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As Of Filer Filing For·On·As Docs:Size 8/14/19 Everest Reinsurance Holdings Inc 10-Q 6/30/19 88:20M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report -- holdings10q2q2019 HTML 1.19M 5: 10-Q Holdings 10-Q 2Q19 PDF Version -- PDF 485K holdings10q2q2019 2: EX-31.1 Certification -- §302 - SOA'02 -- exhibit31-1 HTML 32K 3: EX-31.2 Certification -- §302 - SOA'02 -- exhibit31-2 HTML 32K 4: EX-32.1 Certification -- §906 - SOA'02 -- exhibit32-1 HTML 28K 12: R1 Document And Entity Information HTML 57K 13: R2 Consolidated Balance Sheets HTML 132K 14: R3 Consolidated Balance Sheets (Parenthetical) HTML 50K 15: R4 Consolidated Statements Of Operations And HTML 110K Comprehensive Income (Loss) 16: R5 Consolidated Statements Of Changes In HTML 62K Stockholder's Equity 17: R6 Consolidated Statements Of Cash Flows HTML 133K 18: R7 General HTML 30K 19: R8 Basis Of Presentation HTML 54K 20: R9 Investments HTML 926K 21: R10 Reserves For Losses And LAE HTML 93K 22: R11 Fair Value HTML 727K 23: R12 Commitments And Contingencies HTML 43K 24: R13 Comprehensive Income (Loss) HTML 329K 25: R14 Collateralized Reinsurance And Trust Agreements HTML 40K 26: R15 Senior Notes HTML 72K 27: R16 Long Term Subordinated Notes HTML 75K 28: R17 Leases HTML 74K 29: R18 Segment Reporting HTML 247K 30: R19 Related-Party Transactions HTML 332K 31: R20 Retirement Benefits HTML 119K 32: R21 Income Taxes HTML 30K 33: R22 Subsequent Events HTML 28K 34: R23 Investments (Tables) HTML 908K 35: R24 Reserves For Losses And LAE (Tables) HTML 91K 36: R25 Fair Value (Tables) HTML 699K 37: R26 Commitments And Contingencies (Tables) HTML 41K 38: R27 Comprehensive Income (Loss) (Tables) HTML 330K 39: R28 Senior Notes (Tables) HTML 75K 40: R29 Long Term Subordinated Notes (Tables) HTML 71K 41: R30 Leases (Tables) HTML 70K 42: R31 Segment Reporting (Tables) HTML 246K 43: R32 Related-Party Transactions (Tables) HTML 321K 44: R33 Retirement Benefits (Tables) HTML 113K 45: R34 Basis Of Presentation (Details) HTML 43K 46: R35 Investments (Narrative) (Details) HTML 65K 47: R36 Investments (Summary Of Unrealized Appreciation HTML 71K (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) 48: R37 Investments (Summary Of Amortized Cost And Market HTML 70K Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) 49: R38 Investments (Summary Of Changes In Net Unrealized HTML 44K Appreciation (Depreciation) For The Company's Investments) (Details) 50: R39 Investments (Summary Of Aggregate Market Value And HTML 81K Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) 51: R40 Investments (Summary Of Aggregate Market Value And HTML 69K Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) 52: R41 Investments (Summary Of Components Of Net HTML 55K Investment Income) (Details) 53: R42 Investments (Summary Of Components Of Net Realized HTML 55K Capital Gains (Losses)) (Details) 54: R43 Investments (Summary Of Gross Gains (Losses) From HTML 38K Sales Of Fixed Maturity And Equity Securities) (Details) 55: R44 Reserves For Losses And LAE (Narrative) (Details) HTML 31K 56: R45 Reserves For Losses And LAE (Summary Of Activity HTML 55K In The Reserve For Losses And LAE) (Details) 57: R46 Fair Value (Narrative) (Details) HTML 80K 58: R47 Fair Value (Fair Value Measurement Levels For All HTML 100K Assets, Recorded At Fair And Market Value) (Details) 59: R48 Fair Value (Activity Under Level 3, Fair Value HTML 67K Measurements Using Significant Unobservable Inputs By Asset Type) (Details) 60: R49 Fair Value (Fair Value Measurements Using HTML 42K Significant Unobservable Inputs for Equity Index Put Option Contracts) (Details) 61: R50 Commitments And Contingencies (Estimated Cost To HTML 33K Replace All Such Annuities For Which The Company Was Contingently Liable) (Details) 62: R51 Comprehensive Income (Loss) (Components Of HTML 67K Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) 63: R52 Comprehensive Income (Loss) (Reclassification From HTML 47K Accumulated Other Comprehensive Income) (Details) 64: R53 Comprehensive Income (Loss) (Components Of HTML 59K Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) 65: R54 Collateralized Reinsurance And Trust Agreements HTML 99K (Narrative) (Details) 66: R55 Senior Notes (Narrative) (Details) HTML 40K 67: R56 Senior Notes (Schedule Of Outstanding Senior HTML 42K Notes) (Details) 68: R57 Senior Notes (Schedule Of Interest Expense HTML 29K Incurred In Connection With Senior Notes) (Details) 69: R58 Long Term Subordinated Notes (Narrative) (Details) HTML 69K 70: R59 Long Term Subordinated Notes (Schedule Of HTML 48K Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) 71: R60 Long Term Subordinated Notes (Schedule Of Interest HTML 28K Expense Incurred In Connection With Long Term Subordinated Notes) (Details) 72: R61 Leases (Narrative) (Details) HTML 32K 73: R62 Leases (Supplemental Information Relating to HTML 40K Operating Leases) (Details) 74: R63 Leases (Maturities of Lease Liabilities) (Details) HTML 47K 75: R64 Segment Reporting (Narrative) (Details) HTML 32K 76: R65 Segment Reporting (Schedule Of Underwriting HTML 58K Results For Operating Segments) (Details) 77: R66 Segment Reporting (Schedule Of Underwriting HTML 46K Results For Operating Segments To Income (Loss) Before Taxes) (Details) 78: R67 Segment Reporting (Schedule Of Gross Written HTML 30K Premium Derived From Largest Non-U.S. Market) (Details) 79: R68 Related-Party Transactions (Narrative) (Details) HTML 90K 80: R69 Related-Party Transactions (Amendments To The HTML 41K Share Repurchase Program For The Common Shares Approved For Repurchase) (Details) 81: R70 Related-Party Transactions (Dividends Received On HTML 30K Preferred Shares) (Details) 82: R71 Related-Party Transactions (Affiliated Quota Share HTML 74K Reinsurance Agreements For All New And Renewal Business For The Indicated Coverage Period) (Details) 83: R72 Related-Party Transactions (Schedule Of Loss HTML 41K Portfolio Transfer Reinsurance Agreements, Net Insurance Exposures And Reserves Were Transferred To An Affiliate) (Details) 84: R73 Related-Party Transactions (Premiums And Losses HTML 57K Ceded By The Company To Affiliate) (Details) 85: R74 Retirement Benefits (Details) HTML 55K 87: XML IDEA XML File -- Filing Summary XML 172K 86: EXCEL IDEA Workbook of Financial Reports XLSX 104K 6: EX-101.INS XBRL Instance -- cik0000914748-20190630 XML 7.90M 8: EX-101.CAL XBRL Calculations -- cik0000914748-20190630_cal XML 215K 9: EX-101.DEF XBRL Definitions -- cik0000914748-20190630_def XML 712K 10: EX-101.LAB XBRL Labels -- cik0000914748-20190630_lab XML 1.24M 11: EX-101.PRE XBRL Presentations -- cik0000914748-20190630_pre XML 1.13M 7: EX-101.SCH XBRL Schema -- cik0000914748-20190630 XSD 212K 88: ZIP XBRL Zipped Folder -- 0000914748-19-000011-xbrl Zip 278K
Delaware
|
22-3263609
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
YES
|
X
|
NO
|
YES
|
X
|
NO
|
Large accelerated filer
|
Accelerated filer
|
|||
Non-accelerated filer
|
X
|
Smaller reporting company
|
||
Emerging growth company
|
YES
|
NO
|
X
|
YES
|
NO
|
X
|
Number of Shares Outstanding
|
||
Class
|
||
Common Shares, $0.01 par value
|
1,000
|
Item 1.
|
Financial Statements
|
|||
Consolidated Balance Sheets at June 30, 2019 (unaudited) and
|
||||
1
|
||||
Consolidated Statements of Operations and Comprehensive Income (Loss) for the
|
||||
three and six months ended June 30, 2019 and 2018 (unaudited)
|
2
|
|||
Consolidated Statements of Changes in Stockholder’s Equity for the three and six
|
||||
months ended June 30, 2019 and 2018 (unaudited)
|
3
|
|||
Consolidated Statements of Cash Flows for the six months ended
|
||||
June 30, 2019 and 2018 (unaudited)
|
4
|
|||
Notes to Consolidated Interim Financial Statements (unaudited)
|
5
|
|||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and
|
|||
Results of Operation
|
32
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
48
|
||
Item 4.
|
Controls and Procedures
|
48
|
||
Item 1.
|
Legal Proceedings
|
48
|
||
Item 1A.
|
Risk Factors
|
49
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
49
|
||
Item 3.
|
Defaults Upon Senior Securities
|
49
|
||
Item 4.
|
Mine Safety Disclosures
|
49
|
||
Item 5.
|
Other Information
|
49
|
||
Item 6.
|
Exhibits
|
49
|
June 30,
|
December 31,
|
|||||||
(Dollars in thousands, except share amounts and par value per share)
|
2019
|
2018
|
||||||
(unaudited)
|
||||||||
ASSETS:
|
||||||||
Fixed maturities - available for sale, at market value
|
$
|
6,971,971
|
$
|
6,962,075
|
||||
(amortized cost: 2019, $6,838,605; 2018, $7,032,749)
|
||||||||
Fixed maturities - available for sale, at fair value
|
- |
2,337
|
||||||
Equity securities, at fair value
|
751,642
|
564,338
|
||||||
Short-term investments (cost: 2019, $368,833; 2018, $174,155)
|
368,898
|
174,131
|
||||||
Other invested assets (cost: 2019, $943,022; 2018, $882,647)
|
943,022
|
882,647
|
||||||
Other invested assets, at fair value
|
1,892,988
|
1,717,336
|
||||||
Cash
|
377,189
|
404,522
|
||||||
Total investments and cash
|
11,305,710
|
10,707,386
|
||||||
Accrued investment income
|
50,276
|
47,232
|
||||||
Premiums receivable
|
1,564,911
|
1,471,805
|
||||||
Reinsurance receivables - unaffiliated
|
1,293,452
|
1,295,961
|
||||||
Reinsurance receivables - affiliated
|
3,467,105
|
3,544,975
|
||||||
Income taxes
|
151,109
|
409,892
|
||||||
Funds held by reinsureds
|
250,903
|
238,566
|
||||||
Deferred acquisition costs
|
361,621
|
353,630
|
||||||
Prepaid reinsurance premiums
|
439,433
|
328,796
|
||||||
Other assets
|
351,312
|
289,962
|
||||||
TOTAL ASSETS
|
$
|
19,235,832
|
$
|
18,688,205
|
||||
LIABILITIES:
|
||||||||
Reserve for losses and loss adjustment expenses
|
$
|
10,148,412
|
$
|
10,167,018
|
||||
Unearned premium reserve
|
2,003,530
|
1,826,868
|
||||||
Funds held under reinsurance treaties
|
39,275
|
41,600
|
||||||
Other net payable to reinsurers
|
320,100
|
316,826
|
||||||
Senior notes due 6/1/2044
|
397,014
|
396,954
|
||||||
Long term notes due 5/1/2067
|
236,709
|
236,659
|
||||||
Note payable - affiliated
|
- |
300,000
|
||||||
Accrued interest on debt and borrowings
|
3,063
|
3,093
|
||||||
Unsettled securities payable
|
63,050
|
50,912
|
||||||
Other liabilities
|
280,933
|
303,610
|
||||||
Total liabilities
|
13,492,086
|
13,643,540
|
||||||
Commitments and Contingencies (Note 6)
|
||||||||
STOCKHOLDER'S EQUITY:
|
||||||||
Common stock, par value: $0.01; 3,000 shares authorized;
|
||||||||
1,000 shares issued and outstanding (2019 and 2018)
|
- | - | ||||||
Additional paid-in capital
|
1,100,489
|
1,100,315
|
||||||
Accumulated other comprehensive income (loss), net of deferred income tax expense
|
||||||||
(benefit) of $10,403 at 2019 and ($33,506) at 2018
|
39,523
|
(126,254
|
)
|
|||||
Retained earnings
|
4,603,734
|
4,070,604
|
||||||
Total stockholder's equity
|
5,743,746
|
5,044,665
|
||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
|
$
|
19,235,832
|
$
|
18,688,205
|
||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
(unaudited) |
(unaudited) |
|||||||||||||||
REVENUES:
|
||||||||||||||||
Premiums earned
|
$
|
1,375,623
|
$
|
1,179,836
|
$
|
2,646,077
|
$
|
2,295,846
|
||||||||
Net investment income
|
90,709
|
72,070
|
175,243
|
141,979
|
||||||||||||
Net realized capital gains (losses):
|
||||||||||||||||
Other-than-temporary impairments on fixed maturity securities
|
(4,929
|
)
|
(872
|
)
|
(7,219
|
)
|
(907
|
)
|
||||||||
Other-than-temporary impairments on fixed maturity securities
|
||||||||||||||||
transferred to other comprehensive income (loss)
|
- | - | - | - | ||||||||||||
Other net realized capital gains (losses)
|
147,492
|
(41,399
|
)
|
284,838
|
(101,565
|
)
|
||||||||||
Total net realized capital gains (losses)
|
142,563
|
(42,271
|
)
|
277,619
|
(102,472
|
)
|
||||||||||
Other income (expense)
|
(3,812
|
)
|
77,682
|
(5,026
|
)
|
2,805
|
||||||||||
Total revenues
|
1,605,083
|
1,287,317
|
3,093,913
|
2,338,158
|
||||||||||||
CLAIMS AND EXPENSES:
|
||||||||||||||||
Incurred losses and loss adjustment expenses
|
843,222
|
1,228,760
|
1,639,318
|
1,942,015
|
||||||||||||
Commission, brokerage, taxes and fees
|
316,775
|
288,002
|
604,993
|
544,459
|
||||||||||||
Other underwriting expenses
|
83,351
|
74,226
|
161,733
|
151,577
|
||||||||||||
Corporate expenses
|
2,519
|
1,513
|
4,170
|
5,109
|
||||||||||||
Interest, fee and bond issue cost amortization expense
|
9,684
|
7,623
|
19,512
|
14,936
|
||||||||||||
Total claims and expenses
|
1,255,551
|
1,600,124
|
2,429,726
|
2,658,096
|
||||||||||||
INCOME (LOSS) BEFORE TAXES
|
349,532
|
(312,807
|
)
|
664,187
|
(319,938
|
)
|
||||||||||
Income tax expense (benefit)
|
67,628
|
(47,399
|
)
|
131,057
|
(42,358
|
)
|
||||||||||
NET INCOME (LOSS)
|
$
|
281,904
|
$
|
(265,408
|
)
|
$
|
533,130
|
$
|
(277,580
|
)
|
||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period
|
68,095
|
(18,165
|
)
|
156,544
|
(64,987
|
)
|
||||||||||
Less: reclassification adjustment for realized losses (gains) included in net income (loss)
|
5,858
|
154
|
4,842
|
(4,681
|
)
|
|||||||||||
Total URA(D) on securities arising during the period
|
73,953
|
(18,011
|
)
|
161,386
|
(69,668
|
)
|
||||||||||
Foreign currency translation adjustments
|
(7,475
|
)
|
(20,812
|
)
|
2,089
|
(22,154
|
)
|
|||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)
|
1,151
|
1,815
|
2,302
|
3,630
|
||||||||||||
Total benefit plan net gain (loss) for the period
|
1,151
|
1,815
|
2,302
|
3,630
|
||||||||||||
Total other comprehensive income (loss), net of tax
|
67,629
|
(37,008
|
)
|
165,777
|
(88,192
|
)
|
||||||||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
349,533
|
$
|
(302,416
|
)
|
$
|
698,907
|
$
|
(365,772
|
)
|
||||||
The accompanying notes are an integral part of the consolidated financial statements.
