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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-50 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | 31 | [
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"text": "the statutory financial statements required by insurance regulators. The combined "
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"text": "based on net written premium and the underwriting expense ratio as used in this "
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"text": "report is based on net earned premiums. "
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"text": "The combined ratio is an indicator of the Company’s underwriting discipline, "
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"text": "efficiency in acquiring and servicing its business and overall underwriting "
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"text": "profitability. A combined ratio under 100% generally indicates an underwriting "
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"text": "Other companies’ method of computing a similarly titled measure may not be "
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"text": "comparable to the Company’s method of computing this ratio."
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"text": "Commercial multi-peril policies...... Refers to policies which cover both property and third-party liability exposures."
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"text": "Commutation agreement ................. An agreement between a reinsurer and a ceding company whereby the reinsurer "
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"text": "obligations, including future obligations, between the parties for reinsurance "
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"text": "Core income (loss)........................... Consolidated net income (loss) excluding the after-tax impact of net realized "
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"text": "investment gains (losses), discontinued operations, the effect of a change in tax "
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"text": "laws and tax rates at enactment date, and cumulative effect of changes in "
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"text": "accounting principles when applicable. Financial statement users consider core "
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"text": "income when analyzing the results and trends of insurance companies."
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"text": "Debt-to-total capital ratio ................ The ratio of debt to total capitalization."
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"text": "Debt-to-total capital ratio excluding"
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"text": "net unrealized gain (loss) on"
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"text": "investments .................................."
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"text": "The ratio of debt to total capitalization excluding the after-tax impact of net "
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"text": "unrealized investment gains and losses included in shareholders' equity."
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"text": "Deductible........................................ The amount of loss that an insured retains."
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"text": "Deferred acquisition costs (DAC) ... Incremental direct costs of acquired and renewal insurance contracts, consisting "
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"text": "of commissions (other than contingent commissions) and premium-related taxes "
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"text": "that are deferred and amortized to achieve a matching of revenues and expenses "
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"text": "when reported in financial statements prepared in accordance with U.S. Generally "
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"text": "Accepted Accounting Principles (GAAP)."
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"text": "Deficiency........................................ With regard to reserves for a given liability, a deficiency exists when it is estimated "
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"text": "or determined that the reserves are insufficient to pay the ultimate settlement "
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"text": "value of the related liabilities. Where the deficiency is the result of an estimate, "
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"text": "the estimated amount of deficiency (or even the finding of whether or not a "
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"text": "Demand surge.................................. Significant short-term increases in building material and labor costs due to a sharp "
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"text": "increase in demand for those materials and services, commonly as a result of a "
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"text": "large catastrophe resulting in significant widespread property damage."
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"text": "Direct written premiums.................. The amounts charged by an insurer to insureds in exchange for coverages provided "
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"text": "in accordance with the terms of an insurance contract. The amounts exclude the "
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"text": "impact of all reinsurance premiums, either assumed or ceded."
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"html_seq": "<table><tr><td>Combined ratio ................................</td><td>For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators. The combined ratio as used in this report is the equivalent of, and is calculated in the same manner as, the SAP combined ratio except that the SAP underwriting expense ratio is based on net written premium and the underwriting expense ratio as used in this report is based on net earned premiums.</td></tr><tr><td></td><td>Commercial multi-peril policies...... Refers to policies which cover both property and third-party liability exposures.</td></tr><tr><td></td><td>Commutation agreement ................. An agreement between a reinsurer and a ceding company whereby the reinsurer pays an agreed-upon amount in exchange for a complete discharge of all obligations, including future obligations, between the parties for reinsurance losses incurred.</td></tr><tr><td></td><td>Core income (loss)........................... Consolidated net income (loss) excluding the after-tax impact of net realized investment gains (losses), discontinued operations, the effect of a change in tax laws and tax rates at enactment date, and cumulative effect of changes in accounting principles when applicable. Financial statement users consider core income when analyzing the results and trends of insurance companies.</td></tr><tr><td></td><td>Debt-to-total capital ratio ................ The ratio of debt to total capitalization.</td></tr><tr><td>Debt-to-total capital ratio excluding net unrealized gain (loss) on investments ..................................</td><td>The ratio of debt to total capitalization excluding the after-tax impact of net unrealized investment gains and losses included in shareholders' equity.</td></tr><tr><td>Deductible........................................ The amount of loss that an insured retains.</td><td>Deferred acquisition costs (DAC) ... Incremental direct costs of acquired and renewal insurance contracts, consisting of commissions (other than contingent commissions) and premium-related taxes that are deferred and amortized to achieve a matching of revenues and expenses when reported in financial statements prepared in accordance with U.S. Generally</td></tr><tr><td></td><td>Deficiency........................................ With regard to reserves for a given liability, a deficiency exists when it is estimated or determined that the reserves are insufficient to pay the ultimate settlement value of the related liabilities. Where the deficiency is the result of an estimate, the estimated amount of deficiency (or even the finding of whether or not a</td></tr><tr><td></td><td>deficiency exists) may change as new information becomes available.</td></tr><tr><td></td><td>Direct written premiums.................. The amounts charged by an insurer to insureds in exchange for coverages provided in accordance with the terms of an insurance contract. The amounts exclude the impact of all reinsurance premiums, either assumed or ceded.</td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-51 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | 32 | [
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"text": "Earned premiums or premiums"
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"text": "earned..........................................."
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"text": "That portion of property casualty premiums written that applies to the expired "
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"text": "portion of the policy term. Earned premiums are recognized as revenues under "
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"text": "Excess and surplus lines insurance.. Insurance for risks not covered by standard insurance due to the unique nature of "
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"text": "the risk. Risks could be placed in excess and surplus lines markets due to any "
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"text": "number of characteristics, such as loss experience, unique or unusual exposures, "
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"text": "or insufficient experience in business. Excess and surplus lines are less regulated "
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"text": "by the states, allowing greater flexibility to design specific insurance coverage "
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"text": "and negotiate pricing based on the risks to be secured."
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"text": "Excess liability................................. Additional casualty coverage above a layer of insurance exposures."
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"text": "Excess-of-loss reinsurance .............. Reinsurance that indemnifies the reinsured against all or a specified portion of "
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"text": "losses over a specified dollar amount or “retention.”"
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"text": "Exposure.......................................... The measure of risk used in the pricing of an insurance product. The change in "
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"text": "exposure is the amount of change in premium on policies that renew attributable "
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"text": "Facultative reinsurance.................... The reinsurance of all or a portion of the insurance provided by a single policy. "
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"text": "Fair Access to Insurance"
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"text": "Requirements (FAIR) Plan..........."
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"text": "A residual market mechanism which provides property insurance to those unable "
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"text": "to obtain such insurance through the regular (voluntary) market. FAIR plans are "
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"text": "set up on a state-by-state basis to cover only those risks in that state. For more "
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"text": "information, see “residual market (involuntary business).”"
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"text": "Fidelity and surety programs........... Fidelity insurance coverage protects an insured for loss due to embezzlement or "
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"text": "misappropriation of funds by an employee. Surety is a three-party agreement in "
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"text": "which the insurer agrees to pay a third party or make complete an obligation in "
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"text": "response to the default, acts or omissions of an insured."
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"text": "Gross written premiums .................. The direct and assumed contractually determined amounts charged to the "
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"text": "policyholders for the effective period of the contract based on the terms and "
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"text": "conditions of the insurance contract."
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"text": "Ground-up analysis.......................... "
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"text": "A method to estimate ultimate claim costs for a given cohort of claims such as "
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"text": "an accident year/product line component. It involves analyzing the exposure and "
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"text": "claim activity at an individual insured level and then through the use of "
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"text": "deterministic or stochastic scenarios and/or simulations, estimating the ultimate "
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"text": "losses for those insureds. The total losses for the cohort are then the sum of the "
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"text": "losses for each individual insured."
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"text": "In practice, the method is sometimes simplified by performing the individual "
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"text": "insured analysis only for the larger insureds, with the costs for the smaller insureds "
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"text": "estimated via sampling approaches (extrapolated to the rest of the smaller insured "
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"text": "population) or aggregate approaches (using assumptions consistent with the "
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"text": "ground-up larger insured analysis)."
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"text": "Guaranteed-cost products ................ An insurance policy where the premiums charged will not be adjusted for actual "
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"text": "loss experience during the covered period."
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"text": "Guaranty fund.................................. A state-regulated mechanism that is financed by assessing insurers doing business "
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"text": "in those states. Should insolvencies occur, these funds are available to meet some "
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"text": "or all of the insolvent insurer’s obligations to policyholders."
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"html_seq": "<table><tr><td>Earned premiums or premiums earned........................................... That portion of property casualty premiums written that applies to the expired portion of the policy term. Earned premiums are recognized as revenues under both SAP and GAAP.</td></tr><tr><td>Excess and surplus lines insurance.. Insurance for risks not covered by standard insurance due to the unique nature of the risk. Risks could be placed in excess and surplus lines markets due to any number of characteristics, such as loss experience, unique or unusual exposures, or insufficient experience in business. Excess and surplus lines are less regulated by the states, allowing greater flexibility to design specific insurance coverage and negotiate pricing based on the risks to be secured.</td></tr><tr><td>Excess liability................................. Additional casualty coverage above a layer of insurance exposures.</td></tr><tr><td>Excess-of-loss reinsurance .............. Reinsurance that indemnifies the reinsured against all or a specified portion of losses over a specified dollar amount or \"retention.\"</td></tr><tr><td>Exposure.......................................... The measure of risk used in the pricing of an insurance product. The change in exposure is the amount of change in premium on policies that renew attributable to the change in portfolio risk.</td></tr><tr><td>Facultative reinsurance.................... The reinsurance of all or a portion of the insurance provided by a single policy. Each policy reinsured is separately negotiated.</td></tr><tr><td>Fair Access to Insurance Requirements (FAIR) Plan........... A residual market mechanism which provides property insurance to those unable to obtain such insurance through the regular (voluntary) market. FAIR plans are set up on a state-by-state basis to cover only those risks in that state. For more information, see \"residual market (involuntary business).\"</td></tr><tr><td>Fidelity and surety programs........... Fidelity insurance coverage protects an insured for loss due to embezzlement or misappropriation of funds by an employee. Surety is a three-party agreement in which the insurer agrees to pay a third party or make complete an obligation in response to the default, acts or omissions of an insured.</td></tr><tr><td>Gross written premiums .................. The direct and assumed contractually determined amounts charged to the policyholders for the effective period of the contract based on the terms and conditions of the insurance contract.</td></tr><tr><td>Ground-up analysis.......................... A method to estimate ultimate claim costs for a given cohort of claims such as an accident year/product line component. It involves analyzing the exposure and claim activity at an individual insured level and then through the use of deterministic or stochastic scenarios and/or simulations, estimating the ultimate losses for those insureds. The total losses for the cohort are then the sum of the losses for each individual insured.</td></tr><tr><td>In practice, the method is sometimes simplified by performing the individual insured analysis only for the larger insureds, with the costs for the smaller insureds estimated via sampling approaches (extrapolated to the rest of the smaller insured population) or aggregate approaches (using assumptions consistent with the ground-up larger insured analysis).</td></tr><tr><td>Guaranteed-cost products ................ An insurance policy where the premiums charged will not be adjusted for actual loss experience during the covered period.</td></tr><tr><td>Guaranty fund.................................. A state-regulated mechanism that is financed by assessing insurers doing business in those states. Should insolvencies occur, these funds are available to meet some or all of the insolvent insurer's obligations to policyholders.</td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-52 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | 33 | [
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"text": "Holding company liquidity.............. Total cash, short-term invested assets and other readily marketable securities held "
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"text": "by the holding company."
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"text": "Incurred but not reported (IBNR)"
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"text": "reserves ........................................"
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"text": "Reserves for estimated losses and LAE that have been incurred but not yet reported "
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"text": "to the insurer. This includes amounts for unreported claims, development on "
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"text": "known cases and re-opened claims."
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"text": "Inland marine................................... A broad type of insurance generally covering articles that may be transported "
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"text": "from one place to another, as well as bridges, tunnels and other instrumentalities "
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"text": "of transportation. It includes goods in transit, generally other than transoceanic, "
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"text": "and may include policies for movable objects such as personal effects, personal "
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"text": "property, jewelry, furs, fine art and others."
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"text": "Insurance Regulatory Information"
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"text": "System (IRIS) ratios....................."
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"text": "Financial ratios calculated by the NAIC to assist state insurance departments in "
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"text": "monitoring the financial condition of insurance companies."
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"text": "Large deductible policy ................... An insurance policy where the customer assumes at least $25,000 or more of each "
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"text": "loss. Typically, the insurer is responsible for paying the entire loss under those "
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"text": "policies and then seeks reimbursement from the insured for the deductible amount."
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"text": "Lloyd’s............................................. An insurance marketplace based in London, England, where brokers, representing "
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"text": "clients with insurable risks, deal with Lloyd’s underwriters, who represent "
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"text": "investors. The investors are grouped together into syndicates that provide capital "
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"text": "to insure the risks."
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"text": "Loss.................................................. An occurrence that is the basis for submission and/or payment of a claim. Losses "
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"text": "may be covered, limited or excluded from coverage, depending on the terms of "
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"text": "the policy."
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"text": "Loss adjustment expenses (LAE) .... The expenses of settling claims, including legal and other fees and the portion of "
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"text": "general expenses allocated to claim settlement costs."
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"text": "Loss and LAE ratio.......................... "
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"text": "For SAP, the loss and LAE ratio is the ratio of incurred losses and loss adjustment "
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"text": "expenses less certain administrative services fee income to net earned premiums "
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"text": "as defined in the statutory financial statements required by insurance regulators. "
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"text": "The loss and LAE ratio as used in this report is calculated in the same manner as "
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"text": "the SAP ratio."
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"text": "The loss and LAE ratio is an indicator of the Company’s underwriting discipline "
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"text": "and underwriting profitability."
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"text": "Other companies’ method of computing a similarly titled measure may not be "
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"text": "comparable to the Company’s method of computing this ratio."
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"text": "Loss reserves ................................... Liabilities established by insurers and reinsurers to reflect the estimated cost of "
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"text": "claims incurred that the insurer or reinsurer will ultimately be required to pay in "
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"text": "Redundancy ..................................... With regard to reserves for a given liability, a redundancy exists when it is "
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"text": "insurance in the voluntary market. Possible reasons for this inability include the "
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"text": "risks being too great or the profit potential too small under the required insurance "
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"text": "rate structure. Residual markets are frequently created by state legislation either "
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"text": "because of lack of available coverage such as: property coverage in a windstorm "
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"text": "prone area or protection of the accident victim as in the case of workers’ "
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"text": "compensation. The costs of the residual market are usually charged back to the "
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"text": "direct insurance carriers in proportion to the carriers’ voluntary market shares for "
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"text": "the type of coverage involved."
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"text": "Retention.......................................... The amount of exposure a policyholder company retains on any one risk or group "
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"text": "of risks. The term may apply to an insurance policy, where the policyholder is an "
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"text": "individual, family or business, or a reinsurance policy, where the policyholder is "
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"text": "an insurance company."
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"text": "Retention rate................................... The percentage of prior period premiums (excluding renewal premium changes), "
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"text": "accounts or policies available for renewal in the current period that were renewed. "
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"text": "Such statistics are subject to change based on a number of factors, including "
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"text": "changes in estimates."
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"text": "Retrospective premiums .................. Premiums related to retrospectively rated policies."
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"text": "Retrospective rating......................... A plan or method which permits adjustment of the final premium or commission "
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"text": "on the basis of actual loss experience, subject to certain minimum and maximum "
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"text": "limits."
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"text": "Return on equity .............................. The ratio of net income (loss) less preferred dividends to average shareholders’ "
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"text": "equity."
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"text": "Risk-based capital (RBC)................ A measure adopted by the NAIC and enacted by states for determining the "
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"text": "minimum statutory policyholders’ surplus requirements of insurers. Insurers "
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"text": "having total adjusted capital less than that required by the RBC calculation will "
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"text": "be subject to varying degrees of regulatory action depending on the level of capital "
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"text": "Risk retention group ........................ An alternative form of insurance in which members of a similar profession or "
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"text": "business band together to self insure their risks."
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"text": "Runoff business ............................... An operation which has been determined to be nonstrategic; includes non\u0002"
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"text": "renewals of in-force policies and a cessation of writing new business, where "
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"text": "allowed by law."
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"text": "Salvage ............................................ The amount of money an insurer recovers through the sale of property transferred "
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"text": "to the insurer as a result of a loss payment."
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"text": "Second-injury fund .......................... The employer of an injured, impaired worker is responsible only for the workers’ "
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"text": "compensation benefit for the most recent injury; the second-injury fund would "
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"text": "cover the cost of any additional benefits for aggravation of a prior condition. The "
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"text": "cost is shared by the insurance industry and self-insureds, funded through "
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"text": "assessments to insurance companies and self-insureds based on either premiums "
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"text": "or losses."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-55 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | other liability insurance policies or amounts not covered by the usual liability policies. 36 | [
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"text": "36"
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"text": "Segment income (loss) .................... Determined in the same manner as core income (loss) on a segment basis. "
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"text": "Management uses segment income (loss) to analyze each segment’s performance "
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"text": "and as a tool in making business decisions. Financial statement users also consider "
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"text": "segment income when analyzing the results and trends of insurance companies. "
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"text": "Self-insured retentions..................... That portion of the risk retained by an insured for its own account."
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"text": "Servicing carrier .............................. An insurance company that provides, for a fee, various services including policy"
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"text": "issuance, claims adjusting and customer service for insureds in a reinsurance pool."
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"text": "Statutory accounting practices"
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"text": "(SAP) ..........................................."
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"text": "The practices and procedures prescribed or permitted by domiciliary state "
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"text": "insurance regulatory authorities in the United States for recording transactions "
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"text": "and preparing financial statements. SAP generally reflect a modified going "
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"text": "concern basis of accounting."
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"text": "Statutory capital and surplus ........... The excess of an insurance company’s admitted assets over its liabilities, including "
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"text": "loss reserves, as determined in accordance with SAP. Admitted assets are assets "
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"text": "of an insurer prescribed or permitted by a state to be recognized on the statutory "
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"text": "balance sheet. Statutory capital and surplus is also referred to as “statutory "
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"text": "surplus” or “policyholders’ surplus.”"
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"text": "Statutory net income........................ As determined under SAP, total revenues less total expenses and income taxes."
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"text": "Structured settlement....................... Periodic payments to an injured person or survivor for a determined number of "
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"text": "years or for life, typically in settlement of a claim under a liability policy, usually "
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"text": "funded through the purchase of an annuity."
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"text": "Subrogation...................................... A principle of law incorporated in insurance policies, which enables an insurance "
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"text": "company, after paying a claim under a policy, to recover the amount of the loss "
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"text": "from another person or entity who is legally liable for it."
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"text": "Tenure impact .................................. As new business volume increases and accounts for a greater percentage of earned"
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"text": "premiums, the loss and LAE ratio generally worsens initially, as the loss and LAE "
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"text": "ratio for new business is generally higher than the ratio for business that has been "
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"text": "retained for longer periods. As poorer performing business leaves and pricing "
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"text": "Third-party liability ......................... A liability owed to a claimant (third party) who is not one of the two parties to"
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"text": "the insurance contract. Insured liability claims are referred to as third-party claims."
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"text": "Total capitalization .......................... The sum of total shareholders’ equity and debt."
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"text": "Treaty reinsurance ........................... The reinsurance of a specified type or category of risks defined in a reinsurance "
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"text": "agreement (a “treaty”) between a primary insurer or other reinsured and a "
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"text": "reinsurer. Typically, in treaty reinsurance, the primary insurer or reinsured is "
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"text": "all that type or category of risks originally written by the primary insurer or "
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"text": "Umbrella coverage........................... A form of insurance protection against losses in excess of amounts covered by "
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"text": "other liability insurance policies or amounts not covered by the usual liability "
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"html_seq": "<table><tr><td>Segment income (loss) .................... Determined in the same manner as core income (loss) on a segment basis. Management uses segment income (loss) to analyze each segment's performance and as a tool in making business decisions. Financial statement users also consider segment income when analyzing the results and trends of insurance companies.</td></tr><tr><td>Self-insured retentions..................... That portion of the risk retained by an insured for its own account.</td></tr><tr><td>Servicing carrier .............................. An insurance company that provides, for a fee, various services including policy issuance, claims adjusting and customer service for insureds in a reinsurance pool.</td></tr><tr><td>Statutory accounting practices (SAP) ........................................... The practices and procedures prescribed or permitted by domiciliary state insurance regulatory authorities in the United States for recording transactions and preparing financial statements. SAP generally reflect a modified going concern basis of accounting.</td></tr><tr><td>Statutory capital and surplus ........... The excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with SAP. Admitted assets are assets of an insurer prescribed or permitted by a state to be recognized on the statutory balance sheet. Statutory capital and surplus is also referred to as \"statutory</td></tr><tr><td>Statutory net income........................ As determined under SAP, total revenues less total expenses and income taxes.</td></tr><tr><td>Structured settlement....................... Periodic payments to an injured person or survivor for a determined number of years or for life, typically in settlement of a claim under a liability policy, usually funded through the purchase of an annuity.</td></tr><tr><td>Subrogation...................................... A principle of law incorporated in insurance policies, which enables an insurance company, after paying a claim under a policy, to recover the amount of the loss from another person or entity who is legally liable for it.</td></tr><tr><td>Tenure impact .................................. As new business volume increases and accounts for a greater percentage of earned premiums, the loss and LAE ratio generally worsens initially, as the loss and LAE ratio for new business is generally higher than the ratio for business that has been retained for longer periods. As poorer performing business leaves and pricing segmentation improves on renewal of the business that is retained, the loss and</td></tr><tr><td>Third-party liability ......................... A liability owed to a claimant (third party) who is not one of the two parties to the insurance contract. Insured liability claims are referred to as third-party claims.</td></tr><tr><td>Total capitalization .......................... The sum of total shareholders' equity and debt.</td></tr><tr><td>Treaty reinsurance ........................... The reinsurance of a specified type or category of risks defined in a reinsurance agreement (a \"treaty\") between a primary insurer or other reinsured and a reinsurer. Typically, in treaty reinsurance, the primary insurer or reinsured is obligated to offer and the reinsurer is obligated to accept a specified portion of all that type or category of risks originally written by the primary insurer or reinsured.</td></tr><tr><td>Umbrella coverage........................... A form of insurance protection against losses in excess of amounts covered by other liability insurance policies or amounts not covered by the usual liability</td></tr></table>",
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"text": "other liability insurance policies or amounts not covered by the usual liability policies."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-56 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | 37 | [
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"text": "Unassigned surplus.......................... The undistributed and unappropriated amount of statutory capital and surplus."
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"text": "and the underlying underwriting expense ratio. The underlying combined ratio is "
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"text": "an indicator of the Company’s underwriting discipline and underwriting "
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"text": "profitability for the current accident year."
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"text": "Underlying loss and LAE ratio........ The underlying loss and LAE ratio is the loss and LAE ratio, adjusted to exclude "
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"text": "the impact of catastrophes and prior year reserve development. The underlying "
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"text": "loss and LAE ratio is an indicator of the Company’s underwriting discipline and "
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"text": "underwriting profitability for the current accident year."
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"text": "Underlying underwriting expense"
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"text": "ratio .............................................."
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"text": "adjusted to exclude the impact of catastrophes."
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"text": "Underlying underwriting margin..... Net earned premiums and fee income less claims and claim adjustment expenses "
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"text": "(excluding catastrophe losses and prior year reserve development) and insurance\u0002"
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"text": "related expenses. "
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"text": "Underwriter...................................... An employee of an insurance company who examines, accepts or rejects risks "
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"text": "and classifies accepted risks in order to charge an appropriate premium for each "
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"text": "accepted risk. The underwriter is expected to select business that will produce an "
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"text": "average risk of loss no greater than that anticipated for the class of business."
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"text": "Underwriting.................................... The insurer’s or reinsurer’s process of reviewing applications for insurance "
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"text": "coverage, and the decision as to whether to accept all or part of the coverage and "
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"text": "determination of the applicable premiums; also refers to the acceptance of that "
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"text": "For SAP, the underwriting expense ratio is the ratio of underwriting expenses "
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"text": "incurred (including commissions paid), less certain administrative services fee "
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"text": "income and billing and policy fees, to net written premiums as defined in the "
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"text": "statutory financial statements required by insurance regulators. The underwriting "
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"text": "expense ratio as used in this report is the ratio of underwriting expenses (including "
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"text": "the amortization of deferred acquisition costs), less certain administrative services "
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"text": "fee income, billing and policy fees and other, to net earned premiums."
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"text": "The underwriting expense ratio is an indicator of the Company’s efficiency in "
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"text": "acquiring and servicing its business."
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"text": "Other companies’ method of computing a similarly titled measure may not be "
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"text": "Underwriting gain or loss ................ Net earned premiums and fee income less claims and claim adjustment expenses "
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"text": "and insurance-related expenses."
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"text": "Unearned premium .......................... The portion of premiums written that is allocable to the unexpired portion of the "
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"text": "Voluntary market ............................. The market in which a person seeking insurance obtains coverage without the "
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"text": "assistance of residual market mechanisms."
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"text": "Wholesale broker............................. An independent or exclusive agent that represents both admitted and non-admitted "
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"text": "insurers in market areas, which include standard, non-standard, specialty and "
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"text": "excess and surplus lines of insurance. The wholesaler does not deal directly with "
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-57 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Workers' compensation ................... A system (established under state and federal laws) under which employers provide insurance for benefit payments to their employees for work-related injuries, deaths and diseases, regardless of fault. Item 1A. RISK FACTORS You should carefully consider the following risks and all of the other information set forth in this report, including without limitation our consolidated financial statements and the notes thereto and "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Estimates." High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance. Our property and casualty insurance operations expose us to claims arising out of catastrophes. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions, solar flares and other naturally-occurring events. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure. The geographic distribution of our business subjects us to catastrophe exposures in the United States and Canada, which include, but are not limited to: hurricanes from Maine through Texas; severe wind and hail storms, including tornadoes, throughout the Central, Mid-Atlantic, Southcentral and Southeastern regions of the United States; winter storms, particularly in the Northern and Central regions of the United States and in Canada; earthquakes in California, the New Madrid region and the Pacific Northwest region of North America; wildfires, particularly in western states and Canada; and terrorism in major cities in the United States. In addition to our operations in the United States and Canada, our international operations subject us to catastrophe exposures in the United Kingdom and the Republic of Ireland as well as to a variety of worldwide catastrophe exposures through our Lloyd's operations. The incidence and severity of catastrophes are inherently unpredictable, and it is possible that both the frequency and severity of natural and man-made catastrophic events could increase. Severe weather events over the last two decades have underscored the unpredictability of future climate trends, and changing climate conditions could add to the frequency and severity of natural disasters and create additional uncertainty as to future trends and exposures. The insurance industry experienced increased catastrophe losses due to a number of potential causal factors, including, in addition to weather/climate variability, more people living in high-risk areas, population growth in areas with weaker enforcement of building codes, urban expansion and an increase in the average size of a house. For example, hurricane activity has impacted areas further inland than previously experienced by us, and demographic changes have resulted in larger populations in coastal areas which historically have been subject to severe storms and related storm surge, thus expanding our potential for losses from hurricanes. Additionally, both the frequency and severity of tornado and hail storms in the United States have been more volatile during the last decade. The frequency and severity of wildfire losses have been elevated in more recent years, due in part to record droughts in California that some climate studies suggest are likely to increase over time. Demographic changes in areas prone to wildfires have also expanded our potential for losses from wildfires. All of the catastrophe modeling tools that we use, or that we rely on from outside parties, to evaluate certain of our catastrophe exposures are based on assumptions and judgments that are subject to error and mis-estimation. As a result, these models may produce estimates that are materially different than actual results. In addition, compared to models for hurricanes, models for earthquakes are less reliable due to there being a more limited number of significant historical events to analyze, while models for tornadoes and hail storms are newer and may be less reliable due to the highly random geographic nature and size of these events. Accordingly, these models may have greater difficulty predicting risks and estimating losses. Further, changes in climate conditions could cause our underlying modeling data to be less predictive, thus limiting our ability to effectively evaluate and manage catastrophe risk. As compared to natural catastrophes, modeling for man-made catastrophes, such as terrorism and cyber events, is even more difficult and less reliable, and for some events (both natural and man-made), models are either in early stages of development and, therefore, not widely adopted, or are not available. See "We may be adversely affected if our pricing and capital models provide materially different indications than actual results" below as well as "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Catastrophe Modeling" and "-Changing Climate Conditions." The extent of losses from a catastrophe is a function of the total amount of insured exposure affected by the event, the severity of the event and the coverage provided, which can be both property and casualty coverages. Increases in the value and geographic concentration of insured property, the number of policyholders exposed to certain events and the effects of inflation could increase the severity of claims resulting from a catastrophe. For example, the specific geographic location impacted by tornadoes is 38 | [
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"text": "High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance. Our property and casualty insurance operations expose us to claims arising out of catastrophes. Catastrophes can be caused by various natural events, including, among others, hurricanes, tornadoes and other windstorms, earthquakes, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions, solar flares and other naturally-occurring events. Catastrophes can also be man-made, such as terrorist attacks and other intentionally destructive acts including those involving nuclear, biological, chemical and radiological events, cyber events, explosions and destruction of infrastructure. The geographic distribution of our business subjects us to catastrophe exposures in the United States and Canada, which include, but are not limited to: hurricanes from Maine through Texas; severe wind and hail storms, including tornadoes, throughout the Central, Mid-Atlantic, Southcentral and Southeastern regions of the United States; winter storms, particularly in the Northern and Central regions of the United States and in Canada; earthquakes in California, the New Madrid region and the Pacific Northwest region of North America; wildfires, particularly in western states and Canada; and terrorism in major cities in the United States. In addition to our operations in the United States and Canada, our international operations subject us to catastrophe exposures in the United Kingdom and the Republic of Ireland as well as to a variety of worldwide catastrophe exposures through our Lloyd's operations."
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"text": "The incidence and severity of catastrophes are inherently unpredictable, and it is possible that both the frequency and severity of natural and man-made catastrophic events could increase. Severe weather events over the last two decades have underscored the unpredictability of future climate trends, and changing climate conditions could add to the frequency and severity of natural disasters and create additional uncertainty as to future trends and exposures. The insurance industry experienced increased catastrophe losses due to a number of potential causal factors, including, in addition to weather/climate variability, more people living in high-risk areas, population growth in areas with weaker enforcement of building codes, urban expansion and an increase in the average size of a house. For example, hurricane activity has impacted areas further inland than previously experienced by us, and demographic changes have resulted in larger populations in coastal areas which historically have been subject to severe storms and related storm surge, thus expanding our potential for losses from hurricanes. Additionally, both the frequency and severity of tornado and hail storms in the United States have been more volatile during the last decade. The frequency and severity of wildfire losses have been elevated in more recent years, due in part to record droughts in California that some climate studies suggest are likely to increase over time. Demographic changes in areas prone to wildfires have also expanded our potential for losses from wildfires."
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"text": "All of the catastrophe modeling tools that we use, or that we rely on from outside parties, to evaluate certain of our catastrophe exposures are based on assumptions and judgments that are subject to error and mis-estimation. As a result, these models may produce estimates that are materially different than actual results. In addition, compared to models for hurricanes, models for earthquakes are less reliable due to there being a more limited number of significant historical events to analyze, while models for tornadoes and hail storms are newer and may be less reliable due to the highly random geographic nature and size of these events. Accordingly, these models may have greater difficulty predicting risks and estimating losses. Further, changes in climate conditions could cause our underlying modeling data to be less predictive, thus limiting our ability to effectively evaluate and manage catastrophe risk. As compared to natural catastrophes, modeling for man-made catastrophes, such as terrorism and cyber events, is even more difficult and less reliable, and for some events (both natural and man-made), models are either in early stages of development and, therefore, not widely adopted, or are not available. See \"We may be adversely affected if our pricing and capital models provide materially different indications than actual results\" below as well as \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Catastrophe Modeling\" and \"-Changing Climate Conditions.\""
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"text": "The extent of losses from a catastrophe is a function of the total amount of insured exposure affected by the event, the severity of the event and the coverage provided, which can be both property and casualty coverages. Increases in the value and geographic concentration of insured property, the number of policyholders exposed to certain events and the effects of inflation could increase the severity of claims resulting from a catastrophe. For example, the specific geographic location impacted by tornadoes is"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-58 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | inherently random and unpredictable and the specific location impacted by a tornado may or may not be highly populated and may or may not have a high concentration of our insured exposures. Similarly, the potential for losses from a cyber event can be magnified to the extent that the event impacts platforms, systems or vulnerabilities shared by a large number of policyholders. States have from time to time passed legislation, and regulators have taken action, that have the effect of limiting the ability of insurers to manage catastrophe risk, such as legislation restricting insurers from reducing exposures or withdrawing from catastrophe-prone areas or mandating that insurers participate in residual markets. Participation in residual market mechanisms has resulted in, and may in the future result in, significant losses or assessments to insurers, including us, and, in certain states, those losses or assessments may not be commensurate with our direct catastrophe exposure in those states. If our competitors leave those states having residual market mechanisms, remaining insurers, including us, may be subject to significant increases in losses or assessments following a catastrophe. In addition, following catastrophes, there are sometimes legislative and administrative initiatives and court decisions that seek to expand insurance coverage for catastrophe claims beyond the original intent of the policies, seek to prevent the application of deductibles included in the policies or seek to limit the exercise of certain rights available to insurers under the policies. Also, our ability to adjust terms, including deductible levels, or to increase pricing to the extent necessary to offset rising costs related to catastrophes, particularly in the Personal Insurance segment, requires approval of regulatory authorities of certain states. Our ability or our willingness to manage our catastrophe exposure by raising prices, modifying underwriting terms or reducing exposure to certain geographies may be limited due to considerations of public policy, the evolving political environment and/or changes in the general economic climate. Furthermore, reduction or elimination of the National Flood Insurance Program could result in an increase in our exposure to flood risk. We also may choose to write business in catastrophe-prone areas that we might not otherwise write for strategic purposes, such as improving our access to other underwriting opportunities. There are also factors that impact the estimation of ultimate costs for catastrophes. For example, the estimation of claims and claim adjustment expense reserves related to hurricanes can be affected by the inability to access portions of the impacted areas, the complexity of factors contributing to the losses, the limited availability of the necessary labor and supplies, the legal and regulatory uncertainties and the nature of the information available to establish the claims and claim adjustment expense reserves. Complex factors include, but are not limited to: determining whether damage was caused by flooding versus wind; evaluating general liability and pollution exposures; estimating additional living expenses; the impact of demand surge; infrastructure disruption; fraud; the effect of mold damage; business interruption costs; late reported claims; litigation; and reinsurance collectability. The timing of a catastrophe's occurrence, such as at or near the end of a reporting period, can also affect the information available to us in estimating claims and claim adjustment expense reserves for that reporting period. The estimates related to catastrophes are adjusted in subsequent periods as actual claims emerge and additional information becomes available . Exposure to catastrophe losses or actual losses resulting from a catastrophe could adversely affect our financial strength and claimspaying ratings and could impair our ability to raise capital on acceptable terms or at all. Also, as a result of our exposure to catastrophe losses or actual losses following a catastrophe, rating agencies may further increase capital requirements, which may require us to raise capital to maintain our ratings. A ratings downgrade could hurt our ability to compete effectively or attract new business. In addition, catastrophic events could cause us to exhaust our available reinsurance limits and could adversely impact the cost and availability of reinsurance on a going-forward basis. Such events can also impact the credit of our reinsurers. For a discussion of our catastrophe reinsurance coverage, see "Item 1-Business-Reinsurance-Catastrophe Reinsurance." Catastrophic events could also adversely impact the credit of the issuers of securities, such as states or municipalities, in which we have invested. In addition, coverage in our reinsurance program for terrorism is limited. Although the Terrorism Risk Insurance Program provides benefits in the event of certain acts of terrorism, those benefits are subject to a deductible and other limitations and the program is scheduled to expire on December 31, 2027. Under current provisions of this program, once our losses exceed 20% of our commercial property and casualty insurance premium for the preceding calendar year, the federal government will reimburse us for 80% of our losses attributable to certain acts of terrorism which exceed this deductible up to a total industry program cap of $100 billion. Our estimated deductible under the program is $2.61 billion for 2020. In addition, because the interpretation of this law is untested, there is substantial uncertainty as to how it will be applied to specific circumstances. For example, application of the law to a specific event will depend upon whether the government has designated such event as a covered event. It is also possible that future legislation could change or eliminate the program, which could adversely affect our business by increasing our exposure to terrorism losses, or by lowering our business volume through efforts to avoid that exposure. For a further description of the Terrorism Risk Insurance Program, see note 5 of notes to the consolidated financial statements. Because of the risks set forth above, catastrophes could materially and adversely affect our results of operations, financial position and/or liquidity. Further, we may not have sufficient resources to respond to claims arising from a high frequency of high-severity natural catastrophes and/or of man-made catastrophic events involving conventional means. In addition, while we seek to manage our exposure to man-made catastrophic events involving conventional means, we may not have sufficient resources to respond 39 | [
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"text": "collectability. The timing of a catastrophe’s occurrence, such as at or near the end of a reporting period, can also affect the "
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"text": "paying ratings and could impair our ability to raise capital on acceptable terms or at all. Also, as a result of our exposure to "
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"text": "catastrophe losses or actual losses following a catastrophe, rating agencies may further increase capital requirements, which may "
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"text": "require us to raise capital to maintain our ratings. A ratings downgrade could hurt our ability to compete effectively or attract new "
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"text": "business. In addition, catastrophic events could cause us to exhaust our available reinsurance limits and could adversely impact "
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"text": "the cost and availability of reinsurance on a going-forward basis. Such events can also impact the credit of our reinsurers. For a "
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"text": "discussion of our catastrophe reinsurance coverage, see \"Item 1—Business—Reinsurance—Catastrophe Reinsurance.\" "
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"text": "Catastrophic events could also adversely impact the credit of the issuers of securities, such as states or municipalities, in which "
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"text": "In addition, coverage in our reinsurance program for terrorism is limited. Although the Terrorism Risk Insurance Program provides "
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"text": "benefits in the event of certain acts of terrorism, those benefits are subject to a deductible and other limitations and the program "
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"text": "is scheduled to expire on December 31, 2027. Under current provisions of this program, once our losses exceed 20% of our "
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"text": "commercial property and casualty insurance premium for the preceding calendar year, the federal government will reimburse us "
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"text": "for 80% of our losses attributable to certain acts of terrorism which exceed this deductible up to a total industry program cap of "
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"text": "$100 billion. Our estimated deductible under the program is $2.61 billion for 2020. In addition, because the interpretation of this "
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"text": "law is untested, there is substantial uncertainty as to how it will be applied to specific circumstances. For example, application "
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"text": "of the law to a specific event will depend upon whether the government has designated such event as a covered event. It is also"
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"text": "possible that future legislation could change or eliminate the program, which could adversely affect our business by increasing"
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"text": "our exposure to terrorism losses, or by lowering our business volume through efforts to avoid that exposure. For a further description "
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"text": "of the Terrorism Risk Insurance Program, see note 5 of notes to the consolidated financial statements."
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"text": "Because of the risks set forth above, catastrophes could materially and adversely affect our results of operations, financial position "
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"text": "and/or liquidity. Further, we may not have sufficient resources to respond to claims arising from a high frequency of high-severity "
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"text": "natural catastrophes and/or of man-made catastrophic events involving conventional means. In addition, while we seek to manage "
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"text": "inherently random and unpredictable and the specific location impacted by a tornado may or may not be highly populated and may or may not have a high concentration of our insured exposures. Similarly, the potential for losses from a cyber event can be magnified to the extent that the event impacts platforms, systems or vulnerabilities shared by a large number of policyholders."
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"text": "States have from time to time passed legislation, and regulators have taken action, that have the effect of limiting the ability of insurers to manage catastrophe risk, such as legislation restricting insurers from reducing exposures or withdrawing from catastrophe-prone areas or mandating that insurers participate in residual markets. Participation in residual market mechanisms has resulted in, and may in the future result in, significant losses or assessments to insurers, including us, and, in certain states, those losses or assessments may not be commensurate with our direct catastrophe exposure in those states. If our competitors leave those states having residual market mechanisms, remaining insurers, including us, may be subject to significant increases in losses or assessments following a catastrophe. In addition, following catastrophes, there are sometimes legislative and administrative initiatives and court decisions that seek to expand insurance coverage for catastrophe claims beyond the original intent of the policies, seek to prevent the application of deductibles included in the policies or seek to limit the exercise of certain rights available to insurers under the policies. Also, our ability to adjust terms, including deductible levels, or to increase pricing to the extent necessary to offset rising costs related to catastrophes, particularly in the Personal Insurance segment, requires approval of regulatory authorities of certain states. Our ability or our willingness to manage our catastrophe exposure by raising prices, modifying underwriting terms or reducing exposure to certain geographies may be limited due to considerations of public policy, the evolving political environment and/or changes in the general economic climate. Furthermore, reduction or elimination of the National Flood Insurance Program could result in an increase in our exposure to flood risk. We also may choose to write business in catastrophe-prone areas that we might not otherwise write for strategic purposes, such as improving our access to other underwriting opportunities."
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"text": "There are also factors that impact the estimation of ultimate costs for catastrophes. For example, the estimation of claims and claim adjustment expense reserves related to hurricanes can be affected by the inability to access portions of the impacted areas, the complexity of factors contributing to the losses, the limited availability of the necessary labor and supplies, the legal and regulatory uncertainties and the nature of the information available to establish the claims and claim adjustment expense reserves. Complex factors include, but are not limited to: determining whether damage was caused by flooding versus wind; evaluating general liability and pollution exposures; estimating additional living expenses; the impact of demand surge; infrastructure disruption; fraud; the effect of mold damage; business interruption costs; late reported claims; litigation; and reinsurance collectability. The timing of a catastrophe's occurrence, such as at or near the end of a reporting period, can also affect the information available to us in estimating claims and claim adjustment expense reserves for that reporting period. The estimates related to catastrophes are adjusted in subsequent periods as actual claims emerge and additional information becomes available ."
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"text": "Exposure to catastrophe losses or actual losses resulting from a catastrophe could adversely affect our financial strength and claimspaying ratings and could impair our ability to raise capital on acceptable terms or at all. Also, as a result of our exposure to catastrophe losses or actual losses following a catastrophe, rating agencies may further increase capital requirements, which may require us to raise capital to maintain our ratings. A ratings downgrade could hurt our ability to compete effectively or attract new business. In addition, catastrophic events could cause us to exhaust our available reinsurance limits and could adversely impact the cost and availability of reinsurance on a going-forward basis. Such events can also impact the credit of our reinsurers. For a discussion of our catastrophe reinsurance coverage, see \"Item 1-Business-Reinsurance-Catastrophe Reinsurance.\" Catastrophic events could also adversely impact the credit of the issuers of securities, such as states or municipalities, in which we have invested."
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"text": "In addition, coverage in our reinsurance program for terrorism is limited. Although the Terrorism Risk Insurance Program provides benefits in the event of certain acts of terrorism, those benefits are subject to a deductible and other limitations and the program is scheduled to expire on December 31, 2027. Under current provisions of this program, once our losses exceed 20% of our commercial property and casualty insurance premium for the preceding calendar year, the federal government will reimburse us for 80% of our losses attributable to certain acts of terrorism which exceed this deductible up to a total industry program cap of $100 billion. Our estimated deductible under the program is $2.61 billion for 2020. In addition, because the interpretation of this law is untested, there is substantial uncertainty as to how it will be applied to specific circumstances. For example, application of the law to a specific event will depend upon whether the government has designated such event as a covered event. It is also possible that future legislation could change or eliminate the program, which could adversely affect our business by increasing our exposure to terrorism losses, or by lowering our business volume through efforts to avoid that exposure. For a further description of the Terrorism Risk Insurance Program, see note 5 of notes to the consolidated financial statements."
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"text": "Because of the risks set forth above, catastrophes could materially and adversely affect our results of operations, financial position and/or liquidity. Further, we may not have sufficient resources to respond to claims arising from a high frequency of high-severity natural catastrophes and/or of man-made catastrophic events involving conventional means. In addition, while we seek to manage our exposure to man-made catastrophic events involving conventional means, we may not have sufficient resources to respond"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-59 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | to claims arising out of one or more man-made catastrophic events involving "unconventional" means, such as nuclear, biological , chemical or radiological events. If actual claims exceed our claims and claim adjustment expense reserves, or if changes in the estimated level of claims and claim adjustment expense reserves are necessary, including as a result of, among other things, changes in the legal/ tort, regulatory and economic environments in which the Company operates, our financial results could be materially and adversely affected. Claims and claim adjustment expense reserves represent management estimates of what the ultimate settlement and administration of claims will cost, generally utilizing actuarial expertise and projection techniques, at a given accounting date. The process of estimating claims and claim adjustment expense reserves involves a high degree of judgment and is subject to a number of variables. These variables can be affected by both internal and external events, such as: changes in claims handling procedures; adverse changes in loss cost trends, including inflationary pressures, technology or other changes that may impact medical, auto and home repair costs (e.g., more costly technology in vehicles resulting in increased severity of claims); economic conditions, including general and wage inflation; legal trends, including adverse changes in the tort environment (e.g., increased and more aggressive attorney involvement in insurance claims, increased litigation, expanded theories of liability, higher jury awards, lawsuit abuse and third-party litigation finance, among others); and legislative changes, among others. The impact of many of these items on ultimate costs for claims and claim adjustment expenses is difficult to estimate and could be material. Claims and claim adjustment expense reserve estimation difficulties also differ significantly by product line due to differences in claim complexity, the volume of claims, the potential severity of individual claims, the determination of occurrence date for a claim and reporting lags (the time between the occurrence of the policyholder event and when it is actually reported to the insurer). See also "The effects of emerging claim and coverage issues on our business are uncertain, and court decisions or legislative changes which take place after we issue our policies can result in unexpected liabilities" below. It is possible that, among other things, past or future steps taken by the federal government and the Federal Reserve to stimulate the U.S. economy, including actions to manage interest rates, tax reform, the imposition of increased or additional tariffs and other changes in international trade regulation, could lead to higher inflation than we had anticipated, which could in turn lead to an increase in our loss costs. The impact of inflation on loss costs could be more pronounced for those lines of business that are considered "long tail," such as general liability, as they require a relatively long period of time to finalize and settle claims for a given accident year. In addition, a significant portion of claims costs, including those in "long tail" lines of business, consists of medical costs. Changes in healthcare legislation could significantly impact the availability, cost and allocation of payments for medical services, and it is possible that, as a result, inflationary pressures in medical costs may increase or claim frequency and/ or severity may otherwise be adversely impacted. The estimation of claims and claim adjustment expense reserves may also be more difficult during times of adverse or uncertain economic conditions due to unexpected changes in behavior of claimants and policyholders, including an increase in fraudulent reporting of exposures and/or losses, reduced maintenance of insured properties, increased frequency of small claims or delays in the reporting of claims. We refine our claims and claim adjustment expense reserve estimates in a regular, ongoing process as historical loss experience develops, additional claims are reported and settled, and the legal, regulatory and economic environment evolves. Business judgment is applied throughout the process, including the application of various individual experiences and expertise to multiple sets of data and analyses. Different experts may choose different assumptions when faced with material uncertainty, based on their individual backgrounds, professional experiences and areas of focus. As a result, such experts may at times produce estimates materially different from each other. This risk may be exacerbated in the context of an acquisition. Experts providing input to the various estimates and underlying assumptions include actuaries, underwriters, claim personnel and lawyers, as well as other members of management. Therefore, management may have to consider varying individual viewpoints as part of its estimation of claims and claim adjustment expense reserves. We attempt to consider all significant facts and circumstances known at the time claims and claim adjustment expense reserves are established or reviewed. Due to the inherent uncertainty underlying claims and claim adjustment expense reserve estimates, the final resolution of the estimated liability for claims and claim adjustment expenses will likely be higher or lower than the related claims and claim adjustment expense reserves at the reporting date. Therefore, actual paid losses in the future may yield a materially different amount than is currently reserved. Because of the uncertainties set forth above, additional liabilities resulting from one insured event, or an accumulation of insured events, may exceed the current related reserves. In addition, our estimate of claims and claim adjustment expenses may change. These additional liabilities or increases in estimates, or a range of either, could vary significantly from period to period, cannot now be reasonably estimated and could materially and adversely affect our results of operations and/or our financial position. 40 | [
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"text": "claim and reporting lags (the time between the occurrence of the policyholder event and when it is actually reported to the insurer). "
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"text": "increase in our loss costs. The impact of inflation on loss costs could be more pronounced for those lines of business that are "
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"text": "medical services, and it is possible that, as a result, inflationary pressures in medical costs may increase or claim frequency and/"
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"text": "or severity may otherwise be adversely impacted. The estimation of claims and claim adjustment expense reserves may also be "
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"text": "develops, additional claims are reported and settled, and the legal, regulatory and economic environment evolves. Business "
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"text": "sets of data and analyses. Different experts may choose different assumptions when faced with material uncertainty, based on "
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"text": "their individual backgrounds, professional experiences and areas of focus. As a result, such experts may at times produce estimates "
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"text": "materially different from each other. This risk may be exacerbated in the context of an acquisition. Experts providing input to "
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"text": "the various estimates and underlying assumptions include actuaries, underwriters, claim personnel and lawyers, as well as other"
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"text": "related claims and claim adjustment expense reserves at the reporting date. Therefore, actual paid losses in the future may yield "
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"text": "Because of the uncertainties set forth above, additional liabilities resulting from one insured event, or an accumulation of insured "
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"text": "now be reasonably estimated and could materially and adversely affect our results of operations and/or our financial position."
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"text": "to claims arising out of one or more man-made catastrophic events involving \"unconventional\" means, such as nuclear, biological , chemical or radiological events."
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"text": "If actual claims exceed our claims and claim adjustment expense reserves, or if changes in the estimated level of claims and claim adjustment expense reserves are necessary, including as a result of, among other things, changes in the legal/ tort, regulatory and economic environments in which the Company operates, our financial results could be materially and adversely affected. Claims and claim adjustment expense reserves represent management estimates of what the ultimate settlement and administration of claims will cost, generally utilizing actuarial expertise and projection techniques, at a given accounting date."
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"text": "The process of estimating claims and claim adjustment expense reserves involves a high degree of judgment and is subject to a number of variables. These variables can be affected by both internal and external events, such as: changes in claims handling procedures; adverse changes in loss cost trends, including inflationary pressures, technology or other changes that may impact medical, auto and home repair costs (e.g., more costly technology in vehicles resulting in increased severity of claims); economic conditions, including general and wage inflation; legal trends, including adverse changes in the tort environment (e.g., increased and more aggressive attorney involvement in insurance claims, increased litigation, expanded theories of liability, higher jury awards, lawsuit abuse and third-party litigation finance, among others); and legislative changes, among others. The impact of many of these items on ultimate costs for claims and claim adjustment expenses is difficult to estimate and could be material. Claims and claim adjustment expense reserve estimation difficulties also differ significantly by product line due to differences in claim complexity, the volume of claims, the potential severity of individual claims, the determination of occurrence date for a claim and reporting lags (the time between the occurrence of the policyholder event and when it is actually reported to the insurer). See also \"The effects of emerging claim and coverage issues on our business are uncertain, and court decisions or legislative changes which take place after we issue our policies can result in unexpected liabilities\" below."
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"text": "It is possible that, among other things, past or future steps taken by the federal government and the Federal Reserve to stimulate the U.S. economy, including actions to manage interest rates, tax reform, the imposition of increased or additional tariffs and other changes in international trade regulation, could lead to higher inflation than we had anticipated, which could in turn lead to an increase in our loss costs. The impact of inflation on loss costs could be more pronounced for those lines of business that are considered \"long tail,\" such as general liability, as they require a relatively long period of time to finalize and settle claims for a given accident year. In addition, a significant portion of claims costs, including those in \"long tail\" lines of business, consists of medical costs. Changes in healthcare legislation could significantly impact the availability, cost and allocation of payments for medical services, and it is possible that, as a result, inflationary pressures in medical costs may increase or claim frequency and/ or severity may otherwise be adversely impacted. The estimation of claims and claim adjustment expense reserves may also be more difficult during times of adverse or uncertain economic conditions due to unexpected changes in behavior of claimants and policyholders, including an increase in fraudulent reporting of exposures and/or losses, reduced maintenance of insured properties, increased frequency of small claims or delays in the reporting of claims."
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"text": "We refine our claims and claim adjustment expense reserve estimates in a regular, ongoing process as historical loss experience develops, additional claims are reported and settled, and the legal, regulatory and economic environment evolves. Business judgment is applied throughout the process, including the application of various individual experiences and expertise to multiple sets of data and analyses. Different experts may choose different assumptions when faced with material uncertainty, based on their individual backgrounds, professional experiences and areas of focus. As a result, such experts may at times produce estimates materially different from each other. This risk may be exacerbated in the context of an acquisition. Experts providing input to the various estimates and underlying assumptions include actuaries, underwriters, claim personnel and lawyers, as well as other members of management. Therefore, management may have to consider varying individual viewpoints as part of its estimation of claims and claim adjustment expense reserves."
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"text": "We attempt to consider all significant facts and circumstances known at the time claims and claim adjustment expense reserves are established or reviewed. Due to the inherent uncertainty underlying claims and claim adjustment expense reserve estimates, the final resolution of the estimated liability for claims and claim adjustment expenses will likely be higher or lower than the related claims and claim adjustment expense reserves at the reporting date. Therefore, actual paid losses in the future may yield a materially different amount than is currently reserved."
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"text": "Because of the uncertainties set forth above, additional liabilities resulting from one insured event, or an accumulation of insured events, may exceed the current related reserves. In addition, our estimate of claims and claim adjustment expenses may change. These additional liabilities or increases in estimates, or a range of either, could vary significantly from period to period, cannot now be reasonably estimated and could materially and adversely affect our results of operations and/or our financial position."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-60 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | For a discussion of claims and claim adjustment expense reserves by product line, including examples of common factors that can affect required reserves, see "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations -Critical Accounting Estimates-Claims and Claim Adjustment Expense Reserves." During or following a period of financial market disruption or an economic downturn, our business could be materially and adversely affected. Worldwide financial markets and economic conditions have, from time to time, experienced significant disruption or deterioration and likely will experience periods of disruption or deterioration in the future. If financial markets experience significant disruption or if economic conditions deteriorate, our results of operations, financial position and/or liquidity likely would be adversely impacted. For example, financial market disruptions and economic downturns in the past have resulted in, among other things, reduced business volume, as well as heightened credit risk and reduced valuations for certain of our investments. Financial market disruption or an economic downturn could be exacerbated by actual or potential economic and geopolitical instability in many regions of the world. This can impact our business even if we do not conduct business in the region subject to the instability. For example, due to globalization, instability in one region can spread to other regions where we do business or a pandemic can disrupt the global supply chain. In addition, the United Kingdom's withdrawal from the European Union could have a negative impact on economic conditions in the United Kingdom and could result in unintended consequences in other countries as well. In the United States, actions or inactions of the United States government may also impact economic conditions. For example, actions that may be taken with respect to monetary policy, a government shutdown, the debt ceiling, the Federal budget, international trade and tariffs, interest rates, health care legislation, tax laws and regulation generally, among other things, may contribute, positively or negatively, to economic conditions generally and create economic and fiscal uncertainty. Several of the risk factors discussed above and below identify risks that could result from, or be exacerbated by, financial market disruption, an economic slowdown or economic uncertainty. These include risks discussed above related to our estimates of claims and claim adjustment expense reserves, and those discussed below related to our investment portfolio, the competitive environment, emerging claim and coverage issues, reinsurance arrangements, other credit exposures, regulatory developments and the impact of rating agency actions. You should also refer to "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations," particularly the "Outlook" section, for additional information about these risks and the potential impact on our business. Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses. Investment returns are an important part of our overall profitability. Fixed maturity and shortterm investments comprised approximately 94% of the carrying value of our investment portfolio as of December 31, 2019. Changes in interest rates caused by inflation or other factors (inclusive of credit spreads) affect the carrying value of our fifixed maturity investments and returns on our fixed maturity and short-term investments. A decline in interest rates reduces the returns available on short-term investments and new fixed maturity investments (including those purchased to re-invest maturities from the existing portfolio), thereby negatively impacting our net investment income, while rising interest rates reduce the market value of existing fixed maturity investments, thereby negatively impacting our book value. The net pre-tax unrealized gain in our fixed income portfolio was $2.85 billion at December 31, 2019, compared to a net pre-tax unrealized loss of $137 million at December 31, 2018, due to a decline in interest rates during 2019. Any future increases in interest rates (inclusive of credit spreads) would result in a decrease in that unrealized gain position, thereby adversely impacting our book value. Interest rates continue to remain at very low levels relative to historical experience, and it is possible that rates will remain at low levels for a prolonged period. The value of our fixed maturity and short-term investments is also subject to the risk that certain investments may default or become impaired due to a deterioration in the financial condition of one or more issuers of the securities held in our portfolio, or due to a deterioration in the financial condition of an insurer that guarantees an issuer's payments of such investments. Such defaults and impairments could reduce our net investment income and result in realized investment losses. During an economic downturn, fixed maturity and short-term investments could be subject to a higher risk of default, and our non-fixed income investments could be negatively impacted as well. Rapid changes in commodity prices, such as a significant decline in oil prices, could also subject certain of our investments to a higher risk of default. Our fixed maturity investment portfolio is invested, in substantial part, in obligations of states, municipalities and political subdivisions (collectively referred to as the municipal bond portfolio). Notwithstanding the relatively low historical rates of default on many of these obligations and notwithstanding that we typically seek to invest in high-credit-quality securities (including those with structural protections such as being secured by dedicated or pledged sources of revenue), our municipal bond portfolio could be subject to default or impairment. In particular: - · In recent years, many state and local governments have been operating under deficits or projected deficits. The severity and duration of these deficits could have an adverse impact on the collectability and valuation of our municipal bond portfolio. These deficits may be exacerbated by the impact of unfunded pension plan obligations and other 41 | [
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"text": "disruption, an economic slowdown or economic uncertainty. These include risks discussed above related to our estimates of claims "
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"text": "and claim adjustment expense reserves, and those discussed below related to our investment portfolio, the competitive environment, "
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"text": "emerging claim and coverage issues, reinsurance arrangements, other credit exposures, regulatory developments and the impact "
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"text": "of rating agency actions. You should also refer to \"Item 7—Management's Discussion and Analysis of Financial Condition and "
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"text": "term investments comprised approximately 94% of the carrying value of our investment portfolio as of December 31, 2019. "
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"text": "the existing portfolio), thereby negatively impacting our net investment income, while rising interest rates reduce the market value "
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"text": "For a discussion of claims and claim adjustment expense reserves by product line, including examples of common factors that can affect required reserves, see \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations -Critical Accounting Estimates-Claims and Claim Adjustment Expense Reserves.\""
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"text": "During or following a period of financial market disruption or an economic downturn, our business could be materially and adversely affected. Worldwide financial markets and economic conditions have, from time to time, experienced significant disruption or deterioration and likely will experience periods of disruption or deterioration in the future. If financial markets experience significant disruption or if economic conditions deteriorate, our results of operations, financial position and/or liquidity likely would be adversely impacted. For example, financial market disruptions and economic downturns in the past have resulted in, among other things, reduced business volume, as well as heightened credit risk and reduced valuations for certain of our investments."
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"text": "Financial market disruption or an economic downturn could be exacerbated by actual or potential economic and geopolitical instability in many regions of the world. This can impact our business even if we do not conduct business in the region subject to the instability. For example, due to globalization, instability in one region can spread to other regions where we do business or a pandemic can disrupt the global supply chain. In addition, the United Kingdom's withdrawal from the European Union could have a negative impact on economic conditions in the United Kingdom and could result in unintended consequences in other countries as well. In the United States, actions or inactions of the United States government may also impact economic conditions. For example, actions that may be taken with respect to monetary policy, a government shutdown, the debt ceiling, the Federal budget, international trade and tariffs, interest rates, health care legislation, tax laws and regulation generally, among other things, may contribute, positively or negatively, to economic conditions generally and create economic and fiscal uncertainty."
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"text": "Several of the risk factors discussed above and below identify risks that could result from, or be exacerbated by, financial market disruption, an economic slowdown or economic uncertainty. These include risks discussed above related to our estimates of claims and claim adjustment expense reserves, and those discussed below related to our investment portfolio, the competitive environment, emerging claim and coverage issues, reinsurance arrangements, other credit exposures, regulatory developments and the impact of rating agency actions. You should also refer to \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations,\" particularly the \"Outlook\" section, for additional information about these risks and the potential impact on our business."
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"text": "Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses. Investment returns are an important part of our overall profitability. Fixed maturity and shortterm investments comprised approximately 94% of the carrying value of our investment portfolio as of December 31, 2019. Changes in interest rates caused by inflation or other factors (inclusive of credit spreads) affect the carrying value of our fifixed maturity investments and returns on our fixed maturity and short-term investments. A decline in interest rates reduces the returns available on short-term investments and new fixed maturity investments (including those purchased to re-invest maturities from the existing portfolio), thereby negatively impacting our net investment income, while rising interest rates reduce the market value of existing fixed maturity investments, thereby negatively impacting our book value. The net pre-tax unrealized gain in our fixed income portfolio was $2.85 billion at December 31, 2019, compared to a net pre-tax unrealized loss of $137 million at December 31, 2018, due to a decline in interest rates during 2019. Any future increases in interest rates (inclusive of credit spreads) would result in a decrease in that unrealized gain position, thereby adversely impacting our book value. Interest rates continue to remain at very low levels relative to historical experience, and it is possible that rates will remain at low levels for a prolonged period. The value of our fixed maturity and short-term investments is also subject to the risk that certain investments may default or become impaired due to a deterioration in the financial condition of one or more issuers of the securities held in our portfolio, or due to a deterioration in the financial condition of an insurer that guarantees an issuer's payments of such investments. Such defaults and impairments could reduce our net investment income and result in realized investment losses. During an economic downturn, fixed maturity and short-term investments could be subject to a higher risk of default, and our non-fixed income investments could be negatively impacted as well. Rapid changes in commodity prices, such as a significant decline in oil prices, could also subject certain of our investments to a higher risk of default."
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"text": "Our fixed maturity investment portfolio is invested, in substantial part, in obligations of states, municipalities and political subdivisions (collectively referred to as the municipal bond portfolio). Notwithstanding the relatively low historical rates of default on many of these obligations and notwithstanding that we typically seek to invest in high-credit-quality securities (including those with structural protections such as being secured by dedicated or pledged sources of revenue), our municipal bond portfolio could be subject to default or impairment. In particular:"
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"text": "- · In recent years, many state and local governments have been operating under deficits or projected deficits. The severity and duration of these deficits could have an adverse impact on the collectability and valuation of our municipal bond portfolio. These deficits may be exacerbated by the impact of unfunded pension plan obligations and other"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-61 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - postretirement obligations or by declining municipal tax bases and revenues in times of financial stress. The recent tax reform also could lead state and local governments to decrease taxes, which could result in a deterioration of the credit quality of these state and local governments. - · Some municipal bond issuers may be unwilling to increase tax rates, or to reduce spending, to fund interest or principal payments on their municipal bonds, or may be unable to access the municipal bond market to fund such payments. The risk of widespread defaults may increase if some issuers voluntarily choose to default, instead of implementing difficult fiscal measures, and the actual or perceived consequences (such as reduced access to capital markets) are less severe than expected. - · The risk of widespread defaults may also increase if there are changes in legislation that permit states, municipalities and political subdivisions to file for bankruptcy protection where they were not permitted before. In addition, the collectability and valuation of municipal bonds may be adversely affected if there are judicial interpretations in a bankruptcy or other proceeding that lessen the value of structural protections. For example, debtors may challenge the effectiveness of structural protections thought to be provided by municipal securities backed by a dedicated source of revenue. The collectability and valuation may also be adversely affected if there are judicial interpretations in a bankruptcy or other proceeding that question the payment priority of municipal bonds. Approximately 27% of the fixed maturity portfolio is expected to mature over the next three years (this includes the early redemption of bonds, assuming interest rates (including credit spreads) do not rise significantly by applicable call dates). As a result, even if our investment strategy does not significantly change over the next few years, the overall yield on and composition of our portfolio could be meaningfully impacted by the types of investments available for reinvestment with the proceeds of matured bonds. For example, if yields decrease when we reinvest such proceeds, our future net investment income would be adversely affected. In addition, depending on the specific bonds available for purchase at the time of re-investment, the mix of specific issuers in our fixed-income and municipal bond portfolio will change. Our portfolio has benefited from tax exemptions (such as those related to interest from municipal bonds) and certain other tax laws, including, but not limited to, those governing dividends-received deductions and tax credits. Changes in these laws could adversely impact the value of our investment portfolio. See "Changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate could adversely impact us" below. Our investment portfolio includes: residential mortgage-backed securities; collateralized mortgage obligations; pass-through securities and asset-backed securities collateralized by sub-prime mortgages; commercial mortgage-backed securities; and whollyowned real estate and real estate partnerships, all of which could be adversely impacted by declines in real estate valuations and/ or financial market disruption. We also invest a portion of our assets in equity securities, private equity limited partnerships, hedge funds and real estate partnerships. From time to time, we may also invest in other types of non-fixed maturity investments, including investments with exposure to commodity price risk, such as oil. All of these asset classes are subject to greater volatility in their investment returns than fixed maturity investments. General economic conditions, changes in applicable tax laws and many other factors beyond our control can adversely affect the value of our non-fixed maturity investments and the realization of net investment income, and/or result in realized investment losses. As a result of these factors, we may realize reduced returns on these investments , incur losses on sales of these investments and be required to write down the value of these investments, which could reduce our net investment income and result in realized investment losses. From time to time, the Company enters into short positions in U.S. Treasury futures contracts to manage the duration of its fixed maturity portfolio, which can result in realized investment losses. Our investment portfolio is also subject to increased valuation uncertainties when investment markets are illiquid. The valuation of investments is more subjective when markets are illiquid, thereby increasing the risk that the estimated fair value (i.e., the carrying amount) of the portion of the investment portfolio that is carried at fair value as reflected in our financial statemenents is not reflective of prices at which actual transactions could occur. We may, depending on circumstances in the future, including as a result of changes in economic and market conditions, make changes to the mix of investments in our investment portfolio as part of our ongoing efforts to seek appropriate risk-adjusted returns. These changes may impact the duration, volatility and risk of our investment portfolio. For example, the percentage of our investment portfolio consisting of tax-exempt municipal bonds has decreased from 42% at December 31, 2017 to 38% at December 31, 2019 due, in part, to the impact of the Tax Cuts and Jobs Act of 2017 on the municipal bond market. 42 | [
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"text": "our investment portfolio consisting of tax-exempt municipal bonds has decreased from 42% at December 31, 2017 to 38% at "
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"text": "December 31, 2019 due, in part, to the impact of the Tax Cuts and Jobs Act of 2017 on the municipal bond market. "
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"text": "- postretirement obligations or by declining municipal tax bases and revenues in times of financial stress. The recent tax reform also could lead state and local governments to decrease taxes, which could result in a deterioration of the credit quality of these state and local governments."
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"text": "- · Some municipal bond issuers may be unwilling to increase tax rates, or to reduce spending, to fund interest or principal payments on their municipal bonds, or may be unable to access the municipal bond market to fund such payments. The risk of widespread defaults may increase if some issuers voluntarily choose to default, instead of implementing difficult fiscal measures, and the actual or perceived consequences (such as reduced access to capital markets) are less severe than expected."
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"text": "Our investment portfolio includes: residential mortgage-backed securities; collateralized mortgage obligations; pass-through securities and asset-backed securities collateralized by sub-prime mortgages; commercial mortgage-backed securities; and whollyowned real estate and real estate partnerships, all of which could be adversely impacted by declines in real estate valuations and/ or financial market disruption."
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"text": "We also invest a portion of our assets in equity securities, private equity limited partnerships, hedge funds and real estate partnerships. From time to time, we may also invest in other types of non-fixed maturity investments, including investments with exposure to commodity price risk, such as oil. All of these asset classes are subject to greater volatility in their investment returns than fixed maturity investments. General economic conditions, changes in applicable tax laws and many other factors beyond our control can adversely affect the value of our non-fixed maturity investments and the realization of net investment income, and/or result in realized investment losses. As a result of these factors, we may realize reduced returns on these investments , incur losses on sales of these investments and be required to write down the value of these investments, which could reduce our net investment income and result in realized investment losses. From time to time, the Company enters into short positions in U.S. Treasury futures contracts to manage the duration of its fixed maturity portfolio, which can result in realized investment losses."
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"text": "Our investment portfolio is also subject to increased valuation uncertainties when investment markets are illiquid. The valuation of investments is more subjective when markets are illiquid, thereby increasing the risk that the estimated fair value (i.e., the carrying amount) of the portion of the investment portfolio that is carried at fair value as reflected in our financial statemenents is not reflective of prices at which actual transactions could occur."
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"text": "We may, depending on circumstances in the future, including as a result of changes in economic and market conditions, make changes to the mix of investments in our investment portfolio as part of our ongoing efforts to seek appropriate risk-adjusted returns. These changes may impact the duration, volatility and risk of our investment portfolio. For example, the percentage of our investment portfolio consisting of tax-exempt municipal bonds has decreased from 42% at December 31, 2017 to 38% at December 31, 2019 due, in part, to the impact of the Tax Cuts and Jobs Act of 2017 on the municipal bond market."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-62 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Because of the risks set forth above, the value of our investment portfolio could decrease, we could experience reduced net investment income and we could experience realized and/or unrealized investment losses, which could materially and adversely affect our results of operations, financial position and/or liquidity. The intense competition that we face, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and our profitability. The property and casualty insurance industry is highly competitive, and we believe that it will remain highly competitive for the foreseeable future. We compete with both domestic and foreign insurers, including an increasing number of start-ups, which may offer products at prices and on terms that are not consistent with our economic standards in an effort to maintain or increase their business. The competitive environment in which we operate could also be impacted by current general economic conditions, which could reduce the volume of business available to us as well as to our competitors. In recent years, pension and hedge funds and other entities with substantial available capital and potentially lower return objectives have increasingly sought to participate in the property and casualty insurance and reinsurance businesses. WeWellcapitalized new entrants to the property and casualty insurance and reinsurance industries and existing competitors that receive substantial infusions of capital may conduct business in ways that adversely impact our business volumes and profitability. Further, an expanded supply of reinsurance capital may lower costs for insurers that rely significantly on reinsurance and, as a consequence, those insurers may be able to price their products more competitively. In addition, the competitive environment could be impacted by changes in customer preferences, including customer demand for direct distribution channels and/or greater choice, not only in personal lines (where we currently and may increasingly compete against direct writers), but also in commercial lines (where direct writers may become a more significant source of competition in the future, particularly in the small commercial market). Similarly, customer behavior could evolve in the future towards buying insurance in point-of-sale or other non-traditional distribution channels where we do not currently have a meaningful presence or which are designed to sell products that we currently do not provide. Consolidation within the insurance industry also could alter the competitive environment in which we operate, which may impact our business volumes and/or the rates or terms of our products. In Personal Insurance, the use of comparative rating technologies has impacted, and may continue to impact, our business as well as the industry as a whole. A substantial amount of the Company's Personal Insurance new business is written after an agent compares quotes using comparative rating technologies, a cost-efficient means of obtaining quotes from multiple companies. Because the use of this technology, whether by agents or directly by customers, facilitates the process of generating multiple quotes, the technology has increased price comparison on new business and, increasingly, on renewal business. It also has resulted in an increase in the level of quote activity and a lower percentage of quotes that result in new business from customers, and these trends may continue or accelerate. If we are not able to operate with a competitive cost structure or accurately estimate and price for claims and claim adjustment expenses, our business volume and underwriting margins could be adversely affected over time. Additionally, similar technology is starting to be used to access comparative rates for small commercial business and that trend is likely to continue and may accelerate. In recent years, there have been new entrants into the small commercial insurance business and this trend may continue. Technology companies or other third parties have created, and may in the future create, digitally-enabled business models, platforms or alternate distribution channels for personal or commercial business that may adversely impact our competitive position. These technology companies or other third parties may compete with us directly by providing, or arranging to provide, insurance coverage themselves. See also "Disruptions to our relationships with our independent agents and brokers could adversely affect us" below. Other technological changes also present competitive risks. For example, our competitive position could be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning that collects and analyzes a wide variety of data points (so-called "big data" analysis) to make underwriting or other decisions, or if our competitors collect and use data which we do not have the ability to access or use. In addition, innovations, such as telematics and other usage-based methods of determining premiums, can impact product design and pricing and may become an increasingly important competitive factor. See also "Our business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology, particularly as our business processes become more digital" below. Competitive dynamics may impact the success of efforts to improve our underwriting margins on our insurance products. These efforts could include seeking improved rates, as well as improved terms and conditions, and could also include other initiatives, such as reducing operating expenses and acquisition costs. These efforts may not be successful and/or may result in lower retention and new business levels and therefore lower business volumes. In addition, if our underwriting is not effective, further efforts to increase rates could also lead to "adverse selection", whereby accounts retained have higher losses, and are less profitable, than accounts lost. For more detail, see "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Outlook." 43 | [
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"text": "quotes, the technology has increased price comparison on new business and, increasingly, on renewal business. It also has resulted "
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"text": "in an increase in the level of quote activity and a lower percentage of quotes that result in new business from customers, and these "
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"text": "is likely to continue and may accelerate. In recent years, there have been new entrants into the small commercial insurance "
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"text": "or alternate distribution channels for personal or commercial business that may adversely impact our competitive position. These "
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"text": "and other usage-based methods of determining premiums, can impact product design and pricing and may become an increasingly "
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"text": "Competitive dynamics may impact the success of efforts to improve our underwriting margins on our insurance products. These "
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"text": "such as reducing operating expenses and acquisition costs. These efforts may not be successful and/or may result in lower retention "
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"text": "and new business levels and therefore lower business volumes. In addition, if our underwriting is not effective, further efforts to "
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"text": "increase rates could also lead to “adverse selection”, whereby accounts retained have higher losses, and are less profitable, than "
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"text": "accounts lost. For more detail, see \"Item 7—Management's Discussion and Analysis of Financial Condition and Results of "
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"text": "Because of the risks set forth above, the value of our investment portfolio could decrease, we could experience reduced net investment income and we could experience realized and/or unrealized investment losses, which could materially and adversely affect our results of operations, financial position and/or liquidity."
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"text": "The intense competition that we face, and the impact of innovation, technological change and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and our profitability. The property and casualty insurance industry is highly competitive, and we believe that it will remain highly competitive for the foreseeable future. We compete with both domestic and foreign insurers, including an increasing number of start-ups, which may offer products at prices and on terms that are not consistent with our economic standards in an effort to maintain or increase their business. The competitive environment in which we operate could also be impacted by current general economic conditions, which could reduce the volume of business available to us as well as to our competitors. In recent years, pension and hedge funds and other entities with substantial available capital and potentially lower return objectives have increasingly sought to participate in the property and casualty insurance and reinsurance businesses. WeWellcapitalized new entrants to the property and casualty insurance and reinsurance industries and existing competitors that receive substantial infusions of capital may conduct business in ways that adversely impact our business volumes and profitability. Further, an expanded supply of reinsurance capital may lower costs for insurers that rely significantly on reinsurance and, as a consequence, those insurers may be able to price their products more competitively. In addition, the competitive environment could be impacted by changes in customer preferences, including customer demand for direct distribution channels and/or greater choice, not only in personal lines (where we currently and may increasingly compete against direct writers), but also in commercial lines (where direct writers may become a more significant source of competition in the future, particularly in the small commercial market). Similarly, customer behavior could evolve in the future towards buying insurance in point-of-sale or other non-traditional distribution channels where we do not currently have a meaningful presence or which are designed to sell products that we currently do not provide. Consolidation within the insurance industry also could alter the competitive environment in which we operate, which may impact our business volumes and/or the rates or terms of our products."
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"text": "In Personal Insurance, the use of comparative rating technologies has impacted, and may continue to impact, our business as well as the industry as a whole. A substantial amount of the Company's Personal Insurance new business is written after an agent compares quotes using comparative rating technologies, a cost-efficient means of obtaining quotes from multiple companies. Because the use of this technology, whether by agents or directly by customers, facilitates the process of generating multiple quotes, the technology has increased price comparison on new business and, increasingly, on renewal business. It also has resulted in an increase in the level of quote activity and a lower percentage of quotes that result in new business from customers, and these trends may continue or accelerate. If we are not able to operate with a competitive cost structure or accurately estimate and price for claims and claim adjustment expenses, our business volume and underwriting margins could be adversely affected over time. Additionally, similar technology is starting to be used to access comparative rates for small commercial business and that trend is likely to continue and may accelerate. In recent years, there have been new entrants into the small commercial insurance business and this trend may continue."
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"text": "Technology companies or other third parties have created, and may in the future create, digitally-enabled business models, platforms or alternate distribution channels for personal or commercial business that may adversely impact our competitive position. These technology companies or other third parties may compete with us directly by providing, or arranging to provide, insurance coverage themselves. See also \"Disruptions to our relationships with our independent agents and brokers could adversely affect us\" below."
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"text": "Other technological changes also present competitive risks. For example, our competitive position could be impacted if we are unable to deploy, in a cost effective and competitive manner, technology such as artificial intelligence and machine learning that collects and analyzes a wide variety of data points (so-called \"big data\" analysis) to make underwriting or other decisions, or if our competitors collect and use data which we do not have the ability to access or use. In addition, innovations, such as telematics and other usage-based methods of determining premiums, can impact product design and pricing and may become an increasingly important competitive factor. See also \"Our business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology, particularly as our business processes become more digital\" below."
