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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

 

 

At December 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

$

1,407,256

 

$

-

 

$

23,720

 

$

(10,358)

 

$

1,420,618

 

Obligations of U.S. states and political subdivisions

 

558,842

 

 

(151)

 

 

29,080

 

 

(1,150)

 

 

586,621

 

Corporate securities

 

7,443,535

 

 

(19,267)

 

 

195,210

 

 

(62,580)

 

 

7,556,898

 

Asset-backed securities

 

3,579,439

 

 

(7,679)

 

 

21,817

 

 

(11,848)

 

 

3,581,729

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,032,506

 

 

-

 

 

37,550

 

 

(5,690)

 

 

1,064,366

 

Agency residential

 

2,361,208

 

 

-

 

 

32,997

 

 

(18,873)

 

 

2,375,332

 

Non-agency residential

 

6,530

 

 

-

 

 

22

 

 

(16)

 

 

6,536

 

Foreign government securities

 

1,423,634

 

 

-

 

 

41,957

 

 

(28,079)

 

 

1,437,512

 

Foreign corporate securities

 

4,250,642

 

 

(2,641)

 

 

95,195

 

 

(64,536)

 

 

4,278,660

Total fixed maturity securities

$

22,063,592

 

$

(29,738)

 

$

477,548

 

$

(203,130)

 

$

22,308,272

 

 

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 December 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

$

1,398,742

 

$

1,398,006

 

$

1,365,793

 

$

1,374,674

Due after one year through five years

 

7,075,077

 

 

7,154,468

 

 

6,529,189

 

 

6,774,785

Due after five years through ten years

 

5,003,792

 

 

5,100,672

 

 

4,414,211

 

 

4,751,903

Due after ten years

 

1,606,298

 

 

1,627,163

 

 

1,247,816

 

 

1,309,773

Asset-backed securities

 

3,579,439

 

 

3,581,729

 

 

2,540,809

 

 

2,565,802

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,032,506

 

 

1,064,366

 

 

915,923

 

 

990,303

Agency residential

 

2,361,208

 

 

2,375,332

 

 

2,206,139

 

 

2,267,739

Non-agency residential

 

6,530

 

 

6,536

 

 

5,187

 

 

5,194

Total fixed maturity securities

$

22,063,592

 

$

22,308,272

 

$

19,225,067

 

$

20,040,173
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments

 

Years Ended December 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 and short-term investments

$

(542,343)

 

$

465,192

Change in unrealized appreciation (depreciation), pre-tax

 

(542,343)

 

 

465,192

Deferred tax benefit (expense)

 

57,581

 

 

(45,458)

Change in unrealized appreciation (depreciation),

 

 

 

 

 

net of deferred taxes, included in shareholders’ equity

$

(484,762)

 

$

419,734
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

 

 

Duration of Unrealized Loss at December 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

$

504,168

 

$

(6,264)

 

$

91,735

 

$

(4,094)

 

$

595,903

 

$

(10,358)

Obligations of U.S. states and political subdivisions

 

51,094

 

 

(1,038)

 

 

2,558

 

 

(112)

 

 

53,652

 

 

(1,150)

Corporate securities

 

2,132,576

 

 

(38,316)

 

 

472,831

 

 

(24,264)

 

 

2,605,407

 

 

(62,580)

Asset-backed securities

 

1,954,079

 

 

(11,180)

 

 

41,823

 

 

(668)

 

 

1,995,902

 

 

(11,848)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

221,852

 

 

(2,854)

 

 

40,496

 

 

(2,836)

 

 

262,348

 

 

(5,690)

Agency residential

 

1,101,215

 

 

(12,178)

 

 

279,697

 

 

(6,695)

 

 

1,380,912

 

 

(18,873)

Non-agency residential

 

2,320

 

 

(14)

 

 

156

 

 

(2)

 

 

2,476

 

 

(16)

Foreign government securities

 

392,447

 

 

(9,709)

 

 

100,673

 

 

(18,370)

 

 

493,120

 

 

(28,079)

Foreign corporate securities

 

1,734,510

 

 

(46,247)

 

 

210,722

 

 

(18,289)

 

 

1,945,232

 

 

(64,536)

Total fixed maturity securities

$

8,094,261

 

$

(127,800)

 

$

1,240,691

 

$

(75,330)

 

$

9,334,952

 

$

(203,130)

 

 

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 December 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

$

129,860

 

$

(2,415)

 

$

136,827

 

$

(11,832)

 

$

266,687

 

$

(14,247)

Due in one year through five years

 

2,165,467

 

 

(35,264)

 

 

446,247

 

 

(28,685)

 

 

2,611,714

 

 

(63,949)

Due in five years through ten years

 

1,727,823

 

 

(47,413)

 

 

244,454

 

 

(22,038)

 

 

1,972,277

 

 

(69,451)

Due after ten years

 

791,645

 

 

(16,482)

 

 

50,991

 

 

(2,574)

 

 

842,636

 

 

(19,056)

Asset-backed securities

 

1,954,079

 

 

(11,180)

 

 

41,823

 

 

(668)

 

 

1,995,902

 

 

(11,848)

Mortgage-backed securities

 

1,325,387

 

 

(15,046)

 

 

320,349

 

 

(9,533)

 

 

