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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Components Of The Provision |
| Years Ended December 31,
(Dollars in thousands) | 2020 |  | 2019 |  | 2018
Current tax expense (benefit): |  |  |  |  |  |  |  |
U.S. | $ | (107,757) |  | $ | (5,044) |  | $ | (38,625)
Non-U.S. |  | 2,948 |  |  | 14,420 |  |  | 6,497
Total current tax expense (benefit) |  | (104,809) |  |  | 9,376 |  |  | (32,128)
Deferred tax expense (benefit): |  |  |  |  |  |  |  |
U.S. |  | 178,523 |  |  | 80,247 |  |  | (298,998)
Non-U.S. |  | (2,516) |  |  | (97) |  |  | (97)
Total deferred tax expense (benefit) |  | 176,007 |  |  | 80,150 |  |  | (299,095)
Total income tax expense (benefit) | $ | 71,198 |  | $ | 89,526 |  | $ | (331,223)
(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,
| 2020 |  | 2019 |  | 2018
(Dollars in thousands) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Underwriting gain (loss) | $ | 24,041 |  | $ | (277,852) |  | $ | 38,964 |  | $ | 297,199 |  | $ | (1,407,020) |  | $ | 796,745
Net investment income |  | 339,721 |  |  | 302,744 |  |  | 325,179 |  |  | 321,960 |  |  | 283,569 |  |  | 297,614
Net realized capital gains (losses) |  | 234,970 |  |  | 32,679 |  |  | 155,609 |  |  | 29,394 |  |  | (90,033) |  |  | (37,103)
Net derivative gain (loss) |  | - |  |  | 1,541 |  |  | - |  |  | 6,374 |  |  | - |  |  | 520
Corporate expenses |  | (15,985) |  |  | (25,133) |  |  | (13,063) |  |  | (19,903) |  |  | (11,035) |  |  | (19,637)
Interest, fee and bond issue cost amortization expense |  | (35,659) |  |  | (664) |  |  | (34,931) |  |  | 3,239 |  |  | (30,611) |  |  | (420)
Other income (expense) |  | (14,656) |  |  | 19,602 |  |  | (1,976) |  |  | (9,057) |  |  | (5,894) |  |  | (18,877)
Pre-tax income (loss) | $ | 532,432 |  | $ | 52,917 |  | $ | 469,782 |  | $ | 629,206 |  | $ | (1,261,024) |  | $ | 1,018,842
Expected tax provision at the applicable statutory rate(s) |  | 111,846 |  |  | (10,356) |  |  | 98,766 |  |  | 17,205 |  |  | (264,912) |  |  | 9,647
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt income |  | (3,598) |  |  | - |  |  | (3,680) |  |  | - |  |  | (3,824) |  |  | -
Dividend received deduction |  | (1,100) |  |  | - |  |  | (998) |  |  | - |  |  | (1,520) |  |  | -
Proration |  | 1,049 |  |  | - |  |  | 1,050 |  |  | - |  |  | 1,150 |  |  | -
Affiliated preferred stock dividends |  | 6,517 |  |  | - |  |  | 6,517 |  |  | - |  |  | 6,517 |  |  | -
Creditable foreign premium tax |  | (11,513) |  |  | - |  |  | (9,852) |  |  | - |  |  | (13,475) |  |  | -
Tax audit settlement |  | - |  |  | - |  |  | (1,576) |  |  | - |  |  | (2,094) |  |  | -
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 |  | (2,605) |  |  | (388) |  |  | (2,984) |  |  | (373) |  |  | (3,333) |  |  | (120)
Impact of CARES Act |  | (32,500) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Valuation allowance |  | 277 |  |  | 15,144 |  |  | 138 |  |  | 3,772 |  |  | 73 |  |  | 2,257
Change in uncertain tax positions |  | - |  |  | - |  |  | (8,434) |  |  | - |  |  | 8,434 |  |  | -
Other |  | 2,393 |  |  | (3,968) |  |  | (3,744) |  |  | (6,281) |  |  | 7,506 |  |  | (5,384)
Total income tax provision | $ | 70,766 |  | $ | 432 |  | $ | 75,203 |  | $ | 14,323 |  | $ | (337,623) |  | $ | 6,400
(Some amounts may not reconcile due to rounding.)
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits |
(Dollars in thousands) | 2020 |  | 2019 |  | 2018
Balance at January 1 | $ | - |  | $ | 8,434 |  | $ | -
Additions based on tax positions related to the current year |  | - |  |  | - |  |  | 8,434
Additions for tax positions of prior years |  | - |  |  | - |  |  | -
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) | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |
Loss reserves | $ | 96,840 |  | $ | 66,025
Unearned premium reserves |  | 85,028 |  |  | 75,130
Foreign tax credits |  | 46,109 |  |  | 186,706
Net operating loss carryforward |  | 33,504 |  |  | 31,698
Lease liability |  | 31,989 |  |  | 33,042
Net unrealized losses on benefit plans |  | 19,636 |  |  | 19,818
Equity compensation |  | 7,367 |  |  | 7,817
Other tax credits |  | 4,591 |  |  | 2,294
Uncollectible reinsurance reserves |  | 3,142 |  |  | 3,142
Investment impairments |  | 1,121 |  |  | 3,961
Unrealized foreign currency losses |  | 603 |  |  | 7,964
Other assets |  | 7,285 |  |  | 4,520
Total deferred tax assets |  | 337,215 |  |  | 442,117
Deferred tax liabilities: |  |  |  |  |
Net unrealized investment gains |  | 90,268 |  |  | 39,413
Deferred acquisition costs |  | 79,994 |  |  | 81,931
Net fair value income |  | 75,692 |  |  | 25,936
Right of use asset |  | 28,822 |  |  | 31,510
Partnership investments |  | 26,119 |  |  | 15,039
Benefit plan asset |  | 1,765 |  |  | 2,333
Other liabilities |  | 6,710 |  |  | 4,937
Total deferred tax liabilities |  | 309,370 |  |  | 201,099
Net deferred tax assets |  | 27,845 |  |  | 241,018
Less: Valuation allowance |  | (28,805) |  |  | (12,997)
Total net deferred tax assets/(liabilities) | $ | (960) |  | $ | 228,021
(Some amounts may not reconcile due to rounding.)

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