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Income Taxes (Tables)

12 Months Ended

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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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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