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"text": "Competitive dynamics may impact the success of efforts to improve our underwriting margins on our insurance products. These efforts could include seeking improved rates, as well as improved terms and conditions, and could also include other initiatives, such as reducing operating expenses and acquisition costs. These efforts may not be successful and/or may result in lower retention and new business levels and therefore lower business volumes. In addition, if our underwriting is not effective, further efforts to increase rates could also lead to \"adverse selection\", whereby accounts retained have higher losses, and are less profitable, than accounts lost. For more detail, see \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Outlook.\""
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-63 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Similar to other industries, the insurance industry is undergoing rapid and significant technological and other change. Traditional insurance industry participants, technology companies, "InsurTech" start-up companies, the number of which has increased significantly in recent years and some of which are supported by traditional insurance industry participants, and others are focused on using technology and innovation to simplify and improve the customer experience, increase efficiencies, redesign products, alter business models and effect other potentially disruptive changes in the insurance industry. If we do not anticipate, keep pace with and adapt to technological and other changes impacting the insurance industry, it will harm our ability to compete, decrease the value of our products to customers, and materially and adversely affect our business. Furthermore, innovation, technological change and changing customer preferences in the markets in which we operate also pose risks to our business. For example, technologies such as driverless vehicles, assisted-driving or accident prevention technologies, technologies that facilitate ride or home sharing, smart homes or automation could reduce the number of vehicles in use and/or the demand for, or profitability of, certain of our products, create coverage issues or impact the frequency or severity of losses, and we may not be able to respond effectively. While there is substantial uncertainty as to the timing of any impact, in the case of driverless vehicles in particular, new legal frameworks or business practices could be adopted that reduce the size of the auto insurance market. Overall, our competitive position in our various businesses is based on many factors, including but not limited to our: - · ability to profitably price our business, retain existing customers and obtain new business; - · premiums charged, contract terms and conditions, products and services offered (including the ability to design customized programs); - · agent, broker and policyholder relationships; - · ability to keep pace relative to our competitors with changes in technology, information systems, data and analytics; - · effectiveness of our claims process, including the speed of payment; - · ability to avoid and mitigate fraudulent claims; - · ability to provide our products and services in a cost effective manner; - · ability to provide new products and services to meet changing customer needs; - · ability to adapt to changes in business models, technology, customer preferences or regulation impacting the markets in which we operate; - · ability to provide access to the distribution channels preferred by customers and prospective customers; - · perceived overall financial strength and corresponding ratings assigned by independent rating agencies; - · reputation, experience and qualifications of employees; - · geographic scope of business; and - · local presence. We may have difficulty in continuing to compete successfully on any of these bases in the future. If competition or technological or other changes to the markets in which we operate limit our ability to retain existing business or write new business at adequate rates or on appropriate terms, our results of operations could be materially and adversely affected. See "Competition" sections of the discussion on business segments in "Item 1-Business." Our business could be harmed because of our potential exposure to asbestos and environmental claims and related litigation. With regard to asbestos claims, we have received and continue to receive a significant number of asbestos claims. Factors underlying these claim filings include continued intensive advertising by lawyers seeking asbestos claimants and the continued focus by plaintiffs on defendants, such as manufacturers of talcum powder, who were not traditionally primary targets of asbestos litigation. The focus on these defendants is primarily the result of the number of traditional asbestos defendants who have sought bankruptcy protection in previous years. The bankruptcy of many traditional defendants has also caused increased settlement demands against those policyholders who are not in bankruptcy but remain in the tort system. Currently, in many jurisdictions, those who allege very serious injury and who can present credible medical evidence of their injuries are receiving priority trial settings in the courts, while those who have not shown any credible disease manifestation are having their hearing dates delayed or placed on an inactive docket. This trend of prioritizing claims involving credible evidence of injuries, along with the focus on defendants who were not traditionally primary targets of asbestos litigation, has contributed to the claims and claim adjustment expense payments we experienced. We also continue to be involved in coverage litigation concerning a number of policyholders, some of whom have filed for bankruptcy, who in some instances have asserted that all or a portion of their asbestos-related claims are not subject to aggregate limits on coverage. In these instances, policyholders also may assert that each individual bodily injury claim should be treated as a separate occurrence under the policy. It is difficult to predict whether these policyholders will be successful on both issues. To the extent both issues are resolved in a policyholder's favor and our other defenses are not successful, our coverage obligations under the policies at issue would be materially increased and bounded only by the applicable per-occurrence limits and the number 44 | [
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"text": "Similar to other industries, the insurance industry is undergoing rapid and significant technological and other change. Traditional insurance industry participants, technology companies, \"InsurTech\" start-up companies, the number of which has increased significantly in recent years and some of which are supported by traditional insurance industry participants, and others are focused on using technology and innovation to simplify and improve the customer experience, increase efficiencies, redesign products, alter business models and effect other potentially disruptive changes in the insurance industry. If we do not anticipate, keep pace with and adapt to technological and other changes impacting the insurance industry, it will harm our ability to compete, decrease the value of our products to customers, and materially and adversely affect our business. Furthermore, innovation, technological change and changing customer preferences in the markets in which we operate also pose risks to our business. For example, technologies such as driverless vehicles, assisted-driving or accident prevention technologies, technologies that facilitate ride or home sharing, smart homes or automation could reduce the number of vehicles in use and/or the demand for, or profitability of, certain of our products, create coverage issues or impact the frequency or severity of losses, and we may not be able to respond effectively. While there is substantial uncertainty as to the timing of any impact, in the case of driverless vehicles in particular, new legal frameworks or business practices could be adopted that reduce the size of the auto insurance market."
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"text": "We may have difficulty in continuing to compete successfully on any of these bases in the future. If competition or technological or other changes to the markets in which we operate limit our ability to retain existing business or write new business at adequate rates or on appropriate terms, our results of operations could be materially and adversely affected. See \"Competition\" sections of the discussion on business segments in \"Item 1-Business.\""
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"text": "Our business could be harmed because of our potential exposure to asbestos and environmental claims and related litigation. With regard to asbestos claims, we have received and continue to receive a significant number of asbestos claims. Factors underlying these claim filings include continued intensive advertising by lawyers seeking asbestos claimants and the continued focus by plaintiffs on defendants, such as manufacturers of talcum powder, who were not traditionally primary targets of asbestos litigation. The focus on these defendants is primarily the result of the number of traditional asbestos defendants who have sought bankruptcy protection in previous years. The bankruptcy of many traditional defendants has also caused increased settlement demands against those policyholders who are not in bankruptcy but remain in the tort system. Currently, in many jurisdictions, those who allege very serious injury and who can present credible medical evidence of their injuries are receiving priority trial settings in the courts, while those who have not shown any credible disease manifestation are having their hearing dates delayed or placed on an inactive docket. This trend of prioritizing claims involving credible evidence of injuries, along with the focus on defendants who were not traditionally primary targets of asbestos litigation, has contributed to the claims and claim adjustment expense payments we experienced."
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"text": "We also continue to be involved in coverage litigation concerning a number of policyholders, some of whom have filed for bankruptcy, who in some instances have asserted that all or a portion of their asbestos-related claims are not subject to aggregate limits on coverage. In these instances, policyholders also may assert that each individual bodily injury claim should be treated as a separate occurrence under the policy. It is difficult to predict whether these policyholders will be successful on both issues. To the extent both issues are resolved in a policyholder's favor and our other defenses are not successful, our coverage obligations under the policies at issue would be materially increased and bounded only by the applicable per-occurrence limits and the number"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-64 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | of asbestos bodily injury claims against the policyholders. Although we have seen a moderation in the overall risk associated with these lawsuits, it remains difficult to predict the ultimate cost of these claims. Further, in addition to claims against policyholders, proceedings have been launched directly against insurers, including us, by individuals challenging insurers' conduct with respect to the handling of past asbestos claims and by individuals seeking damages arising from alleged asbestos-related bodily injuries. It is possible that the filing of other direct actions against insurers, including us, could be made in the future. It is difficult to predict the outcome of these proceedings, including whether the plaintiffs will be able to sustain these actions against insurers based on novel legal theories of liability. With regard to environmental claims, we have received and continue to receive claims from policyholders who allege that they are liable for injury or damage arising out of their alleged disposition of toxic substances. Mostly, these claims arise under various legislative as well as regulatory efforts aimed at environmental remediation. For instance, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), enacted in 1980 and later modified, enables private parties as well as federal and state governments to take action with respect to releases and threatened releases of hazardous substances. This federal statute permits the recovery of response costs from some liable parties and may require liable parties to undertake their own remedial action. Liability under CERCLA and similar state laws may be imposed on certain parties even if they did not cause the release or threatened release of hazardous substances and may be joint and several with other responsible parties. The Company has been, and continues to be, involved in litigation involving insurance coverage issues pertaining to asbestos and environmental claims. The Company believes that some court decisions have interpreted the insurance coverage to be broader than the original intent of the insurers and policyholders. These decisions continue to be inconsistent and vary from jurisdiction to jurisdiction. Uncertainties surrounding the final resolution of these asbestos and environmental claims continue, and it is difficult to estimate our ultimate liability for such claims and related litigation. As a result, these reserves are subject to revision as new information becomes available and as claims develop. The continuing uncertainties include, without limitation: - · the risks and lack of predictability inherent in complex litigation; - · a further increase in the cost to resolve, and/or the number of, asbestos and environmental claims beyond that which is anticipated; - · the emergence of a greater number of asbestos claims than anticipated as a result of extended life expectancies resulting from medical advances and lifestyle improvements; - · the role of any umbrella or excess policies we have issued; - · the resolution or adjudication of disputes concerning coverage for asbestos and environmental claims in a manner inconsistent with our previous assessment of these disputes; - · the number and outcome of direct actions against us; - · future developments pertaining to our ability to recover reinsurance for asbestos and environmental claims; - · any impact on asbestos defendants we insure due to the bankruptcy of other asbestos defendants; - · the unavailability of other insurance sources potentially available to policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers; and - · uncertainties arising from the insolvency or bankruptcy of policyholders. It is also not possible to predict changes in the legal, regulatory and legislative environment and their impact on the future development of asbestos and environmental claims. This environment could be affected by changes in applicable legislation and future court and regulatory decisions and interpretations, including the outcome of legal challenges to legislative and/or judicial reforms establishing medical criteria for the pursuit of asbestos claims. It is also difficult to predict the ultimate outcome of complex coverage disputes until settlement negotiations near completion and significant legal questions are resolved or, failing settlement, until the dispute is adjudicated. This is particularly the case with policyholders in bankruptcy where negotiations often involve a large number of claimants and other parties and require court approval to be effective. While the ongoing evaluation of asbestos and environmental claims and associated liabilities considers the inconsistencies of court decisions as to coverage, plaintiffs' expanded theories of liability and the risks inherent in complex litigation and other uncertainties, it is possible that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that differs from current reserves by an amount that could materially and adversely affect our results of operations. See the "Asbestos Claims and Litigation" and "Environmental Claims and Litigation" sections of "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations." Also see "Item 3-Legal Proceedings." 45 | [
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"text": "it is possible that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that "
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"text": "differs from current reserves by an amount that could materially and adversely affect our results of operations. See the \"Asbestos "
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"text": "Claims and Litigation\" and \"Environmental Claims and Litigation\" sections of \"Item 7—Management's Discussion and Analysis "
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"text": "of asbestos bodily injury claims against the policyholders. Although we have seen a moderation in the overall risk associated with these lawsuits, it remains difficult to predict the ultimate cost of these claims."
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"text": "The Company has been, and continues to be, involved in litigation involving insurance coverage issues pertaining to asbestos and environmental claims. The Company believes that some court decisions have interpreted the insurance coverage to be broader than the original intent of the insurers and policyholders. These decisions continue to be inconsistent and vary from jurisdiction to jurisdiction."
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"text": "Uncertainties surrounding the final resolution of these asbestos and environmental claims continue, and it is difficult to estimate our ultimate liability for such claims and related litigation. As a result, these reserves are subject to revision as new information becomes available and as claims develop. The continuing uncertainties include, without limitation:"
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"text": "- · any impact on asbestos defendants we insure due to the bankruptcy of other asbestos defendants;"
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"text": "- · the unavailability of other insurance sources potentially available to policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers; and"
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"text": "It is also not possible to predict changes in the legal, regulatory and legislative environment and their impact on the future development of asbestos and environmental claims. This environment could be affected by changes in applicable legislation and future court and regulatory decisions and interpretations, including the outcome of legal challenges to legislative and/or judicial reforms establishing medical criteria for the pursuit of asbestos claims. It is also difficult to predict the ultimate outcome of complex coverage disputes until settlement negotiations near completion and significant legal questions are resolved or, failing settlement, until the dispute is adjudicated. This is particularly the case with policyholders in bankruptcy where negotiations often involve a large number of claimants and other parties and require court approval to be effective."
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"text": "While the ongoing evaluation of asbestos and environmental claims and associated liabilities considers the inconsistencies of court decisions as to coverage, plaintiffs' expanded theories of liability and the risks inherent in complex litigation and other uncertainties, it is possible that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that differs from current reserves by an amount that could materially and adversely affect our results of operations. See the \"Asbestos Claims and Litigation\" and \"Environmental Claims and Litigation\" sections of \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations.\" Also see \"Item 3-Legal Proceedings.\""
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-65 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Disruptions to our relationships with our independent agents and brokers or our inability to manage effectively a changing distribution landscape could adversely affect us. We market our insurance products primarily through independent agents and brokers. An important part of our business is written through less than a dozen such intermediaries, as well as agency affiliates of other insurance carriers, such as GEICO, with whom we have had a distribution arrangement for homeowners' business since 1995. Further, there has been a trend of increased consolidation by agents and brokers, which could impact our relationships with, and fees paid to, some agents and brokers, and/or otherwise negatively impact the pricing or distribution of our products. Agents and brokers may increasingly compete with us to the extent that markets increasingly provide them with direct access to providers of capital seeking exposure to insurance risk or if they become affiliated with carriers that compete with us. See also "The intense competition that we face could harm our ability to maintain or increase our business volumes and our profitability." In all of the foregoing situations, loss of all or a substantial portion of the business provided through such agents and brokers could materially and adversely affect our future business volume and results of operations. We may also seek to develop new products or distribution channels, which could disrupt our relationships with our agents and brokers. In addition, agents and brokers may create alternate distribution channels for commercial business that may adversely impact product differentiation and pricing. Access to greater levels of data and increased utilization of technology by agents and brokers may also impact our relationship with them and our competitive position. Our efforts or their efforts with respect to new products or alternate distribution channels, as well as changes in the way agents and brokers utilize data and technology, including in ways that may be in direct competition with us, could adversely impact our business relationship with independent agents and brokers who currently market our products, resulting in a lower volume and/or profitability of business generated from these sources. In certain markets, brokers increasingly have been packaging portfolios of risks together and offering them to fewer carriers as well as, in some cases, requesting a commitment to participate in such portfolios in advance. In these and other situations, agents and brokers have an increased influence over policy language and compensation structure which, if we participate on that basis, could adversely impact our ability to profitably manage underwriting risk. It could also lead to commoditization of products, which could increase the focus on price and cost management and decrease our ability to differentiate our products in the marketplace with customers based on other factors. We rely on internet applications for the marketing and sale of certain of our products, and we may increasingly rely on internet applications and toll-free numbers for distribution. In some instances, our agents and brokers are required to access separate business platforms to execute the sale of our personal insurance or commercial insurance products. Should internet disruptions occur, or frustration with our business platforms or distribution initiatives develop among our independent agents and brokers, any resulting loss of business could materially and adversely affect our future business volume and results of operations. See "If we experience difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships or cloud-based technology, our ability to conduct our business could be negatively impacted" below. Customers in the past have brought claims against us for the actions of our agents. Even with proper controls in place, actual or alleged errors or inaccuracies by our agents could result in our involvement in disputes, litigation or regulatory actions related to actions taken or not taken by our agents. We are exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances. In addition to asbestos and environmental claims, we face potential exposure to other types of mass tort claims, including claims related to exposure to potentially harmful products or substances, such as lead paint, silica, talc and opioids. Establishing claims and claim adjustment expense reserves for mass tort claims is subject to uncertainties because of many factors, including adverse changes to the tort environment (e.g., increased and more aggressive attorney involvement in insurance claims, increased litigation, expanded theories of liability, higher jury awards, lawsuit abuse and third-party litigation finance, among others), disputes concerning medical causation with respect to certain diseases, geographical concentration of the lawsuits asserting the claims and the potential for a large rise in the total number of claims without underlying epidemiological developments suggesting an increase in disease rates. Moreover, evolving judicial interpretations regarding the application of various tort theories and defenses, including application of various theories of joint and several liabilities, as well as the application of insurance coverage to these claims, make it difficult to estimate our ultimate liability for such claims. Because of the uncertainties set forth above, additional liabilities may arise for amounts in excess of the current related reserves. In addition, our estimate of claims and claim adjustment expenses may change, and such change could be material. These additional liabilities or increases in estimates, or a range of either, cannot now be reasonably estimated and could materially and adversely affect our results of operations. 46 | [
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"text": "of other insurance carriers, such as GEICO, with whom we have had a distribution arrangement for homeowners' business since "
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"text": "brokers may also impact our relationship with them and our competitive position. Our efforts or their efforts with respect to new "
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"text": "products or alternate distribution channels, as well as changes in the way agents and brokers utilize data and technology, including "
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"text": "in ways that may be in direct competition with us, could adversely impact our business relationship with independent agents and"
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"text": "In certain markets, brokers increasingly have been packaging portfolios of risks together and offering them to fewer carriers as "
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"text": "well as, in some cases, requesting a commitment to participate in such portfolios in advance. In these and other situations, agents "
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"text": "and brokers have an increased influence over policy language and compensation structure which, if we participate on that basis,"
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"text": "could adversely impact our ability to profitably manage underwriting risk. It could also lead to commoditization of products, "
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"text": "which could increase the focus on price and cost management and decrease our ability to differentiate our products in the "
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"text": "business platforms to execute the sale of our personal insurance or commercial insurance products. Should internet disruptions "
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"text": "occur, or frustration with our business platforms or distribution initiatives develop among our independent agents and brokers,"
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"text": "any resulting loss of business could materially and adversely affect our future business volume and results of operations. See “If "
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"text": "alleged errors or inaccuracies by our agents could result in our involvement in disputes, litigation or regulatory actions related to "
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"text": "potentially harmful products or substances. In addition to asbestos and environmental claims, we face potential exposure to "
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"text": "other types of mass tort claims, including claims related to exposure to potentially harmful products or substances, such as lead "
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"text": "paint, silica, talc and opioids. Establishing claims and claim adjustment expense reserves for mass tort claims is subject to "
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"text": "geographical concentration of the lawsuits asserting the claims and the potential for a large rise in the total number of claims "
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"text": "without underlying epidemiological developments suggesting an increase in disease rates. Moreover, evolving judicial "
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"text": "and several liabilities, as well as the application of insurance coverage to these claims, make it difficult to estimate our ultimate "
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"text": "Disruptions to our relationships with our independent agents and brokers or our inability to manage effectively a changing distribution landscape could adversely affect us. We market our insurance products primarily through independent agents and brokers. An important part of our business is written through less than a dozen such intermediaries, as well as agency affiliates of other insurance carriers, such as GEICO, with whom we have had a distribution arrangement for homeowners' business since 1995. Further, there has been a trend of increased consolidation by agents and brokers, which could impact our relationships with, and fees paid to, some agents and brokers, and/or otherwise negatively impact the pricing or distribution of our products. Agents and brokers may increasingly compete with us to the extent that markets increasingly provide them with direct access to providers of capital seeking exposure to insurance risk or if they become affiliated with carriers that compete with us. See also \"The intense competition that we face could harm our ability to maintain or increase our business volumes and our profitability.\" In all of the foregoing situations, loss of all or a substantial portion of the business provided through such agents and brokers could materially and adversely affect our future business volume and results of operations."
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"text": "We may also seek to develop new products or distribution channels, which could disrupt our relationships with our agents and brokers. In addition, agents and brokers may create alternate distribution channels for commercial business that may adversely impact product differentiation and pricing. Access to greater levels of data and increased utilization of technology by agents and brokers may also impact our relationship with them and our competitive position. Our efforts or their efforts with respect to new products or alternate distribution channels, as well as changes in the way agents and brokers utilize data and technology, including in ways that may be in direct competition with us, could adversely impact our business relationship with independent agents and brokers who currently market our products, resulting in a lower volume and/or profitability of business generated from these sources."
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"text": "In certain markets, brokers increasingly have been packaging portfolios of risks together and offering them to fewer carriers as well as, in some cases, requesting a commitment to participate in such portfolios in advance. In these and other situations, agents and brokers have an increased influence over policy language and compensation structure which, if we participate on that basis, could adversely impact our ability to profitably manage underwriting risk. It could also lead to commoditization of products, which could increase the focus on price and cost management and decrease our ability to differentiate our products in the marketplace with customers based on other factors."
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"text": "We rely on internet applications for the marketing and sale of certain of our products, and we may increasingly rely on internet applications and toll-free numbers for distribution. In some instances, our agents and brokers are required to access separate business platforms to execute the sale of our personal insurance or commercial insurance products. Should internet disruptions occur, or frustration with our business platforms or distribution initiatives develop among our independent agents and brokers, any resulting loss of business could materially and adversely affect our future business volume and results of operations. See \"If we experience difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships or cloud-based technology, our ability to conduct our business could be negatively impacted\" below."
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"text": "Customers in the past have brought claims against us for the actions of our agents. Even with proper controls in place, actual or alleged errors or inaccuracies by our agents could result in our involvement in disputes, litigation or regulatory actions related to actions taken or not taken by our agents."
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"text": "We are exposed to, and may face adverse developments involving, mass tort claims such as those relating to exposure to potentially harmful products or substances. In addition to asbestos and environmental claims, we face potential exposure to other types of mass tort claims, including claims related to exposure to potentially harmful products or substances, such as lead paint, silica, talc and opioids. Establishing claims and claim adjustment expense reserves for mass tort claims is subject to uncertainties because of many factors, including adverse changes to the tort environment (e.g., increased and more aggressive attorney involvement in insurance claims, increased litigation, expanded theories of liability, higher jury awards, lawsuit abuse and third-party litigation finance, among others), disputes concerning medical causation with respect to certain diseases, geographical concentration of the lawsuits asserting the claims and the potential for a large rise in the total number of claims without underlying epidemiological developments suggesting an increase in disease rates. Moreover, evolving judicial interpretations regarding the application of various tort theories and defenses, including application of various theories of joint and several liabilities, as well as the application of insurance coverage to these claims, make it difficult to estimate our ultimate liability for such claims."
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"text": "Because of the uncertainties set forth above, additional liabilities may arise for amounts in excess of the current related reserves. In addition, our estimate of claims and claim adjustment expenses may change, and such change could be material. These additional liabilities or increases in estimates, or a range of either, cannot now be reasonably estimated and could materially and adversely affect our results of operations."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-66 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The effects of emerging claim and coverage issues on our business are uncertain, and court decisions or legislative changes that take place after we issue our policies can result in an unexpected increase in the number of claims and have a material adverse impact on our results of operations. As industry practices and legal, judicial, social and other environmental conditions change, unexpected and unintended issues related to claim and coverage may emerge. These issues may adversely affect our business, including by extending coverage beyond our underwriting intent, by increasing the number, size or types of claims or by mandating changes to our underwriting practices. Examples of such claims and coverage issues include, but are not limited to: - · judicial expansion of policy coverage and the impact of new or expanded theories of liability; - · plaintiffs targeting property and casualty insurers, including us, in purported class action litigation relating to claims handling and other practices; - · claims relating to construction defects, which often present complex coverage and damage valuation questions; - · claims under directors' & officers' and/or errors and omissions insurance policies relating to losses from involvement in financial market activities; failed financial institutions; fraud; improper sales practices; anti-trust allegations; possible accounting irregularities; and corporate governance issues; - · claims related to data and network security breaches, information system failures or cyber events, including cases where coverage was not intended to be provided; - · the assertion of "public nuisance" or similar theories of liability, pursuant to which plaintiffs, including governmental entities, seek to recover monies spent to administer public health care programs, abate hazards to public health and safety and/or recover damages purportedly attributable to a "public nuisance," such as litigation against lead paint manufacturers or manufacturers or distributors of opioids; - · claims related to liability or workers' compensation arising out of the spread of infectious disease or pandemic; - · claims relating to abuse by an employee or a volunteer of an insured; - · claims that link health issues to particular causes (for example, cumulative traumatic head injury from sports or other causes), resulting in liability or workers' compensation claims; · claims alleging that one or more of our underwriting criteria have a disparate impact on persons belonging to a protected class in violation of the law, including the Fair Housing Act; - · claims arising out of modern techniques and practices used in connection with the extraction of natural resources, such as hydraulic fracturing or wastewater injection; - · claims arising out of the use of personal cars, homes or other property in commercial transactions, such as ride or home sharing; - · claims relating to unanticipated consequences of current or new technologies or business models or processes, including as a result of related behavioral changes; and - · claims relating to changing climate conditions, including claims alleging that our policyholders cause or contribute to changing climate conditions. In some instances, these emerging issues may not become apparent for some time after we have issued the affected insurance policies. As a result, the full extent of liability under our insurance policies may not be known for many years after the policies are issued. In addition, the passage of new legislation designed to expand the right to sue, to remove limitations on recovery, to deem by statute the existence of a covered occurrence, to extend or eliminate the statutes of limitations or otherwise to repeal or weaken tort reforms could have an adverse effect on our results of operations. For example, a number of states have enacted legislation allowing victims of sexual molestation to file or proceed with claims that otherwise would have been time-barred and additional states are considering similar legislative changes. 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"text": "- · claims arising out of the use of personal cars, homes or other property in commercial transactions, such as ride or home sharing;"
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"text": "- · claims relating to unanticipated consequences of current or new technologies or business models or processes, including as a result of related behavioral changes; and"
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"text": "- · claims relating to changing climate conditions, including claims alleging that our policyholders cause or contribute to changing climate conditions."
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"text": "In some instances, these emerging issues may not become apparent for some time after we have issued the affected insurance policies. As a result, the full extent of liability under our insurance policies may not be known for many years after the policies are issued."
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"text": "In addition, the passage of new legislation designed to expand the right to sue, to remove limitations on recovery, to deem by statute the existence of a covered occurrence, to extend or eliminate the statutes of limitations or otherwise to repeal or weaken tort reforms could have an adverse effect on our results of operations. For example, a number of states have enacted legislation allowing victims of sexual molestation to file or proceed with claims that otherwise would have been time-barred and additional states are considering similar legislative changes."
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"text": "The effects of these and other unforeseen emerging claim and coverage issues are extremely hard to predict and could harm our business and materially and adversely affect our results of operations."
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"text": "We may not be able to collect all amounts due to us from reinsurers, reinsurance coverage may not be available to us in the future at commercially reasonable rates or at all and we are exposed to credit risk related to our structured settlements. Although the reinsurer is liable to us to the extent of the ceded reinsurance, we remain liable as the direct insurer on all risks reinsured. As a result, ceded reinsurance arrangements do not eliminate our obligation to pay claims. Accordingly, we are subject to credit risk with respect to our ability to recover amounts due from reinsurers."
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"text": "In the past, certain reinsurers have ceased writing business and entered into runoff. Some of our reinsurance claims may be disputed by the reinsurers, and we may ultimately receive partial or no payment. This is a particular risk in the case of claims that relate to insurance policies written many years ago, including those relating to asbestos and environmental claims. In addition , in a number of jurisdictions, particularly the European Union and the United Kingdom as well as a small number of U.S. states,"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-67 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | a reinsurer is permitted to transfer a reinsurance arrangement to another reinsurer, which may be less creditworthy, without a counterparty's consent, provided that the transfer has been approved by the applicable regulatory and/or court authority. Included in reinsurance recoverables are amounts related to certain structured settlements. Structured settlements are annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers' compensation claims comprise a significant portion. In cases where we did not receive a release from the claimant, the structured settlement is included in reinsurance recoverables and the related claim cost is included in the liability for claims and claim adjustment expense reserves, as we retain the contingent liability to the claimant. Some of the life insurance companies from which we have purchased structured settlements have been downgraded to below investment grade credit ratings subsequent to the time of the purchase. If it is expected that the life insurance company is not able to pay, we would recognize an impairment of the related reinsurance recoverable if, and to the extent, the purchased annuities are not covered by state guaranty associations. In the event that the life insurance company fails to make the required annuity payments, we would be required to make such payments. For a discussion of our top reinsurance groups by reinsurance recoverable and the top five groups by amount of structured settlements provided, see "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Reinsurance Recoverables." The availability and cost of reinsurance are subject to prevailing market conditions, both in terms of price and available capacity. The availability of reinsurance capacity can be impacted by general economic conditions and conditions in the reinsurance market, such as the occurrence of significant reinsured events or unexpected adverse trends. The availability and cost of reinsurance could affect our business volume and profitability. In addition, the Covered Agreements between the U.S. and each of the EU and U.K. eliminate the requirement for European and U.K. reinsurers operating in the U.S. to provide collateral in connection with reinsurance agreements, which could make it more difficult for U.S. companies, including us, to obtain sufficient collateral, if any, in such reinsurance arrangements. Because of the risks set forth above, we may not be able to collect all amounts due to us from reinsurers, and reinsurance coverage may not be available to us in the future at commercially reasonable rates or at all, and/or life insurance companies may fail to make required annuity payments, and thus our results of operations could be materially and adversely affected. We are exposed to credit risk in certain of our insurance operations and with respect to certain guarantee or indemnification arrangements that we have with third parties. In addition to exposure to credit risk related to our investment portfolio and reinsurance recoverables (discussed above), we are exposed to credit risk in several other areas of our business operations, including credit risk relating to policyholders, independent agents and brokers. We are exposed to credit risk in our surety insurance operations, where we guarantee to a third party that our customer will satisfy certain performance obligations (e.g., a construction contract) or certain financial obligations, including exposure to large customers who may have obligations to multiple third parties. If our customer defaults, we may suffer losses and not be reimbursed by that customer, even though we are entitled to indemnification from such customer. In addition, it is customary practice in the surety business for multiple insurers to participate as co-sureties on large surety bonds. Under these arrangements, the co-surety obligations are typically joint and several, in which case we are also exposed to credit risk with respect to our co-sureties. In addition, a portion of our business is written with large deductible insurance policies. Under casualty insurance contracts with deductible features, we are obligated to pay the claimant the full amount of the settled claim. We are subsequently reimbursed by the contractholder for the deductible amount, and, as a result, we are exposed to credit risk to the policyholder. Moreover, certain policyholders purchase retrospectively rated workers' compensation and/or general liability policies (i.e., policies in which premiums are adjusted after the policy period based on the actual loss experience of the policyholder during the policy period) . Retrospectively rated policies expose us to additional credit risk to the extent that the adjusted premium is greater than the original premium. Our efforts to mitigate the credit risk that we have to our insureds may not be successful. To reduce such credit risk, we require certain insureds to post collateral for some or all of these obligations, often in the form of pledged securities such as money market funds or letters of credit provided by banks, surety bonds or cash. In cases where we receive pledged securities and the insureds are unable to honor their obligations, we may be exposed to credit risk on the securities pledged and/or the risk that our access to that collateral may be stayed during an insured's bankruptcy. In cases where we receive letters of credit from banks and the insureds are unable to honor their obligations, we are exposed to the credit risk of the banks that issued the letters of credit. In accordance with industry practice, when policyholders purchase insurance policies from us through independent agents and brokers, the premiums relating to those policies are often paid to the agents and brokers for payment to us. In most jurisdictions, 48 | [
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"text": "recoverable if, and to the extent, the purchased annuities are not covered by state guaranty associations. In the event that the life "
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"text": "insurance company fails to make the required annuity payments, we would be required to make such payments. For a discussion "
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"text": "customers who may have obligations to multiple third parties. If our customer defaults, we may suffer losses and not be reimbursed "
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"text": "deductible features, we are obligated to pay the claimant the full amount of the settled claim. We are subsequently reimbursed by "
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"text": "the contractholder for the deductible amount, and, as a result, we are exposed to credit risk to the policyholder. Moreover, certain "
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"text": "policyholders purchase retrospectively rated workers’ compensation and/or general liability policies (i.e., policies in which "
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"text": "premiums are adjusted after the policy period based on the actual loss experience of the policyholder during the policy period)"
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"text": "Retrospectively rated policies expose us to additional credit risk to the extent that the adjusted premium is greater than the original "
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"text": "Our efforts to mitigate the credit risk that we have to our insureds may not be successful. To reduce such credit risk, we require "
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"text": "certain insureds to post collateral for some or all of these obligations, often in the form of pledged securities such as money market "
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"text": "funds or letters of credit provided by banks, surety bonds or cash. In cases where we receive pledged securities and the insureds "
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"text": "are unable to honor their obligations, we may be exposed to credit risk on the securities pledged and/or the risk that our access "
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"text": "to that collateral may be stayed during an insured’s bankruptcy. In cases where we receive letters of credit from banks and the "
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"text": "insureds are unable to honor their obligations, we are exposed to the credit risk of the banks that issued the letters of credit."
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"text": "In accordance with industry practice, when policyholders purchase insurance policies from us through independent agents and "
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"text": "brokers, the premiums relating to those policies are often paid to the agents and brokers for payment to us. In most jurisdictions, "
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"text": "a reinsurer is permitted to transfer a reinsurance arrangement to another reinsurer, which may be less creditworthy, without a counterparty's consent, provided that the transfer has been approved by the applicable regulatory and/or court authority."
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"text": "Included in reinsurance recoverables are amounts related to certain structured settlements. Structured settlements are annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers' compensation claims comprise a significant portion. In cases where we did not receive a release from the claimant, the structured settlement is included in reinsurance recoverables and the related claim cost is included in the liability for claims and claim adjustment expense reserves, as we retain the contingent liability to the claimant. Some of the life insurance companies from which we have purchased structured settlements have been downgraded to below investment grade credit ratings subsequent to the time of the purchase. If it is expected that the life insurance company is not able to pay, we would recognize an impairment of the related reinsurance recoverable if, and to the extent, the purchased annuities are not covered by state guaranty associations. In the event that the life insurance company fails to make the required annuity payments, we would be required to make such payments. For a discussion of our top reinsurance groups by reinsurance recoverable and the top five groups by amount of structured settlements provided, see \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Reinsurance Recoverables.\""
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"text": "The availability and cost of reinsurance are subject to prevailing market conditions, both in terms of price and available capacity. The availability of reinsurance capacity can be impacted by general economic conditions and conditions in the reinsurance market, such as the occurrence of significant reinsured events or unexpected adverse trends. The availability and cost of reinsurance could affect our business volume and profitability. In addition, the Covered Agreements between the U.S. and each of the EU and U.K. eliminate the requirement for European and U.K. reinsurers operating in the U.S. to provide collateral in connection with reinsurance agreements, which could make it more difficult for U.S. companies, including us, to obtain sufficient collateral, if any, in such reinsurance arrangements."
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"text": "Because of the risks set forth above, we may not be able to collect all amounts due to us from reinsurers, and reinsurance coverage may not be available to us in the future at commercially reasonable rates or at all, and/or life insurance companies may fail to make required annuity payments, and thus our results of operations could be materially and adversely affected."
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"text": "We are exposed to credit risk in certain of our insurance operations and with respect to certain guarantee or indemnification arrangements that we have with third parties. In addition to exposure to credit risk related to our investment portfolio and reinsurance recoverables (discussed above), we are exposed to credit risk in several other areas of our business operations, including credit risk relating to policyholders, independent agents and brokers."
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"text": "We are exposed to credit risk in our surety insurance operations, where we guarantee to a third party that our customer will satisfy certain performance obligations (e.g., a construction contract) or certain financial obligations, including exposure to large customers who may have obligations to multiple third parties. If our customer defaults, we may suffer losses and not be reimbursed by that customer, even though we are entitled to indemnification from such customer. In addition, it is customary practice in the surety business for multiple insurers to participate as co-sureties on large surety bonds. Under these arrangements, the co-surety obligations are typically joint and several, in which case we are also exposed to credit risk with respect to our co-sureties."
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"text": "In addition, a portion of our business is written with large deductible insurance policies. Under casualty insurance contracts with deductible features, we are obligated to pay the claimant the full amount of the settled claim. We are subsequently reimbursed by the contractholder for the deductible amount, and, as a result, we are exposed to credit risk to the policyholder. Moreover, certain policyholders purchase retrospectively rated workers' compensation and/or general liability policies (i.e., policies in which premiums are adjusted after the policy period based on the actual loss experience of the policyholder during the policy period) . Retrospectively rated policies expose us to additional credit risk to the extent that the adjusted premium is greater than the original premium."
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"text": "Our efforts to mitigate the credit risk that we have to our insureds may not be successful. To reduce such credit risk, we require certain insureds to post collateral for some or all of these obligations, often in the form of pledged securities such as money market funds or letters of credit provided by banks, surety bonds or cash. In cases where we receive pledged securities and the insureds are unable to honor their obligations, we may be exposed to credit risk on the securities pledged and/or the risk that our access to that collateral may be stayed during an insured's bankruptcy. In cases where we receive letters of credit from banks and the insureds are unable to honor their obligations, we are exposed to the credit risk of the banks that issued the letters of credit."
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"text": "In accordance with industry practice, when policyholders purchase insurance policies from us through independent agents and brokers, the premiums relating to those policies are often paid to the agents and brokers for payment to us. In most jurisdictions,"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-68 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | the premiums will be deemed to have been paid to us whether or not they are actually received by us. Consequently, we assume a degree of credit risk associated with amounts due from independent agents and brokers. To a large degree, the credit risk we face is a function of the economy; accordingly, we face an increased credit risk in an economic downturn. While we attempt to manage the risks discussed above through underwriting guidelines, collateral requirements and other oversight mechanisms, our efforts may not be successful. For example, collateral obtained may subsequently have little or no value. Further, the amount of collateral protection we have been able to obtain on the business we write in certain markets has decreased, and may continue to decrease, as a result of competition. We are also exposed to credit risk related to certain guarantee or indemnification arrangements that we have with third parties. See note 16 of notes to the consolidated financial statements. As a result, our exposure to the above credit risks could materially and adversely affect our results of operations. Within the United States, our businesses are heavily regulated by the states in which we conduct business, including licensing, market conduct and financial supervision, and changes in regulation may reduce our profitability and limit our growth. These regulatory systems are generally designed to protect the interests of policyholders, and not necessarily the interests of insurers, their shareholders and other investors. For example, to protect policyholders whose insurance company becomes financially insolvent, guaranty funds have been established in all 50 states to pay the covered claims of policyholders in the event of an insolvency of an insurer, subject to applicable state limits. The funding of guaranty funds is provided through assessments levied against remaining insurers in the marketplace. As a result, the insolvency of one or more insurance companies or an increase in amounts paid by guaranty funds could result in additional assessments levied against us. These regulatory systems also address authorization for lines of business, statutory capital and surplus requirements, limitations on the types and amounts of certain investments, underwriting limitations, transactions with affiliates, dividend limitations, changes in control, premium rates and a variety of other financial and non-financial components of an insurer's business including, recently, cyber-security. In addition, many states restrict the timing and/or the ability of an insurer to discontinue writing a line of business or to cancel or non-renew certain policies. The state insurance regulatory framework has been under continuing scrutiny, and some state legislatures have considered or enacted laws that may alter or increase state authority to regulate insurance companies and insurance holding companies. Further, the NAIC and state insurance regulators continually re-examine existing laws and regulations, specifically focusing on modifications to holding company regulations, interpretations of existing laws and the development of new laws and regulations. As part of these changes, insurance holding company regulations were amended to require insurers who are part of a holding company system to file an enterprise risk report to provide the lead insurance regulator with a summary of the company's Enterprise Risk Management (ERM) framework, including the material risks within the insurance holding company system that could pose risk to the insurance entities within the holding company system. Insurers having premium volume above certain thresholds, including the Company, are also required to perform at least annually a self-assessment of their current and future risks, including their likely future solvency position (known as an own risk and solvency assessment or ORSA) and file a confidential report with the insurer's lead insurance regulator. The requirement for an insurer to conduct an ORSA is intended to foster an effective level of ERM for all insurers within a holding company system, and to provide a group-wide perspective on risk and capital as a supplement to the legal entity view. ORSA is now included in the International Association of Insurance Supervisors (IAIS) standards and is in various stages of implementation in the United States, Europe, Canada, and other jurisdictions. It is possible that, as a result of ORSA and the manner in which it may be used by insurance regulators, our states of domicile or other regulatory bodies may require changes in our ERM process (e.g., prescribe the use of specific models or the application of certain assumptions or scenarios in the Company's models) that have the effect of limiting our ability to write certain risks, limit our risk appetite to write additional business or reduce our capital management flexibility. See "Item 1-Business-Enterprise Risk Management" for further discussion of the Company's ERM. The NAIC and state insurance regulators, as well as the Federal Reserve and Federal Insurance Office, are currently working with the IAIS to complete a global common framework (ComFrame) for the supervision of internationally active insurance groups (IAIGs). If adopted in the jurisdictions in which the Company conducts business, ComFrame would require the designation of a group-wide supervisor (regulator) for each IAIG and would impose a group capital requirement that would be applied to an IAIG in addition to the current legal entity capital requirements imposed by state insurance laws and regulations. In response to ComFrame, the NAIC developed a model law that allows state insurance regulators in the U.S. to be designated as group-wide supervisors for U.S.-based IAIGs. Additionally, the NAIC is developing a group capital analytical tool that would be applied to U.S.-based insurance groups in addition to the risk-based capital (RBC) requirement that is applied on a legal entity basis. These regulatory developments could increase the amount of capital that the Company is required to have and could result in the Company being subject to increased regulatory requirements. See "Regulatory changes outside of the United States, including in Canada, the U.K., the Republic of Ireland and the European Union, could adversely impact our results of operations and limit our growth " 49 | [
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"text": "cyber-security. In addition, many states restrict the timing and/or the ability of an insurer to discontinue writing a line of business "
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"text": "company system to file an enterprise risk report to provide the lead insurance regulator with a summary of the company’s Enterprise "
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"text": "including the Company, are also required to perform at least annually a self-assessment of their current and future risks, including "
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"text": "their likely future solvency position (known as an own risk and solvency assessment or ORSA) and file a confidential report with "
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"text": "the insurer’s lead insurance regulator. The requirement for an insurer to conduct an ORSA is intended to foster an effective level "
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"text": "of ERM for all insurers within a holding company system, and to provide a group-wide perspective on risk and capital as a "
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"text": "supplement to the legal entity view. ORSA is now included in the International Association of Insurance Supervisors (IAIS) "
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"text": "standards and is in various stages of implementation in the United States, Europe, Canada, and other jurisdictions. It is possible "
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"text": "that, as a result of ORSA and the manner in which it may be used by insurance regulators, our states of domicile or other regulatory "
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"text": "bodies may require changes in our ERM process (e.g., prescribe the use of specific models or the application of certain assumptions "
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"text": "or scenarios in the Company’s models) that have the effect of limiting our ability to write certain risks, limit our risk appetite to "
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"text": "write additional business or reduce our capital management flexibility. See “Item 1—Business—Enterprise Risk Management” "
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"text": "(IAIGs). If adopted in the jurisdictions in which the Company conducts business, ComFrame would require the designation of a "
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"text": "group-wide supervisor (regulator) for each IAIG and would impose a group capital requirement that would be applied to an IAIG "
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"text": "in addition to the current legal entity capital requirements imposed by state insurance laws and regulations. In response to "
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"text": "ComFrame, the NAIC developed a model law that allows state insurance regulators in the U.S. to be designated as group-wide "
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"text": "supervisors for U.S.-based IAIGs. Additionally, the NAIC is developing a group capital analytical tool that would be applied to"
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"text": "U.S.-based insurance groups in addition to the risk-based capital (RBC) requirement that is applied on a legal entity basis. These "
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"text": "regulatory developments could increase the amount of capital that the Company is required to have and could result in the Company "
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"text": "being subject to increased regulatory requirements. See “Regulatory changes outside of the United States, including in Canada,"
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"text": "the U.K., the Republic of Ireland and the European Union, could adversely impact our results of operations and limit our growth"
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"text": "the premiums will be deemed to have been paid to us whether or not they are actually received by us. Consequently, we assume a degree of credit risk associated with amounts due from independent agents and brokers."
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"text": "To a large degree, the credit risk we face is a function of the economy; accordingly, we face an increased credit risk in an economic downturn. While we attempt to manage the risks discussed above through underwriting guidelines, collateral requirements and other oversight mechanisms, our efforts may not be successful. For example, collateral obtained may subsequently have little or no value. Further, the amount of collateral protection we have been able to obtain on the business we write in certain markets has decreased, and may continue to decrease, as a result of competition. We are also exposed to credit risk related to certain guarantee or indemnification arrangements that we have with third parties. See note 16 of notes to the consolidated financial statements. As a result, our exposure to the above credit risks could materially and adversely affect our results of operations."
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"text": "Within the United States, our businesses are heavily regulated by the states in which we conduct business, including licensing, market conduct and financial supervision, and changes in regulation may reduce our profitability and limit our growth. These regulatory systems are generally designed to protect the interests of policyholders, and not necessarily the interests of insurers, their shareholders and other investors. For example, to protect policyholders whose insurance company becomes financially insolvent, guaranty funds have been established in all 50 states to pay the covered claims of policyholders in the event of an insolvency of an insurer, subject to applicable state limits. The funding of guaranty funds is provided through assessments levied against remaining insurers in the marketplace. As a result, the insolvency of one or more insurance companies or an increase in amounts paid by guaranty funds could result in additional assessments levied against us."
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"text": "These regulatory systems also address authorization for lines of business, statutory capital and surplus requirements, limitations on the types and amounts of certain investments, underwriting limitations, transactions with affiliates, dividend limitations, changes in control, premium rates and a variety of other financial and non-financial components of an insurer's business including, recently, cyber-security. In addition, many states restrict the timing and/or the ability of an insurer to discontinue writing a line of business or to cancel or non-renew certain policies."
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"text": "The state insurance regulatory framework has been under continuing scrutiny, and some state legislatures have considered or enacted laws that may alter or increase state authority to regulate insurance companies and insurance holding companies. Further, the NAIC and state insurance regulators continually re-examine existing laws and regulations, specifically focusing on modifications to holding company regulations, interpretations of existing laws and the development of new laws and regulations."
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"text": "As part of these changes, insurance holding company regulations were amended to require insurers who are part of a holding company system to file an enterprise risk report to provide the lead insurance regulator with a summary of the company's Enterprise Risk Management (ERM) framework, including the material risks within the insurance holding company system that could pose risk to the insurance entities within the holding company system. Insurers having premium volume above certain thresholds, including the Company, are also required to perform at least annually a self-assessment of their current and future risks, including their likely future solvency position (known as an own risk and solvency assessment or ORSA) and file a confidential report with the insurer's lead insurance regulator. The requirement for an insurer to conduct an ORSA is intended to foster an effective level of ERM for all insurers within a holding company system, and to provide a group-wide perspective on risk and capital as a supplement to the legal entity view. ORSA is now included in the International Association of Insurance Supervisors (IAIS) standards and is in various stages of implementation in the United States, Europe, Canada, and other jurisdictions. It is possible that, as a result of ORSA and the manner in which it may be used by insurance regulators, our states of domicile or other regulatory bodies may require changes in our ERM process (e.g., prescribe the use of specific models or the application of certain assumptions or scenarios in the Company's models) that have the effect of limiting our ability to write certain risks, limit our risk appetite to write additional business or reduce our capital management flexibility. See \"Item 1-Business-Enterprise Risk Management\" for further discussion of the Company's ERM."
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"text": "The NAIC and state insurance regulators, as well as the Federal Reserve and Federal Insurance Office, are currently working with the IAIS to complete a global common framework (ComFrame) for the supervision of internationally active insurance groups (IAIGs). If adopted in the jurisdictions in which the Company conducts business, ComFrame would require the designation of a group-wide supervisor (regulator) for each IAIG and would impose a group capital requirement that would be applied to an IAIG in addition to the current legal entity capital requirements imposed by state insurance laws and regulations. In response to ComFrame, the NAIC developed a model law that allows state insurance regulators in the U.S. to be designated as group-wide supervisors for U.S.-based IAIGs. Additionally, the NAIC is developing a group capital analytical tool that would be applied to U.S.-based insurance groups in addition to the risk-based capital (RBC) requirement that is applied on a legal entity basis. These regulatory developments could increase the amount of capital that the Company is required to have and could result in the Company being subject to increased regulatory requirements. See \"Regulatory changes outside of the United States, including in Canada, the U.K., the Republic of Ireland and the European Union, could adversely impact our results of operations and limit our growth \""
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-69 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | for further discussion of these changes and how these changes could be impacted by the Covered Agreements between the U.S. and the EU and the U.K. States may choose to adopt more restrictive insurance laws and regulations that could, among other things, restrict the ability of insurance subsidiaries to distribute funds to their parent companies or they could reject rate increases due to the economic environment. The state insurance regulators may also increase the statutory capital and surplus requirements for our insurance subsidiaries. In addition, state tax laws that specifically impact the insurance industry, such as premium taxes or other taxes, could be enacted or changed by states to raise revenues. Other state legislative actions could impact our business as well. For example, changes to state law regarding workers' compensation insurance could impact the demand for our products, and the legalization of cannabis in certain states could potentially increase loss costs. State laws or regulations that are adopted or amended may be more restrictive than current laws or regulations and may result in lower revenues and/or higher costs of compliance and, as a result, could materially and adversely affect our results of operations. A downgrade in our claims-paying and financial strength ratings could adversely impact our business volumes, adversely impact our ability to access the capital markets and increase our borrowing costs. Claims-paying and financial strength ratings are important to an insurer's competitive position. Rating agencies periodically review insurers' ratings and change their ratings criteria; therefore, our current ratings may not be maintained in the future. A downgrade in one or more of our ratings could negatively impact our business volumes because demand for certain of our products may be reduced, particularly because many customers may require that we maintain minimum ratings to enter into, maintain or renew business with us. Additionally, we may find it more difficult to access the capital markets and we may incur higher borrowing costs. If significant losses, including, but not limited to, those resulting from one or more major catastrophes, or significant reserve additions or significant investment losses were to cause our capital position to deteriorate significantly, or if one or more rating agencies substantially increase their capital requirements, we may need to raise equity capital in the future (which we may not be able to do at a reasonable cost or at all, especially at a time of financial market disruption) in order to maintain our ratings or limit the extent of a downgrade. A continued trend of more frequent and severe weather-related or other catastrophes or a prolonged financial market disruption or economic downturn may lead rating agencies to substantially increase their capital requirements. See also "During or following a period of financial market disruption or economic downturn, our business could be materially and adversely affected." For further discussion about our ratings, see "Item 1-Business-Ratings." The inability of our insurance subsidiaries to pay dividends to our holding company in sufficient amounts would harm our ability to meet our obligations, pay future shareholder dividends and/or make future share repurchases. Our holding company relies on dividends from our U.S. insurance subsidiaries to meet our obligations for payment of interest and principal on outstanding debt, to pay dividends to shareholders, to make contributions to our qualified domestic pension plan, to pay other corporate expenses and to make share repurchases. The ability of our insurance subsidiaries to pay dividends to our holding company in the future will depend on their statutory capital and surplus, earnings and regulatory restrictions. We are subject to state insurance regulation as an insurance holding company system. Our U.S. insurance subsidiaries are subject to various regulatory restrictions that limit the maximum amount of dividends available to be paid to their parent without prior approval of insurance regulatory authorities. In a time of prolonged economic downturn or otherwise, insurance regulators may choose to further restrict the ability of insurance subsidiaries to make payments to their parent companies. The ability of our insurance subsidiaries to pay dividends to our holding company is also restricted by regulations that set standards of solvency that must be met and maintained. The inability of our insurance subsidiaries to pay dividends to our holding company in an amount sufficient to meet our debt service obligations and other cash requirements could harm our ability to meet our obligations, to pay future shareholder dividends and to make share repurchases. Our efforts to develop new products, expand in targeted markets or improve business processes and workflows may not be successful and may create enhanced risks. From time to time, to protect and grow market share and/or improve our efficiency, we invest in strategic initiatives to: - · Improve business processes and workflow to increase efficiencies and productivity and to enhance the experience of our customers and distributors; - · Change our underwriting processes; - · Develop products that insure risks we have not previously insured, contain new coverages or change coverage terms; - · Expand distribution channels; 50 | [
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"text": "requirements, we may need to raise equity capital in the future (which we may not be able to do at a reasonable cost or at all,"
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"text": "Other state legislative actions could impact our business as well. For example, changes to state law regarding workers' compensation insurance could impact the demand for our products, and the legalization of cannabis in certain states could potentially increase loss costs. State laws or regulations that are adopted or amended may be more restrictive than current laws or regulations and may result in lower revenues and/or higher costs of compliance and, as a result, could materially and adversely affect our results of operations."
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"text": "A downgrade in our claims-paying and financial strength ratings could adversely impact our business volumes, adversely impact our ability to access the capital markets and increase our borrowing costs. Claims-paying and financial strength ratings are important to an insurer's competitive position. Rating agencies periodically review insurers' ratings and change their ratings criteria; therefore, our current ratings may not be maintained in the future. A downgrade in one or more of our ratings could negatively impact our business volumes because demand for certain of our products may be reduced, particularly because many customers may require that we maintain minimum ratings to enter into, maintain or renew business with us. Additionally, we may find it more difficult to access the capital markets and we may incur higher borrowing costs. If significant losses, including, but not limited to, those resulting from one or more major catastrophes, or significant reserve additions or significant investment losses were to cause our capital position to deteriorate significantly, or if one or more rating agencies substantially increase their capital requirements, we may need to raise equity capital in the future (which we may not be able to do at a reasonable cost or at all, especially at a time of financial market disruption) in order to maintain our ratings or limit the extent of a downgrade. A continued trend of more frequent and severe weather-related or other catastrophes or a prolonged financial market disruption or economic downturn may lead rating agencies to substantially increase their capital requirements. See also \"During or following a period of financial market disruption or economic downturn, our business could be materially and adversely affected.\" For further discussion about our ratings, see \"Item 1-Business-Ratings.\""
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-70 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - · Change commission terms; and - · Enter geographic markets within or outside of the United States where we have had relatively little or no market share. We may not be successful in these efforts, and even if we are successful, they may create the following risks, among others: - · Changes to our business processes or workflow, including the use of new technologies, may give rise to execution risk; - · Models underlying automated underwriting and pricing decisions may not be effective; - · Demand for new products or expansion into new markets may not meet our expectations; - · New products and expansion into new markets may change our risk exposures, and the data and models we use to manage such exposures may not be as effective as those we use in existing markets or with existing products; - · Efforts to develop new products or markets and to change commission terms may create or increase distribution channel conflict, such as described above under "-Disruptions to our relationships with our independent agents and brokers could adversely affect us;" and - · In connection with the conversion of existing policyholders to a new product, some policyholders' pricing may increase while the pricing for other policyholders may decrease, the net impact of which could negatively impact retention and profit margins. These efforts may require us to make substantial expenditures, which may negatively impact results in the near term, and if not successful, could materially and adversely affect our results of operations. We may be adversely affected if our pricing and capital models provide materially different indications than actual results. The profitability of our property and casualty business substantially depends on the extent to which our actual claims experience is consistent with the assumptions we use in pricing our policies. We utilize proprietary and third party models to help us price business in a manner that is intended to be consistent, over time, with actual results and return objectives. We incorporate the Company's historical loss experience, external industry and other data, and economic indices into our modeling processes, and we use various methods, including predictive modeling, forecasting and sophisticated simulation modeling techniques, to analyze loss trends and the risks associated with our assets and liabilities. We also use these modeling processes, analyses and methods in making underwriting, pricing and reinsurance decisions as part of managing our exposure to catastrophes and other extreme adverse events. These modeling processes incorporate numerous assumptions and forecasts about the future level and variability of the frequency and severity of losses, inflation, interest rates and capital requirements, among others, that are difficult to make and may differ materially from actual results. Whether we use a proprietary or third-party model, future experience may be materially different from past and current experience incorporated in a model's forecasts or simulations. This includes the likelihood of events occurring or continuing or the correlation among events. Third-party models may provide substantially different indications than what our proprietary modeling processes provide. As a result, third-party model estimates of losses can be, and often have been, materially different for similar events in comparison to our proprietary estimates. The differences between third-party model estimates and our proprietary estimates are driven by the use of different data sets as well as different assumptions and forecasts regarding the frequency and severity of events and claims arising from the events. In addition, as the number of third-party models increases, it becomes more difficult to validate and manage such models as they evolve over time, and the risk associated with assimilating the output from such models into our decisions increases. If we fail to appropriately price the risks we insure or fail to change our pricing models to appropriately reflect our experience, or if our claims experience is more frequent or severe than our underlying risk assumptions, for example due to changing climate conditions, regulatory changes or changes in behavior such as distracted driving or a more aggressive tort environment, our profit margins may be negatively affected. If we underestimate the frequency and/or severity of extreme adverse events occurring, our financial condition may be adversely affected. If we overestimate the risks we are exposed to, we may overprice our products, and new business growth and retention of our existing business may be adversely affected. See "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Catastrophe Modeling." Our business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology, particularly as our business processes become more digital. We depend in large part on our technology systems for conducting business and processing claims, as well as for providing the data and analytics we utilize to manage our business. As a result, our business success is dependent on maintaining the effectiveness of existing technology systems and on continuing to develop and enhance technology systems that support our business processes and strategic initiatives in a cost and resource efficient manner, particularly as our business processes become more digital. Some system development projects are long-term in nature, may negatively impact our expense ratios as we invest in the projects and may cost more than we expect to complete. In addition, system development projects may not deliver the benefits or perform as 51 | [
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"text": "The profitability of our property and casualty business substantially depends on the extent to which our actual claims experience is consistent with the assumptions we use in pricing our policies. We utilize proprietary and third party models to help us price business in a manner that is intended to be consistent, over time, with actual results and return objectives. We incorporate the Company's historical loss experience, external industry and other data, and economic indices into our modeling processes, and we use various methods, including predictive modeling, forecasting and sophisticated simulation modeling techniques, to analyze loss trends and the risks associated with our assets and liabilities. We also use these modeling processes, analyses and methods in making underwriting, pricing and reinsurance decisions as part of managing our exposure to catastrophes and other extreme adverse events. These modeling processes incorporate numerous assumptions and forecasts about the future level and variability of the frequency and severity of losses, inflation, interest rates and capital requirements, among others, that are difficult to make and may differ materially from actual results."
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"text": "Our business success and profitability depend, in part, on effective information technology systems and on continuing to develop and implement improvements in technology, particularly as our business processes become more digital. We depend in large part on our technology systems for conducting business and processing claims, as well as for providing the data and analytics we utilize to manage our business. As a result, our business success is dependent on maintaining the effectiveness of existing technology systems and on continuing to develop and enhance technology systems that support our business processes and strategic initiatives in a cost and resource efficient manner, particularly as our business processes become more digital. Some system development projects are long-term in nature, may negatively impact our expense ratios as we invest in the projects and may cost more than we expect to complete. In addition, system development projects may not deliver the benefits or perform as"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-71 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | expected, or may be replaced or become obsolete more quickly than expected, which could result in operational difficulties, additional costs or accelerated recognition of expenses. If we do not effectively and efficiently manage and upgrade our technology portfolio, or if the costs of doing so are higher than we expect, our ability to provide competitive services to, and conduct business with, new and existing customers in a cost effective manner and our ability to implement our strategic initiatives could be adversely impacted. If we experience difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships or cloud-based technology, our ability to conduct our business could be negatively impacted. While technology can streamline many business processes and ultimately reduce the cost of operations, technology initiatives present significant risks. Our business is highly dependent upon our employees' ability to perform, in an efficient and uninterrupted fashion, necessary business functions. A shut-down of, or inability to access, one or more of our facilities (including our primary data processing facility); a power outage; or a failure of one or more of our information technology, telecommunications or other systems could significantly impair our ability to perform such functions on a timely basis, particularly if such an interruption lasts for an extended period of time. In the event of a computer virus or disaster such as a natural catastrophe, terrorist or other attack or industrial accident, our systems could be inaccessible for an extended period of time. In addition, because our information technology and telecommunications systems increasingly interface with and depend on third-party systems, including cloud-based, we could experience service denials or failures of controls if demand for our service exceeds capacity or a third-party system fails or experiences an interruption. Business interruptions and failures of controls could also result if our internal systems do not interface with each other as intended or if changes to such systems or our other business processes, such as new payment technologies, are not effectively implemented. Business continuity can also be disrupted by an event, such as a pandemic, that renders large numbers of a workforce unable to work as needed, particularly at critical locations; for example, our largest location employs about 19% of our employees. If our business continuity plans did not sufficiently address a business interruption, system failure or service denial, this could result in a deterioration of our ability to write and process new and renewal business, provide customer service, pay claims in a timely manner or perform other necessary business functions. Our operations rely on the reliable and secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers (including individuals, organizations or rogue states) and employee or vendor misconduct, and other external hazards, could expose our data systems to security breaches, cyber-attacks or other disruptions. Increased use of data supplied by third parties in our business increases our exposure to this risk. In addition, we routinely transmit and receive personal, confidential and proprietary information by e-mail and other electronic means. While we attempt to develop secure transmission capabilities with third-party vendors and others with whom we do business, we may be unable to put in place secure capabilities with all of such vendors and third parties and, in addition, these third parties may not have appropriate controls in place to protect the confidentiality of the information. Like other global companies, our computer systems are regularly subject to and will continue to be the target of computer viruses, malware or other malicious codes (including ransomware), unauthorized access, cyber-attacks or other computer-related penetrations. While we have experienced threats to our data and systems, to date, we are not aware that we have experienced a material cyber-security breach. However, over time, the sophistication of these threats continues to increase. Our administrative and technical controls as well as other preventative actions we take to reduce the risk of cyber incidents and protect our information may be insufficient to detect or prevent unauthorized access, other physical and electronic break-ins, cyber-attacks or other security breaches to our computer systems or those of third parties with whom we do business. In addition, new technology that could result in greater operational efficiency may further expose our computer systems to the risk of cyber-attacks. Our increased use of open source software, cloud technology and software as a service can make it more difficult to identify and remedy such situations due to the disparate location of code utilized in our operations. We have outsourced certain technology and business process functions to third parties and may increasingly do so in the future. If we do not effectively develop, implement and monitor our outsourcing relationships, if third party providers do not perform as anticipated, if we experience technological or other problems with a transition, or if outsourcing relationships relevant to our business process functions are terminated, we may not realize expected productivity improvements or cost efficiencies and may experience operational difficulties, increased costs and a loss of business . Our outsourcing of certain technology and business process functions to third parties may expose us to increased risk related to data security, service disruptions or the effectiveness of our control system, which could result in monetary and reputational damages or harm to our competitive position. These risks could increase as vendors increasingly offer cloud-based software services rather than software services which can be run within our data centers or as we choose to move additional functions to the cloud. See also "We could be adversely affected if our controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not effective." In addition to risks caused by third party providers, our ability to receive services from third-party providers outside of the United States might be impacted by cultural differences, political instability, unanticipated regulatory requirements or public policy inside or outside of the United States. 52 | [
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"text": "expected, or may be replaced or become obsolete more quickly than expected, which could result in operational difficulties, additional costs or accelerated recognition of expenses. If we do not effectively and efficiently manage and upgrade our technology portfolio, or if the costs of doing so are higher than we expect, our ability to provide competitive services to, and conduct business with, new and existing customers in a cost effective manner and our ability to implement our strategic initiatives could be adversely impacted."
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"text": "If we experience difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships or cloud-based technology, our ability to conduct our business could be negatively impacted. While technology can streamline many business processes and ultimately reduce the cost of operations, technology initiatives present significant risks. Our business is highly dependent upon our employees' ability to perform, in an efficient and uninterrupted fashion, necessary business functions. A shut-down of, or inability to access, one or more of our facilities (including our primary data processing facility); a power outage; or a failure of one or more of our information technology, telecommunications or other systems could significantly impair our ability to perform such functions on a timely basis, particularly if such an interruption lasts for an extended period of time. In the event of a computer virus or disaster such as a natural catastrophe, terrorist or other attack or industrial accident, our systems could be inaccessible for an extended period of time. In addition, because our information technology and telecommunications systems increasingly interface with and depend on third-party systems, including cloud-based, we could experience service denials or failures of controls if demand for our service exceeds capacity or a third-party system fails or experiences an interruption. Business interruptions and failures of controls could also result if our internal systems do not interface with each other as intended or if changes to such systems or our other business processes, such as new payment technologies, are not effectively implemented. Business continuity can also be disrupted by an event, such as a pandemic, that renders large numbers of a workforce unable to work as needed, particularly at critical locations; for example, our largest location employs about 19% of our employees. If our business continuity plans did not sufficiently address a business interruption, system failure or service denial, this could result in a deterioration of our ability to write and process new and renewal business, provide customer service, pay claims in a timely manner or perform other necessary business functions."
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"text": "Our operations rely on the reliable and secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers (including individuals, organizations or rogue states) and employee or vendor misconduct, and other external hazards, could expose our data systems to security breaches, cyber-attacks or other disruptions. Increased use of data supplied by third parties in our business increases our exposure to this risk. In addition, we routinely transmit and receive personal, confidential and proprietary information by e-mail and other electronic means. While we attempt to develop secure transmission capabilities with third-party vendors and others with whom we do business, we may be unable to put in place secure capabilities with all of such vendors and third parties and, in addition, these third parties may not have appropriate controls in place to protect the confidentiality of the information."
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"text": "Like other global companies, our computer systems are regularly subject to and will continue to be the target of computer viruses, malware or other malicious codes (including ransomware), unauthorized access, cyber-attacks or other computer-related penetrations. While we have experienced threats to our data and systems, to date, we are not aware that we have experienced a material cyber-security breach. However, over time, the sophistication of these threats continues to increase. Our administrative and technical controls as well as other preventative actions we take to reduce the risk of cyber incidents and protect our information may be insufficient to detect or prevent unauthorized access, other physical and electronic break-ins, cyber-attacks or other security breaches to our computer systems or those of third parties with whom we do business. In addition, new technology that could result in greater operational efficiency may further expose our computer systems to the risk of cyber-attacks. Our increased use of open source software, cloud technology and software as a service can make it more difficult to identify and remedy such situations due to the disparate location of code utilized in our operations."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-72 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The increased risks identified above could expose us to data loss or manipulation, disruption of service, monetary and reputational damages, competitive disadvantage and significant increases in compliance costs and costs to improve the security and resiliency of our computer systems. The compromise of personal, confidential or proprietary information could also subject us to legal liability or regulatory action under evolving cyber-security, data protection and privacy laws and regulations enacted by the U.S. federal and state governments, Canada, the European Union or other jurisdictions or by various regulatory organizations or exchanges. As an example, the European General Data Protection Regulation became applicable in all European Union member states beginning May 25, 2018. This regulation adds a broad array of requirements for handling personal data and could impose a fine of up to 4% of global annual revenue for violations. It and similar regulations, including the California Consumer Privacy Act which became effective on January 1, 2020, could result in increased compliance costs and potential fines for non-compliance being imposed on us or our insureds. As a result, our ability to conduct our business and our results of operations might be materially and adversely affected. We are also subject to a number of additional risks associated with our business outside the United States. We conduct business outside the United States primarily in Canada, the United Kingdom and the Republic of Ireland. In addition, we conduct business in Brazil, primarily through a joint venture, and we have an indirect interest in a joint venture in Colombia. We may also explore opportunities in other countries. In conducting business outside of the United States, we are also subject to a number of additional risks, particularly in emerging economies. These risks include restrictions such as price controls, capital controls, currency exchange limits, ownership limits and other restrictive or anti-competitive governmental actions or requirements, which could have an adverse effect on our business and our reputation. A portion of our premiums from outside of the United States is generated in Canada, a substantial portion of which consists of automobile premiums from the province of Ontario, which is a highly regulated market that can result in rate inadequacy. Our business activities outside the United States may also subject us to currency risk and, in some markets, it may be difficult to effectively hedge that risk, or we may choose not to hedge that risk. In addition, in some markets, we may invest as part of a joint venture with a local counterparty. Because our governance rights may be limited, we may not have control over the ability of the joint venture to make certain decisions and/or mitigate risks it faces, and significant disagreements with a joint venture counterparty may adversely impact our investment and/or reputation. Our business activities outside the United States could subject us to increased volatility in earnings resulting from the need to recognize and subsequently revise a valuation allowance associated with income taxes if we became unable to fully utilize any deferred tax assets, including loss carry-forwards from those foreign operations. Also, political instability, particularly in emerging economies, and changing market conditions around the globe, could result in financial market disruption or an economic downturn in such regions. The U.K.'s withdrawal from the European Union, for example, could have economic impacts such as inflation and decreased GDP in the U.K. and in regions that trade with the U.K. For certain specialty business, we give managing general agents binding authority, which exposes us to additional risks. Our business activities outside the United States also subject us to additional domestic and foreign laws and regulations, including the Foreign Corrupt Practices Act and similar laws in other countries that prohibit the making of improper payments to foreign officials. Although we have policies and controls in place that are designed to ensure compliance with these laws, if those controls are ineffective and/or an employee or intermediary fails to comply with applicable laws and regulations, we could suffer civil and criminal penalties and our business and our reputation could be adversely affected. Some countries, particularly emerging economies, have laws and regulations that lack clarity and, even with local expertise and effective controls, it can be difficult to determine the exact requirements of, and potential liability under, the local laws. In some jurisdictions, including Brazil, parties to a joint venture may, in some circumstances, have liability for some obligations of the venture, and that liability may extend beyond the capital invested. Failure to comply with local laws in a particular market may result in substantial liability and could have a significant and negative effect not only on our business in that market but also on our reputation generally. In addition, competition for skilled employees in developing markets and other non-U.S. locations may be intense. If we are not able to hire, integrate, motivate and retain a sufficient number of employees with the knowledge and background necessary for our global businesses, those businesses and our results of operations may be adversely affected. Regulatory changes outside of the United States, including in Canada, the U.K., the Republic of Ireland and the European Union, could adversely impact our results of operations and limit our growth. Insurance laws or regulations that are adopted or amended in jurisdictions outside the U.S. may be more restrictive than current laws or regulations and may result in lower revenues and/or higher costs of compliance and thus could materially and adversely affect our results of operations and limit our growth. 53 | [
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-73 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | In particular, the European Union's executive body, the European Commission, implemented new capital adequacy and risk management regulations called Solvency II on January 1, 2016 that apply to the Company's businesses across the European Union. Under Solvency II, it is possible that the U.S. parent of a European Union subsidiary could be subject to certain Solvency II requirements if the regulator determines that the subsidiary's capital position is dependent on the parent company and the U.S. parent is not already subject to regulations deemed "equivalent" to Solvency II. In addition, regulators in countries where the Company has operations are working with the International Association of Insurance Supervisors (IAIS) (and with the NAIC, the Federal Reserve and FIO in the U.S.) to consider changes to insurance company supervision, including group supervision and group capital requirements. The IAIS has developed a methodology for identifying "global systemically important insurers" (G-SIIs) and high level policy measures that will apply to the G-SIIs. The methodology and measures were endorsed by the Financial Stability Board (FSB) created by the G-20. Using the IAIS methodology, the FSB, working with national authorities and the IAIS, identified nine insurers in November 2016 that they designated as G-SIIs. The IAIS is working on the policy measures which include higher capital requirements and enhanced supervision. The Company has not been designated as a G-SII by the FSB; however, it is possible that the methodologies could be amended or interpreted differently in the future and the Company could be named as a G-SII. The IAIS is also in the process of completing the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). As the current draft of ComFrame is completed, it likely will lead to similar policy measures as those being developed for G-SIIs being made applicable to internationally active insurance groups (or "IAIGs"), including group supervision , group capital requirements, and resolution planning, i.e., a written plan developed by a financial group detailing how it would be wound down in the event of an insolvency. While the Company would not be considered an Internationally Active Insurance Group under the current Consultation Draft, it is possible that the Consultation Draft could be changed. If the Company is designated as an IAIG or the NAIC and individual states adopt the proposed or similar provisions for large insurers, the Company could be subject to enhanced supervision and higher capital standards. The U.S. Department of the Treasury and the Office of the U.S. Trade Representative have signed covered agreements (the Covered Agreements) regarding prudential (solvency) insurance and reinsurance measures with each of the EU and the U.K. The Covered Agreements include three areas of prudential insurance supervision: reinsurance contracts, group supervision, and the exchange of information between U.S. and U.K. regulators and between U.S. and EU regulators on insurers and reinsurers that operate in the U.S., U.K. and EU markets. The Covered Agreement with the EU went into effect in April 2018, while the Covered Agreement with the U.K. took full effect upon the U.K.'s exit from the EU on January 31, 2020. The Covered Agreements are intended to promote cooperation between U.S. insurance regulators and EU and U.K. insurance regulators and to limit the ability of the EU and the U.K. to apply solvency and group capital requirements to the worldwide operations of any U.S. insurer operating in the EU or U.K. It is possible that individual members of the EU could differ in how they adopt or implement the Covered Agreement, resulting in greater regulation and higher capital standards as well as inconsistent regulatory requirements among the jurisdictions that the Company does business. While it is not yet known how or if these actions will impact us, such regulation could result in increased costs of compliance , increased disclosure and less flexibility in our capital management, and could adversely impact our results of operations and limit our growth. Loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of our products could reduce our future profitability. Our underwriting profitability depends in large part on our ability to competitively price our products at a level that will adequately compensate us for the risks assumed. As a result, risk selection and pricing through the application of actuarially sound and segmented underwriting criteria is critical. However, laws or regulations, or judicial or administrative findings, could significantly curtail the use of particular types of underwriting criteria. For example, we may use credit scoring as a factor in pricing decisions where allowed by state law. Some consumer groups and/or regulators have alleged that the use of credit scoring violates the law by discriminating against persons belonging to a protected class and are calling for the prohibition or restrictions on the use of credit scoring in underwriting and pricing. A variety of other underwriting criteria and other data or methodologies used in personal and commercial insurance have been and continue to be criticized by regulators, government agencies, consumer groups or individuals on similar or other grounds, such as the impact of external data sources, algorithms and predictive models on protected classes of customers. Resulting regulatory actions or litigation could result in negative publicity and/or generate adverse rules or findings, such as curtailing the use of important underwriting criteria, or other data or methodologies, each of which could adversely affect our future profitability. 54 | [
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"text": "subject to enhanced supervision and higher capital standards. "
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"text": "The U.S. Department of the Treasury and the Office of the U.S. Trade Representative have signed covered agreements (the Covered"
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"text": "Agreements) regarding prudential (solvency) insurance and reinsurance measures with each of the EU and the U.K. The Covered "
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"text": "Agreements include three areas of prudential insurance supervision: reinsurance contracts, group supervision, and the exchange "
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"text": "of information between U.S. and U.K. regulators and between U.S. and EU regulators on insurers and reinsurers that operate in "
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"text": "the U.S., U.K. and EU markets. The Covered Agreement with the EU went into effect in April 2018, while the Covered Agreement "
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"text": "with the U.K. took full effect upon the U.K.'s exit from the EU on January 31, 2020. The Covered Agreements are intended to "
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"text": "and the U.K. to apply solvency and group capital requirements to the worldwide operations of any U.S. insurer operating in the "
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"text": "EU or U.K. It is possible that individual members of the EU could differ in how they adopt or implement the Covered Agreement,"
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"text": "resulting in greater regulation and higher capital standards as well as inconsistent regulatory requirements among the jurisdictions "
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"text": "that the Company does business."
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"text": "increased disclosure and less flexibility in our capital management, and could adversely impact our results of operations and limit "
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"text": "Loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other "
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"text": "data or methodologies, in the pricing and underwriting of our products could reduce our future profitability. Our "
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"text": "underwriting profitability depends in large part on our ability to competitively price our products at a level that will adequately "
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"text": "compensate us for the risks assumed. As a result, risk selection and pricing through the application of actuarially sound and "
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"text": "segmented underwriting criteria is critical. However, laws or regulations, or judicial or administrative findings, could significantly "
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"text": "curtail the use of particular types of underwriting criteria. For example, we may use credit scoring as a factor in pricing decisions "
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"text": "where allowed by state law. Some consumer groups and/or regulators have alleged that the use of credit scoring violates the law"
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"text": "by discriminating against persons belonging to a protected class and are calling for the prohibition or restrictions on the use of "
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"text": "credit scoring in underwriting and pricing. A variety of other underwriting criteria and other data or methodologies used in "
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"text": "personal and commercial insurance have been and continue to be criticized by regulators, government agencies, consumer groups "
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"text": "or individuals on similar or other grounds, such as the impact of external data sources, algorithms and predictive models on "
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"text": "protected classes of customers. Resulting regulatory actions or litigation could result in negative publicity and/or generate adverse "
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"text": "rules or findings, such as curtailing the use of important underwriting criteria, or other data or methodologies, each of which could "
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"text": "In particular, the European Union's executive body, the European Commission, implemented new capital adequacy and risk management regulations called Solvency II on January 1, 2016 that apply to the Company's businesses across the European Union. Under Solvency II, it is possible that the U.S. parent of a European Union subsidiary could be subject to certain Solvency II requirements if the regulator determines that the subsidiary's capital position is dependent on the parent company and the U.S. parent is not already subject to regulations deemed \"equivalent\" to Solvency II. In addition, regulators in countries where the Company has operations are working with the International Association of Insurance Supervisors (IAIS) (and with the NAIC, the Federal Reserve and FIO in the U.S.) to consider changes to insurance company supervision, including group supervision and group capital requirements."
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"text": "The IAIS has developed a methodology for identifying \"global systemically important insurers\" (G-SIIs) and high level policy measures that will apply to the G-SIIs. The methodology and measures were endorsed by the Financial Stability Board (FSB) created by the G-20. Using the IAIS methodology, the FSB, working with national authorities and the IAIS, identified nine insurers in November 2016 that they designated as G-SIIs. The IAIS is working on the policy measures which include higher capital requirements and enhanced supervision. The Company has not been designated as a G-SII by the FSB; however, it is possible that the methodologies could be amended or interpreted differently in the future and the Company could be named as a G-SII."
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"text": "The IAIS is also in the process of completing the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). As the current draft of ComFrame is completed, it likely will lead to similar policy measures as those being developed for G-SIIs being made applicable to internationally active insurance groups (or \"IAIGs\"), including group supervision , group capital requirements, and resolution planning, i.e., a written plan developed by a financial group detailing how it would be wound down in the event of an insolvency. While the Company would not be considered an Internationally Active Insurance Group under the current Consultation Draft, it is possible that the Consultation Draft could be changed. If the Company is designated as an IAIG or the NAIC and individual states adopt the proposed or similar provisions for large insurers, the Company could be subject to enhanced supervision and higher capital standards."
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"text": "The U.S. Department of the Treasury and the Office of the U.S. Trade Representative have signed covered agreements (the Covered Agreements) regarding prudential (solvency) insurance and reinsurance measures with each of the EU and the U.K. The Covered Agreements include three areas of prudential insurance supervision: reinsurance contracts, group supervision, and the exchange of information between U.S. and U.K. regulators and between U.S. and EU regulators on insurers and reinsurers that operate in the U.S., U.K. and EU markets. The Covered Agreement with the EU went into effect in April 2018, while the Covered Agreement with the U.K. took full effect upon the U.K.'s exit from the EU on January 31, 2020. The Covered Agreements are intended to promote cooperation between U.S. insurance regulators and EU and U.K. insurance regulators and to limit the ability of the EU and the U.K. to apply solvency and group capital requirements to the worldwide operations of any U.S. insurer operating in the EU or U.K. It is possible that individual members of the EU could differ in how they adopt or implement the Covered Agreement, resulting in greater regulation and higher capital standards as well as inconsistent regulatory requirements among the jurisdictions that the Company does business."
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"text": "While it is not yet known how or if these actions will impact us, such regulation could result in increased costs of compliance , increased disclosure and less flexibility in our capital management, and could adversely impact our results of operations and limit our growth."
