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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Components Of The Provision |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Current tax expense (benefit): |  |  |  |  |  |  |  |
U.S. | $ | 123,876 |  | $ | (107,757) |  | $ | (5,044)
Non-U.S. |  | 2,038 |  |  | 2,948 |  |  | 14,420
Total current tax expense (benefit) |  | 125,914 |  |  | (104,809) |  |  | 9,376
Deferred tax expense (benefit): |  |  |  |  |  |  |  |
U.S. |  | 37,597 |  |  | 178,523 |  |  | 80,247
Non-U.S. |  | 3,027 |  |  | (2,516) |  |  | (97)
Total deferred tax expense (benefit) |  | 40,624 |  |  | 176,007 |  |  | 80,150
Total income tax expense (benefit) | $ | 166,538 |  | $ | 71,198 |  | $ | 89,526
(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,
| 2021 |  | 2020 |  | 2019
(Dollars in thousands) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Underwriting gain (loss) | $ | (83,159) |  | $ | 306,933 |  | $ | 24,041 |  | $ | (277,852) |  | $ | 38,964 |  | $ | 297,199
Net investment income |  | 707,971 |  |  | 456,921 |  |  | 339,721 |  |  | 302,744 |  |  | 325,179 |  |  | 321,960
Net realized capital gains (losses) |  | 266,036 |  |  | (8,094) |  |  | 234,970 |  |  | 32,679 |  |  | 155,609 |  |  | 29,394
Net derivative gain (loss) |  | - |  |  | 2,965 |  |  | - |  |  | 1,541 |  |  | - |  |  | 6,374
Corporate expenses |  | (33,334) |  |  | (34,493) |  |  | (15,985) |  |  | (25,133) |  |  | (13,063) |  |  | (19,903)
Interest, fee and bond issue cost amortization expense |  | (69,974) |  |  | (175) |  |  | (35,659) |  |  | (664) |  |  | (34,931) |  |  | 3,239
Other income (expense) |  | 23,315 |  |  | 10,709 |  |  | (14,656) |  |  | 19,602 |  |  | (1,976) |  |  | (9,057)
Pre-tax income (loss) | $ | 810,855 |  | $ | 734,766 |  | $ | 532,432 |  | $ | 52,917 |  | $ | 469,782 |  | $ | 629,206
Expected tax provision at the applicable statutory rate(s) |  | 170,170 |  |  | 14,358 |  |  | 111,846 |  |  | (10,356) |  |  | 98,766 |  |  | 17,205
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt income |  | (3,927) |  |  | - |  |  | (3,598) |  |  | - |  |  | (3,680) |  |  | -
Dividend received deduction |  | (840) |  |  | - |  |  | (1,100) |  |  | - |  |  | (998) |  |  | -
Proration |  | 1,048 |  |  | - |  |  | 1,049 |  |  | - |  |  | 1,050 |  |  | -
Affiliated preferred stock dividends |  | 6,517 |  |  | - |  |  | 6,517 |  |  | - |  |  | 6,517 |  |  | -
Creditable foreign premium tax |  | (13,392) |  |  | - |  |  | (11,513) |  |  | - |  |  | (9,852) |  |  | -
Tax audit settlement |  | - |  |  | - |  |  | - |  |  | - |  |  | (1,576) |  |  | -
Share based compensation tax benefits formerly in APIC |  | (1,950) |  |  | (232) |  |  | (2,605) |  |  | (388) |  |  | (2,984) |  |  | (373)
Impact of CARES Act |  | - |  |  | - |  |  | (32,500) |  |  | - |  |  | - |  |  | -
Valuation allowance |  | 324 |  |  | (9,796) |  |  | 277 |  |  | 15,144 |  |  | 138 |  |  | 3,772
Change in uncertain tax positions |  | - |  |  | - |  |  | - |  |  | - |  |  | (8,434) |  |  | -
Other |  | 3,523 |  |  | 735 |  |  | 2,393 |  |  | (3,968) |  |  | (3,744) |  |  | (6,281)
Total income tax provision | $ | 161,473 |  | $ | 5,065 |  | $ | 70,766 |  | $ | 432 |  | $ | 75,203 |  | $ | 14,323
(Some amounts may not reconcile due to rounding.)
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits |
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Balance at January 1 | $ | - |  | $ | - |  | $ | 8,434
Additions based on tax positions related to the current year |  | - |  |  | - |  |  | -
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 | $ | - |  | $ | - |  | $ | -
Net Deferred Income Tax Assets |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020
Deferred tax assets: |  |  |  |  |
Loss reserves | $ | 129,861 |  | $ | 96,840
Unearned premium reserves |  | 107,724 |  |  | 85,028
Lease liability |  | 30,885 |  |  | 31,989
Foreign tax credits |  | 21,787 |  |  | 46,109
Net operating loss carryforward |  | 20,228 |  |  | 33,504
Net unrealized losses on benefit plans |  | 13,395 |  |  | 19,636
Equity compensation |  | 7,558 |  |  | 7,367
Investment impairments |  | 6,160 |  |  | 1,121
Unrealized foreign currency losses |  | 4,486 |  |  | 603
Uncollectible reinsurance reserves |  | 3,142 |  |  | 3,142
Other tax credits |  | 213 |  |  | 4,591
Other assets |  | 8,973 |  |  | 7,285
Total deferred tax assets |  | 354,412 |  |  | 337,215
Deferred tax liabilities: |  |  |  |  |
Deferred acquisition costs |  | 99,395 |  |  | 79,994
Net fair value income |  | 97,974 |  |  | 75,692
Partnership investments |  | 56,699 |  |  | 26,119
Net unrealized investment gains |  | 36,615 |  |  | 90,268
Right of use asset |  | 27,111 |  |  | 28,822
Benefit plan asset |  | 1,667 |  |  | 1,765
Other liabilities |  | 9,963 |  |  | 6,710
Total deferred tax liabilities |  | 329,424 |  |  | 309,370
Net deferred tax assets |  | 24,988 |  |  | 27,845
Less: Valuation allowance |  | (17,765) |  |  | (28,805)
Total net deferred tax assets/(liabilities) | $ | 7,223 |  | $ | (960)
(Some amounts may not reconcile due to rounding.)

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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