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Investments (Tables)

3 Months Ended

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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