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"text": "Loss of or significant restrictions on the use of particular types of underwriting criteria, such as credit scoring, or other data or methodologies, in the pricing and underwriting of our products could reduce our future profitability. Our underwriting profitability depends in large part on our ability to competitively price our products at a level that will adequately compensate us for the risks assumed. As a result, risk selection and pricing through the application of actuarially sound and segmented underwriting criteria is critical. However, laws or regulations, or judicial or administrative findings, could significantly curtail the use of particular types of underwriting criteria. For example, we may use credit scoring as a factor in pricing decisions where allowed by state law. Some consumer groups and/or regulators have alleged that the use of credit scoring violates the law by discriminating against persons belonging to a protected class and are calling for the prohibition or restrictions on the use of credit scoring in underwriting and pricing. A variety of other underwriting criteria and other data or methodologies used in personal and commercial insurance have been and continue to be criticized by regulators, government agencies, consumer groups or individuals on similar or other grounds, such as the impact of external data sources, algorithms and predictive models on protected classes of customers. Resulting regulatory actions or litigation could result in negative publicity and/or generate adverse rules or findings, such as curtailing the use of important underwriting criteria, or other data or methodologies, each of which could adversely affect our future profitability."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-74 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Acquisitions and integration of acquired businesses may result in operating difficulties and other unintended consequences. From time to time we may pursue acquisition opportunities if we believe that such opportunities are consistent with our longterm objectives and that the potential rewards of an acquisition justify the risks. The process of integrating an acquired compmpany or business can be complex and costly, however, and may create unforeseen operating difficulties and expenditures. For example, acquisitions may present significant risks, including: - · the potential disruption of our ongoing business; - · the ineffective integration of, or other difficulties with, underwriting, risk management, claims handling, information technology and actuarial practices; - · uncertainties related to an acquiree's reserve estimates and its design and operation of internal controls over financial reporting; - · the diversion of management time and resources to acquisition integration challenges; - · the loss of key employees; - · unforeseen liabilities; - · difficulties in achieving the strategic objectives of an acquisition, including the business, financial, technological or distribution objectives; - · the cultural challenges associated with integrating employees; and - · the impact on our financial position and/or credit ratings. The expected benefits of acquired businesses may not be realized, any cost savings and other synergies anticipated from the acquisition may not be achieved and costs associated with the integration may be greater than anticipated. Acquired businesses may not be successfully integrated, resulting in substantial costs or delays and adversely affecting our ability to compete. Accordingly, our results of operations might be materially and adversely affected. We could be adversely affected if our controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not effective. Our business is highly dependent on our ability to engage on a daily basis in a large number of insurance underwriting, claim processing and investment activities, many of which are highly complex. These activities often are subject to internal guidelines and policies, as well as legal and regulatory standards. A control system, no matter how well designed and operated, can provide only reasonable assurance that the control system's objectives will be met. If our controls are not effective, it could lead to financial loss, unanticipated risk exposure (including underwriting, credit and investment risk), errors in financial reporting or damage to our reputation. See also "If we experience difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships, or cloud-based technology, our ability to conduct our business could be negatively impacted." In addition, ineffective controls, including with respect to any joint ventures or recently acquired businesses, could lead to litigation or regulatory action. The volume of claims and amount of damages and penalties claimed in litigation and regulatory proceedings against various types of financial institutions have increased over time. Substantial legal liability or significant regulatory action against us could have a material adverse financial impact. See note 16 of notes to our consolidated financial statements for a discussion of certain legal proceedings in which we are involved. Our businesses may be adversely affected if we are unable to hire and retain qualified employees. There is significant competition from within the property and casualty insurance industry and from businesses outside the industry for qualified employees, especially those in key positions and those possessing highly specialized knowledge in areas such as underwriting, data and analytics, technology and e-commerce. Our performance is largely dependent on the talents, efforts and proper conduct of highly skilled individuals, including our senior executives (many of whom have decades of experience in the insurance industry), and the Board of Directors regularly engages in succession discussions. See "Item 10-Directors, Executive Officers and Corporate Governance" for more information relating to our executive officers, including our senior leaders. For many of our senior positions, we compete for talent not just with insurance or financial service companies, but with other large companies and other businesses. Our continued ability to compete effectively in our businesses and to expand into new business areas depends on our ability to attract new employees and to retain and motivate our existing employees. If we are not able to successfully attract, retain and motivate our employees, our business, financial results and reputation could be materially and adversely affected. Intellectual property is important to our business, and we may be unable to protect and enforce our own intellectual property or we may be subject to claims for infringing the intellectual property of others. Our success depends in part upon our ability to protect our proprietary trademarks, technology and other intellectual property. See "Item 1-Business-Other Information-Intellectual Property." We may not, however, be able to protect our intellectual property from unauthorized use and disclosure by others. Further, the intellectual property laws may not prevent our competitors from independently developing trademarks, products and services that are similar to ours. Moreover, the agreements we execute to protect our intellectual property 55 | [
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"text": "of highly skilled individuals, including our senior executives (many of whom have decades of experience in the insurance industry), "
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"text": "and the Board of Directors regularly engages in succession discussions. See “Item 10—Directors, Executive Officers and Corporate "
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"text": "our ability to protect our proprietary trademarks, technology and other intellectual property. See \"Item 1—Business—Other "
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"text": "The expected benefits of acquired businesses may not be realized, any cost savings and other synergies anticipated from the acquisition may not be achieved and costs associated with the integration may be greater than anticipated. Acquired businesses may not be successfully integrated, resulting in substantial costs or delays and adversely affecting our ability to compete. Accordingly, our results of operations might be materially and adversely affected."
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"text": "We could be adversely affected if our controls designed to ensure compliance with guidelines, policies and legal and regulatory standards are not effective. Our business is highly dependent on our ability to engage on a daily basis in a large number of insurance underwriting, claim processing and investment activities, many of which are highly complex. These activities often are subject to internal guidelines and policies, as well as legal and regulatory standards. A control system, no matter how well designed and operated, can provide only reasonable assurance that the control system's objectives will be met. If our controls are not effective, it could lead to financial loss, unanticipated risk exposure (including underwriting, credit and investment risk), errors in financial reporting or damage to our reputation. See also \"If we experience difficulties with technology, data and network security (including as a result of cyber attacks), outsourcing relationships, or cloud-based technology, our ability to conduct our business could be negatively impacted.\""
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"text": "In addition, ineffective controls, including with respect to any joint ventures or recently acquired businesses, could lead to litigation or regulatory action. The volume of claims and amount of damages and penalties claimed in litigation and regulatory proceedings against various types of financial institutions have increased over time. Substantial legal liability or significant regulatory action against us could have a material adverse financial impact. See note 16 of notes to our consolidated financial statements for a discussion of certain legal proceedings in which we are involved."
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"text": "Our businesses may be adversely affected if we are unable to hire and retain qualified employees. There is significant competition from within the property and casualty insurance industry and from businesses outside the industry for qualified employees, especially those in key positions and those possessing highly specialized knowledge in areas such as underwriting, data and analytics, technology and e-commerce. Our performance is largely dependent on the talents, efforts and proper conduct of highly skilled individuals, including our senior executives (many of whom have decades of experience in the insurance industry), and the Board of Directors regularly engages in succession discussions. See \"Item 10-Directors, Executive Officers and Corporate Governance\" for more information relating to our executive officers, including our senior leaders. For many of our senior positions, we compete for talent not just with insurance or financial service companies, but with other large companies and other businesses. Our continued ability to compete effectively in our businesses and to expand into new business areas depends on our ability to attract new employees and to retain and motivate our existing employees. If we are not able to successfully attract, retain and motivate our employees, our business, financial results and reputation could be materially and adversely affected."
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"text": "Intellectual property is important to our business, and we may be unable to protect and enforce our own intellectual property or we may be subject to claims for infringing the intellectual property of others. Our success depends in part upon our ability to protect our proprietary trademarks, technology and other intellectual property. See \"Item 1-Business-Other Information-Intellectual Property.\" We may not, however, be able to protect our intellectual property from unauthorized use and disclosure by others. Further, the intellectual property laws may not prevent our competitors from independently developing trademarks, products and services that are similar to ours. Moreover, the agreements we execute to protect our intellectual property"
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"filename": "NYSE_TRV_2019.pdf",
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Any inability to enforce our intellectual property rights could have a material adverse effect on our business and our ability to compete. We may be subject to claims by third parties from time to time that our products, services and technologies infringe on their intellectual property rights. In recent years, certain entities have acquired patents in order to allege claims of infringement against companies, including in some cases, us. Any intellectual property infringement claims brought against us could cause us to spend significant time and money to defend ourselves, regardless of the merits of the claims. If we are found to infringe any third-party intellectual property rights, it could result in reputational harm, payment of significant monetary damages, payment of license fees (if licenses are even available to us, on reasonable terms or otherwise) and/or substantial time and expense to redesign our products, services or technologies to avoid the infringement. In addition, we use third party software in some of our products, services and technologies. If any of our software vendors or licensors are faced with infringement claims, we may lose our ability to use such software until the dispute is resolved. If we cannot successfully redesign an infringing product, service or technology (or procure a substitute version), this could have a material adverse effect on our business and our ability to compete. Changes in federal regulation could impose significant burdens on us, and otherwise adversely impact our results. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) established a Federal Insurance Office (FIO) within the U.S. Department of the Treasury. The FIO has limited regulatory authority and is empowered to gather data and information regarding the insurance industry and insurers, but it has in the past recommended an expanded federal role in some circumstances. The Dodd-Frank Act also gives the Federal Reserve supervisory authority over a number of non-bank financial services holding companies, including insurance companies, if they are designated by a two-thirds vote of a Financial Stability Oversight Council (the FSOC) as "systemically important financial institutions" (SIFI) or own a bank or thrift. The Company, based upon the FSOC's rules and interpretive guidance, has not been designated as a SIFI and is not subject to regulation by the Federal Reserve. Nonetheless, it is possible that FSOC may change its rules or interpretations in the future and conclude that we are a SIFI. If we were designated as a SIFI, the Federal Reserve's supervisory authority could include the ability to impose heightened financial regulation and could impact requirements regarding our capital, liquidity and leverage as well as our business and investment conduct. The Dodd-Frank Act also authorizes assessments to pay for the resolution of SIFIs that have become insolvent. We (as a financial company with more than $50 billion in assets) could be assessed, and although any such assessment is required to be risk weighted (i.e., riskier firms pay more), such costs could be material to us and are not currently estimabable. As a result of the foregoing, the Dodd-Frank Act, including any changes thereto as a result of its current re-evaluation or otherwise, or other additional federal regulation that is adopted in the future, could impose additional burdens on us, including impacting the ways in which we conduct our business, increasing compliance costs and duplicating state regulation, and could result in a competitive disadvantage, particularly relative to other competitors that may not be subject to the same level of regulation. Other potential changes in U.S. federal legislation, regulation and/or administrative policies, including the potential repeal of the McCarran-Ferguson Act (which exempts insurance from most federal regulation) or a change to the health care system that eliminates or reduces the need for the medical coverage component of workers' compensation insurance, could also significantly harm the insurance industry, including us. Changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate could adversely impact us. Tax laws may change in ways that adversely impact us, including increasing the statutory U.S. federal corporate income tax rate. Additional uncertainties exist with respect to potential technical corrections, final regulations and other clarifications to the Tax Cuts and Jobs Act of 2017. Our investment portfolio has benefited from certain tax exemptions and certain other tax laws and regulations, including, but not limited to, those governing dividends-received deductions and tax credits. Federal and/or state tax legislation could be enacted in connection with deficit reduction or various types of fundamental tax reform that would lessen or eliminate some or all of the tax advantages currently benefiting us and therefore could materially and adversely impact our results of operations. In addition, such legislation could adversely affect the value of our investment portfolio, particularly changes to the taxation of interest from municipal bonds (which comprise 38% of our investment portfolio as of December 31, 2019), which could materially and adversely impact the value of those bonds. Other tax law changes could materially and adversely impact our results of operations. 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"text": "Changes in federal regulation could impose significant burdens on us, and otherwise adversely impact our results. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) established a Federal Insurance Office (FIO) within the U.S. Department of the Treasury. The FIO has limited regulatory authority and is empowered to gather data and information regarding the insurance industry and insurers, but it has in the past recommended an expanded federal role in some circumstances. The Dodd-Frank Act also gives the Federal Reserve supervisory authority over a number of non-bank financial services holding companies, including insurance companies, if they are designated by a two-thirds vote of a Financial Stability Oversight Council (the FSOC) as \"systemically important financial institutions\" (SIFI) or own a bank or thrift. The Company, based upon the FSOC's rules and interpretive guidance, has not been designated as a SIFI and is not subject to regulation by the Federal Reserve. Nonetheless, it is possible that FSOC may change its rules or interpretations in the future and conclude that we are a SIFI. If we were designated as a SIFI, the Federal Reserve's supervisory authority could include the ability to impose heightened financial regulation and could impact requirements regarding our capital, liquidity and leverage as well as our business and investment conduct. The Dodd-Frank Act also authorizes assessments to pay for the resolution of SIFIs that have become insolvent. We (as a financial company with more than $50 billion in assets) could be assessed, and although any such assessment is required to be risk weighted (i.e., riskier firms pay more), such costs could be material to us and are not currently estimabable. As a result of the foregoing, the Dodd-Frank Act, including any changes thereto as a result of its current re-evaluation or otherwise, or other additional federal regulation that is adopted in the future, could impose additional burdens on us, including impacting the ways in which we conduct our business, increasing compliance costs and duplicating state regulation, and could result in a competitive disadvantage, particularly relative to other competitors that may not be subject to the same level of regulation."
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"text": "Other potential changes in U.S. federal legislation, regulation and/or administrative policies, including the potential repeal of the McCarran-Ferguson Act (which exempts insurance from most federal regulation) or a change to the health care system that eliminates or reduces the need for the medical coverage component of workers' compensation insurance, could also significantly harm the insurance industry, including us."
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"text": "Changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate could adversely impact us. Tax laws may change in ways that adversely impact us, including increasing the statutory U.S. federal corporate income tax rate. Additional uncertainties exist with respect to potential technical corrections, final regulations and other clarifications to the Tax Cuts and Jobs Act of 2017."
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"text": "Our investment portfolio has benefited from certain tax exemptions and certain other tax laws and regulations, including, but not limited to, those governing dividends-received deductions and tax credits. Federal and/or state tax legislation could be enacted in connection with deficit reduction or various types of fundamental tax reform that would lessen or eliminate some or all of the tax advantages currently benefiting us and therefore could materially and adversely impact our results of operations. In addition, such legislation could adversely affect the value of our investment portfolio, particularly changes to the taxation of interest from municipal bonds (which comprise 38% of our investment portfolio as of December 31, 2019), which could materially and adversely impact the value of those bonds."
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"text": "Other tax law changes could materially and adversely impact our results of operations. For example, budget constraints faced by many states and localities increase the likelihood that state and local governments will raise revenue by enacting legislation increasing the taxes paid by individuals and corporations."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-76 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Item 1B. UNRESOLVED STAFF COMMENTS NONE. Item 2. PROPERTIES The Company leases its principal executive offices in New York, New York, as well as approximately 171 field and claim offices throughout the United States under leases or subleases with third parties. The Company also leases offices outside the United States, including in Canada, the United Kingdom and the Republic of Ireland. The Company owns six buildings in Hartford, Connecticut. The Company also owns buildings located in other areas of Connecticut; Norcross, Georgia; St. Paul, Minnesota; and Omaha, Nebraska. The Company owns a building in London, England, which houses a portion of Business Insurance's operations in the United Kingdom. In the opinion of the Company's management, the Company's properties are adequate and suitable for its business as presently conducted and are adequately maintained. Item 3. LEGAL PROCEEDINGS The information required with respect to this item can be found under "Contingencies" in note 16 of notes to the consolidated financial statements in this annual report and is incorporated by reference into this Item 3. Item 4. MINE SAFETY DISCLOSURES NONE. INFORMATION ABOUT OUR EXECUTIVE OFFICERS Information about the Company's executive officers is incorporated by reference from Part III-Item 10 of this annual report. PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company's common stock is traded on the New York Stock Exchange under the symbol "TRV." The number of holders of record of the Company's common stock was 38,014 as of February 7, 2020. This is not the actual number of beneficial owners of the Company's common stock as some shares are held in "street name" by brokers and others on behalf of individual owners. For information regarding dividends paid to shareholders in 2019, 2018 and 2017, and the declaration and payment of future dividends, see "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Financing Activities-Dividends." SHAREHOLDER RETURN PERFORMANCE GRAPH The following graph shows a five-year comparison of the cumulative total return to shareholders for the Company's common stock and the common stock of companies included in the S&P 500 Index and the S&P 500 Property & Casualty Insurance Index, which the Company believes is the most appropriate comparative index. 57 | [
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"text": "The Company leases its principal executive offices in New York, New York, as well as approximately 171 field and claim offices "
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"text": "throughout the United States under leases or subleases with third parties. The Company also leases offices outside the United "
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"text": "States, including in Canada, the United Kingdom and the Republic of Ireland. The Company owns six buildings in Hartford, "
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"text": "Connecticut. The Company also owns buildings located in other areas of Connecticut; Norcross, Georgia; St. Paul, Minnesota; "
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"text": "and Omaha, Nebraska. The Company owns a building in London, England, which houses a portion of Business Insurance’s "
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"text": "operations in the United Kingdom. "
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"text": "In the opinion of the Company’s management, the Company’s properties are adequate and suitable for its business as presently "
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"text": "conducted and are adequately maintained. "
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"text": "Item 3. LEGAL PROCEEDINGS"
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"text": "The information required with respect to this item can be found under \"Contingencies\" in note 16 of notes to the consolidated "
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"text": "financial statements in this annual report and is incorporated by reference into this Item 3."
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"text": "Item 4. MINE SAFETY DISCLOSURES"
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"text": "INFORMATION ABOUT OUR EXECUTIVE OFFICERS"
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"text": "Information about the Company's executive officers is incorporated by reference from Part III—Item 10 of this annual report."
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"text": "PART II"
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"text": "Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND "
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"text": "ISSUER PURCHASES OF EQUITY SECURITIES"
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"text": "The Company’s common stock is traded on the New York Stock Exchange under the symbol “TRV.” The number of holders of "
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"text": "of the Company’s common stock as some shares are held in “street name” by brokers and others on behalf of individual owners. "
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"text": "For information regarding dividends paid to shareholders in 2019, 2018 and 2017, and the declaration and payment of future "
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"text": "dividends, see \"Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and "
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"text": "SHAREHOLDER RETURN PERFORMANCE GRAPH"
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"text": "The following graph shows a five-year comparison of the cumulative total return to shareholders for the Company’s common "
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"text": "stock and the common stock of companies included in the S&P 500 Index and the S&P 500 Property & Casualty Insurance Index, "
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"text": "which the Company believes is the most appropriate comparative index. "
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"text": "Item 1B. UNRESOLVED STAFF COMMENTS"
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"text": "The Company leases its principal executive offices in New York, New York, as well as approximately 171 field and claim offices throughout the United States under leases or subleases with third parties. The Company also leases offices outside the United States, including in Canada, the United Kingdom and the Republic of Ireland. The Company owns six buildings in Hartford, Connecticut. The Company also owns buildings located in other areas of Connecticut; Norcross, Georgia; St. Paul, Minnesota; and Omaha, Nebraska. The Company owns a building in London, England, which houses a portion of Business Insurance's operations in the United Kingdom."
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"text": "In the opinion of the Company's management, the Company's properties are adequate and suitable for its business as presently conducted and are adequately maintained."
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"text": "The information required with respect to this item can be found under \"Contingencies\" in note 16 of notes to the consolidated financial statements in this annual report and is incorporated by reference into this Item 3."
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"text": "Item 4. MINE SAFETY DISCLOSURES"
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"text": "INFORMATION ABOUT OUR EXECUTIVE OFFICERS"
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"text": "Information about the Company's executive officers is incorporated by reference from Part III-Item 10 of this annual report."
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"text": "PART II"
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"text": "Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES"
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"text": "The Company's common stock is traded on the New York Stock Exchange under the symbol \"TRV.\" The number of holders of record of the Company's common stock was 38,014 as of February 7, 2020. This is not the actual number of beneficial owners of the Company's common stock as some shares are held in \"street name\" by brokers and others on behalf of individual owners."
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"text": "For information regarding dividends paid to shareholders in 2019, 2018 and 2017, and the declaration and payment of future dividends, see \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Financing Activities-Dividends.\""
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"text": "SHAREHOLDER RETURN PERFORMANCE GRAPH"
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"text": "The following graph shows a five-year comparison of the cumulative total return to shareholders for the Company's common stock and the common stock of companies included in the S&P 500 Index and the S&P 500 Property & Casualty Insurance Index, which the Company believes is the most appropriate comparative index."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-77 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | ________________________________________ (1) The cumulative total return to shareholders is a concept used to compare the performance of a company's stock over time. Cumulative total return to shareholders is calculated as the net stock price change for the specified time period plus the cumulative amount of dividends (assuming dividend reinvestment on the respective dividend payment dates) divided by the stock price at the beginning of the time period. (2) Assumes $100 invested in common shares of The Travelers Companies, Inc. on December 31, 2014. (3) Companies in the S&P 500 Property & Casualty Insurance Index as of December 31, 2019 were the following: The Travelers Companies, Inc., Chubb Limited, Cincinnati Financial Corporation, The Progressive Corporation, The Allstate Corporation, Loews Corporation (CNA) and WR Berkley Corporation. Returns of each of the companies included in this index have been weighted according to their respective market capitalizations. A long-term perspective is particularly important in the property and casualty insurance industry, where the periodic occurrences of significant catastrophes have historically produced results that can vary significantly year-to-year. Accordingly, the Company manages with a long-term perspective. From January 1, 2007, the year prior to the financial crisis, through December 31, 2019, the Company's cumulative return to shareholders was 251% as compared to 200% for the S&P 500 Index and 165% for the S&P 500 Property & Casualty Insurance Index. 58 | [
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"text": "of significant catastrophes have historically produced results that can vary significantly year-to-year. Accordingly, the Company "
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"text": "(1) The cumulative total return to shareholders is a concept used to compare the performance of a company's stock over time. Cumulative total return to shareholders is calculated as the net stock price change for the specified time period plus the cumulative amount of dividends (assuming dividend reinvestment on the respective dividend payment dates) divided by the stock price at the beginning of the time period."
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"text": "(3) Companies in the S&P 500 Property & Casualty Insurance Index as of December 31, 2019 were the following: The Travelers Companies, Inc., Chubb Limited, Cincinnati Financial Corporation, The Progressive Corporation, The Allstate Corporation, Loews Corporation (CNA) and WR Berkley Corporation. Returns of each of the companies included in this index have been weighted according to their respective market capitalizations."
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"text": "A long-term perspective is particularly important in the property and casualty insurance industry, where the periodic occurrences of significant catastrophes have historically produced results that can vary significantly year-to-year. Accordingly, the Company manages with a long-term perspective. From January 1, 2007, the year prior to the financial crisis, through December 31, 2019, the Company's cumulative return to shareholders was 251% as compared to 200% for the S&P 500 Index and 165% for the S&P 500 Property & Casualty Insurance Index."
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"text": "(in millions)"
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"text": "Oct. 1, 2019 Oct. 31, 2019 "
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"text": "228,316 $ 130.64 226,015 $ 2,132"
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"text": "Nov. 1, 2019 Nov. 30, 2019 "
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"text": "1,351,821 $ 133.77 1,350,490 $ 1,951"
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"text": "1,219,658 $ 135.67 1,215,288 $ 1,786"
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"text": "............................................... "
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"text": "2,799,795 $ 134.34 2,791,793 $ 1,786"
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"text": "The Company’s Board of Directors has approved common share repurchase authorizations under which repurchases may be "
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"text": "made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the "
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"text": "Securities Exchange Act of 1934, in private transactions or otherwise. The authorizations do not have a stated expiration date"
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"text": ". "
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"text": "The most recent authorization was approved by the Board of Directors in April 2017 and added $5.0 billion of repurchase capacity "
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"text": "to the $709 million capacity remaining at that date. The timing and actual number of shares to be repurchased in the future will "
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"text": "depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining "
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"text": "capital levels commensurate with the Company’s desired ratings from independent rating agencies, changes in levels of written "
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"text": "premiums, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal "
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"text": "requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), "
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"text": "market conditions and other factors. "
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"text": "The Company acquired 8,002 shares for a total cost of approximately $1.1 million during the three months ended December 31, "
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"text": "2019 that were not part of the publicly announced share repurchase authorization. These shares consisted of shares retained to"
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"text": "cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and "
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"text": "shares used by employees to cover the price of certain stock options that were exercised. "
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"text": "For additional information regarding the Company's share repurchases, see \"Item 7—Management's Discussion and Analysis of "
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"text": "Financial Condition and Results of Operations—Liquidity and Capital Resources.\""
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"text": "Information relating to compensation plans under which the Company's equity securities are authorized for issuance is set forth"
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"text": "in \"Part III—Item 12\" of this Report."
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"text": "ISSUER PURCHASES OF EQUITY SECURITIES"
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"text": "The table below sets forth information regarding repurchases by the Company of its common stock during the periods indicated."
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"text": "The Company's Board of Directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise. The authorizations do not have a stated expiration date . The most recent authorization was approved by the Board of Directors in April 2017 and added $5.0 billion of repurchase capacity to the $709 million capacity remaining at that date. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, changes in levels of written premiums, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors."
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"text": "The Company acquired 8,002 shares for a total cost of approximately $1.1 million during the three months ended December 31, 2019 that were not part of the publicly announced share repurchase authorization. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the price of certain stock options that were exercised."
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"text": "For additional information regarding the Company's share repurchases, see \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources.\""
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"text": "Information relating to compensation plans under which the Company's equity securities are authorized for issuance is set forth in \"Part III-Item 12\" of this Report."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-79 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Item 6. SELECTED FINANCIAL DATA 60 | [
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"text": "Item 6. SELECTED FINANCIAL DATA"
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"text": "At and for the year ended December 31,"
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"text": "(in millions, except per share amounts) "
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"text": "2017 "
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"text": "2016 "
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"text": "2015"
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"text": "Total revenues"
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"text": "............................................................. "
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"text": "$ 31,581 "
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"text": "$ 30,282 $ 28,902 $ 27,625 $ 26,815"
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"text": "Net income "
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"text": "................................................................. "
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"text": "$ 2,622 "
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"text": "$ 2,523 $ 2,056 $ 3,014 $ 3,439"
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"text": "Total investments"
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"text": "........................................................ "
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"text": "$ 77,884 "
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"text": "$ 72,278 $ 72,502 $ 70,488 $ 70,470"
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"text": "Total assets"
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"text": "................................................................. "
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"text": "110,122 "
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"text": "104,233 103,483 100,245 100,184"
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"text": "Claims and claim adjustment expense reserves "
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"text": "......... "
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"text": "51,849 "
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"text": "50,668 49,650 47,949 48,295"
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"text": "Total long-term debt"
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"text": "................................................... "
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"text": "5,958 "
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"text": "5,964 5,971 5,887 5,844"
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"text": "Total liabilities"
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"text": "............................................................ "
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"text": "84,179 "
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"text": "81,339 79,752 77,024 76,586"
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"text": "Total shareholders' equity"
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"text": "Diluted"
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"text": "$ 9.28 $ 7.33 $ 10.28 $ 10.88"
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"text": "Year-end common shares outstanding"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-80 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of the Company's financial condition and results of operations for the years ended December 31, 2019 and 2018, including year-to-year comparisons between 2019 and 2018. Year-to-year comparisons between 2018 and 2017 have been omitted from this Form 10-K, but may be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2018. FINANCIAL HIGHLIGHTS 2019 Consolidated Results of Operations - · Net income of $2.62 billion, or $10.01 per share basic and $9.92 per share diluted - · Net earned premiums of $28.27 billion - · Catastrophe losses of $886 million ($699 million after-tax) - · Net unfavorable prior year reserve development of $60 million ($47 million after-tax) - · Combined ratio of 96.5% - · Net investment income of $2.47 billion ($2.10 billion after-tax) - · Operating cash flows of $5.21 billion 2019 Consolidated Financial Condition - · Total investments of $77.88 billion; fixed maturities and short-term securities comprise 94% of total investments - · Total assets of $110.12 billion - · Total debt of $6.56 billion, resulting in a debt-to-total capital ratio of 20.2% (21.7% excluding net unrealized investment gains, net of tax, included in shareholders' equity) - · Repurchased 11.2 million common shares for total cost of $1.55 billion and paid $844 million of dividends to shareholders - · Shareholders' equity of $25.94 billion - · Net unrealized investment gains of $2.85 billion ($2.25 billion after-tax) - · Book value per common share of $101.55 - · Holding company liquidity of $1.43 billion 61 | [
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"text": "December 31, 2019 and 2018, including year-to-year comparisons between 2019 and 2018. Year-to-year comparisons between "
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"text": "2018 and 2017 have been omitted from this Form 10-K, but may be found in \"Management's Discussion and Analysis of Financial "
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"text": "Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December"
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"text": "31, 2018. "
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"text": "• Net income of $2.62 billion, or $10.01 per share basic and $9.92 per share diluted"
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"text": "• Net earned premiums of $28.27 billion "
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"text": "• Catastrophe losses of $886 million ($699 million after-tax)"
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"text": "• Net unfavorable prior year reserve development of $60 million ($47 million after-tax)"
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"text": "• Net investment income of $2.47 billion ($2.10 billion after-tax)"
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"text": "• Operating cash flows of $5.21 billion "
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"text": "• Total debt of $6.56 billion, resulting in a debt-to-total capital ratio of 20.2% (21.7% excluding net unrealized "
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"text": "• Repurchased 11.2 million common shares for total cost of $1.55 billion and paid $844 million of dividends to "
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"text": "• Shareholders’ equity of $25.94 billion "
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"text": "• Net unrealized investment gains of $2.85 billion ($2.25 billion after-tax)"
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"text": "The following is a discussion and analysis of the Company's financial condition and results of operations for the years ended December 31, 2019 and 2018, including year-to-year comparisons between 2019 and 2018. Year-to-year comparisons between 2018 and 2017 have been omitted from this Form 10-K, but may be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2018."
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"text": "- · Net income of $2.62 billion, or $10.01 per share basic and $9.92 per share diluted"
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"text": "- · Net earned premiums of $28.27 billion"
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"text": "- · Catastrophe losses of $886 million ($699 million after-tax)"
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"text": "- · Combined ratio of 96.5%"
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"text": "- · Net investment income of $2.47 billion ($2.10 billion after-tax)"
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"text": "- · Operating cash flows of $5.21 billion"
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"text": "2019 Consolidated Financial Condition"
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"text": "- · Total investments of $77.88 billion; fixed maturities and short-term securities comprise 94% of total investments"
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"text": "- · Total assets of $110.12 billion"
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"text": "- · Total debt of $6.56 billion, resulting in a debt-to-total capital ratio of 20.2% (21.7% excluding net unrealized investment gains, net of tax, included in shareholders' equity)"
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"text": "- · Repurchased 11.2 million common shares for total cost of $1.55 billion and paid $844 million of dividends to shareholders"
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"text": "- · Shareholders' equity of $25.94 billion"
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"text": "- · Net unrealized investment gains of $2.85 billion ($2.25 billion after-tax)"
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"text": "- · Book value per common share of $101.55"
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"text": "- · Holding company liquidity of $1.43 billion"
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"label": "page_footer",
"text": "61"
}
] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 80
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-81 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | CONSOLIDATED OVERVIEW Consolidated Results of Operations ___________________________________________ (1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings). Total income tax expense for 2017 included a net charge of $129 million to reflect the estimated impact of the changes in tax law and tax rates included in TCJA at the date of enactment, primarily reflecting the revaluation of the Company’s deferred tax assets and liabilities at the new statutory federal tax rate of 21%, and the recognition of tax imposed on the accumulated foreign earnings. The following discussions of the Company's net income and segment income are presented on an after-tax basis. Discussions of the components of net income and segment income are presented on a pre-tax basis, unless otherwise noted. Discussions of earnings per common share are presented on a diluted basis. Overview Diluted net income per share of $9.92 in 2019 increased by 7% over diluted net income per share of $9.28 in 2018. Net income of $2.62 billion in 2019 increased by 4% over net income of $2.52 billion in 2018. The higher rate of increase in diluted net income per share reflected the impact of share repurchases in recent periods. The increase in income before income taxes primarily reflected the pre-tax impacts of (i) significantly lower catastrophe losses, partially offset by (ii) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development in 2018 and (iii) lower underwriting margins excluding catastrophe losses and prior year reserve development ("underlying underwriting margins"). Catastrophe losses in 2019 and 2018 were $886 million and $1.72 billion, respectively. Net unfavorable prior year reserve development in 2019 was $60 million, compared to net favorable prior year reserve development of $517 million in 2018. Underlying underwriting margins in each of the Company's business segments were lower than in 2018. Income tax expense in 2019 was higher than in 2018, primarily 62 | [
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"text": "(for the year ended December 31, in millions except per share amounts) "
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"text": "Revenues"
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"text": "Premiums........................................................................................................... "
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"text": "$ 28,272 "
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"text": "$ 27,059 $ 25,683"
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"text": "Net investment income...................................................................................... "
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"text": "2,468 "
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"text": "2,474 2,397"
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"text": "Net realized investment gains............................................................................ "
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"text": "113 "
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"text": "Other revenues................................................................................................... "
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"text": "Total revenues"
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"text": "........................................................................................... "
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"text": "Claims and claim adjustment expenses ............................................................. "
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"text": "19,133 "
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"text": "18,291 17,467"
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"text": "Amortization of deferred acquisition costs........................................................ "
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"text": "General and administrative expenses ................................................................ "
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"text": "Interest expense ................................................................................................. "
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"text": "Total claims and expenses"
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"text": "........................................................................ "
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"text": "Income before income taxes "
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"text": "2,961 2,730"
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"text": "(1) "
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"text": "........................................................................................ "
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"text": "516 "
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"text": "438 674"
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"text": "Net income "
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"text": "..................................................................................................... "
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"text": "$ 2,622 "
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"text": "$ 2,523 $ 2,056"
},
{
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"text": "Net income per share"
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"text": "Basic................................................................................................................ "
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"text": "$ 10.01 "
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"text": "$ 9.37 $ 7.39"
},
{
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"text": "Diluted............................................................................................................. "
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"text": "$ 9.92 "
},
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"text": "$ 9.28 $ 7.33"
},
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"text": "Combined ratio"
},
{
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"text": "Loss and loss adjustment expense ratio .......................................................... "
},
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0.6645570491700863,
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"text": "66.9% "
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"text": "66.8% 67.2%"
},
{
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"text": "Underwriting expense ratio............................................................................. "
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S"
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"text": "Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 "
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"text": "foreign earnings and profits (accumulated foreign earnings). Total income tax expense for 2017 included a net charge of $129 million "
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"text": "to reflect the estimated impact of the changes in tax law and tax rates included in TCJA at the date of enactment, primarily reflecting "
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"text": "the revaluation of the Company’s deferred tax assets and liabilities at the new statutory federal tax rate of 21%, and the recognition "
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"text": "of tax imposed on the accumulated foreign earnings."
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"text": "The following discussions of the Company’s net income and segment income are presented on an after-tax basis. Discussions of "
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"text": "earnings per common share are presented on a diluted basis."
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"text": "Diluted net income per share of $9.92 in 2019 increased by 7% over diluted net income per share of $9.28 in 2018. Net income "
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"text": "of $2.62 billion in 2019 increased by 4% over net income of $2.52 billion in 2018. The higher rate of increase in diluted net "
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"text": "income per share reflected the impact of share repurchases in recent periods. The increase in income before income taxes primarily "
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"text": "reflected the pre-tax impacts of (i) significantly lower catastrophe losses, partially offset by (ii) net unfavorable prior year reserve "
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"text": "development in 2019 compared to net favorable prior year reserve development in 2018 and (iii) lower underwriting margins "
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"text": "excluding catastrophe losses and prior year reserve development (\"underlying underwriting margins\"). Catastrophe losses in 2019"
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"text": "and 2018 were $886 million and $1.72 billion, respectively. Net unfavorable prior year reserve development in 2019 was $60 "
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"text": "million, compared to net favorable prior year reserve development of $517 million in 2018. Underlying underwriting margins in "
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"text": "each of the Company's business segments were lower than in 2018. Income tax expense in 2019 was higher than in 2018, primarily"
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings). Total income tax expense for 2017 included a net charge of $129 million to reflect the estimated impact of the changes in tax law and tax rates included in TCJA at the date of enactment, primarily reflecting the revaluation of the Company’s deferred tax assets and liabilities at the new statutory federal tax rate of 21%, and the recognition of tax imposed on the accumulated foreign earnings."
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"text": "The following discussions of the Company's net income and segment income are presented on an after-tax basis. Discussions of the components of net income and segment income are presented on a pre-tax basis, unless otherwise noted. Discussions of earnings per common share are presented on a diluted basis."
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"text": "Diluted net income per share of $9.92 in 2019 increased by 7% over diluted net income per share of $9.28 in 2018. Net income of $2.62 billion in 2019 increased by 4% over net income of $2.52 billion in 2018. The higher rate of increase in diluted net income per share reflected the impact of share repurchases in recent periods. The increase in income before income taxes primarily reflected the pre-tax impacts of (i) significantly lower catastrophe losses, partially offset by (ii) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development in 2018 and (iii) lower underwriting margins excluding catastrophe losses and prior year reserve development (\"underlying underwriting margins\"). Catastrophe losses in 2019 and 2018 were $886 million and $1.72 billion, respectively. Net unfavorable prior year reserve development in 2019 was $60 million, compared to net favorable prior year reserve development of $517 million in 2018. Underlying underwriting margins in each of the Company's business segments were lower than in 2018. Income tax expense in 2019 was higher than in 2018, primarily"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-82 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | reflecting the impacts of (i) the increase in income before income taxes and (ii) the reduction in income tax expense in 2018 resulting from the Company's $200 million voluntary contribution to its qualified domestic pension plan, which provided a 35% tax benefit rather than a 21% tax benefit. The Company has insurance operations in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world as a corporate member of Lloyd's, as well as in Brazil and Colombia, primarily through joint ventures. Because these operations are conducted in local currencies other than the U.S. dollar, the Company is subject to changes in foreign currency exchange rates. For the years ended December 31, 2019 and 2018, changes in foreign currency exchange rates impacted reported line items in the statement of income by insignificant amounts. The impact of these changes was not material to the Company's net income or segment income for the periods reported. Revenues Earned Premiums Earned premiums in 2019 were $28.27 billion, $1.21 billion or 4% higher than in 2018. In Business Insurance, earned premiums in 2019 increased by 4% over 2018. In Bond & Specialty Insurance, earned premiums in 2019 increased by 6% over 2018. In Personal Insurance, earned premiums in 2019 increased by 5% over 2018. Factors contributing to the increases in earned premiums in each segment in 2019 as compared with 2018 are discussed in more detail in the segment discussions that follow. Net Investment Income The following table sets forth information regarding the Company's investments. ___________________________________________ (1) Excludes net unrealized investment gains and losses and reflects cash, receivables for investment sales, payables on investment purchases and accrued investment income. (2) Excludes net realized and net unrealized investment gains and losses. Net investment income in 2019 was $2.47 billion, comparable with 2018. Net investment income from fixed maturity investments in 2019 was $2.07 billion, $90 million higher than in 2018, primarily resulting from a higher average level of fixed maturity investments and higher long-term interest rates. Net investment income from short-term securities in 2019 was $105 million, $13 million higher than in 2018, primarily resulting from higher short-term interest rates. Net investment income generated by the Company's remaining investment portfolios in 2019 was $333 million, $108 million lower than in 2018, primarily reflecting lower returns from private equity limited partnerships and real estate partnerships. Fee Income The National Accounts market in Business Insurance is the primary source of the Company's fee-based business. Fee income is described in more detail in the Business Insurance discussion that follows. 63 | [
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"text": "in each segment in 2019 as compared with 2018 are discussed in more detail in the segment discussions that follow. "
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"text": "(for the year ended December 31, in millions) "
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"text": "After-tax net investment income ...................................................................... "
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"text": "___________________________________________"
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"text": "(1) Excludes net unrealized investment gains and losses and reflects cash, receivables for investment sales, payables on investment "
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"text": "purchases and accrued investment income."
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"text": "Net investment income in 2019 was $2.47 billion, comparable with 2018. Net investment income from fixed maturity investments "
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"text": "in 2019 was $2.07 billion, $90 million higher than in 2018, primarily resulting from a higher average level of fixed maturity "
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"text": "investments and higher long-term interest rates. Net investment income from short-term securities in 2019 was $105 million, $13 "
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"text": "million higher than in 2018, primarily resulting from higher short-term interest rates. Net investment income generated by the"
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"text": "Company's remaining investment portfolios in 2019 was $333 million, $108 million lower than in 2018, primarily reflecting lower"
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"text": "returns from private equity limited partnerships and real estate partnerships. "
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"text": "Fee Income"
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"text": "The National Accounts market in Business Insurance is the primary source of the Company’s fee-based business. Fee income is "
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"text": "described in more detail in the Business Insurance discussion that follows."
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"text": "reflecting the impacts of (i) the increase in income before income taxes and (ii) the reduction in income tax expense in 2018 resulting from the Company's $200 million voluntary contribution to its qualified domestic pension plan, which provided a 35% tax benefit rather than a 21% tax benefit."
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"text": "The Company has insurance operations in Canada, the United Kingdom, the Republic of Ireland and throughout other parts of the world as a corporate member of Lloyd's, as well as in Brazil and Colombia, primarily through joint ventures. Because these operations are conducted in local currencies other than the U.S. dollar, the Company is subject to changes in foreign currency exchange rates. For the years ended December 31, 2019 and 2018, changes in foreign currency exchange rates impacted reported line items in the statement of income by insignificant amounts. The impact of these changes was not material to the Company's net income or segment income for the periods reported."
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"text": "Revenues"
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"text": "Earned Premiums"
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"text": "Earned premiums in 2019 were $28.27 billion, $1.21 billion or 4% higher than in 2018. In Business Insurance, earned premiums in 2019 increased by 4% over 2018. In Bond & Specialty Insurance, earned premiums in 2019 increased by 6% over 2018. In Personal Insurance, earned premiums in 2019 increased by 5% over 2018. Factors contributing to the increases in earned premiums in each segment in 2019 as compared with 2018 are discussed in more detail in the segment discussions that follow."
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"text": "Net Investment Income"
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"text": "The following table sets forth information regarding the Company's investments."
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"html_seq": "<table><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th></tr><tr><td>Average investments (1) ......................................................................................</td><td>$ 74,866</td><td>$ 73,031 $ 71,867</td></tr><tr><td>Pre-tax net investment income .........................................................................</td><td>2,468</td><td>2,474 2,397</td></tr><tr><td>After-tax net investment income ......................................................................</td><td>2,097</td><td>$ 2,102 1,872</td></tr><tr><td>Average pre-tax yield (2) ....................................................................................</td><td>3.3%</td><td>3.4% 3.3%</td></tr><tr><td>Average after-tax yield (2) ..................................................................................</td><td>2.8%</td><td>2.9% 2.6%</td></tr></table>",
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"text": "___________________________________________"
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"text": "(1) Excludes net unrealized investment gains and losses and reflects cash, receivables for investment sales, payables on investment purchases and accrued investment income."
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"text": "(2) Excludes net realized and net unrealized investment gains and losses."
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"text": "Net investment income in 2019 was $2.47 billion, comparable with 2018. Net investment income from fixed maturity investments in 2019 was $2.07 billion, $90 million higher than in 2018, primarily resulting from a higher average level of fixed maturity investments and higher long-term interest rates. Net investment income from short-term securities in 2019 was $105 million, $13 million higher than in 2018, primarily resulting from higher short-term interest rates. Net investment income generated by the Company's remaining investment portfolios in 2019 was $333 million, $108 million lower than in 2018, primarily reflecting lower returns from private equity limited partnerships and real estate partnerships."
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"text": "Fee Income"
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"text": "The National Accounts market in Business Insurance is the primary source of the Company's fee-based business. Fee income is described in more detail in the Business Insurance discussion that follows."
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"filename": "NYSE_TRV_2019.pdf",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-83 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Net Realized Investment Gains The following table sets forth information regarding the Company's net pre-tax realized investment gains. Other Net Realized Investment Gains Other net realized investment gains in 2019 included $59 million of net realized investment gains related to fixed maturity investments, $12 million of net realized investment gains related to equity securities sold and $15 million of net realized investment losses related to foreign currency translation and other investments. Other net realized investment gains in 2018 included $92 million of net realized investment gains related to other investments, primarily resulting from the sale of a private equity limited partnership, $33 million of net realized gains related to fixed maturity investments, $23 million of net realized investment gains from real estate sales and $4 million of net realized investment losses related to equity securities sold. Other Revenues Other revenues in all years presented included installment premium charges. Other revenues in all years also included revenues from Simply Business, which was acquired in August 2017. Other revenues in 2017 also included a gain related to the settlement of a reinsurance dispute. Claims and Expenses Claims and Claim Adjustment Expenses Claims and claim adjustment expenses in 2019 were $19.13 billion, $842 million or 5% higher than in 2018, primarily reflecting the impacts of (i) net unfavorable prior year reserve development compared to net favorable prior year reserve development in 2018, (ii) loss cost trends, (iii) higher loss estimates in the general liability line for primary and excess coverages and in the commercial automobile product line, (iv) higher business volumes and (v) higher non-catastrophe weather-related losses, partially offset by (vi) significantly lower catastrophe losses and (vii) lower loss estimates in the workers' compensation product line. Catastrophes in 2019 primarily resulted from Hurricane Dorian and several winter, wind and hail storms throughout the United States. Catastrophes in 2018 primarily resulted from wildfires in California, Hurricanes Florence and Michael, wind and hail storms in several regions of the United States and winter storms in the eastern United States. Factors contributing to net prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed in more detail in note 7 of notes to the consolidated financial statements. Significant Catastrophe Losses The Company defines a "catastrophe" as an event: - · that is designated a catastrophe by internationally recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada; and - · for which the Company's estimates of its ultimate losses before reinsurance and taxes exceed a pre-established dollar threshold. The Company's threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is exceeded and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an 64 | [
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"text": "Other-than-temporary impairment losses........................................................ "
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"text": "Net realized investment gains (losses) on equity securities still held ............. "
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"text": "Other net realized investment gains, including from sales ............................. "
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"text": "........................................................................................................... "
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"text": "Other Net Realized Investment Gains"
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"text": "are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an "
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"text": "Other net realized investment gains in 2019 included $59 million of net realized investment gains related to fixed maturity investments, $12 million of net realized investment gains related to equity securities sold and $15 million of net realized investment losses related to foreign currency translation and other investments."
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"text": "Other net realized investment gains in 2018 included $92 million of net realized investment gains related to other investments, primarily resulting from the sale of a private equity limited partnership, $33 million of net realized gains related to fixed maturity investments, $23 million of net realized investment gains from real estate sales and $4 million of net realized investment losses related to equity securities sold."
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"text": "Other revenues in all years presented included installment premium charges. Other revenues in all years also included revenues from Simply Business, which was acquired in August 2017. Other revenues in 2017 also included a gain related to the settlement of a reinsurance dispute."
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"text": "Claims and claim adjustment expenses in 2019 were $19.13 billion, $842 million or 5% higher than in 2018, primarily reflecting the impacts of (i) net unfavorable prior year reserve development compared to net favorable prior year reserve development in 2018, (ii) loss cost trends, (iii) higher loss estimates in the general liability line for primary and excess coverages and in the commercial automobile product line, (iv) higher business volumes and (v) higher non-catastrophe weather-related losses, partially offset by (vi) significantly lower catastrophe losses and (vii) lower loss estimates in the workers' compensation product line. Catastrophes in 2019 primarily resulted from Hurricane Dorian and several winter, wind and hail storms throughout the United States. Catastrophes in 2018 primarily resulted from wildfires in California, Hurricanes Florence and Michael, wind and hail storms in several regions of the United States and winter storms in the eastern United States."
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"text": "Factors contributing to net prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed in more detail in note 7 of notes to the consolidated financial statements."
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"text": "Significant Catastrophe Losses"
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"text": "The Company defines a \"catastrophe\" as an event:"
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"text": "- · for which the Company's estimates of its ultimate losses before reinsurance and taxes exceed a pre-established dollar threshold."
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"text": "The Company's threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is exceeded and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-84 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | aggregate threshold is applied for International business across all reportable segments. The threshold for 2019 ranged from approximately $19 million to $30 million of losses before reinsurance and taxes. The following table presents the amount of losses recorded by the Company for significant catastrophes that occurred in 2019, 2018 and 2017, the amount of net unfavorable (favorable) prior year reserve development recognized in 2019 and 2018 for catastrophes that occurred in 2018 and 2017, and the estimate of ultimate losses for those catastrophes at December 31, 2019, 2018 and 2017. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses will be $100 million or more after reinsurance and before taxes. ___________________________________________ (1) Amounts are reported pre-tax and net of recoveries under all applicable reinsurance treaties, except for the Underlying Property Aggregate Catastrophe Excess-of-Loss Treaty, the terms of which are described in "Part I—Item 1—Business." That treaty covers the accumulation of certain property losses arising from one or multiple occurrences (both catastrophe and non-catastrophe events) for the period January 1, 2019 through and including December 31, 2019. As a result, the benefit from that treaty is not included in the table above as the allocation of the treaty's benefit to each identified catastrophe changes each time there are additional events or changes in estimated losses from any covered event. n/a: not applicable. Amortization of Deferred Acquisition Costs Amortization of deferred acquisition costs in 2019 was $4.60 billion, $220 million or 5% higher than in 2018. Amortization of deferred acquisition costs is discussed in more detail in the segment discussions that follow. General and Administrative Expenses General and administrative expenses in 2019 were $4.37 billion, $68 million or 2% higher than in 2018, primarily reflecting the impact of costs associated with higher business volumes. General and administrative expenses are discussed in more detail in the segment discussions that follow. 65 | [
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"text": "catastrophes that occurred in 2018 and 2017, and the estimate of ultimate losses for those catastrophes at December 31, 2019, "
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"text": "2018 and 2017. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses "
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"text": "43 — Hurricane Harvey ............................... "
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"text": "2018"
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"text": "15 — Winter storm....................................... "
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"text": "(4) 144 n/a 140 144 n/a"
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"text": "17 — Severe wind and hail storms............... "
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"text": "(6) 111 n/a 105 111 n/a"
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"text": "33 — Severe wind and hail storms............... "
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"text": "2 117 n/a 119 117 n/a"
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"text": "52 — Hurricane Florence............................. "
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"text": "(18) 106 n/a 88 106 n/a"
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"text": "57 — Hurricane Michael.............................. "
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"text": "2 158 n/a 160 158 n/a"
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"text": "59 — California wildfire—Camp fire.......... "
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"text": "2 334 n/a 336 334 n/a"
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"text": "60 — California wildfire—Woolsey fire...... "
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"text": "10 119 n/a 129 119 n/a"
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"text": "2019"
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"text": "PCS Serial Number:"
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"text": "33 — Severe wind storms ............................ "
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"text": "250 n/a n/a 250 n/a n/a"
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"text": "61 — Severe wind storms and tornadoes ..... "
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"text": "109 n/a n/a 109 n/a n/a"
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"text": "___________________________________________"
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"text": "(1) Amounts are reported pre-tax and net of recoveries under all applicable reinsurance treaties, except for the Underlying Property Aggregate "
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"text": "Catastrophe Excess-of-Loss Treaty, the terms of which are described in \"Part I—Item 1—Business.\" That treaty covers the accumulation "
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"text": "of certain property losses arising from one or multiple occurrences (both catastrophe and non-catastrophe events) for the period January "
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"text": "1, 2019 through and including December 31, 2019. As a result, the benefit from that treaty is not included in the table above as the "
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"text": "Amortization of Deferred Acquisition Costs"
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"text": "Amortization of deferred acquisition costs in 2019 was $4.60 billion, $220 million or 5% higher than in 2018. Amortization of "
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"text": "General and Administrative Expenses"
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"text": "General and administrative expenses in 2019 were $4.37 billion, $68 million or 2% higher than in 2018, primarily reflecting the"
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"text": "impact of costs associated with higher business volumes. General and administrative expenses are discussed in more detail in the "
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"text": "aggregate threshold is applied for International business across all reportable segments. The threshold for 2019 ranged from approximately $19 million to $30 million of losses before reinsurance and taxes."
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"text": "The following table presents the amount of losses recorded by the Company for significant catastrophes that occurred in 2019, 2018 and 2017, the amount of net unfavorable (favorable) prior year reserve development recognized in 2019 and 2018 for catastrophes that occurred in 2018 and 2017, and the estimate of ultimate losses for those catastrophes at December 31, 2019, 2018 and 2017. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses will be $100 million or more after reinsurance and before taxes."
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"text": "(1) Amounts are reported pre-tax and net of recoveries under all applicable reinsurance treaties, except for the Underlying Property Aggregate Catastrophe Excess-of-Loss Treaty, the terms of which are described in \"Part I—Item 1—Business.\" That treaty covers the accumulation of certain property losses arising from one or multiple occurrences (both catastrophe and non-catastrophe events) for the period January 1, 2019 through and including December 31, 2019. As a result, the benefit from that treaty is not included in the table above as the allocation of the treaty's benefit to each identified catastrophe changes each time there are additional events or changes in estimated losses from any covered event."
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"text": "Amortization of Deferred Acquisition Costs"
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"text": "Amortization of deferred acquisition costs in 2019 was $4.60 billion, $220 million or 5% higher than in 2018. Amortization of deferred acquisition costs is discussed in more detail in the segment discussions that follow."
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"text": "General and Administrative Expenses"
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"text": "General and administrative expenses in 2019 were $4.37 billion, $68 million or 2% higher than in 2018, primarily reflecting the impact of costs associated with higher business volumes. General and administrative expenses are discussed in more detail in the segment discussions that follow."
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"page": 84
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-85 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Interest Expense Interest expense in 2019 and 2018 was $344 million and $352 million, respectively. Income Tax Expense Income tax expense in 2019 was $516 million, $78 million or 18% higher than in 2018, primarily reflecting the impacts of (i) the $177 million increase in income before income taxes in 2019 and (ii) the reduction in income tax in 2018 resulting from the Company's $200 million voluntary contribution to its qualified domestic pension plan, which provided a 35% tax benefit rather than a 21% tax benefit. The Company's effective tax rate was 16%, 15% and 25% in 2019, 2018 and 2017, respectively. The effective tax rates in all years were lower than the respective statutory rate of 21% in both 2019 and 2018 and 35% in 2017, primarily due to the impact of tax-exempt investment income on the calculation of the Company's income tax provision. The effective tax rate in 2018 also included the impact of the reduction in income tax expense resulting from the Company's $200 million voluntary contribution to its qualified domestic pension plan in 2018, which provided a 35% tax benefit rather than a 21% tax benefit. The effective tax rate in 2017 reflected the net charge related to TCJA and the impact of the resolution of prior year tax matters. Combined Ratio The combined ratio of 96.5% in 2019 was 0.4 points lower than the combined ratio of 96.9% in 2018. The loss and loss adjustment expense ratio of 66.9% in 2019 was 0.1 points higher than the loss and loss adjustment expense ratio of 66.8% in 2018. The underwriting expense ratio of 29.6% in 2019 was 0.5 points lower than the underwriting expense ratio of 30.1% in 2018. Catastrophe losses in 2019 and 2018 accounted for 3.1 points and 6.3 points, respectively, of the combined ratio. Net unfavorabable prior year reserve development in 2019 accounted for 0.2 points of the combined ratio. Net favorable prior year reserve development in 2018 provided 1.9 points of benefit to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses ("underlying combined ratio") in 2019 was 0.7 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and in the commercial automobile product line, (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty and (iii) higher non-catastrophe weather-related losses, partially offset by (iv) lower loss estimates in the workers' compensation product line. In recent periods, both prior year reserve development and the underlying combined ratio have been impacted by adverse developments in the tort environment, including more aggressive attorney involvement in insurance claims. Written Premiums Consolidated gross and net written premiums were as follows: Gross and net written premiums in 2019 increased by 6% and 5%, respectively, over 2018. Net written premium growth in 2019 was impacted by ceded written premiums related to the new catastrophe reinsurance treaty entered into in the first quarter of 2019. 66 | [
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"text": "Company's $200 million voluntary contribution to its qualified domestic pension plan, which provided a 35% tax benefit rather "
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"text": "The Company’s effective tax rate was 16%, 15% and 25% in 2019, 2018 and 2017, respectively. The effective tax rates in all "
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"text": "years were lower than the respective statutory rate of 21% in both 2019 and 2018 and 35% in 2017, primarily due to the impact "
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"text": "of tax-exempt investment income on the calculation of the Company’s income tax provision. The effective tax rate in 2018 also "
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"text": "its qualified domestic pension plan in 2018, which provided a 35% tax benefit rather than a 21% tax benefit. The effective tax"
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"text": "rate in 2017 reflected the net charge related to TCJA and the impact of the resolution of prior year tax matters. "
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"text": "Combined Ratio"
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"text": "The combined ratio of 96.5% in 2019 was 0.4 points lower than the combined ratio of 96.9% in 2018. The loss and loss adjustment "
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"text": "expense ratio of 66.9% in 2019 was 0.1 points higher than the loss and loss adjustment expense ratio of 66.8% in 2018. The "
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"text": "underwriting expense ratio of 29.6% in 2019 was 0.5 points lower than the underwriting expense ratio of 30.1% in 2018. "
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"text": "Catastrophe losses in 2019 and 2018 accounted for 3.1 points and 6.3 points, respectively, of the combined ratio. Net unfavorabable "
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"text": "prior year reserve development in 2019 accounted for 0.2 points of the combined ratio. Net favorable prior year reserve development "
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"text": "in 2018 provided 1.9 points of benefit to the combined ratio. The combined ratio excluding prior year reserve development and "
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"text": "catastrophe losses (\"underlying combined ratio\") in 2019 was 0.7 points higher than the 2018 ratio on the same basis, primarily"
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"text": "reflecting the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and in the "
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"text": "commercial automobile product line, (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance "
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"text": "treaty and (iii) higher non-catastrophe weather-related losses, partially offset by (iv) lower loss estimates in the workers' "
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"text": "compensation product line. "
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"text": "In recent periods, both prior year reserve development and the underlying combined ratio have been impacted by adverse "
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"text": "developments in the tort environment, including more aggressive attorney involvement in insurance claims. "
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"text": "Written Premiums"
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"text": "Consolidated gross and net written premiums were as follows:"
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"text": "Gross Written Premiums"
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "2018 "
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"text": "2017"
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"text": "Business Insurance.......................................................................................... $ 17,151 "
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"text": "$ 16,255 $ 15,473"
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"text": "Bond & Specialty Insurance ........................................................................... "
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"text": "2,931 "
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"text": "2,665 2,480"
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"text": "Personal Insurance .......................................................................................... "
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"text": "10,981 "
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"text": "10,332 9,695"
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"text": "Total"
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"text": ".............................................................................................................. "
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"text": "$ 31,063 "
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"text": "$ 29,252 $ 27,648"
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"text": "Net Written Premiums"
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "2018 "
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"text": "2017"
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"text": "Business Insurance.......................................................................................... $ 15,629 "
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"text": "$ 14,956 $ 14,270"
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"text": "Bond & Specialty Insurance ........................................................................... "
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"text": "2,739 "
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"text": "2,528 2,359"
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"text": "Personal Insurance .......................................................................................... "
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"text": "10,783 "
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"text": "10,224 9,590"
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"text": "Total"
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"text": ".............................................................................................................. "
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"text": "$ 29,151 "
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"text": "$ 27,708 $ 26,219"
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"text": "Gross and net written premiums in 2019 increased by 6% and 5%, respectively, over 2018. Net written premium growth in 2019 "
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"text": "was impacted by ceded written premiums related to the new catastrophe reinsurance treaty entered into in the first quarter of 2019. "
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"text": "Interest Expense"
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"text": "Interest expense in 2019 and 2018 was $344 million and $352 million, respectively."
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"text": "Income Tax Expense"
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"text": "Income tax expense in 2019 was $516 million, $78 million or 18% higher than in 2018, primarily reflecting the impacts of (i) the $177 million increase in income before income taxes in 2019 and (ii) the reduction in income tax in 2018 resulting from the Company's $200 million voluntary contribution to its qualified domestic pension plan, which provided a 35% tax benefit rather than a 21% tax benefit."
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"text": "The Company's effective tax rate was 16%, 15% and 25% in 2019, 2018 and 2017, respectively. The effective tax rates in all years were lower than the respective statutory rate of 21% in both 2019 and 2018 and 35% in 2017, primarily due to the impact of tax-exempt investment income on the calculation of the Company's income tax provision. The effective tax rate in 2018 also included the impact of the reduction in income tax expense resulting from the Company's $200 million voluntary contribution to its qualified domestic pension plan in 2018, which provided a 35% tax benefit rather than a 21% tax benefit. The effective tax rate in 2017 reflected the net charge related to TCJA and the impact of the resolution of prior year tax matters."
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"text": "Combined Ratio"
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"text": "The combined ratio of 96.5% in 2019 was 0.4 points lower than the combined ratio of 96.9% in 2018. The loss and loss adjustment expense ratio of 66.9% in 2019 was 0.1 points higher than the loss and loss adjustment expense ratio of 66.8% in 2018. The underwriting expense ratio of 29.6% in 2019 was 0.5 points lower than the underwriting expense ratio of 30.1% in 2018."
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"text": "Catastrophe losses in 2019 and 2018 accounted for 3.1 points and 6.3 points, respectively, of the combined ratio. Net unfavorabable prior year reserve development in 2019 accounted for 0.2 points of the combined ratio. Net favorable prior year reserve development in 2018 provided 1.9 points of benefit to the combined ratio. The combined ratio excluding prior year reserve development and catastrophe losses (\"underlying combined ratio\") in 2019 was 0.7 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and in the commercial automobile product line, (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty and (iii) higher non-catastrophe weather-related losses, partially offset by (iv) lower loss estimates in the workers' compensation product line."
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"text": "In recent periods, both prior year reserve development and the underlying combined ratio have been impacted by adverse developments in the tort environment, including more aggressive attorney involvement in insurance claims."
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"text": "Written Premiums"
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"text": "Consolidated gross and net written premiums were as follows:"
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"html_seq": "<table><tr><td></td><th colspan=\"3\">Gross Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th><td></td></tr><tr><td>Business Insurance.......................................................................................... $ 17,151</td><td></td><td>$ 16,255 $ 15,473</td><td></td></tr><tr><td>Bond & Specialty Insurance ...........................................................................</td><td>2,931</td><td>2,665 2,480</td><td></td></tr><tr><td>Personal Insurance ..........................................................................................</td><td>10,981</td><td>10,332 9,695</td><td></td></tr><tr><td>Total ..............................................................................................................</td><td>$ 31,063</td><td>$ 29,252 $ 27,648</td><td></td></tr></table>",
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"html_seq": "<table><tr><td></td><th colspan=\"3\">Net Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th><td></td></tr><tr><td>Business Insurance.......................................................................................... $ 15,629</td><td></td><td>$ 14,956 $ 14,270</td><td></td></tr><tr><td>Bond & Specialty Insurance ...........................................................................</td><td>2,739</td><td>2,528 2,359</td><td></td></tr><tr><td>Personal Insurance ..........................................................................................</td><td>10,783</td><td>10,224 9,590</td><td></td></tr><tr><td>Total ..............................................................................................................</td><td>$ 29,151</td><td>$ 27,708 $ 26,219</td><td></td></tr></table>",
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"text": "Gross and net written premiums in 2019 increased by 6% and 5%, respectively, over 2018. Net written premium growth in 2019 was impacted by ceded written premiums related to the new catastrophe reinsurance treaty entered into in the first quarter of 2019."
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"filename": "NYSE_TRV_2019.pdf",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-86 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Factors contributing to the changes in gross and net written premiums in each segment in 2019 as compared with 2018 are discussed in more detail in the segment discussions that follow. RESULTS OF OPERATIONS BY SEGMENT Business Insurance Results of Business Insurance were as follows: ___________________________________________ (1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings). Overview Segment income in 2019 was $1.39 billion, $246 million or 15% lower than segment income of $1.64 billion in 2018. The decrease in segment income before income taxes primarily reflected the pre-tax impacts of (i) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development in 2018 and (ii) lower underlying underwriting margins, partially offset by (iii) lower catastrophe losses. Net unfavorable prior year reserve development in 2019 was $258 million. Net favorable prior year reserve development in 2018 was $142 million. Catastrophe losses in 2019 and 2018 were $470 million and $639 million, respectively. The lower underlying underwriting margins primarily reflected the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and in the commercial automobile product line and (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty, partially offset by (iii) higher business volumes and (iv) lower loss estimates in the workers' compensation product line. Income tax expense in 2019 was lower than in 2018, primarily reflecting the impacts of (i) the decrease in segment income before income taxes, partially offset by (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan. Revenues Earned Premiums Earned premiums of $15.30 billion in 2019 were $578 million or 4% higher than in 2018, primarily reflecting an increase in net written premiums over the preceding twelve months, partially offset by the earned impact of the new catastrophe reinsurance treaty. 67 | [
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"text": "in more detail in the segment discussions that follow. "
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"text": "RESULTS OF OPERATIONS BY SEGMENT"
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"text": "Business Insurance"
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"text": "Results of Business Insurance were as follows:"
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "2018 "
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"text": "2017"
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"text": "Revenues"
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"text": "Earned premiums ........................................................................................ "
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"text": "$ 15,300 "
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"text": "$ 14,722 $ 14,146"
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"text": "Net investment income................................................................................ "
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"text": "1,816 "
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"text": "1,833 1,786"
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"text": "Fee income .................................................................................................. "
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"text": "437 "
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"text": "412 "
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"text": "430"
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"text": "Other revenues ............................................................................................ "
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"text": "155 "
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"text": "112 "
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"text": "69"
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"text": "Total revenues"
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"text": "....................................................................................... "
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"text": "17,708 "
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"text": "17,079 16,431"
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"text": "Total claims and expenses"
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"text": "........................................................................... "
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"text": "16,093 "
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"text": "15,182 14,370"
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"text": "Segment income before income taxes "
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"text": "................................................. "
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"text": "1,615 "
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"text": "1,897 2,061"
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"text": "Income tax expense "
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"text": "(1)"
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"text": ".................................................................................. "
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"text": "223 "
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"text": "259 "
},
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"text": "448"
},
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"text": "Segment income "
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"text": ".................................................................................... "
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"text": "$ 1,392 "
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"text": "$ 1,638 $ 1,613"
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"ocr": false,
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"text": "Loss and loss adjustment expense ratio......................................................... "
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"text": "70.3% "
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"text": "67.8% 65.9%"
},
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"bbox": [
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"text": "Underwriting expense ratio ........................................................................... "
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"text": "30.6 "
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"text": "31.3 "
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"text": "31.9"
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"text": "Combined ratio"
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"text": "..................................................................................... "
},
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"text": "100.9% "
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"text": "99.1% 97.8%"
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"text": "___________________________________________"
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S"
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"text": ". "
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"text": "Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 "
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"text": "foreign earnings and profits (accumulated foreign earnings). "
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"text": "Segment income in 2019 was $1.39 billion, $246 million or 15% lower than segment income of $1.64 billion in 2018. The decrease"
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"text": "in segment income before income taxes primarily reflected the pre-tax impacts of (i) net unfavorable prior year reserve development "
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"text": "in 2019 compared to net favorable prior year reserve development in 2018 and (ii) lower underlying underwriting margins, partially "
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"text": "offset by (iii) lower catastrophe losses. Net unfavorable prior year reserve development in 2019 was $258 million. Net favorable "
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"text": "prior year reserve development in 2018 was $142 million. Catastrophe losses in 2019 and 2018 were $470 million and $639 "
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"text": "million, respectively. The lower underlying underwriting margins primarily reflected the impacts of (i) higher loss estimates in "
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"text": "the general liability product line for primary and excess coverages and in the commercial automobile product line and (ii) the "
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"text": "impact on earned premiums related to the Company's new catastrophe reinsurance treaty, partially offset by (iii) higher business "
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"text": "volumes and (iv) lower loss estimates in the workers' compensation product line. Income tax expense in 2019 was lower than in "
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"text": "in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan. "
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"text": "Revenues"
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"text": "Earned Premiums"
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"text": "Earned premiums of $15.30 billion in 2019 were $578 million or 4% higher than in 2018, primarily reflecting an increase in net "
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"text": "written premiums over the preceding twelve months, partially offset by the earned impact of the new catastrophe reinsurance "
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"text": "Factors contributing to the changes in gross and net written premiums in each segment in 2019 as compared with 2018 are discussed in more detail in the segment discussions that follow."
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"text": "RESULTS OF OPERATIONS BY SEGMENT"
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"text": "___________________________________________"
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings)."
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"text": "Segment income in 2019 was $1.39 billion, $246 million or 15% lower than segment income of $1.64 billion in 2018. The decrease in segment income before income taxes primarily reflected the pre-tax impacts of (i) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development in 2018 and (ii) lower underlying underwriting margins, partially offset by (iii) lower catastrophe losses. Net unfavorable prior year reserve development in 2019 was $258 million. Net favorable prior year reserve development in 2018 was $142 million. Catastrophe losses in 2019 and 2018 were $470 million and $639 million, respectively. The lower underlying underwriting margins primarily reflected the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and in the commercial automobile product line and (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty, partially offset by (iii) higher business volumes and (iv) lower loss estimates in the workers' compensation product line. Income tax expense in 2019 was lower than in 2018, primarily reflecting the impacts of (i) the decrease in segment income before income taxes, partially offset by (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan."
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"text": "Earned premiums of $15.30 billion in 2019 were $578 million or 4% higher than in 2018, primarily reflecting an increase in net written premiums over the preceding twelve months, partially offset by the earned impact of the new catastrophe reinsurance treaty."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-87 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Net Investment Income Net investment income in 2019 was $1.82 billion, $17 million or 1% lower than in 2018. Refer to the "Net Investment Income" section of the "Consolidated Results of Operations" discussion for a description of the factors contributing to the Company's consolidated net investment income in 2019 compared with 2018. In addition, refer to note 2 of notes to the consolidated financial statements for a discussion of the Company's net investment income allocation methodology. Fee Income National Accounts is the primary source of fee income due to revenue from its large deductible policies and service businesses, which include risk management, claims administration, loss control and risk management information services provided to third parties, as well as claims and policy management services to workers' compensation residual market pools. Fee income in 2019 was $437 million, $25 million or 6% higher than in 2018, primarily reflecting higher claim volume under administration associated with its service businesses. Other Revenues Other revenues in all years presented included installment premium charges and other policyholder service charges, as well as revenues from Simply Business, which was acquired in August 2017. Claims and Expenses Claims and Claim Adjustment Expenses Claims and claim adjustment expenses in 2019 were $10.96 billion, $792 million or 8% higher than in 2018, primarily reflecting the impacts of (i) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development in 2018, (ii) loss cost trends, (iii) higher loss estimates in the general liability product line for primary and excess coverages and the commercial automobile product line and (iv) higher business volumes, partially offset by (v) lower catastrophe losses and (vi) lower loss estimates in the workers' compensation product line. Factors contributing to net prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed in more detail in note 7 of notes to the consolidated financial statements. Amortization of Deferred Acquisition Costs Amortization of deferred acquisition costs in 2019 was $2.50 billion, $115 million or 5% higher than in 2018, generally consistent with the increase in earned premiums. General and Administrative Expenses General and administrative expenses in 2019 were $2.63 billion, comparable with 2018. Income Tax Expense Income tax expense in 2019 was $223 million, $36 million or 14% lower than in 2018, primarily reflecting the impacts of (i) the $282 million decrease in income before income taxes in 2019, partially offset by (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan in 2018. Combined Ratio The combined ratio of 100.9% in 2019 was 1.8 points higher than the combined ratio of 99.1% in 2018. The loss and loss adjustment expense ratio of 70.3% in 2019 was 2.5 points higher than the loss and loss adjustment expense ratio of 67.8% in 2018. The underwriting expense ratio of 30.6% in 2019 was 0.7 points lower than the underwriting expense ratio of 31.3% in 2018. Catastrophe losses in 2019 and 2018 accounted for 3.0 points and 4.4 points, respectively, of the combined ratio. Net unfavorabable prior year reserve development in 2019 accounted for 1.7 points of the combined ratio. Net favorable prior year reserve development in 2018 provided 1.0 points of benefit to the combined ratio. The underlying combined ratio in 2019 was 0.5 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and the commercial automobile product line and (ii) the impact on earned premiums related to 68 | [
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"text": "Net Investment Income"
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"text": "Net investment income in 2019 was $1.82 billion, $17 million or 1% lower than in 2018. Refer to the “Net Investment Income” "
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"text": "section of the “Consolidated Results of Operations” discussion for a description of the factors contributing to the Company’s "
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"text": "consolidated net investment income in 2019 compared with 2018. In addition, refer to note 2 of notes to the consolidated financial "
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"text": "National Accounts is the primary source of fee income due to revenue from its large deductible policies and service businesses,"
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"text": "which include risk management, claims administration, loss control and risk management information services provided to third "
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"text": "parties, as well as claims and policy management services to workers’ compensation residual market pools. Fee income in 2019"
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"text": "was $437 million, $25 million or 6% higher than in 2018, primarily reflecting higher claim volume under administration associated "
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"text": "with its service businesses. "
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"text": "Other revenues in all years presented included installment premium charges and other policyholder service charges, as well as "
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"text": "revenues from Simply Business, which was acquired in August 2017. "
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"text": "Claims and Expenses"
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"text": "Claims and claim adjustment expenses in 2019 were $10.96 billion, $792 million or 8% higher than in 2018, primarily reflecting"
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"text": "the impacts of (i) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development "
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"text": "in 2018, (ii) loss cost trends, (iii) higher loss estimates in the general liability product line for primary and excess coverages and "
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"text": "the commercial automobile product line and (iv) higher business volumes, partially offset by (v) lower catastrophe losses and (vi) "
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"text": "lower loss estimates in the workers' compensation product line. "
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"text": "Factors contributing to net prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed "
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"text": "in more detail in note 7 of notes to the consolidated financial statements. "
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"text": "Amortization of Deferred Acquisition Costs"
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"text": "Amortization of deferred acquisition costs in 2019 was $2.50 billion, $115 million or 5% higher than in 2018, generally consistent "
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"text": "with the increase in earned premiums. "
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"text": "$282 million decrease in income before income taxes in 2019, partially offset by (ii) the reduction in income tax expense in 2018"
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"text": "resulting from the Company's voluntary contribution to its qualified domestic pension plan in 2018. "
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"text": "Combined Ratio"
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"text": "The combined ratio of 100.9% in 2019 was 1.8 points higher than the combined ratio of 99.1% in 2018. The loss and loss adjustment "
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"text": "expense ratio of 70.3% in 2019 was 2.5 points higher than the loss and loss adjustment expense ratio of 67.8% in 2018. The "
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"text": "underwriting expense ratio of 30.6% in 2019 was 0.7 points lower than the underwriting expense ratio of 31.3% in 2018. "
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"text": "Catastrophe losses in 2019 and 2018 accounted for 3.0 points and 4.4 points, respectively, of the combined ratio. Net unfavorabable "
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"text": "prior year reserve development in 2019 accounted for 1.7 points of the combined ratio. Net favorable prior year reserve development "
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"text": "in 2018 provided 1.0 points of benefit to the combined ratio. The underlying combined ratio in 2019 was 0.5 points higher than"
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"text": "the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher loss estimates in the general liability product line "
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"text": "for primary and excess coverages and the commercial automobile product line and (ii) the impact on earned premiums related to "
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"text": "Net Investment Income"
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"text": "Net investment income in 2019 was $1.82 billion, $17 million or 1% lower than in 2018. Refer to the \"Net Investment Income\" section of the \"Consolidated Results of Operations\" discussion for a description of the factors contributing to the Company's consolidated net investment income in 2019 compared with 2018. In addition, refer to note 2 of notes to the consolidated financial statements for a discussion of the Company's net investment income allocation methodology."
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"text": "National Accounts is the primary source of fee income due to revenue from its large deductible policies and service businesses, which include risk management, claims administration, loss control and risk management information services provided to third parties, as well as claims and policy management services to workers' compensation residual market pools. Fee income in 2019 was $437 million, $25 million or 6% higher than in 2018, primarily reflecting higher claim volume under administration associated with its service businesses."
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"text": "Other Revenues"
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"text": "Other revenues in all years presented included installment premium charges and other policyholder service charges, as well as revenues from Simply Business, which was acquired in August 2017."
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"text": "Claims and Expenses"
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"text": "Claims and Claim Adjustment Expenses"
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"text": "Claims and claim adjustment expenses in 2019 were $10.96 billion, $792 million or 8% higher than in 2018, primarily reflecting the impacts of (i) net unfavorable prior year reserve development in 2019 compared to net favorable prior year reserve development in 2018, (ii) loss cost trends, (iii) higher loss estimates in the general liability product line for primary and excess coverages and the commercial automobile product line and (iv) higher business volumes, partially offset by (v) lower catastrophe losses and (vi) lower loss estimates in the workers' compensation product line."
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"text": "Factors contributing to net prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed in more detail in note 7 of notes to the consolidated financial statements."
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"text": "Amortization of Deferred Acquisition Costs"
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"text": "Amortization of deferred acquisition costs in 2019 was $2.50 billion, $115 million or 5% higher than in 2018, generally consistent with the increase in earned premiums."
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"text": "General and Administrative Expenses"
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"text": "General and administrative expenses in 2019 were $2.63 billion, comparable with 2018."
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"text": "Income Tax Expense"
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"text": "Income tax expense in 2019 was $223 million, $36 million or 14% lower than in 2018, primarily reflecting the impacts of (i) the $282 million decrease in income before income taxes in 2019, partially offset by (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan in 2018."
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"text": "Combined Ratio"
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"text": "The combined ratio of 100.9% in 2019 was 1.8 points higher than the combined ratio of 99.1% in 2018. The loss and loss adjustment expense ratio of 70.3% in 2019 was 2.5 points higher than the loss and loss adjustment expense ratio of 67.8% in 2018. The underwriting expense ratio of 30.6% in 2019 was 0.7 points lower than the underwriting expense ratio of 31.3% in 2018."
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"text": "Catastrophe losses in 2019 and 2018 accounted for 3.0 points and 4.4 points, respectively, of the combined ratio. Net unfavorabable prior year reserve development in 2019 accounted for 1.7 points of the combined ratio. Net favorable prior year reserve development in 2018 provided 1.0 points of benefit to the combined ratio. The underlying combined ratio in 2019 was 0.5 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher loss estimates in the general liability product line for primary and excess coverages and the commercial automobile product line and (ii) the impact on earned premiums related to"
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"page": 87
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-88 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | the Company's new catastrophe reinsurance treaty, partially offset by (iii) lower loss estimates in the workers' compensation product line and (iv) a lower underwriting expense ratio. Written Premiums Business Insurance's gross and net written premiums by market were as follows: Gross written premiums in 2019 increased by 6% over 2018. Net written premiums in 2019 increased by 4% over 2018. Net written premium growth in 2019 was impacted by the Company's new catastrophe reinsurance treaty entered into in the first quarter of 2019. Select Accounts. Net written premiums of $2.91 billion in 2019 increased by 3% over 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. Middle Market. Net written premiums of $8.63 billion in 2019 increased by 5% over 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 were lower than in 2018. National Accounts. Net written premiums of $1.05 billion in 2019 increased by 3% over 2018. Net written premiums in 2019 included a benefit related to a transaction to close out prior year liabilities with a former customer. Business retention rates remained strong in 2019. Renewal premium changes in 2019 were slightly positive but lower than in 2018. New business premiums in 2019 increased over 2018. National Property and Other. Net written premiums of $1.97 billion in 2019 increased by 9% over 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. International. Net written premiums of $1.07 billion in 2019 decreased by 1% from 2018, primarily driven by the impact of changes in foreign currency exchange rates, as well as decreases in the Company's operations at Lloyd's. 69 | [
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"text": "Written Premiums"
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"text": "Business Insurance’s gross and net written premiums by market were as follows:"
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"text": "Gross Written Premiums"
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "Domestic:"
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"text": "Select Accounts........................................................................................... "
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"text": "$ 2,945 "
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"text": "$ 2,841 $ 2,817"
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"text": "Middle Market............................................................................................. "
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"text": "National Accounts....................................................................................... "
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"text": "National Property and Other ....................................................................... "
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"text": "Total Domestic "
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"text": "...................................................................................... "
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"text": "15,900 "
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"text": "International................................................................................................... "
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"text": "1,251 "
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"text": "1,240 1,147"
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"text": "Total Business Insurance "
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"text": "$ 17,151 "
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"text": "$ 16,255 $ 15,473"
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"text": "Net Written Premiums"
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "2018 "
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"text": "2017"
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"text": "Domestic:"
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"text": "Select Accounts........................................................................................... "
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"text": "$ 2,911 "
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"text": "$ 2,828 $ 2,800"
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"text": "Middle Market............................................................................................. "
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"text": "8,630 "
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"text": "8,214 7,756"
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"text": "National Accounts....................................................................................... "
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"text": "1,051 "
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"text": "1,025 1,010"
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"text": "National Property and Other ....................................................................... "
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"text": "1,965 "
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"text": "1,805 1,691"
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"text": "Total Domestic "
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"text": "...................................................................................... "
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"text": "14,557 "
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"text": "13,872 13,257"
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"text": "International................................................................................................... "
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"text": "1,072 "
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"ocr": false,
"ocr_confidence": 1,
"text": "1,084 1,013"
},
{
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"ocr": false,
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"text": "Total Business Insurance "
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"ocr_confidence": 1,
"text": "..................................................................... "
},
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"text": "$ 15,629 "
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"text": "$ 14,956 $ 14,270"
},
{
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"text": "Gross written premiums in 2019 increased by 6% over 2018. Net written premiums in 2019 increased by 4% over 2018. Net "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "written premium growth in 2019 was impacted by the Company's new catastrophe reinsurance treaty entered into in the first quarter "
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"ocr": false,
"ocr_confidence": 1,
"text": "of 2019."