|
(Dollars in thousands, except share amounts)
|
2019
|
2018
|
||||||
(unaudited)
|
||||||||
COMMON STOCK (shares outstanding):
|
||||||||
Balance, January 1
|
1,000
|
1,000
|
||||||
Balance, March 31
|
1,000
|
1,000
|
||||||
Balance, June 30
|
1,000
|
1,000
|
||||||
ADDITIONAL PAID-IN CAPITAL:
|
||||||||
Balance, January 1
|
$
|
1,100,315
|
$
|
387,841
|
||||
Share-based compensation plans
|
87
|
48
|
||||||
Balance, March 31
|
1,100,402
|
387,889
|
||||||
Share-based compensation plans
|
87
|
47
|
||||||
Balance, June 30
|
1,100,489
|
387,936
|
||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),
|
||||||||
NET OF DEFERRED INCOME TAXES:
|
||||||||
Balance, January 1
|
(126,254
|
)
|
(942
|
)
|
||||
Change to beginning balance due to adoption of ASU 2016-01
|
-
|
(2,447
|
)
|
|||||
Net increase (decrease) during the period
|
98,148
|
(51,184
|
)
|
|||||
Balance, March 31
|
(28,106
|
)
|
(54,573
|
)
|
||||
Net increase (decrease) during the period
|
67,629
|
(37,008
|
)
|
|||||
Balance, June 30
|
39,523
|
(91,581
|
)
|
|||||
RETAINED EARNINGS:
|
||||||||
Balance, January 1
|
4,070,604
|
5,025,824
|
||||||
Change to beginning balance due to adoption of ASU 2016-01
|
- |
2,447
|
||||||
Net income (loss)
|
251,226
|
(12,172
|
)
|
|||||
Balance, March 31
|
4,321,830
|
5,016,099
|
||||||
Net income (loss)
|
281,904
|
(265,408
|
)
|
|||||
Balance, June 30
|
4,603,734
|
4,750,691
|
||||||
TOTAL STOCKHOLDER'S EQUITY, June 30
|
$
|
5,743,746
|
$
|
5,047,046
|
||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Six Months Ended
|
||||||||
June 30,
|
||||||||
(Dollars in thousands)
|
2019
|
2018
|
||||||
(unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
533,130
|
$
|
(277,580
|
)
|
|||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Decrease (increase) in premiums receivable
|
(93,371
|
)
|
(31,486
|
)
|
||||
Decrease (increase) in funds held by reinsureds, net
|
(14,688
|
)
|
(13,233
|
)
|
||||
Decrease (increase) in reinsurance receivables
|
82,701
|
627,965
|
||||||
Decrease (increase) in income taxes
|
214,830
|
4,652
|
||||||
Decrease (increase) in prepaid reinsurance premiums
|
(110,643
|
)
|
(6,626
|
)
|
||||
Increase (decrease) in reserve for losses and loss adjustment expenses
|
(21,387
|
)
|
(34,332
|
)
|
||||
Increase (decrease) in unearned premiums
|
176,412
|
54,516
|
||||||
Increase (decrease) in other net payable to reinsurers
|
3,307
|
(76,825
|
)
|
|||||
Increase (decrease) in losses in course of payment
|
(22,634
|
)
|
78,740
|
|||||
Change in equity adjustments in limited partnerships
|
(23,662
|
)
|
(29,160
|
)
|
||||
Distribution of limited partnership income
|
24,969
|
28,278
|
||||||
Change in other assets and liabilities, net
|
(65,421
|
)
|
14,713
|
|||||
Non-cash compensation expense
|
13,913
|
5,903
|
||||||
Amortization of bond premium (accrual of bond discount)
|
826
|
3,478
|
||||||
Net realized capital (gains) losses
|
(277,619
|
)
|
102,472
|
|||||
Net cash provided by (used in) operating activities
|
420,663
|
451,475
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value
|
437,371
|
416,065
|
||||||
Proceeds from fixed maturities sold - available for sale, at market value
|
2,004,602
|
368,858
|
||||||
Proceeds from fixed maturities sold - available for sale, at fair value
|
2,706
|
1,065
|
||||||
Proceeds from equity securities sold - at fair value
|
148,973
|
429,927
|
||||||
Distributions from other invested assets
|
76,149
|
941,415
|
||||||
Cost of fixed maturities acquired - available for sale, at market value
|
(2,251,818
|
)
|
(971,395
|
)
|
||||
Cost of fixed maturities acquired - available for sale, at fair value
|
- |
(4,381
|
)
|
|||||
Cost of equity securities acquired - at fair value
|
(228,872
|
)
|
(555,998
|
)
|
||||
Cost of other invested assets acquired
|
(138,096
|
)
|
(964,209
|
)
|
||||
Net change in short-term investments
|
(192,889
|
)
|
47,613
|
|||||
Net change in unsettled securities transactions
|
13,100
|
(16,558
|
)
|
|||||
Net cash provided by (used in) investing activities
|
(128,774
|
)
|
(307,598
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Tax benefit from share-based compensation, net of expense
|
(13,739
|
)
|
(3,362
|
)
|
||||
Cost of repayment of note payable-affiliated
|
(300,000
|
)
|
- | |||||
Net cash provided by (used in) financing activities
|
(313,739
|
)
|
(3,362
|
)
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(5,483
|
)
|
(5,217
|
)
|
||||
Net increase (decrease) in cash
|
(27,333
|
)
|
135,298
|
|||||
Cash, beginning of period
|
404,522
|
229,552
|
||||||
Cash, end of period
|
$
|
377,189
|
$
|
364,850
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Income taxes paid (recovered)
|
$
|
(87,045
|
)
|
$
|
(46,386
|
)
|
||
Interest paid
|
19,433
|
14,544
|
||||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Amortized
|
Unrealized
|
Unrealized
|
Market
|
OTTI in AOCI
|
||||||||||||||||
(Dollars in thousands)
|
Cost
|
Appreciation
|
Depreciation
|
Value
|
(a)
|
|||||||||||||||
Fixed maturity securities
|
||||||||||||||||||||
U.S. Treasury securities and obligations of
|
||||||||||||||||||||
U.S. government agencies and corporations
|
$
|
892,226
|
$
|
11,066
|
$
|
(2,043
|
)
|
$
|
901,249
|
$
|
- | |||||||||
Obligations of U.S. states and political subdivisions
|
501,019
|
27,035
|
(348
|
)
|
527,706
|
- | ||||||||||||||
Corporate securities
|
2,518,720
|
59,026
|
(23,056
|
)
|
2,554,690
|
135
|
||||||||||||||
Asset-backed securities
|
516,941
|
1,201
|
(935
|
)
|
517,207
|
- | ||||||||||||||
Mortgage-backed securities
|
||||||||||||||||||||
Commercial
|
271,298
|
15,385
|
(72
|
)
|
286,611
|
- | ||||||||||||||
Agency residential
|
602,695
|
14,283
|
(387
|
)
|
616,591
|
- | ||||||||||||||
Non-agency residential
|
2,701
|
3
|
- |
2,704
|
- | |||||||||||||||
Foreign government securities
|
520,922
|
21,323
|
(6,517
|
)
|
535,728
|
- | ||||||||||||||
Foreign corporate securities
|
1,012,083
|
32,315
|
(14,913
|
)
|
1,029,485
|
316
|
||||||||||||||
Total fixed maturity securities
|
$
|
6,838,605
|
$
|
181,637
|
$
|
(48,271
|
)
|
$
|
6,971,971
|
$
|
451
|
Amortized
|
Unrealized
|
Unrealized
|
Market
|
OTTI in AOCI
|
||||||||||||||||
(Dollars in thousands)
|
Cost
|
Appreciation
|
Depreciation
|
Value
|
(a)
|
|||||||||||||||
Fixed maturity securities
|
||||||||||||||||||||
U.S. Treasury securities and obligations of
|
||||||||||||||||||||
U.S. government agencies and corporations
|
$
|
2,250,312
|
$
|
3,573
|
$
|
(11,088
|
)
|
$
|
2,242,797
|
$
|
- | |||||||||
Obligations of U.S. states and political subdivisions
|
489,013
|
12,915
|
(2,839
|
)
|
499,089
|
440
|
||||||||||||||
Corporate securities
|
2,273,581
|
12,487
|
(69,915
|
)
|
2,216,153
|
430
|
||||||||||||||
Asset-backed securities
|
223,192
|
102
|
(2,039
|
)
|
221,255
|
- | ||||||||||||||
Mortgage-backed securities
|
||||||||||||||||||||
Commercial
|
135,380
|
1,947
|
(723
|
)
|
136,604
|
- | ||||||||||||||
Agency residential
|
149,306
|
1,177
|
(1,709
|
)
|
148,774
|
- | ||||||||||||||
Non-agency residential
|
3,115
|
3
|
(4
|
)
|
3,114
|
- | ||||||||||||||
Foreign government securities
|
576,540
|
14,399
|
(11,353
|
)
|
579,586
|
- | ||||||||||||||
Foreign corporate securities
|
932,310
|
13,325
|
(30,932
|
)
|
914,703
|
281
|
||||||||||||||
Total fixed maturity securities
|
$
|
7,032,749
|
$
|
59,928
|
$
|
(130,602
|
)
|
$
|
6,962,075
|
$
|
1,151
|
Amortized
|
Market
|
Amortized
|
Market
|
|||||||||||||
(Dollars in thousands)
|
Cost
|
Value
|
Cost
|
Value
|
||||||||||||
Fixed maturity securities – available for sale
|
||||||||||||||||
Due in one year or less
|
$
|
637,109
|
$
|
631,917
|
$
|
511,193
|
$
|
507,572
|
||||||||
Due after one year through five years
|
2,922,404
|
2,955,499
|
4,271,245
|
4,230,451
|
||||||||||||
Due after five years through ten years
|
1,294,439
|
1,348,170
|
1,177,752
|
1,163,831
|
||||||||||||
Due after ten years
|
591,018
|
613,272
|
561,566
|
550,474
|
||||||||||||
Asset-backed securities
|
516,941
|
517,207
|
223,192
|
221,255
|
||||||||||||
Mortgage-backed securities
|
||||||||||||||||
Commercial
|
271,298
|
286,611
|
135,380
|
136,604
|
||||||||||||
Agency residential
|
602,695
|
616,591
|
149,306
|
148,774
|
||||||||||||
Non-agency residential
|
2,701
|
2,704
|
3,115
|
3,114
|
||||||||||||
Total fixed maturity securities
|
$
|
6,838,605
|
$
|
6,971,971
|
$
|
7,032,749
|
$
|
6,962,075
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Increase (decrease) during the period between the market value and cost
|
||||||||||||||||
of investments carried at market value, and deferred taxes thereon:
|
||||||||||||||||
Fixed maturity securities
|
$
|
93,919
|
$
|
(23,064
|
)
|
$
|
204,828
|
$
|
(88,552
|
)
|
||||||
Fixed maturity securities, other-than-temporary impairment
|
(368
|
)
|
266
|
(700
|
)
|
365
|
||||||||||
Change in unrealized appreciation (depreciation), pre-tax
|
93,551
|
(22,798
|
)
|
204,128
|
(88,187
|
)
|
||||||||||
Deferred tax benefit (expense)
|
(19,675
|
)
|
4,843
|
(42,889
|
)
|
18,596
|
||||||||||
Deferred tax benefit (expense), other-than-temporary impairment
|
77
|
(56
|
)
|
147
|
(77
|
)
|
||||||||||
Change in unrealized appreciation (depreciation),
|
||||||||||||||||
net of deferred taxes, included in stockholder's equity
|
$
|
73,953
|
$
|
(18,011
|
)
|
$
|
161,386
|
$
|
(69,668
|
)
|
Duration of Unrealized Loss at June 30, 2019 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
|
$
|
37,960
|
$
|
(12
|
)
|
$
|
304,142
|
$
|
(2,031
|
)
|
$
|
342,102
|
$
|
(2,043
|
)
|
|||||||||
Obligations of U.S. states and political subdivisions
|
1,991
|
(48
|
)
|
9,840
|
(300
|
)
|
11,831
|
(348
|
)
|
|||||||||||||||
Corporate securities
|
191,106
|
(8,266
|
)
|
307,906
|
(14,790
|
)
|
499,012
|
(23,056
|
)
|
|||||||||||||||
Asset-backed securities
|
295,890
|
(833
|
)
|
52,686
|
(102
|
)
|
348,576
|
(935
|
)
|
|||||||||||||||
Mortgage-backed securities
|
||||||||||||||||||||||||
Commercial
|
1,578
|
(2
|
)
|
17,342
|
(70
|
)
|
18,920
|
(72
|
)
|
|||||||||||||||
Agency residential
|
13,049
|
(32
|
)
|
38,667
|
(355
|
)
|
51,716
|
(387
|
)
|
|||||||||||||||
Non-agency residential
|
1,435
|
- | - | - |
1,435
|
- | ||||||||||||||||||
Foreign government securities
|
16,603
|
(124
|
)
|
138,472
|
(6,393
|
)
|
155,075
|
(6,517
|
)
|
|||||||||||||||
Foreign corporate securities
|
27,650
|
(350
|
)
|
225,895
|
(14,563
|
)
|
253,545
|
(14,913
|
)
|
|||||||||||||||
Total fixed maturity securities
|
$
|
587,262
|
$
|
(9,667
|
)
|
$
|
1,094,950
|
$
|
(38,604
|
)
|
$
|
1,682,212
|
$
|
(48,271
|
)
|
Duration of Unrealized Loss at June 30, 2019 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
|
$
|
37,823
|
$
|
(624
|
)
|
$
|
188,033
|
$
|
(9,133
|
)
|
$
|
225,856
|
$
|
(9,757
|
)
|
|||||||||
Due in one year through five years
|
115,774
|
(960
|
)
|
593,416
|
(15,494
|
)
|
709,190
|
(16,454
|
)
|
|||||||||||||||
Due in five years through ten years
|
101,238
|
(6,438
|
)
|
95,780
|
(3,859
|
)
|
197,018
|
(10,297
|
)
|
|||||||||||||||
Due after ten years
|
20,475
|
(778
|
)
|
109,026
|
(9,591
|
)
|
129,501
|
(10,369
|
)
|
|||||||||||||||
Asset-backed securities
|
295,890
|
(833
|
)
|
52,686
|
(102
|
)
|
348,576
|
(935
|
)
|
|||||||||||||||
Mortgage-backed securities
|
16,062
|
(34
|
)
|
56,009
|
(425
|
)
|
72,071
|
(459
|
)
|
|||||||||||||||
Total fixed maturity securities
|
$
|
587,262
|
$
|
(9,667
|
)
|
$
|
1,094,950
|
$
|
(38,604
|
)
|
$
|
1,682,212
|
$
|
(48,271
|
)
|
Duration of Unrealized Loss at December 31, 2018 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
|
$
|
245,357
|
$
|
(6,099
|
)
|
$
|
373,377
|
$
|
(4,989
|
)
|
$
|
618,734
|
$
|
(11,088
|
)
|
|||||||||
Obligations of U.S. states and political subdivisions
|
107,183
|
(2,829
|
)
|
1,475
|
(10
|
)
|
108,658
|
(2,839
|
)
|
|||||||||||||||
Corporate securities
|
1,390,942
|
(57,043
|
)
|
194,770
|
(12,872
|
)
|
1,585,712
|
(69,915
|
)
|
|||||||||||||||
Asset-backed securities
|
127,052
|
(1,408
|
)
|
47,551
|
(631
|
)
|
174,603
|
(2,039
|
)
|
|||||||||||||||
Mortgage-backed securities
|
||||||||||||||||||||||||
Commercial
|
51,357
|
(695
|
)
|
2,259
|
(28
|
)
|
53,616
|
(723
|
)
|
|||||||||||||||
Agency residential
|
44,071
|
(1,221
|
)
|
21,889
|
(488
|
)
|
65,960
|
(1,709
|
)
|
|||||||||||||||
Non-agency residential
|
3,093
|
(4
|
)
|
- | - |
3,093
|
(4
|
)
|
||||||||||||||||
Foreign government securities
|
192,510
|
(10,690
|
)
|
101,137
|
(663
|
)
|
293,647
|
(11,353
|
)
|
|||||||||||||||
Foreign corporate securities
|
501,532
|
(25,821
|
)
|
65,279
|
(5,111
|
)
|
566,811
|
(30,932
|
)
|
|||||||||||||||
Total fixed maturity securities
|
$
|
2,663,097
|
$
|
(105,810
|
)
|
$
|
807,737
|
$
|
(24,792
|
)
|
$
|
3,470,834
|
$
|
(130,602
|
)
|
Duration of Unrealized Loss at December 31, 2018 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
|
$
|
165,545
|
$
|
(7,618
|
)
|
$
|
118,322
|
$
|
(1,164
|
)
|
$
|
283,867
|
$
|
(8,782
|
)
|
|||||||||
Due in one year through five years
|
1,423,431
|
(44,924
|
)
|
525,554
|
(9,530
|
)
|
1,948,985
|
(54,454
|
)
|
|||||||||||||||
Due in five years through ten years
|
624,875
|
(35,360
|
)
|
42,902
|
(2,773
|
)
|
667,777
|
(38,133
|
)
|
|||||||||||||||
Due after ten years
|
223,673
|
(14,580
|
)
|
49,260
|
(10,178
|
)
|
272,933
|
(24,758
|
)
|
|||||||||||||||
Asset-backed securities
|
127,052
|
(1,408
|
)
|
47,551
|
(631
|
)
|
174,603
|
(2,039
|
)
|
|||||||||||||||
Mortgage-backed securities
|
98,521
|
(1,920
|
)
|
24,148
|
(516
|
)
|
122,669
|
(2,436
|
)
|
|||||||||||||||
Total fixed maturity securities
|
$
|
2,663,097
|
$
|
(105,810
|
)
|
$
|
807,737
|
$
|
(24,792
|
)
|
$
|
3,470,834
|
$
|
(130,602
|
)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Fixed maturities
|
$
|
65,374
|
$
|
48,523
|
$
|
132,428
|
$
|
90,942
|
||||||||
Equity securities
|
2,319
|
3,627
|
3,750
|
8,030
|
||||||||||||
Short-term investments and cash
|
3,169
|
1,302
|
5,905
|
2,230
|
||||||||||||
Other invested assets
|
||||||||||||||||
Limited partnerships
|
15,116
|
14,168
|
23,171
|
28,640
|
||||||||||||
Dividends from preferred shares of affiliate
|
7,758
|
7,758
|
15,516
|
15,516
|
||||||||||||
Other
|
3,299
|
1,460
|
6,279
|
4,655
|
||||||||||||
Gross investment income before adjustments
|
97,035
|
76,838
|
187,049
|
150,013
|
||||||||||||
Funds held interest income (expense)
|
1,445
|
731
|
4,326
|
3,599
|
||||||||||||
Interest income from Parent
|
- |
1,075
|
- |
2,150
|
||||||||||||
Gross investment income
|
98,480
|
78,644
|
191,375
|
155,762
|
||||||||||||
Investment expenses
|
(7,771
|
)
|
(6,574
|
)
|
(16,132
|
)
|
(13,783
|
)
|
||||||||
Net investment income
|
$
|
90,709
|
$
|
72,070
|
$
|
175,243
|
$
|
141,979
|
||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Fixed maturity securities, market value:
|
||||||||||||||||
Other-than-temporary impairments
|
$
|
(4,929
|
)
|
$
|
(872
|
)
|
$
|
(7,219
|
)
|
$
|
(907
|
)
|
||||
Gains (losses) from sales
|
(2,313
|
)
|
(172
|
)
|
1,113
|
5,958
|
||||||||||
Fixed maturity securities, fair value:
|
||||||||||||||||
Gains (losses) from sales
|
356
|
(1,068
|
)
|
356
|
(1,082
|
)
|
||||||||||
Gains (losses) from fair value adjustments
|
- |
958
|
13
|
958
|
||||||||||||
Equity securities, fair value:
|
||||||||||||||||
Gains (losses) from sales
|
(1,314
|
)
|
(1,601
|
)
|
3,730
|
(4,082
|
)
|
|||||||||
Gains (losses) from fair value adjustments
|
25,829
|
25,550
|
103,675
|
(1,464
|
)
|
|||||||||||
Other invested assets
|
(152
|
)
|
581
|
244
|
584
|
|||||||||||
Other invested assets, fair value:
|
||||||||||||||||
Gains (losses) from fair value adjustments
|
125,024
|
(65,647
|
)
|
175,651
|
(102,436
|
)
|
||||||||||
Short-term investment gains (losses)
|
62
|
- |
56
|
(1
|
)
|
|||||||||||
Total net realized capital gains (losses)
|
$
|
142,563
|
$
|
(42,271
|
)
|
$
|
277,619
|
$
|
(102,472
|
)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Proceeds from sales of fixed maturity securities
|
$
|
403,419
|
$
|
214,942
|
$
|
2,007,308
|
$
|
369,923
|
||||||||
Gross gains from sales
|
3,133
|
2,066
|
11,237
|
8,993
|
||||||||||||
Gross losses from sales
|
(5,090
|
)
|
(3,306
|
)
|
(9,768
|
)
|
(4,117
|
)
|
||||||||
Proceeds from sales of equity securities
|
$
|
79,735
|
$
|
301,448
|
$
|
148,973
|
$
|
429,927
|
||||||||
Gross gains from sales
|
2,577
|
4,678
|
8,248
|
7,906
|
||||||||||||
Gross losses from sales
|
(3,891
|
)
|
(6,279
|
)
|
(4,518
|
)
|
(11,988
|
)
|
Six Months Ended
|
Six Months Ended
|
|||||||
June 30,
|
June 30,
|
|||||||
(Dollars in thousands)
|
2019
|
2018
|
||||||
Gross reserves beginning of period
|
$
|
10,167,018
|
$
|
9,343,028
|
||||
Less reinsurance recoverables
|
(4,697,543
|
)
|
(5,727,268
|
)
|
||||
Net reserves beginning of period
|
5,469,475
|
3,615,760
|
||||||
Incurred related to:
|
||||||||
Current year
|
1,615,277
|
1,451,011
|
||||||
Prior years
|
24,041
|
491,004
|
||||||
Total incurred losses and LAE
|
1,639,318
|
1,942,015
|
||||||
Paid related to:
|
||||||||
Current year
|
391,381
|
378,985
|
||||||
Prior years
|
1,144,204
|
912,199
|
||||||
Total paid losses and LAE
|
1,535,585
|
1,291,184
|
||||||
Foreign exchange/translation adjustment
|
228
|
(16,509
|
)
|
|||||
Net reserves end of period
|
5,573,437
|
4,250,082
|
||||||
Plus reinsurance recoverables
|
4,574,975
|
5,037,479
|
||||||
Gross reserves end of period
|
$
|
10,148,412
|
$
|
9,287,561
|
||||
(Some amounts may not reconcile due to rounding.)
|
Level 1: |
Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
|
Level 2: |
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full
term of the financial instrument;
|
Level 3: |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
•
|
U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as
quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;
|
•
|
Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted
prices for similar securities, benchmark yields and credit spreads;
|
•
|
Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for
similar securities, benchmark yields and credit spreads;
|
•
|
Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow
models using observable inputs such as prepayment speeds, collateral performance and default spreads;
|
•
|
Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar
securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source;
|
•
|
Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar
securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source.
