XML 116 R36.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets And Liabilities

					Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
(Dollars in thousands)		December 31, 2019			(Level 1)			(Level 2)			(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations		$	1,515,803		$	-		$	1,515,803		$	-
Obligations of U.S. States and political subdivisions			536,915			-			536,915			-
Corporate securities			6,374,946			-			5,757,358			617,588
Asset-backed securities			897,333			-			743,692			153,641
Mortgage-backed securities
Commercial			844,557			-			844,557			-
Agency residential			2,198,581			-			2,198,581			-
Non-agency residential			5,703			-			5,703			-
Foreign government securities			1,505,950			-			1,505,950			-
Foreign corporate securities			2,945,156			-			2,943,406			1,750
Total fixed maturities, market value			16,824,944			-			16,051,965			772,979
Fixed maturities, fair value			5,826			-			-			5,826
Equity securities, fair value			931,457			864,584			66,873			-
Liabilities:
Equity index put option contracts		$	5,584		$	-		$	-		$	5,584

						Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
(Dollars in thousands)		December 31, 2018			(Level 1)			(Level 2)			(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations		$	2,631,134		$	-		$	2,631,134		$	-
Obligations of U.S. States and political subdivisions			500,094			-			500,094			-
Corporate securities			5,445,532			-			5,017,317			428,215
Asset-backed securities			540,097			-			540,097			-
Mortgage-backed securities
Commercial			326,710			-			326,710			-
Agency residential			1,796,264			-			1,796,264			-
Non-agency residential			10,209			-			10,209			-
Foreign government securities			1,314,165			-			1,314,165			-
Foreign corporate securities			2,661,058			-			2,653,314			7,744
Total fixed maturities, market value			15,225,263			-			14,789,304			435,959
Fixed maturities, fair value			2,337			-			-			2,337
Equity securities, fair value			716,639			674,433			42,206			-
Liabilities:
Equity index put option contracts		$	11,958		$	-		$	-		$	11,958

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type

			Total Fixed Maturities, Market Value
		December 31, 2019												December 31, 2018
		Corporate			Asset-Backed			Foreign						Corporate			Foreign
(Dollars in thousands)		Securities			Securities			Corporate			Total			Securities			Corporate			Total
Beginning balance fixed maturities at market value		$	428,215		$	-		$	7,744		$	435,959		$	210,186		$	6,952		$	217,138
Total gains or (losses) (realized/unrealized)
Included in earnings			4,937			-			(12)			4,925			(92)			(660)			(752)
Included in other comprehensive income (loss)			(20)			3,632			(110)			3,502			1,091			-			1,091
Purchases, issuances and settlements			179,761			150,009			(5,872)			323,898			215,838			(298)			215,540
Transfers in and/or (out) of Level 3			4,695			-			-			4,695			1,192			1,750			2,942
Ending balance		$	617,588		$	153,641		$	1,750		$	772,979		$	428,215		$	7,744		$	435,959
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date		$	-		$	-		$	-		$	-		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	December 31, 2019						December 31, 2018
		Foreign						Foreign
(Dollars in thousands)			Corporate		Total			Corporate			Total
Beginning balance fixed maturities at market value		$	2,337		$	2,337		$	-		$	-
Total gains or (losses) (realized/unrealized)
Included in earnings			2,163			2,163			(293)			(293)
Included in other comprehensive income (loss)			-			-			-			-
Purchases, issuances and settlements			1,326			1,326			2,630			2,630
Transfers in and/or (out) of Level 3			-			-			-			-
Ending balance		$	5,826		$	5,826		$	2,337		$	2,337
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date		$	1,795		$	1,795		$	-		$	-
(Some amounts may not reconcile due to rounding.)

Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts

	Years Ended December 31,
(Dollars in thousands)	2019			2018
Liabilities:
Balance, beginning of period	$	11,958		$	12,477
Total (gains) or losses (realized/unrealized)
Included in earnings		(6,374)			(520)
Included in other comprehensive income (loss)		-			-
Purchases, issuances and settlements		-			-
Transfers in and/or (out) of Level 3		-			-
Balance, end of period	$	5,584		$	11,958
The amount of total gains or losses for the period included in earnings
(or changes in net assets) attributable to the change in unrealized
gains or losses relating to liabilities still held at the reporting date	$	-		$	-
(Some amounts may not reconcile due to rounding.)

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration