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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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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.

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