|
Fair Value Measurement Using:
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
(Dollars in thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Fixed maturities, market value
|
||||||||||||||||
U.S. Treasury securities and obligations of
|
||||||||||||||||
U.S. government agencies and corporations
|
$
|
901,249
|
$
|
- |
$
|
901,249
|
$
|
- | ||||||||
Obligations of U.S. States and political subdivisions
|
527,706
|
- |
527,706
|
- | ||||||||||||
Corporate securities
|
2,554,690
|
- |
2,082,461
|
472,229
|
||||||||||||
Asset-backed securities
|
517,207
|
- |
517,207
|
- | ||||||||||||
Mortgage-backed securities
|
||||||||||||||||
Commercial
|
286,611
|
- |
286,611
|
- | ||||||||||||
Agency residential
|
616,591
|
- |
616,591
|
- | ||||||||||||
Non-agency residential
|
2,704
|
- |
2,704
|
- | ||||||||||||
Foreign government securities
|
535,728
|
- |
535,728
|
- | ||||||||||||
Foreign corporate securities
|
1,029,485
|
- |
1,027,392
|
2,093
|
||||||||||||
Total fixed maturities, market value
|
6,971,971
|
- |
6,497,649
|
474,322
|
||||||||||||
Fixed maturities, fair value
|
- | - | - | - | ||||||||||||
Equity securities, fair value
|
751,642
|
690,230
|
61,412
|
- | ||||||||||||
Other invested assets, fair value
|
1,892,988
|
- | - |
1,892,988
|
Fair Value Measurement Using:
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
(Dollars in thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Fixed maturities, market value
|
||||||||||||||||
U.S. Treasury securities and obligations of
|
||||||||||||||||
U.S. government agencies and corporations
|
$
|
2,242,797
|
$
|
- |
$
|
2,242,797
|
$
|
- | ||||||||
Obligations of U.S. States and political subdivisions
|
499,089
|
- |
499,089
|
- | ||||||||||||
Corporate securities
|
2,216,153
|
- |
1,839,903
|
376,250
|
||||||||||||
Asset-backed securities
|
221,255
|
- |
221,255
|
- | ||||||||||||
Mortgage-backed securities
|
||||||||||||||||
Commercial
|
136,604
|
- |
136,604
|
- | ||||||||||||
Agency residential
|
148,774
|
- |
148,774
|
- | ||||||||||||
Non-agency residential
|
3,114
|
- |
3,114
|
- | ||||||||||||
Foreign government securities
|
579,586
|
- |
579,586
|
- | ||||||||||||
Foreign corporate securities
|
914,703
|
- |
906,959
|
7,744
|
||||||||||||
Total fixed maturities, market value
|
6,962,075
|
- |
6,578,081
|
383,994
|
||||||||||||
Fixed maturities, fair value
|
2,337
|
- | - |
2,337
|
||||||||||||
Equity securities, fair value
|
564,338
|
540,894
|
23,444
|
- | ||||||||||||
Other invested assets, fair value
|
1,717,336
|
- | - |
1,717,336
|
Total Fixed Maturities, Market Value
|
||||||||||||||||||||||||
Three Months Ended June 30, 2019
|
Six Months Ended June 30, 2019
|
|||||||||||||||||||||||
Corporate
|
Foreign
|
Corporate
|
Foreign
|
|||||||||||||||||||||
(Dollars in thousands)
|
Securities
|
Corporate
|
Total
|
Securities
|
Corporate
|
Total
|
||||||||||||||||||
Beginning balance
|
$
|
367,178
|
$
|
7,298
|
$
|
374,476
|
$
|
376,250
|
$
|
7,744
|
$
|
383,994
|
||||||||||||
Total gains or (losses) (realized/unrealized)
|
||||||||||||||||||||||||
Included in earnings
|
(2,528
|
)
|
(238
|
)
|
(2,766
|
)
|
2,330
|
(119
|
)
|
2,211
|
||||||||||||||
Included in other comprehensive income (loss)
|
1,870
|
- |
1,870
|
2,444
|
- |
2,444
|
||||||||||||||||||
Purchases, issuances and settlements
|
101,732
|
(4,967
|
)
|
96,765
|
89,686
|
(5,532
|
)
|
84,154
|
||||||||||||||||
Transfers in and/or (out) of Level 3
|
3,977
|
- |
3,977
|
1,519
|
- |
1,519
|
||||||||||||||||||
Ending balance
|
$
|
472,229
|
$
|
2,093
|
$
|
474,322
|
$
|
472,229
|
$
|
2,093
|
$
|
474,322
|
||||||||||||
The amount of total gains or losses for the period included
|
||||||||||||||||||||||||
in earnings (or changes in net assets) attributable to the
|
||||||||||||||||||||||||
change in unrealized gains or losses relating to assets
|
||||||||||||||||||||||||
still held at the reporting date
|
$
|
- |
$
|
- |
$
|
- |
$
|
- |
$
|
- |
$
|
- | ||||||||||||
(Some amounts may not reconcile due to rounding.)
|
Total Fixed Maturities, Market Value
|
||||||||||||||||||||||||
Three Months Ended June 30, 2018
|
Six Months Ended June 30, 2018
|
|||||||||||||||||||||||
Corporate
|
Foreign
|
Corporate
|
Foreign
|
|||||||||||||||||||||
(Dollars in thousands)
|
Securities
|
Corporate
|
Total
|
Securities
|
Corporate
|
Total
|
||||||||||||||||||
Beginning balance
|
$
|
168,590
|
$
|
11,368
|
$
|
179,958
|
$
|
158,221
|
$
|
6,952
|
$
|
165,173
|
||||||||||||
Total gains or (losses) (realized/unrealized)
|
||||||||||||||||||||||||
Included in earnings
|
623
|
(504
|
)
|
119
|
1,345
|
(410
|
)
|
935
|
||||||||||||||||
Included in other comprehensive income (loss)
|
190
|
- |
190
|
425
|
- |
425
|
||||||||||||||||||
Purchases, issuances and settlements
|
159,846
|
1
|
159,847
|
169,258
|
4,323
|
173,581
|
||||||||||||||||||
Transfers in and/or (out) of Level 3
|
- |
1,750
|
1,750
|
-
|
1,750
|
1,750
|
||||||||||||||||||
Ending balance
|
$
|
329,249
|
$
|
12,615
|
$
|
341,864
|
$
|
329,249
|
$
|
12,615
|
$
|
341,864
|
||||||||||||
The amount of total gains or losses for the period included
|
||||||||||||||||||||||||
in earnings (or changes in net assets) attributable to the
|
||||||||||||||||||||||||
change in unrealized gains or losses relating to assets
|
||||||||||||||||||||||||
still held at the reporting date
|
$
|
- |
$
|
- |
$
|
- |
$
|
- |
$
|
- |
$
|
- | ||||||||||||
(Some amounts may not reconcile due to rounding.)
|
Total Fixed Maturities, Fair Value
|
||||||||||||||||
Three Months Ended June 30, 2019
|
Six Months Ended June 30, 2019
|
|||||||||||||||
Foreign
|
Foreign
|
|||||||||||||||
(Dollars in thousands)
|
Corporate
|
Total
|
Corporate
|
Total
|
||||||||||||
Beginning balance fixed maturities at fair value
|
$
|
2,350
|
$
|
2,350
|
$
|
2,337
|
$
|
2,337
|
||||||||
Total gains or (losses) (realized/unrealized)
|
||||||||||||||||
Included in earnings
|
356
|
356
|
369
|
369
|
||||||||||||
Included in other comprehensive income (loss)
|
-
|
-
|
-
|
-
|
||||||||||||
Purchases, issuances and settlements
|
(2,706
|
)
|
(2,706
|
)
|
(2,706
|
)
|
(2,706
|
)
|
||||||||
Transfers in and/or (out) of Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Ending balance
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
The amount of total gains or losses for the period included
|
||||||||||||||||
in earnings (or changes in net assets) attributable to the
|
||||||||||||||||
change in unrealized gains or losses relating to assets
|
||||||||||||||||
still held at the reporting date
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
(Some amounts may not reconcile due to rounding.)
|
Total Fixed Maturities, Fair Value
|
||||||||||||||||
Three Months Ended June 30, 2018
|
Six Months Ended June 30, 2018
|
|||||||||||||||
Foreign
|
Foreign
|
|||||||||||||||
(Dollars in thousands)
|
Corporate
|
Total
|
Corporate
|
Total
|
||||||||||||
Beginning balance fixed maturities at fair value
|
$
|
1,821
|
$
|
1,821
|
$
|
-
|
$
|
-
|
||||||||
Total gains or (losses) (realized/unrealized)
|
||||||||||||||||
Included in earnings
|
(142
|
)
|
(142
|
)
|
(156
|
)
|
(156
|
)
|
||||||||
Included in other comprehensive income (loss)
|
32
|
32
|
32
|
32
|
||||||||||||
Purchases, issuances and settlements
|
1,481
|
1,481
|
3,316
|
3,316
|
||||||||||||
Transfers in and/or (out) of Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Ending balance
|
$
|
3,192
|
$
|
3,192
|
$
|
3,192
|
$
|
3,192
|
||||||||
The amount of total gains or losses for the period included
|
||||||||||||||||
in earnings (or changes in net assets) attributable to the
|
||||||||||||||||
change in unrealized gains or losses relating to assets
|
||||||||||||||||
still held at the reporting date
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Other invested assets, fair value:
|
||||||||||||||||
Beginning balance
|
$
|
1,767,963
|
$
|
1,770,684
|
$
|
1,717,336
|
$
|
1,807,473
|
||||||||
Total gains or (losses) (realized/unrealized)
|
-
|
|||||||||||||||
Included in earnings
|
125,025
|
(65,647
|
)
|
175,652
|
(102,436
|
)
|
||||||||||
Included in other comprehensive income (loss)
|
-
|
-
|
-
|
-
|
||||||||||||
Purchases, issuances and settlements
|
-
|
-
|
-
|
-
|
||||||||||||
Transfers in and/or (out) of Level 3
|
-
|
-
|
-
|
-
|
||||||||||||
Ending balance
|
$
|
1,892,988
|
$
|
1,705,037
|
$
|
1,892,988
|
$
|
1,705,037
|
||||||||
The amount of total gains or losses for the period included in earnings
|
||||||||||||||||
(or changes in net assets) attributable to the change in unrealized
|
||||||||||||||||
gains or losses relating to assets still held at the reporting date
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
(Some amounts may not reconcile due to rounding.)
