 796,745 |  | $ | (516,167) |  | $ | 308,646
Net investment income |  | 325,179 |  |  | 321,960 |  |  | 283,569 |  |  | 297,614 |  |  | 255,310 |  |  | 287,588
Net realized capital gains (losses) |  | 155,609 |  |  | 29,394 |  |  | (90,033) |  |  | (37,103) |  |  | 148,099 |  |  | 5,095
Net derivative gain (loss) |  | - |  |  | 6,374 |  |  | - |  |  | 520 |  |  | - |  |  | 9,581
Corporate expenses |  | (13,063) |  |  | (19,903) |  |  | (11,035) |  |  | (19,637) |  |  | (7,394) |  |  | (18,529)
Interest, fee and bond issue cost amortization expense |  | (34,931) |  |  | 3,239 |  |  | (30,611) |  |  | (420) |  |  | (31,183) |  |  | (420)
Other income (expense) |  | (1,976) |  |  | (9,057) |  |  | (5,894) |  |  | (18,877) |  |  | 32,441 |  |  | (53,656)
Pre-tax income (loss) | $ | 469,782 |  | $ | 629,206 |  | $ | (1,261,024) |  | $ | 1,018,842 |  | $ | (118,894) |  | $ | 538,305
Expected tax provision at the applicable statutory rate(s) |  | 98,766 |  |  | 17,205 |  |  | (264,912) |  |  | 9,647 |  |  | (41,614) |  |  | 6,843
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt income |  | (3,680) |  |  | - |  |  | (3,824) |  |  | - |  |  | (8,488) |  |  | -
Dividend received deduction |  | (998) |  |  | - |  |  | (1,520) |  |  | - |  |  | (4,639) |  |  | -
Proration |  | 1,050 |  |  | - |  |  | 1,150 |  |  | - |  |  | 1,760 |  |  | -
Affiliated preferred stock dividends |  | 6,517 |  |  | - |  |  | 6,517 |  |  | - |  |  | 10,861 |  |  | -
Creditable foreign premium tax |  | (9,852) |  |  | - |  |  | (13,475) |  |  | - |  |  | (7,515) |  |  | -
Tax audit settlement |  | (1,576) |  |  | - |  |  | (2,094) |  |  | - |  |  | (11,516) |  |  | -
U.S. rate differential on carryback of net operation losses to PY |  | - |  |  | - |  |  | (43,734) |  |  | - |  |  | - |  |  | -
U.S. rate differential on deferred tax 2017 return to provision |  | - |  |  | - |  |  | (28,411) |  |  | - |  |  | - |  |  | -
Share based compensation tax benefits formerly in APIC |  | (2,984) |  |  | (373) |  |  | (3,333) |  |  | (120) |  |  | (6,716) |  |  | (235)
Impact of U.S. tax reform |  | - |  |  | - |  |  | - |  |  | - |  |  | 8,246 |  |  | -
Impact of prior year accounting adjustment |  | - |  |  | - |  |  | - |  |  | - |  |  | (8,986) |  |  | -
Change in uncertain tax positions |  | (8,434) |  |  | - |  |  | 8,434 |  |  | - |  |  | - |  |  | -
Other |  | (3,606) |  |  | (2,509) |  |  | 7,579 |  |  | (3,127) |  |  | 1,641 |  |  | (2,982)
Total income tax provision | $ | 75,203 |  | $ | 14,323 |  | $ | (337,623) |  | $ | 6,400 |  | $ | (66,966) |  | $ | 3,626
(Some amounts may not reconcile due to rounding.)
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits |
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Balance at January 1 | $ | 8,434 |  | $ | - |  | $ | -
Additions based on tax positions related to the current year |  | - |  |  | - |  |  | -
Additions for tax positions of prior years |  | - |  |  | 8,434 |  |  | -
Reductions for tax positions of prior years |  | (8,434) |  |  | - |  |  | -
Settlements with taxing authorities |  | - |  |  | - |  |  | -
Lapses of applicable statutes of limitations |  | - |  |  | - |  |  | -
Balance at December 31 | $ | - |  | $ | 8,434 |  | $ | -
Net Deferred Income Tax Assets |
| Years Ended December 31,
(Dollars in thousands) | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |
Foreign Tax Credits | $ | 186,706 |  | $ | 167,685
Unearned premium reserves |  | 75,130 |  |  | 63,309
Loss reserves |  | 66,025 |  |  | 64,135
Net operating loss carryforward |  | 31,698 |  |  | 106,543
Net unrealized losses on benefit plans |  | 19,818 |  |  | 17,921
Unrealized foreign currency losses |  | 7,964 |  |  | 12,596
Investment impairments |  | 3,961 |  |  | 1,291
Uncollectible reinsurance reserves |  | 3,142 |  |  | 3,142
Other Tax Credits |  | 2,294 |  |  | -
Net unrealized investment losses |  | - |  |  | 10,815
Net fair value losses |  | - |  |  | 7,196
Other assets |  | 13,869 |  |  | 11,521
Total deferred tax assets |  | 410,607 |  |  | 466,154
Deferred tax liabilities: |  |  |  |  |
Deferred acquisition costs |  | 81,931 |  |  | 74,736
Net unrealized investment gains |  | 39,413 |  |  | -
Net fair value income |  | 25,936 |  |  | -
Partnership investments |  | 15,039 |  |  | 14,936
Benefit plan asset |  | 2,333 |  |  | 3,600
Other liabilities |  | 4,937 |  |  | 3,868
Total deferred tax liabilities |  | 169,589 |  |  | 97,140
Net deferred tax assets |  | 241,018 |  |  | 369,014
Less: Valuation allowance |  | (12,997) |  |  | (9,309)
Total net deferred tax assets | $ | 228,021 |  | $ | 359,705
(Some amounts may not reconcile due to rounding.)

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