},
{
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"text": "Select Accounts. Net written premiums of $2.91 billion in 2019 increased by 3% over 2018. Net written premiums in 2019 were "
},
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"ocr": false,
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"text": "reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes "
},
{
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"ocr": false,
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"text": "in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. "
},
{
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"text": "Middle Market. Net written premiums of $8.63 billion in 2019 increased by 5% over 2018. Net written premiums in 2019 were "
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"ocr": false,
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"text": "reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes "
},
{
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"text": "in 2019 remained positive and were higher than in 2018. New business premiums in 2019 were lower than in 2018. "
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"text": "National Accounts. Net written premiums of $1.05 billion in 2019 increased by 3% over 2018. Net written premiums in 2019"
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"ocr": false,
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"text": "included a benefit related to a transaction to close out prior year liabilities with a former customer. Business retention rates "
},
{
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"text": "remained strong in 2019. Renewal premium changes in 2019 were slightly positive but lower than in 2018. New business premiums"
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"text": "in 2019 increased over 2018. "
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"text": "National Property and Other. Net written premiums of $1.97 billion in 2019 increased by 9% over 2018. Net written premiums "
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"ocr": false,
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"text": "in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal "
},
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"ocr": false,
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"text": "premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. "
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"text": "International. Net written premiums of $1.07 billion in 2019 decreased by 1% from 2018, primarily driven by the impact of "
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"text": "changes in foreign currency exchange rates, as well as decreases in the Company's operations at Lloyd's. "
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"text": "the Company's new catastrophe reinsurance treaty, partially offset by (iii) lower loss estimates in the workers' compensation product line and (iv) a lower underwriting expense ratio."
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"text": "Written Premiums"
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"text": "Business Insurance's gross and net written premiums by market were as follows:"
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"html_seq": "<table><tr><td></td><th colspan=\"2\">Gross Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th></tr><tr><td>Domestic:</td><td></td><td></td></tr><tr><td>Select Accounts...........................................................................................</td><td>$ 2,945</td><td>$ 2,841 $ 2,817</td></tr><tr><td>Middle Market.............................................................................................</td><td>9,073</td><td>8,537 8,051</td></tr><tr><td>National Accounts.......................................................................................</td><td>1,603</td><td>1,601 1,556</td></tr><tr><td>National Property and Other .......................................................................</td><td>2,279</td><td>2,036 1,902</td></tr><tr><td>Total Domestic ......................................................................................</td><td>15,900</td><td>15,015 14,326</td></tr><tr><td>International...................................................................................................</td><td>1,251</td><td>1,240 1,147</td></tr><tr><td>Total Business Insurance .....................................................................</td><td>$ 17,151</td><td>$ 16,255 $ 15,473</td></tr></table>",
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"html_seq": "<table><tr><td></td><th colspan=\"2\">Net Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th></tr><tr><td>Domestic:</td><td></td><td></td></tr><tr><td>Select Accounts...........................................................................................</td><td>$ 2,911</td><td>$ 2,828 $ 2,800</td></tr><tr><td>Middle Market.............................................................................................</td><td>8,630</td><td>8,214 7,756</td></tr><tr><td>National Accounts.......................................................................................</td><td>1,051</td><td>1,025 1,010</td></tr><tr><td>National Property and Other .......................................................................</td><td>1,965</td><td>1,805 1,691</td></tr><tr><td>Total Domestic ......................................................................................</td><td>14,557</td><td>13,872 13,257</td></tr><tr><td>International...................................................................................................</td><td>1,072</td><td>1,084 1,013</td></tr><tr><td>Total Business Insurance .....................................................................</td><td>$ 15,629</td><td>$ 14,956 $ 14,270</td></tr></table>",
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"text": "Gross written premiums in 2019 increased by 6% over 2018. Net written premiums in 2019 increased by 4% over 2018. Net written premium growth in 2019 was impacted by the Company's new catastrophe reinsurance treaty entered into in the first quarter of 2019."
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"text": "Select Accounts. Net written premiums of $2.91 billion in 2019 increased by 3% over 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018."
},
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"label": "text",
"text": "Middle Market. Net written premiums of $8.63 billion in 2019 increased by 5% over 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 were lower than in 2018."
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"text": "National Accounts. Net written premiums of $1.05 billion in 2019 increased by 3% over 2018. Net written premiums in 2019 included a benefit related to a transaction to close out prior year liabilities with a former customer. Business retention rates remained strong in 2019. Renewal premium changes in 2019 were slightly positive but lower than in 2018. New business premiums in 2019 increased over 2018."
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"label": "text",
"text": "National Property and Other. Net written premiums of $1.97 billion in 2019 increased by 9% over 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018."
},
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"text": "International. Net written premiums of $1.07 billion in 2019 decreased by 1% from 2018, primarily driven by the impact of changes in foreign currency exchange rates, as well as decreases in the Company's operations at Lloyd's."
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"text": "69"
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"filename": "NYSE_TRV_2019.pdf",
"page": 88
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-89 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Bond & Specialty Insurance Results of Bond & Specialty Insurance were as follows: ___________________________________________ (1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings). Overview Segment income in 2019 was $618 million, $175 million or 22% lower than segment income of $793 million in 2018. The decrease in segment income before income taxes primarily reflected the pre-tax impacts of (i) lower net favorable prior year reserve development and (ii) lower underlying underwriting margins. Net favorable prior year reserve development in 2019 and 2018 was $65 million and $266 million, respectively. Catastrophe losses in 2019 and 2018 were $5 million and $16 million, respectively. The lower underlying underwriting margins primarily reflected modestly higher loss estimates in the domestic general liability product line for management liability coverages. Income tax expense in 2019 was lower than in 2018, primarily reflecting the impact of the decrease in segment income before income taxes. Revenues Earned Premiums Earned premiums in 2019 were $2.57 billion, $145 million or 6% higher than in 2018, primarily reflecting an increase in net written premiums over the preceding twelve months. Net Investment Income Net investment income in 2019 was $233 million, level with 2018. Included in Bond & Specialty Insurance are certain legal entities whose invested assets and related net investment income are reported exclusively in this segment and not allocated among all business segments. As a result, reported net investment income in Bond & Specialty Insurance reflects a significantly smaller proportion of allocated net investment income, including net investment income from the Company's non-fixed maturity investments that experienced a decrease in investment income in 2019. Refer to the "Net Investment Income" section of the "Consolidated Results of Operations" discussion for a description of the factors contributing to the Company's consolidated net investment income in 2019 as compared with the 2018. In addition, refer to note 2 of notes to the consolidated financial statements for a discussion of the Company's net investment income allocation methodology. 70 | [
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"text": "Results of Bond & Specialty Insurance were as follows:"
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"text": "(for the year ended December 31, in millions) "
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"text": "2018 "
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"text": "2017"
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"text": "Revenues"
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"text": "Earned premiums ........................................................................................ "
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"text": "$ 2,565 "
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"text": "$ 2,420 $ 2,307"
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"text": "Net investment income................................................................................ "
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"text": "233 "
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"text": "233 "
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"text": "Other revenues ............................................................................................ "
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"text": "26 "
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"text": "23 "
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"text": "24"
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"text": "Total revenues"
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"text": "....................................................................................... "
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"text": "2,824 "
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"text": "2,676 2,559"
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"text": "Total claims and expenses"
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"text": "........................................................................... "
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"text": "2,055 "
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"text": "1,685 1,795"
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"text": "Segment income before income taxes "
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"text": "................................................. "
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"text": "769 "
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"text": "991 "
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"text": "764"
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"text": "Income tax expense "
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"text": "(1)"
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"text": ".................................................................................. "
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"text": "151 "
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"text": "198 "
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"text": "208"
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"text": "Segment income "
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"text": ".................................................................................... "
},
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"text": "$ 618 "
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"text": "$ 793 $ 556"
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"text": "Loss and loss adjustment expense ratio......................................................... "
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"text": "42.2% "
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"text": "31.5% 38.6%"
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"text": "Underwriting expense ratio ........................................................................... "
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"text": "37.3 "
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"text": "37.5 "
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"text": "38.8"
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"text": "Combined ratio "
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"text": "...................................................................................... "
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"text": "79.5% "
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"text": "69.0% 77.4%"
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"text": "___________________________________________"
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S"
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"text": ". "
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"text": "Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 "
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"text": "foreign earnings and profits (accumulated foreign earnings). "
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"text": "Overview"
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"text": "Segment income in 2019 was $618 million, $175 million or 22% lower than segment income of $793 million in 2018. The decrease "
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"text": "in segment income before income taxes primarily reflected the pre-tax impacts of (i) lower net favorable prior year reserve "
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"text": "development and (ii) lower underlying underwriting margins. Net favorable prior year reserve development in 2019 and 2018"
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"text": "was $65 million and $266 million, respectively. Catastrophe losses in 2019 and 2018 were $5 million and $16 million, respectively. "
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"text": "The lower underlying underwriting margins primarily reflected modestly higher loss estimates in the domestic general liability "
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"text": "product line for management liability coverages. Income tax expense in 2019 was lower than in 2018, primarily reflecting the "
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"text": "impact of the decrease in segment income before income taxes. "
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"text": "Revenues"
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"text": "Earned Premiums"
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"text": "Earned premiums in 2019 were $2.57 billion, $145 million or 6% higher than in 2018, primarily reflecting an increase in net "
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"text": "written premiums over the preceding twelve months. "
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"text": "Net Investment Income"
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"text": "Net investment income in 2019 was $233 million, level with 2018. Included in Bond & Specialty Insurance are certain legal "
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"text": "entities whose invested assets and related net investment income are reported exclusively in this segment and not allocated among "
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"text": "all business segments. As a result, reported net investment income in Bond & Specialty Insurance reflects a significantly smaller "
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"text": "proportion of allocated net investment income, including net investment income from the Company’s non-fixed maturity "
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"text": "investments that experienced a decrease in investment income in 2019. Refer to the “Net Investment Income” section of the "
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"text": "“Consolidated Results of Operations” discussion for a description of the factors contributing to the Company’s consolidated net"
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"text": "investment income in 2019 as compared with the 2018. In addition, refer to note 2 of notes to the consolidated financial statements "
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"text": "for a discussion of the Company’s net investment income allocation methodology. "
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"text": "Bond & Specialty Insurance"
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"text": "Results of Bond & Specialty Insurance were as follows:"
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"html_seq": "<table><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018</th><th>2017</th></tr><tr><td>Revenues</td><td></td><td></td><td></td></tr><tr><td>Earned premiums ........................................................................................</td><td>$ 2,565</td><td></td><td>$ 2,420 $ 2,307</td></tr><tr><td>Net investment income................................................................................</td><td>233</td><td>233</td><td>228</td></tr><tr><td>Other revenues ............................................................................................</td><td>26</td><td>23</td><td>24</td></tr><tr><td>Total revenues .......................................................................................</td><td>2,824</td><td></td><td>2,676 2,559</td></tr><tr><td>Total claims and expenses ...........................................................................</td><td>2,055</td><td></td><td>1,685 1,795</td></tr><tr><td>Segment income before income taxes .................................................</td><td>769</td><td>991</td><td>764</td></tr><tr><td>Income tax expense (1) ..................................................................................</td><td>151</td><td>198</td><td>208</td></tr><tr><td>Segment income ....................................................................................</td><td>$ 618</td><td></td><td>$ 793 $ 556</td></tr><tr><td>Loss and loss adjustment expense ratio.........................................................</td><td>42.2%</td><td>31.5% 38.6%</td><td></td></tr><tr><td>Underwriting expense ratio ...........................................................................</td><td>37.3</td><td>37.5</td><td>38.8</td></tr><tr><td>Combined ratio ......................................................................................</td><td>79.5%</td><td></td><td>69.0% 77.4%</td></tr></table>",
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings)."
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"text": "Segment income in 2019 was $618 million, $175 million or 22% lower than segment income of $793 million in 2018. The decrease in segment income before income taxes primarily reflected the pre-tax impacts of (i) lower net favorable prior year reserve development and (ii) lower underlying underwriting margins. Net favorable prior year reserve development in 2019 and 2018 was $65 million and $266 million, respectively. Catastrophe losses in 2019 and 2018 were $5 million and $16 million, respectively. The lower underlying underwriting margins primarily reflected modestly higher loss estimates in the domestic general liability product line for management liability coverages. Income tax expense in 2019 was lower than in 2018, primarily reflecting the impact of the decrease in segment income before income taxes."
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"text": "Revenues"
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"text": "Earned Premiums"
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"text": "Earned premiums in 2019 were $2.57 billion, $145 million or 6% higher than in 2018, primarily reflecting an increase in net written premiums over the preceding twelve months."
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"text": "Net Investment Income"
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"text": "Net investment income in 2019 was $233 million, level with 2018. Included in Bond & Specialty Insurance are certain legal entities whose invested assets and related net investment income are reported exclusively in this segment and not allocated among all business segments. As a result, reported net investment income in Bond & Specialty Insurance reflects a significantly smaller proportion of allocated net investment income, including net investment income from the Company's non-fixed maturity investments that experienced a decrease in investment income in 2019. Refer to the \"Net Investment Income\" section of the \"Consolidated Results of Operations\" discussion for a description of the factors contributing to the Company's consolidated net investment income in 2019 as compared with the 2018. In addition, refer to note 2 of notes to the consolidated financial statements for a discussion of the Company's net investment income allocation methodology."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-90 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Claims and Expenses Claims and Claim Adjustment Expenses Claims and claim adjustment expenses in 2019 were $1.09 billion, $322 million or 42% higher than in 2018, primarily reflecting the impacts of (i) lower net favorable prior year reserve development, (ii) higher business volumes and (iii) modestly higher loss estimates in the domestic general liability product line for management liability coverages. Factors contributing to net favorable prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed in more detail in note 7 of notes to the consolidated financial statements. Amortization of Deferred Acquisition Costs Amortization of deferred acquisition costs in 2019 was $478 million, $24 million or 5% higher than in 2018, generally consistent with the increase in earned premiums. General and Administrative Expenses General and administrative expenses in 2019 were $483 million, $24 million or 5% higher than in 2018, primarily reflecting the impact of costs associated with higher business volumes. Income Tax Expense Income tax expense in 2019 was $151 million, $47 million or 24% lower than in 2018, primarily reflecting the impact of the $222 million decrease in income before income taxes in 2019. Combined Ratio The combined ratio of 79.5% in 2019 was 10.5 points higher than the combined ratio of 69.0% in 2018. The loss and loss adjustment expense ratio of 42.2% in 2019 was 10.7 points higher than the loss and loss adjustment expense ratio of 31.5% in 2018. The underwriting expense ratio of 37.3% in 2019 was 0.2 points lower than the underwriting expense ratio of 37.5% in 2018. Net favorable prior year reserve development in 2019 and 2018 provided 2.5 points and 11.0 points of benefit, respectively, to the combined ratio. Catastrophe losses in 2019 and 2018 accounted for 0.2 points and 0.6 points, respectively, of the combined ratio. The underlying combined ratio in 2019 was 2.4 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of modestly higher loss estimates in the domestic general liability product line for management liability coverages. Written Premiums Bond & Specialty Insurance's gross and net written premiums were as follows: 71 | [
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"text": "expense ratio of 42.2% in 2019 was 10.7 points higher than the loss and loss adjustment expense ratio of 31.5% in 2018. The "
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"text": "combined ratio. Catastrophe losses in 2019 and 2018 accounted for 0.2 points and 0.6 points, respectively, of the combined ratio. "
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"text": "Gross Written Premiums"
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"text": "Management Liability ................................................................................. "
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"text": "International................................................................................................... "
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"text": "Total Bond & Specialty Insurance "
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"text": "Claims and claim adjustment expenses in 2019 were $1.09 billion, $322 million or 42% higher than in 2018, primarily reflecting the impacts of (i) lower net favorable prior year reserve development, (ii) higher business volumes and (iii) modestly higher loss estimates in the domestic general liability product line for management liability coverages."
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"text": "Factors contributing to net favorable prior year reserve development during the years ended December 31, 2019, 2018 and 2017 are discussed in more detail in note 7 of notes to the consolidated financial statements."
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"text": "Amortization of deferred acquisition costs in 2019 was $478 million, $24 million or 5% higher than in 2018, generally consistent with the increase in earned premiums."
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"text": "General and administrative expenses in 2019 were $483 million, $24 million or 5% higher than in 2018, primarily reflecting the impact of costs associated with higher business volumes."
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"text": "Income tax expense in 2019 was $151 million, $47 million or 24% lower than in 2018, primarily reflecting the impact of the $222 million decrease in income before income taxes in 2019."
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"text": "Combined Ratio"
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"text": "The combined ratio of 79.5% in 2019 was 10.5 points higher than the combined ratio of 69.0% in 2018. The loss and loss adjustment expense ratio of 42.2% in 2019 was 10.7 points higher than the loss and loss adjustment expense ratio of 31.5% in 2018. The underwriting expense ratio of 37.3% in 2019 was 0.2 points lower than the underwriting expense ratio of 37.5% in 2018."
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"text": "Net favorable prior year reserve development in 2019 and 2018 provided 2.5 points and 11.0 points of benefit, respectively, to the combined ratio. Catastrophe losses in 2019 and 2018 accounted for 0.2 points and 0.6 points, respectively, of the combined ratio. The underlying combined ratio in 2019 was 2.4 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of modestly higher loss estimates in the domestic general liability product line for management liability coverages."
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"html_seq": "<table><tr><td></td><th colspan=\"3\">Gross Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018</th><th>2017</th></tr><tr><td>Domestic:</td><td></td><td></td><td></td></tr><tr><td>Management Liability .................................................................................</td><td>$ 1,720</td><td></td><td>$ 1,523 $ 1,422</td></tr><tr><td>Surety ..........................................................................................................</td><td>926</td><td>887</td><td>844</td></tr><tr><td>Total Domestic ......................................................................................</td><td>2,646</td><td></td><td>2,410 2,266</td></tr><tr><td>International...................................................................................................</td><td>285</td><td>255</td><td>214</td></tr><tr><td>Total Bond & Specialty Insurance ......................................................</td><td>$ 2,931</td><td>$ 2,665 $ 2,480</td><td></td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-91 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Gross written premiums in 2019 increased by 10% over 2018. Net written premiums in 2019 increased by 8% over 2018. Net written premium growth in 2019 was impacted by higher ceded written premiums for several reinsurance treaties, including those related to the new catastrophe reinsurance treaty entered into in the first quarter of 2019. Domestic. Net written premiums in 2019 were $2.47 billion, $181 million or 8% higher than in 2018. Excluding the surety line of business, for which the following are not relevant measures, business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. International. Net written premiums in 2019 were $268 million, $30 million or 13% higher than in 2018, primarily driven by increases in the United Kingdom and Canada, partially offset by the impact of changes in foreign currency exchange rates. Personal Insurance Results of Personal Insurance were as follows: ___________________________________________ (1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings). Overview Segment income in 2019 was $824 million, $527 million or 177% higher than segment income of $297 million in 2018. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) significantly lower catastrophe losses and (ii) higher net favorable prior year reserve development, partially offset by (iii) lower underlying underwriting margins. Catastrophe losses in 2019 and 2018 were $411 million and $1.06 billion, respectively. Net favorable prior year reserve development in 2019 and 2018 was $133 million and $109 million, respectively. The lower underlying underwriting margins primarily reflected 72 | [
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"text": "Net Written Premiums"
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "2018 "
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"text": "2017"
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"text": "Domestic:"
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"text": "Management Liability ................................................................................. "
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"text": "$ 1,605 "
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"text": "$ 1,455 $ 1,367"
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"text": "Surety .......................................................................................................... "
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"text": "866 "
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"text": "835 "
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"text": "793"
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"text": "Total Domestic "
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"text": "...................................................................................... "
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"text": "2,471 "
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"text": "2,290 2,160"
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"text": "International................................................................................................... "
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"text": "268 "
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"text": "238 "
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"text": "199"
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"text": "Total Bond & Specialty Insurance "
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"text": "...................................................... "
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"text": "$ 2,739 "
},
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"text": "$ 2,528 $ 2,359"
},
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"bbox": [
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"text": "Gross written premiums in 2019 increased by 10% over 2018. Net written premiums in 2019 increased by 8% over 2018. Net "
},
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"text": "written premium growth in 2019 was impacted by higher ceded written premiums for several reinsurance treaties, including those "
},
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"ocr": false,
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"text": "related to the new catastrophe reinsurance treaty entered into in the first quarter of 2019. "
},
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"text": "Domestic. Net written premiums in 2019 were $2.47 billion, $181 million or 8% higher than in 2018. Excluding the surety line "
},
{
"bbox": [
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"ocr": false,
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"text": "of business, for which the following are not relevant measures, business retention rates remained strong in 2019. Renewal premium "
},
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"text": "changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. "
},
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"text": "International. Net written premiums in 2019 were $268 million, $30 million or 13% higher than in 2018, primarily driven by "
},
{
"bbox": [
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"text": "increases in the United Kingdom and Canada, partially offset by the impact of changes in foreign currency exchange rates. "
},
{
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"text": "Personal Insurance"
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"text": "Results of Personal Insurance were as follows:"
},
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"text": "(for the year ended December 31, in millions) "
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"text": "2019 "
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"text": "2018 "
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"text": "2017"
},
{
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"text": "Revenues"
},
{
"bbox": [
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"text": "Earned premiums ........................................................................................ "
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"bbox": [
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"text": "$ 10,407 "
},
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"text": "$ 9,917 $ 9,230"
},
{
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"text": "Net investment income................................................................................ "
},
{
"bbox": [
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"text": "419 "
},
{
"bbox": [
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"text": "408 "
},
{
"bbox": [
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"text": "383"
},
{
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"text": "Fee income .................................................................................................. "
},
{
"bbox": [
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"text": "22 "
},
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"text": "20 "
},
{
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"text": "17"
},
{
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"text": "Other revenues ............................................................................................ "
},
{
"bbox": [
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"text": "87 "
},
{
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"text": "66 "
},
{
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"text": "60"
},
{
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"text": "Total revenues"
},
{
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"ocr_confidence": 1,
"text": "....................................................................................... "
},
{
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"text": "10,935 "
},
{
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"text": "10,411 9,690"
},
{
"bbox": [
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"text": "Total claims and expenses"
},
{
"bbox": [
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"text": "........................................................................... "
},
{
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"text": "9,916 "
},
{
"bbox": [
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"text": "10,072 9,606"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Segment income before income taxes "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "................................................. "
},
{
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"text": "1,019 "
},
{
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"text": "339 "
},
{
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"text": "84"
},
{
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"ocr": false,
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"text": "Income tax expense (benefit) "
},
{
"bbox": [
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"text": "(1) "
},
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"text": ".................................................................. "
},
{
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"text": "195 "
},
{
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"text": "42 "
},
{
"bbox": [
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"text": "(44)"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Segment income "
},
{
"bbox": [
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],
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"text": ".................................................................................... "
},
{
"bbox": [
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"text": "$ 824 "
},
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"text": "Segment income in 2019 was $824 million, $527 million or 177% higher than segment income of $297 million in 2018. The "
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"text": "increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) significantly lower catastrophe losses "
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"text": "and (ii) higher net favorable prior year reserve development, partially offset by (iii) lower underlying underwriting margins. "
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"text": "Catastrophe losses in 2019 and 2018 were $411 million and $1.06 billion, respectively. Net favorable prior year reserve development "
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"text": "in 2019 and 2018 was $133 million and $109 million, respectively. The lower underlying underwriting margins primarily reflected"
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"html_seq": "<table><tr><td></td><th colspan=\"3\">Net Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018</th><th>2017</th></tr><tr><td>Domestic:</td><td></td><td></td><td></td></tr><tr><td>Management Liability .................................................................................</td><td>$ 1,605</td><td></td><td>$ 1,455 $ 1,367</td></tr><tr><td>Surety ..........................................................................................................</td><td>866</td><td>835</td><td>793</td></tr><tr><td>Total Domestic ......................................................................................</td><td>2,471</td><td></td><td>2,290 2,160</td></tr><tr><td>International...................................................................................................</td><td>268</td><td>238</td><td>199</td></tr><tr><td>Total Bond & Specialty Insurance ......................................................</td><td>$ 2,739</td><td>$ 2,528 $ 2,359</td><td></td></tr></table>",
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"text": "Gross written premiums in 2019 increased by 10% over 2018. Net written premiums in 2019 increased by 8% over 2018. Net written premium growth in 2019 was impacted by higher ceded written premiums for several reinsurance treaties, including those related to the new catastrophe reinsurance treaty entered into in the first quarter of 2019."
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"text": "Domestic. Net written premiums in 2019 were $2.47 billion, $181 million or 8% higher than in 2018. Excluding the surety line of business, for which the following are not relevant measures, business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018."
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"text": "International. Net written premiums in 2019 were $268 million, $30 million or 13% higher than in 2018, primarily driven by increases in the United Kingdom and Canada, partially offset by the impact of changes in foreign currency exchange rates."
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"text": "(1) On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (TCJA) which, among other changes, reduced the U.S . Federal tax rate from 35% to 21% beginning on January 1, 2018 and imposed a tax on undistributed and previously untaxed post-1986 foreign earnings and profits (accumulated foreign earnings)."
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"text": "Segment income in 2019 was $824 million, $527 million or 177% higher than segment income of $297 million in 2018. The increase in segment income before income taxes primarily reflected the pre-tax impacts of (i) significantly lower catastrophe losses and (ii) higher net favorable prior year reserve development, partially offset by (iii) lower underlying underwriting margins. Catastrophe losses in 2019 and 2018 were $411 million and $1.06 billion, respectively. Net favorable prior year reserve development in 2019 and 2018 was $133 million and $109 million, respectively. The lower underlying underwriting margins primarily reflected"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-92 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | (i) higher non-catastrophe weather-related losses in Agency Homeowners and Other and (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty, mostly impacting Agency Homeowners and Other, partially offset by (iii) earned pricing that exceeded loss cost trends in Agency Automobile and (iv) higher business volumes. Income tax expense in 2019 was higher than in 2018, primarily reflecting the impacts of (i) the increase in segment income before income taxes and (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan. Revenues Earned Premiums Earned premiums in 2019 were $10.41 billion, $490 million or 5% higher than in 2018, primarily reflecting an increase in net written premiums over the preceding twelve months. The increase in earned premiums in 2019 was reduced by the earned impact of the new catastrophe reinsurance treaty. Net Investment Income Net investment income in 2019 was $419 million, $11 million or 3% higher than in 2018. Refer to the "Net Investment Income" section of the "Consolidated Results of Operations" discussion for a description of the factors contributing to the Company's consolidated net investment income in 2019 as compared with the 2018. In addition, refer to note 2 of notes to the consolidated financial statements for a discussion of the Company's net investment income allocation methodology. Other Revenues Other revenues in all years presented included installment premium charges. Claims and Expenses Claims and Claim Adjustment Expenses Claims and claim adjustment expenses in 2019 were $7.08 billion, $272 million or 4% lower than in 2018, primarily reflecting the impacts of (i) significantly lower catastrophe losses and (ii) higher net favorable prior year reserve development, partially offset by (iii) higher non-catastrophe weather-related losses in Agency Homeowners and Other, (iv) higher business volumes and (v) loss cost trends. Factors contributing to net favorable prior year reserve development during the years ended December 31, 2019 and 2018 are discussed in more detail in note 7 of notes to the consolidated financial statements. Net prior year reserve development in 2017 was not significant. Amortization of Deferred Acquisition Costs Amortization of deferred acquisition costs in 2019 was $1.62 billion, $81 million or 5% higher than in 2018, generally consistent with the increase in earned premiums. General and Administrative Expenses General and administrative expenses in 2019 were $1.22 billion, $35 million or 3% higher than in 2018, primarily reflecting the impact of costs associated with higher business volumes. Income Tax Expense Income tax expense in 2019 was $195 million, $153 million or 364% higher than in 2018, primarily reflecting the impacts of (i) the $680 million increase in income before income taxes in 2019 and (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan. The level of income tax expense in both years reflected the impact of tax-exempt investment income on the calculation of the Company's tax provision. 73 | [
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"text": "to the Company's new catastrophe reinsurance treaty, mostly impacting Agency Homeowners and Other, partially offset by (iii) "
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"text": "earned pricing that exceeded loss cost trends in Agency Automobile and (iv) higher business volumes. Income tax expense in "
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"text": "the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension "
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"text": "Earned premiums in 2019 were $10.41 billion, $490 million or 5% higher than in 2018, primarily reflecting an increase in net "
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"text": "written premiums over the preceding twelve months. The increase in earned premiums in 2019 was reduced by the earned impact "
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"text": "of the new catastrophe reinsurance treaty. "
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"text": "Net Investment Income"
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"text": "Net investment income in 2019 was $419 million, $11 million or 3% higher than in 2018. Refer to the “Net Investment Income” "
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"text": "section of the “Consolidated Results of Operations” discussion for a description of the factors contributing to the Company’s "
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"text": "consolidated net investment income in 2019 as compared with the 2018. In addition, refer to note 2 of notes to the consolidated"
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"text": "financial statements for a discussion of the Company’s net investment income allocation methodology. "
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"text": "the impacts of (i) significantly lower catastrophe losses and (ii) higher net favorable prior year reserve development, partially "
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"text": "offset by (iii) higher non-catastrophe weather-related losses in Agency Homeowners and Other, (iv) higher business volumes and "
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"text": "Amortization of Deferred Acquisition Costs"
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"text": "General and Administrative Expenses"
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"text": "General and administrative expenses in 2019 were $1.22 billion, $35 million or 3% higher than in 2018, primarily reflecting the"
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"text": "the $680 million increase in income before income taxes in 2019 and (ii) the reduction in income tax expense in 2018 resulting "
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"text": "from the Company's voluntary contribution to its qualified domestic pension plan. The level of income tax expense in both years "
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"text": "(i) higher non-catastrophe weather-related losses in Agency Homeowners and Other and (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty, mostly impacting Agency Homeowners and Other, partially offset by (iii) earned pricing that exceeded loss cost trends in Agency Automobile and (iv) higher business volumes. Income tax expense in 2019 was higher than in 2018, primarily reflecting the impacts of (i) the increase in segment income before income taxes and (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan."
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"text": "Earned premiums in 2019 were $10.41 billion, $490 million or 5% higher than in 2018, primarily reflecting an increase in net written premiums over the preceding twelve months. The increase in earned premiums in 2019 was reduced by the earned impact of the new catastrophe reinsurance treaty."
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"text": "Net investment income in 2019 was $419 million, $11 million or 3% higher than in 2018. Refer to the \"Net Investment Income\" section of the \"Consolidated Results of Operations\" discussion for a description of the factors contributing to the Company's consolidated net investment income in 2019 as compared with the 2018. In addition, refer to note 2 of notes to the consolidated financial statements for a discussion of the Company's net investment income allocation methodology."
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"text": "Claims and claim adjustment expenses in 2019 were $7.08 billion, $272 million or 4% lower than in 2018, primarily reflecting the impacts of (i) significantly lower catastrophe losses and (ii) higher net favorable prior year reserve development, partially offset by (iii) higher non-catastrophe weather-related losses in Agency Homeowners and Other, (iv) higher business volumes and (v) loss cost trends."
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"text": "Factors contributing to net favorable prior year reserve development during the years ended December 31, 2019 and 2018 are discussed in more detail in note 7 of notes to the consolidated financial statements. Net prior year reserve development in 2017 was not significant."
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"text": "Amortization of deferred acquisition costs in 2019 was $1.62 billion, $81 million or 5% higher than in 2018, generally consistent with the increase in earned premiums."
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"text": "General and administrative expenses in 2019 were $1.22 billion, $35 million or 3% higher than in 2018, primarily reflecting the impact of costs associated with higher business volumes."
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"text": "Income tax expense in 2019 was $195 million, $153 million or 364% higher than in 2018, primarily reflecting the impacts of (i) the $680 million increase in income before income taxes in 2019 and (ii) the reduction in income tax expense in 2018 resulting from the Company's voluntary contribution to its qualified domestic pension plan. The level of income tax expense in both years reflected the impact of tax-exempt investment income on the calculation of the Company's tax provision."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-93 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Combined Ratio The combined ratio of 94.2% in 2019 was 6.4 points lower than the combined ratio of 100.6% in 2018. The loss and loss adjustment expense ratio of 68.0% in 2019 was 6.1 points lower than the loss and loss adjustment expense ratio of 74.1% in 2018. The underwriting expense ratio of 26.2% in 2019 was 0.3 points lower than the underwriting expense ratio of 26.5% in 2018. Catastrophe losses accounted for 4.0 points and 10.7 points of the combined ratio in 2019 and 2018, respectively. Net favorable prior year reserve development in 2019 and 2018 provided 1.3 and 1.1 points of benefit, respectively, to the combined ratio. The underlying combined ratio in 2019 was 0.5 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher non-catastrophe weather-related losses in Agency Homeowners and Other and (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty, mostly impacting Agency Homeowners and Other, partially offset by (iii) earned pricing that exceeded loss cost trends in Agency Automobile and (iv) a lower underwriting expense ratio. Written Premiums Personal Insurance's gross and net written premiums were as follows: Domestic Agency Written Premiums Personal Insurance's domestic Agency business comprises business written through agents, brokers and other intermediaries. Domestic Agency gross written premiums in 2019 increased by 7% over 2018. Net written premiums in 2019 increased by 6% over 2018. Net written premium growth in 2019 was impacted by the Company's new catastrophe reinsurance treaty entered into in the first quarter of 2019. Domestic Agency Automobile net written premiums of $5.12 billion in 2019 were 3% higher than in 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive but were lower than in 2018. New business premiums in 2019 increased over 2018. 74 | [
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"text": "expense ratio of 68.0% in 2019 was 6.1 points lower than the loss and loss adjustment expense ratio of 74.1% in 2018. The "
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"text": "underwriting expense ratio of 26.2% in 2019 was 0.3 points lower than the underwriting expense ratio of 26.5% in 2018. "
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"text": "prior year reserve development in 2019 and 2018 provided 1.3 and 1.1 points of benefit, respectively, to the combined ratio. The "
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"text": "of (i) higher non-catastrophe weather-related losses in Agency Homeowners and Other and (ii) the impact on earned premiums "
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"text": "related to the Company's new catastrophe reinsurance treaty, mostly impacting Agency Homeowners and Other, partially offset "
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"text": "by (iii) earned pricing that exceeded loss cost trends in Agency Automobile and (iv) a lower underwriting expense ratio. "
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"text": "Personal Insurance’s gross and net written premiums were as follows:"
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"text": "(for the year ended December 31, in millions) "
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"text": "Automobile............................................................................................. "
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"text": "$ 5,154 "
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"text": "Homeowners and Other.......................................................................... "
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"text": "Direct-to-Consumer .................................................................................... "
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"text": "Total Personal Insurance "
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"text": "$ 10,981 "
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"text": "$ 10,332 $ 9,695"
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"text": "Net Written Premiums"
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"text": "(for the year ended December 31, in millions) "
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"text": "Domestic:"
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"text": "Agency:"
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"text": "Automobile............................................................................................. "
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"text": "Homeowners and Other.......................................................................... "
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"text": "Total Agency"
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"text": "Direct-to-Consumer .................................................................................... "
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"text": "Total Domestic"
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"text": "10,076 "
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"text": "Total Personal Insurance "
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"text": "$ 10,783 "
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"text": "$ 10,224 $ 9,590"
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"text": "Domestic Agency Written Premiums"
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"text": "Personal Insurance’s domestic Agency business comprises business written through agents, brokers and other intermediaries."
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"text": "Domestic Agency gross written premiums in 2019 increased by 7% over 2018. Net written premiums in 2019 increased by 6%"
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"text": "over 2018. Net written premium growth in 2019 was impacted by the Company's new catastrophe reinsurance treaty entered into "
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"text": "in the first quarter of 2019."
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"text": "Domestic Agency Automobile net written premiums of $5.12 billion in 2019 were 3% higher than in 2018. Net written premiums "
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"text": "in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal "
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"text": "premium changes in 2019 remained positive but were lower than in 2018. New business premiums in 2019 increased over 2018. "
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"text": "Combined Ratio"
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"text": "The combined ratio of 94.2% in 2019 was 6.4 points lower than the combined ratio of 100.6% in 2018. The loss and loss adjustment expense ratio of 68.0% in 2019 was 6.1 points lower than the loss and loss adjustment expense ratio of 74.1% in 2018. The underwriting expense ratio of 26.2% in 2019 was 0.3 points lower than the underwriting expense ratio of 26.5% in 2018."
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"text": "Catastrophe losses accounted for 4.0 points and 10.7 points of the combined ratio in 2019 and 2018, respectively. Net favorable prior year reserve development in 2019 and 2018 provided 1.3 and 1.1 points of benefit, respectively, to the combined ratio. The underlying combined ratio in 2019 was 0.5 points higher than the 2018 ratio on the same basis, primarily reflecting the impacts of (i) higher non-catastrophe weather-related losses in Agency Homeowners and Other and (ii) the impact on earned premiums related to the Company's new catastrophe reinsurance treaty, mostly impacting Agency Homeowners and Other, partially offset by (iii) earned pricing that exceeded loss cost trends in Agency Automobile and (iv) a lower underwriting expense ratio."
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"text": "Written Premiums"
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"text": "Personal Insurance's gross and net written premiums were as follows:"
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"html_seq": "<table><tr><td></td><th colspan=\"3\">Gross Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th><td></td></tr><tr><td>Domestic:</td><td></td><td></td><td></td></tr><tr><td>Agency:</td><td></td><td></td><td></td></tr><tr><td>Automobile.............................................................................................</td><td>$ 5,154</td><td>$ 4,998 $ 4,671</td><td></td></tr><tr><td>Homeowners and Other..........................................................................</td><td>4,685</td><td>4,213 4,000</td><td></td></tr><tr><td>Total Agency .....................................................................................</td><td>9,839</td><td>9,211 8,671</td><td></td></tr><tr><td>Direct-to-Consumer ....................................................................................</td><td>418</td><td>398 362</td><td></td></tr><tr><td>Total Domestic ..................................................................................</td><td>10,257</td><td>9,609 9,033</td><td></td></tr><tr><td>International...................................................................................................</td><td>724</td><td>723 662</td><td></td></tr><tr><td>Total Personal Insurance ................................................................</td><td>$ 10,981</td><td>$ 10,332 $ 9,695</td><td></td></tr></table>",
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"html_seq": "<table><tr><td></td><th colspan=\"3\">Net Written Premiums</th></tr><tr><td>(for the year ended December 31, in millions)</td><th>2019</th><th>2018 2017</th><td></td></tr><tr><td>Domestic:</td><td></td><td></td><td></td></tr><tr><td>Agency:</td><td></td><td></td><td></td></tr><tr><td>Automobile.............................................................................................</td><td>$ 5,124</td><td>$ 4,972 $ 4,646</td><td></td></tr><tr><td>Homeowners and Other..........................................................................</td><td>4,540</td><td>4,148 3,933</td><td></td></tr><tr><td>Total Agency .....................................................................................</td><td>9,664</td><td>9,120 8,579</td><td></td></tr><tr><td>Direct-to-Consumer ....................................................................................</td><td>412</td><td>396 361</td><td></td></tr><tr><td>Total Domestic ..................................................................................</td><td>10,076</td><td>9,516 8,940</td><td></td></tr><tr><td>International...................................................................................................</td><td>707</td><td>708 650</td><td></td></tr><tr><td>Total Personal Insurance ................................................................</td><td>$ 10,783</td><td>$ 10,224 $ 9,590</td><td></td></tr></table>",
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"text": "Domestic Agency Written Premiums"
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"text": "Personal Insurance's domestic Agency business comprises business written through agents, brokers and other intermediaries."
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"text": "Domestic Agency gross written premiums in 2019 increased by 7% over 2018. Net written premiums in 2019 increased by 6% over 2018. Net written premium growth in 2019 was impacted by the Company's new catastrophe reinsurance treaty entered into in the first quarter of 2019."
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"text": "Domestic Agency Automobile net written premiums of $5.12 billion in 2019 were 3% higher than in 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive but were lower than in 2018. New business premiums in 2019 increased over 2018."
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"filename": "NYSE_TRV_2019.pdf",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-94 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Domestic Agency Homeowners and Other net written premiums of $4.54 billion in 2019 were 9% higher than in 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018. For its domestic Agency business, Personal Insurance had approximately 7.5 million and 7.2 million active policies at December 31, 2019 and 2018, respectively. Direct-to-Consumer and International Written Premiums Direct-to-Consumer net written premiums in 2019 were 4% higher than in 2018, primarily driven by growth in homeowners and other. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. International net written premiums in 2019 were comparable with 2018. For its International and Direct-to-Consumer business, Personal Insurance had approximately 869,000 and 900,000 active policies at December 31, 2019 and 2018, respectively. Interest Expense and Other The Income (loss) for Interest Expense and Other in 2019 was $1 million lower than in 2018. Pre-tax interest expense in 2019 and 2018 was $344 million and $352 million, respectively. After-tax interest expense in 2019 and 2018 was $272 million and $278 million, respectively. ASBESTOS CLAIMS AND LITIGATION The Company believes that the property and casualty insurance industry has suffered from court decisions and other trends that have expanded insurance coverage for asbestos claims far beyond the original intent of insurers and policyholders. The Company has received and continues to receive a significant number of asbestos claims. Factors underlying these claim filings include continued intensive advertising by lawyers seeking asbestos claimants and the focus by plaintiffs on defendants who were not traditionally primary targets of asbestos litigation. The focus on these defendants is primarily the result of the number of traditional asbestos defendants who have sought bankruptcy protection in previous years. The bankruptcy of many traditional defendants has also caused increased settlement demands against those policyholders who are not in bankruptcy but remain in the tort system. Currently, in many jurisdictions, those who allege very serious injury and who can present credible medical evidence of their injuries are receiving priority trial settings in the courts, while those who have not shown any credible disease manifestation are having their hearing dates delayed or placed on an inactive docket. Prioritizing claims involving credible evidence of injuries, along with the focus on defendants who were not traditionally primary targets of asbestos litigation, contributes to the claims and claim adjustment expense payment patterns experienced by the Company. The Company's asbestos-related claims and claim adjustment expense experience also has been impacted by the unavailability of other insurance sources potentially available to policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers. The Company continues to be involved in disputes, including litigation, with a number of policyholders, some of whom are in bankruptcy over coverage for asbestos-related claims. Many coverage disputes with policyholders are only resolved through settlement agreements. Because many policyholders make exaggerated demands, it is difficult to predict the outcome of settlement negotiations. Settlements involving bankrupt policyholders may include extensive releases which are favorable to the Company, but which could result in settlements for larger amounts than originally anticipated. Although the Company has seen a reduction in the overall risk associated with these disputes, it remains difficult to predict the ultimate cost of these claims. As in the past, the Company will continue to pursue settlement opportunities. In addition to claims against policyholders, proceedings have been launched directly against insurers, including the Company, by individuals challenging insurers' conduct with respect to the handling of past asbestos claims and by individuals seeking damages arising from alleged asbestos-related bodily injuries. It is possible that the filing of other direct actions against insurers, including the Company, could be made in the future. It is difficult to predict the outcome of these proceedings, including whether the 75 | [
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"text": "For its domestic Agency business, Personal Insurance had approximately 7.5 million and 7.2 million active policies at December "
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"text": "31, 2019 and 2018, respectively."
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"text": "Direct-to-Consumer and International Written Premiums"
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"text": "Direct-to-Consumer net written premiums in 2019 were 4% higher than in 2018, primarily driven by growth in homeowners and "
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"text": "other. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. "
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"text": "For its International and Direct-to-Consumer business, Personal Insurance had approximately 869,000 and 900,000 active policies"
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"text": "Interest Expense and Other"
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"text": "(for the year ended December 31, in millions) "
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"text": "The Income (loss) for Interest Expense and Other in 2019 was $1 million lower than in 2018. Pre-tax interest expense in 2019"
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"text": "and 2018 was $344 million and $352 million, respectively. After-tax interest expense in 2019 and 2018 was $272 million and "
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"text": "$278 million, respectively. "
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"text": "ASBESTOS CLAIMS AND LITIGATION"
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"text": "The Company believes that the property and casualty insurance industry has suffered from court decisions and other trends that "
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"text": "have expanded insurance coverage for asbestos claims far beyond the original intent of insurers and policyholders. The Company "
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"text": "has received and continues to receive a significant number of asbestos claims. Factors underlying these claim filings include "
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"text": "continued intensive advertising by lawyers seeking asbestos claimants and the focus by plaintiffs on defendants who were not "
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"text": "traditionally primary targets of asbestos litigation. The focus on these defendants is primarily the result of the number of traditional "
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"text": "asbestos defendants who have sought bankruptcy protection in previous years. The bankruptcy of many traditional defendants "
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"text": "has also caused increased settlement demands against those policyholders who are not in bankruptcy but remain in the tort system. "
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"text": "having their hearing dates delayed or placed on an inactive docket. Prioritizing claims involving credible evidence of injuries, "
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"text": "along with the focus on defendants who were not traditionally primary targets of asbestos litigation, contributes to the claims and "
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"text": "claim adjustment expense payment patterns experienced by the Company. The Company’s asbestos-related claims and claim "
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"text": "adjustment expense experience also has been impacted by the unavailability of other insurance sources potentially available to "
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"text": "policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers."
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"text": "The Company continues to be involved in disputes, including litigation, with a number of policyholders, some of whom are in "
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"text": "bankruptcy over coverage for asbestos-related claims. Many coverage disputes with policyholders are only resolved through "
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"text": "settlement agreements. Because many policyholders make exaggerated demands, it is difficult to predict the outcome of settlement "
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"text": "negotiations. Settlements involving bankrupt policyholders may include extensive releases which are favorable to the Company, "
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"text": "but which could result in settlements for larger amounts than originally anticipated. Although the Company has seen a reduction "
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"text": "in the overall risk associated with these disputes, it remains difficult to predict the ultimate cost of these claims. As in the past, "
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"text": "In addition to claims against policyholders, proceedings have been launched directly against insurers, including the Company, by "
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"text": "individuals challenging insurers’ conduct with respect to the handling of past asbestos claims and by individuals seeking damages "
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"text": "arising from alleged asbestos-related bodily injuries. It is possible that the filing of other direct actions against insurers, including "
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"text": "the Company, could be made in the future. It is difficult to predict the outcome of these proceedings, including whether the "
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"text": "Domestic Agency Homeowners and Other net written premiums of $4.54 billion in 2019 were 9% higher than in 2018. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty. Business retention rates remained strong in 2019. Renewal premium changes in 2019 remained positive and were higher than in 2018. New business premiums in 2019 increased over 2018."
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"text": "For its domestic Agency business, Personal Insurance had approximately 7.5 million and 7.2 million active policies at December 31, 2019 and 2018, respectively."
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"text": "Direct-to-Consumer net written premiums in 2019 were 4% higher than in 2018, primarily driven by growth in homeowners and other. Net written premiums in 2019 were reduced by the new catastrophe reinsurance treaty."
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"text": "For its International and Direct-to-Consumer business, Personal Insurance had approximately 869,000 and 900,000 active policies at December 31, 2019 and 2018, respectively."
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"text": "The Income (loss) for Interest Expense and Other in 2019 was $1 million lower than in 2018. Pre-tax interest expense in 2019 and 2018 was $344 million and $352 million, respectively. After-tax interest expense in 2019 and 2018 was $272 million and $278 million, respectively."
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"text": "ASBESTOS CLAIMS AND LITIGATION"
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"text": "The Company believes that the property and casualty insurance industry has suffered from court decisions and other trends that have expanded insurance coverage for asbestos claims far beyond the original intent of insurers and policyholders. The Company has received and continues to receive a significant number of asbestos claims. Factors underlying these claim filings include continued intensive advertising by lawyers seeking asbestos claimants and the focus by plaintiffs on defendants who were not traditionally primary targets of asbestos litigation. The focus on these defendants is primarily the result of the number of traditional asbestos defendants who have sought bankruptcy protection in previous years. The bankruptcy of many traditional defendants has also caused increased settlement demands against those policyholders who are not in bankruptcy but remain in the tort system. Currently, in many jurisdictions, those who allege very serious injury and who can present credible medical evidence of their injuries are receiving priority trial settings in the courts, while those who have not shown any credible disease manifestation are having their hearing dates delayed or placed on an inactive docket. Prioritizing claims involving credible evidence of injuries, along with the focus on defendants who were not traditionally primary targets of asbestos litigation, contributes to the claims and claim adjustment expense payment patterns experienced by the Company. The Company's asbestos-related claims and claim adjustment expense experience also has been impacted by the unavailability of other insurance sources potentially available to policyholders, whether through exhaustion of policy limits or through the insolvency of other participating insurers."
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"text": "The Company continues to be involved in disputes, including litigation, with a number of policyholders, some of whom are in bankruptcy over coverage for asbestos-related claims. Many coverage disputes with policyholders are only resolved through settlement agreements. Because many policyholders make exaggerated demands, it is difficult to predict the outcome of settlement negotiations. Settlements involving bankrupt policyholders may include extensive releases which are favorable to the Company, but which could result in settlements for larger amounts than originally anticipated. Although the Company has seen a reduction in the overall risk associated with these disputes, it remains difficult to predict the ultimate cost of these claims. As in the past, the Company will continue to pursue settlement opportunities."
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"text": "In addition to claims against policyholders, proceedings have been launched directly against insurers, including the Company, by individuals challenging insurers' conduct with respect to the handling of past asbestos claims and by individuals seeking damages arising from alleged asbestos-related bodily injuries. It is possible that the filing of other direct actions against insurers, including the Company, could be made in the future. It is difficult to predict the outcome of these proceedings, including whether the"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-95 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | plaintiffs would be able to sustain these actions against insurers based on novel legal theories of liability. The Company believes it has meritorious defenses to any such claims and has received favorable rulings in certain jurisdictions. Because each policyholder presents different liability and coverage issues, the Company generally reviews the exposure presented by each policyholder at least annually. Among the factors which the Company may consider in the course of this review are: available insurance coverage, including the role of any umbrella or excess insurance the Company has issued to the policyholder; limits and deductibles; an analysis of the policyholder's potential liability; the jurisdictions involved; past and anticipated future claim activity and loss development on pending claims; past settlement values of similar claims; allocated claim adjustment expense; the potential role of other insurance; the role, if any, of non-asbestos claims or potential non-asbestos claims in any resolution process; and applicable coverage defenses or determinations, if any, including the determination as to whether or not an asbestos claim is a products/completed operation claim subject to an aggregate limit and the available coverage, if any, for that claim. The Company categorizes its asbestos reserves as follows: The policyholders with settlement agreements category includes certain policyholders with whom the Company has entered into permanent settlement agreements. Reserves in this category are based on the expected payout for each policyholder under the applicable agreement. The home office and field office category relates to all other policyholders and also includes IBNR reserves and reserves for the costs of defending asbestos-related coverage litigation. IBNR reserves in this category include amounts for new claims and adverse development on existing policyholders in this category, as well as reserves for claims from policyholders reporting asbestos claims for the first time and for policyholders for which there is, or may be, litigation. Policyholders are identified for the annual home office review based upon, among other factors: a combination of past payments and current case reserves in excess of a specified threshold (currently $100,000), perceived level of exposure, number of reported claims, products/completed operations and potential "non-product" exposures, size of policyholder and geographic distribution of products or services sold by the policyholder. The assumed reinsurance and other category primarily consists of reinsurance of excess coverage, including various pool participations. In the third quarter of 2019, the Company completed its annual in-depth asbestos claim review, including a review of active policyholders and litigation cases for potential product and "non-product" liability, and noted the continuation of the following trends: - · a high level of litigation activity in certain jurisdictions involving individuals alleging serious asbestos-related illness, primarily involving mesothelioma claims; - · while overall payment patterns have been generally stable, there has been an increase in severity for certain policyholders due to the high level of litigation activity; and - · a moderate level of asbestos-related bankruptcy activity. In the home office and field office category, which accounts for the vast majority of policyholders with active asbestos-related claims, the number of policyholders with open asbestos claims and net asbestos-related payments were comparable with 2018. Payments on behalf of policyholders in this category continue to be influenced by a high level of litigation activity in a limited number of jurisdictions where individuals alleging serious asbestos-related injury, primarily mesothelioma, continue to target defendants who were not traditionally primary targets of asbestos litigation. The Company's quarterly asbestos reserve reviews include an analysis of exposure and claim payment patterns by policyholder category, as well as recent settlements, policyholder bankruptcies, judicial rulings and legislative actions. The Company also analyzes developing payment patterns among policyholders in the home office and field office category and the assumed reinsurance and other category as well as projected reinsurance billings and recoveries. In addition, the Company reviews its historical gross and net loss and expense paid experience, year-by-year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid activity. Conventional actuarial methods are not utilized to establish asbestos reserves, and the Company's evaluations have not resulted in a reliable method to determine a meaningful average asbestos defense or indemnity payment. 76 | [
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"text": "plaintiffs would be able to sustain these actions against insurers based on novel legal theories of liability. The Company believes "
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"text": "it has meritorious defenses to any such claims and has received favorable rulings in certain jurisdictions. "
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"text": "Because each policyholder presents different liability and coverage issues, the Company generally reviews the exposure presented "
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"text": "by each policyholder at least annually. Among the factors which the Company may consider in the course of this review are: "
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"text": "available insurance coverage, including the role of any umbrella or excess insurance the Company has issued to the policyholder; "
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"text": "limits and deductibles; an analysis of the policyholder’s potential liability; the jurisdictions involved; past and anticipated future "
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"text": "claim activity and loss development on pending claims; past settlement values of similar claims; allocated claim adjustment "
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"text": "expense; the potential role of other insurance; the role, if any, of non-asbestos claims or potential non-asbestos claims in any "
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"text": "resolution process; and applicable coverage defenses or determinations, if any, including the determination as to whether or not "
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"text": "an asbestos claim is a products/completed operation claim subject to an aggregate limit and the available coverage, if any, for that "
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"text": "The Company categorizes its asbestos reserves as follows:"
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"text": "Number of"
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"text": "Policyholders "
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"text": "Total Net Paid"
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"text": "Net Asbestos"
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"text": "Reserves"
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"text": "(at and for the year ended December 31, $ in millions) 2019 2018 2019 2018 2019 2018"
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"text": "Policyholders with settlement agreements ...... "
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"text": "12 "
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"text": "11 "
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"text": "$ 10 "
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"text": "$ 20 "
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"text": "$ 53"
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"text": "Home office and field office policyholders..... "
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"text": "1,439 "
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"text": "1,466 "
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"text": "Assumed reinsurance and other....................... "
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"text": "Total"
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"text": ".............................................................. "
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"text": "1,451 "
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"text": "1,477 "
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"text": "$ 224 "
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"text": "$ 225 "
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"text": "$ 1,279 "
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"text": "$ 1,281"
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"text": "The policyholders with settlement agreements category includes certain policyholders with whom the Company has entered into "
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"text": "permanent settlement agreements. Reserves in this category are based on the expected payout for each policyholder under the "
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"text": "applicable agreement. The home office and field office category relates to all other policyholders and also includes IBNR reserves "
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"text": "and reserves for the costs of defending asbestos-related coverage litigation. IBNR reserves in this category include amounts for "
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"text": "new claims and adverse development on existing policyholders in this category, as well as reserves for claims from policyholders "
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"text": "reporting asbestos claims for the first time and for policyholders for which there is, or may be, litigation. Policyholders are identified "
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"text": "for the annual home office review based upon, among other factors: a combination of past payments and current case reserves in "
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"text": "excess of a specified threshold (currently $100,000), perceived level of exposure, number of reported claims, products/completed "
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"text": "operations and potential “non-product” exposures, size of policyholder and geographic distribution of products or services sold"
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"text": "by the policyholder. The assumed reinsurance and other category primarily consists of reinsurance of excess coverage, including"
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"text": "various pool participations. "
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"text": "In the third quarter of 2019, the Company completed its annual in-depth asbestos claim review, including a review of active "
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"text": "policyholders and litigation cases for potential product and “non-product” liability, and noted the continuation of the following "
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"text": "trends:"
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"text": "• a high level of litigation activity in certain jurisdictions involving individuals alleging serious asbestos-related illness,"
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"text": "primarily involving mesothelioma claims;"
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"text": "• while overall payment patterns have been generally stable, there has been an increase in severity for certain policyholders "
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"text": "due to the high level of litigation activity; and "
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"text": "• a moderate level of asbestos-related bankruptcy activity. "
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"text": "In the home office and field office category, which accounts for the vast majority of policyholders with active asbestos-related "
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"text": "claims, the number of policyholders with open asbestos claims and net asbestos-related payments were comparable with 2018. "
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"text": "Payments on behalf of policyholders in this category continue to be influenced by a high level of litigation activity in a limited "
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"text": "number of jurisdictions where individuals alleging serious asbestos-related injury, primarily mesothelioma, continue to target "
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"text": "defendants who were not traditionally primary targets of asbestos litigation. "
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"text": "The Company’s quarterly asbestos reserve reviews include an analysis of exposure and claim payment patterns by policyholder "
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"text": "category, as well as recent settlements, policyholder bankruptcies, judicial rulings and legislative actions. The Company also"
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"text": "analyzes developing payment patterns among policyholders in the home office and field office category and the assumed reinsurance "
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"text": "and other category as well as projected reinsurance billings and recoveries. In addition, the Company reviews its historical gross "
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"text": "and net loss and expense paid experience, year-by-year, to assess any emerging trends, fluctuations or characteristics suggested "
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"text": "by the aggregate paid activity. Conventional actuarial methods are not utilized to establish asbestos reserves, and the Company’s "
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"text": "plaintiffs would be able to sustain these actions against insurers based on novel legal theories of liability. The Company believes it has meritorious defenses to any such claims and has received favorable rulings in certain jurisdictions."
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"text": "Because each policyholder presents different liability and coverage issues, the Company generally reviews the exposure presented by each policyholder at least annually. Among the factors which the Company may consider in the course of this review are: available insurance coverage, including the role of any umbrella or excess insurance the Company has issued to the policyholder; limits and deductibles; an analysis of the policyholder's potential liability; the jurisdictions involved; past and anticipated future claim activity and loss development on pending claims; past settlement values of similar claims; allocated claim adjustment expense; the potential role of other insurance; the role, if any, of non-asbestos claims or potential non-asbestos claims in any resolution process; and applicable coverage defenses or determinations, if any, including the determination as to whether or not an asbestos claim is a products/completed operation claim subject to an aggregate limit and the available coverage, if any, for that claim."
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"text": "The policyholders with settlement agreements category includes certain policyholders with whom the Company has entered into permanent settlement agreements. Reserves in this category are based on the expected payout for each policyholder under the applicable agreement. The home office and field office category relates to all other policyholders and also includes IBNR reserves and reserves for the costs of defending asbestos-related coverage litigation. IBNR reserves in this category include amounts for new claims and adverse development on existing policyholders in this category, as well as reserves for claims from policyholders reporting asbestos claims for the first time and for policyholders for which there is, or may be, litigation. Policyholders are identified for the annual home office review based upon, among other factors: a combination of past payments and current case reserves in excess of a specified threshold (currently $100,000), perceived level of exposure, number of reported claims, products/completed operations and potential \"non-product\" exposures, size of policyholder and geographic distribution of products or services sold by the policyholder. The assumed reinsurance and other category primarily consists of reinsurance of excess coverage, including various pool participations."
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"text": "In the third quarter of 2019, the Company completed its annual in-depth asbestos claim review, including a review of active policyholders and litigation cases for potential product and \"non-product\" liability, and noted the continuation of the following trends:"
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"text": "- · a high level of litigation activity in certain jurisdictions involving individuals alleging serious asbestos-related illness, primarily involving mesothelioma claims;"
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"text": "- · while overall payment patterns have been generally stable, there has been an increase in severity for certain policyholders due to the high level of litigation activity; and"
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"text": "- · a moderate level of asbestos-related bankruptcy activity."
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"text": "In the home office and field office category, which accounts for the vast majority of policyholders with active asbestos-related claims, the number of policyholders with open asbestos claims and net asbestos-related payments were comparable with 2018. Payments on behalf of policyholders in this category continue to be influenced by a high level of litigation activity in a limited number of jurisdictions where individuals alleging serious asbestos-related injury, primarily mesothelioma, continue to target defendants who were not traditionally primary targets of asbestos litigation."
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"text": "The Company's quarterly asbestos reserve reviews include an analysis of exposure and claim payment patterns by policyholder category, as well as recent settlements, policyholder bankruptcies, judicial rulings and legislative actions. The Company also analyzes developing payment patterns among policyholders in the home office and field office category and the assumed reinsurance and other category as well as projected reinsurance billings and recoveries. In addition, the Company reviews its historical gross and net loss and expense paid experience, year-by-year, to assess any emerging trends, fluctuations or characteristics suggested by the aggregate paid activity. Conventional actuarial methods are not utilized to establish asbestos reserves, and the Company's evaluations have not resulted in a reliable method to determine a meaningful average asbestos defense or indemnity payment."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-96 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The completion of these reviews and analyses in 2019, 2018 and 2017 resulted in $220 million, $225 million and $225 million increases, respectively, to the Company's net asbestos reserves. In each year, the reserve increases were primarily driven by increases in the Company's estimate of projected settlement and defense costs related to a broad number of policyholders in the home office and field office category. The increase in the estimate of projected settlement and defense costs resulted from payment trends that continue to be higher than previously anticipated due to the impact of the current litigation environment surrounding mesothelioma claims discussed above. Over the past decade, the property and casualty insurance industry, including the Company, has experienced net unfavorable prior year reserve development with regard to asbestos reserves, but the Company believes that over that period there has been a reduction in the volatility associated with the Company's overall asbestos exposure as the overall asbestos environment has evolved from one dominated by exposure to significant litigation risks, particularly coverage disputes relating to policyholders in bankruptcy who were asserting that their claims were not subject to the aggregate limits contained in their policies, to an environment primarily driven by a frequency of litigation related to individuals with mesothelioma. The Company's overall view of the current underlying asbestos environment is essentially unchanged from recent periods, and there remains a high degree of uncertainty with respect to future exposure to asbestos claims. Net asbestos paid loss and loss expenses in 2019, 2018 and 2017 were $224 million, $225 million and $271 million, respectively. Approximately 4%, 9% and 4% of total net paid losses in 2019, 2018 and 2017, respectively, related to policyholders with whom the Company had entered into settlement agreements limiting the Company's liability. The following table displays activity for asbestos losses and loss expenses and reserves: ___________________________________________ See "-Uncertainty Regarding Adequacy of Asbestos and Environmental Reserves." ENVIRONMENTAL CLAIMS AND LITIGATION The Company has received and continues to receive claims from policyholders who allege that they are liable for injury or damage arising out of their alleged disposition of toxic substances. These claims are mainly brought pursuant to various state or federal statutes that require a liable party to undertake or pay for environmental remediation. Liability under these statutes may be joint and several with other responsible parties. 77 | [
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"text": "increases in the Company’s estimate of projected settlement and defense costs related to a broad number of policyholders in the"
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"text": "home office and field office category. The increase in the estimate of projected settlement and defense costs resulted from "
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"text": "surrounding mesothelioma claims discussed above. Over the past decade, the property and casualty insurance industry, including"
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"text": "believes that over that period there has been a reduction in the volatility associated with the Company’s overall asbestos exposure "
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"text": "as the overall asbestos environment has evolved from one dominated by exposure to significant litigation risks, particularly coverage "
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"text": "disputes relating to policyholders in bankruptcy who were asserting that their claims were not subject to the aggregate limits "
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"text": "contained in their policies, to an environment primarily driven by a frequency of litigation related to individuals with mesothelioma. "
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"text": "The Company’s overall view of the current underlying asbestos environment is essentially unchanged from recent periods, and "
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"text": "there remains a high degree of uncertainty with respect to future exposure to asbestos claims."
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"text": "Net asbestos paid loss and loss expenses in 2019, 2018 and 2017 were $224 million, $225 million and $271 million, respectively. "
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"text": "Approximately 4%, 9% and 4% of total net paid losses in 2019, 2018 and 2017, respectively, related to policyholders with whom "
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"text": "the Company had entered into settlement agreements limiting the Company’s liability."
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"text": "The following table displays activity for asbestos losses and loss expenses and reserves:"
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"text": "(at and for the year ended December 31, in millions) "
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"text": "2018 "
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"text": "Beginning reserves:"
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"text": "Gross ........................................................................................................... "
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"text": "$ 1,608 "
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"text": "$ 1,538 $ 1,512"
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"text": "Ceded .......................................................................................................... "
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"text": "(327) "
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"text": "Net............................................................................................................... "
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"text": "1,281 "
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"text": "1,281 1,326"
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"text": "Incurred losses and loss expenses:"
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"text": "Gross ........................................................................................................... "
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"text": "268 "
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"text": "Ceded .......................................................................................................... "
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"text": "Net............................................................................................................... "
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"text": "Paid loss and loss expenses:"
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"text": "Gross ........................................................................................................... "
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"text": "277 "
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"text": "Ceded .......................................................................................................... "
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"text": "Gross ........................................................................................................... "
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"text": "Net............................................................................................................... "
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"text": "Ending reserves:"
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"text": "Gross ........................................................................................................... "
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"text": "1,601 "
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"text": "1,608 1,538"
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"text": "Net............................................................................................................... "
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"text": "$ 1,279 "
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"text": "$ 1,281 $ 1,281"
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"text": "___________________________________________"
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"text": "See “—Uncertainty Regarding Adequacy of Asbestos and Environmental Reserves.”"
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"text": "ENVIRONMENTAL CLAIMS AND LITIGATION"
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"text": "The Company has received and continues to receive claims from policyholders who allege that they are liable for injury or damage "
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"text": "arising out of their alleged disposition of toxic substances. These claims are mainly brought pursuant to various state or federal "
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"text": "statutes that require a liable party to undertake or pay for environmental remediation. Liability under these statutes may be joint "
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"text": "and several with other responsible parties. "
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"text": "The completion of these reviews and analyses in 2019, 2018 and 2017 resulted in $220 million, $225 million and $225 million increases, respectively, to the Company's net asbestos reserves. In each year, the reserve increases were primarily driven by increases in the Company's estimate of projected settlement and defense costs related to a broad number of policyholders in the home office and field office category. The increase in the estimate of projected settlement and defense costs resulted from payment trends that continue to be higher than previously anticipated due to the impact of the current litigation environment surrounding mesothelioma claims discussed above. Over the past decade, the property and casualty insurance industry, including the Company, has experienced net unfavorable prior year reserve development with regard to asbestos reserves, but the Company believes that over that period there has been a reduction in the volatility associated with the Company's overall asbestos exposure as the overall asbestos environment has evolved from one dominated by exposure to significant litigation risks, particularly coverage disputes relating to policyholders in bankruptcy who were asserting that their claims were not subject to the aggregate limits contained in their policies, to an environment primarily driven by a frequency of litigation related to individuals with mesothelioma. The Company's overall view of the current underlying asbestos environment is essentially unchanged from recent periods, and there remains a high degree of uncertainty with respect to future exposure to asbestos claims."
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"text": "Net asbestos paid loss and loss expenses in 2019, 2018 and 2017 were $224 million, $225 million and $271 million, respectively. Approximately 4%, 9% and 4% of total net paid losses in 2019, 2018 and 2017, respectively, related to policyholders with whom the Company had entered into settlement agreements limiting the Company's liability."
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"text": "The following table displays activity for asbestos losses and loss expenses and reserves:"
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"html_seq": "<table><tr><td>(at and for the year ended December 31, in millions)</td><th>2019</th><th>2018</th><th>2017</th></tr><tr><td>Beginning reserves:</td><td></td><td></td><td></td></tr><tr><td>Gross ...........................................................................................................</td><td>$ 1,608</td><td></td><td>$ 1,538 $ 1,512</td></tr><tr><td>Ceded ..........................................................................................................</td><td>(327)</td><td>(257)</td><td>(186)</td></tr><tr><td>Net...............................................................................................................</td><td>1,281</td><td></td><td>1,281 1,326</td></tr><tr><td>Incurred losses and loss expenses:</td><td></td><td></td><td></td></tr><tr><td>Gross ...........................................................................................................</td><td>268</td><td>343</td><td>340</td></tr><tr><td>Ceded ..........................................................................................................</td><td>(48)</td><td>(118)</td><td>(115)</td></tr><tr><td>Net...............................................................................................................</td><td>220</td><td>225</td><td>225</td></tr><tr><td>Paid loss and loss expenses:</td><td></td><td></td><td></td></tr><tr><td>Gross ...........................................................................................................</td><td>277</td><td>273</td><td>315</td></tr><tr><td>Ceded ..........................................................................................................</td><td>(53)</td><td>(48)</td><td>(44)</td></tr><tr><td>Net...............................................................................................................</td><td>224</td><td>225</td><td>271</td></tr><tr><td>Foreign exchange and other:</td><td></td><td></td><td></td></tr><tr><td>Gross ...........................................................................................................</td><td>2</td><td>- 1</td><td></td></tr><tr><td>Ceded ..........................................................................................................</td><td>-</td><td></td><td>- -</td></tr><tr><td>Net...............................................................................................................</td><td>2</td><td>- 1</td><td></td></tr><tr><td>Ending reserves:</td><td></td><td></td><td></td></tr><tr><td>Gross ...........................................................................................................</td><td>1,601</td><td></td><td>1,608 1,538</td></tr><tr><td>Ceded ..........................................................................................................</td><td>(322)</td><td>(327)</td><td>(257)</td></tr><tr><td>Net...............................................................................................................</td><td>$ 1,279</td><td></td><td>$ 1,281 $ 1,281</td></tr></table>",
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"text": "___________________________________________"
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"text": "See \"-Uncertainty Regarding Adequacy of Asbestos and Environmental Reserves.\""
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"text": "ENVIRONMENTAL CLAIMS AND LITIGATION"
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"text": "The Company has received and continues to receive claims from policyholders who allege that they are liable for injury or damage arising out of their alleged disposition of toxic substances. These claims are mainly brought pursuant to various state or federal statutes that require a liable party to undertake or pay for environmental remediation. Liability under these statutes may be joint and several with other responsible parties."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-97 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The Company has also been, and continues to be, involved in litigation involving insurance coverage issues pertaining to environmental claims. The Company believes that some court decisions have interpreted the insurance coverage to be broader than the original intent of the insurers and policyholders. These decisions often pertain to insurance policies that were issued by the Company prior to the mid-1980s. These decisions continue to be inconsistent and vary from jurisdiction to jurisdiction. Environmental claims, when submitted, rarely indicate the monetary amount being sought by the claimant from the policyholder, and the Company does not keep track of the monetary amount being sought in those few claims which indicate a monetary amount. The resolution of environmental exposures by the Company generally occurs through settlements with policyholders as opposed to claimants. Generally, the Company strives to extinguish any obligations it may have under any policy issued to the policyholder for past, present and future environmental liabilities and extinguish any pending coverage litigation dispute with the policyholder. This form of settlement is commonly referred to as a "buy-back" of policies for future environmental liability. In addition, many of the agreements have also extinguished any insurance obligation which the Company may have for other claims, including, but not limited to, asbestos and other cumulative injury claims. The Company and its policyholders may also agree to settlements which only extinguish any liability arising from known specified sites or claims. In many instances, these agreements also include indemnities and hold harmless provisions to protect the Company. The Company's general purpose in executing these agreements is to reduce the Company's potential environmental exposure and eliminate the risks presented by coverage litigation with the policyholder and related costs. In establishing environmental reserves, the Company evaluates the exposure presented by each policyholder and the anticipated cost of resolution, if any. In the course of this analysis, the Company generally considers the probable liability, available coverage and relevant judicial interpretations. In addition, the Company considers the many variables presented, such as: the nature of the alleged activities of the policyholder at each site; the number of sites; the total number of potentially responsible parties at each site; the nature of the alleged environmental harm and the corresponding remedy at each site; the nature of government enforcement activities at each site; the ownership and general use of each site; the overall nature of the insurance relationship between the Company and the policyholder, including the role of any umbrella or excess insurance the Company has issued to the policyholder; the involvement of other insurers; the potential for other available coverage, including the number of years of coverage; the role, if any, of non-environmental claims or potential non-environmental claims in any resolution process; and the applicable law in each jurisdiction. Conventional actuarial methods are not used to estimate these reserves. The Company continues to receive notices from policyholders tendering claims for the first time, frequently under policies issued prior to the mid-1980s. These policyholders continue to present smaller exposures, have fewer sites and are lower-tier defendants. Further, in many instances, clean-up costs have been reduced because regulatory agencies are willing to accept risk-based site analyses and more efficient clean-up technologies. Over the past several years, the Company has experienced generally favorable trends in the number of new policyholders tendering environmental claims for the first time and in the number of pending declaratory judgment actions relating to environmental matters. However, the degree to which those favorable trends have continued has been less than anticipated. In addition, reserve development on existing environmental claims as well as the costs associated with coverage litigation on environmental matters have been greater than anticipated, driven by claims and legal developments in a limited number of jurisdictions. As a result of these factors, in 2019, 2018 and 2017, the Company increased its net environmental reserves by $76 million, $55 million and $65 million, respectively. At December 31, 2019, approximately 92% of the net environmental reserve (approximately $296 million) was carried in a bulk reserve and included unresolved environmental claims, incurred but not reported environmental claims and the anticipated cost of coverage litigation disputes relating to these claims. The bulk reserve the Company carries is established and adjusted based upon the aggregate volume of in-process environmental claims and the Company's experience in resolving those claims. The balance, approximately 8% of the net environmental reserve (approximately $25 million), consists of case reserves. 78 | [
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"text": "to claimants. Generally, the Company strives to extinguish any obligations it may have under any policy issued to the policyholder "
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"text": "for past, present and future environmental liabilities and extinguish any pending coverage litigation dispute with the policyholder. "
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"text": "This form of settlement is commonly referred to as a “buy-back” of policies for future environmental liability. In addition, many "
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"text": "of the agreements have also extinguished any insurance obligation which the Company may have for other claims, including, but "
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"text": "not limited to, asbestos and other cumulative injury claims. The Company and its policyholders may also agree to settlements "
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"text": "which only extinguish any liability arising from known specified sites or claims. In many instances, these agreements also include "
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"text": "indemnities and hold harmless provisions to protect the Company. The Company’s general purpose in executing these agreements "
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"text": "is to reduce the Company’s potential environmental exposure and eliminate the risks presented by coverage litigation with the "
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"text": "cost of resolution, if any. In the course of this analysis, the Company generally considers the probable liability, available coverage "
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"text": "and relevant judicial interpretations. In addition, the Company considers the many variables presented, such as: the nature of the "
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"text": "alleged activities of the policyholder at each site; the number of sites; the total number of potentially responsible parties at each "
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"text": "site; the nature of the alleged environmental harm and the corresponding remedy at each site; the nature of government enforcement "
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"text": "activities at each site; the ownership and general use of each site; the overall nature of the insurance relationship between the "
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"text": "Company and the policyholder, including the role of any umbrella or excess insurance the Company has issued to the policyholder; "
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"text": "the involvement of other insurers; the potential for other available coverage, including the number of years of coverage; the role, "
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"text": "if any, of non-environmental claims or potential non-environmental claims in any resolution process; and the applicable law in "
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"text": "each jurisdiction. Conventional actuarial methods are not used to estimate these reserves. "
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"text": "The Company continues to receive notices from policyholders tendering claims for the first time, frequently under policies issued "
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"text": "prior to the mid-1980s. These policyholders continue to present smaller exposures, have fewer sites and are lower-tier defendants. "
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"text": "Further, in many instances, clean-up costs have been reduced because regulatory agencies are willing to accept risk-based site "
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"text": "analyses and more efficient clean-up technologies. Over the past several years, the Company has experienced generally favorable "
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"text": "trends in the number of new policyholders tendering environmental claims for the first time and in the number of pending declaratory "
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"text": "judgment actions relating to environmental matters. However, the degree to which those favorable trends have continued has been "
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"text": "less than anticipated. In addition, reserve development on existing environmental claims as well as the costs associated with "
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"text": "coverage litigation on environmental matters have been greater than anticipated, driven by claims and legal developments in a "
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"text": "limited number of jurisdictions. As a result of these factors, in 2019, 2018 and 2017, the Company increased its net environmental "
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"text": "reserves by $76 million, $55 million and $65 million, respectively."
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"text": "At December 31, 2019, approximately 92% of the net environmental reserve (approximately $296 million) was carried in a bulk "
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"text": "reserve and included unresolved environmental claims, incurred but not reported environmental claims and the anticipated cost "
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"text": "of coverage litigation disputes relating to these claims. The bulk reserve the Company carries is established and adjusted based "
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"text": "upon the aggregate volume of in-process environmental claims and the Company’s experience in resolving those claims. The "
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"text": "balance, approximately 8% of the net environmental reserve (approximately $25 million), consists of case reserves."
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"text": "The Company has also been, and continues to be, involved in litigation involving insurance coverage issues pertaining to environmental claims. The Company believes that some court decisions have interpreted the insurance coverage to be broader than the original intent of the insurers and policyholders. These decisions often pertain to insurance policies that were issued by the Company prior to the mid-1980s. These decisions continue to be inconsistent and vary from jurisdiction to jurisdiction. Environmental claims, when submitted, rarely indicate the monetary amount being sought by the claimant from the policyholder, and the Company does not keep track of the monetary amount being sought in those few claims which indicate a monetary amount."
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"text": "The resolution of environmental exposures by the Company generally occurs through settlements with policyholders as opposed to claimants. Generally, the Company strives to extinguish any obligations it may have under any policy issued to the policyholder for past, present and future environmental liabilities and extinguish any pending coverage litigation dispute with the policyholder. This form of settlement is commonly referred to as a \"buy-back\" of policies for future environmental liability. In addition, many of the agreements have also extinguished any insurance obligation which the Company may have for other claims, including, but not limited to, asbestos and other cumulative injury claims. The Company and its policyholders may also agree to settlements which only extinguish any liability arising from known specified sites or claims. In many instances, these agreements also include indemnities and hold harmless provisions to protect the Company. The Company's general purpose in executing these agreements is to reduce the Company's potential environmental exposure and eliminate the risks presented by coverage litigation with the policyholder and related costs."