|
At June 30,
|
At December 31,
|
|||||||
(Dollars in thousands)
|
2019
|
2018
|
||||||
The Prudential
|
$
|
141,386
|
$
|
142,754
|
||||
Unaffiliated life insurance company
|
33,720
|
34,717
|
Three Months Ended June 30, 2019
|
Six Months Ended June 30, 2019
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Before Tax
|
Tax Effect
|
Net of Tax
|
Before Tax
|
Tax Effect
|
Net of Tax
|
||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary
|
$
|
86,524
|
$
|
(18,138
|
)
|
$
|
68,386
|
$
|
198,965
|
$
|
(41,868
|
)
|
$
|
157,097
|
||||||||||
URA(D) on securities - OTTI
|
(368
|
)
|
77
|
(291
|
)
|
$
|
(700
|
)
|
147
|
$
|
(553
|
)
|
||||||||||||
Reclassification of net realized losses (gains) included in net income (loss)
|
7,394
|
(1,536
|
)
|
5,858
|
5,862
|
(1,020
|
)
|
4,842
|
||||||||||||||||
Foreign currency translation adjustments
|
(9,465
|
)
|
1,990
|
(7,475
|
)
|
2,645
|
(556
|
)
|
2,089
|
|||||||||||||||
Reclassification of amortization of net gain (loss) included in net income (loss)
|
1,457
|
(306
|
)
|
1,151
|
2,914
|
(612
|
)
|
2,302
|
||||||||||||||||
Total other comprehensive income (loss)
|
$
|
85,542
|
$
|
(17,913
|
)
|
$
|
67,629
|
$
|
209,686
|
$
|
(43,909
|
)
|
$
|
165,777
|
||||||||||
(Some amounts may not reconcile due to rounding)
|
Three Months Ended June 30, 2018
|
Six Months Ended June 30, 2018
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Before Tax
|
Tax Effect
|
Net of Tax
|
Before Tax
|
Tax Effect
|
Net of Tax
|
||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary
|
$
|
(23,527
|
)
|
$
|
5,152
|
$
|
(18,375
|
)
|
$
|
(82,917
|
)
|
$
|
17,642
|
$
|
(65,275
|
)
|
||||||||
URA(D) on securities - OTTI
|
266
|
(56
|
)
|
210
|
365
|
(77
|
)
|
288
|
||||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss)
|
463
|
(309
|
)
|
154
|
(5,635
|
)
|
954
|
(4,681
|
)
|
|||||||||||||||
Foreign currency translation adjustments
|
(26,362
|
)
|
5,550
|
(20,812
|
)
|
(28,058
|
)
|
5,904
|
(22,154
|
)
|
||||||||||||||
Reclassification of amortization of net gain (loss) included in net income (loss)
|
2,297
|
(482
|
)
|
1,815
|
4,595
|
(965
|
)
|
3,630
|
||||||||||||||||
Total other comprehensive income (loss)
|
$
|
(46,863
|
)
|
$
|
9,855
|
$
|
(37,008
|
)
|
$
|
(111,650
|
)
|
$
|
23,458
|
$
|
(88,192
|
)
|
||||||||
(Some amounts may not reconcile due to rounding)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||
June 30,
|
June 30,
|
Affected line item within the statements of
|
||||||||||||||||
AOCI component
|
2019
|
2018
|
2019
|
2018
|
operations and comprehensive income (loss)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
URA(D) on securities
|
$
|
7,394
|
$
|
463
|
$
|
5,862
|
$
|
(5,635
|
)
|
Other net realized capital gains (losses)
|
||||||||
(1,536
|
)
|
(309
|
)
|
(1,020
|
)
|
954
|
Income tax expense (benefit)
|
|||||||||||
$
|
5,858
|
$
|
154
|
$
|
4,842
|
$
|
(4,681
|
)
|
Net income (loss)
|
|||||||||
Benefit plan net gain (loss)
|
$
|
1,457
|
$
|
2,297
|
$
|
2,914
|
$
|
4,595
|
Other underwriting expenses
|
|||||||||
(306
|
)
|
(482
|
)
|
(612
|
)
|
(965
|
)
|
Income tax expense (benefit)
|
||||||||||
$
|
1,151
|
$
|
1,815
|
$
|
2,302
|
$
|
3,630
|
Net income (loss)
|
||||||||||
(Some amounts may not reconcile due to rounding)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Beginning balance of URA (D) on securities
|
$
|
31,483
|
$
|
(16,662
|
)
|
$
|
(55,950
|
)
|
$
|
37,442
|
||||||
Change to beginning balance due to adoption of ASU 2016-01
|
-
|
-
|
-
|
(2,447
|
)
|
|||||||||||
Current period change in URA (D) of investments - temporary
|
74,244
|
(18,221
|
)
|
161,939
|
(69,956
|
)
|
||||||||||
Current period change in URA (D) of investments - non-credit OTTI
|
(291
|
)
|
210
|
(553
|
)
|
288
|
||||||||||
Ending balance of URA (D) on securities
|
105,436
|
(34,673
|
)
|
105,436
|
(34,673
|
)
|
||||||||||
Beginning balance of foreign currency translation adjustments
|
6,678
|
32,203
|
(2,886
|
)
|
33,545
|
|||||||||||
Current period change in foreign currency translation adjustments
|
(7,475
|
)
|
(20,812
|
)
|
2,089
|
(22,154
|
)
|
|||||||||
Ending balance of foreign currency translation adjustments
|
(797
|
)
|
11,391
|
(797
|
)
|
11,391
|
||||||||||
Beginning balance of benefit plan net gain (loss)
|
(66,267
|
)
|
(70,114
|
)
|
(67,418
|
)
|
(71,929
|
)
|
||||||||
Current period change in benefit plan net gain (loss)
|
1,151
|
1,815
|
2,302
|
3,630
|
||||||||||||
Ending balance of benefit plan net gain (loss)
|
(65,116
|
)
|
(68,299
|
)
|
(65,116
|
)
|
(68,299
|
)
|
||||||||
Ending balance of accumulated other comprehensive income (loss)
|
$
|
39,523
|
$
|
(91,581
|
)
|
$
|
39,523
|
$
|
(91,581
|
)
|
Consolidated Balance
|
Consolidated Balance
|
||||||||||||||||||||||
(Dollars in thousands)
|
Date Issued
|
Date Due
|
Principal Amounts
|
Sheet Amount
|
Market Value
|
Sheet Amount
|
Market Value
|
||||||||||||||||
Senior notes
|
06/05/2014
|
06/01/2044
|
400,000
|
$
|
397,014
|
$
|
429,048
|
$
|
396,954
|
$
|
396,968
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest expense incurred
|
$
|
4,868
|
$
|
4,868
|
$
|
9,736
|
$
|
9,736
|
Maturity Date
|
|||||||||||||||||||||||||
Original
|
Consolidated Balance
|
Consolidated Balance
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Date Issued
|
Principal Amount
|
Scheduled
|
Final
|
Sheet Amount
|
Market Value
|
Sheet Amount
|
Market Value
|
|||||||||||||||||
Long term subordinated notes
|
04/26/2007
|
$
|
400,000
|
05/15/2037
|
05/01/2067
|
$
|
236,709
|
$
|
211,125
|
$
|
236,659
|
$
|
200,390
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Interest expense incurred
|
$
|
3,406
|
$
|
2,702
|
$
|
6,011
|
$
|
5,093
|
Six Months Ended
|
||||
(Dollars in thousands)
|
June 30,
|
|||
Lease expense incurred:
|
2019
|
|||
Operating lease cost
|
$
|
9,355
|
At June 30,
|
||||
(Dollars in thousands)
|
2019
|
|||
Operating lease right of use assets
|
$
|
53,690
|
||
Operating lease liabilities
|
59,335
|
Six Months Ended
|
||||
June 30,
|
||||
(Dollars in thousands)
|
2019
|
|||
Operating cash flows from operating leases
|
$
|
8,617
|
At June 30,
|
|||
Weighted average remaining operating lease term
|
5.9 years
|
||
Weighted average discount rate on operating leases
|
4.48%
|
(Dollars in thousands)
|
||||
Remainder of 2019
|
$
|
8,464
|
||
2020
|
16,883
|
|||
2021
|
8,160
|
|||
2022
|
7,864
|
|||
2023
|
7,757
|
|||
2024
|
7,611
|
|||
Thereafter
|
12,480
|
|||
Undiscounted lease payments
|
69,219
|
|||
Less: present value adjustment
|
9,884
|
|||
Total operating lease liability
|
$
|
59,335
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
U.S. Reinsurance
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Gross written premiums
|
$
|
641,763
|
$
|
652,110
|
$
|
1,405,903
|
$
|
1,296,332
|
||||||||
Net written premiums
|
487,694
|
429,931
|
1,105,835
|
853,762
|
||||||||||||
Premiums earned
|
$
|
605,136
|
$
|
467,509
|
$
|
1,180,040
|
$
|
908,894
|
||||||||
Incurred losses and LAE
|
367,473
|
708,524
|
684,111
|
1,009,728
|
||||||||||||
Commission and brokerage
|
172,589
|
148,711
|
339,692
|
276,031
|
||||||||||||
Other underwriting expenses
|
15,728
|
15,472
|
31,319
|
32,358
|
||||||||||||
Underwriting gain (loss)
|
$
|
49,346
|
$
|
(405,198
|
)
|
$
|
124,918
|
$
|
(409,223
|
)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
International
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Gross written premiums
|
$
|
372,671
|
$
|
398,714
|
$
|
761,642
|
$
|
765,738
|
||||||||
Net written premiums
|
350,219
|
337,357
|
708,077
|
672,232
|
||||||||||||
Premiums earned
|
$
|
353,086
|
$
|
343,133
|
$
|
675,460
|
$
|
672,072
|
||||||||
Incurred losses and LAE
|
213,808
|
259,487
|
450,884
|
435,846
|
||||||||||||
Commission and brokerage
|
85,974
|
84,379
|
155,836
|
162,773
|
||||||||||||
Other underwriting expenses
|
9,632
|
9,869
|
18,097
|
19,955
|
||||||||||||
Underwriting gain (loss)
|
$
|
43,672
|
$
|
(10,602
|
)
|
$
|
50,643
|
$
|
53,498
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Insurance
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Gross written premiums
|
$
|
673,603
|
$
|
581,460
|
$
|
1,205,374
|
$
|
1,036,445
|
||||||||
Net written premiums
|
481,952
|
423,066
|
898,196
|
771,387
|
||||||||||||
Premiums earned
|
$
|
417,401
|
$
|
369,194
|
$
|
790,577
|
$
|
714,880
|
||||||||
Incurred losses and LAE
|
261,941
|
260,749
|
504,323
|
496,441
|
||||||||||||
Commission and brokerage
|
58,212
|
54,912
|
109,465
|
105,655
|
||||||||||||
Other underwriting expenses
|
57,991
|
48,885
|
112,317
|
99,264
|
||||||||||||
Underwriting gain (loss)
|
$
|
39,257
|
$
|
4,648
|
$
|
64,472
|
$
|
13,520
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Underwriting gain (loss)
|
$
|
132,275
|
$
|
(411,152
|
)
|
$
|
240,033
|
$
|
(342,205
|
)
|
||||||
Net investment income
|
90,709
|
72,070
|
175,243
|
141,979
|
||||||||||||
Net realized capital gains (losses)
|
142,563
|
(42,271
|
)
|
277,619
|
(102,472
|
)
|
||||||||||
Corporate expense
|
(2,519
|
)
|
(1,513
|
)
|
(4,170
|
)
|
(5,109
|
)
|
||||||||
Interest, fee and bond issue cost amortization expense
|
(9,684
|
)
|
(7,623
|
)
|
(19,512
|
)
|
(14,936
|
)
|
||||||||
Other income (expense)
|
(3,812
|
)
|
77,682
|
(5,026
|
)
|
2,805
|
||||||||||
Income (loss) before taxes
|
$
|
349,532
|
$
|
(312,807
|
)
|
$
|
664,187
|
$
|
(319,938
|
)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Canada gross written premiums
|
$
|
47,206
|
$
|
44,189
|
$
|
86,256
|
$
|
84,581
|
Common Shares
|
||
Authorized for
|
||
Amendment Date
|
Repurchase
|
|
(Dollars in thousands)
|
||
09/21/2004
|
5,000,000
|
|
07/21/2008
|
5,000,000
|
|
02/24/2010
|
5,000,000
|
|
02/22/2012
|
5,000,000
|
|
05/15/2013
|
5,000,000
|
|
11/19/2014
|
5,000,000
|
|
30,000,000
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Dividends received on preferred stock of affiliate
|
$
|
7,758
|
$
|
7,758
|
$
|
15,516
|
$
|
15,516
|
(Dollars in thousands)
|
|||||||||||||||
Percent
|
Assuming
|
Single
|
Aggregate
|
||||||||||||
Coverage Period
|
Ceding Company
|
Ceded
|
Company
|
Type of Business
|
Occurrence Limit
|
Limit
|
|||||||||
01/01/2010-12/31/2010
|
Everest Re
|
44.0%
|
Bermuda Re
|
property / casualty business
|
150,000
|
325,000
|
|||||||||
01/01/2011-12/31/2011
|
Everest Re
|
50.0%
|
Bermuda Re
|
property / casualty business
|
150,000
|
300,000
|
|||||||||
01/01/2012-12/31/2014
|
Everest Re
|
50.0%
|
Bermuda Re
|
property / casualty business
|
100,000
|
200,000
|
|||||||||
01/01/2015-12/31/2016
|
Everest Re
|
50.0%
|
Bermuda Re
|
property / casualty business
|
162,500
|
325,000
|
|||||||||
01/01/2017-12/31/2017
|
Everest Re
|
60.0%
|
Bermuda Re
|
property / casualty business
|
219,000
|
438,000
|
|||||||||
01/01/2010-12/31/2010
|
Everest Re- Canadian Branch
|
60.0%
|
Bermuda Re
|
property business
|
350,000
|
(1)
|
-
|
||||||||
01/01/2011-12/31/2011
|
Everest Re- Canadian Branch
|
60.0%
|
Bermuda Re
|
property business
|
350,000
|
(1)
|
-
|
||||||||
01/01/2012-12/31/2012
|
Everest Re- Canadian Branch
|
75.0%
|
Bermuda Re
|
property / casualty business
|
206,250
|
(1)
|
412,500
|
(1)
|
|||||||
01/01/2013-12/31/2013
|
Everest Re- Canadian Branch
|
75.0%
|
Bermuda Re
|
property / casualty business
|
150,000
|
(1)
|
412,500
|
(1)
|
|||||||
01/01/2014-12/31/2017
|
Everest Re- Canadian Branch
|
75.0%
|
Bermuda Re
|
property / casualty business
|
262,500
|
(1)
|
412,500
|
(1)
|
|||||||
01/01/2012-12/31/2017
|
Everest Canada
|
80.0%
|
Everest Re- Canadian Branch
|
property business
|
-
|
-
|
|||||||||
(1)
Amounts shown are Canadian dollars.
