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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2020
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) |  | June 30, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, market value |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations |  | $ | 1,434,931 |  | $ | - |  | $ | 1,434,931 |  | $ | -
Obligations of U.S. States and political subdivisions |  |  | 532,281 |  |  | - |  |  | 532,281 |  |  | -
Corporate securities |  |  | 6,617,788 |  |  | - |  |  | 5,895,954 |  |  | 721,834
Asset-backed securities |  |  | 1,069,558 |  |  | - |  |  | 773,828 |  |  | 295,730
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 919,796 |  |  | - |  |  | 919,796 |  |  | -
Agency residential |  |  | 2,089,251 |  |  | - |  |  | 2,089,251 |  |  | -
Non-agency residential |  |  | 3,111 |  |  | - |  |  | 3,111 |  |  | -
Foreign government securities |  |  | 1,501,200 |  |  | - |  |  | 1,501,200 |  |  | -
Foreign corporate securities |  |  | 2,887,343 |  |  | - |  |  | 2,881,069 |  |  | 6,274
Total fixed maturities, market value |  |  | 17,055,259 |  |  | - |  |  | 16,031,421 |  |  | 1,023,838
Fixed maturities, fair value |  |  | 4,431 |  |  | - |  |  | - |  |  | 4,431
Equity securities, fair value |  |  | 949,170 |  |  | 875,708 |  |  | 63,585 |  |  | 9,877
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Equity index put option contracts |  | $ | 9,088 |  | $ | - |  | $ | - |  | $ | 9,088
|  |  |  |  |  | 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
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type |
|  |  | Total Fixed Maturities, Market Value
|  | Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2020
|  | Corporate |  | Asset-Backed |  | Foreign |  |  |  |  | Corporate |  | Asset-Backed |  | Foreign |  |  |
(Dollars in thousands) |  | Securities |  | Securities |  | Corporate |  | Total |  | Securities |  | Securities |  | Corporate |  | Total
Beginning balance fixed maturities at market value |  | $ | 713,081 |  | $ | 238,631 |  | $ | - |  | $ | 951,712 |  | $ | 617,588 |  | $ | 153,641 |  | $ | 1,750 |  | $ | 772,979
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (248) |  |  | 121 |  |  | (97) |  |  | (224) |  |  | (462) |  |  | 125 |  |  | (97) |  |  | (434)
Included in other comprehensive income (loss) |  |  | (549) |  |  | 18,092 |  |  | (40) |  |  | 17,503 |  |  | (3,906) |  |  | 2,210 |  |  | (40) |  |  | (1,736)
Purchases, issuances and settlements |  |  | 14,345 |  |  | 38,886 |  |  | 5,434 |  |  | 58,665 |  |  | 113,409 |  |  | 139,754 |  |  | 3,684 |  |  | 256,847
Transfers in and/or (out) of Level 3 |  |  | (4,795) |  |  | - |  |  | 977 |  |  | (3,818) |  |  | (4,795) |  |  | - |  |  | 977 |  |  | (3,818)
Ending balance |  | $ | 721,834 |  | $ | 295,730 |  | $ | 6,274 |  | $ | 1,023,838 |  | $ | 721,834 |  | $ | 295,730 |  | $ | 6,274 |  | $ | 1,023,838
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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (539) |  | $ | - | $ | $ | - |  | $ | (539)
(Some amounts may not reconcile due to rounding.) |  |  |  |  |  |  |  |  |
|  |  | Total Fixed Maturities, Market Value
|  |  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019
|  | Corporate |  | Foreign |  |  |  |  | Corporate |  | Foreign |  |  |
(Dollars in thousands) |  | Securities |  | Corporate |  | Total |  | Securities |  | Corporate |  | Total
Beginning balance fixed maturities at market value |  | $ | 437,826 |  | $ | 7,298 |  | $ | 445,124 |  | $ | 428,215 |  | $ | 7,744 |  | $ | 435,959
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (2,528) |  |  | (238) |  |  | (2,766) |  |  | 2,330 |  |  | (119) |  |  | 2,211
Included in other comprehensive income (loss) |  |  | 1,871 |  |  | - |  |  | 1,871 |  |  | 2,444 |  |  | - |  |  | 2,444
Purchases, issuances and settlements |  |  | 101,732 |  |  | (4,967) |  |  | 96,765 |  |  | 108,370 |  |  | (5,532) |  |  | 102,838
Transfers in and/or (out) of Level 3 |  |  | 3,977 |  |  | - |  |  | 3,977 |  |  | 1,519 |  |  | - |  |  | 1,519
Ending balance |  | $ | 542,878 |  | $ | 2,093 |  | $ | 544,971 |  | $ | 542,878 |  | $ | 2,093 |  | $ | 544,971
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
|  | Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2020
|  | Foreign |  |  |  |  | Foreign |  |  |
(Dollars in thousands) |  |  | Corporate |  | Total |  | Corporate |  | Total
Beginning balance fixed maturities at market value |  | $ | 4,703 |  | $ | 4,703 |  | $ | 5,826 |  | $ | 5,826
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (272) |  |  | (272) |  |  | (1,395) |  |  | (1,395)
Included in other comprehensive income (loss) |  |  | - |  |  | - |  |  | - |  |  | -
Purchases, issuances and settlements |  |  | - |  |  | - |  |  | - |  |  | -
Transfers in and/or (out) of Level 3 |  |  | - |  |  | - |  |  | - |  |  | -
Ending balance |  | $ | 4,431 |  | $ | 4,431 |  | $ | 4,431 |  | $ | 4,431
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
|  | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
|  | Foreign |  |  |  |  | Foreign |  |  |
(Dollars in thousands) |  |  | Corporate |  | Total |  | Corporate |  | Total
Beginning balance fixed maturities at market value |  | $ | 2,350 |  | $ | 2,350 |  | $ | 2,337 |  | $ | 2,337
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | 356 |  |  | 356 |  |  | 369 |  |  | 369
Included in other comprehensive income (loss) |  |  | - |  |  | - |  |  | - |  |  | -
Purchases, issuances and settlements |  |  | (2,706) |  |  | (2,706) |  |  | (2,706) |  |  | (2,706)
Transfers in and/or (out) of Level 3 |  |  | - |  |  | - |  |  | - |  |  | -
Ending balance |  | $ | - |  | $ | - |  | $ | - |  | $ | -
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.)
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Common Stock |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | - |  | $ | - |  | $ | - |  | $ | -
Total (gains) or losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  | - |  |  | - |  |  | - |  |  | -
Included in other comprehensive income (loss) |  | - |  |  | - |  |  | - |  |  | -
Purchases, issuances and settlements |  | 9,877 |  |  | - |  |  | 9,877 |  |  | -
Transfers in and/or (out) of Level 3 |  | - |  |  | - |  |  | - |  |  | -
Balance, end of period | $ | 9,877 |  | $ | - |  | $ | 9,877 |  | $ | -
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.)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 20,958 |  | $ | 8,727 |  | $ | 5,584 |  | $ | 11,958
Total (gains) or losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  | (11,869) |  |  | (353) |  |  | 3,504 |  |  | (3,584)
Included in other comprehensive income (loss) |  | - |  |  | - |  |  | - |  |  | -
Purchases, issuances and settlements |  | - |  |  | - |  |  | - |  |  | -
Transfers in and/or (out) of Level 3 |  | - |  |  | - |  |  | - |  |  | -
Balance, end of period | $ | 9,088 |  | $ | 8,374 |  | $ | 9,088 |  | $ | 8,374
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.) |  |  |  |  |  |

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- 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
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- 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
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