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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments [Abstract] |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments |
|  | At March 31, 2021
|  | 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 | $ | 1,271,760 |  | $ | - |  | $ | 33,703 |  | $ | (11,537) |  | $ | 1,293,926
| Obligations of U.S. states and political subdivisions |  | 566,698 |  |  | - |  |  | 32,092 |  |  | (2,741) |  |  | 596,049
| Corporate securities |  | 7,228,229 |  |  | (3,603) |  |  | 255,940 |  |  | (85,555) |  |  | 7,395,011
| Asset-backed securities |  | 2,615,962 |  |  | (4,915) |  |  | 27,486 |  |  | (2,762) |  |  | 2,635,771
| Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial |  | 992,442 |  |  | - |  |  | 43,127 |  |  | (6,252) |  |  | 1,029,317
| Agency residential |  | 2,257,474 |  |  | - |  |  | 56,223 |  |  | (14,724) |  |  | 2,298,973
| Non-agency residential |  | 9,253 |  |  | - |  |  | 4 |  |  | (12) |  |  | 9,245
| Foreign government securities |  | 1,556,644 |  |  | - |  |  | 74,746 |  |  | (27,160) |  |  | 1,604,230
| Foreign corporate securities |  | 3,433,728 |  |  | (205) |  |  | 154,145 |  |  | (42,710) |  |  | 3,544,958
Total fixed maturity securities | $ | 19,932,190 |  | $ | (8,723) |  | $ | 677,466 |  | $ | (193,453) |  | $ | 20,407,480
|  | 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
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity |
| At March 31, 2021 |  | At December 31, 2020
| Amortized |  | Market |  | Amortized |  | Market
(Dollars in thousands) | Cost |  | Value |  | Cost |  | Value
Fixed maturity securities – available for sale: |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 1,548,669 |  | $ | 1,559,198 |  | $ | 1,365,793 |  | $ | 1,374,674
Due after one year through five years |  | 6,510,731 |  |  | 6,715,932 |  |  | 6,529,189 |  |  | 6,774,785
Due after five years through ten years |  | 4,895,574 |  |  | 5,036,321 |  |  | 4,414,211 |  |  | 4,751,903
Due after ten years |  | 1,102,085 |  |  | 1,122,723 |  |  | 1,247,816 |  |  | 1,309,773
Asset-backed securities |  | 2,615,962 |  |  | 2,635,771 |  |  | 2,540,809 |  |  | 2,565,802
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 992,442 |  |  | 1,029,317 |  |  | 915,923 |  |  | 990,303
Agency residential |  | 2,257,474 |  |  | 2,298,973 |  |  | 2,206,139 |  |  | 2,267,739
Non-agency residential |  | 9,253 |  |  | 9,245 |  |  | 5,187 |  |  | 5,194
Total fixed maturity securities | $ | 19,932,190 |  | $ | 20,407,480 |  | $ | 19,225,067 |  | $ | 20,040,173
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments |
| Three Months Ended
| March 31,
(Dollars in thousands) | 2021 |  | 2020
Increase (decrease) during the period between the market value and cost |  |  |  |  |
of investments carried at market value, and deferred taxes thereon: |  |  |  |  |
Fixed maturity securities | $ | (332,708) |  | $ | (277,023)
Change in unrealized appreciation (depreciation), pre-tax |  | (332,708) |  |  | (277,023)
Deferred tax benefit (expense) |  | 40,427 |  |  | 29,024
Change in unrealized appreciation (depreciation), |  |  |  |  |
net of deferred taxes, included in shareholders’ equity | $ | (292,281) |  | $ | (247,999)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type |
|  | Duration of Unrealized Loss at March 31, 2021 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 | $ | 230,960 |  | $ | (9,326) |  | $ | 14,778 |  | $ | (2,211) |  | $ | 245,738 |  | $ | (11,537)
Obligations of U.S. states and political subdivisions |  | 57,823 |  |  | (1,709) |  |  | 12,079 |  |  | (1,032) |  |  | 69,902 |  |  | (2,741)
Corporate securities |  | 1,571,716 |  |  | (61,150) |  |  | 253,539 |  |  | (24,405) |  |  | 1,825,255 |  |  | (85,555)
Asset-backed securities |  | 304,407 |  |  | (1,981) |  |  | 24,619 |  |  | (781) |  |  | 329,026 |  |  | (2,762)
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 152,882 |  |  | (5,290) |  |  | 5,600 |  |  | (962) |  |  | 158,482 |  |  | (6,252)
Agency residential |  | 899,288 |  |  | (13,640) |  |  | 54,717 |  |  | (1,084) |  |  | 954,005 |  |  | (14,724)
Non-agency residential |  | 6,266 |  |  | (10) |  |  | 156 |  |  | (2) |  |  | 6,422 |  |  | (12)
Foreign government securities |  | 215,989 |  |  | (11,701) |  |  | 123,143 |  |  | (15,459) |  |  | 339,132 |  |  | (27,160)
Foreign corporate securities |  | 782,295 |  |  | (32,134) |  |  | 100,457 |  |  | (10,576) |  |  | 882,752 |  |  | (42,710)
Total fixed maturity securities | $ | 4,221,626 |  | $ | (136,941) |  | $ | 589,088 |  | $ | (56,512) |  | $ | 4,810,714 |  | $ | (193,453)