|
|
(Dollars in thousands)
|
||||||||||
Effective
|
Transferring
|
Assuming
|
% of Business or
|
Covered Period
|
||||||
Date
|
Company
|
Company
|
Amount of Transfer
|
of Transfer
|
||||||
10/01/2001
|
Everest Re (Belgium Branch)
|
Bermuda Re
|
100
|
%
|
All years
|
|||||
10/01/2008
|
Everest Re
|
Bermuda Re
|
$
|
747,022
|
01/01/2002-12/31/2007
|
|||||
12/31/2017
|
Everest Re
|
Bermuda Re
|
$
|
970,000
|
All years
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Bermuda Re
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Ceded written premiums
|
$
|
19,534
|
$
|
142,971
|
$
|
71,007
|
$
|
275,291
|
||||||||
Ceded earned premiums
|
16,598
|
148,073
|
69,122
|
284,231
|
||||||||||||
Ceded losses and LAE
|
(3,417
|
)
|
(157,443
|
)
|
8,316
|
36,108
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Everest International
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Ceded written premiums
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Ceded earned premiums
|
-
|
-
|
-
|
-
|
||||||||||||
Ceded losses and LAE
|
(46
|
)
|
(357
|
)
|
(36
|
)
|
(357
|
)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Everest Canada
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Assumed written premiums
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Assumed earned premiums
|
-
|
-
|
-
|
-
|
||||||||||||
Assumed losses and LAE
|
2,296
|
373
|
695
|
3,346
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Lloyd's Syndicate 2786
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Assumed written premiums
|
$
|
483
|
$
|
2,421
|
$
|
(8,726
|
)
|
$
|
(261
|
)
|
||||||
Assumed earned premiums
|
1,596
|
6,064
|
(17,231
|
)
|
10,950
|
|||||||||||
Assumed losses and LAE
|
4,391
|
1,441
|
(3,527
|
)
|
8,026
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
Mt. Logan Re Segregated Accounts
|
June 30,
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Ceded written premiums
|
$
|
51,289
|
$
|
40,622
|
$
|
114,512
|
$
|
101,439
|
||||||||
Ceded earned premiums
|
61,812
|
54,885
|
106,634
|
104,975
|
||||||||||||
Ceded losses and LAE
|
30,159
|
92,100
|
64,781
|
107,907
|
||||||||||||
Assumed written premiums
|
-
|
1,604
|
-
|
4,647
|
||||||||||||
Assumed earned premiums
|
-
|
1,604
|
-
|
4,647
|
||||||||||||
Assumed losses and LAE
|
-
|
-
|
-
|
-
|
Pension Benefits
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Service cost
|
$
|
2,276
|
$
|
2,977
|
$
|
4,553
|
$
|
5,954
|
||||||||
Interest cost
|
2,930
|
2,585
|
5,860
|
5,170
|
||||||||||||
Expected return on plan assets
|
(5,016
|
)
|
(3,670
|
)
|
(10,031
|
)
|
(7,341
|
)
|
||||||||
Amortization of net (income) loss
|
1,601
|
2,237
|
3,203
|
4,473
|
||||||||||||
FAS 88 settlement charge
|
104
|
-
|
208
|
-
|
||||||||||||
Net periodic benefit cost
|
$
|
1,895
|
$
|
4,129
|
$
|
3,793
|
$
|
8,256
|
Other Benefits
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Service cost
|
$
|
286
|
$
|
446
|
$
|
573
|
$
|
893
|
||||||||
Interest cost
|
295
|
307
|
590
|
614
|
||||||||||||
Amortization of prior service cost
|
(144
|
)
|
(33
|
)
|
(289
|
)
|
(66
|
)
|
||||||||
Amortization of net (income) loss
|
-
|
94
|
-
|
188
|
||||||||||||
Net periodic benefit cost
|
$
|
437
|
$
|
814
|
$
|
874
|
$
|
1,629
|
||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended
|
Percentage
|
Six Months Ended
|
Percentage
|
|||||||||||||||||||||
June 30,
|
Increase/
|
June 30,
|
Increase/
|
|||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
(Decrease)
|
2019
|
2018
|
(Decrease)
|
||||||||||||||||||
Gross written premiums
|
$
|
1,688.0
|
$
|
1,632.3
|
3.4
|
%
|
$
|
3,372.9
|
$
|
3,098.5
|
8.9
|
%
|
||||||||||||
Net written premiums
|
1,319.9
|
1,190.4
|
10.9
|
%
|
2,712.1
|
2,297.4
|
18.1
|
%
|
||||||||||||||||
REVENUES:
|
||||||||||||||||||||||||
Premiums earned
|
$
|
1,375.6
|
$
|
1,179.8
|
16.6
|
%
|
$
|
2,646.1
|
$
|
2,295.8
|
15.3
|
%
|
||||||||||||
Net investment income
|
90.7
|
72.1
|
25.9
|
%
|
175.2
|
142.0
|
23.4
|
%
|
||||||||||||||||
Net realized capital gains (losses)
|
142.6
|
(42.3
|
)
|
NM
|
277.6
|
(102.5
|
)
|
NM
|
||||||||||||||||
Other income (expense)
|
(3.8
|
)
|
77.7
|
-104.9
|
%
|
(5.0
|
)
|
2.8
|
NM
|
|||||||||||||||
Total revenues
|
1,605.0
|
1,287.3
|
24.7
|
%
|
3,093.9
|
2,338.2
|
32.3
|
%
|
||||||||||||||||
CLAIMS AND EXPENSES:
|
||||||||||||||||||||||||
Incurred losses and loss adjustment expenses
|
843.2
|
1,228.8
|
-31.4
|
%
|
1,639.3
|
1,942.0
|
-15.6
|
%
|
||||||||||||||||
Commission, brokerage, taxes and fees
|
316.8
|
288.0
|
10.0
|
%
|
605.0
|
544.5
|
11.1
|
%
|
||||||||||||||||
Other underwriting expenses
|
83.3
|
74.2
|
12.3
|
%
|
161.7
|
151.6
|
6.7
|
%
|
||||||||||||||||
Corporate expense
|
2.5
|
1.5
|
66.5
|
%
|
4.2
|
5.1
|
-18.4
|
%
|
||||||||||||||||
Interest, fee and bond issue cost amortization expense
|
9.7
|
7.6
|
27.0
|
%
|
19.5
|
14.9
|
30.6
|
%
|
||||||||||||||||
Total claims and expenses
|
1,255.5
|
1,600.1
|
-21.5
|
%
|
2,429.7
|
2,658.1
|
-8.6
|
%
|
||||||||||||||||
INCOME (LOSS) BEFORE TAXES
|
349.5
|
(312.8
|
)
|
-211.7
|
%
|
664.2
|
(319.9
|
)
|
NM
|
|||||||||||||||
Income tax expense (benefit)
|
67.6
|
(47.4
|
)
|
-242.7
|
%
|
131.1
|
(42.4
|
)
|
NM
|
|||||||||||||||
NET INCOME (LOSS)
|
$
|
281.9
|
$
|
(265.4
|
)
|
-206.2
|
%
|
$
|
533.1
|
$
|
(277.6
|
)
|
NM
|
|||||||||||
RATIOS:
|
Point Change
|
Point Change
|
||||||||||||||||||||||
Loss ratio
|
61.3
|
%
|
104.1
|
%
|
(42.8
|
)
|
62.0
|
%
|
84.6
|
%
|
(22.6
|
)
|
||||||||||||
Commission and brokerage ratio
|
23.0
|
%
|
24.4
|
%
|
(1.4
|
)
|
22.9
|
%
|
23.7
|
%
|
(0.8
|
)
|
||||||||||||
Other underwriting expense ratio
|
6.1
|
%
|
6.3
|
%
|
(0.2
|
)
|
6.1
|
%
|
6.6
|
%
|
(0.6
|
)
|
||||||||||||
Combined ratio
|
90.4
|
%
|
134.8
|
%
|
(44.4
|
)
|
90.9
|
%
|
114.9
|
%
|
(24.0
|
)
|
||||||||||||
At
|
At
|
Percentage
|
||||||||||||||||||||||
June 30,
|
December 31,
|
Increase/
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
(Decrease)
|
|||||||||||||||||||||
Balance sheet data:
|
||||||||||||||||||||||||
Total investments and cash
|
$
|
11,305.7
|
$
|
10,707.4
|
5.6
|
%
|
||||||||||||||||||
Total assets
|
19,235.8
|
18,688.2
|
2.9
|
%
|
||||||||||||||||||||
Loss and loss adjustment expense reserves
|
10,148.4
|
10,167.0
|
-0.2
|
%
|
||||||||||||||||||||
Total debt
|
633.7
|
933.6
|
-32.1
|
%
|
||||||||||||||||||||
Total liabilities
|
13,492.1
|
13,643.5
|
-1.1
|
%
|
||||||||||||||||||||
Stockholder's equity
|
5,743.7
|
5,044.7
|
13.9
|
%
|
||||||||||||||||||||
(Some amounts may not reconcile due to rounding)
|
||||||||||||||||||||||||
(NM, not meaningful)
|
Three Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
826.5
|
60.1
|
%
|
$
|
(13.8
|
)
|
-1.0
|
%
|
$
|
812.7
|
59.1
|
%
|
||||||||||||||
Catastrophes
|
(0.1
|
)
|
0.0
|
%
|
|
30.6
|
2.2
|
%
|
|
30.5
|
2.2
|
%
|
|
||||||||||||||
Total
|
$
|
826.4
|
60.1
|
%
|
|
$
|
16.8
|
1.2
|
%
|
|
$
|
843.2
|
61.3
|
%
|
|
||||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
673.5
|
57.0
|
%
|
$
|
(3.5
|
)
|
-0.3
|
%
|
$
|
670.0
|
56.7
|
%
|
||||||||||||||
Catastrophes
|
64.6
|
5.5
|
%
|
|
494.2
|
41.9
|
%
|
|
558.8
|
47.4
|
%
|
|
|||||||||||||||
Total
|
$
|
738.1
|
62.5
|
%
|
|
$
|
490.7
|
41.6
|
%
|
|
$
|
1,228.8
|
104.1
|
%
|
|
||||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
153.0
|
3.1
|
pts
|
$
|
(10.3
|
)
|
(0.7
|
)
|
pts
|
$
|
142.7
|
2.4
|
pts
|
|||||||||||||
Catastrophes
|
(64.7
|
)
|
(5.5
|
)
|
pts
|
(463.6
|
)
|
(39.7
|
)
|
pts
|
(528.3
|
)
|
(45.2
|
)
|
pts
|
||||||||||||
Total
|
$
|
88.3
|
(2.4
|
)
|
pts
|
$
|
(473.9
|
)
|
(40.4
|
)
|
pts
|
$
|
(385.6
|
)
|
(42.8
|
)
|
pts
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
1,590.4
|
60.1
|
%
|
$
|
(13.8
|
)
|
-0.5
|
%
|
$
|
1,576.5
|
59.6
|
%
|
||||||||||||||
Catastrophes
|
24.9
|
0.9
|
%
|
|
37.9
|
1.4
|
%
|
|
62.8
|
2.4
|
%
|
|
|||||||||||||||
Total
|
$
|
1,615.3
|
61.0
|
%
|
|
$
|
24.0
|
0.9
|
%
|
|
$
|
1,639.3
|
62.0
|
%
|
|
||||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
1,386.4
|
60.4
|
%
|
$
|
(3.2
|
)
|
-0.1
|
%
|
$
|
1,383.2
|
60.3
|
%
|
||||||||||||||
Catastrophes
|
64.6
|
2.8
|
%
|
|
494.2
|
21.5
|
%
|
|
558.8
|
24.3
|
%
|
|
|||||||||||||||
Total
|
$
|
1,451.0
|
63.2
|
%
|
|
$
|
491.0
|
21.4
|
%
|
|
$
|
1,942.0
|
84.6
|
%
|
|
||||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
204.0
|
(0.3
|
)
|
pts
|
$
|
(10.6
|
)
|
(0.4
|
)
|
pts
|
$
|
193.3
|
(0.7
|
)
|
pts
|
|||||||||||
Catastrophes
|
(39.7
|
)
|
(1.9
|
)
|
pts
|
(456.3
|
)
|
(20.1
|
)
|
pts
|
(496.0
|
)
|
(21.9
|
)
|
pts
|
||||||||||||
Total
|
$
|
164.3
|
(2.2
|
)
|
pts
|
$
|
(467.0
|
)
|
(20.5
|
)
|
pts
|
$
|
(302.7
|
)
|
(22.6
|
)
|
pts
|
||||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Fixed maturities
|
$
|
65.3
|
$
|
48.5
|
$
|
132.4
|
$
|
90.9
|
||||||||
Equity securities
|
2.4
|
3.6
|
3.8
|
8.0
|
||||||||||||
Short-term investments and cash
|
3.2
|
1.3
|
5.9
|
2.2
|
||||||||||||
Other invested assets
|
||||||||||||||||
Limited partnerships
|
15.1
|
14.1
|
23.2
|
28.6
|
||||||||||||
Dividends from preferred shares of affiliate
|
7.7
|
7.7
|
15.5
|
15.5
|
||||||||||||
Other
|
3.3
|
1.5
|
6.3
|
4.7
|
||||||||||||
Gross investment income before adjustments
|
97.1
|
76.8
|
187.1
|
150.0
|
||||||||||||
Funds held interest income (expense)
|
1.4
|
0.7
|
4.3
|
3.6
|
||||||||||||
Interest income from Parent
|
-
|
1.1
|
-
|
2.2
|
||||||||||||
Gross investment income
|
98.5
|
78.7
|
191.4
|
155.8
|
||||||||||||
Investment expenses
|
(7.8
|
)
|
(6.6
|
)
|
(16.1
|
)
|
(13.8
|
)
|
||||||||
Net investment income
|
$
|
90.7
|
$
|
72.1
|
$
|
175.3
|
$
|
142.0
|
||||||||
(Some amounts may not reconcile due to rounding.)