1,645,736

 

 

(24,579)

Total fixed maturity securities

$

8,094,261

 

$

(127,800)

 

$

1,240,691

 

$

(75,330)

 

$

9,334,952

 

$

(203,130)

 

 

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

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

 

 

2019

Fixed maturities

$

561,091

 

$

542,363

 

$

520,291

Equity securities

 

17,276

 

 

18,776

 

 

19,505

Short-term investments and cash

 

1,329

 

 

5,012

 

 

17,619

Other invested assets

 

 

 

 

 

 

 

 

Limited partnerships

 

565,265

 

 

112,853

 

 

105,815

Other

 

62,944

 

 

1,699

 

 

14,117

Gross investment income before adjustments

 

1,207,905

 

 

680,703

 

 

677,347

Funds held interest income (expense)

 

12,324

 

 

12,754

 

 

13,271

Future policy benefit reserve income (expense)

 

(1,093)

 

 

(1,237)

 

 

(1,380)

Gross investment income

 

1,219,136

 

 

692,220

 

 

689,238

Investment expenses

 

(54,244)

 

 

(49,755)

 

 

(42,099)

Net investment income

$

1,164,892

 

$

642,465

 

$

647,139
Summary Of Components Of Net Realized Capital Gains (Losses)

 

Years Ended December 31,

(Dollars in thousands)

2021

 

 

2020

 

2019

Fixed maturity securities, market value:

 

 

 

 

 

 

 

 

Allowance for credit losses

$

(27,992)

 

$

(1,745)

 

$

-

Other-than-temporary impairments

 

-

 

 

-

 

 

(20,899)

Gains (losses) from sales

 

16,503

 

 

(2,214)

 

 

28,025

Fixed maturity securities, fair value:

 

 

 

 

 

 

 

 

Gains (losses) from sales

 

-

 

 

(2,863)

 

 

355

Gains (losses) from fair value adjustments

 

-

 

 

1,944

 

 

1,808

Equity securities, fair value:

 

 

 

 

 

 

 

 

Gains (losses) from sales

 

27,596

 

 

(8,963)

 

 

4,148

Gains (losses) from fair value adjustments

 

235,686

 

 

278,461

 

 

165,200

Other invested assets

 

6,142

 

 

1,705

 

 

6,003

Short-term investments gain (loss)

 

8

 

 

1,324

 

 

364

Total net realized capital gains (losses)

$

257,943

 

$

267,649

 

$

185,004

 

 

Roll Forward of Allowance for Credit Losses

 

 

Twelve Months Ended December 31, 2021

 

 

 

 

 

 

 

Obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. States

 

Foreign

 

Foreign

 

 

 

 

 

Corporate

 

Asset-Backed

 

and Political

 

Government

 

Corporate

 

 

 

 

 

Securities

 

Securities

 

Subdivisions

 

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

 

 

(21,177)

 

 

(4,915)

 

 

(151)

 

 

-

 

 

(2,436)

 

 

(28,679)

Increases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

 

(2,529)

 

 

(2,764)

 

 

 

 

 

-

 

 

-

 

 

(5,293)

Decreases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

 

-

 

 

-

 

 

 

 

 

-

 

 

-

 

 

-

Reduction in allowance due to disposals

 

 

5,659

 

 

-

 

 

 

 

 

22

 

 

298

 

 

5,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31

 

$

(19,267)

 

$

(7,679)

 

$

(151)

 

$

-

 

$

(2,641)

 

$

(29,738)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roll Forward of Allowance for Credit Losses

 

 

Twelve Months Ended December 31, 2020

 

 

 

 

 

 

Obligations of

 

 

 

 

 

 

 

 

 

 

 

 

U.S. States

 

Foreign

 

Foreign

 

 

 

 

Corporate

 

Asset-Backed

 

and Political

 

Government

 

Corporate

 

 

 

 

Securities

 

Securities

 

Subdivisions

 

Securities

 

Securities

 

Total

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

 

$

-

Credit losses on securities where credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

losses were not previously recorded

 

 

(27,666)

 

 

-

 

 

-

 

 

(518)

 

 

(4,700)

 

 

(32,884)

Increases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

 

(6,136)

 

 

-

 

 

-

 

 

(28)

 

 

(481)

 

 

(6,645)

Decreases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

 

4,333

 

 

-

 

 

-

 

 

309

 

 

883

 

 

5,525

Reduction in allowance due to disposals

 

 

28,249

 

 

-

 

 

-

 

 

215

 

 

3,795

 

 

32,259

Balance as of December 31

 

$

(1,220)

 

$

-

 

$

-

 

$

(22)

 

$

(503)

 

$

(1,745)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

 

2019

Proceeds from sales of fixed maturity securities

$

1,915,916

 

$

1,950,774

 

$

3,283,154

Gross gains from sales

 

71,744

 

 

79,609

 

 

63,721

Gross losses from sales

 

(55,241)

 

 

(84,686)

 

 

(35,341)

 

 

 

 

 

 

 

 

 

Proceeds from sales of equity securities

$

990,376

 

$

376,347

 

$

283,965

Gross gains from sales

 

42,241

 

 

37,415

 

 

14,274

Gross losses from sales

 

(14,645)

 

 

(46,378)

 

 

(10,126)