|  | 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)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity |
|  | Duration of Unrealized Loss at March 31, 2021 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 | $ | 159,736 |  | $ | (6,665) |  | $ | 108,331 |  | $ | (10,340) |  | $ | 268,067 |  | $ | (17,005)
Due in one year through five years |  | 1,117,370 |  |  | (33,855) |  |  | 246,205 |  |  | (20,081) |  |  | 1,363,575 |  |  | (53,936)
Due in five years through ten years |  | 1,231,926 |  |  | (60,905) |  |  | 60,821 |  |  | (7,511) |  |  | 1,292,747 |  |  | (68,416)
Due after ten years |  | 349,751 |  |  | (14,595) |  |  | 88,639 |  |  | (15,751) |  |  | 438,390 |  |  | (30,346)
Asset-backed securities |  | 304,407 |  |  | (1,981) |  |  | 24,619 |  |  | (781) |  |  | 329,026 |  |  | (2,762)
Mortgage-backed securities |  | 1,058,436 |  |  | (18,940) |  |  | 60,473 |  |  | (2,048) |  |  | 1,118,909 |  |  | (20,988)
Total fixed maturity securities | $ | 4,221,626 |  | $ | (136,941) |  | $ | 589,088 |  | $ | (56,512) |  | $ | 4,810,714 |  | $ | (193,453)
|  | 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)
Summary Of Components Of Net Investment Income |
| Three Months Ended
| March 31,
(Dollars in thousands) | 2021 |  | 2020
Fixed maturities | $ | 140,916 |  | $ | 137,924
Equity securities |  | 4,838 |  |  | 3,521
Short-term investments and cash |  | 180 |  |  | 2,175
Other invested assets: |  |  |  |  |
Limited partnerships |  | 114,333 |  |  | 21,568
Other |  | 6,019 |  |  | (13,071)
Gross investment income before adjustments |  | 266,286 |  |  | 152,117
Funds held interest income (expense) |  | 7,966 |  |  | 8,216
Future policy benefit reserve income (expense) |  | (291) |  |  | (211)
Gross investment income |  | 273,961 |  |  | 160,122
Investment expenses |  | (13,548) |  |  | (12,322)
Net investment income | $ | 260,413 |  | $ | 147,800
Summary Of Components Of Net Realized Capital Gains (Losses) |
| Three Months Ended
| March 31,
(Dollars in thousands) | 2021 |  |  | 2020
Fixed maturity securities, market value: |  |  |  |  |
Allowance for credit losses | $ | (6,977) |  | $ | (21,774)
Gains (losses) from sales |  | 9,174 |  |  | (14,076)
Fixed maturity securities, fair value: |  |  |  |  |
Gains (losses) from sales |  | - |  |  | -
Gains (losses) from fair value adjustments |  | - |  |  | (1,123)
Equity securities, fair value: |  |  |  |  |
Gains (losses) from sales |  | 6,238 |  |  | (27,599)
Gains (losses) from fair value adjustments |  | 29,056 |  |  | (144,003)
Other invested assets |  | 1,346 |  |  | (2,327)
Short-term investments gain (loss) |  | 66 |  |  | 314
Total net realized capital gains (losses) | $ | 38,902 |  | $ | (210,588)
| Roll Forward of Allowance for Credit Losses
| Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
|  |  |  |  |  |  | Foreign |  | Foreign |  |  |  |  |  |  |  | Foreign |  | Foreign |  |  |
| Corporate |  | Asset-Backed |  | Government |  | Corporate |  |  |  |  | Corporate |  | Government |  | Corporate |  |  |
| Securities |  | Securities |  | Securities |  | Securities |  | Total |  | Securities |  | Securities |  | Securities |  | Total
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | (1,220) |  | $ | - |  | $ | (22) |  | $ | (503) |  | $ | (1,745) |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded |  | (2,383) |  |  | (4,915) |  |  | - |  |  | - |  |  | (7,298) |  |  | (17,305) |  |  | (519) |  |  | (3,950) |  |  | (21,774)
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |
impaired securities |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |
impaired securities |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Reduction in allowance due to disposals |  | - |  |  | - |  |  | 22 |  |  | 298 |  |  | 320 |  |  | - |  |  | - |  |  | - |  |  | -
Balance as of March 31, 2021 | $ | (3,603) |  | $ | (4,915) |  | $ | - |  | $ | (205) |  | $ | (8,723) |  | $ | (17,305) |  | $ | (519) |  | $ | (3,950) |  | $ | (21,774)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities |
| Three Months Ended
| March 31,
(Dollars in thousands) | 2021 |  | 2020
Proceeds from sales of fixed maturity securities | $ | 228,278 |  | $ | 501,953
Gross gains from sales |  | 14,864 |  |  | 14,001
Gross losses from sales |  | (5,690) |  |  | (28,077)
Proceeds from sales of equity securities | $ | 281,313 |  | $ | 112,841
Gross gains from sales |  | 12,304 |  |  | 2,584
Gross losses from sales |  | (6,066) |  |  | (30,183)

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