|
At
|
At
|
||||||
June 30,
|
|||||||
2018
|
|||||||
Imbedded pre-tax yield of cash and invested assets
|
3.6%
|
3.5%
|
|||||
Imbedded after-tax yield of cash and invested assets
|
2.9%
|
2.8%
|
Three Months Ended
|
Six Months Ended
|
||||||
June 30,
|
|||||||
2018
|
2019
|
2018
|
|||||
Annualized pre-tax yield on average cash and invested assets
|
3.3%
|
3.2%
|
3.2%
|
3.2%
|
|||
Annualized after-tax yield on average cash and invested assets
|
2.7%
|
2.6%
|
2.6%
|
2.6%
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
Variance
|
2019
|
2018
|
Variance
|
||||||||||||||||||
Gains (losses) from sales:
|
||||||||||||||||||||||||
Fixed maturity securities, market value
|
||||||||||||||||||||||||
Gains
|
$
|
2.8
|
$
|
2.1
|
$
|
0.7
|
$
|
10.9
|
$
|
9.0
|
$
|
1.9
|
||||||||||||
Losses
|
(5.0
|
)
|
(2.2
|
)
|
(2.8
|
)
|
(9.7
|
)
|
(3.0
|
)
|
(6.7
|
)
|
||||||||||||
Total
|
(2.2
|
)
|
(0.1
|
)
|
(2.1
|
)
|
1.2
|
6.0
|
(4.8
|
)
|
||||||||||||||
Fixed maturity securities, fair value
|
||||||||||||||||||||||||
Gains
|
0.4
|
|
-
|
0.4
|
0.4
|
|
-
|
|
0.4
|
|||||||||||||||
Losses
|
-
|
(1.1
|
)
|
1.1
|
-
|
(1.1
|
)
|
1.1
|
||||||||||||||||
Total
|
0.4
|
(1.1
|
)
|
1.5
|
0.4
|
(1.1
|
)
|
1.5
|
||||||||||||||||
Equity securities, fair value
|
||||||||||||||||||||||||
Gains
|
2.5
|
4.7
|
(2.2
|
)
|
8.2
|
7.9
|
0.3
|
|||||||||||||||||
Losses
|
(3.9
|
)
|
(6.3
|
)
|
2.4
|
(4.5
|
)
|
(12.0
|
)
|
7.5
|
||||||||||||||
Total
|
(1.3
|
)
|
(1.6
|
)
|
0.3
|
3.7
|
(4.1
|
)
|
7.8
|
|||||||||||||||
Other invested assets
|
||||||||||||||||||||||||
Gains
|
-
|
0.6
|
(0.6
|
)
|
0.3
|
0.6
|
(0.3
|
)
|
||||||||||||||||
Losses
|
(0.1
|
)
|
-
|
(0.1
|
)
|
(0.1
|
)
|
-
|
(0.1
|
)
|
||||||||||||||
Total
|
(0.1
|
)
|
0.6
|
(0.7
|
)
|
0.2
|
0.6
|
(0.4
|
)
|
|||||||||||||||
Short Term Investments:
|
||||||||||||||||||||||||
Gains
|
0.1
|
-
|
0.1
|
0.1
|
-
|
0.1
|
||||||||||||||||||
Losses
|
-
|
-
|
-
|
(0.0
|
)
|
-
|
(0.0
|
)
|
||||||||||||||||
Total
|
0.1
|
-
|
0.1
|
0.1
|
-
|
0.1
|
||||||||||||||||||
Total net realized gains (losses) from sales
|
||||||||||||||||||||||||
Gains
|
5.7
|
7.3
|
(1.6
|
)
|
19.9
|
17.4
|
2.5
|
|||||||||||||||||
Losses
|
(9.0
|
)
|
(9.6
|
)
|
0.6
|
(14.3
|
)
|
(16.1
|
)
|
1.8
|
||||||||||||||
Total
|
(3.3
|
)
|
(2.3
|
)
|
(1.0
|
)
|
5.6
|
1.3
|
4.3
|
|||||||||||||||
Other than temporary impairments:
|
(4.9
|
)
|
(0.9
|
)
|
(4.0
|
)
|
(7.2
|
)
|
(0.9
|
)
|
(6.3
|
)
|
||||||||||||
Gains (losses) from fair value adjustments:
|
||||||||||||||||||||||||
Fixed maturities, fair value
|
-
|
1.0
|
(1.0
|
)
|
-
|
1.0
|
(1.0
|
)
|
||||||||||||||||
Equity securities, fair value
|
25.8
|
25.5
|
0.3
|
103.6
|
(1.5
|
)
|
105.1
|
|||||||||||||||||
Other invested assets, fair value
|
125.0
|
(65.6
|
)
|
190.6
|
175.6
|
(102.4
|
)
|
278.0
|
||||||||||||||||
Total
|
150.7
|
(39.1
|
)
|
189.8
|
279.2
|
(102.9
|
)
|
382.1
|
||||||||||||||||
Total net realized gains (losses)
|
$
|
142.6
|
$
|
(42.3
|
)
|
$
|
184.9
|
$
|
277.6
|
$
|
(102.5
|
)
|
$
|
380.1
|
||||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
Variance
|
% Change
|
2019
|
2018
|
Variance
|
% Change
|
||||||||||||||||||||||||
Gross written premiums
|
$
|
641.8
|
$
|
652.1
|
$
|
(10.3
|
)
|
-1.6
|
%
|
$
|
1,405.9
|
$
|
1,296.3
|
$
|
109.6
|
8.5
|
%
|
|||||||||||||||
Net written premiums
|
487.7
|
429.9
|
57.8
|
13.4
|
%
|
1,105.8
|
853.8
|
252.0
|
29.5
|
%
|
||||||||||||||||||||||
Premiums earned
|
$
|
605.1
|
$
|
467.5
|
$
|
137.6
|
29.4
|
%
|
$
|
1,180.0
|
$
|
908.9
|
$
|
271.1
|
29.8
|
%
|
||||||||||||||||
Incurred losses and LAE
|
367.5
|
708.5
|
(341.0
|
)
|
-48.1
|
%
|
684.1
|
1,009.7
|
(325.6
|
)
|
-32.2
|
%
|
||||||||||||||||||||
Commission and brokerage
|
172.6
|
148.7
|
23.9
|
16.1
|
%
|
339.7
|
276.0
|
63.7
|
23.1
|
%
|
||||||||||||||||||||||
Other underwriting expenses
|
15.7
|
15.5
|
0.2
|
1.3
|
%
|
31.3
|
32.4
|
(1.1
|
)
|
-3.4
|
%
|
|||||||||||||||||||||
Underwriting gain (loss)
|
$
|
49.3
|
$
|
(405.2
|
)
|
$
|
454.5
|
-112.2
|
%
|
$
|
124.9
|
$
|
(409.2
|
)
|
$
|
534.1
|
-130.5
|
%
|
||||||||||||||
Point Chg
|
Point Chg
|
|||||||||||||||||||||||||||||||
Loss ratio
|
60.7
|
%
|
151.6
|
%
|
(90.9
|
)
|
58.0
|
%
|
111.1
|
%
|
(53.1
|
)
|
||||||||||||||||||||
Commission and brokerage ratio
|
28.5
|
%
|
31.8
|
%
|
(3.3
|
)
|
28.8
|
%
|
30.4
|
%
|
(1.6
|
)
|
||||||||||||||||||||
Other underwriting ratio
|
2.6
|
%
|
3.3
|
%
|
(0.7
|
)
|
2.6
|
%
|
3.5
|
%
|
(0.9
|
)
|
||||||||||||||||||||
Combined ratio
|
91.8
|
%
|
186.7
|
%
|
(94.9
|
)
|
89.4
|
%
|
145.0
|
%
|
(55.6
|
)
|
||||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
|
||||||||||||||||||||||||||||||||
(NM, not meaningful)
|
Three Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
356.0
|
58.8
|
%
|
$
|
3.0
|
0.5
|
%
|
$
|
359.0
|
59.3
|
%
|
|||||||||||||||
Catastrophes
|
(0.1
|
)
|
0.0
|
%
|
|
8.5
|
1.4
|
%
|
|
8.5
|
1.4
|
%
|
|
||||||||||||||
Total segment
|
$
|
355.9
|
58.8
|
%
|
|
$
|
11.5
|
1.9
|
%
|
|
$
|
367.5
|
60.7
|
%
|
|
||||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
260.4
|
55.7
|
%
|
$
|
(5.2
|
)
|
-1.1
|
%
|
$
|
255.2
|
54.6
|
%
|
||||||||||||||
Catastrophes
|
4.1
|
0.9
|
%
|
|
449.2
|
96.1
|
%
|
|
453.3
|
97.0
|
%
|
|
|||||||||||||||
Total segment
|
$
|
264.5
|
56.6
|
%
|
|
$
|
444.0
|
95.0
|
%
|
|
$
|
708.5
|
151.6
|
%
|
|
||||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
95.6
|
3.1
|
pts
|
$
|
8.2
|
1.6
|
pts
|
$
|
103.8
|
4.7
|
pts
|
|||||||||||||||
Catastrophes
|
(4.2
|
)
|
(0.9
|
)
|
pts
|
(440.7
|
)
|
(94.7
|
)
|
pts
|
(444.8
|
)
|
(95.6
|
)
|
pts
|
||||||||||||
Total segment
|
$
|
91.4
|
2.2
|
pts
|
$
|
(432.5
|
)
|
(93.1
|
)
|
pts
|
$
|
(341.0
|
)
|
(90.9
|
)
|
pts
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
708.0
|
60.0
|
%
|
$
|
3.0
|
0.3
|
%
|
$
|
711.0
|
60.2
|
%
|
|||||||||||||||
Catastrophes
|
(0.1
|
)
|
0.0
|
%
|
|
(26.8
|
)
|
-2.3
|
%
|
|
(26.9
|
)
|
-2.3
|
%
|
|
||||||||||||
Total segment
|
$
|
707.9
|
60.0
|
%
|
|
$
|
(23.8
|
)
|
-2.0
|
%
|
|
$
|
684.1
|
58.0
|
%
|
|
|||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
561.6
|
61.9
|
%
|
$
|
(5.2
|
)
|
-0.6
|
%
|
$
|
556.4
|
61.3
|
%
|
||||||||||||||
Catastrophes
|
4.1
|
0.4
|
%
|
|
449.2
|
49.4
|
%
|
|
453.3
|
49.8
|
%
|
|
|||||||||||||||
Total segment
|
$
|
565.7
|
62.3
|
%
|
|
$
|
444.0
|
48.8
|
%
|
|
$
|
1,009.7
|
111.1
|
%
|
|
||||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
146.4
|
(1.9
|
)
|
pts
|
$
|
8.2
|
0.9
|
pts
|
$
|
154.6
|
(1.1
|
)
|
pts
|
|||||||||||||
Catastrophes
|
(4.2
|
)
|
(0.4
|
)
|
pts
|
(476.0
|
)
|
(51.7
|
)
|
pts
|
(480.2
|
)
|
(52.1
|
)
|
pts
|
||||||||||||
Total segment
|
$
|
142.2
|
(2.3
|
)
|
pts
|
$
|
(467.8
|
)
|
(50.8
|
)
|
pts
|
$
|
(325.6
|
)
|
(53.1
|
)
|
pts
|
||||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
Variance
|
% Change
|
2019
|
2018
|
Variance
|
% Change
|
||||||||||||||||||||||||
Gross written premiums
|
$
|
372.7
|
$
|
398.7
|
$
|
(26.0
|
)
|
-6.5
|
%
|
$
|
761.6
|
$
|
765.7
|
$
|
(4.1
|
)
|
-0.5
|
%
|
||||||||||||||
Net written premiums
|
350.2
|
337.4
|
12.8
|
3.8
|
%
|
708.1
|
672.2
|
35.9
|
5.3
|
%
|
||||||||||||||||||||||
Premiums earned
|
$
|
353.1
|
$
|
343.1
|
$
|
10.0
|
2.9
|
%
|
$
|
675.5
|
$
|
672.1
|
$
|
3.4
|
0.5
|
%
|
||||||||||||||||
Incurred losses and LAE
|
213.8
|
259.5
|
(45.7
|
)
|
-17.6
|
%
|
450.9
|
435.8
|
15.1
|
3.5
|
%
|
|||||||||||||||||||||
Commission and brokerage
|
86.0
|
84.4
|
1.6
|
1.9
|
%
|
155.8
|
162.8
|
(7.0
|
)
|
-4.3
|
%
|
|||||||||||||||||||||
Other underwriting expenses
|
9.6
|
9.9
|
(0.3
|
)
|
-3.0
|
%
|
18.1
|
20.0
|
(1.9
|
)
|
-9.5
|
%
|
||||||||||||||||||||
Underwriting gain (loss)
|
$
|
43.7
|
$
|
(10.6
|
)
|
$
|
54.4
|
NM
|
$
|
50.6
|
$
|
53.5
|
$
|
(2.9
|
)
|
-5.4
|
%
|
|||||||||||||||
Point Chg
|
Point Chg
|
|||||||||||||||||||||||||||||||
Loss ratio
|
60.6
|
%
|
75.6
|
%
|
(15.0
|
)
|
66.8
|
%
|
64.9
|
%
|
1.9
|
|||||||||||||||||||||
Commission and brokerage ratio
|
24.3
|
%
|
24.6
|
%
|
(0.3
|
)
|
23.1
|
%
|
24.2
|
%
|
(1.1
|
)
|
||||||||||||||||||||
Other underwriting ratio
|
2.8
|
%
|
2.9
|
%
|
(0.1
|
)
|
2.6
|
%
|
2.9
|
%
|
(0.3
|
)
|
||||||||||||||||||||
Combined ratio
|
87.7
|
%
|
103.1
|
%
|
