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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

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

		At December 31, 2020
		Amortized			Allowance for			Unrealized			Unrealized			Market
(Dollars in thousands)		Cost			Credit Losses			Appreciation			Depreciation			Value
Fixed maturity securities
	U.S. Treasury securities and obligations of
	U.S. government agencies and corporations	$	1,325,156		$	-		$	49,084		$	(7,134)		$	1,367,106
	Obligations of U.S. states and political subdivisions		543,895			-			34,654			(1,254)			577,295
	Corporate securities		6,824,800			(1,220)			380,677			(55,231)			7,149,026
	Asset-backed securities		2,540,809			-			30,691			(5,698)			2,565,802
	Mortgage-backed securities
	Commercial		915,923			-			75,275			(895)			990,303
	Agency residential		2,206,139			-			64,663			(3,063)			2,267,739
	Non-agency residential		5,187			-			9			(2)			5,194
	Foreign government securities		1,565,260			(22)			102,587			(22,450)			1,645,375
	Foreign corporate securities		3,297,898			(503)			204,023			(29,085)			3,472,333
Total fixed maturity securities		$	19,225,067		$	(1,745)		$	941,663		$	(124,812)		$	20,040,173

		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

(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, 2020						At December 31, 2019
	Amortized			Market			Amortized			Market
(Dollars in thousands)	Cost			Value			Cost			Value
Fixed maturity securities – available for sale:
Due in one year or less	$	1,365,793		$	1,374,674		$	1,456,960		$	1,457,919
Due after one year through five years		6,529,189			6,774,785			6,757,107			6,869,359
Due after five years through ten years		4,414,211			4,751,903			3,471,370			3,609,816
Due after ten years		1,247,816			1,309,773			902,289			941,676
Asset-backed securities		2,540,809			2,565,802			892,373			897,333
Mortgage-backed securities:
Commercial		915,923			990,303			814,570			844,557
Agency residential		2,206,139			2,267,739			2,173,099			2,198,581
Non-agency residential		5,187			5,194			5,723			5,703
Total fixed maturity securities	$	19,225,067		$	20,040,173		$	16,473,491		$	16,824,944

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

	Years Ended December 31,
(Dollars in thousands)	2020			2019
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	465,192		$	534,410
Fixed maturity securities, other-than-temporary impairment		-			(1,559)
Change in unrealized appreciation (depreciation), pre-tax		465,192			532,851
Deferred tax benefit (expense)		(45,458)			(49,149)
Deferred tax benefit (expense), other-than-temporary impairment		-			115
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in shareholders’ equity	$	419,734		$	483,817

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, 2020 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	$	135,190		$	(7,134)		$	-		$	-		$	135,190		$	(7,134)
Obligations of U.S. states and political subdivisions		19,524			(999)			4,059			(255)			23,583			(1,254)
Corporate securities		669,755			(26,159)			247,962			(29,072)			917,717			(55,231)
Asset-backed securities		235,566			(4,768)			85,595			(930)			321,161			(5,698)
Mortgage-backed securities
Commercial		53,511			(578)			6,592			(317)			60,103			(895)
Agency residential		434,447			(2,016)			50,353			(1,047)			484,800			(3,063)
Non-agency residential		185			(2)			-			-			185			(2)
Foreign government securities		114,755			(8,813)			150,812			(13,637)			265,567			(22,450)
Foreign corporate securities		354,548			(17,489)			115,595			(11,596)			470,143			(29,085)
Total fixed maturity securities	$	2,017,481		$	(67,958)		$	660,968		$	(56,854)		$	2,678,449		$	(124,812)

		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)

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, 2020 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	$	96,144		$	(4,942)		$	112,419		$	(12,071)		$	208,563		$	(17,013)
Due in one year through five years		653,816			(32,469)			283,866			(21,319)			937,682			(53,788)
Due in five years through ten years		422,517			(19,392)			49,749			(2,034)			472,266			(21,426)
Due after ten years		121,295			(3,791)			72,394			(19,136)			193,689			(22,927)
Asset-backed securities		235,566			(4,768)			85,595			(930)			321,161			(5,698)
Mortgage-backed securities		488,143			(2,596)			56,945			(1,364)			545,088			(3,960)
Total fixed maturity securities	$	2,017,481		$	(67,958)		$	660,968		$	(56,854)		$	2,678,449		$	(124,812)

		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)

Summary Of Components Of Net Investment Income

	Years Ended December 31,
(Dollars in thousands)	2020			2019				2018
Fixed maturities	$	542,363		$	520,291		$	465,793
Equity securities		18,776			19,505			25,327
Short-term investments and cash		5,012			17,619			14,395
Other invested assets
Limited partnerships		112,853			105,815			93,327
Other		1,699			14,117			16,960
Gross investment income before adjustments		680,703			677,347			615,802
Funds held interest income (expense)		12,754			13,271			6,300
Future policy benefit reserve income (expense)		(1,237)			(1,380)			(1,419)
Gross investment income		692,220			689,238			620,683
Investment expenses		(49,755)			(42,099)			(39,500)
Net investment income	$	642,465		$	647,139		$	581,183

Summary Of Components Of Net Realized Capital Gains (Losses)

	Years Ended December 31,
(Dollars in thousands)	2020				2019		2018
Fixed maturity securities, market value:
Allowance for credit losses	$	(1,745)		$	-		$	-
Other-than-temporary impairments		-			(20,899)			(8,110)
Gains (losses) from sales		(2,214)			28,025			(21,719)
Fixed maturity securities, fair value:
Gains (losses) from sales		(2,863)			355			(1,799)
Gains (losses) from fair value adjustments		1,944			1,808			1,506
Equity securities, fair value:
Gains (losses) from sales		(8,963)			4,148			(29,941)
Gains (losses) from fair value adjustments		278,461			165,200			(68,832)
Other invested assets		1,705			6,003			1,815
Short-term investments gain (loss)		1,324			364			(56)
Total net realized capital gains (losses)	$	267,649		$	185,004		$	(127,136)

		Roll Forward of Allowance for Credit Losses
		Twelve Months Ended December 31, 2020
					Foreign			Foreign
		Corporate			Government			Corporate
		Securities			Securities			Securities			Total
(Dollars in thousands)
Beginning Balance		$	-		$	-		$	-		$	-
Credit losses on securities where credit
losses were not previously recorded			(27,666)			(518)			(4,700)			(32,884)
Increases in allowance on previously
impaired securities			(6,136)			(28)			(481)			(6,645)
Decreases in allowance on previously
impaired securities			4,333			309			883			5,525
Reduction in allowance due to disposals			28,249			215			3,795			32,259
Balance as of December 31, 2020		$	(1,220)		$	(22)		$	(503)		$	(1,745)

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

	Years Ended December 31,
(Dollars in thousands)	2020			2019			2018
Proceeds from sales of fixed maturity securities	$	1,950,774		$	3,283,154		$	3,150,179
Gross gains from sales		79,609			63,721			33,996
Gross losses from sales		(84,686)			(35,341)			(57,514)
Proceeds from sales of equity securities	$	376,347		$	283,965		$	1,199,409
Gross gains from sales		37,415			14,274			31,718
Gross losses from sales		(46,378)			(10,126)			(61,659)

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