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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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