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"text": "In establishing environmental reserves, the Company evaluates the exposure presented by each policyholder and the anticipated cost of resolution, if any. In the course of this analysis, the Company generally considers the probable liability, available coverage and relevant judicial interpretations. In addition, the Company considers the many variables presented, such as: the nature of the alleged activities of the policyholder at each site; the number of sites; the total number of potentially responsible parties at each site; the nature of the alleged environmental harm and the corresponding remedy at each site; the nature of government enforcement activities at each site; the ownership and general use of each site; the overall nature of the insurance relationship between the Company and the policyholder, including the role of any umbrella or excess insurance the Company has issued to the policyholder; the involvement of other insurers; the potential for other available coverage, including the number of years of coverage; the role, if any, of non-environmental claims or potential non-environmental claims in any resolution process; and the applicable law in each jurisdiction. Conventional actuarial methods are not used to estimate these reserves."
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"text": "The Company continues to receive notices from policyholders tendering claims for the first time, frequently under policies issued prior to the mid-1980s. These policyholders continue to present smaller exposures, have fewer sites and are lower-tier defendants. Further, in many instances, clean-up costs have been reduced because regulatory agencies are willing to accept risk-based site analyses and more efficient clean-up technologies. Over the past several years, the Company has experienced generally favorable trends in the number of new policyholders tendering environmental claims for the first time and in the number of pending declaratory judgment actions relating to environmental matters. However, the degree to which those favorable trends have continued has been less than anticipated. In addition, reserve development on existing environmental claims as well as the costs associated with coverage litigation on environmental matters have been greater than anticipated, driven by claims and legal developments in a limited number of jurisdictions. As a result of these factors, in 2019, 2018 and 2017, the Company increased its net environmental reserves by $76 million, $55 million and $65 million, respectively."
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"text": "At December 31, 2019, approximately 92% of the net environmental reserve (approximately $296 million) was carried in a bulk reserve and included unresolved environmental claims, incurred but not reported environmental claims and the anticipated cost of coverage litigation disputes relating to these claims. The bulk reserve the Company carries is established and adjusted based upon the aggregate volume of in-process environmental claims and the Company's experience in resolving those claims. The balance, approximately 8% of the net environmental reserve (approximately $25 million), consists of case reserves."
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"filename": "NYSE_TRV_2019.pdf",
"page": 97
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-98 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The following table displays activity for environmental losses and loss expenses and reserves: UNCERTAINTY REGARDING ADEQUACY OF ASBESTOS AND ENVIRONMENTAL RESERVES As a result of the processes and procedures discussed above, management believes that the reserves carried for asbestos and environmental claims are appropriately established based upon known facts, current law and management's judgment. However, the uncertainties surrounding the final resolution of these claims continue, and it is difficult to determine the ultimate exposure for asbestos and environmental claims and related litigation. As a result, these reserves are subject to revision as new information becomes available and as claims develop. Changes in the legal, regulatory and legislative environment may impact the future resolution of asbestos and environmental claims and result in adverse loss reserve development. The emergence of a greater number of asbestos or environmental claims beyond that which is anticipated may result in adverse loss reserve development. Changes in applicable legislation and future court and regulatory decisions and interpretations, including the outcome of legal challenges to legislative and/or judicial reforms establishing medical criteria for the pursuit of asbestos claims, could affect the settlement of asbestos and environmental claims. It is also difficult to predict the ultimate outcome of complex coverage disputes until settlement negotiations near completion and significant legal questions are resolved or, failing settlement, until the dispute is adjudicated. This is particularly the case with policyholders in bankruptcy where negotiations often involve a large number of claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos and environmental reserves, the Company continues to study the implications of these and other developments. Because of the uncertainties set forth above, additional liabilities may arise for amounts in excess of the Company's current reserves. In addition, the Company's estimate of claims and claim adjustment expenses may change. These additional liabilities or increases in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company's operating results in future periods. INVESTMENT PORTFOLIO The Company's invested assets at December 31, 2019 were $77.88 billion, of which 94% was invested in fixed maturity and shortterm investments, 1% in equity securities, 1% in real estate investments and 4% in other investments. Because the primary purpose of the investment portfolio is to fund future claims payments, the Company employs a thoughtful investment philosophy that focuses on appropriate risk-adjusted returns. A significant majority of funds available for investment are deployed in a widely diversified portfolio of high quality, liquid, taxable U.S. government, tax-exempt U.S. municipal and taxable corporate and U.S . agency mortgage-backed bonds. 79 | [
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"text": "(at and for the year ended December 31, in millions) "
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"text": "Beginning reserves:"
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"text": "Gross....................................................................................................... "
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"text": "$ 358 "
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"text": "$ 373 $ 395"
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"text": "Ceded...................................................................................................... "
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"text": "(24) "
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"text": "(13) "
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"text": "(13)"
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"text": "Net .......................................................................................................... "
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"text": "334 "
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"text": "360 "
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"text": "Incurred losses and loss expenses:"
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"text": "Gross....................................................................................................... "
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"text": "84 "
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"text": "71 "
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"text": "Ceded...................................................................................................... "
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"text": "(8) "
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"text": "Net .......................................................................................................... "
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"text": "76 "
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"text": "Paid loss and loss expenses:"
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"text": "Gross....................................................................................................... "
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"text": "92 "
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"text": "86 "
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"text": "Ceded...................................................................................................... "
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"text": "(2) "
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"text": "UNCERTAINTY REGARDING ADEQUACY OF ASBESTOS AND ENVIRONMENTAL RESERVES"
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"text": "As a result of the processes and procedures discussed above, management believes that the reserves carried for asbestos and "
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"text": "settlement of asbestos and environmental claims. It is also difficult to predict the ultimate outcome of complex coverage disputes "
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"text": "claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos and environmental "
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"text": "INVESTMENT PORTFOLIO"
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"text": "The Company’s invested assets at December 31, 2019 were $77.88 billion, of which 94% was invested in fixed maturity and short\u0002"
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"text": "As a result of the processes and procedures discussed above, management believes that the reserves carried for asbestos and environmental claims are appropriately established based upon known facts, current law and management's judgment. However, the uncertainties surrounding the final resolution of these claims continue, and it is difficult to determine the ultimate exposure for asbestos and environmental claims and related litigation. As a result, these reserves are subject to revision as new information becomes available and as claims develop. Changes in the legal, regulatory and legislative environment may impact the future resolution of asbestos and environmental claims and result in adverse loss reserve development. The emergence of a greater number of asbestos or environmental claims beyond that which is anticipated may result in adverse loss reserve development. Changes in applicable legislation and future court and regulatory decisions and interpretations, including the outcome of legal challenges to legislative and/or judicial reforms establishing medical criteria for the pursuit of asbestos claims, could affect the settlement of asbestos and environmental claims. It is also difficult to predict the ultimate outcome of complex coverage disputes until settlement negotiations near completion and significant legal questions are resolved or, failing settlement, until the dispute is adjudicated. This is particularly the case with policyholders in bankruptcy where negotiations often involve a large number of claimants and other parties and require court approval to be effective. As part of its continuing analysis of asbestos and environmental reserves, the Company continues to study the implications of these and other developments."
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"text": "Because of the uncertainties set forth above, additional liabilities may arise for amounts in excess of the Company's current reserves. In addition, the Company's estimate of claims and claim adjustment expenses may change. These additional liabilities or increases in estimates, or a range of either, cannot now be reasonably estimated and could result in income statement charges that could be material to the Company's operating results in future periods."
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"text": "The Company's invested assets at December 31, 2019 were $77.88 billion, of which 94% was invested in fixed maturity and shortterm investments, 1% in equity securities, 1% in real estate investments and 4% in other investments. Because the primary purpose of the investment portfolio is to fund future claims payments, the Company employs a thoughtful investment philosophy that focuses on appropriate risk-adjusted returns. A significant majority of funds available for investment are deployed in a widely diversified portfolio of high quality, liquid, taxable U.S. government, tax-exempt U.S. municipal and taxable corporate and U.S . agency mortgage-backed bonds."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-99 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The carrying value of the Company's fixed maturity portfolio at December 31, 2019 was $68.13 billion. The Company closely monitors the duration of its fixed maturity investments, and investment purchases and sales are executed with the objective of having adequate funds available to satisfy the Company's insurance and debt obligations. The weighted average credit quality of the Company's fixed maturity portfolio, both including and excluding U.S. Treasury securities, was "Aa2" at both December 31, 2019 and 2018. Below investment grade securities represented 2.1% and 2.3% of the total fixed maturity investment portfolio at December 31, 2019 and 2018, respectively. The weighted average effective duration of fixed maturities and short-term securities was 4.0 (4.3 excluding short-term securities) at December 31, 2019 and 4.5 (4.7 excluding short-term securities) at December 31 , 2018. The decrease in duration compared with December 31, 2018 primarily reflected the decrease in market interest rates during 2019. The carrying values of investments in fixed maturities classified as available for sale at December 31, 2019 and 2018 were as follows: ___________________________________________ (1) Rated using external rating agencies or by the Company when a public rating does not exist. 80 | [
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"text": "having adequate funds available to satisfy the Company’s insurance and debt obligations. The weighted average credit quality of "
},
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"text": "the Company’s fixed maturity portfolio, both including and excluding U.S. Treasury securities, was “Aa2” at both December 31, "
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"text": "2019 and 2018. Below investment grade securities represented 2.1% and 2.3% of the total fixed maturity investment portfolio at"
},
{
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"text": "December 31, 2019 and 2018, respectively. The weighted average effective duration of fixed maturities and short-term securities "
},
{
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"ocr": false,
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"text": "was 4.0 (4.3 excluding short-term securities) at December 31, 2019 and 4.5 (4.7 excluding short-term securities) at December 31"
},
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"text": ", "
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{
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"text": "2018. The decrease in duration compared with December 31, 2018 primarily reflected the decrease in market interest rates during "
},
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"text": "2019. "
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"text": "The carrying values of investments in fixed maturities classified as available for sale at December 31, 2019 and 2018 were as "
},
{
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"text": "follows:"
},
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"text": "2019 "
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"text": "2018"
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"text": "(at December 31, in millions) "
},
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"text": "Carrying Value"
},
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"text": "Weighted "
},
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"text": "Average Credit"
},
{
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"text": "Quality (1) Carrying Value"
},
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"text": "Weighted "
},
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"text": "Average Credit"
},
{
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"text": "Quality (1)"
},
{
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"ocr": false,
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"text": "U.S. Treasury securities and obligations of U.S."
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "government and government agencies and authorities .. "
},
{
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"text": "$ 2,095 Aaa/Aa1 "
},
{
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"ocr_confidence": 1,
"text": "$ 2,064 Aaa/Aa1"
},
{
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"ocr": false,
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"text": "Obligations of states, municipalities and political"
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"text": "subdivisions: "
},
{
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"ocr_confidence": 1,
"text": "0"
},
{
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"text": "Local general obligation.................................................. "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "16,315 Aaa/Aa1 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "14,572 Aaa/Aa1"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Revenue ........................................................................... "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "10,315 Aaa/Aa1 "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "9,853 Aaa/Aa1"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "State general obligation ................................................... "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "1,231 Aaa/Aa1 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "1,334 Aaa/Aa1"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Pre-refunded .................................................................... "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "2,056 Aaa/Aa1 "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "2,852 Aaa/Aa1"
},
{
"bbox": [
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"ocr": false,
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"text": "Total obligations of states, municipalities and"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "political subdivisions............................................... "
},
{
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"text": "29,917 "
},
{
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"text": "28,611"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Debt securities issued by foreign governments ................. "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "1,173 Aaa/Aa1 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "1,257 Aaa/Aa1"
},
{
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"ocr": false,
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"text": "Mortgage-backed securities, collateralized mortgage"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "obligations and pass-through securities.......................... "
},
{
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"ocr": false,
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"text": "3,280 Aaa/Aa1 "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "2,573 Aaa/Aa1"
},
{
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"ocr": false,
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"text": "All other corporate bonds and redeemable preferred"
},
{
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"text": "stock:"
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{
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"text": "Financial:"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Bank............................................................................ "
},
{
"bbox": [
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"text": "3,841 "
},
{
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"text": "A1 "
},
{
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"ocr_confidence": 1,
"text": "3,641 "
},
{
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"text": "A1"
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"ocr_confidence": 1,
"text": "Insurance..................................................................... "
},
{
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"text": "1,183 "
},
{
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"text": "Aa3 "
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"text": "1,006 "
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"text": "A1"
},
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"ocr": false,
"ocr_confidence": 1,
"text": "Finance/leasing ........................................................... "
},
{
"bbox": [
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"text": "42 "
},
{
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"text": "Ba3 "
},
{
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"text": "39 "
},
{
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"text": "Ba2"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Brokerage and asset management............................... "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "103 "
},
{
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"text": "A1 "
},
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"text": "80 "
},
{
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"text": "A1"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Total financial ........................................................ "
},
{
"bbox": [
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"text": "5,169 "
},
{
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"ocr_confidence": 1,
"text": "4,766"
},
{
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"ocr_confidence": 1,
"text": "Industrial.......................................................................... "
},
{
"bbox": [
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"text": "18,128 "
},
{
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"text": "A3 "
},
{
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"text": "16,957 "
},
{
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"text": "A3"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Public utility .................................................................... "
},
{
"bbox": [
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"ocr_confidence": 1,
"text": "3,953 "
},
{
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"ocr_confidence": 1,
"text": "A3 "
},
{
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"text": "3,222 "
},
{
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"text": "A2"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Canadian municipal securities......................................... "
},
{
"bbox": [
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"text": "1,416 "
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{
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"ocr_confidence": 1,
"text": "Aa2 "
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"text": "Asset-backed and other.................................................... "
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"text": "preferred stock.................................................... "
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"text": "Total fixed maturities ............................................. "
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"text": "$ 68,134 "
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"text": "$ 63,464 "
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"text": "___________________________________________"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist."
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"text": "The carrying value of the Company's fixed maturity portfolio at December 31, 2019 was $68.13 billion. The Company closely monitors the duration of its fixed maturity investments, and investment purchases and sales are executed with the objective of having adequate funds available to satisfy the Company's insurance and debt obligations. The weighted average credit quality of the Company's fixed maturity portfolio, both including and excluding U.S. Treasury securities, was \"Aa2\" at both December 31, 2019 and 2018. Below investment grade securities represented 2.1% and 2.3% of the total fixed maturity investment portfolio at December 31, 2019 and 2018, respectively. The weighted average effective duration of fixed maturities and short-term securities was 4.0 (4.3 excluding short-term securities) at December 31, 2019 and 4.5 (4.7 excluding short-term securities) at December 31 , 2018. The decrease in duration compared with December 31, 2018 primarily reflected the decrease in market interest rates during 2019."
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"text": "The carrying values of investments in fixed maturities classified as available for sale at December 31, 2019 and 2018 were as follows:"
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"html_seq": "<table><tr><td></td><th colspan=\"2\">2019</th><th colspan=\"2\">2018</th></tr><tr><td>(at December 31, in millions)</td><th>Carrying Value</th><th>Weighted Average Credit</th><th>Quality (1) Carrying Value</th><th>Weighted Average Credit Quality (1)</th></tr><tr><td>U.S. Treasury securities and obligations of U.S. government and government agencies and authorities ..</td><td>$ 2,095 Aaa/Aa1</td><td></td><td>$ 2,064 Aaa/Aa1</td><td></td></tr><tr><td>Obligations of states, municipalities and political subdivisions:</td><td></td><td></td><td></td><td></td></tr><tr><td>Local general obligation..................................................</td><td></td><td>16,315 Aaa/Aa1</td><td></td><td>14,572 Aaa/Aa1</td></tr><tr><td>Revenue ...........................................................................</td><td></td><td>10,315 Aaa/Aa1</td><td></td><td>9,853 Aaa/Aa1</td></tr><tr><td>State general obligation ...................................................</td><td></td><td>1,231 Aaa/Aa1</td><td></td><td>1,334 Aaa/Aa1</td></tr><tr><td>Pre-refunded ....................................................................</td><td></td><td>2,056 Aaa/Aa1</td><td></td><td>2,852 Aaa/Aa1</td></tr><tr><td>Total obligations of states, municipalities and political subdivisions...............................................</td><td>29,917</td><td></td><td>28,611</td><td></td></tr><tr><td>Debt securities issued by foreign governments .................</td><td></td><td>1,173 Aaa/Aa1</td><td></td><td>1,257 Aaa/Aa1</td></tr><tr><td>Mortgage-backed securities, collateralized mortgage obligations and pass-through securities..........................</td><td></td><td>3,280 Aaa/Aa1</td><td></td><td>2,573 Aaa/Aa1</td></tr><tr><td>All other corporate bonds and redeemable preferred stock:</td><td></td><td></td><td></td><td></td></tr><tr><td>Financial:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bank............................................................................</td><td>3,841</td><td>A1</td><td>3,641</td><td>A1</td></tr><tr><td>Insurance.....................................................................</td><td>1,183</td><td>Aa3</td><td>1,006</td><td>A1</td></tr><tr><td>Finance/leasing ...........................................................</td><td>42</td><td>Ba3</td><td>39</td><td>Ba2</td></tr><tr><td>Brokerage and asset management...............................</td><td>103</td><td>A1</td><td>80</td><td>A1</td></tr><tr><td>Total financial ........................................................</td><td>5,169</td><td></td><td>4,766</td><td></td></tr><tr><td>Industrial..........................................................................</td><td>18,128</td><td>A3</td><td>16,957</td><td>A3</td></tr><tr><td>Public utility ....................................................................</td><td>3,953</td><td>A3</td><td>3,222</td><td>A2</td></tr><tr><td>Canadian municipal securities.........................................</td><td>1,416</td><td>Aa2</td><td>1,165</td><td>Aa2</td></tr><tr><td>Sovereign corporate securities (2) .....................................</td><td>582</td><td>Aaa</td><td>629</td><td>Aaa</td></tr><tr><td>Commercial mortgage-backed securities and project (3) loans (3) .........................................................................</td><td>1,509</td><td>Aaa</td><td>1,217</td><td>Aaa</td></tr><tr><td>Asset-backed and other....................................................</td><td>912</td><td>Aa1</td><td>1,003</td><td>Aa1</td></tr><tr><td>Total all other corporate bonds and redeemable preferred stock....................................................</td><td>31,669</td><td></td><td>28,959</td><td></td></tr><tr><td>Total fixed maturities .............................................</td><td>$ 68,134</td><td>Aa2</td><td>$ 63,464</td><td>Aa2</td></tr></table>",
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-100 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | (2) Sovereign corporate securities include corporate securities that are backed by a government and include sovereign banks and securities issued under the Federal Ship Financing Programs. (3) Included in commercial mortgage-backed securities and project loans at December 31, 2019 and 2018 were $557 million and $456 million of securities guaranteed by the U.S. government, respectively, and $2 million of securities guaranteed by government-sponsored enterprises at both December 31, 2019 and 2018. The following table sets forth the Company's fixed maturity investment portfolio rated using external ratings agencies or by the Company when a public rating does not exist: Obligations of States, Municipalities and Political Subdivisions The Company's fixed maturity investment portfolio at December 31, 2019 and 2018 included $29.92 billion and $28.61 billion, respectively, of securities which are obligations of states, municipalities and political subdivisions (collectively referred to as the municipal bond portfolio). The municipal bond portfolio is diversified across the United States, the District of Columbia and Puerto Rico and includes general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers. Included in the municipal bond portfolio at December 31, 2019 and 2018 were $2.06 billion and $2.85 billion, respectively, of pre-refunded bonds, which are bonds for which states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds. The irrevocable trusts are verified as to their sufficiency by an independent verification agent of the underwriter, issuer or trustee. All of the Company's holdings of securities issued by Puerto Rico and related entities have been pre-refunded and therefore are defeased by U.S. Treasury securities. 81 | [
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"text": "Aaa............................................................................................................................"
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"text": ".............. "
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"text": "$ 29,164 42.9%"
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"text": "................ "
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"text": "Baa ............................................................................................................................"
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"text": "Total investment grade........................................................................................................ "
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"text": "Below investment grade ......................................................................................................... "
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"text": "Total fixed maturities ........................................................................................................."
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"text": ". "
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"text": "$ 68,134 100.0%"
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"text": "Obligations of States, Municipalities and Political Subdivisions"
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"text": "The Company’s fixed maturity investment portfolio at December 31, 2019 and 2018 included $29.92 billion and $28.61 billion, "
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"text": "respectively, of securities which are obligations of states, municipalities and political subdivisions (collectively referred to as the "
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"text": "municipal bond portfolio). The municipal bond portfolio is diversified across the United States, the District of Columbia and "
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"text": "Puerto Rico and includes general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers. "
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"text": "Included in the municipal bond portfolio at December 31, 2019 and 2018 were $2.06 billion and $2.85 billion, respectively, of "
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"text": "pre-refunded bonds, which are bonds for which states or municipalities have established irrevocable trusts, almost exclusively "
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"text": "comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts"
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"text": "were created to fund the payment of principal and interest due under the bonds. The irrevocable trusts are verified as to their"
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"text": "sufficiency by an independent verification agent of the underwriter, issuer or trustee. All of the Company’s holdings of securities "
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"text": "issued by Puerto Rico and related entities have been pre-refunded and therefore are defeased by U.S. Treasury securities. "
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"text": "(2) Sovereign corporate securities include corporate securities that are backed by a government and include sovereign banks and securities issued under the Federal Ship Financing Programs."
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"text": "(3) Included in commercial mortgage-backed securities and project loans at December 31, 2019 and 2018 were $557 million and $456 million of securities guaranteed by the U.S. government, respectively, and $2 million of securities guaranteed by government-sponsored enterprises at both December 31, 2019 and 2018."
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"text": "The following table sets forth the Company's fixed maturity investment portfolio rated using external ratings agencies or by the Company when a public rating does not exist:"
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"text": "Obligations of States, Municipalities and Political Subdivisions"
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"text": "The Company's fixed maturity investment portfolio at December 31, 2019 and 2018 included $29.92 billion and $28.61 billion, respectively, of securities which are obligations of states, municipalities and political subdivisions (collectively referred to as the municipal bond portfolio). The municipal bond portfolio is diversified across the United States, the District of Columbia and Puerto Rico and includes general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers. Included in the municipal bond portfolio at December 31, 2019 and 2018 were $2.06 billion and $2.85 billion, respectively, of pre-refunded bonds, which are bonds for which states or municipalities have established irrevocable trusts, almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds. The irrevocable trusts are verified as to their sufficiency by an independent verification agent of the underwriter, issuer or trustee. All of the Company's holdings of securities issued by Puerto Rico and related entities have been pre-refunded and therefore are defeased by U.S. Treasury securities."
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"filename": "NYSE_TRV_2019.pdf",
"page": 100
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-101 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The following table shows the geographic distribution of the $27.86 billion of municipal bonds at December 31, 2019 that were not pre-refunded: ___________________________________________ (1) Rated using external rating agencies or by the Company when a public rating does not exist. Ratings shown are the higher of the rating of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and interest in the event of issuer default. (2) No other single state accounted for 2.5% or more of the total non-pre-refunded municipal bonds. 82 | [
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"text": "(at December 31, 2019, in millions)"
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"text": "Obligation Revenue"
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"text": "Total Carrying"
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"text": "Credit"
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"text": "Quality(1)"
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"text": "State:"
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"text": "Texas .................................................... "
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"text": "$ 14 $ 2,803 $ 1,143 $ 3,960 "
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"text": "Aaa"
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"text": "Washington .......................................... "
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"text": "110 1,389 "
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"text": "483 1,982 Aaa/Aa1"
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"text": "Virginia ................................................ "
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"text": "California ............................................. "
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"text": "— 1,086 "
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"text": "454 1,540 Aaa/Aa1"
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"text": "Minnesota............................................. "
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"text": "73 1,089 "
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"text": "246 1,408 Aaa/Aa1"
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"text": "North Carolina ..................................... "
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"text": "97 "
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"text": "794 "
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"text": "Massachusetts ...................................... "
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"text": "— "
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"text": "123 1,089 1,212 Aaa/Aa1"
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"text": "Colorado............................................... "
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"text": "Aa1"
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"text": "Maryland.............................................. "
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"text": "925 Aaa/Aa1"
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"text": "Georgia................................................. "
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"text": "$ 1,231 $ 16,315 $ 10,315 $ 27,861 Aaa/Aa1"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist. Ratings shown are the higher of the rating "
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"text": "of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and "
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"text": "interest in the event of issuer default."
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"text": "(2) No other single state accounted for 2.5% or more of the total non-pre-refunded municipal bonds."
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"text": "The following table shows the geographic distribution of the $27.86 billion of municipal bonds at December 31, 2019 that were not pre-refunded:"
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"html_seq": "<table><tr><td>(at December 31, 2019, in millions)</td><th>State General Obligation</th><th>Local General Obligation Revenue</th><td></td><th>Total Carrying Value</th><th>Weighted Average Credit Quality(1)</th></tr><tr><td>State:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Texas ....................................................</td><td></td><td></td><td></td><td>$ 14 $ 2,803 $ 1,143 $ 3,960</td><td>Aaa</td></tr><tr><td>Washington ..........................................</td><td></td><td>110 1,389</td><td></td><td></td><td>483 1,982 Aaa/Aa1</td></tr><tr><td>Virginia ................................................</td><td>8</td><td>913</td><td></td><td></td><td>826 1,747 Aaa/Aa1</td></tr><tr><td>California .............................................</td><td></td><td>- 1,086</td><td></td><td></td><td>454 1,540 Aaa/Aa1</td></tr><tr><td>Minnesota.............................................</td><td></td><td>73 1,089</td><td></td><td></td><td>246 1,408 Aaa/Aa1</td></tr><tr><td>North Carolina .....................................</td><td>97</td><td>794</td><td></td><td></td><td>438 1,329 Aaa/Aa1</td></tr><tr><td>Massachusetts ......................................</td><td>-</td><td></td><td></td><td></td><td>123 1,089 1,212 Aaa/Aa1</td></tr><tr><td>Colorado...............................................</td><td>-</td><td>711</td><td>282</td><td>993</td><td>Aa1</td></tr><tr><td>Maryland..............................................</td><td>33</td><td>726</td><td>166</td><td></td><td>925 Aaa/Aa1</td></tr><tr><td>Georgia.................................................</td><td>158</td><td>596</td><td>160</td><td></td><td>914 Aaa/Aa1</td></tr><tr><td>Wisconsin.............................................</td><td>143</td><td>496</td><td>182</td><td>821</td><td>Aa1</td></tr><tr><td>Tennessee.............................................</td><td>63</td><td>623</td><td>88</td><td>774</td><td>Aa1</td></tr><tr><td>Florida..................................................</td><td>46</td><td>77</td><td>624</td><td>747</td><td>Aa1</td></tr><tr><td>South Carolina .....................................</td><td>53</td><td>557</td><td>118</td><td>728</td><td>Aa1</td></tr><tr><td>All others (2) ..........................................</td><td></td><td></td><td></td><td></td><td>433 4,332 4,016 8,781 Aaa/Aa1</td></tr><tr><td>Total ................................................</td><td></td><td>$ 1,231 $ 16,315 $ 10,315 $ 27,861 Aaa/Aa1</td><td></td><td></td><td></td></tr></table>",
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist. Ratings shown are the higher of the rating of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and interest in the event of issuer default."
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"text": "(2) No other single state accounted for 2.5% or more of the total non-pre-refunded municipal bonds."
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"filename": "NYSE_TRV_2019.pdf",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-102 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The following table displays the funding sources for the $10.32 billion of municipal bonds identified as revenue bonds in the foregoing table at December 31, 2019: ___________________________________________ (1) Rated using external rating agencies or by the Company when a public rating does not exist. Ratings shown are the higher of the rating of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and interest in the event of issuer default. The Company bases its investment decision on the underlying credit characteristics of the municipal security. The weighted average credit rating of the municipal bond portfolio was "Aaa/Aa1" at December 31, 2019. Debt Securities Issued by Foreign Governments The following table shows the geographic distribution of the Company's long-term fixed maturity investments in debt securities issued by foreign governments at December 31, 2019: ___________________________________________ (1) Rated using external rating agencies or by the Company when a public rating does not exist. (2) No other country accounted for 2.5% or more of total debt securities issued by foreign governments. The following table shows the Company's Eurozone exposure at December 31, 2019 to all debt securities issued by foreign governments, financial companies, sovereign corporations (including sovereign banks) whose securities are backed by the respective country's government and all other corporate securities (comprised of industrial corporations and utility companies) which could be affected if economic conditions deteriorated due to a prolonged recession: 83 | [
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"text": "Water and sewer................................................................................................................"
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"text": "Power utilities ................................................................................................................"
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"text": "Housing........................................................................................................................"
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"text": "35 Aaa/Aa1"
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"text": "Lease.........................................................................................................................."
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"text": "34 Aaa/Aa1"
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"text": "Industrial....................................................................................................................."
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"text": "A2"
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"text": "Property tax..................................................................................................................."
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"text": "Other revenue sources.........................................................................................................."
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"text": "... "
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"text": "1,394 Aaa/Aa1"
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"text": "Total"
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"text": "..............................................................................................................................."
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"text": ".... "
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"text": "$ 10,315 Aaa/Aa1"
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"text": "___________________________________________"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist. Ratings shown are the higher of the rating "
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"text": "of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and "
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"text": "interest in the event of issuer default."
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"text": "The Company bases its investment decision on the underlying credit characteristics of the municipal security. The weighted "
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"text": "average credit rating of the municipal bond portfolio was “Aaa/Aa1” at December 31, 2019."
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"text": "Debt Securities Issued by Foreign Governments"
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"text": "The following table shows the geographic distribution of the Company’s long-term fixed maturity investments in debt securities "
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"text": "issued by foreign governments at December 31, 2019:"
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"text": "(at December 31, 2019, in millions)"
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"text": "Carrying"
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"text": "Value"
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"text": "Weighted "
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"text": "Average Credit"
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"text": "Quality (1)"
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"text": "Foreign Government:"
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"text": "Canada ........................................................................................................................."
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"text": "........... "
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"text": "$ 790 "
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"text": "Aaa"
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"text": "United Kingdom ................................................................................................................."
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"text": "All Others "
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"text": "(2) "
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"text": "........................................................................................................................... "
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"text": "28 Baa2"
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"text": "Total"
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"text": "$ 1,173 Aaa/Aa1"
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"text": "___________________________________________"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist."
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"text": "(2) No other country accounted for 2.5% or more of total debt securities issued by foreign governments."
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"text": "The following table shows the Company’s Eurozone exposure at December 31, 2019 to all debt securities issued by foreign "
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"text": "governments, financial companies, sovereign corporations (including sovereign banks) whose securities are backed by the "
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"text": "respective country’s government and all other corporate securities (comprised of industrial corporations and utility companies)"
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"text": "which could be affected if economic conditions deteriorated due to a prolonged recession:"
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"text": "The following table displays the funding sources for the $10.32 billion of municipal bonds identified as revenue bonds in the foregoing table at December 31, 2019:"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist. Ratings shown are the higher of the rating of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and interest in the event of issuer default."
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"text": "The Company bases its investment decision on the underlying credit characteristics of the municipal security. The weighted average credit rating of the municipal bond portfolio was \"Aaa/Aa1\" at December 31, 2019."
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"text": "The following table shows the geographic distribution of the Company's long-term fixed maturity investments in debt securities issued by foreign governments at December 31, 2019:"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist."
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"text": "(2) No other country accounted for 2.5% or more of total debt securities issued by foreign governments."
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"text": "The following table shows the Company's Eurozone exposure at December 31, 2019 to all debt securities issued by foreign governments, financial companies, sovereign corporations (including sovereign banks) whose securities are backed by the respective country's government and all other corporate securities (comprised of industrial corporations and utility companies) which could be affected if economic conditions deteriorated due to a prolonged recession:"
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"filename": "NYSE_TRV_2019.pdf",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-103 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | ___________________________________________ (1) Rated using external rating agencies or by the Company when a public rating does not exist. The table includes $619 million of shortterm securities which have high ratings issued by external rating agencies for short-term issuances. For purposes of this table, the short-term securities, which are rated “A-1+” and/or “P-1,” are included as “Aaa” rated securities. In addition to fixed maturities noted in the foregoing table, the Company has exposure totaling $131 million to private equity limited partnerships and real estate partnerships (both of which are included in other investments in the Company's consolidated balance sheet) whose primary investing focus is across Europe. The Company has unfunded commitments totaling $134 million to these partnerships. The Company has no non-redeemable preferred stock issued by companies in the Eurozone. Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through Securities The Company's fixed maturity investment portfolio at December 31, 2019 and 2018 included $3.28 billion and $2.57 billion, respectively, of residential mortgage-backed securities, including pass-through-securities and collateralized mortgage obligations (CMOs), all of which are subject to prepayment risk (either shortening or lengthening of duration). While prepayment risk for securities and its effect on income cannot be fully controlled, particularly when interest rates move dramatically, the Company's investment strategy generally favors securities that reduce this risk within expected interest rate ranges. The Company makes investments in residential CMOs that are either guaranteed by GNMA, FNMA or FHLMC, or if not guaranteed, are senior or super-senior positions within their respective securitizations. Both guaranteed and non-guaranteed residential CMOs allocate the distribution of payments from the underlying mortgages among different classes of bondholders. In addition, non-guaranteed residential CMOs provide structures that allocate the impact of credit losses to different classes of bondholders. Senior and supersenior CMOs are protected, to varying degrees, from credit losses as those losses are initially allocated to subordinated bondholders. The Company's investment strategy is to purchase CMO tranches that are expected to offer the most favorable return given the Company's assessment of associated risks. The Company does not purchase residual interests in CMOs. For more information regarding the Company's investments in residential mortgage-backed securities, see note 3 of notes to the consolidated financial statements. 84 | [
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"text": "Subtotal.................................. "
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"text": "$ 263 "
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"text": "$ 695 "
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"text": "$ 1,749"
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"text": "___________________________________________"
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist. The table includes $619 million of short\u0002"
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"text": "term securities which have high ratings issued by external rating agencies for short-term issuances. For purposes of this table, the "
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"text": "short-term securities, which are rated “A-1+” and/or “P-1,” are included as “Aaa” rated securities."
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"text": "In addition to fixed maturities noted in the foregoing table, the Company has exposure totaling $131 million to private equity "
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"text": "limited partnerships and real estate partnerships (both of which are included in other investments in the Company’s consolidated "
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"text": "balance sheet) whose primary investing focus is across Europe. The Company has unfunded commitments totaling $134 million "
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"text": "to these partnerships. The Company has no non-redeemable preferred stock issued by companies in the Eurozone."
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"text": "Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through Securities"
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"text": "respectively, of residential mortgage-backed securities, including pass-through-securities and collateralized mortgage obligations "
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"text": "(CMOs), all of which are subject to prepayment risk (either shortening or lengthening of duration). While prepayment risk for "
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"text": "securities and its effect on income cannot be fully controlled, particularly when interest rates move dramatically, the Company’s "
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"text": "investments in residential CMOs that are either guaranteed by GNMA, FNMA or FHLMC, or if not guaranteed, are senior or "
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"text": "super-senior positions within their respective securitizations. Both guaranteed and non-guaranteed residential CMOs allocate the "
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"text": "distribution of payments from the underlying mortgages among different classes of bondholders. In addition, non-guaranteed "
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"text": "residential CMOs provide structures that allocate the impact of credit losses to different classes of bondholders. Senior and super\u0002"
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"text": "senior CMOs are protected, to varying degrees, from credit losses as those losses are initially allocated to subordinated bondholders. "
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"text": "Company’s assessment of associated risks. The Company does not purchase residual interests in CMOs. For more information "
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"text": "regarding the Company’s investments in residential mortgage-backed securities, see note 3 of notes to the consolidated financial "
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"html_seq": "<table><tr><td></td><td></td><th colspan=\"5\">Corporate Securities</th></tr><tr><td></td><th colspan=\"2\">Debt Securities Issued by Foreign Governments Financial Sovereign Corporates All Other</th><td></td><td></td><td></td><td></td></tr><tr><td>(at December 31, 2019, in millions)</td><th>Carrying Value Average Credit Quality (1) Average Credit Quality (1)</th><th>Carrying Value</th><th>Carrying Value Average Credit Quality (1) Average Credit Quality (1)</th><th>Carrying Value</th><td></td><td></td></tr><tr><td>Eurozone Periphery</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spain ........................................</td><td>$ - - $ 78 A2 $ - - $ 19 Baa2</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ireland ......................................</td><td></td><td></td><td></td><td>- - - - - - 138 Baa2</td><td></td><td></td></tr><tr><td>Greece ......................................</td><td></td><td></td><td></td><td>- -- -- -- -</td><td></td><td></td></tr><tr><td>Italy ..........................................</td><td></td><td></td><td></td><td>- -- -- -- -</td><td></td><td></td></tr><tr><td>Portugal....................................</td><td></td><td></td><td></td><td>- -- -- -- -</td><td></td><td></td></tr><tr><td>Subtotal..................................</td><td>-</td><td>78</td><td>-</td><td>157</td><td></td><td></td></tr><tr><td>Eurozone Non-Periphery</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Germany...................................</td><td></td><td></td><td></td><td>- - 5 Baa3 353 Aaa/Aa1 535 A3</td><td></td><td></td></tr><tr><td>France.......................................</td><td></td><td></td><td></td><td>- - 4 A1 - - 632 A2</td><td></td><td></td></tr><tr><td>Netherlands ..............................</td><td></td><td></td><td>- - 150 A1 218 Aaa/Aa1 337 A2</td><td></td><td></td><td></td></tr><tr><td>Austria......................................</td><td></td><td></td><td>- - - - 124 Aa2 - -</td><td></td><td></td><td></td></tr><tr><td>Finland .....................................</td><td></td><td>- - 26 Aa3 - - - -</td><td></td><td></td><td></td><td></td></tr><tr><td>Belgium....................................</td><td></td><td></td><td></td><td>- - - - - - 74 Baa1</td><td></td><td></td></tr><tr><td>Luxembourg.............................</td><td></td><td></td><td></td><td>- - - - - - 14 Aa3</td><td></td><td></td></tr><tr><td>Subtotal..................................</td><td>-</td><td>185</td><td>695</td><td>1,592</td><td></td><td></td></tr><tr><td>Total ..................................</td><td>$ -</td><td>$ 263</td><td>$ 695</td><td>$ 1,749</td><td></td><td></td></tr></table>",
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"text": "(1) Rated using external rating agencies or by the Company when a public rating does not exist. The table includes $619 million of shortterm securities which have high ratings issued by external rating agencies for short-term issuances. For purposes of this table, the short-term securities, which are rated “A-1+” and/or “P-1,” are included as “Aaa” rated securities."
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"text": "In addition to fixed maturities noted in the foregoing table, the Company has exposure totaling $131 million to private equity limited partnerships and real estate partnerships (both of which are included in other investments in the Company's consolidated balance sheet) whose primary investing focus is across Europe. The Company has unfunded commitments totaling $134 million to these partnerships. The Company has no non-redeemable preferred stock issued by companies in the Eurozone."
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"text": "Mortgage-Backed Securities, Collateralized Mortgage Obligations and Pass-Through Securities"
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"text": "The Company's fixed maturity investment portfolio at December 31, 2019 and 2018 included $3.28 billion and $2.57 billion, respectively, of residential mortgage-backed securities, including pass-through-securities and collateralized mortgage obligations (CMOs), all of which are subject to prepayment risk (either shortening or lengthening of duration). While prepayment risk for securities and its effect on income cannot be fully controlled, particularly when interest rates move dramatically, the Company's investment strategy generally favors securities that reduce this risk within expected interest rate ranges. The Company makes investments in residential CMOs that are either guaranteed by GNMA, FNMA or FHLMC, or if not guaranteed, are senior or super-senior positions within their respective securitizations. Both guaranteed and non-guaranteed residential CMOs allocate the distribution of payments from the underlying mortgages among different classes of bondholders. In addition, non-guaranteed residential CMOs provide structures that allocate the impact of credit losses to different classes of bondholders. Senior and supersenior CMOs are protected, to varying degrees, from credit losses as those losses are initially allocated to subordinated bondholders. The Company's investment strategy is to purchase CMO tranches that are expected to offer the most favorable return given the Company's assessment of associated risks. The Company does not purchase residual interests in CMOs. For more information regarding the Company's investments in residential mortgage-backed securities, see note 3 of notes to the consolidated financial statements."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-104 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Commercial Mortgage-Backed Securities and Project Loans At December 31, 2019 and 2018, the Company held commercial mortgage-backed securities (including FHA project loans) of $1.51 billion and $1.22 billion, respectively. For more information regarding the Company's investments in commercial mortgagebacked securities, see note 3 of notes to the consolidated financial statements. Equity Securities, Real Estate and Short-Term Investments See note 1 of notes to the consolidated financial statements for further information about these invested asset classes. Other Investments The Company also invests in private equity limited partnerships, hedge funds and real estate partnerships. Also included in other investments are non-public common and preferred equities and derivatives. These asset classes have historically provided a higher return than fixed maturities but are subject to more volatility. At December 31, 2019 and 2018, the carrying value of the Company's other investments was $3.42 billion and $3.56 billion, respectively. The Company has unfunded commitments to private equity limited partnerships and real estate partnerships in which it invests. These commitments totaled $1.66 billion and $1.60 billion at December 31, 2019 and 2018, respectively. It is the opinion of the Company's management that the Company has adequate liquidity to meet these commitments. Securities Lending The Company has, from time to time, engaged in securities lending activities from which it generates net investment income by lending certain of its investments to other institutions for short periods of time. At December 31, 2019 and 2018, the Company had $404 million and $367 million of securities on loan, respectively, as part of a tri-party lending agreement. The average monthly balance of securities on loan during 2019 and 2018 was $368 million and $319 million, respectively. Borrowers of these securities provide collateral equal to at least 102% of the market value of the loaned securities plus accrued interest. The Company did not incur any investment losses in its securities lending program for the years ended December 31, 2019 and 2018. Lloyd's Trust Deposits The Company meets its capital requirements to support its underwriting at Lloyd's using a combination of the share capital and retained earnings of the Company's subsidiaries participating in Lloyd's, trust deposits and uncollateralized letters of credit . Securities with a fair value of approximately $173 million and $115 million held by a wholly-owned subsidiary at December 31, 2019 and 2018, respectively, and $34 million and $33 million held by TRV at December 31, 2019 and 2018, respectively, were pledged into Lloyd's trust accounts to provide a portion of the Lloyd's capital requirements. For more information regarding the Company's utilization of uncollateralized letters of credit, see "Liquidity and Capital Resources" herein. Net Unrealized Investment Gains (Losses) The net unrealized investment gains (losses) that were included in shareholders' equity were as follows: The Company reported net unrealized investment gains included in shareholders' equity at December 31, 2019 as compared to net unrealized losses at December 31, 2018. This change is due to a decline in interest rates during 2019. Equity securities, which 85 | [
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"text": "$1.51 billion and $1.22 billion, respectively. For more information regarding the Company’s investments in commercial mortgage\u0002"
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"text": "backed securities, see note 3 of notes to the consolidated financial statements."
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"text": "The Company also invests in private equity limited partnerships, hedge funds and real estate partnerships. Also included in other "
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"text": "investments are non-public common and preferred equities and derivatives. These asset classes have historically provided a higher "
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"text": "return than fixed maturities but are subject to more volatility. At December 31, 2019 and 2018, the carrying value of the Company's "
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"text": "other investments was $3.42 billion and $3.56 billion, respectively. The Company has unfunded commitments to private equity "
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"text": "limited partnerships and real estate partnerships in which it invests. These commitments totaled $1.66 billion and $1.60 billion"
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"text": "at December 31, 2019 and 2018, respectively. It is the opinion of the Company’s management that the Company has adequate "
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"text": "liquidity to meet these commitments. "
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"text": "Securities Lending"
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"text": "The Company has, from time to time, engaged in securities lending activities from which it generates net investment income by "
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"text": "lending certain of its investments to other institutions for short periods of time. At December 31, 2019 and 2018, the Company"
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"text": "had $404 million and $367 million of securities on loan, respectively, as part of a tri-party lending agreement. The average monthly "
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"text": "balance of securities on loan during 2019 and 2018 was $368 million and $319 million, respectively. Borrowers of these securities "
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"text": "provide collateral equal to at least 102% of the market value of the loaned securities plus accrued interest. The Company did not "
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"text": "incur any investment losses in its securities lending program for the years ended December 31, 2019 and 2018."
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"text": "Lloyd’s Trust Deposits"
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"text": "The Company meets its capital requirements to support its underwriting at Lloyd’s using a combination of the share capital and "
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"text": "retained earnings of the Company's subsidiaries participating in Lloyd's, trust deposits and uncollateralized letters of credit"
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"text": "Securities with a fair value of approximately $173 million and $115 million held by a wholly-owned subsidiary at December 31, "
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"text": "2019 and 2018, respectively, and $34 million and $33 million held by TRV at December 31, 2019 and 2018, respectively, were "
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"text": "pledged into Lloyd’s trust accounts to provide a portion of the Lloyd’s capital requirements. For more information regarding the "
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"text": "Company’s utilization of uncollateralized letters of credit, see “Liquidity and Capital Resources” herein. "
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"text": "Net Unrealized Investment Gains (Losses)"
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"text": "The net unrealized investment gains (losses) that were included in shareholders' equity were as follows:"
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"text": "(at December 31, in millions) "
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"text": "The Company reported net unrealized investment gains included in shareholders’ equity at December 31, 2019 as compared to net "
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"text": "unrealized losses at December 31, 2018. This change is due to a decline in interest rates during 2019. Equity securities, which "
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"text": "Commercial Mortgage-Backed Securities and Project Loans"
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"text": "At December 31, 2019 and 2018, the Company held commercial mortgage-backed securities (including FHA project loans) of $1.51 billion and $1.22 billion, respectively. For more information regarding the Company's investments in commercial mortgagebacked securities, see note 3 of notes to the consolidated financial statements."
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"text": "See note 1 of notes to the consolidated financial statements for further information about these invested asset classes."
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"text": "The Company also invests in private equity limited partnerships, hedge funds and real estate partnerships. Also included in other investments are non-public common and preferred equities and derivatives. These asset classes have historically provided a higher return than fixed maturities but are subject to more volatility. At December 31, 2019 and 2018, the carrying value of the Company's other investments was $3.42 billion and $3.56 billion, respectively. The Company has unfunded commitments to private equity limited partnerships and real estate partnerships in which it invests. These commitments totaled $1.66 billion and $1.60 billion at December 31, 2019 and 2018, respectively. It is the opinion of the Company's management that the Company has adequate liquidity to meet these commitments."
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"text": "The Company has, from time to time, engaged in securities lending activities from which it generates net investment income by lending certain of its investments to other institutions for short periods of time. At December 31, 2019 and 2018, the Company had $404 million and $367 million of securities on loan, respectively, as part of a tri-party lending agreement. The average monthly balance of securities on loan during 2019 and 2018 was $368 million and $319 million, respectively. Borrowers of these securities provide collateral equal to at least 102% of the market value of the loaned securities plus accrued interest. The Company did not incur any investment losses in its securities lending program for the years ended December 31, 2019 and 2018."
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"text": "Lloyd's Trust Deposits"
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"text": "The Company meets its capital requirements to support its underwriting at Lloyd's using a combination of the share capital and retained earnings of the Company's subsidiaries participating in Lloyd's, trust deposits and uncollateralized letters of credit . Securities with a fair value of approximately $173 million and $115 million held by a wholly-owned subsidiary at December 31, 2019 and 2018, respectively, and $34 million and $33 million held by TRV at December 31, 2019 and 2018, respectively, were pledged into Lloyd's trust accounts to provide a portion of the Lloyd's capital requirements. For more information regarding the Company's utilization of uncollateralized letters of credit, see \"Liquidity and Capital Resources\" herein."
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"text": "Net Unrealized Investment Gains (Losses)"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-105 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | include public common and non-redeemable preferred stocks, are reported at fair value with changes in fair value recognized in net income. Prior to January 1, 2018, equity securities were classified as available for sale, and changes in their fair value were charged or credited directly to other comprehensive income. At December 31, 2019, the Company had no fixed maturity investments reported at fair value for which fair value was less than 80% of amortized cost. For fixed maturity investments where fair value is less than the carrying value and the Company did not reach a decision to impair, the Company continues to have the intent and ability to hold such investments to a projected recovery in value, which may not be until maturity. At December 31, 2019 and 2018, below investment grade securities comprised 2.1% and 2.3%, respectively, of the fair value of the Company's fixed maturity investment portfolio. Included in below investment grade securities at December 31, 2019 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $152 million and a fair value of $146 million, resulting in a net pre-tax unrealized investment loss of $6 million. These securities in an unrealized loss position represented less than 1% of both the amortized cost and fair value of the fixed maturity portfolio at December 31, 2019 and accounted for approximately 21% of the total gross pre-tax unrealized investment loss in the fixed maturity portfolio at December 31, 2019. Impairment Charges Impairment charges included in net realized investment gains in the consolidated statement of income were $4 million and $1 million for the years ended December 31, 2019 and 2018, respectively. See note 3 of notes to the consolidated financial statements for further information. Purchases and Sales of Investment Securities Purchases and sales of investments are based on cash requirements, the characteristics of the insurance liabilities and current market conditions. The Company identifies investments to be sold to achieve its primary investment goals of assuring the Company's ability to meet policyholder obligations as well as to optimize investment returns, given these obligations. During the year ended December 31, 2019, the Company incurred pre-tax realized losses of $8 million on the sale of fixed maturity investments having a fair value of $317 million. CATASTROPHE MODELING The Company uses various analyses and methods, including proprietary and third-party computer modeling processes, to make underwriting and reinsurance decisions designed to manage its exposure to catastrophic events. There are no industry-standard methodologies or assumptions for projecting catastrophe exposure. Accordingly, catastrophe estimates provided by different insurers may not be comparable. The Company actively monitors and evaluates changes in third-party models and, when necessary, calibrates the catastrophe risk model estimates delivered via its own proprietary modeling processes. The Company considers historical loss experience, recent events, underwriting practices, market share analyses, external scientific analysis and various other factors, including non-modeled losses, to refine its proprietary view of catastrophe risk. These proprietary models are updated regularly as new information and techniques emerge. The tables below set forth the probabilities that estimated losses, comprising claims and allocated claim adjustment expenses (but excluding unallocated claim adjustment expenses), from a single event occurring in a one-year timeframe will equal or exceed the indicated loss amounts (expressed in dollars, net of tax, and as a percentage of the Company's common equity), based on the proprietary and third-party computer models utilized by the Company at December 31, 2019. For example, on the basis described below the tables, the Company estimates that there is a one percent chance that the Company's loss from a single U.S. and Canadian hurricane in a one-year timeframe would equal or exceed $1.6 billion, or 7% of the Company's common equity at December 31, 2019. 86 | [
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"text": "approximately 21% of the total gross pre-tax unrealized investment loss in the fixed maturity portfolio at December 31, 2019."
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"text": "Impairment Charges"
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"text": "Impairment charges included in net realized investment gains in the consolidated statement of income were $4 million and $1 "
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"text": "million for the years ended December 31, 2019 and 2018, respectively. See note 3 of notes to the consolidated financial statements "
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"text": "Purchases and Sales of Investment Securities"
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"text": "conditions. The Company identifies investments to be sold to achieve its primary investment goals of assuring the Company’s "
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"text": "ability to meet policyholder obligations as well as to optimize investment returns, given these obligations."
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"text": "During the year ended December 31, 2019, the Company incurred pre-tax realized losses of $8 million on the sale of fixed maturity "
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"text": "investments having a fair value of $317 million. "
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"text": "CATASTROPHE MODELING"
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"text": "underwriting and reinsurance decisions designed to manage its exposure to catastrophic events. There are no industry-standard "
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"text": "methodologies or assumptions for projecting catastrophe exposure. Accordingly, catastrophe estimates provided by different "
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"text": "insurers may not be comparable. "
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"text": "model estimates delivered via its own proprietary modeling processes. The Company considers historical loss experience, recent"
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"text": "events, underwriting practices, market share analyses, external scientific analysis and various other factors, including non-modeled "
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"text": "losses, to refine its proprietary view of catastrophe risk. These proprietary models are updated regularly as new information and "
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"text": "The tables below set forth the probabilities that estimated losses, comprising claims and allocated claim adjustment expenses (but "
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"text": "excluding unallocated claim adjustment expenses), from a single event occurring in a one-year timeframe will equal or exceed "
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"text": "the indicated loss amounts (expressed in dollars, net of tax, and as a percentage of the Company’s common equity), based on the"
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"text": "proprietary and third-party computer models utilized by the Company at December 31, 2019. For example, on the basis described"
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"text": "below the tables, the Company estimates that there is a one percent chance that the Company’s loss from a single U.S. and Canadian "
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"text": "hurricane in a one-year timeframe would equal or exceed $1.6 billion, or 7% of the Company’s common equity at December 31, "
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"text": "2019."
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"text": "include public common and non-redeemable preferred stocks, are reported at fair value with changes in fair value recognized in net income. Prior to January 1, 2018, equity securities were classified as available for sale, and changes in their fair value were charged or credited directly to other comprehensive income."
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"text": "At December 31, 2019, the Company had no fixed maturity investments reported at fair value for which fair value was less than 80% of amortized cost."
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"text": "For fixed maturity investments where fair value is less than the carrying value and the Company did not reach a decision to impair, the Company continues to have the intent and ability to hold such investments to a projected recovery in value, which may not be until maturity."
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"text": "At December 31, 2019 and 2018, below investment grade securities comprised 2.1% and 2.3%, respectively, of the fair value of the Company's fixed maturity investment portfolio. Included in below investment grade securities at December 31, 2019 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $152 million and a fair value of $146 million, resulting in a net pre-tax unrealized investment loss of $6 million. These securities in an unrealized loss position represented less than 1% of both the amortized cost and fair value of the fixed maturity portfolio at December 31, 2019 and accounted for approximately 21% of the total gross pre-tax unrealized investment loss in the fixed maturity portfolio at December 31, 2019."
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"text": "Impairment Charges"
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"text": "Impairment charges included in net realized investment gains in the consolidated statement of income were $4 million and $1 million for the years ended December 31, 2019 and 2018, respectively. See note 3 of notes to the consolidated financial statements for further information."
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"text": "Purchases and Sales of Investment Securities"
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"text": "Purchases and sales of investments are based on cash requirements, the characteristics of the insurance liabilities and current market conditions. The Company identifies investments to be sold to achieve its primary investment goals of assuring the Company's ability to meet policyholder obligations as well as to optimize investment returns, given these obligations."
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"text": "During the year ended December 31, 2019, the Company incurred pre-tax realized losses of $8 million on the sale of fixed maturity investments having a fair value of $317 million."
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"text": "CATASTROPHE MODELING"
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"text": "The Company uses various analyses and methods, including proprietary and third-party computer modeling processes, to make underwriting and reinsurance decisions designed to manage its exposure to catastrophic events. There are no industry-standard methodologies or assumptions for projecting catastrophe exposure. Accordingly, catastrophe estimates provided by different insurers may not be comparable."
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"text": "The Company actively monitors and evaluates changes in third-party models and, when necessary, calibrates the catastrophe risk model estimates delivered via its own proprietary modeling processes. The Company considers historical loss experience, recent events, underwriting practices, market share analyses, external scientific analysis and various other factors, including non-modeled losses, to refine its proprietary view of catastrophe risk. These proprietary models are updated regularly as new information and techniques emerge."
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"text": "The tables below set forth the probabilities that estimated losses, comprising claims and allocated claim adjustment expenses (but excluding unallocated claim adjustment expenses), from a single event occurring in a one-year timeframe will equal or exceed the indicated loss amounts (expressed in dollars, net of tax, and as a percentage of the Company's common equity), based on the proprietary and third-party computer models utilized by the Company at December 31, 2019. For example, on the basis described below the tables, the Company estimates that there is a one percent chance that the Company's loss from a single U.S. and Canadian hurricane in a one-year timeframe would equal or exceed $1.6 billion, or 7% of the Company's common equity at December 31, 2019."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-106 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | ___________________________________________ (1) An event that has, for example, a 2% likelihood of exceedance is sometimes described as a “1-in-50 year event.” As noted above , however, the probabilities in the table represent the likelihood of losses from a single event equaling or exceeding the indicated threshold loss amount in a one-year timeframe, not over a multi-year timeframe. Also, because the probabilities relate to a single event, the probabilities do not address the likelihood of more than one event occurring in a particular period, and, therefore, the amounts do not address potential aggregate catastrophe losses occurring in a one-year timeframe. (2) The percentage of common equity is calculated by dividing (a) indicated loss amounts in dollars by (b) total common equity excluding net unrealized investment gains and losses, net of taxes, included in shareholders’ equity. Net unrealized investment gains and losses can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends. Accordingly, the Company’s management uses the percentage of common equity calculated on this basis as a metric to evaluate the potential impact of a single hurricane or single earthquake on the Company’s financial position for purposes of making underwriting and reinsurance decisions. The threshold loss amounts in the tables above, which are based on the Company's in-force portfolio at December 31, 2019 and catastrophe reinsurance program at January 1, 2020, are net of reinsurance, after-tax and exclude unallocated claim adjustment expenses, which historically have been less than 10% of loss estimates. For further information regarding the Company's reinsurance, see "Item 1-Business-Reinsurance." The amounts for hurricanes reflect U.S. and Canadian exposures and include property exposures, property residual market exposures and an adjustment for certain non-property exposures. The hurricane loss amounts are based on the Company's catastrophe risk model estimates and include losses from the hurricane hazards of wind and storm surge. The amounts for earthquakes reflect U.S. and Canadian property and workers' compensation exposures. The Company does not believe that the inclusion of hurricane or earthquake losses arising from other geographical areas or other exposures would materially change the estimated threshold loss amounts. Catastrophe modeling relies upon inputs based on experience, science, engineering and history. These inputs reflect a significant amount of judgment and are subject to changes which may result in volatility in the modeled output. Catastrophe modeling output may also fail to account for risks that are outside the range of normal probability or are otherwise unforeseeable. Catastrophe modeling assumptions include, among others, the portion of purchased reinsurance that is collectible after a catastrophic event , which may prove to be materially incorrect. Consequently, catastrophe modeling estimates are subject to significant uncertainty. In the tables above, the uncertainty associated with the estimated threshold loss amounts increases significantly as the likelihood of exceedance decreases. In other words, in the case of a relatively more remote event (e.g., 1-in-1,000), the estimated threshold loss amount is relatively less reliable. Actual losses from an event could materially exceed the indicated threshold loss amount. In addition, more than one such event could occur in any period. Moreover, the Company is exposed to the risk of material losses from other than property and workers' compensation coverages arising out of hurricanes and earthquakes, and it is exposed to catastrophe losses from perils other than hurricanes and earthquakes, such as tornadoes and other windstorms, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions, solar flares and other naturally-occurring events, as well as acts of terrorism and cyber events. 87 | [
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"text": "Dollars (in billions)"
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"text": "Likelihood of Exceedance (1)"
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"text": "Single U.S. and"
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"text": "2.0% (1-in-50)................................................................................................................."
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"text": ".......... "
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"text": "$ 1.3 $ 0.5"
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"text": "1.0% (1-in-100)................................................................................................................"
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"text": "......... "
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"text": "$ 1.6 $ 0.7"
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"text": "0.4% (1-in-250)................................................................................................................"
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"text": "......... "
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"text": "$ 2.2 $ 1.2"
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"text": "0.1% (1-in-1,000).............................................................................................................."
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"text": "........ "
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"text": "$ 4.9 $ 1.9"
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"text": "Percentage of Common Equity (2)"
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"text": "Likelihood of Exceedance"
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"text": "Single U.S. and"
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"text": "Earthquake"
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"text": "2.0% (1-in-50)................................................................................................................."
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"text": ".......... "
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"text": "1.0% (1-in-100)................................................................................................................"
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"text": "......... "
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"text": "0.4% (1-in-250)................................................................................................................"
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"text": "......... "
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"text": "0.1% (1-in-1,000).............................................................................................................."
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"text": "........ "
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"text": "21% "
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"text": "8%"
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"text": "___________________________________________"
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"text": "(1) "
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"text": "An event that has, for example, a 2% likelihood of exceedance is sometimes described as a “1-in-50 year event.” As noted above"
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"text": ", "
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"text": "however, the probabilities in the table represent the likelihood of losses from a single event equaling or exceeding the indicated threshold "
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"text": "loss amount in a one-year timeframe, not over a multi-year timeframe. Also, because the probabilities relate to a single event, the "
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"text": "probabilities do not address the likelihood of more than one event occurring in a particular period, and, therefore, the amounts do not "
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"text": "address potential aggregate catastrophe losses occurring in a one-year timeframe. "
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"text": "(2) "
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"text": "The percentage of common equity is calculated by dividing (a) indicated loss amounts in dollars by (b) total common equity excluding "
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"text": "net unrealized investment gains and losses, net of taxes, included in shareholders’ equity. Net unrealized investment gains and losses "
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"text": "can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends. "
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"text": "Accordingly, the Company’s management uses the percentage of common equity calculated on this basis as a metric to evaluate the"
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"text": "potential impact of a single hurricane or single earthquake on the Company’s financial position for purposes of making underwriting "
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"text": "and reinsurance decisions. "
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"text": "The threshold loss amounts in the tables above, which are based on the Company’s in-force portfolio at December 31, 2019 and "
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"text": "catastrophe reinsurance program at January 1, 2020, are net of reinsurance, after-tax and exclude unallocated claim adjustment "
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"text": "expenses, which historically have been less than 10% of loss estimates. For further information regarding the Company’s "
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"text": "reinsurance, see “Item 1-Business-Reinsurance.” The amounts for hurricanes reflect U.S. and Canadian exposures and include "
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"text": "property exposures, property residual market exposures and an adjustment for certain non-property exposures. The hurricane loss "
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"text": "amounts are based on the Company’s catastrophe risk model estimates and include losses from the hurricane hazards of wind and "
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"text": "storm surge. The amounts for earthquakes reflect U.S. and Canadian property and workers’ compensation exposures. The Company "
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"text": "does not believe that the inclusion of hurricane or earthquake losses arising from other geographical areas or other exposures "
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"text": "would materially change the estimated threshold loss amounts. "
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"text": "Catastrophe modeling relies upon inputs based on experience, science, engineering and history. These inputs reflect a significant "
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"text": "amount of judgment and are subject to changes which may result in volatility in the modeled output. Catastrophe modeling output "
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"text": "may also fail to account for risks that are outside the range of normal probability or are otherwise unforeseeable. Catastrophe "
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"text": "modeling assumptions include, among others, the portion of purchased reinsurance that is collectible after a catastrophic event"
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"text": "which may prove to be materially incorrect. Consequently, catastrophe modeling estimates are subject to significant uncertainty. "
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"text": "In the tables above, the uncertainty associated with the estimated threshold loss amounts increases significantly as the likelihood "
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"text": "of exceedance decreases. In other words, in the case of a relatively more remote event (e.g., 1-in-1,000), the estimated threshold "
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"text": "loss amount is relatively less reliable. Actual losses from an event could materially exceed the indicated threshold loss amount. "
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"text": "In addition, more than one such event could occur in any period. "
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"text": "Moreover, the Company is exposed to the risk of material losses from other than property and workers’ compensation coverages "
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"text": "arising out of hurricanes and earthquakes, and it is exposed to catastrophe losses from perils other than hurricanes and earthquakes, "
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"text": "such as tornadoes and other windstorms, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions, solar flares "
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"text": "and other naturally-occurring events, as well as acts of terrorism and cyber events. "
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"text": "___________________________________________"
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"text": "(1) An event that has, for example, a 2% likelihood of exceedance is sometimes described as a “1-in-50 year event.” As noted above , however, the probabilities in the table represent the likelihood of losses from a single event equaling or exceeding the indicated threshold loss amount in a one-year timeframe, not over a multi-year timeframe. Also, because the probabilities relate to a single event, the probabilities do not address the likelihood of more than one event occurring in a particular period, and, therefore, the amounts do not address potential aggregate catastrophe losses occurring in a one-year timeframe."
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"text": "(2) The percentage of common equity is calculated by dividing (a) indicated loss amounts in dollars by (b) total common equity excluding net unrealized investment gains and losses, net of taxes, included in shareholders’ equity. Net unrealized investment gains and losses can be significantly impacted by both discretionary and other economic factors and are not necessarily indicative of operating trends. Accordingly, the Company’s management uses the percentage of common equity calculated on this basis as a metric to evaluate the potential impact of a single hurricane or single earthquake on the Company’s financial position for purposes of making underwriting and reinsurance decisions."
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"text": "The threshold loss amounts in the tables above, which are based on the Company's in-force portfolio at December 31, 2019 and catastrophe reinsurance program at January 1, 2020, are net of reinsurance, after-tax and exclude unallocated claim adjustment expenses, which historically have been less than 10% of loss estimates. For further information regarding the Company's reinsurance, see \"Item 1-Business-Reinsurance.\" The amounts for hurricanes reflect U.S. and Canadian exposures and include property exposures, property residual market exposures and an adjustment for certain non-property exposures. The hurricane loss amounts are based on the Company's catastrophe risk model estimates and include losses from the hurricane hazards of wind and storm surge. The amounts for earthquakes reflect U.S. and Canadian property and workers' compensation exposures. The Company does not believe that the inclusion of hurricane or earthquake losses arising from other geographical areas or other exposures would materially change the estimated threshold loss amounts."
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"text": "Catastrophe modeling relies upon inputs based on experience, science, engineering and history. These inputs reflect a significant amount of judgment and are subject to changes which may result in volatility in the modeled output. Catastrophe modeling output may also fail to account for risks that are outside the range of normal probability or are otherwise unforeseeable. Catastrophe modeling assumptions include, among others, the portion of purchased reinsurance that is collectible after a catastrophic event , which may prove to be materially incorrect. Consequently, catastrophe modeling estimates are subject to significant uncertainty. In the tables above, the uncertainty associated with the estimated threshold loss amounts increases significantly as the likelihood of exceedance decreases. In other words, in the case of a relatively more remote event (e.g., 1-in-1,000), the estimated threshold loss amount is relatively less reliable. Actual losses from an event could materially exceed the indicated threshold loss amount. In addition, more than one such event could occur in any period."
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"text": "Moreover, the Company is exposed to the risk of material losses from other than property and workers' compensation coverages arising out of hurricanes and earthquakes, and it is exposed to catastrophe losses from perils other than hurricanes and earthquakes, such as tornadoes and other windstorms, hail, wildfires, severe winter weather, floods, tsunamis, volcanic eruptions, solar flares and other naturally-occurring events, as well as acts of terrorism and cyber events."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-107 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | For more information about the Company's exposure to catastrophe losses, see "Item 1A-Risk Factors-High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance" and "Item 1A-Risk Factors- We may be adversely affected if our pricing and capital models provide materially different indications than actual results." CHANGING CLIMATE CONDITIONS Severe weather events over the last two decades have underscored the unpredictability of future climate trends and created uncertainty regarding insurers' exposures to financial loss as a result of catastrophes and other weather-related events. The insurance industry experienced increased catastrophe losses due to a number of potential causal factors, including, in addition to weather/ climate variability, more people living in high-risk areas, population growth in areas with weaker enforcement of building codes, urban expansion and an increase in the average size of a house. For example, hurricane and storm surge activity have impacted areas further inland than previously experienced, and demographic changes have resulted in larger populations in coastal areas which historically have been subject to severe storms, thus expanding the Company's potential for losses from hurricanes. Additionally, both the frequency and severity of tornado and hail storms in the United States have been more volatile during the last decade. The frequency and severity of wildfire losses have been elevated in more recent years, due in part to record droughts in California that some climate studies suggest are likely to increase over time. Demographic changes in areas prone to wildfires have expanded the Company's potential for losses from wildfires. Moreover, the Company's catastrophe models may be less reliable due to the increased unpredictability in frequency and severity of severe weather events, emerging trends in climate conditions, inadequate reflection of regulatory changes and the other factors mentioned above. Accordingly, the Company may be subject to increased losses from catastrophes and other weather-related events. The Company discusses how changing climate conditions may present other issues for its business under "Item 1A - Risk Factors" and "Outlook." For example, among other things: - · Increasingly unpredictable and severe weather conditions could result in increased frequency and severity of claims under policies issued by the Company. See "Item 1A-Risk Factors-High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance" and "-Outlook-Underwriting Gain/Loss." - · Changing climate conditions could also impact the creditworthiness of issuers of securities in which the Company invests. For example, water supply adequacy could impact the creditworthiness of bond issuers with significant assets or business activities in the Southwestern United States, and more frequent and/or severe hurricanes could impact the creditworthiness of issuers with significant assets or business activities in the Southeastern United States, among other areas. See "Item 1A-Risk Factors-Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses." - · Increased regulation adopted in response to potential changes in climate conditions may impact the Company and its customers, including state insurance regulations that could impact the Company's ability to manage property exposures in areas vulnerable to significant climate driven losses. For example, a state recently passed legislation that restricts a carrier's ability to cancel or non-renew policies within or adjacent to declared state emergency zip codes. If the Company is unable to implement risk-based pricing, modify policy terms or reduce exposures to the extent necessary to address rising losses related to catastrophes and smaller scale weather events (should those increased losses occur), its business may be adversely affected. See "Item 1A-Risk Factors-High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance." In addition, climate change regulation could increase the Company's customers' costs of doing business. For example, insureds faced with carbon management regulatory requirements may have less available capital for investment in loss prevention and safety features which may, over time, increase loss exposures. Increased regulation may also result in reduced economic activity, which would decrease the amount of insurable assets and businesses. - · The full range of potential liability exposures related to changing climate conditions continues to evolve. For example, from time to time third parties sue our policyholders alleging that they caused or contributed to changing climate conditions. Through the Company's Emerging Issues Committee and its Committee on Climate, Energy and the Environment, the Company works with its business units and corporate groups, as appropriate, to identify and try to assess climate changerelated liability issues, which are continually evolving and often hard to fully evaluate. The Company regularly reviews 88 | [
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"text": "policies issued by the Company. See “Item 1A—Risk Factors—High levels of catastrophe losses, including as a result "
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"text": "For more information about the Company's exposure to catastrophe losses, see \"Item 1A-Risk Factors-High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance\" and \"Item 1A-Risk Factors- We may be adversely affected if our pricing and capital models provide materially different indications than actual results.\""
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"text": "Severe weather events over the last two decades have underscored the unpredictability of future climate trends and created uncertainty regarding insurers' exposures to financial loss as a result of catastrophes and other weather-related events. The insurance industry experienced increased catastrophe losses due to a number of potential causal factors, including, in addition to weather/ climate variability, more people living in high-risk areas, population growth in areas with weaker enforcement of building codes, urban expansion and an increase in the average size of a house. For example, hurricane and storm surge activity have impacted areas further inland than previously experienced, and demographic changes have resulted in larger populations in coastal areas which historically have been subject to severe storms, thus expanding the Company's potential for losses from hurricanes. Additionally, both the frequency and severity of tornado and hail storms in the United States have been more volatile during the last decade. The frequency and severity of wildfire losses have been elevated in more recent years, due in part to record droughts in California that some climate studies suggest are likely to increase over time. Demographic changes in areas prone to wildfires have expanded the Company's potential for losses from wildfires. Moreover, the Company's catastrophe models may be less reliable due to the increased unpredictability in frequency and severity of severe weather events, emerging trends in climate conditions, inadequate reflection of regulatory changes and the other factors mentioned above. Accordingly, the Company may be subject to increased losses from catastrophes and other weather-related events."
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"text": "The Company discusses how changing climate conditions may present other issues for its business under \"Item 1A - Risk Factors\" and \"Outlook.\" For example, among other things:"
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"text": "- · Increasingly unpredictable and severe weather conditions could result in increased frequency and severity of claims under policies issued by the Company. See \"Item 1A-Risk Factors-High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance\" and \"-Outlook-Underwriting Gain/Loss.\""
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"text": "- · Changing climate conditions could also impact the creditworthiness of issuers of securities in which the Company invests. For example, water supply adequacy could impact the creditworthiness of bond issuers with significant assets or business activities in the Southwestern United States, and more frequent and/or severe hurricanes could impact the creditworthiness of issuers with significant assets or business activities in the Southeastern United States, among other areas. See \"Item 1A-Risk Factors-Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses.\""
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"text": "- · Increased regulation adopted in response to potential changes in climate conditions may impact the Company and its customers, including state insurance regulations that could impact the Company's ability to manage property exposures in areas vulnerable to significant climate driven losses. For example, a state recently passed legislation that restricts a carrier's ability to cancel or non-renew policies within or adjacent to declared state emergency zip codes. If the Company is unable to implement risk-based pricing, modify policy terms or reduce exposures to the extent necessary to address rising losses related to catastrophes and smaller scale weather events (should those increased losses occur), its business may be adversely affected. See \"Item 1A-Risk Factors-High levels of catastrophe losses, including as a result of factors such as increased concentrations of insured exposures in catastrophe-prone areas, could materially and adversely affect our results of operations, our financial position and/or liquidity, and could adversely impact our ratings, our ability to raise capital and the availability and cost of reinsurance.\" In addition, climate change regulation could increase the Company's customers' costs of doing business. For example, insureds faced with carbon management regulatory requirements may have less available capital for investment in loss prevention and safety features which may, over time, increase loss exposures. Increased regulation may also result in reduced economic activity, which would decrease the amount of insurable assets and businesses."
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"text": "- · The full range of potential liability exposures related to changing climate conditions continues to evolve. For example, from time to time third parties sue our policyholders alleging that they caused or contributed to changing climate conditions. Through the Company's Emerging Issues Committee and its Committee on Climate, Energy and the Environment, the Company works with its business units and corporate groups, as appropriate, to identify and try to assess climate changerelated liability issues, which are continually evolving and often hard to fully evaluate. The Company regularly reviews"
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"filename": "NYSE_TRV_2019.pdf",
"page": 107
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-108 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | emerging issues, including changing climate conditions, to consider potential changes to its modeling and the use of such modeling, as well as to help determine the need for new underwriting strategies, coverage modifications or new products. See "Item 1A-Risk Factors-The effects of emerging claim and coverage issues on our business are uncertain, and court decisions or legislative changes that take place after we issue our policies can result in an unexpected increase in the number of claims and have a material adverse impact on our results of operations." REINSURANCE RECOVERABLES The Company reinsures a portion of the risks it underwrites in order to control its exposure to losses. For additional discussion regarding the Company's reinsurance coverage, see "Part I-Item 1-Business-Reinsurance." The following table summarizes the composition of the Company's reinsurance recoverables: Net reinsurance recoverables at December 31, 2019 were comparable to recoverables at December 31, 2018. The following table presents the Company's top five reinsurer groups by reinsurance recoverable at December 31, 2019 (in millions). Also included is the A.M. Best rating of the Company's predominant reinsurer from each such reinsurer group at February 13, 2020: At December 31, 2019, the Company held $823 million of collateral in the form of letters of credit, funds and trust agreements held to fully or partially collateralize certain reinsurance recoverables. Included in total reinsurance recoverables are amounts related to structured settlements, which are annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers' compensation claims comprise a significant portion. In cases where the Company did not receive a release from the claimant, the amount due from the life insurance company related to the structured settlement is included in the Company's consolidated balance sheet as a reinsurance recoverable and the related claim cost is included in the liability for claims and claim adjustment expense reserves, as the Company retains the contingent liability to the claimant. If it is expected that the life insurance company is not able to pay, the Company would recognize an impairment of the related reinsurance recoverable if, and to the extent, the purchased annuities are not covered by state guaranty associations. In the event that the life insurance company fails to make the required annuity payments, the Company would be required to make such payments. The following table presents the Company's top five groups by structured settlements at December 31, 2019 (in millions). Also included is the A.M. Best rating of the Company's predominant insurer from each such insurer group at February 13, 2020: 89 | [
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"text": "emerging issues, including changing climate conditions, to consider potential changes to its modeling and the use of such "
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"text": "See “Item 1A—Risk Factors—The effects of emerging claim and coverage issues on our business are uncertain, and "
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"text": "court decisions or legislative changes that take place after we issue our policies can result in an unexpected increase in "
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"text": "the number of claims and have a material adverse impact on our results of operations.”"
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"text": "REINSURANCE RECOVERABLES"
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"text": "The Company reinsures a portion of the risks it underwrites in order to control its exposure to losses. For additional discussion "
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"text": "regarding the Company’s reinsurance coverage, see “Part I—Item 1—Business—Reinsurance.”"
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"text": "The following table summarizes the composition of the Company’s reinsurance recoverables:"
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"text": "(at December 31, in millions) "
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"text": "Gross reinsurance recoverables on paid and unpaid claims and claim adjustment expenses. "
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"text": "Net reinsurance recoverables"
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"text": "........................................................................................... "
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"text": "Mandatory pools and associations.......................................................................................... "
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"text": "Structured settlements........................................................................................................."
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"text": "Total reinsurance recoverables "
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"text": "........................................................................................ "
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"text": "$ 8,235 "
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"text": "$ 8,370"
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"text": "Net reinsurance recoverables at December 31, 2019 were comparable to recoverables at December 31, 2018. "
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"text": "The following table presents the Company’s top five reinsurer groups by reinsurance recoverable at December 31, 2019 (in "
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"text": "millions). Also included is the A.M. Best rating of the Company's predominant reinsurer from each such reinsurer group at "
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"text": "February 13, 2020:"
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"text": "Reinsurer Group"
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"text": "Reinsurance"
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"text": "Recoverable"
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"text": "A.M. Best Rating of Group’s Predominant"
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"text": "Reinsurer"
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"text": "Swiss Re Group........................................ "
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"text": "$ 457 A+ second highest of 16 ratings"
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"text": "Berkshire Hathaway ................................. "
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"text": "347 A++ highest of 16 ratings"
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"text": "Munich Re Group..................................... "
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"text": "289 A+ second highest of 16 ratings"
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"text": "AXA Group .............................................. "
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"text": "170 A+ second highest of 16 ratings"
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"text": "Alleghany Group ...................................... "
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"text": "141 A+ second highest of 16 ratings"
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"text": "At December 31, 2019, the Company held $823 million of collateral in the form of letters of credit, funds and trust agreements "
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"text": "held to fully or partially collateralize certain reinsurance recoverables."
