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Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

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

		At June 30, 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	$	1,259,149		$	-		$	29,365		$	(12,756)		$	1,275,758
	Obligations of U.S. states and political subdivisions		574,398			-			35,933			(986)			609,345
	Corporate securities		7,155,688			(18,475)			285,509			(63,018)			7,359,704
	Asset-backed securities		3,141,971			(4,915)			35,316			(2,955)			3,169,417
	Mortgage-backed securities
	Commercial		1,026,809			-			55,125			(3,535)			1,078,399
	Agency residential		2,255,348			-			47,124			(12,205)			2,290,267
	Non-agency residential		8,220			-			6			(15)			8,211
	Foreign government securities		1,494,989			-			80,268			(21,296)			1,553,961
	Foreign corporate securities		3,802,145			(1,260)			167,015			(37,763)			3,930,137
Total fixed maturity securities		$	20,718,717		$	(24,650)		$	735,661		$	(154,529)		$	21,275,199

		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 June 30, 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	$	1,628,113		$	1,638,768		$	1,365,793		$	1,374,674
Due after one year through five years		6,432,847			6,618,429			6,529,189			6,774,785
Due after five years through ten years		4,890,259			5,091,435			4,414,211			4,751,903
Due after ten years		1,335,150			1,380,273			1,247,816			1,309,773
Asset-backed securities		3,141,971			3,169,417			2,540,809			2,565,802
Mortgage-backed securities:
Commercial		1,026,809			1,078,399			915,923			990,303
Agency residential		2,255,348			2,290,267			2,206,139			2,267,739
Non-agency residential		8,220			8,211			5,187			5,194
Total fixed maturity securities	$	20,718,717		$	21,275,199		$	19,225,067		$	20,040,173

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2021			2020			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	$	97,127		$	614,077		$	(235,581)		$	337,053
Change in unrealized appreciation (depreciation), pre-tax		97,127			614,077			(235,581)			337,053
Deferred tax benefit (expense)		(11,366)			(69,581)			29,061			(40,557)
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in shareholders’ equity	$	85,761		$	544,496		$	(206,520)		$	296,496

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

		Duration of Unrealized Loss at June 30, 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	$	341,846		$	(12,494)		$	2,620		$	(262)		$	344,466		$	(12,756)
Obligations of U.S. states and political subdivisions		23,662			(986)			-			-			23,662			(986)
Corporate securities		1,598,159			(61,141)			37,936			(1,877)			1,636,095			(63,018)
Asset-backed securities		710,904			(2,955)			-			-			710,904			(2,955)
Mortgage-backed securities
Commercial		134,941			(3,535)			-			-			134,941			(3,535)
Agency residential		1,020,232			(11,327)			43,983			(878)			1,064,215			(12,205)
Non-agency residential		1,309			(15)			-			-			1,309			(15)
Foreign government securities		304,722			(20,686)			3,107			(610)			307,829			(21,296)
Foreign corporate securities		861,693			(34,534)			30,035			(3,229)			891,728			(37,763)
Total fixed maturity securities	$	4,997,468		$	(147,673)		$	117,681		$	(6,856)		$	5,115,149		$	(154,529)

		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 June 30, 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	$	260,687		$	(15,951)		$	5,846		$	(471)		$	266,533		$	(16,422)
Due in one year through five years		1,385,520			(51,928)			48,824			(3,048)			1,434,344			(54,976)
Due in five years through ten years		1,153,553			(48,557)			19,028			(2,459)			1,172,581			(51,016)
Due after ten years		330,322			(13,405)			-			-			330,322			(13,405)
Asset-backed securities		710,904			(2,955)			-			-			710,904			(2,955)
Mortgage-backed securities		1,156,482			(14,877)			43,983			(878)			1,200,465			(15,755)
Total fixed maturity securities	$	4,997,468		$	(147,673)		$	117,681		$	(6,856)		$	5,115,149		$	(154,529)

