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Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

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

		At December 31, 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	$	1,489,660		$	28,357		$	(2,214)		$	1,515,803		$	-
	Obligations of U.S. states and political subdivisions		507,353			29,651			(89)			536,915			-
	Corporate securities		6,227,661			185,052			(37,767)			6,374,946			469
	Asset-backed securities		892,373			6,818			(1,858)			897,333			-
	Mortgage-backed securities
	Commercial		814,570			31,236			(1,249)			844,557			-
	Agency residential		2,173,099			36,361			(10,879)			2,198,581			-
	Non-agency residential		5,723			-			(20)			5,703			-
	Foreign government securities		1,492,315			47,148			(33,513)			1,505,950			71
	Foreign corporate securities		2,870,737			107,999			(33,580)			2,945,156			447
Total fixed maturity securities		$	16,473,491		$	472,622		$	(121,169)		$	16,824,944		$	987

		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 December 31, 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	$	1,456,960		$	1,457,919		$	1,328,571		$	1,330,534
Due after one year through five years		6,757,107			6,869,359			8,114,247			8,016,490
Due after five years through ten years		3,471,370			3,609,816			2,455,911			2,413,846
Due after ten years		902,289			941,676			789,575			791,113
Asset-backed securities		892,373			897,333			545,427			540,097
Mortgage-backed securities:
Commercial		814,570			844,557			329,883			326,710
Agency residential		2,173,099			2,198,581			1,832,760			1,796,264
Non-agency residential		5,723			5,703			10,198			10,209
Total fixed maturity securities	$	16,473,491		$	16,824,944		$	15,406,572		$	15,225,263

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

	Years Ended December 31,
(Dollars in thousands)	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	$	534,410		$	(247,497)
Fixed maturity securities, other-than-temporary impairment		(1,559)			(1,071)
Change in unrealized appreciation (depreciation), pre-tax		532,851			(248,568)
Deferred tax benefit (expense)		(49,149)			20,543
Deferred tax benefit (expense), other-than-temporary impairment		115			(135)
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in shareholders’ equity	$	483,817		$	(228,160)

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

		Duration of Unrealized Loss at December 31, 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	$	85,527		$	(1,005)		$	249,371		$	(1,209)		$	334,898		$	(2,214)
Obligations of U.S. states and political subdivisions		4,600			(38)			5,522			(51)			10,122			(89)
Corporate securities		547,120			(9,877)			395,369			(27,890)			942,489			(37,767)
Asset-backed securities		176,222			(1,027)			94,190			(831)			270,412			(1,858)
Mortgage-backed securities
Commercial		83,127			(689)			23,063			(560)			106,190			(1,249)
Agency residential		344,267			(1,834)			488,680			(9,045)			832,947			(10,879)
Non-agency residential		332			-			3,976			(20)			4,308			(20)
Foreign government securities		210,766			(4,770)			283,648			(28,743)			494,414			(33,513)
Foreign corporate securities		278,403			(7,553)			365,808			(26,027)			644,211			(33,580)
Total fixed maturity securities	$	1,730,364		$	(26,793)		$	1,909,627		$	(94,376)		$	3,639,991		$	(121,169)

		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 December 31, 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	$	67,879		$	(1,237)		$	416,583		$	(23,004)		$	484,462		$	(24,241)
Due in one year through five years		464,753			(7,960)			689,195			(38,138)			1,153,948			(46,098)
Due in five years through ten years		495,741			(12,388)			103,612			(11,100)			599,353			(23,488)
Due after ten years		98,043			(1,658)			90,328			(11,678)			188,371			(13,336)
Asset-backed securities		176,222			(1,027)			94,190			(831)			270,412			(1,858)
Mortgage-backed securities		427,726			(2,523)			515,719			(9,625)			943,445			(12,148)
Total fixed maturity securities	$	1,730,364		$	(26,793)		$	1,909,627		$	(94,376)		$	3,639,991		$	(121,169)

		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

	Years Ended December 31,
(Dollars in thousands)	2019			2018				2017
Fixed maturities	$	520,291		$	465,793		$	427,379
Equity securities		19,505			25,327			34,523
Short-term investments and cash		17,619			14,395			4,177
Other invested assets
Limited partnerships		105,815			93,327			83,569
Other		14,117			16,960			10,125
Gross investment income before adjustments		677,347			615,802			559,773
Funds held interest income (expense)		13,271			6,300			11,874
Future policy benefit reserve income (expense)		(1,380)			(1,419)			(1,282)
Gross investment income		689,238			620,683			570,365
Investment expenses		(42,099)			(39,500)			(27,467)
Net investment income	$	647,139		$	581,183		$	542,898

Summary Of Components Of Net Realized Capital Gains (Losses)

	Years Ended December 31,
(Dollars in thousands)	2019				2018		2017
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(20,899)		$	(8,110)		$	(7,093)
Gains (losses) from sales		28,025			(21,719)			17,714
Fixed maturity securities, fair value:
Gains (losses) from sales		355			(1,799)			-
Gains (losses) from fair value adjustments		1,808			1,506			-
Equity securities, market value:
Gains (losses) from sales		-			-			(3,424)
Equity securities, fair value:
Gains (losses) from sales		4,148			(29,941)			6,969
Gains (losses) from fair value adjustments		165,200			(68,832)			138,973
Other invested assets		6,003			1,815			61
Short-term investments gain (loss)		364			(56)			(6)
Total net realized capital gains (losses)	$	185,004		$	(127,136)		$	153,194

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

	Years Ended December 31,
(Dollars in thousands)	2019			2018			2017
Proceeds from sales of fixed maturity securities	$	3,283,154		$	3,150,179		$	2,401,844
Gross gains from sales		63,721			33,996			58,589
Gross losses from sales		(35,341)			(57,514)			(40,875)
Proceeds from sales of equity securities	$	283,965		$	1,199,409		$	651,433
Gross gains from sales		14,274			31,718			24,809
Gross losses from sales		(10,126)			(61,659)			(21,264)

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