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"text": "Included in total reinsurance recoverables are amounts related to structured settlements, which are annuities purchased from various "
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"text": "life insurance companies to settle certain personal physical injury claims, of which workers’ compensation claims comprise a "
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"text": "significant portion. In cases where the Company did not receive a release from the claimant, the amount due from the life insurance "
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"text": "company related to the structured settlement is included in the Company’s consolidated balance sheet as a reinsurance recoverable "
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"text": "and the related claim cost is included in the liability for claims and claim adjustment expense reserves, as the Company retains "
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"text": "the contingent liability to the claimant. If it is expected that the life insurance company is not able to pay, the Company would "
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"text": "recognize an impairment of the related reinsurance recoverable if, and to the extent, the purchased annuities are not covered by "
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"text": "state guaranty associations. In the event that the life insurance company fails to make the required annuity payments, the Company "
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"text": "would be required to make such payments. The following table presents the Company’s top five groups by structured settlements "
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"text": "at December 31, 2019 (in millions). Also included is the A.M. Best rating of the Company’s predominant insurer from each such "
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"text": "insurer group at February 13, 2020: "
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"text": "emerging issues, including changing climate conditions, to consider potential changes to its modeling and the use of such modeling, as well as to help determine the need for new underwriting strategies, coverage modifications or new products. See \"Item 1A-Risk Factors-The effects of emerging claim and coverage issues on our business are uncertain, and court decisions or legislative changes that take place after we issue our policies can result in an unexpected increase in the number of claims and have a material adverse impact on our results of operations.\""
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"text": "REINSURANCE RECOVERABLES"
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"text": "The Company reinsures a portion of the risks it underwrites in order to control its exposure to losses. For additional discussion regarding the Company's reinsurance coverage, see \"Part I-Item 1-Business-Reinsurance.\""
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"text": "The following table summarizes the composition of the Company's reinsurance recoverables:"
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"text": "Net reinsurance recoverables at December 31, 2019 were comparable to recoverables at December 31, 2018."
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"text": "The following table presents the Company's top five reinsurer groups by reinsurance recoverable at December 31, 2019 (in millions). Also included is the A.M. Best rating of the Company's predominant reinsurer from each such reinsurer group at February 13, 2020:"
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"html_seq": "<table><tr><th>Reinsurer Group</th><th>Reinsurance Recoverable</th><th>A.M. Best Rating of Group's Predominant Reinsurer</th></tr><tr><td>Swiss Re Group........................................</td><td></td><td>$ 457 A+ second highest of 16 ratings</td></tr><tr><td>Berkshire Hathaway .................................</td><td></td><td>347 A++ highest of 16 ratings</td></tr><tr><td>Munich Re Group.....................................</td><td></td><td>289 A+ second highest of 16 ratings</td></tr><tr><td>AXA Group ..............................................</td><td></td><td>170 A+ second highest of 16 ratings</td></tr><tr><td>Alleghany Group ......................................</td><td></td><td>141 A+ second highest of 16 ratings</td></tr></table>",
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"text": "At December 31, 2019, the Company held $823 million of collateral in the form of letters of credit, funds and trust agreements held to fully or partially collateralize certain reinsurance recoverables."
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"text": "Included in total reinsurance recoverables are amounts related to structured settlements, which are annuities purchased from various life insurance companies to settle certain personal physical injury claims, of which workers' compensation claims comprise a significant portion. In cases where the Company did not receive a release from the claimant, the amount due from the life insurance company related to the structured settlement is included in the Company's consolidated balance sheet as a reinsurance recoverable and the related claim cost is included in the liability for claims and claim adjustment expense reserves, as the Company retains the contingent liability to the claimant. If it is expected that the life insurance company is not able to pay, the Company would recognize an impairment of the related reinsurance recoverable if, and to the extent, the purchased annuities are not covered by state guaranty associations. In the event that the life insurance company fails to make the required annuity payments, the Company would be required to make such payments. The following table presents the Company's top five groups by structured settlements at December 31, 2019 (in millions). Also included is the A.M. Best rating of the Company's predominant insurer from each such insurer group at February 13, 2020:"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-109 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | ___________________________________________ (1) On February 7, 2020, Fidelity National Financial, Inc. announced that it had signed a merger agreement to acquire FGL Holdings (Fidelity & Guaranty Life Group). The transaction is expected to close in the second or third quarter of 2020, and is subject to the approval of FGL Holdings stockholders and federal and state regulators, as well as the satisfaction of other customary closing conditions. (2) On October 23, 2016, Genworth Financial (Genworth) announced that they entered into a definitive agreement under which China Oceanwide Holdings Group Co., Ltd. (China Oceanwide) agreed to acquire all of the outstanding shares of Genworth. China Oceanwide is a privately held, family-owned international financial holding group headquartered in Beijing, China. On March 7, 2017, Genworth stockholders adopted the merger agreement, and the acquisition is pending the receipt of required regulatory approvals. On December 23, 2019, the parties agreed to extend the closing deadline for the transaction until March 31, 2020. The Company considers the ratings and related outlook assigned to reinsurance companies and life insurance companies by various independent ratings agencies in assessing the adequacy of its allowance for uncollectible amounts. OUTLOOK The following discussion provides outlook information for certain key drivers of the Company's results of operations and capital position. Premiums. The Company's earned premiums are a function of net written premium volume. Net written premiums comprise both renewal business and new business and are recognized as earned premium over the life of the underlying policies. When business renews, the amount of net written premiums associated with that business may increase or decrease (renewal premium change) as a result of increases or decreases in rate and/or insured exposures, which the Company considers as a measure of units of exposure (such as the number and value of vehicles or properties insured). Net written premiums from both renewal and new business, and therefore earned premiums, are impacted by competitive market conditions as well as general economic conditions, which, particularly in the case of Business Insurance, affect audit premium adjustments, policy endorsements and mid-term cancellations. Property and casualty insurance market conditions are expected to remain competitive. Net written premiums may also be impacted by the structure of reinsurance programs and related costs, as well as changes in foreign currency exchange rates. Overall, the Company expects retention levels (the amount of expiring premium that renews, before the impact of renewal premium changes) will remain strong by historical standards during 2020. In Business Insurance, the Company expects that domestic renewal premium changes for 2020 will remain positive and will be higher than the level attained in 2019. In Bond & Specialty Insurance, the Company expects that renewal premium changes with respect to domestic management liability business for 2020 will remain positive and will be higher than the level attained in 2019. In Personal Insurance, the Company expects that domestic Agency Automobile renewal premium changes for 2020 will remain positive but will be lower than the level attained in 2019. The Company expects that domestic Agency Homeowners and Other renewal premium changes for 2020 will remain positive and will be higher than the level attained in 2019. The need for state regulatory approval for changes to personal and many commercial property and casualty insurance prices, as well as competitive market conditions, may impact the timing and extent of renewal premium changes. Given the relatively smaller amount of premium that the Company generates from outside the United States and the transactional nature of some of those markets, particularly Lloyd's, international renewal premium changes during 2020 could be somewhat higher, broadly consistent with or somewhat lower than the levels attained in 2019; however, the Company expects that international renewal premium changes for the first half of 2020 will remain positive and will be higher than the level attained in the same period of 2019. Property and casualty insurance market conditions are expected to remain competitive during 2020 for new business. In each of the Company's business segments, new business generally has less of an impact on underwriting profitability than renewal business, given the volume of new business relative to renewal business. However, in periods of meaningful increases in new business, despite its positive impact on underwriting gains over time, the impact of higher new business levels may negatively impact the combined ratio for a period of time. 90 | [
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"text": "(Fidelity & Guaranty Life Group). The transaction is expected to close in the second or third quarter of 2020, and is subject to the "
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"text": "Oceanwide Holdings Group Co., Ltd. (China Oceanwide) agreed to acquire all of the outstanding shares of Genworth. China Oceanwide "
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"text": "stockholders adopted the merger agreement, and the acquisition is pending the receipt of required regulatory approvals. On December "
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"text": "various independent ratings agencies in assessing the adequacy of its allowance for uncollectible amounts."
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"text": "The following discussion provides outlook information for certain key drivers of the Company’s results of operations and capital "
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"text": "Premiums. The Company’s earned premiums are a function of net written premium volume. Net written premiums comprise both "
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"text": "renewal business and new business and are recognized as earned premium over the life of the underlying policies. When business "
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"text": "renews, the amount of net written premiums associated with that business may increase or decrease (renewal premium change) "
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"text": "exposure (such as the number and value of vehicles or properties insured). Net written premiums from both renewal and new "
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"text": "business, and therefore earned premiums, are impacted by competitive market conditions as well as general economic conditions, "
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"text": "which, particularly in the case of Business Insurance, affect audit premium adjustments, policy endorsements and mid-term "
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"text": "cancellations. Property and casualty insurance market conditions are expected to remain competitive. Net written premiums may"
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"text": "also be impacted by the structure of reinsurance programs and related costs, as well as changes in foreign currency exchange rates."
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"text": "Overall, the Company expects retention levels (the amount of expiring premium that renews, before the impact of renewal premium"
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"text": "changes) will remain strong by historical standards during 2020. In Business Insurance, the Company expects that domestic "
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"text": "renewal premium changes for 2020 will remain positive and will be higher than the level attained in 2019. In Bond & Specialty "
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"text": "Insurance, the Company expects that renewal premium changes with respect to domestic management liability business for 2020 "
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"text": "will remain positive and will be higher than the level attained in 2019. In Personal Insurance, the Company expects that domestic "
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"text": "Agency Automobile renewal premium changes for 2020 will remain positive but will be lower than the level attained in 2019. "
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"text": "The Company expects that domestic Agency Homeowners and Other renewal premium changes for 2020 will remain positive and "
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"text": "will be higher than the level attained in 2019. The need for state regulatory approval for changes to personal and many commercial "
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"text": "and the transactional nature of some of those markets, particularly Lloyd’s, international renewal premium changes during 2020 "
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"html_seq": "<table><tr><th>Group</th><th>Structured Settlements</th><th>A.M. Best Rating of Group's Predominant Insurer</th></tr><tr><td>Fidelity & Guaranty Life Group (1) ..........................</td><td></td><td>$ 777 A- fourth highest of 16 ratings</td></tr><tr><td>Genworth Financial Group (2) .................................</td><td></td><td>338 B seventh highest of 16 ratings</td></tr><tr><td>John Hancock Group..............................................</td><td></td><td>272 A+ second highest of 16 ratings</td></tr><tr><td>Brighthouse Financial, Inc. ....................................</td><td></td><td>248 A third highest of 16 ratings</td></tr><tr><td>Symetra Financial Corporation ..............................</td><td></td><td>241 A third highest of 16 ratings</td></tr></table>",
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"text": "___________________________________________"
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"text": "(1) On February 7, 2020, Fidelity National Financial, Inc. announced that it had signed a merger agreement to acquire FGL Holdings (Fidelity & Guaranty Life Group). The transaction is expected to close in the second or third quarter of 2020, and is subject to the approval of FGL Holdings stockholders and federal and state regulators, as well as the satisfaction of other customary closing conditions."
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"text": "(2) On October 23, 2016, Genworth Financial (Genworth) announced that they entered into a definitive agreement under which China Oceanwide Holdings Group Co., Ltd. (China Oceanwide) agreed to acquire all of the outstanding shares of Genworth. China Oceanwide is a privately held, family-owned international financial holding group headquartered in Beijing, China. On March 7, 2017, Genworth stockholders adopted the merger agreement, and the acquisition is pending the receipt of required regulatory approvals. On December 23, 2019, the parties agreed to extend the closing deadline for the transaction until March 31, 2020."
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"text": "The Company considers the ratings and related outlook assigned to reinsurance companies and life insurance companies by various independent ratings agencies in assessing the adequacy of its allowance for uncollectible amounts."
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"text": "The following discussion provides outlook information for certain key drivers of the Company's results of operations and capital position."
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"text": "Premiums. The Company's earned premiums are a function of net written premium volume. Net written premiums comprise both renewal business and new business and are recognized as earned premium over the life of the underlying policies. When business renews, the amount of net written premiums associated with that business may increase or decrease (renewal premium change) as a result of increases or decreases in rate and/or insured exposures, which the Company considers as a measure of units of exposure (such as the number and value of vehicles or properties insured). Net written premiums from both renewal and new business, and therefore earned premiums, are impacted by competitive market conditions as well as general economic conditions, which, particularly in the case of Business Insurance, affect audit premium adjustments, policy endorsements and mid-term cancellations. Property and casualty insurance market conditions are expected to remain competitive. Net written premiums may also be impacted by the structure of reinsurance programs and related costs, as well as changes in foreign currency exchange rates."
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"text": "Overall, the Company expects retention levels (the amount of expiring premium that renews, before the impact of renewal premium changes) will remain strong by historical standards during 2020. In Business Insurance, the Company expects that domestic renewal premium changes for 2020 will remain positive and will be higher than the level attained in 2019. In Bond & Specialty Insurance, the Company expects that renewal premium changes with respect to domestic management liability business for 2020 will remain positive and will be higher than the level attained in 2019. In Personal Insurance, the Company expects that domestic Agency Automobile renewal premium changes for 2020 will remain positive but will be lower than the level attained in 2019. The Company expects that domestic Agency Homeowners and Other renewal premium changes for 2020 will remain positive and will be higher than the level attained in 2019. The need for state regulatory approval for changes to personal and many commercial property and casualty insurance prices, as well as competitive market conditions, may impact the timing and extent of renewal premium changes. Given the relatively smaller amount of premium that the Company generates from outside the United States and the transactional nature of some of those markets, particularly Lloyd's, international renewal premium changes during 2020 could be somewhat higher, broadly consistent with or somewhat lower than the levels attained in 2019; however, the Company expects that international renewal premium changes for the first half of 2020 will remain positive and will be higher than the level attained in the same period of 2019."
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"text": "Property and casualty insurance market conditions are expected to remain competitive during 2020 for new business. In each of the Company's business segments, new business generally has less of an impact on underwriting profitability than renewal business, given the volume of new business relative to renewal business. However, in periods of meaningful increases in new business, despite its positive impact on underwriting gains over time, the impact of higher new business levels may negatively impact the combined ratio for a period of time."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-110 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Economic conditions in the United States and elsewhere could change due to a variety of factors, including the political and regulatory environment, changes to monetary policy, inflation or deflation (including the impact of rapid changes in wages and/ or commodity prices), changes in tariffs or other international trade regulations, fluctuations in interest rates and foreign currency exchange rates, high levels of global debt after an extended period of low interest rates, the United Kingdom's withdrawal from the European Union, a shutdown of the U.S. government, the failure by the U.S. government to raise the debt ceiling, changes to the U.S. Federal budget and further potential changes in tax laws or health care legislation in the United States. The resulting changes in levels of economic activity could positively or negatively impact exposure changes at renewal and the Company's ability to write business at acceptable rates. Additionally, changes in levels of economic activity could positively or negatively impact audit premium adjustments, policy endorsements and mid-term cancellations after policies are written. All of the foregoing, in turn, could positively or negatively impact net written premiums during 2020, and because earned premiums are a function of net written premiums, earned premiums could be impacted on a lagging basis. Underwriting Gain/Loss. The Company's underwriting gain/loss can be significantly impacted by catastrophe losses and net favorable or unfavorable prior year reserve development, as well as underlying underwriting margins. Underlying underwriting margins can be impacted by a number of factors, including variability in non-catastrophe weather, large loss and other loss activity; changes in current period loss estimates resulting from prior period loss development; changes in loss trend; changes in business mix; changes in reinsurance coverages and/or costs; premium adjustments; and variability in expenses and assessments. Catastrophe losses and non-catastrophe weather-related losses are inherently unpredictable from period to period. The Company's results of operations could be adversely impacted if significant catastrophe and/or non-catastrophe weather-related losses were to occur. On average over the last ten years, the Company has experienced approximately 40% of its annual catastrophe losses during the second quarter, primarily arising out of severe wind and hail storms, including tornadoes. Hurricanes, wildfires and winter storms tend to happen at other times of the year and can also have a material impact on the Company's results of operations. Catastrophe losses incurred in a particular quarter in any given year may differ materially from historical experience. In addition, most of the Company's reinsurance programs renew on January 1 or July 1 of each year, and, therefore, any changes to the cost or coverage terms of such programs will be effective after such dates. Over the past decade, the Company's results have included significant amounts of net favorable prior year reserve development driven by better than expected loss experience. However, given the inherent uncertainty in estimating claims and claim adjustment expense reserves, loss experience could develop such that the Company recognizes in future periods higher or lower levels of favorable prior year reserve development, no favorable prior year reserve development or, as was the case in 2019, unfavorable prior year reserve development. In addition, the ongoing review of prior year claims and claim adjustment expense reserves, or other changes in current period circumstances, may result in the Company revising current year loss estimates upward or downward in future periods of the current year. It is possible that changes in economic conditions could lead to higher or lower inflation than the Company had anticipated, which could in turn lead to an increase or decrease in the Company's loss costs and the need to strengthen or reduce claims and claim adjustment expense reserves. These impacts of inflation on loss costs and claims and claim adjustment expense reserves could be more pronounced for those lines of business that require a relatively longer period of time to finalize and settle claims for a given accident year and, accordingly, are relatively more inflation sensitive. For a further discussion, see "Part I-Item 1A-Risk Factors-If actual claims exceed our claims and claim adjustment expense reserves, or if changes in the estimated level of claims and claim adjustment expense reserves are necessary, including as a result of, among other things, changes in the legal/tort, regulatory and economic environments in which the Company operates, our financial results could be materially and adversely affected." In Business Insurance, the Company expects that for 2020 in the aggregate, the underlying underwriting margin will be higher, and the underlying combined ratio will be lower, than in 2019, assuming the anticipated impacts of earned pricing in excess of loss cost trends and improved results in the Company's international business. The improvements are expected in the second through fourth quarters of the year as a result of the timing impact of higher loss estimates recognized in the same periods of 2019 in the general liability product line for primary and excess coverages and in the commercial automobile product line. In Bond & Specialty Insurance, the Company expects that for 2020 in the aggregate, the underlying underwriting margin will be broadly consistent with 2019 and the underlying combined ratio will be slightly higher than in 2019. In Personal Insurance, the Company expects that for 2020 in the aggregate, the underlying underwriting margin will be higher, and the underlying combined ratio will be lower, than in 2019. The improvements are expected in the second through fourth quarters of the year assuming lower levels of non-catastrophe weather-related losses. In Agency Automobile, the Company expects 91 | [
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"text": "in turn, could positively or negatively impact net written premiums during 2020, and because earned premiums are a function of "
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"text": "quarters of the year assuming lower levels of non-catastrophe weather-related losses. In Agency Automobile, the Company expects "
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-111 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | that for 2020 in the aggregate, the underlying underwriting margin and the underlying combined ratio will be broadly consistent with 2019. In Agency Homeowners and Other, the Company expects that for 2020 in the aggregate, the underlying underwriting margin will be higher, and the underlying combined ratio will be lower, than in 2019. The improvements are expected in the second through fourth quarters of the year assuming lower levels of non-catastrophe weather-related losses. Investment Portfolio. The Company expects to continue to focus its investment strategy on maintaining a high-quality investment portfolio and a relatively short average effective duration. The weighted average effective duration of fixed maturities and shortterm securities was 4.0 (4.3 excluding short-term securities) at December 31, 2019. From time to time, the Company enters into short positions in U.S. Treasury futures contracts to manage the duration of its fixed maturity portfolio. At December 31, 2019, the Company had no open U.S. Treasury futures contracts. The Company continually evaluates its investment alternatives and mix. Currently, the majority of the Company's investments are comprised of a widely diversified portfolio of high-quality, liquid, taxable U.S. government, tax-exempt U.S. municipal and taxable corporate and U.S. agency mortgage-backed bonds. The Company also invests much smaller amounts in equity securities, real estate, private equity limited partnerships, hedge funds, and real estate partnerships and joint ventures. These investment classes have the potential for higher returns but also the potential for higher degrees of risk, including less stable rates of return and less liquidity. Net investment income is a material contributor to the Company's results of operations. Based on the impact of expected lower reinvestment yields on fixed income investments, partially offset by slightly higher levels of fixed income investments, the Company expects that for 2020, after-tax net investment income from that portfolio will be approximately $5 million to $10 million lower on a quarterly basis as compared to the corresponding quarters of 2019. The impact of future market conditions on net investment income from the Company's non-fixed income investment portfolios for 2020 is hard to predict. If general economic conditions and/or investment market conditions change, the Company could experience an increase or decrease in net investment income and/or significant realized investment gains or losses (including impairments) compared with 2019. The Company had a net pre-tax unrealized investment gain of $2.85 billion ($2.25 billion after-tax) in its fixed maturity investment portfolio at December 31, 2019. While the Company does not attempt to predict future interest rate movements, a rising interest rate environment would reduce the market value of fixed maturity investments and, therefore, reduce shareholders' equity, and a declining interest rate environment would have the opposite effects. The Company's investment portfolio has benefited from certain tax exemptions (primarily those related to interest from municipal bonds) and certain other tax laws, including, but not limited to, those governing dividends-received deductions and tax credits (such as foreign tax credits). Changes in these laws could adversely impact the value of the Company's investment portfolio. See "Changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate could adversely impact us" included in "Part I-Item 1A-Risk Factors." For further discussion of the Company's investment portfolio, see "Investment Portfolio." For a discussion of the risks to the Company's business during or following a financial market disruption and risks to the Company's investment portfolio, see the risk factors entitled "During or following a period of financial market disruption or an economic downturn, our business could be materially and adversely affected" and "Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses" included in "Part I-Item 1A-Risk Factors." For a discussion of the risks to the Company's investments from foreign currency exchange rate fluctuations, see the risk factor entitled "We are also subject to a number of additional risks associated with our business outside the United States" included in "Part I-Item 1A- Risk Factors" and see "Part II-Item 7A-Quantitative and Qualitative Disclosures About Market Risk-Foreign Currency Exchange Rate Risk." Capital Position. The Company believes it has a strong capital position and, as part of its ongoing efforts to create shareholder value, expects to continue to return capital not needed to support its business operations to its shareholders. The Company expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company also expects that to the extent that it continues to grow premium volumes, the amount of capital returned to shareholders relative to earnings would be somewhat less than it otherwise would have been in the absence of such growth. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, changes in levels of written premiums, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors . For information regarding the Company's common share repurchases in 2019, see "Liquidity and Capital Resources." As a result of the Company's business outside of the United States, primarily in Canada, the United Kingdom (including Lloyd's) , the Republic of Ireland and in Brazil through a joint venture, the Company's capital is also subject to the effects of changes in foreign currency exchange rates. For example, strengthening of the U.S. dollar in comparison to other currencies could result in 92 | [
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"text": "jurisdictions in which we operate could adversely impact us” included in “Part I—Item 1A—Risk Factors.” "
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"text": "or low returns or material realized or unrealized losses” included in “Part I—Item 1A—Risk Factors.” For a discussion of the "
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"text": "value, expects to continue to return capital not needed to support its business operations to its shareholders. The Company expects "
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"text": "that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not "
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"text": "the Republic of Ireland and in Brazil through a joint venture, the Company’s capital is also subject to the effects of changes in "
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"text": "foreign currency exchange rates. For example, strengthening of the U.S. dollar in comparison to other currencies could result in "
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"text": "that for 2020 in the aggregate, the underlying underwriting margin and the underlying combined ratio will be broadly consistent with 2019. In Agency Homeowners and Other, the Company expects that for 2020 in the aggregate, the underlying underwriting margin will be higher, and the underlying combined ratio will be lower, than in 2019. The improvements are expected in the second through fourth quarters of the year assuming lower levels of non-catastrophe weather-related losses."
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"text": "Investment Portfolio. The Company expects to continue to focus its investment strategy on maintaining a high-quality investment portfolio and a relatively short average effective duration. The weighted average effective duration of fixed maturities and shortterm securities was 4.0 (4.3 excluding short-term securities) at December 31, 2019. From time to time, the Company enters into short positions in U.S. Treasury futures contracts to manage the duration of its fixed maturity portfolio. At December 31, 2019, the Company had no open U.S. Treasury futures contracts. The Company continually evaluates its investment alternatives and mix. Currently, the majority of the Company's investments are comprised of a widely diversified portfolio of high-quality, liquid, taxable U.S. government, tax-exempt U.S. municipal and taxable corporate and U.S. agency mortgage-backed bonds."
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"text": "The Company also invests much smaller amounts in equity securities, real estate, private equity limited partnerships, hedge funds, and real estate partnerships and joint ventures. These investment classes have the potential for higher returns but also the potential for higher degrees of risk, including less stable rates of return and less liquidity."
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"text": "Net investment income is a material contributor to the Company's results of operations. Based on the impact of expected lower reinvestment yields on fixed income investments, partially offset by slightly higher levels of fixed income investments, the Company expects that for 2020, after-tax net investment income from that portfolio will be approximately $5 million to $10 million lower on a quarterly basis as compared to the corresponding quarters of 2019. The impact of future market conditions on net investment income from the Company's non-fixed income investment portfolios for 2020 is hard to predict. If general economic conditions and/or investment market conditions change, the Company could experience an increase or decrease in net investment income and/or significant realized investment gains or losses (including impairments) compared with 2019."
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"text": "The Company had a net pre-tax unrealized investment gain of $2.85 billion ($2.25 billion after-tax) in its fixed maturity investment portfolio at December 31, 2019. While the Company does not attempt to predict future interest rate movements, a rising interest rate environment would reduce the market value of fixed maturity investments and, therefore, reduce shareholders' equity, and a declining interest rate environment would have the opposite effects. The Company's investment portfolio has benefited from certain tax exemptions (primarily those related to interest from municipal bonds) and certain other tax laws, including, but not limited to, those governing dividends-received deductions and tax credits (such as foreign tax credits). Changes in these laws could adversely impact the value of the Company's investment portfolio. See \"Changes in U.S. tax laws or in the tax laws of other jurisdictions in which we operate could adversely impact us\" included in \"Part I-Item 1A-Risk Factors.\""
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"text": "For further discussion of the Company's investment portfolio, see \"Investment Portfolio.\" For a discussion of the risks to the Company's business during or following a financial market disruption and risks to the Company's investment portfolio, see the risk factors entitled \"During or following a period of financial market disruption or an economic downturn, our business could be materially and adversely affected\" and \"Our investment portfolio is subject to credit and interest rate risk, and may suffer reduced or low returns or material realized or unrealized losses\" included in \"Part I-Item 1A-Risk Factors.\" For a discussion of the risks to the Company's investments from foreign currency exchange rate fluctuations, see the risk factor entitled \"We are also subject to a number of additional risks associated with our business outside the United States\" included in \"Part I-Item 1A- Risk Factors\" and see \"Part II-Item 7A-Quantitative and Qualitative Disclosures About Market Risk-Foreign Currency Exchange Rate Risk.\""
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"text": "Capital Position. The Company believes it has a strong capital position and, as part of its ongoing efforts to create shareholder value, expects to continue to return capital not needed to support its business operations to its shareholders. The Company expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company also expects that to the extent that it continues to grow premium volumes, the amount of capital returned to shareholders relative to earnings would be somewhat less than it otherwise would have been in the absence of such growth. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, changes in levels of written premiums, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors . For information regarding the Company's common share repurchases in 2019, see \"Liquidity and Capital Resources.\""
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"text": "As a result of the Company's business outside of the United States, primarily in Canada, the United Kingdom (including Lloyd's) , the Republic of Ireland and in Brazil through a joint venture, the Company's capital is also subject to the effects of changes in foreign currency exchange rates. For example, strengthening of the U.S. dollar in comparison to other currencies could result in"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-112 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | a reduction of shareholders' equity. For additional discussion of the Company's foreign exchange market risk exposure, see "Part II-Item 7A-Quantitative and Qualitative Disclosures About Market Risk." Many of the statements in this "Outlook" section are forward-looking statements, which are subject to risks and uncertainties that are often difficult to predict and beyond the Company's control. Actual results could differ materially from those expressed or implied by such forward-looking statements. Further, such forward-looking statements speak only as of the date of this report and the Company undertakes no obligation to update them. See "-Forward Looking Statements." For a discussion of potential risks and uncertainties that could impact the Company's results of operations or financial position, see "Part I-Item 1A-Risk Factors" and "Critical Accounting Estimates." LIQUIDITY AND CAPITAL RESOURCES Liquidity is a measure of a company's ability to generate sufficient cash flows to meet the cash requirements of its business operations and to satisfy general corporate purposes when needed. Operating Company Liquidity. The liquidity requirements of the Company's insurance subsidiaries are met primarily by funds generated from premiums, fees, income received on investments and investment maturities. Cash provided from these sources is used primarily for claims and claim adjustment expense payments and operating expenses. The insurance subsidiaries' liquidity requirements can be impacted by, among other factors, the timing and amount of catastrophe claims, which are inherently unpredictable, as well as the timing and amount of reinsurance recoveries, which may be affected by reinsurer solvency and reinsurance coverage disputes. Additionally, the variability of asbestos-related claim payments, as well as the volatility of potential judgments and settlements arising out of litigation, may also result in increased liquidity requirements. It is the opinion of the Company's management that the insurance subsidiaries' future liquidity needs will be adequately met from all of the sources described above. Subject to restrictions imposed by states in which the Company's insurance subsidiaries are domiciled, the Company's principal insurance subsidiaries pay dividends to their respective parent companies, which, in turn, pay dividends to the corporate holding (parent) company (TRV). For further information regarding restrictions on dividends paid by the Company's insurance subsidiaries, see "Part I-Item 1-Business-Regulation." Holding Company Liquidity. TRV's liquidity requirements primarily include shareholder dividends, debt servicing, common share repurchases and, from time to time, contributions to its qualified domestic pension plan. At December 31, 2019, TRV held total cash and short-term invested assets in the United States aggregating $1.43 billion and having a weighted average maturity of 53 days. TRV has established a holding company liquidity target equal to its estimated annual pre-tax interest expense and common shareholder dividends (currently approximately $1.20 billion). TRV's holding company liquidity of $1.43 billion at December 31, 2019 exceeded this target, and it is the opinion of the Company's management that these assets are sufficient to meet TRV's current liquidity requirements. TRV is not dependent on dividends or other forms of repatriation from its foreign operations to support its liquidity needs. The undistributed earnings of the Company's foreign operations are intended to be permanently reinvested in those operations, and such earnings were not material to the Company's financial position or liquidity at December 31, 2019. TRV has a shelf registration statement filed with the Securities and Exchange Commission that expires on June 10, 2022 which permits it to issue securities from time to time. TRV also has a $1.0 billion line of credit facility with a syndicate of financial institutions that expires on June 4, 2023. At December 31, 2019, the Company had $100 million of commercial paper outstanding. TRV is not reliant on its commercial paper program to meet its operating cash flow needs. The Company utilized uncollateralized letters of credit issued by major banks with an aggregate limit of approximately $317 million to provide a portion of the capital needed to support its obligations at Lloyd's at December 31, 2019. If uncollateralized letters of credit are not available at a reasonable price or at all in the future, the Company can collateralize these letters of credit or may have to seek alternative means of supporting its obligations at Lloyd's, which could include utilizing holding company funds on hand. Operating Activities Net cash flows provided by operating activities were $5.21 billion and $4.38 billion in 2019 and 2018, respectively. The increase in cash flows in 2019 primarily reflected higher levels of cash received for (i) premiums and (ii) net investment income, and (iii) a lower level of payments for general and administrative expenses, partially offset by the impacts of higher levels of payments for (iv) claims and claim adjustment expenses and (v) commission expenses. The higher level of payments for claims and claim adjustment expenses in 2019 included the impact of increased business volumes, partially offset by a lower level of payments related to catastrophe losses. The lower level of payments for general and administrative expenses reflected no voluntary 93 | [
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"text": "requirements can be impacted by, among other factors, the timing and amount of catastrophe claims, which are inherently "
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"text": "unpredictable, as well as the timing and amount of reinsurance recoveries, which may be affected by reinsurer solvency and "
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"text": "reinsurance coverage disputes. Additionally, the variability of asbestos-related claim payments, as well as the volatility of potential "
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"text": "judgments and settlements arising out of litigation, may also result in increased liquidity requirements. It is the opinion of the "
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"text": "Company’s management that the insurance subsidiaries’ future liquidity needs will be adequately met from all of the sources "
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"text": "described above. Subject to restrictions imposed by states in which the Company’s insurance subsidiaries are domiciled, the "
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"text": "Company’s principal insurance subsidiaries pay dividends to their respective parent companies, which, in turn, pay dividends to"
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"text": "the corporate holding (parent) company (TRV). For further information regarding restrictions on dividends paid by the Company’s "
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"text": "insurance subsidiaries, see “Part I—Item 1—Business—Regulation.” "
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"text": "Holding Company Liquidity. TRV’s liquidity requirements primarily include shareholder dividends, debt servicing, common share "
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"text": "repurchases and, from time to time, contributions to its qualified domestic pension plan. At December 31, 2019, TRV held total"
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"text": "cash and short-term invested assets in the United States aggregating $1.43 billion and having a weighted average maturity of 53"
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"text": "days. TRV has established a holding company liquidity target equal to its estimated annual pre-tax interest expense and common"
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"text": "shareholder dividends (currently approximately $1.20 billion). TRV’s holding company liquidity of $1.43 billion at December 31, "
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"text": "2019 exceeded this target, and it is the opinion of the Company’s management that these assets are sufficient to meet TRV’s current "
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"text": "liquidity requirements."
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"text": "TRV is not dependent on dividends or other forms of repatriation from its foreign operations to support its liquidity needs. The "
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"text": "undistributed earnings of the Company’s foreign operations are intended to be permanently reinvested in those operations, and "
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"text": "such earnings were not material to the Company’s financial position or liquidity at December 31, 2019. "
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"text": "TRV has a shelf registration statement filed with the Securities and Exchange Commission that expires on June 10, 2022 which "
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"text": "permits it to issue securities from time to time. TRV also has a $1.0 billion line of credit facility with a syndicate of financial "
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"text": "institutions that expires on June 4, 2023. At December 31, 2019, the Company had $100 million of commercial paper outstanding. "
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"text": "TRV is not reliant on its commercial paper program to meet its operating cash flow needs. "
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"text": "The Company utilized uncollateralized letters of credit issued by major banks with an aggregate limit of approximately $317 "
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"text": "million to provide a portion of the capital needed to support its obligations at Lloyd’s at December 31, 2019. If uncollateralized "
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"text": "letters of credit are not available at a reasonable price or at all in the future, the Company can collateralize these letters of credit "
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"text": "or may have to seek alternative means of supporting its obligations at Lloyd’s, which could include utilizing holding company "
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"text": "Operating Activities"
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"text": "Net cash flows provided by operating activities were $5.21 billion and $4.38 billion in 2019 and 2018, respectively. The increase "
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"text": "in cash flows in 2019 primarily reflected higher levels of cash received for (i) premiums and (ii) net investment income, and (iii) "
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"text": "a lower level of payments for general and administrative expenses, partially offset by the impacts of higher levels of payments for "
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"text": "(iv) claims and claim adjustment expenses and (v) commission expenses. The higher level of payments for claims and claim "
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"text": "adjustment expenses in 2019 included the impact of increased business volumes, partially offset by a lower level of payments "
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"text": "related to catastrophe losses. The lower level of payments for general and administrative expenses reflected no voluntary "
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"text": "a reduction of shareholders' equity. For additional discussion of the Company's foreign exchange market risk exposure, see \"Part II-Item 7A-Quantitative and Qualitative Disclosures About Market Risk.\""
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"text": "Many of the statements in this \"Outlook\" section are forward-looking statements, which are subject to risks and uncertainties that are often difficult to predict and beyond the Company's control. Actual results could differ materially from those expressed or implied by such forward-looking statements. Further, such forward-looking statements speak only as of the date of this report and the Company undertakes no obligation to update them. See \"-Forward Looking Statements.\" For a discussion of potential risks and uncertainties that could impact the Company's results of operations or financial position, see \"Part I-Item 1A-Risk Factors\" and \"Critical Accounting Estimates.\""
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"text": "LIQUIDITY AND CAPITAL RESOURCES"
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"text": "Liquidity is a measure of a company's ability to generate sufficient cash flows to meet the cash requirements of its business operations and to satisfy general corporate purposes when needed."
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"text": "Operating Company Liquidity. The liquidity requirements of the Company's insurance subsidiaries are met primarily by funds generated from premiums, fees, income received on investments and investment maturities. Cash provided from these sources is used primarily for claims and claim adjustment expense payments and operating expenses. The insurance subsidiaries' liquidity requirements can be impacted by, among other factors, the timing and amount of catastrophe claims, which are inherently unpredictable, as well as the timing and amount of reinsurance recoveries, which may be affected by reinsurer solvency and reinsurance coverage disputes. Additionally, the variability of asbestos-related claim payments, as well as the volatility of potential judgments and settlements arising out of litigation, may also result in increased liquidity requirements. It is the opinion of the Company's management that the insurance subsidiaries' future liquidity needs will be adequately met from all of the sources described above. Subject to restrictions imposed by states in which the Company's insurance subsidiaries are domiciled, the Company's principal insurance subsidiaries pay dividends to their respective parent companies, which, in turn, pay dividends to the corporate holding (parent) company (TRV). For further information regarding restrictions on dividends paid by the Company's insurance subsidiaries, see \"Part I-Item 1-Business-Regulation.\""
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"text": "Holding Company Liquidity. TRV's liquidity requirements primarily include shareholder dividends, debt servicing, common share repurchases and, from time to time, contributions to its qualified domestic pension plan. At December 31, 2019, TRV held total cash and short-term invested assets in the United States aggregating $1.43 billion and having a weighted average maturity of 53 days. TRV has established a holding company liquidity target equal to its estimated annual pre-tax interest expense and common shareholder dividends (currently approximately $1.20 billion). TRV's holding company liquidity of $1.43 billion at December 31, 2019 exceeded this target, and it is the opinion of the Company's management that these assets are sufficient to meet TRV's current liquidity requirements."
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"text": "TRV is not dependent on dividends or other forms of repatriation from its foreign operations to support its liquidity needs. The undistributed earnings of the Company's foreign operations are intended to be permanently reinvested in those operations, and such earnings were not material to the Company's financial position or liquidity at December 31, 2019."
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"text": "TRV has a shelf registration statement filed with the Securities and Exchange Commission that expires on June 10, 2022 which permits it to issue securities from time to time. TRV also has a $1.0 billion line of credit facility with a syndicate of financial institutions that expires on June 4, 2023. At December 31, 2019, the Company had $100 million of commercial paper outstanding. TRV is not reliant on its commercial paper program to meet its operating cash flow needs."
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"text": "The Company utilized uncollateralized letters of credit issued by major banks with an aggregate limit of approximately $317 million to provide a portion of the capital needed to support its obligations at Lloyd's at December 31, 2019. If uncollateralized letters of credit are not available at a reasonable price or at all in the future, the Company can collateralize these letters of credit or may have to seek alternative means of supporting its obligations at Lloyd's, which could include utilizing holding company funds on hand."
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"text": "Net cash flows provided by operating activities were $5.21 billion and $4.38 billion in 2019 and 2018, respectively. The increase in cash flows in 2019 primarily reflected higher levels of cash received for (i) premiums and (ii) net investment income, and (iii) a lower level of payments for general and administrative expenses, partially offset by the impacts of higher levels of payments for (iv) claims and claim adjustment expenses and (v) commission expenses. The higher level of payments for claims and claim adjustment expenses in 2019 included the impact of increased business volumes, partially offset by a lower level of payments related to catastrophe losses. The lower level of payments for general and administrative expenses reflected no voluntary"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-113 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | contribution to the Company's qualified domestic pension plan in 2019, compared to a voluntary contribution of $200 million in 2018. The qualified domestic pension plan was 108% and 109% funded at December 31, 2019 and 2018, respectively. Investing Activities Net cash used in investing activities was $2.90 billion and $2.33 billion in 2019 and 2018 , respectively. The Company's consolidated total investments at December 31, 2019 increased by $5.61 billion, or 8% over December 31, 2018, primarily reflecting the impacts of (i) net unrealized gains on investments at December 31, 2019 as compared with net unrealized losses on investments at December 31, 2018 due to a decline in interest rates during 2019 and (ii) net cash flows provided by operating activities, partially offset by (iii) common share repurchases and (iv) dividends paid to shareholders. The Company's investment portfolio is managed to support its insurance operations; accordingly, the portfolio is positioned to meet obligations to policyholders. As such, the primary goals of the Company's asset-liability management process are to satisfy the insurance liabilities and maintain sufficient liquidity to cover fluctuations in projected liability cash flows. Generally, the expected principal and interest payments produced by the Company's fixed maturity portfolio adequately fund the estimated runoff ff of the Company's insurance reserves. Although this is not an exact cash flow match in each period, the substantial amount by which the market value of the fixed maturity portfolio exceeds the value of the net insurance liabilities, as well as the positive cash flow from newly sold policies and the large amount of high quality liquid bonds, contributes to the Company's ability to fufund claim payments without having to sell illiquid assets or access credit facilities. Financing Activities Net cash flows used in financing activities were $2.19 billion and $2.01 billion in 2019 and 2018, respectively. The totals in both years primarily reflected common share repurchases, dividends paid to shareholders and the payment of debt, partially offset by the issuance of debt and proceeds from employee stock option exercises. Common share repurchases in 2019 and 2018 were $1.55 billion and $1.32 billion, respectively. Debt Transactions . 2019. On March 4, 2019, the Company issued $500 million aggregate principal amount of 4.10% senior notes that will mature on March 4, 2049. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $492 million. Interest on the senior notes is payable semi-annually in arrears on March 4 and September 4. Prior to September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding September 4, 2048 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury rate (as defined in the senior notes), plus 20 basis points. On or after September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to 100% of the principal amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On June 2, 2019, the Company's $500 million, 5.90% senior notes matured and were fully paid. 2018. On March 7, 2018, the Company issued $500 million aggregate principal amount of 4.05% senior notes that will mature on March 7, 2048. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $491 million. Interest on the senior notes is payable semi-annually in arrears on March 7 and September 7. Prior to September 7, 2047, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding September 7, 2047 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury rate (as defined in the senior notes), plus 15 basis points. On or after September 7, 2047, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to 100% of the principal amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On May 15, 2018, the Company's $500 million, 5.80% senior notes matured and were fully paid. Dividends. Dividends paid to shareholders were $844 million and $814 million in 2019 and 2018 , respectively. The declaration and payment of future dividends to holders of the Company's common stock will be at the discretion of the Company's Board of 94 | [
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"text": "expected principal and interest payments produced by the Company’s fixed maturity portfolio adequately fund the estimated runoff ff "
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"text": "of the Company’s insurance reserves. Although this is not an exact cash flow match in each period, the substantial amount by "
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"text": "which the market value of the fixed maturity portfolio exceeds the value of the net insurance liabilities, as well as the positive "
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"text": "on March 4, 2049. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by "
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"text": "the Company, totaled approximately $492 million. Interest on the senior notes is payable semi-annually in arrears on March 4 "
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"text": "and September 4. Prior to September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company’s option, "
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"text": "at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes "
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"text": "to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding "
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"text": "September 4, 2048 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the "
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"text": "date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current "
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"text": "Treasury rate (as defined in the senior notes), plus 20 basis points. On or after September 4, 2048, the senior notes may be redeemed, "
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"text": "in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to 100% of the principal "
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"text": "amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date."
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"text": "On June 2, 2019, the Company's $500 million, 5.90% senior notes matured and were fully paid. "
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"text": "2018. On March 7, 2018, the Company issued $500 million aggregate principal amount of 4.05% senior notes that will mature "
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"text": "on March 7, 2048. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by "
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"text": "the Company, totaled approximately $491 million. Interest on the senior notes is payable semi-annually in arrears on March 7 "
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"text": "and September 7. Prior to September 7, 2047, the senior notes may be redeemed, in whole or in part, at the Company’s option, "
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"text": "at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes "
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"text": "to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding "
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"text": "September 7, 2047 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the "
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"text": "date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current "
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"text": "Treasury rate (as defined in the senior notes), plus 15 basis points. On or after September 7, 2047, the senior notes may be redeemed, "
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"text": "in whole or in part, at the Company’s option, at any time or from time to time, at a redemption price equal to 100% of the principal "
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"text": "amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. "
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"text": "On May 15, 2018, the Company's $500 million, 5.80% senior notes matured and were fully paid. "
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"text": "Dividends. Dividends paid to shareholders were $844 million and $814 million in 2019 and 2018 , respectively. The declaration "
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"text": "and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s Board of "
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"text": "contribution to the Company's qualified domestic pension plan in 2019, compared to a voluntary contribution of $200 million in 2018. The qualified domestic pension plan was 108% and 109% funded at December 31, 2019 and 2018, respectively."
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"text": "Net cash used in investing activities was $2.90 billion and $2.33 billion in 2019 and 2018 , respectively. The Company's consolidated total investments at December 31, 2019 increased by $5.61 billion, or 8% over December 31, 2018, primarily reflecting the impacts of (i) net unrealized gains on investments at December 31, 2019 as compared with net unrealized losses on investments at December 31, 2018 due to a decline in interest rates during 2019 and (ii) net cash flows provided by operating activities, partially offset by (iii) common share repurchases and (iv) dividends paid to shareholders."
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"text": "The Company's investment portfolio is managed to support its insurance operations; accordingly, the portfolio is positioned to meet obligations to policyholders. As such, the primary goals of the Company's asset-liability management process are to satisfy the insurance liabilities and maintain sufficient liquidity to cover fluctuations in projected liability cash flows. Generally, the expected principal and interest payments produced by the Company's fixed maturity portfolio adequately fund the estimated runoff ff of the Company's insurance reserves. Although this is not an exact cash flow match in each period, the substantial amount by which the market value of the fixed maturity portfolio exceeds the value of the net insurance liabilities, as well as the positive cash flow from newly sold policies and the large amount of high quality liquid bonds, contributes to the Company's ability to fufund claim payments without having to sell illiquid assets or access credit facilities."
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"text": "Net cash flows used in financing activities were $2.19 billion and $2.01 billion in 2019 and 2018, respectively. The totals in both years primarily reflected common share repurchases, dividends paid to shareholders and the payment of debt, partially offset by the issuance of debt and proceeds from employee stock option exercises. Common share repurchases in 2019 and 2018 were $1.55 billion and $1.32 billion, respectively."
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"text": "Debt Transactions ."
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"text": "2019. On March 4, 2019, the Company issued $500 million aggregate principal amount of 4.10% senior notes that will mature on March 4, 2049. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $492 million. Interest on the senior notes is payable semi-annually in arrears on March 4 and September 4. Prior to September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding September 4, 2048 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury rate (as defined in the senior notes), plus 20 basis points. On or after September 4, 2048, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to 100% of the principal amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date."
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"text": "On June 2, 2019, the Company's $500 million, 5.90% senior notes matured and were fully paid."
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"text": "2018. On March 7, 2018, the Company issued $500 million aggregate principal amount of 4.05% senior notes that will mature on March 7, 2048. The net proceeds of the issuance, after the deduction of the underwriting discount and expenses payable by the Company, totaled approximately $491 million. Interest on the senior notes is payable semi-annually in arrears on March 7 and September 7. Prior to September 7, 2047, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of any senior notes to be redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest to but excluding September 7, 2047 on any senior notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury rate (as defined in the senior notes), plus 15 basis points. On or after September 7, 2047, the senior notes may be redeemed, in whole or in part, at the Company's option, at any time or from time to time, at a redemption price equal to 100% of the principal amount of any senior notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date."
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"text": "On May 15, 2018, the Company's $500 million, 5.80% senior notes matured and were fully paid."
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"text": "Dividends. Dividends paid to shareholders were $844 million and $814 million in 2019 and 2018 , respectively. The declaration and payment of future dividends to holders of the Company's common stock will be at the discretion of the Company's Board of"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-114 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Directors and will depend upon many factors, including the Company's financial position, earnings, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints and other factors as the Board of Directors deems relevant. Dividends will be paid by the Company only if declared by its Board of Directors out of funds legally available, subjbject to any other restrictions that may be applicable to the Company. On January 23, 2020, the Company announced that its Board of Directors declared a regular quarterly dividend of $0.82 per share, payable March 31, 2020 to shareholders of record on March 10, 2020. Share Repurchases. The Company's Board of Directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise. The authorizations do not have a stated expiration date. The most recent authorization was approved by the Board of Directors in April 2017 and added $5.0 billion of repurchase capacity to the $709 million capacity remaining at that date. The Company expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company also expects that to the extent that it continues to grow premium volumes, the amount of capital returned to shareholders relative to earnings would be somewhat less than it otherwise would have been. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, changes in levels of written premiums, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors. The following table summarizes repurchase activity in 2019 and the remaining repurchase capacity at December 31, 2019: From the inception of the first authorization on May 2, 2006 through December 31, 2019, the Company has repurchased a cumulative total of 508.1 million shares for a total cost of $34.21 billion, or an average of $67.34 per share. In both 2019 and 2018, the Company acquired 0.4 million shares of common stock from employees as treasury stock primarily to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the price of certain stock options that were exercised. Capital Resources Capital resources reflect the overall financial strength of the Company and its ability to borrow funds at competitive rates and raise new capital to meet its needs. The following table summarizes the components of the Company's capital structure at December 31, 2019 and 2018: 95 | [
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"text": "relevant. Dividends will be paid by the Company only if declared by its Board of Directors out of funds legally available, subjbject "
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"text": "to any other restrictions that may be applicable to the Company. On January 23, 2020, the Company announced that its Board of "
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"text": "Directors declared a regular quarterly dividend of $0.82 per share, payable March 31, 2020 to shareholders of record on March "
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"text": "10, 2020. "
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"text": "Share Repurchases. The Company’s Board of Directors has approved common share repurchase authorizations under which "
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"text": "repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule "
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"text": "10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise. The authorizations do not have a stated "
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"text": "expiration date. The most recent authorization was approved by the Board of Directors in April 2017 and added $5.0 billion of"
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"text": "repurchase capacity to the $709 million capacity remaining at that date. The Company expects that, generally over time, the "
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"text": "combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company "
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"text": "also expects that to the extent that it continues to grow premium volumes, the amount of capital returned to shareholders relative "
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"text": "to earnings would be somewhat less than it otherwise would have been. The timing and actual number of shares to be repurchased"
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"text": "in the future will depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe "
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"text": "losses, maintaining capital levels commensurate with the Company’s desired ratings from independent rating agencies, changes "
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"text": "in levels of written premiums, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating"
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"text": "subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and "
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"text": "related financings), market conditions and other factors. The following table summarizes repurchase activity in 2019 and the "
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"text": "remaining repurchase capacity at December 31, 2019:"
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"text": "(in millions, except per"
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"text": "Quarterly Period Ending"
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"text": "Cost of shares"
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"text": "Average price paid"
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"text": "per share"
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"text": "Remaining capacity"
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"text": "under share repurchase"
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"text": "authorization"
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"text": "March 31, 2019........................... "
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"text": "2.9 $ 375 $ "
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"text": "129.42 $ "
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"text": "2,911"
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"text": "June 30, 2019.............................. "
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"text": "2.6 "
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"text": "375 $ "
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"text": "145.87 $ "
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"text": "2,536"
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"text": "September 30, 2019 .................... "
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"text": "2.5 "
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"text": "375 $ "
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"text": "147.23 $ "
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"text": "2,161"
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"text": "December 31, 2019..................... "
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"text": "2.8 "
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"text": "375 $ "
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"text": "134.33 $ "
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"text": "1,786"
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"text": "Total..................................... "
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"text": "10.8 $ 1,500 $ "
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"text": "138.80 $ "
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"text": "1,786"
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"text": "From the inception of the first authorization on May 2, 2006 through December 31, 2019, the Company has repurchased a "
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"text": "cumulative total of 508.1 million shares for a total cost of $34.21 billion, or an average of $67.34 per share. "
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"text": "In both 2019 and 2018, the Company acquired 0.4 million shares of common stock from employees as treasury stock primarily "
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"text": "to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards,"
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"text": "and shares used by employees to cover the price of certain stock options that were exercised."
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"text": "Capital Resources"
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"text": "Capital resources reflect the overall financial strength of the Company and its ability to borrow funds at competitive rates and "
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"text": "raise new capital to meet its needs. The following table summarizes the components of the Company’s capital structure at "
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"text": "December 31, 2019 and 2018:"
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"text": "Directors and will depend upon many factors, including the Company's financial position, earnings, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints and other factors as the Board of Directors deems relevant. Dividends will be paid by the Company only if declared by its Board of Directors out of funds legally available, subjbject to any other restrictions that may be applicable to the Company. On January 23, 2020, the Company announced that its Board of Directors declared a regular quarterly dividend of $0.82 per share, payable March 31, 2020 to shareholders of record on March 10, 2020."
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"text": "Share Repurchases. The Company's Board of Directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise. The authorizations do not have a stated expiration date. The most recent authorization was approved by the Board of Directors in April 2017 and added $5.0 billion of repurchase capacity to the $709 million capacity remaining at that date. The Company expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income. The Company also expects that to the extent that it continues to grow premium volumes, the amount of capital returned to shareholders relative to earnings would be somewhat less than it otherwise would have been. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company's financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, changes in levels of written premiums, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings), market conditions and other factors. The following table summarizes repurchase activity in 2019 and the remaining repurchase capacity at December 31, 2019:"
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"html_seq": "<table><tr><td>(in millions, except per share amounts) Quarterly Period Ending</td><th>Number of shares repurchased Cost of shares repurchased</th><th>Average price paid per share</th><th>Remaining capacity under share repurchase authorization</th></tr><tr><td>March 31, 2019...........................</td><td>2.9 $ 375 $</td><td>129.42 $</td><td>2,911</td></tr><tr><td>June 30, 2019..............................</td><td>2.6</td><td>375 $ 145.87 $</td><td>2,536</td></tr><tr><td>September 30, 2019 ....................</td><td>2.5</td><td>375 $ 147.23 $</td><td>2,161</td></tr><tr><td>December 31, 2019.....................</td><td>2.8</td><td>375 $ 134.33 $</td><td>1,786</td></tr><tr><td>Total.....................................</td><td>10.8 $ 1,500 $</td><td>138.80 $</td><td>1,786</td></tr></table>",
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"text": "From the inception of the first authorization on May 2, 2006 through December 31, 2019, the Company has repurchased a cumulative total of 508.1 million shares for a total cost of $34.21 billion, or an average of $67.34 per share."
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"text": "In both 2019 and 2018, the Company acquired 0.4 million shares of common stock from employees as treasury stock primarily to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the price of certain stock options that were exercised."
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"text": "Capital Resources"
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"text": "Capital resources reflect the overall financial strength of the Company and its ability to borrow funds at competitive rates and raise new capital to meet its needs. The following table summarizes the components of the Company's capital structure at December 31, 2019 and 2018:"
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"text": "95"
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 114
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-115 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Total capitalization at December 31, 2019 was $32.50 billion, $3.04 billion higher than at December 31, 2018, primarily reflecting the impacts of (i) accumulated other comprehensive income of $640 million at December 31, 2019 as compared with an accumulated other comprehensive loss of $1.86 billion at December 31, 2018, primarily reflecting the change in unrealized appreciation on investments due to a decline in interest rates during 2019, (ii) net income of $2.62 billion and (iii) proceeds from the exercise of employee share options of $213 million, partially offset by (iv) common share repurchases totaling $1.50 billion under the Company's share repurchase authorization and (v) shareholder dividends of $848 million. The following table provides a reconciliation of total capitalization presented in the foregoing table to total capitalization excluding net unrealized gains (losses) on investments, net of taxes, included in shareholders' equity: The debt-to-total capital ratio excluding net unrealized gains (losses) on investments, net of taxes, included in shareholders' equity, is calculated by dividing (a) debt by (b) total capitalization excluding net unrealized gains and losses on investments, net of taxes, included in shareholders' equity. Net unrealized gains and losses on investments can be significantly impacted by both interest rate movements and other economic factors. Accordingly, in the opinion of the Company's management, the debt-to-total capital ratio calculated on this basis provides another useful metric for investors to understand the Company's financial leverage position. The Company's ratio of debt-to-total capital excluding after-tax net unrealized investment gains included in shareholders' equity of 21.7% at December 31, 2019 was within the Company's target range of 15% to 25%. Credit Agreement. The Company is a party to a five-year, $1.0 billion revolving credit agreement with a syndicate of financial institutions that expires on June 4, 2023. Terms of the credit agreement are discussed in more detail in note 8 of notes to the consolidated financial statements. Shelf Registration. The Company has filed a universal shelf registration statement with the Securities and Exchange Commission that expires on June 10, 2022 for the potential offering and sale of securities. The Company may offer these securities from time to time at prices and on other terms to be determined at the time of offering. Share Repurchase Authorization. At December 31, 2019, the Company had $1.79 billion of capacity remaining under its share repurchase authorization approved by the Board of Directors. 96 | [
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"text": "(at December 31, in millions) "
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"text": "Debt:"
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"text": "Short-term............................................................................................................................... "
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"text": "$ "
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"text": "600 "
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"text": "$ 600"
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"text": "Long-term ......................................................................................................................"
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"text": "......... "
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"text": "6,004 "
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"text": "Net unamortized fair value adjustments and debt issuance costs........................................... "
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"text": "(46) "
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"text": "(40)"
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"text": "Total debt ....................................................................................................................."
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"text": "...... "
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"text": "6,558 "
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"text": "6,564"
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"text": "Shareholders’ equity:"
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"text": "Common stock and retained earnings, less treasury stock ..................................................... "
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"text": "25,303 "
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"text": "24,753"
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"text": "Accumulated other comprehensive income (loss).................................................................. "
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"text": "640 "
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"text": "(1,859)"
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"text": "Total shareholders’ equity .................................................................................................. "
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"text": "25,943 "
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"text": "22,894"
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"text": "Total capitalization........................................................................................................ "
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"text": "$ 32,501 "
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"text": "$ 29,458"
},
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"text": "Total capitalization at December 31, 2019 was $32.50 billion, $3.04 billion higher than at December 31, 2018, primarily reflecting "
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"text": "the impacts of (i) accumulated other comprehensive income of $640 million at December 31, 2019 as compared with an accumulated "
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"text": "other comprehensive loss of $1.86 billion at December 31, 2018, primarily reflecting the change in unrealized appreciation on "
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"text": "investments due to a decline in interest rates during 2019, (ii) net income of $2.62 billion and (iii) proceeds from the exercise of "
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"text": "employee share options of $213 million, partially offset by (iv) common share repurchases totaling $1.50 billion under the "
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"text": "Company’s share repurchase authorization and (v) shareholder dividends of $848 million. "
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"text": "The following table provides a reconciliation of total capitalization presented in the foregoing table to total capitalization excluding "
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"bbox": [
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"text": "net unrealized gains (losses) on investments, net of taxes, included in shareholders' equity:"
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{
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"text": "(at December 31, dollars in millions) "
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"text": "2019 "
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"text": "2018"
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"text": "Total capitalization..........................................................................................................."
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"text": "......... "
},
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"text": "$ 32,501 "
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"text": "$ 29,458"
},
{
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"text": "Less: net unrealized gains (losses) on investments, net of taxes, included in shareholders'"
},
{
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"text": "equity ........................................................................................................................."
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"text": "............ "
},
{
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"text": "2,246 "
},
{
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"text": "(113)"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Total capitalization excluding net unrealized gains (losses) on investments, net of taxes,"
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{
"bbox": [
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"ocr": false,
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"text": "included in shareholders' equity.......................................................................................... "
},
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"bbox": [
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"text": "$ 30,255 "
},
{
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"text": "$ 29,571"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Debt-to-total capital ratio...................................................................................................."
},
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"bbox": [
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"text": ".... "
},
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"text": "20.2% "
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"text": "22.3%"
},
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"ocr": false,
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"text": "Debt-to-total capital ratio excluding net unrealized gains (losses) on investments, net of"
},
{
"bbox": [
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"text": "taxes, included in shareholders' equity................................................................................ "
},
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"text": "21.7% "
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"text": "22.2%"
},
{
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"ocr": false,
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"text": "The debt-to-total capital ratio excluding net unrealized gains (losses) on investments, net of taxes, included in shareholders’ equity, "
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{
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"text": "is calculated by dividing (a) debt by (b) total capitalization excluding net unrealized gains and losses on investments, net of taxes, "
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"text": "included in shareholders’ equity. Net unrealized gains and losses on investments can be significantly impacted by both interest "
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"text": "Credit Agreement. The Company is a party to a five-year, $1.0 billion revolving credit agreement with a syndicate of financial "
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"text": "institutions that expires on June 4, 2023. Terms of the credit agreement are discussed in more detail in note 8 of notes to the "
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"text": "consolidated financial statements."
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"text": "Shelf Registration. The Company has filed a universal shelf registration statement with the Securities and Exchange Commission "
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"text": "that expires on June 10, 2022 for the potential offering and sale of securities. The Company may offer these securities from time "
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"text": "to time at prices and on other terms to be determined at the time of offering."
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"text": "Share Repurchase Authorization. At December 31, 2019, the Company had $1.79 billion of capacity remaining under its share "
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"text": "Total capitalization at December 31, 2019 was $32.50 billion, $3.04 billion higher than at December 31, 2018, primarily reflecting the impacts of (i) accumulated other comprehensive income of $640 million at December 31, 2019 as compared with an accumulated other comprehensive loss of $1.86 billion at December 31, 2018, primarily reflecting the change in unrealized appreciation on investments due to a decline in interest rates during 2019, (ii) net income of $2.62 billion and (iii) proceeds from the exercise of employee share options of $213 million, partially offset by (iv) common share repurchases totaling $1.50 billion under the Company's share repurchase authorization and (v) shareholder dividends of $848 million."
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"text": "The debt-to-total capital ratio excluding net unrealized gains (losses) on investments, net of taxes, included in shareholders' equity, is calculated by dividing (a) debt by (b) total capitalization excluding net unrealized gains and losses on investments, net of taxes, included in shareholders' equity. Net unrealized gains and losses on investments can be significantly impacted by both interest rate movements and other economic factors. Accordingly, in the opinion of the Company's management, the debt-to-total capital ratio calculated on this basis provides another useful metric for investors to understand the Company's financial leverage position. The Company's ratio of debt-to-total capital excluding after-tax net unrealized investment gains included in shareholders' equity of 21.7% at December 31, 2019 was within the Company's target range of 15% to 25%."
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"text": "Credit Agreement. The Company is a party to a five-year, $1.0 billion revolving credit agreement with a syndicate of financial institutions that expires on June 4, 2023. Terms of the credit agreement are discussed in more detail in note 8 of notes to the consolidated financial statements."
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"text": "Shelf Registration. The Company has filed a universal shelf registration statement with the Securities and Exchange Commission that expires on June 10, 2022 for the potential offering and sale of securities. The Company may offer these securities from time to time at prices and on other terms to be determined at the time of offering."
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"text": "Share Repurchase Authorization. At December 31, 2019, the Company had $1.79 billion of capacity remaining under its share repurchase authorization approved by the Board of Directors."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-116 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Contractual Obligations The following table summarizes, as of December 31, 2019, the Company's future payments under contractual obligations and estimated claims and claim-related payments. The table excludes short-term obligations and includes only liabilities at December 31, 2019 that are expected to be settled in cash. The table below includes the amount and estimated future timing of claims and claim-related payments. The amounts do not represent the exact liability, but instead represent estimates, generally utilizing actuarial projection techniques, at a given accounting date. These estimates include expectations of what the ultimate settlement and administration of claims will cost based on the Company's assessment of facts and circumstances known, review of historical settlement patterns, estimates of trends in claims severity, frequency, legal theories of liability and other factors. Variables in the reserve estimation process can be affected by both internal and external events, such as changes in claims handling procedures, economic inflation or deflation, legal trends and legislative changes. Many of these items are not directly quantifiable, particularly on a prospective basis. Additionally, there may be significant reporting lags between the occurrence of the policyholder event and the time it is actually reported to the insurer. The future cash flows related to the items contained in the table below required estimation of both amount (including severity considerations) and timing. Amount and timing are frequently estimated separately. An estimation of both amount and timing of future cash flows related to claims and claim-related payments has unavoidable estimation uncertainty. The contractual obligations at December 31, 2019 were as follows: ___________________________________________ (1) See note 8 of notes to the consolidated financial statements for a further discussion of outstanding indebtedness. Because the amounts reported in the foregoing table include principal and interest, the total long-term debt obligations will not agree with the amounts reported in note 8. (2) Represents agreements entered into in the ordinary course of business to lease office space, equipment and furniture. (3) Includes agreements with vendors to purchase system software administration and maintenance services. 97 | [
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"text": "estimated claims and claim-related payments. The table excludes short-term obligations and includes only liabilities at "
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"text": "date. These estimates include expectations of what the ultimate settlement and administration of claims will cost based on the "
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"text": "severity, frequency, legal theories of liability and other factors. Variables in the reserve estimation process can be affected by both "
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"text": "legislative changes. Many of these items are not directly quantifiable, particularly on a prospective basis. Additionally, there may "
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"text": "be significant reporting lags between the occurrence of the policyholder event and the time it is actually reported to the insurer. "
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"text": "The future cash flows related to the items contained in the table below required estimation of both amount (including severity "
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"text": "considerations) and timing. Amount and timing are frequently estimated separately. An estimation of both amount and timing of "
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"text": "Payments Due by Period (in millions) "
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"text": "Senior notes.................................................... "
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"text": "$ 6,250 $ 500 $ — $ — $ 5,750"
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"text": "Total debt principal"
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"text": "Total long-term debt obligations "
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"text": "50,039 11,256 12,551 5,854 20,378"
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"text": "Claims from large deductible policies "
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"text": "—————"
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"text": "Reinsurance contracts accounted for as "
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"text": "deposits "
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"text": "(9)"
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"text": "................................................... "
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"text": "1— 1——"
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"text": "Payout from ceded funds withheld "
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"text": "Total estimated claims and claim-related"
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"text": "payments "
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"text": "................................................... "
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"text": "50,231 11,287 12,599 5,882 20,463"
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"text": "Liabilities related to unrecognized tax \r\n(11)"
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"text": "benefits "
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"text": "(11)"
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"text": "50—46 4—"
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"text": "Total"
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"text": ".......................................................... "
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"text": "$ 65,814 $ 12,767 $ 14,130 $ 7,204 $ 31,713"
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"text": "___________________________________________"
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"text": "(1) See note 8 of notes to the consolidated financial statements for a further discussion of outstanding indebtedness. Because the amounts "
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"text": "reported in the foregoing table include principal and interest, the total long-term debt obligations will not agree with the amounts "
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"text": "reported in note 8."
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"text": "(2) Represents agreements entered into in the ordinary course of business to lease office space, equipment and furniture. "
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"text": "(3) Includes agreements with vendors to purchase system software administration and maintenance services."
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"text": "Contractual Obligations"
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"text": "The following table summarizes, as of December 31, 2019, the Company's future payments under contractual obligations and estimated claims and claim-related payments. The table excludes short-term obligations and includes only liabilities at December 31, 2019 that are expected to be settled in cash."
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"text": "The table below includes the amount and estimated future timing of claims and claim-related payments. The amounts do not represent the exact liability, but instead represent estimates, generally utilizing actuarial projection techniques, at a given accounting date. These estimates include expectations of what the ultimate settlement and administration of claims will cost based on the Company's assessment of facts and circumstances known, review of historical settlement patterns, estimates of trends in claims severity, frequency, legal theories of liability and other factors. Variables in the reserve estimation process can be affected by both internal and external events, such as changes in claims handling procedures, economic inflation or deflation, legal trends and legislative changes. Many of these items are not directly quantifiable, particularly on a prospective basis. Additionally, there may be significant reporting lags between the occurrence of the policyholder event and the time it is actually reported to the insurer. The future cash flows related to the items contained in the table below required estimation of both amount (including severity considerations) and timing. Amount and timing are frequently estimated separately. An estimation of both amount and timing of future cash flows related to claims and claim-related payments has unavoidable estimation uncertainty."
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"text": "The contractual obligations at December 31, 2019 were as follows:"
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"html_seq": "<table><tr><td>Payments Due by Period (in millions)</td><th>Total Less than 1 Year</th><th>1-3 Years</th><th>3-5 Years</th><th>After 5 Years</th></tr><tr><td>Debt</td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes....................................................</td><td>$ 6,250 $ 500 $ - $ - $ 5,750</td><td></td><td></td><td></td></tr><tr><td>Junior subordinated debentures......................</td><td>254 -</td><td>-</td><td></td><td>- 254</td></tr><tr><td>Total debt principal ......................................</td><td>6,504 500</td><td>-</td><td></td><td>- 6,004</td></tr><tr><td>Interest ..........................................................</td><td></td><td></td><td></td><td>6,526 332 625 625 4,944</td></tr><tr><td>Total long-term debt obligations (1) ........</td><td></td><td></td><td></td><td>13,030 832 625 625 10,948</td></tr><tr><td>Real estate and other operating leases (2) ......</td><td>441 120 175</td><td></td><td>89</td><td>57</td></tr><tr><td>Purchase obligations</td><td></td><td></td><td></td><td></td></tr><tr><td>Information systems administration and (3) maintenance commitments (3) .....................</td><td>165 92</td><td>68</td><td>5</td><td>-</td></tr><tr><td>Other purchase commitments (4) ....................</td><td>231 77</td><td>95</td><td>46</td><td>13</td></tr><tr><td>Total purchase obligations ...........................</td><td>396 169 163</td><td></td><td>51</td><td>13</td></tr><tr><td>Long-term unfunded investment (5) commitments (5) ...........................................</td><td></td><td>1,666 359 522 553 232</td><td></td><td></td></tr><tr><td>Estimated claims and claim-related payments</td><td></td><td></td><td></td><td></td></tr><tr><td>Claims and claim adjustment expenses (6) .....</td><td></td><td></td><td></td><td>50,039 11,256 12,551 5,854 20,378</td></tr><tr><td>Claims from large deductible policies (7) .......</td><td></td><td></td><td></td><td>-----</td></tr><tr><td>Loss-based assessments (8) .............................</td><td>124 23</td><td>35</td><td>14</td><td>52</td></tr><tr><td>Reinsurance contracts accounted for as deposits (9) ...................................................</td><td></td><td></td><td></td><td>1- 1--</td></tr><tr><td>Payout from ceded funds withheld (10) ...........</td><td>67 8</td><td>12</td><td>14</td><td>33</td></tr><tr><td>Total estimated claims and claim-related payments ...................................................</td><td></td><td>50,231 11,287 12,599 5,882 20,463</td><td></td><td></td></tr><tr><td>Liabilities related to unrecognized tax (11) benefits (11) ....................................................</td><td></td><td>50-46 4-</td><td></td><td></td></tr><tr><td>Total ..........................................................</td><td>$ 65,814 $ 12,767 $ 14,130 $ 7,204 $ 31,713</td><td></td><td></td><td></td></tr></table>",
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"text": "(1) See note 8 of notes to the consolidated financial statements for a further discussion of outstanding indebtedness. Because the amounts reported in the foregoing table include principal and interest, the total long-term debt obligations will not agree with the amounts reported in note 8."
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"text": "(2) Represents agreements entered into in the ordinary course of business to lease office space, equipment and furniture."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-117 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - (4) Includes commitments to vendors entered into in the ordinary course of business for goods and services including property, plant and equipment, office supplies, archival services, etc. - (5) Represents estimated timing for fulfilling unfunded commitments for private equity limited partnerships and real estate partnerships, as well as a put/call option entered into by the Company in connection with a business acquisition. - (6) The amounts in "Claims and claim adjustment expenses" in the table above represent the estimated timing of future payments for both reported and unreported claims incurred and related claim adjustment expenses, gross of reinsurance recoverables, excluding structured settlements expected to be paid by annuity companies. The Company has entered into reinsurance agreements to manage its exposure to losses and protect its capital as described in note 5 of notes to the consolidated financial statements. In order to qualify for reinsurance accounting, a reinsurance agreement must indemnify the insurer from insurance risk, i.e., the agreement must transfer amount and timing risk. Since the timing and amount of cash inflows from such reinsurance agreements are directly related to the underlying payment of claims and claim adjustment expenses by the insurer, reinsurance recoverables are recognized in a manner consistent with the liabilities (the estimated liability for claims and claim adjustment expenses) relating to the underlying reinsured contracts. The presence of any feature that can delay timely reimbursement of claims by a reinsurer results in the reinsurance contract being accounted for as a deposit rather than reinsurance. The assumptions used in estimating the amount and timing of the reinsurance recoverables are consistent with those used in estimating the amount and timing of the related liabilities. The estimated future cash inflows from the Company's reinsurance contracts that qualify for reinsurance accounting are as follows: The Company manages its business and evaluates its liabilities for claims and claim adjustment expenses on a net of reinsurance basis. The estimated cash flows on a net of reinsurance basis are as follows: For business underwritten by non-U.S. operations, future cash flows related to reported and unreported claims incurred and related claim adjustment expenses were translated at the spot rate on December 31, 2019. The amounts reported in the table above and in the table of reinsurance recoverables above are presented on a nominal basis and have not been adjusted to reflect the time value of money. Accordingly, the amounts above will differ from the Company's balance sheet to the extent that the liability for claims and claim adjustment expenses and the related reinsurance recoverables have been discounted in the balance sheet. See note 1 of notes to the consolidated financial statements. - (7) Workers' compensation large deductible policies provide third-party coverage in which the Company typically is responsible for paying the entire loss under such policies and then seeks reimbursement from the insured for the deductible amount. "Claims from large deductible policies" represent the estimated future payment for claims and claim related expenses below the deductible amount, net of the estimated recovery of the deductible. The liability and the related deductible receivable for unpaid claims are presented in the consolidated balance sheet as "contractholder payables" and "contractholder receivables," respectively. Most deductibles for such policies are paid directly from the policyholder's escrow, which is periodically replenished by the policyholder. The payment of the loss amounts above the deductible are reported within "Claims and claim adjustment expenses" in the above table. Because the timing of the collection of the deductible (contractholder receivables) occurs shortly after the payment of the deductible to a claimant (contractholder payables), these cash flows offset each other in the table. The estimated timing of the payment of the contractholder payables and the collection of contractholder receivables for workers ' compensation policies is presented below: 98 | [
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"text": "reported and unreported claims incurred and related claim adjustment expenses, gross of reinsurance recoverables, excluding structured "
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"text": "The Company has entered into reinsurance agreements to manage its exposure to losses and protect its capital as described in note 5 "
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"text": "of notes to the consolidated financial statements."
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"text": "In order to qualify for reinsurance accounting, a reinsurance agreement must indemnify the insurer from insurance risk, i.e., the "
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"text": "agreement must transfer amount and timing risk. Since the timing and amount of cash inflows from such reinsurance agreements are "
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"text": "directly related to the underlying payment of claims and claim adjustment expenses by the insurer, reinsurance recoverables are"
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"text": "recognized in a manner consistent with the liabilities (the estimated liability for claims and claim adjustment expenses) relating to the "
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"text": "underlying reinsured contracts. The presence of any feature that can delay timely reimbursement of claims by a reinsurer results in "
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"text": "the reinsurance contract being accounted for as a deposit rather than reinsurance. The assumptions used in estimating the amount and "
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"text": "timing of the reinsurance recoverables are consistent with those used in estimating the amount and timing of the related liabilities. "
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"text": "The estimated future cash inflows from the Company’s reinsurance contracts that qualify for reinsurance accounting are as follows:"
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"text": "(in millions) "
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"text": "Years"
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"text": "Reinsurance recoverables"
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"text": ".......................... "
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"text": "$ 5,150 $ 890 $ 948 $ 528 $ 2,784"
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"text": "The Company manages its business and evaluates its liabilities for claims and claim adjustment expenses on a net of reinsurance basis. "
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"text": "The estimated cash flows on a net of reinsurance basis are as follows:"
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"text": "(in millions) "
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"text": "Years"
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"text": "After 5"
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"text": "Years"
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"text": "Claims and claim adjustment expenses,"
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"text": "net "
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"text": "............................................................ "
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"text": "$ 44,889 $ 10,366 $ 11,603 $ 5,326 $ 17,594"
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"text": "For business underwritten by non-U.S. operations, future cash flows related to reported and unreported claims incurred and related "
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"text": "claim adjustment expenses were translated at the spot rate on December 31, 2019."
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"text": "The amounts reported in the table above and in the table of reinsurance recoverables above are presented on a nominal basis and have "
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"text": "not been adjusted to reflect the time value of money. Accordingly, the amounts above will differ from the Company’s balance sheet "
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"text": "to the extent that the liability for claims and claim adjustment expenses and the related reinsurance recoverables have been discounted "
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"text": "in the balance sheet. See note 1 of notes to the consolidated financial statements."
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"text": "(7) Workers’ compensation large deductible policies provide third-party coverage in which the Company typically is responsible for paying "
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"text": "the entire loss under such policies and then seeks reimbursement from the insured for the deductible amount. “Claims from large"
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"text": "deductible policies” represent the estimated future payment for claims and claim related expenses below the deductible amount, net "
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"text": "of the estimated recovery of the deductible. The liability and the related deductible receivable for unpaid claims are presented in the "
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"text": "consolidated balance sheet as “contractholder payables” and “contractholder receivables,” respectively. Most deductibles for such "
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"text": "policies are paid directly from the policyholder’s escrow, which is periodically replenished by the policyholder. The payment of the "
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"text": "loss amounts above the deductible are reported within “Claims and claim adjustment expenses” in the above table. Because the timing "
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"text": "of the collection of the deductible (contractholder receivables) occurs shortly after the payment of the deductible to a claimant "
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"text": "(contractholder payables), these cash flows offset each other in the table. "
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"text": "The estimated timing of the payment of the contractholder payables and the collection of contractholder receivables for workers"
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"text": "compensation policies is presented below:"
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"text": "Contractholder payables/receivables"
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"text": "$ 4,619 $ 1,261 $ 1,316 $ 676 $ 1,366"
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"text": "- (4) Includes commitments to vendors entered into in the ordinary course of business for goods and services including property, plant and equipment, office supplies, archival services, etc."
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"text": "- (6) The amounts in \"Claims and claim adjustment expenses\" in the table above represent the estimated timing of future payments for both reported and unreported claims incurred and related claim adjustment expenses, gross of reinsurance recoverables, excluding structured settlements expected to be paid by annuity companies."
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"text": "The Company has entered into reinsurance agreements to manage its exposure to losses and protect its capital as described in note 5 of notes to the consolidated financial statements."
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"text": "In order to qualify for reinsurance accounting, a reinsurance agreement must indemnify the insurer from insurance risk, i.e., the agreement must transfer amount and timing risk. Since the timing and amount of cash inflows from such reinsurance agreements are directly related to the underlying payment of claims and claim adjustment expenses by the insurer, reinsurance recoverables are recognized in a manner consistent with the liabilities (the estimated liability for claims and claim adjustment expenses) relating to the underlying reinsured contracts. The presence of any feature that can delay timely reimbursement of claims by a reinsurer results in the reinsurance contract being accounted for as a deposit rather than reinsurance. The assumptions used in estimating the amount and timing of the reinsurance recoverables are consistent with those used in estimating the amount and timing of the related liabilities."
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"text": "For business underwritten by non-U.S. operations, future cash flows related to reported and unreported claims incurred and related claim adjustment expenses were translated at the spot rate on December 31, 2019."
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"text": "The amounts reported in the table above and in the table of reinsurance recoverables above are presented on a nominal basis and have not been adjusted to reflect the time value of money. Accordingly, the amounts above will differ from the Company's balance sheet to the extent that the liability for claims and claim adjustment expenses and the related reinsurance recoverables have been discounted in the balance sheet. See note 1 of notes to the consolidated financial statements."