		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						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2021			2020			2021			2020
Fixed maturities	$	148,262		$	133,918		$	289,178		$	271,842
Equity securities		3,493			3,662			8,331			7,183
Short-term investments and cash		773			1,687			953			3,862
Other invested assets:
Limited partnerships		239,966			(88,254)			354,299			(66,686)
Other		25,855			(2,962)			31,874			(16,033)
Gross investment income before adjustments		418,349			48,051			684,635			200,168
Funds held interest income (expense)		3,287			2,021			11,253			10,237
Future policy benefit reserve income (expense)		(170)			(303)			(461)			(514)
Gross investment income		421,466			49,769			695,427			209,891
Investment expenses		(14,371)			(11,686)			(27,919)			(24,008)
Net investment income	$	407,095		$	38,083		$	667,508		$	185,883

Summary Of Components Of Net Realized Capital Gains (Losses)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2021				2020		2021				2020
Fixed maturity securities, market value:
Allowance for credit losses	$	(15,927)		$	(4,063)		$	(22,904)		$	(25,837)
Gains (losses) from sales		10,060			9,619			19,234			(4,457)
Fixed maturity securities, fair value:
Gains (losses) from sales		-			-			-			-
Gains (losses) from fair value adjustments		-			(272)			-			(1,395)
Equity securities, fair value:
Gains (losses) from sales		3,755			16,274			9,993			(11,325)
Gains (losses) from fair value adjustments		103,525			161,694			132,581			17,691
Other invested assets		2,748			1,293			4,094			(1,034)
Short-term investments gain (loss)		(52)			103			13			417
Total net realized capital gains (losses)	$	104,109		$	184,648		$	143,011		$	(25,940)

	Roll Forward of Allowance for Credit Losses
	Three Months Ended June 30, 2021															Six Months Ended June 30, 2021
							Foreign			Foreign												Foreign			Foreign
	Corporate			Asset-Backed			Government			Corporate						Corporate			Asset-Backed			Government			Corporate
	Securities			Securities			Securities			Securities			Total			Securities			Securities			Securities			Securities			Total
(Dollars in thousands)
Beginning Balance	$	(3,603)		$	(4,915)		$	-		$	(205)		$	(8,723)		$	(1,220)		$	-		$	(22)		$	(503)		$	(1,745)
Credit losses on securities where credit
losses were not previously recorded		(13,537)			-			-			(1,055)			(14,592)			(15,920)			(4,915)			-			(1,055)			(21,890)
Increases in allowance on previously														-
impaired securities		(1,468)			-			-			-			(1,468)			(1,468)			-			-			-			(1,468)
Decreases in allowance on previously														-
impaired securities		-			-			-			-			-			-			-			-			-			-
Reduction in allowance due to disposals		133			-			-			-			133			133			-			22			298			453
Balance as of June 30, 2021	$	(18,475)		$	(4,915)		$	-		$	(1,260)		$	(24,650)		$	(18,475)		$	(4,915)		$	-		$	(1,260)		$	(24,650)

	Roll Forward of Allowance for Credit Losses
	Three Months Ended June 30, 2020												Six Months Ended June 30, 2020
				Foreign			Foreign									Foreign			Foreign
	Corporate			Government			Corporate						Corporate			Government			Corporate
	Securities			Securities			Securities			Total			Securities			Securities			Securities			Total
Beginning Balance	$	(17,305)		$	(519)		$	(3,950)		$	(21,774)		$	-		$	-		$	-		$	-
Credit losses on securities where credit
losses were not previously recorded		(10,355)			-			(605)			(10,960)			(27,660)			(519)			(4,555)			(32,734)
Increases in allowance on previously											-
impaired securities		(782)			-			(300)			(1,082)			(782)			-			(300)			(1,082)
Decreases in allowance on previously											-
impaired securities		3,431			212			693			4,336			3,431			212			693			4,336
Reduction in allowance due to disposals		2,758			215			670			3,643			2,758			215			670			3,643
Balance as of June 30, 2020	$	(22,253)		$	(92)		$	(3,492)		$	(25,837)		$	(22,253)		$	(92)		$	(3,492)		$	(25,837)

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2021			2020			2021			2020
Proceeds from sales of fixed maturity securities	$	371,459		$	488,320		$	599,737		$	990,273
Gross gains from sales		19,870			21,355			34,734			35,356
Gross losses from sales		(9,810)			(11,736)			(15,500)			(39,813)
Proceeds from sales of equity securities	$	193,350		$	100,344		$	474,663		$	213,185
Gross gains from sales		5,803			18,172			18,107			20,756
Gross losses from sales		(2,048)			(1,898)			(8,114)			(32,081)

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