(15.4
|
)
|
92.5
|
%
|
92.0
|
%
|
0.5
|
|||||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
|
||||||||||||||||||||||||||||||||
(NM, not meaningful)
|
Three Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
191.4
|
54.2
|
%
|
$
|
1.9
|
0.5
|
%
|
$
|
193.3
|
54.7
|
%
|
|||||||||||||||
Catastrophes
|
(0.0
|
)
|
0.0
|
%
|
|
20.6
|
5.8
|
%
|
|
20.5
|
5.8
|
%
|
|
||||||||||||||
Total segment
|
$
|
191.4
|
54.2
|
%
|
|
$
|
22.4
|
6.4
|
%
|
|
$
|
213.8
|
60.6
|
%
|
|
||||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
161.7
|
47.1
|
%
|
$
|
-
|
0.0
|
%
|
$
|
161.7
|
47.1
|
%
|
|||||||||||||||
Catastrophes
|
50.0
|
14.6
|
%
|
|
47.8
|
13.9
|
%
|
|
97.8
|
28.5
|
%
|
|
|||||||||||||||
Total segment
|
$
|
211.7
|
61.7
|
%
|
|
$
|
47.8
|
13.9
|
%
|
|
$
|
259.5
|
75.6
|
%
|
|
||||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
29.7
|
7.1
|
pts
|
$
|
1.9
|
0.5
|
pts
|
$
|
31.6
|
7.6
|
pts
|
|||||||||||||||
Catastrophes
|
(50.0
|
)
|
(14.6
|
)
|
pts
|
(27.2
|
)
|
(8.1
|
)
|
pts
|
(77.3
|
)
|
(22.7
|
)
|
pts
|
||||||||||||
Total segment
|
$
|
(20.3
|
)
|
(7.5
|
)
|
pts
|
$
|
(25.4
|
)
|
(7.5
|
)
|
pts
|
$
|
(45.7
|
)
|
(15.0
|
)
|
pts
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
361.5
|
53.5
|
%
|
$
|
1.9
|
0.3
|
%
|
$
|
363.4
|
53.8
|
%
|
|||||||||||||||
Catastrophes
|
25.0
|
3.7
|
%
|
|
62.6
|
9.3
|
%
|
|
87.5
|
13.0
|
%
|
|
|||||||||||||||
Total segment
|
$
|
386.5
|
57.2
|
%
|
|
$
|
64.4
|
9.5
|
%
|
|
$
|
450.9
|
66.8
|
%
|
|
||||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
338.1
|
50.4
|
%
|
$
|
-
|
0.0
|
%
|
$
|
338.1
|
50.4
|
%
|
|||||||||||||||
Catastrophes
|
50.0
|
7.4
|
%
|
|
47.8
|
7.1
|
%
|
|
97.8
|
14.5
|
%
|
|
|||||||||||||||
Total segment
|
$
|
388.1
|
57.8
|
%
|
|
$
|
47.8
|
7.1
|
%
|
|
$
|
435.8
|
64.9
|
%
|
|
||||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
23.4
|
3.1
|
pts
|
$
|
1.9
|
0.3
|
pts
|
$
|
25.3
|
3.4
|
pts
|
|||||||||||||||
Catastrophes
|
(25.0
|
)
|
(3.7
|
)
|
pts
|
14.8
|
2.2
|
pts
|
(10.3
|
)
|
(1.5
|
)
|
pts
|
||||||||||||||
Total segment
|
$
|
(1.6
|
)
|
(0.6
|
)
|
pts
|
$
|
16.6
|
2.4
|
pts
|
$
|
15.1
|
1.9
|
pts
|
|||||||||||||
(Some amounts may not reconcile due to rounding.)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
Variance
|
% Change
|
2019
|
2018
|
Variance
|
% Change
|
||||||||||||||||||||||||
Gross written premiums
|
$
|
673.6
|
$
|
581.5
|
$
|
92.1
|
15.8
|
%
|
$
|
1,205.4
|
$
|
1,036.4
|
$
|
169.0
|
16.3
|
%
|
||||||||||||||||
Net written premiums
|
482.0
|
423.1
|
58.9
|
13.9
|
%
|
898.2
|
771.4
|
126.8
|
16.4
|
%
|
||||||||||||||||||||||
Premiums earned
|
$
|
417.4
|
$
|
369.2
|
$
|
48.2
|
13.1
|
%
|
$
|
790.6
|
$
|
714.9
|
$
|
75.7
|
10.6
|
%
|
||||||||||||||||
Incurred losses and LAE
|
261.9
|
260.7
|
1.2
|
0.5
|
%
|
504.3
|
496.4
|
7.9
|
1.6
|
%
|
||||||||||||||||||||||
Commission and brokerage
|
58.2
|
54.9
|
3.3
|
6.0
|
%
|
109.5
|
105.7
|
3.8
|
3.6
|
%
|
||||||||||||||||||||||
Other underwriting expenses
|
58.0
|
48.9
|
9.1
|
18.6
|
%
|
112.3
|
99.3
|
13.0
|
13.1
|
%
|
||||||||||||||||||||||
Underwriting gain (loss)
|
$
|
39.3
|
$
|
4.6
|
$
|
34.6
|
NM
|
$
|
64.5
|
$
|
13.5
|
$
|
51.0
|
NM
|
||||||||||||||||||
Point Chg
|
Point Chg
|
|||||||||||||||||||||||||||||||
Loss ratio
|
62.8
|
%
|
70.6
|
%
|
(7.8
|
)
|
63.8
|
%
|
69.4
|
%
|
(5.6
|
)
|
||||||||||||||||||||
Commission and brokerage ratio
|
13.9
|
%
|
14.9
|
%
|
(1.0
|
)
|
13.8
|
%
|
14.8
|
%
|
(1.0
|
)
|
||||||||||||||||||||
Other underwriting ratio
|
13.9
|
%
|
13.2
|
%
|
0.7
|
14.2
|
%
|
13.9
|
%
|
0.3
|
||||||||||||||||||||||
Combined ratio
|
90.6
|
%
|
98.7
|
%
|
(8.1
|
)
|
91.8
|
%
|
98.1
|
%
|
(6.3
|
)
|
||||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
|
||||||||||||||||||||||||||||||||
(NM, not meaningful)
|
Three Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
279.1
|
66.9
|
%
|
$
|
(18.7
|
)
|
-4.5
|
%
|
$
|
260.4
|
62.4
|
%
|
||||||||||||||
Catastrophes
|
-
|
0.0
|
%
|
|
1.5
|
0.4
|
%
|
|
1.5
|
0.4
|
%
|
|
|||||||||||||||
Total segment
|
$
|
279.1
|
66.9
|
%
|
|
$
|
(17.2
|
)
|
-4.1
|
%
|
|
$
|
261.9
|
62.8
|
%
|
|
|||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
251.4
|
68.1
|
%
|
$
|
1.6
|
0.4
|
%
|
$
|
253.0
|
68.5
|
%
|
|||||||||||||||
Catastrophes
|
10.5
|
2.8
|
%
|
|
(2.7
|
)
|
-0.7
|
%
|
|
7.8
|
2.1
|
%
|
|
||||||||||||||
Total segment
|
$
|
261.9
|
70.9
|
%
|
|
$
|
(1.1
|
)
|
-0.3
|
%
|
|
$
|
260.7
|
70.6
|
%
|
|
|||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
27.7
|
(1.2
|
)
|
pts
|
$
|
(20.3
|
)
|
(4.9
|
)
|
pts
|
$
|
7.4
|
(6.1
|
)
|
pts
|
|||||||||||
Catastrophes
|
(10.5
|
)
|
(2.8
|
)
|
pts
|
4.2
|
1.1
|
pts
|
(6.3
|
)
|
(1.7
|
)
|
pts
|
||||||||||||||
Total segment
|
$
|
17.2
|
(4.0
|
)
|
pts
|
$
|
(16.1
|
)
|
(3.8
|
)
|
pts
|
$
|
1.2
|
(7.8
|
)
|
pts
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||
Current
|
Ratio %/
|
Prior
|
Ratio %/
|
Total
|
Ratio %/
|
||||||||||||||||||||||
(Dollars in millions)
|
Year
|
Pt Change
|
Years
|
Pt Change
|
Incurred
|
Pt Change
|
|||||||||||||||||||||
2019
|
|||||||||||||||||||||||||||
Attritional
|
$
|
520.9
|
65.9
|
%
|
$
|
(18.7
|
)
|
-2.4
|
%
|
$
|
502.2
|
63.5
|
%
|
||||||||||||||
Catastrophes
|
-
|
0.0
|
%
|
|
2.1
|
0.3
|
%
|
|
2.1
|
0.3
|
%
|
|
|||||||||||||||
Total segment
|
$
|
520.9
|
65.9
|
%
|
|
$
|
(16.6
|
)
|
-2.1
|
%
|
|
$
|
504.3
|
63.8
|
%
|
|
|||||||||||
2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
486.7
|
68.0
|
%
|
$
|
2.0
|
0.3
|
%
|
$
|
488.7
|
68.3
|
%
|
|||||||||||||||
Catastrophes
|
10.5
|
1.5
|
%
|
|
(2.7
|
)
|
-0.4
|
%
|
|
7.8
|
1.1
|
%
|
|
||||||||||||||
Total segment
|
$
|
497.2
|
69.5
|
%
|
|
$
|
(0.7
|
)
|
-0.1
|
%
|
|
$
|
496.4
|
69.4
|
%
|
|
|||||||||||
Variance 2019/2018
|
|||||||||||||||||||||||||||
Attritional
|
$
|
34.2
|
(2.1
|
)
|
pts
|
$
|
(20.7
|
)
|
(2.7
|
)
|
pts
|
$
|
13.5
|
(4.8
|
)
|
pts
|
|||||||||||
Catastrophes
|
(10.5
|
)
|
(1.5
|
)
|
pts
|
4.8
|
0.7
|
pts
|
(5.7
|
)
|
(0.8
|
)
|
pts
|
||||||||||||||
Total segment
|
$
|
23.7
|
(3.6
|
)
|
pts
|
$
|
(15.9
|
)
|
(2.0
|
)
|
pts
|
$
|
7.9
|
(5.6
|
)
|
pts
|
|||||||||||
(Some amounts may not reconcile due to rounding.)
|
Impact of Interest Rate Shift in Basis Points
|
||||||||||||||||||||
(Dollars in millions)
|
-200
|
-100
|
0
|
100
|
200
|
|||||||||||||||
Total Market/Fair Value
|
$
|
7,813.7
|
$
|
7,576.0
|
$
|
7,340.9
|
$
|
7,101.2
|
$
|
6,862.5
|
||||||||||
Market/Fair Value Change from Base (%)
|
6.4
|
%
|
3.2
|
%
|
0.0
|
%
|
-3.3
|
%
|
-6.5
|
%
|
||||||||||
Change in Unrealized Appreciation
|
||||||||||||||||||||
After-tax from Base ($)
|
$
|
373.5
|
$
|
185.9
|
$
|
-
|
$
|
(189.4
|
)
|
$
|
(377.9
|
)
|
Impact of Percentage Change in Equity Fair/Market Values
|
||||||||||||||||||||
(Dollars in millions)
|
-20%
|
10% |
0% | 10% | 20% |
|||||||||||||||
Fair/Market Value of the Equity Portfolio
|
$
|
601.3
|
$
|
676.5
|
$
|
751.6
|
$
|
826.8
|
$
|
902.0
|
||||||||||
After-tax Change in Fair/Market Value
|
(118.8
|
)
|
(59.4
|
)
|
-
|
59.4
|
118.8
|
Exhibit No.
|
Description
|
|
31.1
|
Section 302 Certification of Dominic J. Addesso
|
|
31.2
|
Section 302 Certification of Craig Howie
|
|
32.1
|
Section 906 Certification of Dominic J. Addesso and Craig Howie
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
Everest Reinsurance Holdings, Inc.
|
|||||||
(Registrant)
|
|||||||
/S/ CRAIG HOWIE
|
|||||||
Executive Vice President and
|
|||||||
Chief Financial Officer
|
|||||||
(Duly Authorized Officer and Principal Financial Officer)
|
|||||||
Dated: August 14, 2019
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/15/20 | ||||
12/31/19 | 10-K | |||
12/15/19 | ||||
10/1/19 | ||||
Filed on: | 8/14/19 | |||
8/1/19 | ||||
7/2/19 | ||||
For Period end: | 6/30/19 | |||
5/15/19 | 10-Q | |||
1/1/19 | ||||
12/31/18 | 10-K | |||
12/15/18 | ||||
10/1/18 | ||||
6/30/18 | 10-Q | |||
4/30/18 | ||||
1/1/18 | ||||
12/31/17 | 10-K | |||
12/15/17 | ||||
5/15/17 | 10-Q | |||
5/14/17 | ||||
4/13/17 | ||||
12/31/16 | 10-K | |||
12/1/15 | ||||
12/31/14 | 10-K | |||
11/18/14 | ||||
10/15/14 | ||||
6/5/14 | 8-K | |||
4/24/14 | ||||
4/1/10 | ||||
3/19/09 | ||||
11/15/07 | ||||
5/3/07 | 8-K | |||
List all Filings |