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"text": "- (7) Workers' compensation large deductible policies provide third-party coverage in which the Company typically is responsible for paying the entire loss under such policies and then seeks reimbursement from the insured for the deductible amount. \"Claims from large deductible policies\" represent the estimated future payment for claims and claim related expenses below the deductible amount, net of the estimated recovery of the deductible. The liability and the related deductible receivable for unpaid claims are presented in the consolidated balance sheet as \"contractholder payables\" and \"contractholder receivables,\" respectively. Most deductibles for such policies are paid directly from the policyholder's escrow, which is periodically replenished by the policyholder. The payment of the loss amounts above the deductible are reported within \"Claims and claim adjustment expenses\" in the above table. Because the timing of the collection of the deductible (contractholder receivables) occurs shortly after the payment of the deductible to a claimant (contractholder payables), these cash flows offset each other in the table."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-118 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - (8) The amounts in "Loss-based assessments" relate to estimated future payments of second-injury fund assessments which would result from payment of current claim liabilities. Second injury funds cover the cost of any additional benefits for aggravation of a pre-existing condition. For loss-based assessments, the cost is shared by the insurance industry and self-insureds, funded through assessments to insurance companies and self-insureds based on losses. Amounts relating to second-injury fund assessments are included in "other liabilities" in the consolidated balance sheet. - (9) The amounts in "Reinsurance contracts accounted for as deposits" represent estimated future nominal payments for reinsurance agreements that are accounted for as deposits. Amounts payable under deposit agreements are included in "other liabilities" in the consolidated balance sheet. - (10) The amounts in "Payout from ceded funds withheld" represent estimated payments for losses and return of funds held related to certain reinsurance arrangements whereby the Company holds a portion of the premium due to the reinsurer and is allowed to pay claims frfrom the amounts held. - (11) The Company's current liabilities related to unrecognized tax benefits from uncertain tax positions are $50 million. Offsetting these liabilities are deferred tax assets of $5 million associated with the temporary differences that would exist if these positions become realized. The above table does not include an analysis of liabilities reported for structured settlements for which the Company has purchased annuities and remains contingently liable in the event of default by the company issuing the annuity. The Company is not reasonably likely to incur material future payment obligations under such agreements. In addition, the Company is not currently subject to any minimum funding requirements for its qualified pension plan. Accordingly, future contributions are not included in the foregoing table. Dividend Availability The Company's principal insurance subsidiaries are domiciled in the State of Connecticut. The insurance holding company laws of Connecticut applicable to the Company's subsidiaries requires notice to, and approval by, the state insurance commissioner fofor the declaration or payment of any dividend that, together with other distributions made within the preceding twelve months, exceeds the greater of 10% of the insurer's statutory capital and surplus as of the preceding December 31, or the insurer's net income for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting practices and by state regulation. This declaration or payment is further limited by adjusted unassigned surplus, as determined in accordance with statutory accounting practices. The insurance holding company laws of other states in which the Company's subsidiaries are domiciled generally contain similar, although in some instances somewhat more restrictive, limitations on the payment of dividends. A maximum of $2.79 billion is available by the end of 2020 for such dividends to the holding company, TRV, without prior approval of the Connecticut Insurance Department. The Company may choose to accelerate the timing within 2020 and/or increase the amount of dividends from its insurance subsidiaries in 2020, which could result in certain dividends being subject to approval by the Connecticut Insurance Department. In addition to the regulatory restrictions on the availability of dividends that can be paid by the Company's U.S. insurance subsidiaries, the maximum amount of dividends that may be paid to the Company's shareholders is limited, to a lesser degree, by certain covenants contained in its line of credit agreement with a syndicate of financial institutions that require the Company to maintain a minimum consolidated net worth as described in note 8 of notes to the consolidated financial statements. TRV is not dependent on dividends or other forms of repatriation from its foreign operations to support its liquidity needs. The undistributed earnings of the Company's foreign operations are intended to be permanently reinvested in those operations, and such earnings were not material to the Company's financial position or liquidity at December 31, 2019. TRV and its two non-insurance holding company subsidiaries received dividends of $2.50 billion and $2.30 billion from their U.S . insurance subsidiaries in 2019 and 2018, respectively. Pension and Other Postretirement Benefit Plans The Company sponsors a qualified non-contributory defined benefit pension plan (the Qualified Plan), which covers substantially all U.S. domestic employees and provides benefits primarily under a cash balance formula. In addition, the Company sponsors a nonqualified defined benefit pension plan which covers certain highly-compensated employees, pension plans for employees of its foreign subsidiaries, and a postretirement health and life insurance benefit plan for employees satisfying certain age and service requirements and for certain retirees. 99 | [
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"text": "from payment of current claim liabilities. Second injury funds cover the cost of any additional benefits for aggravation of a pre-existing "
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"text": "condition. For loss-based assessments, the cost is shared by the insurance industry and self-insureds, funded through assessments to "
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"text": "insurance companies and self-insureds based on losses. Amounts relating to second-injury fund assessments are included in “other "
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"text": "liabilities” in the consolidated balance sheet."
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"text": "(9) The amounts in “Reinsurance contracts accounted for as deposits” represent estimated future nominal payments for reinsurance "
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"text": "agreements that are accounted for as deposits. Amounts payable under deposit agreements are included in “other liabilities” in the "
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"text": "consolidated balance sheet."
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"text": "(10) The amounts in “Payout from ceded funds withheld” represent estimated payments for losses and return of funds held related to certain "
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"text": "reinsurance arrangements whereby the Company holds a portion of the premium due to the reinsurer and is allowed to pay claims frfrom "
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"text": "(11) The Company's current liabilities related to unrecognized tax benefits from uncertain tax positions are $50 million. Offsetting these "
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"text": "liabilities are deferred tax assets of $5 million associated with the temporary differences that would exist if these positions become "
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"text": "accordance with statutory accounting practices. The insurance holding company laws of other states in which the Company’s "
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"text": "payment of dividends. A maximum of $2.79 billion is available by the end of 2020 for such dividends to the holding company, "
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"text": "TRV, without prior approval of the Connecticut Insurance Department. The Company may choose to accelerate the timing within "
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"text": "certain covenants contained in its line of credit agreement with a syndicate of financial institutions that require the Company to "
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"text": "maintain a minimum consolidated net worth as described in note 8 of notes to the consolidated financial statements."
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"text": "such earnings were not material to the Company’s financial position or liquidity at December 31, 2019. "
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"text": "TRV and its two non-insurance holding company subsidiaries received dividends of $2.50 billion and $2.30 billion from their U.S"
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"text": "Pension and Other Postretirement Benefit Plans"
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"text": "The Company sponsors a qualified non-contributory defined benefit pension plan (the Qualified Plan), which covers substantially"
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"text": "all U.S. domestic employees and provides benefits primarily under a cash balance formula. In addition, the Company sponsors a "
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"text": "its foreign subsidiaries, and a postretirement health and life insurance benefit plan for employees satisfying certain age and service "
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"text": "- (8) The amounts in \"Loss-based assessments\" relate to estimated future payments of second-injury fund assessments which would result from payment of current claim liabilities. Second injury funds cover the cost of any additional benefits for aggravation of a pre-existing condition. For loss-based assessments, the cost is shared by the insurance industry and self-insureds, funded through assessments to insurance companies and self-insureds based on losses. Amounts relating to second-injury fund assessments are included in \"other liabilities\" in the consolidated balance sheet."
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"text": "- (9) The amounts in \"Reinsurance contracts accounted for as deposits\" represent estimated future nominal payments for reinsurance agreements that are accounted for as deposits. Amounts payable under deposit agreements are included in \"other liabilities\" in the consolidated balance sheet."
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"text": "- (10) The amounts in \"Payout from ceded funds withheld\" represent estimated payments for losses and return of funds held related to certain reinsurance arrangements whereby the Company holds a portion of the premium due to the reinsurer and is allowed to pay claims frfrom the amounts held."
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"text": "- (11) The Company's current liabilities related to unrecognized tax benefits from uncertain tax positions are $50 million. Offsetting these liabilities are deferred tax assets of $5 million associated with the temporary differences that would exist if these positions become realized."
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"text": "The above table does not include an analysis of liabilities reported for structured settlements for which the Company has purchased annuities and remains contingently liable in the event of default by the company issuing the annuity. The Company is not reasonably likely to incur material future payment obligations under such agreements. In addition, the Company is not currently subject to any minimum funding requirements for its qualified pension plan. Accordingly, future contributions are not included in the foregoing table."
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"text": "The Company's principal insurance subsidiaries are domiciled in the State of Connecticut. The insurance holding company laws of Connecticut applicable to the Company's subsidiaries requires notice to, and approval by, the state insurance commissioner fofor the declaration or payment of any dividend that, together with other distributions made within the preceding twelve months, exceeds the greater of 10% of the insurer's statutory capital and surplus as of the preceding December 31, or the insurer's net income for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting practices and by state regulation. This declaration or payment is further limited by adjusted unassigned surplus, as determined in accordance with statutory accounting practices. The insurance holding company laws of other states in which the Company's subsidiaries are domiciled generally contain similar, although in some instances somewhat more restrictive, limitations on the payment of dividends. A maximum of $2.79 billion is available by the end of 2020 for such dividends to the holding company, TRV, without prior approval of the Connecticut Insurance Department. The Company may choose to accelerate the timing within 2020 and/or increase the amount of dividends from its insurance subsidiaries in 2020, which could result in certain dividends being subject to approval by the Connecticut Insurance Department."
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"text": "In addition to the regulatory restrictions on the availability of dividends that can be paid by the Company's U.S. insurance subsidiaries, the maximum amount of dividends that may be paid to the Company's shareholders is limited, to a lesser degree, by certain covenants contained in its line of credit agreement with a syndicate of financial institutions that require the Company to maintain a minimum consolidated net worth as described in note 8 of notes to the consolidated financial statements."
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"text": "TRV is not dependent on dividends or other forms of repatriation from its foreign operations to support its liquidity needs. The undistributed earnings of the Company's foreign operations are intended to be permanently reinvested in those operations, and such earnings were not material to the Company's financial position or liquidity at December 31, 2019."
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"text": "TRV and its two non-insurance holding company subsidiaries received dividends of $2.50 billion and $2.30 billion from their U.S . insurance subsidiaries in 2019 and 2018, respectively."
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"text": "The Company sponsors a qualified non-contributory defined benefit pension plan (the Qualified Plan), which covers substantially all U.S. domestic employees and provides benefits primarily under a cash balance formula. In addition, the Company sponsors a nonqualified defined benefit pension plan which covers certain highly-compensated employees, pension plans for employees of its foreign subsidiaries, and a postretirement health and life insurance benefit plan for employees satisfying certain age and service requirements and for certain retirees."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-119 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The Qualified Plan is subject to regulations under the Employee Retirement Income Security Act of 1974 as amended (ERISA), which requires plans to meet minimum standards of funding and requires such plans to subscribe to plan termination insurance through the Pension Benefit Guaranty Corporation (PBGC). The Company does not have a minimum funding requirement for the Qualified Plan for 2020 and does not anticipate having a minimum funding requirement in 2021. The Company has significant discretion in making contributions above those necessary to satisfy the minimum funding requirements. In 2019, 2018 and 2017, there was no minimum funding requirement for the Qualified Plan. In 2019, the Company made no voluntary contributions to the Qualified Plan. In 2018 and 2017, the Company voluntarily made contributions totaling $200 million and $300 million, respectively, to the Qualified Plan. Based on its funded status at December 31, 2019, the Company does not currently anticipate making a voluntary contribution to the Qualified Plan in 2020. In determining future contributions, the Company will consider the performance of the plan's investment portfolio, the effects of interest rates on the projected benefit obligation of the plan and the Company's other capital requirements. The Qualified Plan assets are managed to maximize long-term total return while maintaining an appropriate level of risk. The Company's overall strategy is to achieve a mix of approximately 85% to 90% of investments for long-term growth and 10% to 15% for near-term benefit payments with a diversification of asset types, fund strategies and fund managers. The current target allocations for plan assets are 55% to 65% equity securities and 20% to 40% fixed income securities, with the remainder allocated to short-term securities. For 2020, the Company plans to apply an expected long-term rate of return on plan assets of 6.75%, compared with 7.00% in 2019. The expected rate of return reflects the Company's current expectations with regard to long-term returns in the capital markets, taking into account the pension plan's asset allocation targets, the historical performance and current valuation of U.S. and international equities, and the level of long term interest rate and inflation expectations. The decrease in the expected long-term rate of return on plan assets to 6.75% for 2020 primarily reflects the Company's current expectations with regard to long-term interest rates in the future. For further discussion of the pension and other postretirement benefit plans, see note 14 of notes to the consolidated financial statements. Risk-Based Capital The NAIC has an RBC requirement for most property and casualty insurance companies, which determines minimum capital requirements and is intended to raise the level of protection for policyholder obligations. The Company's U.S. insurance subsidiaries are subject to these NAIC RBC requirements based on laws that have been adopted by individual states. These requirements subject insurers having policyholders' surplus less than that required by the RBC calculation to varying degrees of regulatory action, depending on the level of capital inadequacy. Each of the Company's U.S. insurance subsidiaries had policyholders' surplus at December 31, 2019 significantly above the level at which any RBC regulatory action would occur. Regulators in the jurisdictions in which the Company's foreign insurance subsidiaries are located require insurance companies to maintain certain levels of capital depending on, among other things, the type and amount of insurance policies written. Each of the Company's foreign insurance subsidiaries had capital significantly above their respective regulatory requirements at December 31, 2019. Off-Balance Sheet Arrangements The Company has entered into certain contingent obligations for guarantees related to selling businesses to third parties, certain investments, certain insurance policy obligations of former insurance subsidiaries and various other indemnifications. See note 16 of notes to the consolidated financial statements. The Company does not expect these arrangements will have a material effect on the Company's financial position, changes in financial position, revenues and expenses, results of operations, liquidity, capital expenditures or capital resources. CRITICAL ACCOUNTING ESTIMATES The Company considers its most significant accounting estimates to be those applied to claims and claim adjustment expense reserves and related reinsurance recoverables, investment valuation and impairments, and goodwill and other intangible assets impairments. 100 | [
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"text": "through the Pension Benefit Guaranty Corporation (PBGC). The Company does not have a minimum funding requirement for the "
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"text": "Qualified Plan for 2020 and does not anticipate having a minimum funding requirement in 2021. The Company has significant "
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"text": "there was no minimum funding requirement for the Qualified Plan. In 2019, the Company made no voluntary contributions to "
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"text": "the Qualified Plan. In 2018 and 2017, the Company voluntarily made contributions totaling $200 million and $300 million, "
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"text": "respectively, to the Qualified Plan. Based on its funded status at December 31, 2019, the Company does not currently anticipate "
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"text": "making a voluntary contribution to the Qualified Plan in 2020. In determining future contributions, the Company will consider "
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"text": "the performance of the plan’s investment portfolio, the effects of interest rates on the projected benefit obligation of the plan and "
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"text": "to short-term securities. For 2020, the Company plans to apply an expected long-term rate of return on plan assets of 6.75%, "
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"text": "compared with 7.00% in 2019. The expected rate of return reflects the Company’s current expectations with regard to long-term "
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"text": "expected long-term rate of return on plan assets to 6.75% for 2020 primarily reflects the Company's current expectations with "
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"text": "requirements and is intended to raise the level of protection for policyholder obligations. The Company’s U.S. insurance subsidiaries "
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"text": "action, depending on the level of capital inadequacy. Each of the Company’s U.S. insurance subsidiaries had policyholders’ surplus "
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"text": "in which the Company’s foreign insurance subsidiaries are located require insurance companies to maintain certain levels of capital "
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"text": "investments, certain insurance policy obligations of former insurance subsidiaries and various other indemnifications. See note "
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"text": "16 of notes to the consolidated financial statements. The Company does not expect these arrangements will have a material effect "
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"text": "CRITICAL ACCOUNTING ESTIMATES"
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"text": "The Qualified Plan is subject to regulations under the Employee Retirement Income Security Act of 1974 as amended (ERISA), which requires plans to meet minimum standards of funding and requires such plans to subscribe to plan termination insurance through the Pension Benefit Guaranty Corporation (PBGC). The Company does not have a minimum funding requirement for the Qualified Plan for 2020 and does not anticipate having a minimum funding requirement in 2021. The Company has significant discretion in making contributions above those necessary to satisfy the minimum funding requirements. In 2019, 2018 and 2017, there was no minimum funding requirement for the Qualified Plan. In 2019, the Company made no voluntary contributions to the Qualified Plan. In 2018 and 2017, the Company voluntarily made contributions totaling $200 million and $300 million, respectively, to the Qualified Plan. Based on its funded status at December 31, 2019, the Company does not currently anticipate making a voluntary contribution to the Qualified Plan in 2020. In determining future contributions, the Company will consider the performance of the plan's investment portfolio, the effects of interest rates on the projected benefit obligation of the plan and the Company's other capital requirements."
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"text": "The Qualified Plan assets are managed to maximize long-term total return while maintaining an appropriate level of risk. The Company's overall strategy is to achieve a mix of approximately 85% to 90% of investments for long-term growth and 10% to 15% for near-term benefit payments with a diversification of asset types, fund strategies and fund managers. The current target allocations for plan assets are 55% to 65% equity securities and 20% to 40% fixed income securities, with the remainder allocated to short-term securities. For 2020, the Company plans to apply an expected long-term rate of return on plan assets of 6.75%, compared with 7.00% in 2019. The expected rate of return reflects the Company's current expectations with regard to long-term returns in the capital markets, taking into account the pension plan's asset allocation targets, the historical performance and current valuation of U.S. and international equities, and the level of long term interest rate and inflation expectations. The decrease in the expected long-term rate of return on plan assets to 6.75% for 2020 primarily reflects the Company's current expectations with regard to long-term interest rates in the future."
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"text": "The NAIC has an RBC requirement for most property and casualty insurance companies, which determines minimum capital requirements and is intended to raise the level of protection for policyholder obligations. The Company's U.S. insurance subsidiaries are subject to these NAIC RBC requirements based on laws that have been adopted by individual states. These requirements subject insurers having policyholders' surplus less than that required by the RBC calculation to varying degrees of regulatory action, depending on the level of capital inadequacy. Each of the Company's U.S. insurance subsidiaries had policyholders' surplus at December 31, 2019 significantly above the level at which any RBC regulatory action would occur. Regulators in the jurisdictions in which the Company's foreign insurance subsidiaries are located require insurance companies to maintain certain levels of capital depending on, among other things, the type and amount of insurance policies written. Each of the Company's foreign insurance subsidiaries had capital significantly above their respective regulatory requirements at December 31, 2019."
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"text": "The Company has entered into certain contingent obligations for guarantees related to selling businesses to third parties, certain investments, certain insurance policy obligations of former insurance subsidiaries and various other indemnifications. See note 16 of notes to the consolidated financial statements. The Company does not expect these arrangements will have a material effect on the Company's financial position, changes in financial position, revenues and expenses, results of operations, liquidity, capital expenditures or capital resources."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-120 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Claims and Claim Adjustment Expense Reserves Gross claims and claim adjustment expense reserves by product line were as follows: The $1.18 billion increase in gross claims and claim adjustment expense reserves since December 31, 2018 primarily reflected the impacts of higher volumes of insured exposures and loss cost trends for the current accident year. Asbestos and environmental reserves are included in the General liability, Commercial multi-peril and International and other lines in the foregoing summary table. Asbestos and environmental reserves are discussed separately; see "Asbestos Claims and Litigation", "Environmental Claims and Litigation" and "Uncertainty Regarding Adequacy of Asbestos and Environmental Reserves." Claims and claim adjustment expense reserves represent management's estimate of the ultimate liability for unpaid losses and loss adjustment expenses for claims that have been reported and claims that have been incurred but not yet reported (IBNR) as of the balance sheet date. Claims and claim adjustment expense reserves do not represent an exact calculation of liability, but instead represent management estimates, primarily utilizing actuarial expertise and projection methods. These estimates are expectations of what the ultimate settlement and administration of claims will cost upon final resolution in the future, based on the Company's assessment of facts and circumstances then known, review of historical settlement patterns, estimates of trends in claims severity and frequency, expected interpretations of legal theories of liability and other factors. In establishing gross claims and claim adjustment expense reserves, the Company also considers salvage and subrogation. Estimated recoveries from reinsurance are included in "Reinsurance Recoverables" as an asset on the Company's consolidated balance sheet. The claims and claim adjustment expense reserves are reviewed regularly by qualified actuaries employed by the Company. The process of estimating claims and claim adjustment expense reserves involves a high degree of judgment and is subject to a number of variables. These variables can be affected by both internal and external events, such as changes in claims handling procedures, changes in individuals involved in the reserve estimation process, economic inflation, changes in the tort environment, legal trends and legislative changes, among others. The impact of many of these items on ultimate costs for claims and claim adjustment expenses is difficult to estimate. Estimation difficulties also differ significantly by product line due to differences in claim complexity, the volume of claims, the potential severity of individual claims, the determination of occurrence date for a claim and reporting lags (the time between the occurrence of the policyholder event and when it is actually reported to the insurer). Informed judgment is applied throughout the process, including the application of various individual experiences and expertise to multiple sets of data and analyses. The Company continually refines its estimates in a regular ongoing process as historical loss experience develops and additional claims are reported and settled. The Company rigorously attempts to consider all signifificant facts and circumstances known at the time claims and claim adjustment expense reserves are established. Due to the inherent uncertainty underlying these estimates including, but not limited to, the future settlement environment, final resolution of the estimated liability for claims and claim adjustment expenses may be higher or lower than the related claims and claim adjustment expense reserves at the reporting date. Therefore, actual paid losses, as claims are settled in the future, may be materially different than the amount currently recorded-favorable or unfavorable. 101 | [
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"text": "Gross claims and claim adjustment expense reserves by product line were as follows:"
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"text": "(in millions) "
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"text": "General liability .............................................. "
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"text": "Commercial property...................................... "
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"text": "Claims and claim adjustment expense"
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"text": "The $1.18 billion increase in gross claims and claim adjustment expense reserves since December 31, 2018 primarily reflected "
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"text": "the impacts of higher volumes of insured exposures and loss cost trends for the current accident year."
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"text": "Asbestos and environmental reserves are included in the General liability, Commercial multi-peril and International and other "
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"text": "lines in the foregoing summary table. Asbestos and environmental reserves are discussed separately; see “Asbestos Claims and "
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"text": "Litigation”, “Environmental Claims and Litigation” and “Uncertainty Regarding Adequacy of Asbestos and Environmental "
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"text": "Claims and claim adjustment expense reserves represent management’s estimate of the ultimate liability for unpaid losses and loss "
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"text": "adjustment expenses for claims that have been reported and claims that have been incurred but not yet reported (IBNR) as of the"
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"text": "balance sheet date. Claims and claim adjustment expense reserves do not represent an exact calculation of liability, but instead "
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"text": "represent management estimates, primarily utilizing actuarial expertise and projection methods. These estimates are expectations "
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"text": "of what the ultimate settlement and administration of claims will cost upon final resolution in the future, based on the Company’s "
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"text": "assessment of facts and circumstances then known, review of historical settlement patterns, estimates of trends in claims severity "
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"text": "and frequency, expected interpretations of legal theories of liability and other factors. In establishing gross claims and claim "
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"text": "adjustment expense reserves, the Company also considers salvage and subrogation. Estimated recoveries from reinsurance are "
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"text": "included in “Reinsurance Recoverables” as an asset on the Company’s consolidated balance sheet. The claims and claim adjustment "
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"text": "expense reserves are reviewed regularly by qualified actuaries employed by the Company. "
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"text": "The process of estimating claims and claim adjustment expense reserves involves a high degree of judgment and is subject to a "
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"text": "number of variables. These variables can be affected by both internal and external events, such as changes in claims handling "
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"text": "procedures, changes in individuals involved in the reserve estimation process, economic inflation, changes in the tort environment, "
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"text": "legal trends and legislative changes, among others. The impact of many of these items on ultimate costs for claims and claim "
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"text": "adjustment expenses is difficult to estimate. Estimation difficulties also differ significantly by product line due to differences in "
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"text": "claim complexity, the volume of claims, the potential severity of individual claims, the determination of occurrence date for a"
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"text": "claim and reporting lags (the time between the occurrence of the policyholder event and when it is actually reported to the insurer). "
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"text": "Informed judgment is applied throughout the process, including the application of various individual experiences and expertise "
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"text": "to multiple sets of data and analyses. The Company continually refines its estimates in a regular ongoing process as historical "
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"text": "loss experience develops and additional claims are reported and settled. The Company rigorously attempts to consider all signifificant "
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"text": "facts and circumstances known at the time claims and claim adjustment expense reserves are established. Due to the inherent "
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"text": "uncertainty underlying these estimates including, but not limited to, the future settlement environment, final resolution of the "
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"text": "estimated liability for claims and claim adjustment expenses may be higher or lower than the related claims and claim adjustment "
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"text": "expense reserves at the reporting date. Therefore, actual paid losses, as claims are settled in the future, may be materially different "
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"text": "than the amount currently recorded-favorable or unfavorable."
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"text": "Claims and Claim Adjustment Expense Reserves"
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"text": "Gross claims and claim adjustment expense reserves by product line were as follows:"
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"html_seq": "<table><tr><td></td><th colspan=\"3\">December 31, 2019</th><th>December 31, 2018</th></tr><tr><td>(in millions)</td><td></td><th>Case IBNR Total Case IBNR Total</th><td></td></tr><tr><td>General liability ..............................................</td><td></td><td>$ 4,898 $ 7,451 $ 12,349</td><td></td></tr><tr><td>Commercial property......................................</td><td></td><td>1,035 312 1,347</td><td></td></tr><tr><td>Commercial multi-peril ..................................</td><td></td><td>2,148 2,065 4,213</td><td></td></tr><tr><td>Commercial automobile..................................</td><td></td><td>2,533 1,872 4,405</td><td>2,339 1,661 4,000</td></tr><tr><td>Workers' compensation...................................</td><td></td><td>10,233 9,279 19,512</td><td></td></tr><tr><td>Fidelity and surety ..........................................</td><td></td><td>261 259 520</td><td></td></tr><tr><td>Personal automobile........................................</td><td></td><td>2,019 1,509 3,528</td><td></td></tr><tr><td>Homeowners and personal-other .................</td><td></td><td>838 871 1,709</td><td></td></tr><tr><td>International and other....................................</td><td></td><td>2,620 1,633 4,253</td><td></td></tr><tr><td>Property-casualty..........................................</td><td></td><td>26,585 25,251 51,836</td><td></td></tr><tr><td>Accident and health ........................................</td><td></td><td>13 - 13</td><td></td></tr><tr><td>Claims and claim adjustment expense reserves ....................................................</td><td></td><td>$ 26,598 $ 25,251 $ 51,849</td><td></td></tr></table>",
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"text": "The $1.18 billion increase in gross claims and claim adjustment expense reserves since December 31, 2018 primarily reflected the impacts of higher volumes of insured exposures and loss cost trends for the current accident year."
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"text": "Asbestos and environmental reserves are included in the General liability, Commercial multi-peril and International and other lines in the foregoing summary table. Asbestos and environmental reserves are discussed separately; see \"Asbestos Claims and Litigation\", \"Environmental Claims and Litigation\" and \"Uncertainty Regarding Adequacy of Asbestos and Environmental Reserves.\""
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"text": "Claims and claim adjustment expense reserves represent management's estimate of the ultimate liability for unpaid losses and loss adjustment expenses for claims that have been reported and claims that have been incurred but not yet reported (IBNR) as of the balance sheet date. Claims and claim adjustment expense reserves do not represent an exact calculation of liability, but instead represent management estimates, primarily utilizing actuarial expertise and projection methods. These estimates are expectations of what the ultimate settlement and administration of claims will cost upon final resolution in the future, based on the Company's assessment of facts and circumstances then known, review of historical settlement patterns, estimates of trends in claims severity and frequency, expected interpretations of legal theories of liability and other factors. In establishing gross claims and claim adjustment expense reserves, the Company also considers salvage and subrogation. Estimated recoveries from reinsurance are included in \"Reinsurance Recoverables\" as an asset on the Company's consolidated balance sheet. The claims and claim adjustment expense reserves are reviewed regularly by qualified actuaries employed by the Company."
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"text": "The process of estimating claims and claim adjustment expense reserves involves a high degree of judgment and is subject to a number of variables. These variables can be affected by both internal and external events, such as changes in claims handling procedures, changes in individuals involved in the reserve estimation process, economic inflation, changes in the tort environment, legal trends and legislative changes, among others. The impact of many of these items on ultimate costs for claims and claim adjustment expenses is difficult to estimate. Estimation difficulties also differ significantly by product line due to differences in claim complexity, the volume of claims, the potential severity of individual claims, the determination of occurrence date for a claim and reporting lags (the time between the occurrence of the policyholder event and when it is actually reported to the insurer). Informed judgment is applied throughout the process, including the application of various individual experiences and expertise to multiple sets of data and analyses. The Company continually refines its estimates in a regular ongoing process as historical loss experience develops and additional claims are reported and settled. The Company rigorously attempts to consider all signifificant facts and circumstances known at the time claims and claim adjustment expense reserves are established. Due to the inherent uncertainty underlying these estimates including, but not limited to, the future settlement environment, final resolution of the estimated liability for claims and claim adjustment expenses may be higher or lower than the related claims and claim adjustment expense reserves at the reporting date. Therefore, actual paid losses, as claims are settled in the future, may be materially different than the amount currently recorded-favorable or unfavorable."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-121 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Because establishment of claims and claim adjustment expense reserves is an inherently uncertain process involving estimates and the application of judgment, currently established claims and claim adjustment expense reserves may change. The Company reflects adjustments to the reserves in the results of operations in the period the estimates are changed. There are also additional risks which impact the estimation of ultimate costs for catastrophes. For example, the estimation of reserves related to hurricanes, tornadoes, wildfires and other catastrophic events can be affected by the inability of the Company and its insureds to access portions of the impacted areas, the complexity of factors contributing to the losses, the legal and regulatory uncertainties, including the interpretation of policy terms and conditions, and the nature of the information available to establish the reserves. Complex factors include, but are not limited to: determining whether damage was caused by flooding versus wind; evaluating general liability and pollution exposures; estimating additional living expenses; estimating the impact of demand surge, infrastructure disruption, fraud, the effect of mold damage and business interruption costs; and reinsurance collectibility. The timing of a catastrophe, such as at or near the end of a reporting period, can also affect the information available to the Company in estimating reserves for that reporting period. The estimates related to catastrophes are adjusted as actual claims emerge. A portion of the Company's gross claims and claim adjustment expense reserves (totaling $1.95 billion at December 31, 2019) are for asbestos and environmental claims and related litigation. While the ongoing review of asbestos and environmental claims and associated liabilities considers the inconsistencies of court decisions as to coverage, plaintiffs' expanded theories of liability and the risks inherent in complex litigation and other uncertainties, in the opinion of the Company's management, it is possible that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that differs from current insurance reserves by an amount that could be material to the Company's future operating results. See the preceding discussion of "Asbestos Claims and Litigation" and "Environmental Claims and Litigation." General Discussion The process for estimating the liabilities for claims and claim adjustment expenses begins with the collection and analysis of claim data. Data on individual reported claims, both current and historical, including paid amounts and individual claim adjuster estimates, are grouped by common characteristics (components) and evaluated by actuaries in their analyses of ultimate claim liabilities. Such data is occasionally supplemented with external data as available and when appropriate. The process of analyzing reserves for a component is undertaken on a regular basis, generally quarterly, in light of continually updated information. Multiple estimation methods are available for the analysis of ultimate claim liabilities. Each estimation method has its own set of assumption variables and its own advantages and disadvantages, with no single estimation method being better than the others in all situations and no one set of assumption variables being meaningful for all product line components. The relative strengths and weaknesses of the particular estimation methods when applied to a particular group of claims can also change over time. Therefore, the actual choice of estimation method(s) can change with each evaluation. The estimation method(s) chosen are those that are believed to produce the most reliable indication at that particular evaluation date for the claim liabilities being evaluated. In most cases, multiple estimation methods will be valid for the particular facts and circumstances of the claim liabilities being evaluated. This will result in a range of reasonable estimates for any particular claim liability. The Company uses such range analyses to back test whether previously established estimates for reserves by reporting segments are reasonable, given available information. Reported values found to be closer to the endpoints of a range of reasonable estimates are subject to further detailed reviews. These reviews may substantiate the validity of management's recorded estimate or lead to a change in the reported estimate. The exact boundary points of these ranges are more qualitative than quantitative in nature, as no clear line of demarcation exists to determine when the set of underlying assumptions for an estimation method switches from being reasonable to unreasonable. As a result, the Company does not believe that the endpoints of these ranges are or would be comparable across companies. In addition, potential interactions among the different estimation assumptions for different product lines make the aggregation of individual ranges a highly judgmental and inexact process. Property-casualty insurance policies are either written on a "claims-made" or on an "occurrence" basis. Claims-made policies generally cover, subject to requirements in individual policies, claims reported during the policy period. Policies that are written on an occurrence basis require that the insured demonstrate that a loss occurred in the policy period, even if the insured reports the loss many years later. Most general liability policies are written on an occurrence basis. These policies are subject to substantial loss development over time as facts and circumstances change in the years following the policy issuance. The occurrence form, which accounts for much of the reserve development in asbestos and environmental exposures, is also used to provide coverage for construction general 102 | [
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"text": "A portion of the Company’s gross claims and claim adjustment expense reserves (totaling $1.95 billion at December 31, 2019) "
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"text": "that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that differs from "
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"text": "current insurance reserves by an amount that could be material to the Company’s future operating results. See the preceding "
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"text": "are grouped by common characteristics (components) and evaluated by actuaries in their analyses of ultimate claim liabilities. "
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"text": "for a component is undertaken on a regular basis, generally quarterly, in light of continually updated information. "
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"text": "weaknesses of the particular estimation methods when applied to a particular group of claims can also change over time. Therefore, "
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"text": "believed to produce the most reliable indication at that particular evaluation date for the claim liabilities being evaluated. "
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"text": "evaluated. This will result in a range of reasonable estimates for any particular claim liability. The Company uses such range "
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"text": "analyses to back test whether previously established estimates for reserves by reporting segments are reasonable, given available "
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"text": "The exact boundary points of these ranges are more qualitative than quantitative in nature, as no clear line of demarcation exists "
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"text": "to determine when the set of underlying assumptions for an estimation method switches from being reasonable to unreasonable. "
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"text": "addition, potential interactions among the different estimation assumptions for different product lines make the aggregation of"
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"text": "Property-casualty insurance policies are either written on a “claims-made” or on an “occurrence” basis. Claims-made policies "
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"text": "generally cover, subject to requirements in individual policies, claims reported during the policy period. Policies that are written "
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"text": "on an occurrence basis require that the insured demonstrate that a loss occurred in the policy period, even if the insured reports "
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"text": "Most general liability policies are written on an occurrence basis. These policies are subject to substantial loss development over "
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"text": "time as facts and circumstances change in the years following the policy issuance. The occurrence form, which accounts for much"
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"text": "of the reserve development in asbestos and environmental exposures, is also used to provide coverage for construction general "
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"text": "Because establishment of claims and claim adjustment expense reserves is an inherently uncertain process involving estimates and the application of judgment, currently established claims and claim adjustment expense reserves may change. The Company reflects adjustments to the reserves in the results of operations in the period the estimates are changed."
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"text": "There are also additional risks which impact the estimation of ultimate costs for catastrophes. For example, the estimation of reserves related to hurricanes, tornadoes, wildfires and other catastrophic events can be affected by the inability of the Company and its insureds to access portions of the impacted areas, the complexity of factors contributing to the losses, the legal and regulatory uncertainties, including the interpretation of policy terms and conditions, and the nature of the information available to establish the reserves. Complex factors include, but are not limited to: determining whether damage was caused by flooding versus wind; evaluating general liability and pollution exposures; estimating additional living expenses; estimating the impact of demand surge, infrastructure disruption, fraud, the effect of mold damage and business interruption costs; and reinsurance collectibility. The timing of a catastrophe, such as at or near the end of a reporting period, can also affect the information available to the Company in estimating reserves for that reporting period. The estimates related to catastrophes are adjusted as actual claims emerge."
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"text": "A portion of the Company's gross claims and claim adjustment expense reserves (totaling $1.95 billion at December 31, 2019) are for asbestos and environmental claims and related litigation. While the ongoing review of asbestos and environmental claims and associated liabilities considers the inconsistencies of court decisions as to coverage, plaintiffs' expanded theories of liability and the risks inherent in complex litigation and other uncertainties, in the opinion of the Company's management, it is possible that the outcome of the continued uncertainties regarding these claims could result in liability in future periods that differs from current insurance reserves by an amount that could be material to the Company's future operating results. See the preceding discussion of \"Asbestos Claims and Litigation\" and \"Environmental Claims and Litigation.\""
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"text": "The process for estimating the liabilities for claims and claim adjustment expenses begins with the collection and analysis of claim data. Data on individual reported claims, both current and historical, including paid amounts and individual claim adjuster estimates, are grouped by common characteristics (components) and evaluated by actuaries in their analyses of ultimate claim liabilities. Such data is occasionally supplemented with external data as available and when appropriate. The process of analyzing reserves for a component is undertaken on a regular basis, generally quarterly, in light of continually updated information."
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"text": "Multiple estimation methods are available for the analysis of ultimate claim liabilities. Each estimation method has its own set of assumption variables and its own advantages and disadvantages, with no single estimation method being better than the others in all situations and no one set of assumption variables being meaningful for all product line components. The relative strengths and weaknesses of the particular estimation methods when applied to a particular group of claims can also change over time. Therefore, the actual choice of estimation method(s) can change with each evaluation. The estimation method(s) chosen are those that are believed to produce the most reliable indication at that particular evaluation date for the claim liabilities being evaluated."
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"text": "In most cases, multiple estimation methods will be valid for the particular facts and circumstances of the claim liabilities being evaluated. This will result in a range of reasonable estimates for any particular claim liability. The Company uses such range analyses to back test whether previously established estimates for reserves by reporting segments are reasonable, given available information. Reported values found to be closer to the endpoints of a range of reasonable estimates are subject to further detailed reviews. These reviews may substantiate the validity of management's recorded estimate or lead to a change in the reported estimate."
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"text": "The exact boundary points of these ranges are more qualitative than quantitative in nature, as no clear line of demarcation exists to determine when the set of underlying assumptions for an estimation method switches from being reasonable to unreasonable. As a result, the Company does not believe that the endpoints of these ranges are or would be comparable across companies. In addition, potential interactions among the different estimation assumptions for different product lines make the aggregation of individual ranges a highly judgmental and inexact process."
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"text": "Property-casualty insurance policies are either written on a \"claims-made\" or on an \"occurrence\" basis. Claims-made policies generally cover, subject to requirements in individual policies, claims reported during the policy period. Policies that are written on an occurrence basis require that the insured demonstrate that a loss occurred in the policy period, even if the insured reports the loss many years later."
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"text": "Most general liability policies are written on an occurrence basis. These policies are subject to substantial loss development over time as facts and circumstances change in the years following the policy issuance. The occurrence form, which accounts for much of the reserve development in asbestos and environmental exposures, is also used to provide coverage for construction general"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-122 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | liability, including construction defect. Occurrence-based forms of insurance for general liability exposures require substantial projection of loss trends, which can be influenced by a number of factors, including future inflation, judicial interpretations and societal litigation trends (e.g., size of jury awards and propensity of individuals to pursue litigation), among others. A basic premise in most actuarial analyses is that past patterns demonstrated in the data will repeat themselves in the future, absent a material change in the associated risk factors discussed below. To the extent a material change affecting the ultimate claim liability is known, such change is estimated to the extent possible through an analysis of internal company data and, if available and when appropriate, external data. Such a measurement is specific to the facts and circumstances of the particular claim portfolio and the known change being evaluated. Significant structural changes to the available data, product mix or organization can materially impact the reserve estimation process. In addition, the introduction of new products creates a unique risk as historical company data would typically not be available. Informed judgment is applied throughout the reserving process. This includes the application of various individual experiences and expertise to multiple sets of data and analyses. In addition to actuaries, experts involved with the reserving process also include underwriting and claims personnel and lawyers, as well as other company management. Therefore, management may have to consider varying individual viewpoints as part of its estimation of claims and claim adjustment expense reserves. It is also likely that during periods of significant change, such as a merger, consistent application of informed judgment becomes even more complicated and difficult. The variables discussed above in this general discussion have different impacts on reserve estimation uncertainty for a given product line, depending on the length of the claim tail, the reporting lag, the impact of individual claims and the complexity of the claim process for a given product line. Product lines are generally classifiable as either long tail or short tail, based on the average length of time between the event triggering claims under a policy and the final resolution of those claims. Short tail claims are reported and settled quickly, resulting in less estimation variability. The longer the time to final claim resolution, the greater the exposure to estimation risks and hence the greater the estimation uncertainty. A major component of the claim tail is the reporting lag. The reporting lag, which is the time between the event triggering a claim and the reporting of the claim to the insurer, makes estimating IBNR inherently more uncertain. In addition, the greater the reporting lag, the greater the proportion of IBNR to the total claim liability for the product line. Writing new products with material reporting lags can result in adding several years' worth of IBNR claim exposure before the reporting lag exposure becomes clearly observable, thereby increasing the risk associated with estimating the liabilities for claims and claim adjustment expenses for such products. The most extreme example of claim liabilities with long reporting lags are asbestos claims. For some lines, the impact of large individual claims can be material to the analysis. These lines are generally referred to as being "low frequency/high severity," while lines without this "large claim" sensitivity are referred to as "high frequency/low severity." Estimates of claim liabilities for low frequency/high severity lines can be sensitive to the impact of a small number of potentially large claims. As a result, the role of judgment is much greater for these reserve estimates. In contrast, for high frequency/low severity lines the impact of individual claims is relatively minor and the range of reasonable reserve estimates is likely narrower and more stable. Claim complexity can also greatly affect the estimation process by impacting the number of assumptions needed to produce the estimate, the potential stability of the underlying data and claim process, and the ability to gain an understanding of the data. Product lines with greater claim complexity, such as for certain surety and construction exposures, have inherently greater estimation uncertainty. Actuaries have to exercise a considerable degree of judgment in the evaluation of all these factors in their analysis of reserves. The human element in the application of actuarial judgment is unavoidable when faced with material uncertainty. Different actuaries may choose different assumptions when faced with such uncertainty, based on their individual backgrounds, professional experiences and areas of focus. Hence, the estimates selected by the various actuaries may differ materially from each other. Lastly, significant structural changes to the available data, product mix or organization can also materially impact the reserve estimation process. Events such as mergers increase the inherent uncertainty of reserve estimates for a period of time, until stable trends re-establish themselves within the new organization. 103 | [
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"text": "a material change in the associated risk factors discussed below. To the extent a material change affecting the ultimate claim liability "
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"text": "impact the reserve estimation process. In addition, the introduction of new products creates a unique risk as historical company "
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"text": "underwriting and claims personnel and lawyers, as well as other company management. Therefore, management may have to "
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"text": "consider varying individual viewpoints as part of its estimation of claims and claim adjustment expense reserves. It is also likely "
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"text": "product line, depending on the length of the claim tail, the reporting lag, the impact of individual claims and the complexity of "
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"text": "triggering claims under a policy and the final resolution of those claims. Short tail claims are reported and settled quickly, resulting "
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"text": "A major component of the claim tail is the reporting lag. The reporting lag, which is the time between the event triggering a claim "
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"text": "and the reporting of the claim to the insurer, makes estimating IBNR inherently more uncertain. In addition, the greater the reporting "
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"text": "lag, the greater the proportion of IBNR to the total claim liability for the product line. Writing new products with material reporting "
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"text": "lags can result in adding several years’ worth of IBNR claim exposure before the reporting lag exposure becomes clearly observable, "
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"text": "thereby increasing the risk associated with estimating the liabilities for claims and claim adjustment expenses for such products. "
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"text": "For some lines, the impact of large individual claims can be material to the analysis. These lines are generally referred to as being "
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"text": "“low frequency/high severity,” while lines without this “large claim” sensitivity are referred to as “high frequency/low severity.” "
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"text": "large claims. As a result, the role of judgment is much greater for these reserve estimates. In contrast, for high frequency/low "
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"text": "severity lines the impact of individual claims is relatively minor and the range of reasonable reserve estimates is likely narrower "
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"text": "estimate, the potential stability of the underlying data and claim process, and the ability to gain an understanding of the data. "
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"text": "Product lines with greater claim complexity, such as for certain surety and construction exposures, have inherently greater estimation "
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"text": "Actuaries have to exercise a considerable degree of judgment in the evaluation of all these factors in their analysis of reserves. "
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"text": "experiences and areas of focus. Hence, the estimates selected by the various actuaries may differ materially from each other. "
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"text": "Lastly, significant structural changes to the available data, product mix or organization can also materially impact the reserve "
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"text": "estimation process. Events such as mergers increase the inherent uncertainty of reserve estimates for a period of time, until stable "
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"text": "liability, including construction defect. Occurrence-based forms of insurance for general liability exposures require substantial projection of loss trends, which can be influenced by a number of factors, including future inflation, judicial interpretations and societal litigation trends (e.g., size of jury awards and propensity of individuals to pursue litigation), among others."
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"text": "A basic premise in most actuarial analyses is that past patterns demonstrated in the data will repeat themselves in the future, absent a material change in the associated risk factors discussed below. To the extent a material change affecting the ultimate claim liability is known, such change is estimated to the extent possible through an analysis of internal company data and, if available and when appropriate, external data. Such a measurement is specific to the facts and circumstances of the particular claim portfolio and the known change being evaluated. Significant structural changes to the available data, product mix or organization can materially impact the reserve estimation process. In addition, the introduction of new products creates a unique risk as historical company data would typically not be available."
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"text": "Informed judgment is applied throughout the reserving process. This includes the application of various individual experiences and expertise to multiple sets of data and analyses. In addition to actuaries, experts involved with the reserving process also include underwriting and claims personnel and lawyers, as well as other company management. Therefore, management may have to consider varying individual viewpoints as part of its estimation of claims and claim adjustment expense reserves. It is also likely that during periods of significant change, such as a merger, consistent application of informed judgment becomes even more complicated and difficult."
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"text": "The variables discussed above in this general discussion have different impacts on reserve estimation uncertainty for a given product line, depending on the length of the claim tail, the reporting lag, the impact of individual claims and the complexity of the claim process for a given product line."
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"text": "Product lines are generally classifiable as either long tail or short tail, based on the average length of time between the event triggering claims under a policy and the final resolution of those claims. Short tail claims are reported and settled quickly, resulting in less estimation variability. The longer the time to final claim resolution, the greater the exposure to estimation risks and hence the greater the estimation uncertainty."
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"text": "A major component of the claim tail is the reporting lag. The reporting lag, which is the time between the event triggering a claim and the reporting of the claim to the insurer, makes estimating IBNR inherently more uncertain. In addition, the greater the reporting lag, the greater the proportion of IBNR to the total claim liability for the product line. Writing new products with material reporting lags can result in adding several years' worth of IBNR claim exposure before the reporting lag exposure becomes clearly observable, thereby increasing the risk associated with estimating the liabilities for claims and claim adjustment expenses for such products. The most extreme example of claim liabilities with long reporting lags are asbestos claims."
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"text": "For some lines, the impact of large individual claims can be material to the analysis. These lines are generally referred to as being \"low frequency/high severity,\" while lines without this \"large claim\" sensitivity are referred to as \"high frequency/low severity.\" Estimates of claim liabilities for low frequency/high severity lines can be sensitive to the impact of a small number of potentially large claims. As a result, the role of judgment is much greater for these reserve estimates. In contrast, for high frequency/low severity lines the impact of individual claims is relatively minor and the range of reasonable reserve estimates is likely narrower and more stable."
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"text": "Claim complexity can also greatly affect the estimation process by impacting the number of assumptions needed to produce the estimate, the potential stability of the underlying data and claim process, and the ability to gain an understanding of the data. Product lines with greater claim complexity, such as for certain surety and construction exposures, have inherently greater estimation uncertainty."
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"text": "Actuaries have to exercise a considerable degree of judgment in the evaluation of all these factors in their analysis of reserves. The human element in the application of actuarial judgment is unavoidable when faced with material uncertainty. Different actuaries may choose different assumptions when faced with such uncertainty, based on their individual backgrounds, professional experiences and areas of focus. Hence, the estimates selected by the various actuaries may differ materially from each other."
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"text": "Lastly, significant structural changes to the available data, product mix or organization can also materially impact the reserve estimation process. Events such as mergers increase the inherent uncertainty of reserve estimates for a period of time, until stable trends re-establish themselves within the new organization."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-123 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Risk Factors The major causes of material uncertainty ("risk factors") generally will vary for each product line, as well as for each separately analyzed component of the product line. In a few cases, such risk factors are explicit assumptions of the estimation method, but in most cases, they are implicit. For example, a method may explicitly assume that a certain percentage of claims will close each year, but will implicitly assume that the legal interpretation of existing contract language will remain unchanged. Actual results will likely vary from expectations for each of these assumptions, causing actual paid losses, as claims are settled in the future, to be different in amount than the reserves being estimated currently. Some risk factors will affect more than one product line. Examples include changes in claim department practices, changes in the tort environment, changes in settlement patterns, regulatory and legislative actions, court actions, timeliness of claim reporting, state mix of claimants and degree of claimant fraud. The extent of the impact of a risk factor will also vary by components within a product line. Individual risk factors are also subject to interactions with other risk factors within product line components . The effect of a particular risk factor on estimates of claim liabilities cannot be isolated in most cases. For example, estimates of potential claim settlements may be impacted by the risk associated with potential court rulings, but the final settlement agreement typically does not delineate how much of the settled amount is due to this and other factors. The evaluation of data is also subject to distortion from extreme events or structural shifts, sometimes in unanticipated ways. For example, the timing of claims payments in one geographic region may be impacted if claim adjusters are temporarily reassigned from that region to help settle catastrophe claims in another region. While some changes in the claim environment are sudden in nature (such as a new court ruling affecting the interpretation of all contracts in that jurisdiction), others are more evolutionary. Evolutionary changes can occur when multiple factors affect final claim values, with the uncertainty surrounding each factor being resolved separately, in stepwise fashion. The final impact is not known until all steps have occurred. Sudden changes generally cause a one-time shift in claim liability estimates, although there may be some lag in reliable quantification of their impact. Evolutionary changes generally cause a series of shifts in claim liability estimates, as each component of the evolutionary change becomes evident and estimable. Actuarial Methods for Analyzing and Estimating Claims and Claim Adjustment Expense Reserves The principal estimation and analysis methods utilized by the Company's actuaries to evaluate management's existing estimates for prior accident periods are the paid loss development method, the case incurred development method, the Bornhuetter-Ferguson (BF) method, and average value analysis combined with the reported claim development method. The BF method is usually utilized for more recent accident periods, with a transition to other methods as the underlying claim data becomes more voluminous and therefore more credible. These estimation and analysis methods are typically referred to as conventional actuarial methods . (See note 7 of notes to the consolidated financial statements for an explanation of these methods). While the Company utilizes these conventional actuarial methods to estimate the claims liability for its various businesses, Company actuaries evaluating a particular component for a product line may select from the full range of methods developed within the casualty actuarial profession. The Company's actuaries are also continually monitoring developments within the profession for advances in existing techniques or the creation of new techniques that might improve current and future estimates. Some components of a product line may be susceptible to infrequent large claims or not be subject to conventional methods. In such cases, the Company's actuarial analysis will isolate such components for review. The reserves excluding such large claims are generally analyzed using the conventional methods described above. The reserves associated with large claims are then analyzed utilizing various methods, such as: - · Estimating the number of large claims and their average values based on historical trends from prior accident periods, adjusted for the current environment and supplemented with actual data for the accident year analyzed to the extent available. - · Utilizing individual claim adjuster estimates of the large claims, combined with continual monitoring of the aggregate accuracy of such claim adjuster estimates. (This monitoring may lead to supplemental adjustments to the aggregate of such claim estimates). - · Utilizing historic longer-term average ratios of large claims to small claims, and applying such ratios to the estimated ultimate small claims from conventional analysis. - · Ground-up analysis of the underlying exposure (typically used for asbestos and environmental). 104 | [
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"text": "will likely vary from expectations for each of these assumptions, causing actual paid losses, as claims are settled in the future, to "
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"text": "state mix of claimants and degree of claimant fraud. The extent of the impact of a risk factor will also vary by components within "
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"text": "potential claim settlements may be impacted by the risk associated with potential court rulings, but the final settlement agreement "
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"text": "contracts in that jurisdiction), others are more evolutionary. Evolutionary changes can occur when multiple factors affect final "
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"text": "of their impact. Evolutionary changes generally cause a series of shifts in claim liability estimates, as each component of the"
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"text": "Actuarial Methods for Analyzing and Estimating Claims and Claim Adjustment Expense Reserves"
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"text": "The principal estimation and analysis methods utilized by the Company’s actuaries to evaluate management’s existing estimates "
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"text": "for prior accident periods are the paid loss development method, the case incurred development method, the Bornhuetter-Ferguson"
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"text": "(BF) method, and average value analysis combined with the reported claim development method. The BF method is usually "
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"text": "utilized for more recent accident periods, with a transition to other methods as the underlying claim data becomes more voluminous "
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"text": "and therefore more credible. These estimation and analysis methods are typically referred to as conventional actuarial methods"
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"text": "(See note 7 of notes to the consolidated financial statements for an explanation of these methods). "
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"text": "While the Company utilizes these conventional actuarial methods to estimate the claims liability for its various businesses, Company "
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"text": "actuaries evaluating a particular component for a product line may select from the full range of methods developed within the "
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"text": "casualty actuarial profession. The Company’s actuaries are also continually monitoring developments within the profession for "
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"text": "advances in existing techniques or the creation of new techniques that might improve current and future estimates."
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"text": "Some components of a product line may be susceptible to infrequent large claims or not be subject to conventional methods. In "
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"text": "such cases, the Company’s actuarial analysis will isolate such components for review. The reserves excluding such large claims"
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"text": "are generally analyzed using the conventional methods described above. The reserves associated with large claims are then analyzed "
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"text": "utilizing various methods, such as:"
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"text": "• Estimating the number of large claims and their average values based on historical trends from prior accident periods, "
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"text": "adjusted for the current environment and supplemented with actual data for the accident year analyzed to the extent "
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"text": "• Utilizing individual claim adjuster estimates of the large claims, combined with continual monitoring of the aggregate "
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"text": "accuracy of such claim adjuster estimates. (This monitoring may lead to supplemental adjustments to the aggregate of "
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"text": "• Utilizing historic longer-term average ratios of large claims to small claims, and applying such ratios to the estimated "
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"text": "ultimate small claims from conventional analysis."
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"text": "The major causes of material uncertainty (\"risk factors\") generally will vary for each product line, as well as for each separately analyzed component of the product line. In a few cases, such risk factors are explicit assumptions of the estimation method, but in most cases, they are implicit. For example, a method may explicitly assume that a certain percentage of claims will close each year, but will implicitly assume that the legal interpretation of existing contract language will remain unchanged. Actual results will likely vary from expectations for each of these assumptions, causing actual paid losses, as claims are settled in the future, to be different in amount than the reserves being estimated currently."
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"text": "Some risk factors will affect more than one product line. Examples include changes in claim department practices, changes in the tort environment, changes in settlement patterns, regulatory and legislative actions, court actions, timeliness of claim reporting, state mix of claimants and degree of claimant fraud. The extent of the impact of a risk factor will also vary by components within a product line. Individual risk factors are also subject to interactions with other risk factors within product line components ."
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"text": "The effect of a particular risk factor on estimates of claim liabilities cannot be isolated in most cases. For example, estimates of potential claim settlements may be impacted by the risk associated with potential court rulings, but the final settlement agreement typically does not delineate how much of the settled amount is due to this and other factors."
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"text": "The evaluation of data is also subject to distortion from extreme events or structural shifts, sometimes in unanticipated ways. For example, the timing of claims payments in one geographic region may be impacted if claim adjusters are temporarily reassigned from that region to help settle catastrophe claims in another region."
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"text": "While some changes in the claim environment are sudden in nature (such as a new court ruling affecting the interpretation of all contracts in that jurisdiction), others are more evolutionary. Evolutionary changes can occur when multiple factors affect final claim values, with the uncertainty surrounding each factor being resolved separately, in stepwise fashion. The final impact is not known until all steps have occurred."
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"text": "Sudden changes generally cause a one-time shift in claim liability estimates, although there may be some lag in reliable quantification of their impact. Evolutionary changes generally cause a series of shifts in claim liability estimates, as each component of the evolutionary change becomes evident and estimable."
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"text": "Actuarial Methods for Analyzing and Estimating Claims and Claim Adjustment Expense Reserves"
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"text": "The principal estimation and analysis methods utilized by the Company's actuaries to evaluate management's existing estimates for prior accident periods are the paid loss development method, the case incurred development method, the Bornhuetter-Ferguson (BF) method, and average value analysis combined with the reported claim development method. The BF method is usually utilized for more recent accident periods, with a transition to other methods as the underlying claim data becomes more voluminous and therefore more credible. These estimation and analysis methods are typically referred to as conventional actuarial methods . (See note 7 of notes to the consolidated financial statements for an explanation of these methods)."
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"text": "While the Company utilizes these conventional actuarial methods to estimate the claims liability for its various businesses, Company actuaries evaluating a particular component for a product line may select from the full range of methods developed within the casualty actuarial profession. The Company's actuaries are also continually monitoring developments within the profession for advances in existing techniques or the creation of new techniques that might improve current and future estimates."
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"text": "Some components of a product line may be susceptible to infrequent large claims or not be subject to conventional methods. In such cases, the Company's actuarial analysis will isolate such components for review. The reserves excluding such large claims are generally analyzed using the conventional methods described above. The reserves associated with large claims are then analyzed utilizing various methods, such as:"
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"text": "- · Estimating the number of large claims and their average values based on historical trends from prior accident periods, adjusted for the current environment and supplemented with actual data for the accident year analyzed to the extent available."
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"text": "- · Utilizing individual claim adjuster estimates of the large claims, combined with continual monitoring of the aggregate accuracy of such claim adjuster estimates. (This monitoring may lead to supplemental adjustments to the aggregate of such claim estimates)."
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"text": "- · Utilizing historic longer-term average ratios of large claims to small claims, and applying such ratios to the estimated ultimate small claims from conventional analysis."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-124 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The results of such methodologies are subjected to various reasonability and diagnostic tests, including implied incurred-loss-toearned-premium ratios, non-zero claim severity trends and paid-to-incurred loss ratios. An actual versus expected analysis is also performed comparing actual loss development to expected development embedded within management's estimate. Additional analyses may be performed based on the results of these diagnostics, including the investigation of other actuarial methods. The methods described above are generally utilized to evaluate management's estimate for prior accident periods. For the initial estimate of the current accident year, however, the available claim data is typically insufficient to produce a reliable indication. As a result, the initial estimate for an accident year is generally based on an exposure-based method using either the loss ratio projection method or the expected loss method. The loss ratio projection method, which is typically used for guaranteed-cost business, develops an initial estimate for an accident year by multiplying earned premiums for the accident year by a projected loss ratio. The projected loss ratio is determined by analyzing prior period experience, and adjusting for loss cost trends, rate level differences, mix of business changes and other known or observed factors influencing the current accident year relative to prior accident years. The exact number of prior accident years utilized varies by product line component, based on the stability and consistency of the individual accident year estimates. The expected loss method, which is typically used for loss sensitive business, develops an initial estimate of ultimate claims and claim adjustment expenses for an accident year by analyzing exposures by account. Management's Estimates At least once per quarter, certain members of Company management meet with the Company's actuaries to review the latest claims and claim adjustment expense reserve analyses. Based on these analyses, management determines whether its ultimate claim liability estimates should be changed from the prior period. In doing so, it must evaluate whether the new data provided represents credible actionable information or an anomaly that will have no effect on estimated ultimate claim liability. For example, as described above, payments may have decreased in one geographic region due to fewer claim adjusters being available to process claims. The resulting claim payment patterns would be analyzed to determine whether or not the change in payment pattern represents a change in ultimate claim liability. Such an assessment requires considerable judgment. It is frequently not possible to determine whether a change in the data is an anomaly until sometime after the event. Even if a change is determined to be permanent, it is not always possible to reliably determine the extent of the change until sometime later. The overall detailed analyses supporting such an effort can take several months to perform as the underlying causes of the trends observed need to be evaluated, which may require the gathering or assembling of data not previously available. It may also include interviews with experts involved with the underlying processes . As a result, there can be a time lag between the emergence of a change and a determination that the change should be reflected in the Company's estimated claim liabilities. The final estimate selected by management in a reporting period is based on these various detailed analyses of past data, adjusted to reflect any new actionable information. The Audit Committee of the Board of Directors reviews the process by which the Company establishes reserves for the purpose of the Company's financial statements. Discussion of Product Lines The following section details reserving considerations and common risk factors by product line. There are many additional risk factors that may impact ultimate claim costs. Each risk factor presented will have a different impact on required reserves. Also, risk factors can have offsetting or compounding effects on required reserves. For example, in workers' compensation, the use of expensive medical procedures that result in medical cost inflation may enable workers to return to work faster, thereby lowering indemnity costs. Thus, in almost all cases, it is impossible to discretely measure the effect of a single risk factor and construct a meaningful sensitivity expectation. In order to provide information on reasonably possible reserving changes by product line, the historical changes in year-end claims and claim adjustment expense reserves over a one-year period are provided for the U.S. product lines. This information is provided for both the Company and the industry for the nine most recent years, and is based on the most recent publicly available data fofor the reported line(s) that most closely match the individual product line being discussed. These changes were calculated, net of reinsurance, from statutory annual statement data found in Schedule P of those statements, and represent the reported reserve development on the beginning-of-the-year claim liabilities divided by the beginning claim liabilities, all accident years combined, excluding non-defense related claim adjustment expense. Data presented for the Company includes history for the entire Travelers group (U.S. companies only), as required by the statutory reporting instructions promulgated by state regulatory authorities for Schedule P. Comparable data for non-U.S. companies is not available. 105 | [
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"text": "estimate of the current accident year, however, the available claim data is typically insufficient to produce a reliable indication. "
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"text": "projection method or the expected loss method. The loss ratio projection method, which is typically used for guaranteed-cost "
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"text": "business, develops an initial estimate for an accident year by multiplying earned premiums for the accident year by a projected"
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"text": "loss ratio. The projected loss ratio is determined by analyzing prior period experience, and adjusting for loss cost trends, rate level "
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"text": "accident years. The exact number of prior accident years utilized varies by product line component, based on the stability and"
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"text": "consistency of the individual accident year estimates. The expected loss method, which is typically used for loss sensitive business, "
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"text": "develops an initial estimate of ultimate claims and claim adjustment expenses for an accident year by analyzing exposures by "
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"text": "and claim adjustment expense reserve analyses. Based on these analyses, management determines whether its ultimate claim "
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"text": "credible actionable information or an anomaly that will have no effect on estimated ultimate claim liability. For example, as "
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"text": "described above, payments may have decreased in one geographic region due to fewer claim adjusters being available to process "
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"text": "the Company’s estimated claim liabilities. The final estimate selected by management in a reporting period is based on these "
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"text": "Discussion of Product Lines"
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"text": "The following section details reserving considerations and common risk factors by product line. There are many additional risk "
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"text": "factors that may impact ultimate claim costs. Each risk factor presented will have a different impact on required reserves. Also, "
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"text": "risk factors can have offsetting or compounding effects on required reserves. For example, in workers’ compensation, the use of"
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"text": "expensive medical procedures that result in medical cost inflation may enable workers to return to work faster, thereby lowering "
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"text": "indemnity costs. Thus, in almost all cases, it is impossible to discretely measure the effect of a single risk factor and construct a "
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"text": "meaningful sensitivity expectation. "
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"text": "In order to provide information on reasonably possible reserving changes by product line, the historical changes in year-end claims "
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"text": "and claim adjustment expense reserves over a one-year period are provided for the U.S. product lines. This information is provided "
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"text": "for both the Company and the industry for the nine most recent years, and is based on the most recent publicly available data fofor "
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"text": "the reported line(s) that most closely match the individual product line being discussed. These changes were calculated, net of "
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"text": "reinsurance, from statutory annual statement data found in Schedule P of those statements, and represent the reported reserve "
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"text": "development on the beginning-of-the-year claim liabilities divided by the beginning claim liabilities, all accident years combined, "
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"text": "excluding non-defense related claim adjustment expense. Data presented for the Company includes history for the entire Travelers "
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"text": "group (U.S. companies only), as required by the statutory reporting instructions promulgated by state regulatory authorities for "
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"text": "The results of such methodologies are subjected to various reasonability and diagnostic tests, including implied incurred-loss-toearned-premium ratios, non-zero claim severity trends and paid-to-incurred loss ratios. An actual versus expected analysis is also performed comparing actual loss development to expected development embedded within management's estimate. Additional analyses may be performed based on the results of these diagnostics, including the investigation of other actuarial methods."
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"text": "The methods described above are generally utilized to evaluate management's estimate for prior accident periods. For the initial estimate of the current accident year, however, the available claim data is typically insufficient to produce a reliable indication. As a result, the initial estimate for an accident year is generally based on an exposure-based method using either the loss ratio projection method or the expected loss method. The loss ratio projection method, which is typically used for guaranteed-cost business, develops an initial estimate for an accident year by multiplying earned premiums for the accident year by a projected loss ratio. The projected loss ratio is determined by analyzing prior period experience, and adjusting for loss cost trends, rate level differences, mix of business changes and other known or observed factors influencing the current accident year relative to prior accident years. The exact number of prior accident years utilized varies by product line component, based on the stability and consistency of the individual accident year estimates. The expected loss method, which is typically used for loss sensitive business, develops an initial estimate of ultimate claims and claim adjustment expenses for an accident year by analyzing exposures by account."
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"text": "At least once per quarter, certain members of Company management meet with the Company's actuaries to review the latest claims and claim adjustment expense reserve analyses. Based on these analyses, management determines whether its ultimate claim liability estimates should be changed from the prior period. In doing so, it must evaluate whether the new data provided represents credible actionable information or an anomaly that will have no effect on estimated ultimate claim liability. For example, as described above, payments may have decreased in one geographic region due to fewer claim adjusters being available to process claims. The resulting claim payment patterns would be analyzed to determine whether or not the change in payment pattern represents a change in ultimate claim liability."
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"text": "Such an assessment requires considerable judgment. It is frequently not possible to determine whether a change in the data is an anomaly until sometime after the event. Even if a change is determined to be permanent, it is not always possible to reliably determine the extent of the change until sometime later. The overall detailed analyses supporting such an effort can take several months to perform as the underlying causes of the trends observed need to be evaluated, which may require the gathering or assembling of data not previously available. It may also include interviews with experts involved with the underlying processes . As a result, there can be a time lag between the emergence of a change and a determination that the change should be reflected in the Company's estimated claim liabilities. The final estimate selected by management in a reporting period is based on these various detailed analyses of past data, adjusted to reflect any new actionable information."
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"text": "The Audit Committee of the Board of Directors reviews the process by which the Company establishes reserves for the purpose of the Company's financial statements."
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"text": "Discussion of Product Lines"
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"text": "The following section details reserving considerations and common risk factors by product line. There are many additional risk factors that may impact ultimate claim costs. Each risk factor presented will have a different impact on required reserves. Also, risk factors can have offsetting or compounding effects on required reserves. For example, in workers' compensation, the use of expensive medical procedures that result in medical cost inflation may enable workers to return to work faster, thereby lowering indemnity costs. Thus, in almost all cases, it is impossible to discretely measure the effect of a single risk factor and construct a meaningful sensitivity expectation."
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"text": "In order to provide information on reasonably possible reserving changes by product line, the historical changes in year-end claims and claim adjustment expense reserves over a one-year period are provided for the U.S. product lines. This information is provided for both the Company and the industry for the nine most recent years, and is based on the most recent publicly available data fofor the reported line(s) that most closely match the individual product line being discussed. These changes were calculated, net of reinsurance, from statutory annual statement data found in Schedule P of those statements, and represent the reported reserve development on the beginning-of-the-year claim liabilities divided by the beginning claim liabilities, all accident years combined, excluding non-defense related claim adjustment expense. Data presented for the Company includes history for the entire Travelers group (U.S. companies only), as required by the statutory reporting instructions promulgated by state regulatory authorities for Schedule P. Comparable data for non-U.S. companies is not available."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-125 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | General Liability General liability is generally considered a long tail line, as it takes a relatively long period of time to finalize and settle claims from a given accident year. The speed of claim reporting and claim settlement is a function of the characteristics of claims, including specific coverage provided, the jurisdiction and specific policy provisions such as self-insured retentions, among others. There are numerous components underlying the general liability product line. Some of these have relatively moderate payment patterns (with most of the claims for a given accident year closed within five to seven years), while others can have extreme lags in both reporting and payment of claims (e.g., a reporting lag of a decade or more for "construction defect" claims). While the majority of general liability coverages are written on an "occurrence" basis, certain general liability coverages (such as those covering management and professional liability, including cyber coverages) are typically insured on a "claims-made" basis . General liability reserves are generally analyzed as two components: primary and excess/umbrella, with the primary component generally analyzed separately for bodily injury and property damage. Bodily injury liability payments reimburse the claimant for damages pertaining to physical injury as a result of the policyholder's legal obligation arising from non-intentional acts such as negligence, subject to the insurance policy provisions. In some cases the damages can include future wage loss (which is a function of future earnings power and wage inflation) and future medical treatment costs. Property damage liability payments result from damages to the claimant's private property arising from the policyholder's legal obligation for non-intentional acts. In most cases, property damage losses are a function of costs as of the loss date, or soon thereafter. In addition, sizable or unique exposures are reviewed separately. These exposures include asbestos, environmental, other mass torts, construction defect and large unique accounts that would otherwise distort the analysis. These unique categories often require a very high degree of judgment and require reserve analyses that do not rely on conventional actuarial methods. Defense costs are also a part of the insured costs covered by liability policies and can be significant, sometimes greater than the cost of the actual paid claims. For some products this risk is mitigated by policy language such that the insured portion of defense costs is included in the policy limit available to pay the claim. Such "defense within the limits" policies are most common for "claims-made" products. When defense costs are outside of the policy limits, the full amount of the policy limit is available to pay claims and the amounts paid for defense costs have no contractual limit. This line is typically the largest source of reserve estimate uncertainty in the United States (excluding assumed reinsurance contracts covering the same risk). Major contributors to this reserve estimate uncertainty include the reporting lag (i.e., the length of time between the event triggering coverage and the actual reporting of the claim), the number of parties involved in the underlying tort action, whether the "event" triggering coverage is confined to only one time period or is spread over multiple time periods, the potential dollars involved (in the individual claim actions), whether such claims were reasonably foreseeable and intended to be covered at the time the contracts were written (i.e., coverage dispute potential), and the potential for mass claim actions. Claims with longer reporting lags result in greater estimation uncertainty. This is especially true for alleged claims with a latency feature, particularly where courts have ruled that coverage is spread over multiple policy years, hence involving multiple defendants (and their insurers and reinsurers) and multiple policies (thereby increasing the potential dollars involved and the underlying settlement complexity). Claims with long latencies also increase the potential recognition lag (i.e., the lag between writing a type of policy in a certain market and the recognition that such policies have potential mass tort and/or latent claim exposure). The amount of reserve estimate uncertainty also varies significantly by component for the general liability product line. The components in this product line with the longest latency, longest reporting lags, largest potential dollars involved and greatest claim settlement complexity are asbestos and environmental. Components that include latency, reporting lag and/or complexity issues, but to a materially lesser extent than asbestos and environmental, include construction defect and other mass tort actions. Many components of general liability are not subject to material latency or claim complexity risks and hence have materially less uncertainty than the previously mentioned components. In general, components with shorter reporting lags, fewer parties involved in settlement negotiations, only one policy potentially triggered per claim, fewer potential settlement dollars, reasonably foreseeable (and stable) potential hazards/claims and no mass tort potential result in much less reserve estimate uncertainty than components without those characteristics. In addition to the conventional actuarial methods mentioned in the general discussion section, the company utilizes various report year development methods for the construction defect components of this product line. The Construction Defect report year development analysis is supplemented with projected claim counts and average values for IBNR claim counts. For components with greater lags in claim reporting, such as excess and umbrella components of this product line, the Company relies more heavily on the BF method than on the paid and case incurred development methods. 106 | [
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"text": "from a given accident year. The speed of claim reporting and claim settlement is a function of the characteristics of claims, including "
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"text": "generally analyzed separately for bodily injury and property damage. Bodily injury liability payments reimburse the claimant for "
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"text": "negligence, subject to the insurance policy provisions. In some cases the damages can include future wage loss (which is a function "
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"text": "In addition, sizable or unique exposures are reviewed separately. These exposures include asbestos, environmental, other mass "
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"text": "torts, construction defect and large unique accounts that would otherwise distort the analysis. These unique categories often require "
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"text": "a very high degree of judgment and require reserve analyses that do not rely on conventional actuarial methods. "
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"text": "Defense costs are also a part of the insured costs covered by liability policies and can be significant, sometimes greater than the "
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"text": "cost of the actual paid claims. For some products this risk is mitigated by policy language such that the insured portion of defense "
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"text": "“claims-made” products. When defense costs are outside of the policy limits, the full amount of the policy limit is available to pay "
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"text": "This line is typically the largest source of reserve estimate uncertainty in the United States (excluding assumed reinsurance contracts "
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"text": "covering the same risk). Major contributors to this reserve estimate uncertainty include the reporting lag (i.e., the length of time "
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"text": "between the event triggering coverage and the actual reporting of the claim), the number of parties involved in the underlying tort "
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"text": "action, whether the “event” triggering coverage is confined to only one time period or is spread over multiple time periods, the "
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"text": "potential dollars involved (in the individual claim actions), whether such claims were reasonably foreseeable and intended to be "
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"text": "covered at the time the contracts were written (i.e., coverage dispute potential), and the potential for mass claim actions. Claims "
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"text": "with longer reporting lags result in greater estimation uncertainty. This is especially true for alleged claims with a latency feature, "
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"text": "particularly where courts have ruled that coverage is spread over multiple policy years, hence involving multiple defendants (and "
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"text": "their insurers and reinsurers) and multiple policies (thereby increasing the potential dollars involved and the underlying settlement "
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"text": "complexity). Claims with long latencies also increase the potential recognition lag (i.e., the lag between writing a type of policy "
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"text": "in a certain market and the recognition that such policies have potential mass tort and/or latent claim exposure). "
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"text": "The amount of reserve estimate uncertainty also varies significantly by component for the general liability product line. The "
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"text": "components in this product line with the longest latency, longest reporting lags, largest potential dollars involved and greatest "
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"text": "claim settlement complexity are asbestos and environmental. Components that include latency, reporting lag and/or complexity "
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"text": "issues, but to a materially lesser extent than asbestos and environmental, include construction defect and other mass tort actions. "
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"text": "Many components of general liability are not subject to material latency or claim complexity risks and hence have materially less "
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"text": "uncertainty than the previously mentioned components. In general, components with shorter reporting lags, fewer parties involved "
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"text": "in settlement negotiations, only one policy potentially triggered per claim, fewer potential settlement dollars, reasonably foreseeable "
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"text": "(and stable) potential hazards/claims and no mass tort potential result in much less reserve estimate uncertainty than components "
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"text": "without those characteristics. "
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"text": "In addition to the conventional actuarial methods mentioned in the general discussion section, the company utilizes various report "
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"text": "year development methods for the construction defect components of this product line. The Construction Defect report year "
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"text": "development analysis is supplemented with projected claim counts and average values for IBNR claim counts. For components "
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"text": "General liability is generally considered a long tail line, as it takes a relatively long period of time to finalize and settle claims from a given accident year. The speed of claim reporting and claim settlement is a function of the characteristics of claims, including specific coverage provided, the jurisdiction and specific policy provisions such as self-insured retentions, among others. There are numerous components underlying the general liability product line. Some of these have relatively moderate payment patterns (with most of the claims for a given accident year closed within five to seven years), while others can have extreme lags in both reporting and payment of claims (e.g., a reporting lag of a decade or more for \"construction defect\" claims)."
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"text": "While the majority of general liability coverages are written on an \"occurrence\" basis, certain general liability coverages (such as those covering management and professional liability, including cyber coverages) are typically insured on a \"claims-made\" basis ."
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"text": "General liability reserves are generally analyzed as two components: primary and excess/umbrella, with the primary component generally analyzed separately for bodily injury and property damage. Bodily injury liability payments reimburse the claimant for damages pertaining to physical injury as a result of the policyholder's legal obligation arising from non-intentional acts such as negligence, subject to the insurance policy provisions. In some cases the damages can include future wage loss (which is a function of future earnings power and wage inflation) and future medical treatment costs. Property damage liability payments result from damages to the claimant's private property arising from the policyholder's legal obligation for non-intentional acts. In most cases, property damage losses are a function of costs as of the loss date, or soon thereafter."
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"text": "In addition, sizable or unique exposures are reviewed separately. These exposures include asbestos, environmental, other mass torts, construction defect and large unique accounts that would otherwise distort the analysis. These unique categories often require a very high degree of judgment and require reserve analyses that do not rely on conventional actuarial methods."
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"text": "Defense costs are also a part of the insured costs covered by liability policies and can be significant, sometimes greater than the cost of the actual paid claims. For some products this risk is mitigated by policy language such that the insured portion of defense costs is included in the policy limit available to pay the claim. Such \"defense within the limits\" policies are most common for \"claims-made\" products. When defense costs are outside of the policy limits, the full amount of the policy limit is available to pay claims and the amounts paid for defense costs have no contractual limit."
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"text": "This line is typically the largest source of reserve estimate uncertainty in the United States (excluding assumed reinsurance contracts covering the same risk). Major contributors to this reserve estimate uncertainty include the reporting lag (i.e., the length of time between the event triggering coverage and the actual reporting of the claim), the number of parties involved in the underlying tort action, whether the \"event\" triggering coverage is confined to only one time period or is spread over multiple time periods, the potential dollars involved (in the individual claim actions), whether such claims were reasonably foreseeable and intended to be covered at the time the contracts were written (i.e., coverage dispute potential), and the potential for mass claim actions. Claims with longer reporting lags result in greater estimation uncertainty. This is especially true for alleged claims with a latency feature, particularly where courts have ruled that coverage is spread over multiple policy years, hence involving multiple defendants (and their insurers and reinsurers) and multiple policies (thereby increasing the potential dollars involved and the underlying settlement complexity). Claims with long latencies also increase the potential recognition lag (i.e., the lag between writing a type of policy in a certain market and the recognition that such policies have potential mass tort and/or latent claim exposure)."
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"text": "The amount of reserve estimate uncertainty also varies significantly by component for the general liability product line. The components in this product line with the longest latency, longest reporting lags, largest potential dollars involved and greatest claim settlement complexity are asbestos and environmental. Components that include latency, reporting lag and/or complexity issues, but to a materially lesser extent than asbestos and environmental, include construction defect and other mass tort actions. Many components of general liability are not subject to material latency or claim complexity risks and hence have materially less uncertainty than the previously mentioned components. In general, components with shorter reporting lags, fewer parties involved in settlement negotiations, only one policy potentially triggered per claim, fewer potential settlement dollars, reasonably foreseeable (and stable) potential hazards/claims and no mass tort potential result in much less reserve estimate uncertainty than components without those characteristics."
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"text": "In addition to the conventional actuarial methods mentioned in the general discussion section, the company utilizes various report year development methods for the construction defect components of this product line. The Construction Defect report year development analysis is supplemented with projected claim counts and average values for IBNR claim counts. For components with greater lags in claim reporting, such as excess and umbrella components of this product line, the Company relies more heavily on the BF method than on the paid and case incurred development methods."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-126 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required general liability reserves (beyond those included in the general discussion section) include: General liability risk factors - · Changes in claim handling philosophies - · Changes in policy provisions or court interpretation of such provisions - · New or expanded theories of liability - · Trends in jury awards - · Changes in the propensity to sue, in general with specificity to particular issues - · Changes in the propensity to litigate rather than settle a claim - · Increases in attorney involvement in, or impact on, claims - · Changes in statutes of limitations - · Changes in the underlying court system - · Distortions from losses resulting from large single accounts or single issues - · Changes in tort law - · Shifts in lawsuit mix between federal and state courts - · Changes in claim adjuster processes or reporting which may cause distortions in the data being analyzed - · The potential impact of inflation on loss costs - · Changes in settlement patterns General liability book of business risk factors - · Changes in policy provisions (e.g., deductibles, policy limits, endorsements) - · Changes in underwriting standards - · Product mix (e.g., size of account, industries insured, jurisdiction mix) Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for general liability (excluding asbestos and environmental), a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.5% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line, excluding estimated asbestos and environmental amounts, over the last nine years has varied from -8% to 6% (averaging -3%) for the Company, and from -4% to 0% (averaging -2%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. General liability reserves (excluding asbestos and environmental) represent approximately 21% of the Company's total claims and claim adjustment expense reserves. The Company's change in reserve estimate for this product line, excluding the impacts of increases in asbestos and environmental reserves and the extension of the statute of limitations for childhood sexual molestation claims, was 6% for 2019, -1% for 2018 and -4% for 2017. The 2019 change primarily reflected higher than expected loss experience in Business Insurance for both primary and excess coverages for accident years 2013 through 2018, partially offset by better than expected loss experience for management liability coverages in Bond & Specialty Insurance for accident years 2013 through 2015. The 2018 change primarily reflected better than expected loss experience for management liability coverages in Bond & Specialty Insurance for accident years 2013 through 2015, partially offset by higher than expected loss experience for both primary and excess coverages in Business Insurance for accident years 2012 through 2017. The 2017 change primarily reflected better than expected loss experience for both primary and excess coverages for accident years 2009 through 2016. Commercial Property Commercial property is generally considered a short tail line with a simpler and faster claim reporting and adjustment process than liability coverages, and less uncertainty in the reserve setting process (except for more complex business interruption claims). It is generally viewed as a moderate frequency, low to moderate severity line, except for catastrophes and coverage related to large properties. The claim reporting and settlement process for property coverage claim reserves is generally restricted to the insured and the insurer. Overall, the claim liabilities for this line create a low estimation risk, except possibly for catastrophes and business interruption claims. 107 | [
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for general liability (excluding asbestos and environmental), a 1% increase (decrease) in incremental "
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"text": "paid loss development for each future calendar year could result in a 1.5% increase (decrease) in claims and claim adjustment "
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"text": "expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line, excluding estimated asbestos and environmental"
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"text": "amounts, over the last nine years has varied from -8% to 6% (averaging -3%) for the Company, and from -4% to 0% (averaging "
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"text": "-2%) for the industry overall. The Company’s year-to-year changes are driven by, and are based on, observed events during the "
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"text": "year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve "
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"text": "estimates for this product line. General liability reserves (excluding asbestos and environmental) represent approximately 21%"
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"text": "of the Company’s total claims and claim adjustment expense reserves. "
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"text": "The Company’s change in reserve estimate for this product line, excluding the impacts of increases in asbestos and environmental "
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"text": "reserves and the extension of the statute of limitations for childhood sexual molestation claims, was 6% for 2019, -1% for 2018 "
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"text": "and -4% for 2017. The 2019 change primarily reflected higher than expected loss experience in Business Insurance for both "
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"text": "primary and excess coverages for accident years 2013 through 2018, partially offset by better than expected loss experience for"
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"text": "management liability coverages in Bond & Specialty Insurance for accident years 2013 through 2015. The 2018 change primarily "
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"text": "reflected better than expected loss experience for management liability coverages in Bond & Specialty Insurance for accident "
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"text": "years 2013 through 2015, partially offset by higher than expected loss experience for both primary and excess coverages in Business "
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"text": "Insurance for accident years 2012 through 2017. The 2017 change primarily reflected better than expected loss experience for "
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"text": "both primary and excess coverages for accident years 2009 through 2016. "
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"text": "Commercial Property"
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"text": "Commercial property is generally considered a short tail line with a simpler and faster claim reporting and adjustment process "
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"text": "than liability coverages, and less uncertainty in the reserve setting process (except for more complex business interruption claims). "
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"text": "It is generally viewed as a moderate frequency, low to moderate severity line, except for catastrophes and coverage related to large "
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"text": "properties. The claim reporting and settlement process for property coverage claim reserves is generally restricted to the insured "
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"text": "and the insurer. Overall, the claim liabilities for this line create a low estimation risk, except possibly for catastrophes and business "
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required general liability reserves (beyond those included in the general discussion section) include:"
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"text": "- · Distortions from losses resulting from large single accounts or single issues"
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"text": "General liability book of business risk factors"
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"text": "- · Product mix (e.g., size of account, industries insured, jurisdiction mix)"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for general liability (excluding asbestos and environmental), a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.5% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line, excluding estimated asbestos and environmental amounts, over the last nine years has varied from -8% to 6% (averaging -3%) for the Company, and from -4% to 0% (averaging -2%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. General liability reserves (excluding asbestos and environmental) represent approximately 21% of the Company's total claims and claim adjustment expense reserves."
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"text": "The Company's change in reserve estimate for this product line, excluding the impacts of increases in asbestos and environmental reserves and the extension of the statute of limitations for childhood sexual molestation claims, was 6% for 2019, -1% for 2018 and -4% for 2017. The 2019 change primarily reflected higher than expected loss experience in Business Insurance for both primary and excess coverages for accident years 2013 through 2018, partially offset by better than expected loss experience for management liability coverages in Bond & Specialty Insurance for accident years 2013 through 2015. The 2018 change primarily reflected better than expected loss experience for management liability coverages in Bond & Specialty Insurance for accident years 2013 through 2015, partially offset by higher than expected loss experience for both primary and excess coverages in Business Insurance for accident years 2012 through 2017. The 2017 change primarily reflected better than expected loss experience for both primary and excess coverages for accident years 2009 through 2016."
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"text": "Commercial Property"
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"text": "Commercial property is generally considered a short tail line with a simpler and faster claim reporting and adjustment process than liability coverages, and less uncertainty in the reserve setting process (except for more complex business interruption claims). It is generally viewed as a moderate frequency, low to moderate severity line, except for catastrophes and coverage related to large properties. The claim reporting and settlement process for property coverage claim reserves is generally restricted to the insured and the insurer. Overall, the claim liabilities for this line create a low estimation risk, except possibly for catastrophes and business interruption claims."
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 126
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-127 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Commercial property reserves are typically analyzed in two components, one for catastrophic or other large single events, and another for all other events. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required property reserves (beyond those included in the general discussion section) include: Commercial property risk factors - · Physical concentration of policyholders - · Availability and cost of local contractors - · For the more severe catastrophic events, "demand surge" inflation, which refers to significant short-term increases in building material and labor costs due to a sharp increase in demand for those materials and services - · Local building codes - · Amount of time to return property to full usage (for business interruption claims) - · Frequency of claim re-openings on claims previously closed - · Court interpretation of policy provisions (such as occurrence definition, or wind versus flooding) - · Lags in reporting claims (e.g., winter damage to summer homes, hidden damage after an earthquake, hail damage to roofs and/or equipment on roofs) - · Court or legislative changes to the statute of limitations Commercial property book of business risk factors - · Policy provisions mix (e.g., deductibles, policy limits, endorsements) - · Changes in underwriting standards Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for property, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -22% to -5% (averaging -13%) for the Company, and from -14% to -5% (averaging -8%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial property reserves represent approximately 2% of the Company's total claims and claim adjustment expense reserves. Since commercial property is considered a short tail coverage, the one year change for commercial property can be more volatile than that for the longer tail product lines. This is due to the fact that the majority of the reserve for commercial property relates to the most recent accident year, which is subject to the most uncertainty for all product lines. This recent accident year uncertainty is relevant to commercial property because weather-related events that occur in the second half of the year may not be completely resolved until the following year. Reserve estimates associated with major catastrophes may take even longer to resolve. The reserve estimates for this product line are also potentially subject to material changes due to uncertainty in measuring ultimate losses for significant catastrophes such as Storm Sandy and wildfires. The Company's change in reserve estimate for this product line was -6% for 2019, -11% for 2018 and -9% for 2017. The 2019 change primarily reflected better than expected loss experience related to both catastrophe and non-catastrophe losses for accident years 2016 through 2018. The 2018 change primarily reflected better than expected loss experience related to both catastrophe and non-catastrophe losses for accident years 2015 through 2017. The 2017 change primarily reflected better than expected loss experience related to non-catastrophe losses for accident years 2015 and 2016. Commercial Multi-Peril Commercial multi-peril provides a combination of property and liability coverage typically for small businesses and, therefore, includes both short and long tail coverages. For property coverage, it generally takes a relatively short period of time to close claims, while for the other coverages, generally for the liability coverages, it takes a longer period of time to close claims. The reserving risk for this line is dominated by the liability coverage portion of this product, except occasionally in the event of catastrophic or other large single loss events. The reserving risk for this line differs from that of the general liability product line and the property product line due to the nature of the customer. Commercial multi-peril is generally sold to small- to mid-sized accounts, while the customer profile for general liability and commercial property includes larger customers. 108 | [
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"text": "another for all other events. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the "
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"text": "• Amount of time to return property to full usage (for business interruption claims) "
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"text": "roofs and/or equipment on roofs) "
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"text": "• Court or legislative changes to the statute of limitations "
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for property, a 1% increase (decrease) in incremental paid loss development for each future calendar "
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"text": "year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -22% to -5% "
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"text": "(averaging -13%) for the Company, and from -14% to -5% (averaging -8%) for the industry overall. The Company’s year-to-year "
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"text": "changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical "
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"text": "outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial property "
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"text": "reserves represent approximately 2% of the Company’s total claims and claim adjustment expense reserves."
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"text": "Since commercial property is considered a short tail coverage, the one year change for commercial property can be more volatile"
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"text": "than that for the longer tail product lines. This is due to the fact that the majority of the reserve for commercial property relates "
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"text": "to the most recent accident year, which is subject to the most uncertainty for all product lines. This recent accident year uncertainty "
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"text": "is relevant to commercial property because weather-related events that occur in the second half of the year may not be completely "
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"text": "resolved until the following year. Reserve estimates associated with major catastrophes may take even longer to resolve. The "
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"text": "reserve estimates for this product line are also potentially subject to material changes due to uncertainty in measuring ultimate "
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"text": "losses for significant catastrophes such as Storm Sandy and wildfires. "
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"text": "The Company’s change in reserve estimate for this product line was -6% for 2019, -11% for 2018 and -9% for 2017. The 2019 "
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"text": "change primarily reflected better than expected loss experience related to both catastrophe and non-catastrophe losses for accident "
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"text": "years 2016 through 2018. The 2018 change primarily reflected better than expected loss experience related to both catastrophe "
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"text": "and non-catastrophe losses for accident years 2015 through 2017. The 2017 change primarily reflected better than expected loss"
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"text": "experience related to non-catastrophe losses for accident years 2015 and 2016. "
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"text": "Commercial Multi-Peril"
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"text": "Commercial multi-peril provides a combination of property and liability coverage typically for small businesses and, therefore,"
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"text": "includes both short and long tail coverages. For property coverage, it generally takes a relatively short period of time to close "
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"text": "claims, while for the other coverages, generally for the liability coverages, it takes a longer period of time to close claims."
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"text": "The reserving risk for this line is dominated by the liability coverage portion of this product, except occasionally in the event of "
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"text": "catastrophic or other large single loss events. The reserving risk for this line differs from that of the general liability product line "
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"text": "and the property product line due to the nature of the customer. Commercial multi-peril is generally sold to small- to mid-sized "
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"text": "accounts, while the customer profile for general liability and commercial property includes larger customers. "
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"text": "Commercial property reserves are typically analyzed in two components, one for catastrophic or other large single events, and another for all other events. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required property reserves (beyond those included in the general discussion section) include:"
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"text": "- · Physical concentration of policyholders"
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"text": "- · For the more severe catastrophic events, \"demand surge\" inflation, which refers to significant short-term increases in building material and labor costs due to a sharp increase in demand for those materials and services"
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"text": "- · Local building codes"
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"text": "- · Amount of time to return property to full usage (for business interruption claims)"
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"text": "- · Frequency of claim re-openings on claims previously closed"
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"text": "- · Court interpretation of policy provisions (such as occurrence definition, or wind versus flooding)"
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"text": "- · Lags in reporting claims (e.g., winter damage to summer homes, hidden damage after an earthquake, hail damage to roofs and/or equipment on roofs)"
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"text": "- · Court or legislative changes to the statute of limitations"
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"text": "Commercial property book of business risk factors"
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"text": "- · Policy provisions mix (e.g., deductibles, policy limits, endorsements)"
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"text": "- · Changes in underwriting standards"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for property, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -22% to -5% (averaging -13%) for the Company, and from -14% to -5% (averaging -8%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial property reserves represent approximately 2% of the Company's total claims and claim adjustment expense reserves."
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"text": "Since commercial property is considered a short tail coverage, the one year change for commercial property can be more volatile than that for the longer tail product lines. This is due to the fact that the majority of the reserve for commercial property relates to the most recent accident year, which is subject to the most uncertainty for all product lines. This recent accident year uncertainty is relevant to commercial property because weather-related events that occur in the second half of the year may not be completely resolved until the following year. Reserve estimates associated with major catastrophes may take even longer to resolve. The reserve estimates for this product line are also potentially subject to material changes due to uncertainty in measuring ultimate losses for significant catastrophes such as Storm Sandy and wildfires."
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"text": "The Company's change in reserve estimate for this product line was -6% for 2019, -11% for 2018 and -9% for 2017. The 2019 change primarily reflected better than expected loss experience related to both catastrophe and non-catastrophe losses for accident years 2016 through 2018. The 2018 change primarily reflected better than expected loss experience related to both catastrophe and non-catastrophe losses for accident years 2015 through 2017. The 2017 change primarily reflected better than expected loss experience related to non-catastrophe losses for accident years 2015 and 2016."
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"text": "Commercial Multi-Peril"
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"text": "Commercial multi-peril provides a combination of property and liability coverage typically for small businesses and, therefore, includes both short and long tail coverages. For property coverage, it generally takes a relatively short period of time to close claims, while for the other coverages, generally for the liability coverages, it takes a longer period of time to close claims."
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"text": "The reserving risk for this line is dominated by the liability coverage portion of this product, except occasionally in the event of catastrophic or other large single loss events. The reserving risk for this line differs from that of the general liability product line and the property product line due to the nature of the customer. Commercial multi-peril is generally sold to small- to mid-sized accounts, while the customer profile for general liability and commercial property includes larger customers."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-128 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | See "Commercial property risk factors" and "General liability risk factors," discussed above, with regard to reserving risk for commercial multi-peril. Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for commercial multi-peril (excluding asbestos and environmental), a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.2% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line, excluding estimated asbestos and environmental amounts, over the last nine years has varied from -5% to 5% (averaging 1%) for the Company, and from -4% to 1% (averaging -2%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial multi-peril reserves (excluding asbestos and environmental reserves) represent approximately 8% of the Company's total claims and claim adjustment expense reserves. As discussed above, this line combines general liability and commercial property coverages and it has been impacted in the past by many of the same events as those two lines. The Company's change in reserve estimate for this product line was 4% for 2019, 1% for 2018 and -5% for 2017. The 2019 change primarily reflected higher than expected loss experience for liability coverages for accident years 2017 and 2018. The 2018 change primarily reflected higher than expected loss experience for liability coverages for accident year 2017. The 2017 change primarily reflected better than expected loss experience for liability coverages for accident years 2016 and prior. Commercial Automobile The commercial automobile product line is a mix of property and liability coverages and, therefore, includes both short and long tail coverages. The payments that are made quickly typically pertain to auto physical damage (property) claims and property damage (liability) claims. The payments that take longer to finalize and are more difficult to estimate relate to bodily injury claims. In general, claim reporting lags are generally short, claim complexity is not a major issue, and the line is viewed as high frequency, low to moderate severity. Overall, the claim liabilities for this line create a moderate estimation risk. Recently, the Company has seen more of an increase in the rate of attorney involvement than it had anticipated and a lengthening of the claim development pattern. As a consequence, the Company has experienced a higher level of bodily injury severity than it had anticipated. Commercial automobile reserves are typically analyzed in four components: bodily injury liability; property damage liability; collision claims; and comprehensive claims. These last two components have minimum reserve risk and fast payouts and, accordingly, separate risk factors are not presented. The Company utilizes the conventional actuarial methods mentioned in the general discussion above in estimating claim liabilities for this line. This is supplemented with detailed custom analyses where needed. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required commercial automobile reserves (beyond those included in the general discussion section) include: Bodily injury and property damage liability risk factors - · Trends in jury awards - · Changes in the underlying court system - · Changes in case law - · Litigation trends - · Increases in attorney involvement in, or impact on, claims - · Frequency of claims with payment capped by policy limits - · Change in average severity of accidents, or proportion of severe accidents - · Changes in auto safety technology - · Subrogation opportunities - · Changes in claim handling philosophies - · Frequency of visits to health providers - · Number of medical procedures given during visits to health providers - · Types of health providers used 109 | [
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"text": "See “Commercial property risk factors” and “General liability risk factors,” discussed above, with regard to reserving risk for"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for commercial multi-peril (excluding asbestos and environmental), a 1% increase (decrease) in "
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"text": "incremental paid loss development for each future calendar year could result in a 1.2% increase (decrease) in claims and claim "
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"text": "adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line, excluding estimated asbestos and environmental"
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"text": "amounts, over the last nine years has varied from -5% to 5% (averaging 1%) for the Company, and from -4% to 1% (averaging "
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"text": "-2%) for the industry overall. The Company’s year-to-year changes are driven by, and are based on, observed events during the "
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"text": "year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve "
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"text": "estimates for this product line. Commercial multi-peril reserves (excluding asbestos and environmental reserves) represent "
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"text": "approximately 8% of the Company’s total claims and claim adjustment expense reserves."
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"text": "As discussed above, this line combines general liability and commercial property coverages and it has been impacted in the past"
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"text": "by many of the same events as those two lines."
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"text": "The Company’s change in reserve estimate for this product line was 4% for 2019, 1% for 2018 and -5% for 2017. The 2019 change "
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"text": "primarily reflected higher than expected loss experience for liability coverages for accident years 2017 and 2018. The 2018 change "
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"text": "primarily reflected higher than expected loss experience for liability coverages for accident year 2017. The 2017 change primarily "
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"text": "reflected better than expected loss experience for liability coverages for accident years 2016 and prior. "
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"text": "Commercial Automobile"
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"text": "The commercial automobile product line is a mix of property and liability coverages and, therefore, includes both short and long "
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"text": "tail coverages. The payments that are made quickly typically pertain to auto physical damage (property) claims and property "
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"text": "damage (liability) claims. The payments that take longer to finalize and are more difficult to estimate relate to bodily injury claims. "
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"text": "In general, claim reporting lags are generally short, claim complexity is not a major issue, and the line is viewed as high frequency, "
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"text": "low to moderate severity. Overall, the claim liabilities for this line create a moderate estimation risk. Recently, the Company has "
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"text": "seen more of an increase in the rate of attorney involvement than it had anticipated and a lengthening of the claim development"
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"text": "pattern. As a consequence, the Company has experienced a higher level of bodily injury severity than it had anticipated. "
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"text": "Commercial automobile reserves are typically analyzed in four components: bodily injury liability; property damage liability; "
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"text": "collision claims; and comprehensive claims. These last two components have minimum reserve risk and fast payouts and, "
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"text": "accordingly, separate risk factors are not presented. "
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"text": "The Company utilizes the conventional actuarial methods mentioned in the general discussion above in estimating claim liabilities "
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"text": "reserves (beyond those included in the general discussion section) include: "
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"text": "Bodily injury and property damage liability risk factors "
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"text": "• Changes in claim handling philosophies "
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"text": "See \"Commercial property risk factors\" and \"General liability risk factors,\" discussed above, with regard to reserving risk for commercial multi-peril."
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for commercial multi-peril (excluding asbestos and environmental), a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.2% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line, excluding estimated asbestos and environmental amounts, over the last nine years has varied from -5% to 5% (averaging 1%) for the Company, and from -4% to 1% (averaging -2%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial multi-peril reserves (excluding asbestos and environmental reserves) represent approximately 8% of the Company's total claims and claim adjustment expense reserves."
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"text": "As discussed above, this line combines general liability and commercial property coverages and it has been impacted in the past by many of the same events as those two lines."
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"text": "The Company's change in reserve estimate for this product line was 4% for 2019, 1% for 2018 and -5% for 2017. The 2019 change primarily reflected higher than expected loss experience for liability coverages for accident years 2017 and 2018. The 2018 change primarily reflected higher than expected loss experience for liability coverages for accident year 2017. The 2017 change primarily reflected better than expected loss experience for liability coverages for accident years 2016 and prior."
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"text": "Commercial Automobile"
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"text": "The commercial automobile product line is a mix of property and liability coverages and, therefore, includes both short and long tail coverages. The payments that are made quickly typically pertain to auto physical damage (property) claims and property damage (liability) claims. The payments that take longer to finalize and are more difficult to estimate relate to bodily injury claims. In general, claim reporting lags are generally short, claim complexity is not a major issue, and the line is viewed as high frequency, low to moderate severity. Overall, the claim liabilities for this line create a moderate estimation risk. Recently, the Company has seen more of an increase in the rate of attorney involvement than it had anticipated and a lengthening of the claim development pattern. As a consequence, the Company has experienced a higher level of bodily injury severity than it had anticipated."
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"text": "Commercial automobile reserves are typically analyzed in four components: bodily injury liability; property damage liability; collision claims; and comprehensive claims. These last two components have minimum reserve risk and fast payouts and, accordingly, separate risk factors are not presented."
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"text": "The Company utilizes the conventional actuarial methods mentioned in the general discussion above in estimating claim liabilities for this line. This is supplemented with detailed custom analyses where needed."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required commercial automobile reserves (beyond those included in the general discussion section) include:"
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"text": "Bodily injury and property damage liability risk factors"
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"text": "- · Trends in jury awards"
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"text": "- · Number of medical procedures given during visits to health providers"
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"filename": "NYSE_TRV_2019.pdf",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-129 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - · Types of medical treatments received - · Changes in cost of medical treatments - · Degree of patient responsiveness to treatment Commercial automobile book of business risk factors - · Changes in policy provisions (e.g., deductibles, policy limits, endorsements, etc.) - · Changes in mix of insured vehicles (e.g., long haul trucks versus local and smaller vehicles, fleet risks versus non-fleets) - · Changes in underwriting standards Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for commercial automobile, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -2% to 11% (averaging 4%) for the Company, and from -3% to 7% (averaging 3%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial automobile reserves represent approximately 8% of the Company's total claims and claim adjustment expense reserves. The Company's change in reserve estimate for this product line was 7% for 2019, 11% for 2018 and 4% for 2017. The 2019 change primarily reflected higher than expected loss experience for liability coverages for accident years 2015 through 2018. The 2018 change primarily reflected higher than expected loss experience for liability coverages for accident years 2014 through 2017. The 2017 change primarily reflected higher than expected loss experience for liability coverages for accident years 2013 through 2016. Workers' Compensation Workers' compensation is generally considered a long tail coverage, as it takes a relatively long period of time to finalize claims from a given accident year. While certain payments such as initial medical treatment or temporary wage replacement for the injured worker are made quickly, some other payments are made over the course of several years, such as awards for permanent partial injuries. In addition, some payments can run as long as the injured worker's life, such as permanent disability benefits and ongoing medical care. Despite the possibility of long payment tails, the reporting lags are generally short, payment obligations are generally not complex, and most of the liability can be considered high frequency with moderate severity. The largest reserve risk generally comes from the low frequency, high severity claims providing lifetime coverage for medical expense arising from a worker's injury, as such claims are subject to greater inflation risk. Overall, the claim liabilities for this line create a somewhat greater than moderate estimation risk. Workers' compensation reserves are typically analyzed in three components: indemnity losses, medical losses and claim adjustment expenses. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required workers' compensation reserves (beyond those included in the general discussion section) include: Indemnity risk factors - · Time required to recover from the injury - · Degree of available transitional jobs - · Degree of legal involvement - · Changes in the interpretations and processes of the administrative bodies that oversee workers' compensation claims - · Future wage inflation for states that index benefits - · Changes in the administrative policies of second injury funds Medical risk factors - · Changes in the cost of medical treatments (including prescription drugs) and underlying fee schedules ("inflation") - · Frequency of visits to health providers - · Number of medical procedures given during visits to health providers - · Types of health providers used - · Type of medical treatments received - · Use of preferred provider networks and other medical cost containment practices 110 | [
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for commercial automobile, a 1% increase (decrease) in incremental paid loss development for "
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"text": "each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves. "
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -2% to 11% "
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"text": "(averaging 4%) for the Company, and from -3% to 7% (averaging 3%) for the industry overall. The Company’s year-to-year "
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"text": "changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical "
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"text": "outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial automobile "
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"text": "reserves represent approximately 8% of the Company’s total claims and claim adjustment expense reserves."
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"text": "The Company’s change in reserve estimate for this product line was 7% for 2019, 11% for 2018 and 4% for 2017. The 2019 "
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"text": "change primarily reflected higher than expected loss experience for liability coverages for accident years 2015 through 2018. The "
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"text": "The 2017 change primarily reflected higher than expected loss experience for liability coverages for accident years 2013 through "
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"text": "Workers’ Compensation"
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"text": "from a given accident year. While certain payments such as initial medical treatment or temporary wage replacement for the injured "
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"text": "Commercial automobile book of business risk factors"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for commercial automobile, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -2% to 11% (averaging 4%) for the Company, and from -3% to 7% (averaging 3%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Commercial automobile reserves represent approximately 8% of the Company's total claims and claim adjustment expense reserves."
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"text": "The Company's change in reserve estimate for this product line was 7% for 2019, 11% for 2018 and 4% for 2017. The 2019 change primarily reflected higher than expected loss experience for liability coverages for accident years 2015 through 2018. The 2018 change primarily reflected higher than expected loss experience for liability coverages for accident years 2014 through 2017. The 2017 change primarily reflected higher than expected loss experience for liability coverages for accident years 2013 through 2016."
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"text": "Workers' compensation is generally considered a long tail coverage, as it takes a relatively long period of time to finalize claims from a given accident year. While certain payments such as initial medical treatment or temporary wage replacement for the injured worker are made quickly, some other payments are made over the course of several years, such as awards for permanent partial injuries. In addition, some payments can run as long as the injured worker's life, such as permanent disability benefits and ongoing medical care. Despite the possibility of long payment tails, the reporting lags are generally short, payment obligations are generally not complex, and most of the liability can be considered high frequency with moderate severity. The largest reserve risk generally comes from the low frequency, high severity claims providing lifetime coverage for medical expense arising from a worker's injury, as such claims are subject to greater inflation risk. Overall, the claim liabilities for this line create a somewhat greater than moderate estimation risk."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required workers' compensation reserves (beyond those included in the general discussion section) include:"
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 129
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-130 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - · Availability of new medical processes and equipment - · Changes in the use of pharmaceutical drugs, including drugs for pain management - · Degree of patient responsiveness to treatment General workers' compensation risk factors - · Frequency of reopening claims previously closed - · Mortality trends of injured workers with lifetime benefits and medical treatment - · Changes in statutory benefits - · The impact, if any, of potential future changes to government health insurance legislation Workers' compensation book of business risk factors - · Product mix - · Injury type mix - · Changes in underwriting standards Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for workers' compensation, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -4% to 0% (averaging -2%) for the Company, and from -4% to 1% (averaging -2%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Workers' compensation reserves represent approximately 38% of the Company's total claims and claim adjustment expense reserves. The Company's change in reserve estimate for this product line was -4% for 2019, -4% for 2018 and -3% for 2017. The 2019 change primarily reflected better than expected loss experience for accident years 2018 and prior. The 2018 change primarily reflected better than expected loss experience for accident years 2017 and prior. The 2017 change primarily reflected better than expected loss experience for accident years 2016 and prior. Fidelity and Surety Fidelity is generally considered a short tail coverage. It takes a relatively short period of time to finalize and settle most fidelity claims. The volatility of fidelity reserves is generally related to the type of business of the insured, the size and complexity of the insured's business operations, amount of policy limit and attachment point of coverage. The uncertainty surrounding reserves for small, commercial insureds is typically less than the uncertainty for large commercial or financial institutions. The high frequency, low severity nature of small commercial fidelity losses provides for stability in loss estimates, whereas the low frequency, high severity nature of losses for large insureds results in a wider range of ultimate loss outcomes. Actuarial techniques that rely on a stable pattern of loss development are generally not applicable to low frequency, high severity claims. Surety has certain components that are generally considered short tail coverages with short reporting lags, although large individual construction and commercial surety contracts can result in a long settlement tail, based on the length and complexity of the construction project(s) or commercial transaction being bonded. The frequency of losses in surety generally correlates with economic cycles as the primary cause of surety loss is the inability of an insured to fulfill its contractual obligations. The Company actively seeks to mitigate this exposure to loss through disciplined risk selection, adherence to underwriting standards and ongoing monitoring of contractor progress in significant construction projects. The volatility of surety losses is generally related to the type of business performed by the bonded party, the type of bonded obligation, the amount of limit exposed to loss and the amount of assets available to the surety company to mitigate losses, such as unbilled contract funds, collateral, first and third party indemnity, and other security positions of a bonded party's assets. Certain classes of surety claims are very high severity, low frequency in nature. These can include large construction contractors involved with one or multiple large, complex projects as well as certaiain large commercial surety exposures. Other claim factors affecting reserve variability of surety include litigation related to amounts owed by the bonded party and due to the surety company (e.g., salvage and subrogation efforts), the results of financial restructuring of a bonded party and the availability and cost of replacement contractors, labor and materials. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required fidelity and surety reserves (beyond those included in the general discussion section) include: Fidelity risk factors - · Type of business of insured 111 | [
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for workers’ compensation, a 1% increase (decrease) in incremental paid loss development for each "
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"text": "future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -4% to 0% "
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"text": "(averaging -2%) for the Company, and from -4% to 1% (averaging -2%) for the industry overall. The Company’s year-to-year "
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"text": "changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical "
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"text": "outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Workers’ compensation "
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"text": "reserves represent approximately 38% of the Company’s total claims and claim adjustment expense reserves."
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"text": "The Company’s change in reserve estimate for this product line was -4% for 2019, -4% for 2018 and -3% for 2017. The 2019 "
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"text": "change primarily reflected better than expected loss experience for accident years 2018 and prior. The 2018 change primarily "
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"text": "reflected better than expected loss experience for accident years 2017 and prior. The 2017 change primarily reflected better than "
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"text": "expected loss experience for accident years 2016 and prior. "
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"text": "Fidelity and Surety"
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"text": "Fidelity is generally considered a short tail coverage. It takes a relatively short period of time to finalize and settle most fidelity "
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"text": "claims. The volatility of fidelity reserves is generally related to the type of business of the insured, the size and complexity of the "
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"text": "insured’s business operations, amount of policy limit and attachment point of coverage. The uncertainty surrounding reserves for "
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"text": "small, commercial insureds is typically less than the uncertainty for large commercial or financial institutions. The high frequency, "
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"text": "low severity nature of small commercial fidelity losses provides for stability in loss estimates, whereas the low frequency, high "
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"text": "severity nature of losses for large insureds results in a wider range of ultimate loss outcomes. Actuarial techniques that rely on a "
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"text": "stable pattern of loss development are generally not applicable to low frequency, high severity claims. "
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"text": "Surety has certain components that are generally considered short tail coverages with short reporting lags, although large individual "
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"text": "construction and commercial surety contracts can result in a long settlement tail, based on the length and complexity of the "
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"text": "construction project(s) or commercial transaction being bonded. The frequency of losses in surety generally correlates with "
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"text": "economic cycles as the primary cause of surety loss is the inability of an insured to fulfill its contractual obligations. The Company "
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"text": "actively seeks to mitigate this exposure to loss through disciplined risk selection, adherence to underwriting standards and ongoing "
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"text": "monitoring of contractor progress in significant construction projects. The volatility of surety losses is generally related to the "
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"text": "type of business performed by the bonded party, the type of bonded obligation, the amount of limit exposed to loss and the amount "
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"text": "of assets available to the surety company to mitigate losses, such as unbilled contract funds, collateral, first and third party indemnity, "
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"text": "and other security positions of a bonded party's assets. Certain classes of surety claims are very high severity, low frequency in "
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"text": "nature. These can include large construction contractors involved with one or multiple large, complex projects as well as certaiain "
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"text": "large commercial surety exposures. Other claim factors affecting reserve variability of surety include litigation related to amounts "
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"text": "owed by the bonded party and due to the surety company (e.g., salvage and subrogation efforts), the results of financial restructuring "
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"text": "of a bonded party and the availability and cost of replacement contractors, labor and materials."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required fidelity and surety reserves "
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"text": "(beyond those included in the general discussion section) include: "
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"text": "Fidelity risk factors "
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"text": "• Type of business of insured "
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"text": "- · Availability of new medical processes and equipment"
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"text": "General workers' compensation risk factors"
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"text": "- · Frequency of reopening claims previously closed"
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"text": "- · Mortality trends of injured workers with lifetime benefits and medical treatment"
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"text": "- · The impact, if any, of potential future changes to government health insurance legislation"
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"text": "Workers' compensation book of business risk factors"
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"text": "- · Changes in underwriting standards"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for workers' compensation, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -4% to 0% (averaging -2%) for the Company, and from -4% to 1% (averaging -2%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Workers' compensation reserves represent approximately 38% of the Company's total claims and claim adjustment expense reserves."
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"text": "The Company's change in reserve estimate for this product line was -4% for 2019, -4% for 2018 and -3% for 2017. The 2019 change primarily reflected better than expected loss experience for accident years 2018 and prior. The 2018 change primarily reflected better than expected loss experience for accident years 2017 and prior. The 2017 change primarily reflected better than expected loss experience for accident years 2016 and prior."
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"text": "Fidelity and Surety"
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"text": "Fidelity is generally considered a short tail coverage. It takes a relatively short period of time to finalize and settle most fidelity claims. The volatility of fidelity reserves is generally related to the type of business of the insured, the size and complexity of the insured's business operations, amount of policy limit and attachment point of coverage. The uncertainty surrounding reserves for small, commercial insureds is typically less than the uncertainty for large commercial or financial institutions. The high frequency, low severity nature of small commercial fidelity losses provides for stability in loss estimates, whereas the low frequency, high severity nature of losses for large insureds results in a wider range of ultimate loss outcomes. Actuarial techniques that rely on a stable pattern of loss development are generally not applicable to low frequency, high severity claims."
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"text": "Surety has certain components that are generally considered short tail coverages with short reporting lags, although large individual construction and commercial surety contracts can result in a long settlement tail, based on the length and complexity of the construction project(s) or commercial transaction being bonded. The frequency of losses in surety generally correlates with economic cycles as the primary cause of surety loss is the inability of an insured to fulfill its contractual obligations. The Company actively seeks to mitigate this exposure to loss through disciplined risk selection, adherence to underwriting standards and ongoing monitoring of contractor progress in significant construction projects. The volatility of surety losses is generally related to the type of business performed by the bonded party, the type of bonded obligation, the amount of limit exposed to loss and the amount of assets available to the surety company to mitigate losses, such as unbilled contract funds, collateral, first and third party indemnity, and other security positions of a bonded party's assets. Certain classes of surety claims are very high severity, low frequency in nature. These can include large construction contractors involved with one or multiple large, complex projects as well as certaiain large commercial surety exposures. Other claim factors affecting reserve variability of surety include litigation related to amounts owed by the bonded party and due to the surety company (e.g., salvage and subrogation efforts), the results of financial restructuring of a bonded party and the availability and cost of replacement contractors, labor and materials."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required fidelity and surety reserves (beyond those included in the general discussion section) include:"
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"text": "- · Type of business of insured"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-131 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - · Policy limit and attachment points - · Third-party claims - · Coverage litigation - · Complexity of claims - · Growth in insureds' operations Surety risk factors - · Economic trends, including the general level of construction activity - · Concentration of reserves in a relatively few large claims - · Type of business bonded - · Type of obligation bonded - · Cumulative limits of liability for the bonded party - · Assets available to mitigate loss - · Defective workmanship/latent defects - · Financial strategy of the bonded party - · Changes in statutory obligations - · Geographic spread of business Fidelity and Surety book of business risk factors - · Changes in policy provisions (e.g., deductibles, limits, endorsements) - · Changes in underwriting standards Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for fidelity and surety, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.2% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -36% to -8% (averaging -19%) for the Company, and from -17% to -6% (averaging -11%) for the industry overall. The Company's year-toyear changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Fidelity and surety reserves represent approximately 1% of the Company's total claims and claim adjustment expense reserves. In general, developments on single large claims (both adverse and favorable) are a primary source of changes in reserve estimates for this product line. The Company's change in reserve estimate for this product line was -11% for 2019, -10% for 2018 and -10% for 2017. The 2019 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident year 2017. The 2018 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident years 2015 and 2016. The 2017 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident years 2014 and 2015. Personal Automobile Personal automobile includes both short and long tail coverages. The payments that are made quickly typically pertain to auto physical damage (property) claims and property damage (liability) claims. The payments that take longer to finalize and are more difficult to estimate relate to bodily injury claims. Reporting lags are relatively short and the claim settlement process for personal automobile liability generally is the least complex of the liability products. It is generally viewed as a high frequency, low to moderate severity product line. Overall, the claim liabilities for this line create a moderate estimation risk. Personal automobile reserves are typically analyzed in five components: bodily injury liability, property damage liability, no-fault losses, collision claims and comprehensive claims. These last two components have minimum reserve risk and fast payouts and, accordingly, separate factors are not presented. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required personal automobile reserves (beyond those included in the general reserve discussion section) include: Bodily injury, property damage liability and no-fault risk factors - · Trends in jury awards - · Changes in the underlying court system and its philosophy 112 | [
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"text": "• Policy limit and attachment points "
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"text": "• Third-party claims "
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"text": "• Coverage litigation "
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"text": "• Complexity of claims "
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"text": "• Growth in insureds’ operations "
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"text": "Surety risk factors "
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"text": "• Economic trends, including the general level of construction activity "
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"text": "• Concentration of reserves in a relatively few large claims "
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"text": "• Type of business bonded "
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"text": "• Type of obligation bonded "
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"text": "• Cumulative limits of liability for the bonded party"
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"text": "• Assets available to mitigate loss "
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"text": "• Defective workmanship/latent defects "
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"text": "• Financial strategy of the bonded party "
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"text": "• Changes in statutory obligations "
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"text": "• Geographic spread of business "
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"text": "Fidelity and Surety book of business risk factors"
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"text": "• Changes in policy provisions (e.g., deductibles, limits, endorsements) "
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"text": "• Changes in underwriting standards "
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for fidelity and surety, a 1% increase (decrease) in incremental paid loss development for each "
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"text": "future calendar year could result in a 1.2% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -36% to -8% "
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"text": "(averaging -19%) for the Company, and from -17% to -6% (averaging -11%) for the industry overall. The Company’s year-to\u0002"
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"text": "year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical "
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"text": "outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Fidelity and surety "
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"text": "reserves represent approximately 1% of the Company’s total claims and claim adjustment expense reserves."
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"text": "In general, developments on single large claims (both adverse and favorable) are a primary source of changes in reserve estimates "
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"text": "for this product line."
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"text": "The Company’s change in reserve estimate for this product line was -11% for 2019, -10% for 2018 and -10% for 2017. The 2019 "
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"text": "change primarily reflected better than expected loss experience in the fidelity and surety product line for accident year 2017. The "
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"text": "2018 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident years 2015 "
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"text": "and 2016. The 2017 change primarily reflected better than expected loss experience in the fidelity and surety product line for "
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"text": "accident years 2014 and 2015. "
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"text": "Personal Automobile"
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"text": "Personal automobile includes both short and long tail coverages. The payments that are made quickly typically pertain to auto "
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"text": "physical damage (property) claims and property damage (liability) claims. The payments that take longer to finalize and are more "
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"text": "difficult to estimate relate to bodily injury claims. Reporting lags are relatively short and the claim settlement process for personal "
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"text": "automobile liability generally is the least complex of the liability products. It is generally viewed as a high frequency, low to "
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"text": "moderate severity product line. Overall, the claim liabilities for this line create a moderate estimation risk. "
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"text": "Personal automobile reserves are typically analyzed in five components: bodily injury liability, property damage liability, no-fault "
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"text": "losses, collision claims and comprehensive claims. These last two components have minimum reserve risk and fast payouts and, "
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"text": "accordingly, separate factors are not presented. "
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required personal automobile "
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"text": "reserves (beyond those included in the general reserve discussion section) include: "
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"text": "Bodily injury, property damage liability and no-fault risk factors "
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"text": "• Trends in jury awards "
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"text": "• Changes in the underlying court system and its philosophy "
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"text": "- · Policy limit and attachment points"
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"text": "- · Third-party claims"
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"text": "- · Coverage litigation"
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"text": "- · Growth in insureds' operations"
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"text": "Surety risk factors"
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"text": "- · Economic trends, including the general level of construction activity"
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"text": "- · Concentration of reserves in a relatively few large claims"
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"text": "- · Type of business bonded"
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"text": "- · Cumulative limits of liability for the bonded party"
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"text": "- · Financial strategy of the bonded party"
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"text": "- · Changes in statutory obligations"
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"text": "- · Geographic spread of business"
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"text": "Fidelity and Surety book of business risk factors"
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"text": "- · Changes in policy provisions (e.g., deductibles, limits, endorsements)"
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"text": "- · Changes in underwriting standards"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for fidelity and surety, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.2% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -36% to -8% (averaging -19%) for the Company, and from -17% to -6% (averaging -11%) for the industry overall. The Company's year-toyear changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Fidelity and surety reserves represent approximately 1% of the Company's total claims and claim adjustment expense reserves."
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"text": "In general, developments on single large claims (both adverse and favorable) are a primary source of changes in reserve estimates for this product line."
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"text": "The Company's change in reserve estimate for this product line was -11% for 2019, -10% for 2018 and -10% for 2017. The 2019 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident year 2017. The 2018 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident years 2015 and 2016. The 2017 change primarily reflected better than expected loss experience in the fidelity and surety product line for accident years 2014 and 2015."
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"text": "Personal Automobile"
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"text": "Personal automobile includes both short and long tail coverages. The payments that are made quickly typically pertain to auto physical damage (property) claims and property damage (liability) claims. The payments that take longer to finalize and are more difficult to estimate relate to bodily injury claims. Reporting lags are relatively short and the claim settlement process for personal automobile liability generally is the least complex of the liability products. It is generally viewed as a high frequency, low to moderate severity product line. Overall, the claim liabilities for this line create a moderate estimation risk."
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"text": "Personal automobile reserves are typically analyzed in five components: bodily injury liability, property damage liability, no-fault losses, collision claims and comprehensive claims. These last two components have minimum reserve risk and fast payouts and, accordingly, separate factors are not presented."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required personal automobile reserves (beyond those included in the general reserve discussion section) include:"
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"text": "- · Trends in jury awards"
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"text": "- · Changes in the underlying court system and its philosophy"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-132 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - · Changes in case law - · Litigation trends - · Increases in attorney involvement in, or impact on, claims - · Frequency of claims with payment capped by policy limits - · Change in average severity of accidents, or proportion of severe accidents - · Changes in auto safety technology - · Frequency and severity of claims involving distracted drivers and pedestrians - · Subrogation opportunities - · Frequency of visits to health providers - · Number of medical procedures given during visits to health providers - · Types of health providers used - · Types of medical treatments received - · Changes in cost of medical treatments - · Effectiveness of no-fault laws - · Degree of patient responsiveness to treatment - · Changes in claim handling philosophies Personal automobile book of business risk factors - · Changes in policy provisions (e.g., deductibles, policy limits, endorsements, etc.) - · Changes in underwriting standards - · Changes in the use of permissible data for rating and underwriting Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for personal automobile, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -4% to 3% (averaging 0%) for the Company, and from -3% to 2% (averaging -1%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Personal automobile reserves represent approximately 7% of the Company's total claims and claim adjustment expense reserves. The Company's change in reserve estimate for this product line was -2% for 2019, -2% for 2018 and 0% for 2017. The 2019 change primarily reflected better than expected loss experience for liability coverages in accident years 2016 through 2018. The 2018 change primarily reflected better than expected loss experience for liability coverages for accident years 2015 through 2017. Homeowners and Personal Lines Other Homeowners is generally considered a short tail coverage. Most payments are related to the property portion of the policy, where the claim reporting and settlement process is generally restricted to the insured and the insurer. Claims on property coverage are typically reported soon after the actual damage occurs, although delays of several months are not unusual. The resulting settlement process is typically fairly short term, although exceptions do exist. The liability portion of the homeowners policy generates claims which take longer to pay due to the involvement of litigation and negotiation, but with generally small reporting lags. Personal Lines Other products include personal umbrella policies, among others. See "general liability reserving risk factors," discussed above, for reserving risk factors related to umbrella coverages. Overall, the line is generally high frequency, low to moderate severity (except for catastrophes), with simple to moderate claim complexity. Homeowners reserves are typically analyzed in two components: non-catastrophe related losses and catastrophe loss payments. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required homeowners reserves (beyond those included in the general discussion section) include: Non-catastrophe risk factors - · Salvage opportunities - · Amount of time to return property to residential use - · Changes in weather patterns 113 | [
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for personal automobile, a 1% increase (decrease) in incremental paid loss development for each "
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"text": "future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -4% to 3% "
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"text": "(averaging 0%) for the Company, and from -3% to 2% (averaging -1%) for the industry overall. The Company’s year-to-year "
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"text": "outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Personal automobile "
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"text": "reserves represent approximately 7% of the Company’s total claims and claim adjustment expense reserves."
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"text": "The Company’s change in reserve estimate for this product line was -2% for 2019, -2% for 2018 and 0% for 2017. The 2019 "
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"text": "change primarily reflected better than expected loss experience for liability coverages in accident years 2016 through 2018. The "
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"text": "Homeowners is generally considered a short tail coverage. Most payments are related to the property portion of the policy, where "
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"text": "the claim reporting and settlement process is generally restricted to the insured and the insurer. Claims on property coverage are "
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"text": "The liability portion of the homeowners policy generates claims which take longer to pay due to the involvement of litigation and "
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"text": "negotiation, but with generally small reporting lags. Personal Lines Other products include personal umbrella policies, among "
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"text": "others. See “general liability reserving risk factors,” discussed above, for reserving risk factors related to umbrella coverages. "
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"text": "Homeowners reserves are typically analyzed in two components: non-catastrophe related losses and catastrophe loss payments. "
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required homeowners reserves "
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"text": "(beyond those included in the general discussion section) include: "
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"text": "- · Changes in underwriting standards"
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"text": "- · Changes in the use of permissible data for rating and underwriting"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for personal automobile, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line over the last nine years has varied from -4% to 3% (averaging 0%) for the Company, and from -3% to 2% (averaging -1%) for the industry overall. The Company's year-to-year changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Personal automobile reserves represent approximately 7% of the Company's total claims and claim adjustment expense reserves."
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"text": "The Company's change in reserve estimate for this product line was -2% for 2019, -2% for 2018 and 0% for 2017. The 2019 change primarily reflected better than expected loss experience for liability coverages in accident years 2016 through 2018. The 2018 change primarily reflected better than expected loss experience for liability coverages for accident years 2015 through 2017."
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"text": "Homeowners and Personal Lines Other"
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"text": "Homeowners is generally considered a short tail coverage. Most payments are related to the property portion of the policy, where the claim reporting and settlement process is generally restricted to the insured and the insurer. Claims on property coverage are typically reported soon after the actual damage occurs, although delays of several months are not unusual. The resulting settlement process is typically fairly short term, although exceptions do exist."
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"text": "The liability portion of the homeowners policy generates claims which take longer to pay due to the involvement of litigation and negotiation, but with generally small reporting lags. Personal Lines Other products include personal umbrella policies, among others. See \"general liability reserving risk factors,\" discussed above, for reserving risk factors related to umbrella coverages."
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"text": "Overall, the line is generally high frequency, low to moderate severity (except for catastrophes), with simple to moderate claim complexity."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required homeowners reserves (beyond those included in the general discussion section) include:"
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"text": "- · Changes in weather patterns"
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"filename": "NYSE_TRV_2019.pdf",
"page": 132
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-133 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | - · Local building codes - · Construction and building material costs - · Litigation trends - · Trends in jury awards - · Court interpretation of policy provisions (such as occurrence definition, or wind versus flooding) - · Lags in reporting claims (e.g., winter damage to summer homes, hidden damage after an earthquake, hail damage to roofs and/or equipment on roofs) - · Court or legislative changes to the statute of limitations Catastrophe risk factors - · Physical concentration of policyholders - · Availability and cost of local contractors - · Local building codes - · Quality of construction of damaged homes - · Amount of time to return property to residential use - · For the more severe catastrophic events, "demand surge" inflation, which refers to significant short-term increases in building material and labor costs due to a sharp increase in demand for those materials and services Homeowners book of business risk factors - · Policy provisions mix (e.g., deductibles, policy limits, endorsements, etc.) - · Degree of concentration of policyholders - · Changes in underwriting standards - · Changes in the use of permissible data for rating and underwriting Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for homeowners and personal lines other, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves. Historically, the one-year change in the reserve estimate for this product line (excluding the umbrella line of business, which for statutory reporting purposes is included with the general liability line of business) over the last nine years has varied from -17% to 3% (averaging -8%) for the Company, and from -7% to 1% (averaging -4%) for the industry overall. The Company's year-toyear changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Homeowners and personal lines other reserves represent approximately 3% of the Company's total claims and claim adjustment expense reserves. This line combines both liability and property coverages; however, the majority of the reserves relate to property. While property is considered a short tail coverage, the one year change for property can be more volatile than that for the longer tail product lines. This is due to the fact that the majority of the reserve for property relates to the most recent accident year, which is subject to the most uncertainty for all product lines. This recent accident year uncertainty is relevant to property because of weather related events which tend to be concentrated in the second half of the year, and generally are not completely resolved until the following year. Reserve estimates associated with major catastrophes, including California wildfires in recent years, may take even longer to resolve. The Company's change in reserve estimate for this product line (excluding the umbrella line of business) was -3% for 2019, -2% for 2018 and 1% for 2017. The 2019 change primarily reflected better than expected loss experience for catastrophe and noncatastrophe losses for accident years 2015, 2016 and 2018. The 2018 change primarily reflected better than expected loss experience for liability coverages for accident years 2014 through 2016, largely offset by higher than expected loss experience for catastrophe losses for accident year 2017. The 2017 change primarily reflected modestly higher than expected loss experience for liability coverages for accident years 2014 and 2015. International and Other International and other includes products written by the Company's international operations, as well as all other products not explicitly discussed above. The principal component of "other" claim reserves is assumed reinsurance written on an excess-ofloss basis, which may include reinsurance of non-U.S. exposures, and is runoff business. 114 | [
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"text": "• For the more severe catastrophic events, “demand surge” inflation, which refers to significant short-term increases in "
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"text": "building material and labor costs due to a sharp increase in demand for those materials and services "
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for homeowners and personal lines other, a 1% increase (decrease) in incremental paid loss "
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"text": "development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense "
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"text": "Historically, the one-year change in the reserve estimate for this product line (excluding the umbrella line of business, which for "
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"text": "statutory reporting purposes is included with the general liability line of business) over the last nine years has varied from -17% "
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"text": "to 3% (averaging -8%) for the Company, and from -7% to 1% (averaging -4%) for the industry overall. The Company’s year-to\u0002"
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"text": "outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Homeowners and "
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"text": "personal lines other reserves represent approximately 3% of the Company’s total claims and claim adjustment expense reserves."
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"text": "This line combines both liability and property coverages; however, the majority of the reserves relate to property. While property "
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"text": "is considered a short tail coverage, the one year change for property can be more volatile than that for the longer tail product lines. "
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"text": "This is due to the fact that the majority of the reserve for property relates to the most recent accident year, which is subject to the "
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"text": "most uncertainty for all product lines. This recent accident year uncertainty is relevant to property because of weather related "
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"text": "events which tend to be concentrated in the second half of the year, and generally are not completely resolved until the following "
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"text": "year. Reserve estimates associated with major catastrophes, including California wildfires in recent years, may take even longer "
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"text": "The Company’s change in reserve estimate for this product line (excluding the umbrella line of business) was -3% for 2019, -2% "
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"text": "for 2018 and 1% for 2017. The 2019 change primarily reflected better than expected loss experience for catastrophe and non\u0002"
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"text": "catastrophe losses for accident years 2015, 2016 and 2018. The 2018 change primarily reflected better than expected loss experience "
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"text": "for liability coverages for accident years 2014 through 2016, largely offset by higher than expected loss experience for catastrophe "
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"text": "losses for accident year 2017. The 2017 change primarily reflected modestly higher than expected loss experience for liability"
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"text": "coverages for accident years 2014 and 2015. "
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"text": "International and Other"
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"text": "International and other includes products written by the Company’s international operations, as well as all other products not "
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"text": "explicitly discussed above. The principal component of “other” claim reserves is assumed reinsurance written on an excess-of\u0002"
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"text": "- · Lags in reporting claims (e.g., winter damage to summer homes, hidden damage after an earthquake, hail damage to roofs and/or equipment on roofs)"
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"text": "- · For the more severe catastrophic events, \"demand surge\" inflation, which refers to significant short-term increases in building material and labor costs due to a sharp increase in demand for those materials and services"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for homeowners and personal lines other, a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.1% increase (decrease) in claims and claim adjustment expense reserves."
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"text": "Historically, the one-year change in the reserve estimate for this product line (excluding the umbrella line of business, which for statutory reporting purposes is included with the general liability line of business) over the last nine years has varied from -17% to 3% (averaging -8%) for the Company, and from -7% to 1% (averaging -4%) for the industry overall. The Company's year-toyear changes are driven by, and are based on, observed events during the year. The Company believes that its range of historical outcomes is illustrative of reasonably possible one-year changes in reserve estimates for this product line. Homeowners and personal lines other reserves represent approximately 3% of the Company's total claims and claim adjustment expense reserves."
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"text": "This line combines both liability and property coverages; however, the majority of the reserves relate to property. While property is considered a short tail coverage, the one year change for property can be more volatile than that for the longer tail product lines. This is due to the fact that the majority of the reserve for property relates to the most recent accident year, which is subject to the most uncertainty for all product lines. This recent accident year uncertainty is relevant to property because of weather related events which tend to be concentrated in the second half of the year, and generally are not completely resolved until the following year. Reserve estimates associated with major catastrophes, including California wildfires in recent years, may take even longer to resolve."
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"text": "The Company's change in reserve estimate for this product line (excluding the umbrella line of business) was -3% for 2019, -2% for 2018 and 1% for 2017. The 2019 change primarily reflected better than expected loss experience for catastrophe and noncatastrophe losses for accident years 2015, 2016 and 2018. The 2018 change primarily reflected better than expected loss experience for liability coverages for accident years 2014 through 2016, largely offset by higher than expected loss experience for catastrophe losses for accident year 2017. The 2017 change primarily reflected modestly higher than expected loss experience for liability coverages for accident years 2014 and 2015."
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"text": "International and other includes products written by the Company's international operations, as well as all other products not explicitly discussed above. The principal component of \"other\" claim reserves is assumed reinsurance written on an excess-ofloss basis, which may include reinsurance of non-U.S. exposures, and is runoff business."
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 133
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-134 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | International and other claim liabilities result from a mix of coverages, currencies and jurisdictions/countries. The common characteristic is the need to customize the analysis to the individual component, and the inability to rely on data characterizations and reporting requirements in the U.S. statutory reporting framework. Due to changes in the business mix for this product line over time, incurred claim liabilities for more recent years are generally shorter-tailed (due to both the products and the jurisdictions involved, e.g., Canada, the Republic of Ireland and the United Kingdom), compared to the older liabilities from runoff operations that are extremely long tail (e.g., U.S. excess liabilities reinsured through the London market, and several underwriting pools in runoff). The speed of claim reporting and claim settlement is a function of the specific coverage provided, the jurisdiction, the distribution system (e.g., underwriting pool versus direct) and the proximity of the insurance sale to the insured hazard (e.g., insured and insurer located in different countries). In particular, liabilities arising from the underwriting pools in runoff may result in significant reporting lags, settlement lags and claim complexity, due to the need to coordinate with other pool members or co-insurers through a broker or lead-insurer for claim settlement purposes. International reserves are generally analyzed by country and general coverage category (e.g., General Liability in Canada, Commercial Property in the United Kingdom, etc.). The business is also generally split by direct versus assumed reinsurance for a given coverage. Where the underlying insured hazard is outside the United States, the underlying coverages are generally similar to those described under the Homeowners, Personal Automobile, Commercial Automobile, General Liability, Commercial Property and Surety discussions above, taking into account differences in the legal environment and differences in terms and conditions. However, statutory coverage differences exist amongst various jurisdictions. For example, in some jurisdictions there are no aggregate policy limits on certain liability coverages. Other reserves, primarily assumed reinsurance in runoff, are generally analyzed by program/pool, treaty type, and general coverage category (e.g., General Liability - excess of loss reinsurance). Excess exposure requires the insured to "prove" not only claims under the policy, but also the prior payment of claims reaching up to the excess policy's attachment point. Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required International and other reserves (beyond those included in the general discussion section, and in the Personal Automobile, Homeowners, General Liability, Commercial Property, Commercial Automobile and Surety discussions above) include: International and other risk factors - · Changes in claim handling procedures, including those of the primary carriers - · Changes in policy provisions or court interpretation of such provision - · Economic trends - · New theories of liability - · Trends in jury awards - · Changes in the propensity to sue - · Changes in statutes of limitations - · Changes in the underlying court system - · Distortions from losses resulting from large single accounts or single issues - · Changes in tort law - · Changes in claim adjuster office structure (causing distortions in the data) - · Changes in foreign currency exchange rates International and other book of business risk factors - · Changes in policy provisions (e.g., deductibles, policy limits, endorsements, "claims-made" language) - · Changes in underwriting standards - · Product mix (e.g., size of account, industries insured, jurisdiction mix) Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for International and other (excluding asbestos and environmental), a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves. International and other reserves (excluding asbestos and environmental) represent approximately 8% of the Company's total claims and claim adjustment expense reserves. International and other represents a combination of different product lines, some of which are in runoff. Comparative historical information is not available for international product lines as insurers domiciled outside of the United States do not file U.S . statutory reports. Comparative historical information on runoff business is not indicative of reasonably possible one-year changes 115 | [
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"text": "compared to the older liabilities from runoff operations that are extremely long tail (e.g., U.S. excess liabilities reinsured through "
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"text": "the London market, and several underwriting pools in runoff). The speed of claim reporting and claim settlement is a function of "
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"text": "of the insurance sale to the insured hazard (e.g., insured and insurer located in different countries). In particular, liabilities arising "
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"text": "from the underwriting pools in runoff may result in significant reporting lags, settlement lags and claim complexity, due to the "
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"text": "need to coordinate with other pool members or co-insurers through a broker or lead-insurer for claim settlement purposes. "
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"text": "Commercial Property in the United Kingdom, etc.). The business is also generally split by direct versus assumed reinsurance for"
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"text": "a given coverage. Where the underlying insured hazard is outside the United States, the underlying coverages are generally similar "
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"text": "to those described under the Homeowners, Personal Automobile, Commercial Automobile, General Liability, Commercial Property "
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"text": "aggregate policy limits on certain liability coverages."
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"text": "category (e.g., General Liability — excess of loss reinsurance). Excess exposure requires the insured to “prove” not only claims "
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"text": "under the policy, but also the prior payment of claims reaching up to the excess policy’s attachment point. "
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"text": "reserves (beyond those included in the general discussion section, and in the Personal Automobile, Homeowners, General Liability, "
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk "
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"text": "factors could have on reserves for International and other (excluding asbestos and environmental), a 1% increase (decrease) in "
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"text": "incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim "
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"text": "adjustment expense reserves. International and other reserves (excluding asbestos and environmental) represent approximately "
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"text": "8% of the Company’s total claims and claim adjustment expense reserves. "
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"text": "International and other represents a combination of different product lines, some of which are in runoff. Comparative historical "
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"text": "information is not available for international product lines as insurers domiciled outside of the United States do not file U.S"
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"text": "statutory reports. Comparative historical information on runoff business is not indicative of reasonably possible one-year changes "
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"text": "International and other claim liabilities result from a mix of coverages, currencies and jurisdictions/countries. The common characteristic is the need to customize the analysis to the individual component, and the inability to rely on data characterizations and reporting requirements in the U.S. statutory reporting framework."
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"text": "Due to changes in the business mix for this product line over time, incurred claim liabilities for more recent years are generally shorter-tailed (due to both the products and the jurisdictions involved, e.g., Canada, the Republic of Ireland and the United Kingdom), compared to the older liabilities from runoff operations that are extremely long tail (e.g., U.S. excess liabilities reinsured through the London market, and several underwriting pools in runoff). The speed of claim reporting and claim settlement is a function of the specific coverage provided, the jurisdiction, the distribution system (e.g., underwriting pool versus direct) and the proximity of the insurance sale to the insured hazard (e.g., insured and insurer located in different countries). In particular, liabilities arising from the underwriting pools in runoff may result in significant reporting lags, settlement lags and claim complexity, due to the need to coordinate with other pool members or co-insurers through a broker or lead-insurer for claim settlement purposes."
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"text": "International reserves are generally analyzed by country and general coverage category (e.g., General Liability in Canada, Commercial Property in the United Kingdom, etc.). The business is also generally split by direct versus assumed reinsurance for a given coverage. Where the underlying insured hazard is outside the United States, the underlying coverages are generally similar to those described under the Homeowners, Personal Automobile, Commercial Automobile, General Liability, Commercial Property and Surety discussions above, taking into account differences in the legal environment and differences in terms and conditions. However, statutory coverage differences exist amongst various jurisdictions. For example, in some jurisdictions there are no aggregate policy limits on certain liability coverages."
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"text": "Other reserves, primarily assumed reinsurance in runoff, are generally analyzed by program/pool, treaty type, and general coverage category (e.g., General Liability - excess of loss reinsurance). Excess exposure requires the insured to \"prove\" not only claims under the policy, but also the prior payment of claims reaching up to the excess policy's attachment point."
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"text": "Examples of common risk factors, or perceptions thereof, that could change and, thus, affect the required International and other reserves (beyond those included in the general discussion section, and in the Personal Automobile, Homeowners, General Liability, Commercial Property, Commercial Automobile and Surety discussions above) include:"
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"text": "International and other risk factors"
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"text": "- · Changes in claim handling procedures, including those of the primary carriers"
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"text": "- · Changes in policy provisions or court interpretation of such provision"
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"text": "- · Economic trends"
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"text": "- · Distortions from losses resulting from large single accounts or single issues"
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"text": "- · Changes in claim adjuster office structure (causing distortions in the data)"
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"text": "International and other book of business risk factors"
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"text": "- · Changes in policy provisions (e.g., deductibles, policy limits, endorsements, \"claims-made\" language)"
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"text": "- · Product mix (e.g., size of account, industries insured, jurisdiction mix)"
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"text": "Unanticipated changes in risk factors can affect reserves. As an indicator of the causal effect that a change in one or more risk factors could have on reserves for International and other (excluding asbestos and environmental), a 1% increase (decrease) in incremental paid loss development for each future calendar year could result in a 1.3% increase (decrease) in claims and claim adjustment expense reserves. International and other reserves (excluding asbestos and environmental) represent approximately 8% of the Company's total claims and claim adjustment expense reserves."
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"text": "International and other represents a combination of different product lines, some of which are in runoff. Comparative historical information is not available for international product lines as insurers domiciled outside of the United States do not file U.S . statutory reports. Comparative historical information on runoff business is not indicative of reasonably possible one-year changes"
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 134
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-135 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | in the reserve estimate for this mix of runoff business. Accordingly, the Company has not included comparative analyses for International and other. Reinsurance Recoverables Amounts recoverable from reinsurers are estimated in a manner consistent with the associated claim liability. The Company evaluates and monitors the financial condition of its reinsurers under voluntary reinsurance arrangements to minimize its exposure to significant losses from reinsurer insolvencies. In addition, in the ordinary course of business, the Company becomes involved in coverage disputes with its reinsurers. Some of these disputes could result in lawsuits and arbitrations brought by or against the reinsurers to determine the Company's rights and obligations under the various reinsurance agreements. The Company employs dedicated specialists and comprehensive strategies to manage reinsurance collections and disputes. The Company has entered into a reinsurance contract in connection with catastrophe bonds issued by Long Point Re III. This contract meets the requirements to be accounted for as reinsurance in accordance with guidance for accounting for reinsurance contracts. The catastrophe bonds are described in more detail in "Item 1-Business-Catastrophe Reinsurance." The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance recoverables. The allowance is based upon the Company's ongoing review of amounts outstanding, length of collection periods, changes in reinsurer credit standing, disputes, applicable coverage defenses and other relevant factors. Accordingly, the establishment of reinsurance recoverables and the related allowance for uncollectible reinsurance recoverables is also an inherently uncertain process involving estimates. From time to time, as a result of the long-tailed nature of the underlying liabilities, coverage complexities and potential for disputes, the Company considers the commutation of reinsurance contracts. Changes in estimated reinsurance recoverables and commutation activity could result in additional income statement charges. Recoverables attributable to structured settlements relate primarily to personal injury claims, of which workers' compensation claims comprise a significant portion, for which the Company has purchased annuities and remains contingently liable in the event of a default by the companies issuing the annuities. Recoverables attributable to mandatory pools and associations relate primarily to workers' compensation service business. These recoverables are supported by the participating insurance companies' obligation to pay a pro rata share based on each company's voluntary market share of written premium in each state in which it is a pool participant. In the event a member of a mandatory pool or association defaults on its share of the pool's or association's obligations, the other members' share of such obligation increases proportionally. Investment Valuation and Impairments Valuation of Investments Reported at Fair Value in Financial Statements The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The fair value of a financial instrument is the estimated amount at which the instrument could be exchanged in an orderly transaction between knowledgeable, unrelated, willing parties, i.e., not in a forced transaction. The estimated fair value of a financial instrument may differ from the amount that could be realized if the security was sold in an immediate sale, e.g., a forced transaction. Additionally, the valuation of investments is more subjective when markets are less liquid due to the lack of market based inputs, which may increase the potential that the estimated fair value of an investment is not reflective of the price at which an actual transaction would occur. See note 4 of notes to the consolidated financial statements for a further discussion of the determination of fair value of investments. Investment Impairments See note 1 of notes to the consolidated financial statements for a discussion of investment impairments. Due to the subjective nature of the Company's analysis and estimates of future cash flows, along with the judgment that must be applied in the analysis, it is possible that the Company could reach a different conclusion whether or not to impair a security if it had access to additional information about the issuer. Additionally, it is possible that the issuer's actual ability to meet contractual obligations may be different than what the Company determined during its analysis, which may lead to a different impairment conclusion in future periods. 116 | [
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"text": "in the reserve estimate for this mix of runoff business. Accordingly, the Company has not included comparative analyses for "
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"text": "Amounts recoverable from reinsurers are estimated in a manner consistent with the associated claim liability. The Company "
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"text": "evaluates and monitors the financial condition of its reinsurers under voluntary reinsurance arrangements to minimize its exposure "
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"text": "to significant losses from reinsurer insolvencies. In addition, in the ordinary course of business, the Company becomes involved "
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"text": "in coverage disputes with its reinsurers. Some of these disputes could result in lawsuits and arbitrations brought by or against the "
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"text": "reinsurers to determine the Company’s rights and obligations under the various reinsurance agreements. The Company employs "
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"text": "The Company has entered into a reinsurance contract in connection with catastrophe bonds issued by Long Point Re III. This "
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"text": "contract meets the requirements to be accounted for as reinsurance in accordance with guidance for accounting for reinsurance "
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"text": "contracts. The catastrophe bonds are described in more detail in “Item 1-Business-Catastrophe Reinsurance.” "
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"text": "The Company reports its reinsurance recoverables net of an allowance for estimated uncollectible reinsurance recoverables. The "
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"text": "allowance is based upon the Company’s ongoing review of amounts outstanding, length of collection periods, changes in reinsurer"
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"text": "credit standing, disputes, applicable coverage defenses and other relevant factors. Accordingly, the establishment of reinsurance "
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"text": "recoverables and the related allowance for uncollectible reinsurance recoverables is also an inherently uncertain process involving "
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"text": "estimates. From time to time, as a result of the long-tailed nature of the underlying liabilities, coverage complexities and potential "
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"text": "for disputes, the Company considers the commutation of reinsurance contracts. Changes in estimated reinsurance recoverables "
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"text": "Recoverables attributable to structured settlements relate primarily to personal injury claims, of which workers’ compensation "
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"text": "claims comprise a significant portion, for which the Company has purchased annuities and remains contingently liable in the event "
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"text": "Due to the subjective nature of the Company's analysis and estimates of future cash flows, along with the judgment that must be applied in the analysis, it is possible that the Company could reach a different conclusion whether or not to impair a security if it had access to additional information about the issuer. Additionally, it is possible that the issuer's actual ability to meet contractual obligations may be different than what the Company determined during its analysis, which may lead to a different impairment conclusion in future periods."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-136 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Goodwill and Other Intangible Assets Impairments See note 1 of notes to the consolidated financial statements for a discussion of impairments of goodwill and other intangible assets. OTHER UNCERTAINTIES For a discussion of other risks and uncertainties that could impact the Company's results of operations or financial position, see note 16 of notes to the consolidated financial statements and "Item 1A-Risk Factors." FORWARD-LOOKING STATEMENTS This report contains, and management may make, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company's statements about: - · the Company's outlook and its future results of operations and financial condition (including, among other things, anticipated premium volume, premium rates, renewal premium changes, underwriting margins and underlying underwriting margins, net and core income, investment income and performance, loss costs, return on equity, core return on equity and expected current returns, and combined ratios and underlying combined ratios); - · share repurchase plans; - · future pension plan contributions; - · the sufficiency of the Company's asbestos and other reserves; - · the impact of emerging claims issues as well as other insurance and non-insurance litigation; - · the potential benefit associated with the Company's ability to recover on its subrogation claims; - · the cost and availability of reinsurance coverage; - · catastrophe losses; - · the impact of investment (including changes in interest rates), economic (including inflation, changes in tax law, changes in commodity prices and fluctuations in foreign currency exchange rates) and underwriting market conditions; - · strategic and operational initiatives to improve profitability and competitiveness; - · the Company's competitive advantages; - · new product offerings; - · the impact of new or potential regulations imposed or to be imposed by the United States or other nations, including tariffs or other barriers to international trade; and - · the impact of developments in the tort environment, such as increased attorney involvement in insurance claims and legislation allowing victims of sexual abuse to file or proceed with claims that otherwise would have been time-barred. The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company's control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. For a discussion of some of the factors that could cause actual results to differ, see "Item 1A-Risk Factors" and "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company's forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update its forward-looking statements. Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK MARKET RISK Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates (inclusive of credit spreads), foreign currency exchange rates and other relevant market rate or price changes. Market risk is directly influenced by the volatility and liquidity in the markets in which the related underlying assets are traded. The following is a discussion of the Company's primary market risk exposures and how those exposures are managed as of December 31, 2019. The Company's market risk sensitive instruments, including derivatives, are primarily entered into for purposes other than trading. 117 | [
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"text": "and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied "
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"text": "Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK "
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"text": "MARKET RISK"
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"text": "spreads), foreign currency exchange rates and other relevant market rate or price changes. Market risk is directly influenced by "
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"text": "the volatility and liquidity in the markets in which the related underlying assets are traded. The following is a discussion of the "
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"text": "Company's primary market risk exposures and how those exposures are managed as of December 31, 2019. The Company's market "
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"text": "risk sensitive instruments, including derivatives, are primarily entered into for purposes other than trading."
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"text": "See note 1 of notes to the consolidated financial statements for a discussion of impairments of goodwill and other intangible assets."
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"text": "For a discussion of other risks and uncertainties that could impact the Company's results of operations or financial position, see note 16 of notes to the consolidated financial statements and \"Item 1A-Risk Factors.\""
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"text": "This report contains, and management may make, certain \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as \"may,\" \"will,\" \"should,\" \"likely,\" \"anticipates,\" \"expects,\" \"intends,\" \"plans,\" \"projects,\" \"believes,\" \"estimates\" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company's statements about:"
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"text": "- · the Company's outlook and its future results of operations and financial condition (including, among other things, anticipated premium volume, premium rates, renewal premium changes, underwriting margins and underlying underwriting margins, net and core income, investment income and performance, loss costs, return on equity, core return on equity and expected current returns, and combined ratios and underlying combined ratios);"
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"text": "The Company cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the Company's control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements."
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"text": "For a discussion of some of the factors that could cause actual results to differ, see \"Item 1A-Risk Factors\" and \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations.\""
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"text": "Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates (inclusive of credit spreads), foreign currency exchange rates and other relevant market rate or price changes. Market risk is directly influenced by the volatility and liquidity in the markets in which the related underlying assets are traded. The following is a discussion of the Company's primary market risk exposures and how those exposures are managed as of December 31, 2019. The Company's market risk sensitive instruments, including derivatives, are primarily entered into for purposes other than trading."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-137 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | The carrying value of the Company's investment portfolio at December 31, 2019 and 2018 was $77.88 billion and $72.28 billion, respectively, of which 87% and 88% was invested in fixed maturity securities, respectively. At December 31, 2019 and 2018, approximately 6.6% and 6.7%, respectively, of the Company's invested assets were denominated in foreign currencies. The Company's exposure to equity price risk is not significant. The Company has no direct commodity risk and is not a party to any credit default swaps. The primary market risks to the investment portfolio are interest rate risk and credit risk associated with investments in fixed maturity securities. The portfolio duration is primarily managed through cash market transactions and treasury futures transactions. For additional information regarding the Company's investments, see notes 3 and 4 of notes to the consolidated financial statements as well as the "Investment Portfolio" and "Outlook" sections of "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations." The primary market risk for all of the Company's debt is interest rate risk at the time of refinancing. The Company monitors the interest rate environment and evaluates refinancing opportunities as maturity dates approach. For additional information regarding the Company's debt, see note 8 of notes to the consolidated financial statements as well as the "Liquidity and Capital Resources" section of "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company's foreign exchange market risk exposure is concentrated in the Company's invested assets, insurance reserves and shareholders' equity denominated in foreign currencies. Cash flows from the Company's foreign operations are the primary source of funds for the purchase of investments denominated in foreign currencies. The Company purchases these investments primarily to fund insurance reserves and other liabilities denominated in the same currency, effectively reducing its foreign currency exchange rate exposure. Invested assets denominated in the Canadian dollar comprised approximately 4.2% and 4.1% of the total invested assets at December 31, 2019 and 2018, respectively. Invested assets denominated in the British Pound Sterling comprised approximately 1.7% and 1.9% of total invested assets at December 31, 2019 and 2018, respectively. Invested assets denominated in other currencies at December 31, 2019 and 2018 were not material. There were no other significant changes in the Company's primary market risk exposures or in how those exposures were managed for the year ended December 31, 2019 compared to the year ended December 31, 2018. The Company does not currently anticipate significant changes in its primary market risk exposures or in how those exposures are managed in future reporting periods based upon what is known or expected to be in effect in future reporting periods. SENSITIVITY ANALYSIS Sensitivity analysis is defined as the measurement of potential loss in future earnings, fair values or cash flows of market sensitive instruments resulting from one or more selected hypothetical changes in interest rates and other market rates or prices over a selected period of time. In the Company's sensitivity analysis model, a hypothetical change in market rates is selected that is expected to reflect reasonably possible near-term changes in those rates. "Near-term" means a period of time going forward up to one year from the date of the consolidated financial statements. Actual results may differ from the hypothetical change in market rates assumed in this disclosure, especially since this sensitivity analysis does not reflect the results of any actions that would be taken by the Company to mitigate such hypothetical losses in fair value. Interest Rate Risk In this sensitivity analysis model, the Company uses fair values to measure its potential loss. The sensitivity analysis model includes the following financial instruments entered into for purposes other than trading: fixed maturities, non-redeemable preferred stocks, mortgage loans, short-term securities and debt and derivative financial instruments. The primary market risk to the Company's market sensitive instruments is interest rate risk (inclusive of credit spreads). The sensitivity analysis model uses various basis point changes in interest rates to measure the hypothetical change in fair value of financial instruments included in the model . For invested assets with primary exposure to interest rate risk, estimates of portfolio duration and convexity are used to model the loss of fair value that would be expected to result from a parallel increase in interest rates. Durations on invested assets are adjusted for call, put and interest rate reset features. Durations on tax-exempt securities are adjusted for the fact that the yields on such securities do not normally move in lockstep with changes in the U.S. Treasury curve. Fixed maturity portfolio durations are calculated on a market value-weighted basis, including accrued interest, using holdings as of December 31, 2019 and 2018. For debt, the change in fair value is determined by calculating hypothetical December 31, 2019 and 2018 ending prices based on yields adjusted to reflect a 100 basis point change, comparing such hypothetical ending prices to actual ending prices, and multiplying the difference by the par or securities outstanding. 118 | [
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"text": "The primary market risk for all of the Company’s debt is interest rate risk at the time of refinancing. The Company monitors the "
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"text": "interest rate environment and evaluates refinancing opportunities as maturity dates approach. For additional information regarding "
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"text": "the Company’s debt, see note 8 of notes to the consolidated financial statements as well as the “Liquidity and Capital Resources” "
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"text": "section of “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations.” "
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"text": "The Company’s foreign exchange market risk exposure is concentrated in the Company’s invested assets, insurance reserves and "
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"text": "shareholders’ equity denominated in foreign currencies. Cash flows from the Company’s foreign operations are the primary source"
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"text": "of funds for the purchase of investments denominated in foreign currencies. The Company purchases these investments primarily "
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"text": "to fund insurance reserves and other liabilities denominated in the same currency, effectively reducing its foreign currency exchange "
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"text": "rate exposure. Invested assets denominated in the Canadian dollar comprised approximately 4.2% and 4.1% of the total invested "
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"text": "assets at December 31, 2019 and 2018, respectively. Invested assets denominated in the British Pound Sterling comprised "
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"text": "approximately 1.7% and 1.9% of total invested assets at December 31, 2019 and 2018, respectively. Invested assets denominated "
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"text": "in other currencies at December 31, 2019 and 2018 were not material."
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"text": "There were no other significant changes in the Company's primary market risk exposures or in how those exposures were managed "
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"text": "for the year ended December 31, 2019 compared to the year ended December 31, 2018. The Company does not currently anticipate "
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"text": "significant changes in its primary market risk exposures or in how those exposures are managed in future reporting periods based "
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"text": "upon what is known or expected to be in effect in future reporting periods."
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"text": "SENSITIVITY ANALYSIS"
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"text": "Sensitivity analysis is defined as the measurement of potential loss in future earnings, fair values or cash flows of market sensitive "
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"text": "instruments resulting from one or more selected hypothetical changes in interest rates and other market rates or prices over a "
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"text": "selected period of time. In the Company’s sensitivity analysis model, a hypothetical change in market rates is selected that is"
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"text": "expected to reflect reasonably possible near-term changes in those rates. “Near-term” means a period of time going forward up to "
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"text": "one year from the date of the consolidated financial statements. Actual results may differ from the hypothetical change in market "
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"text": "rates assumed in this disclosure, especially since this sensitivity analysis does not reflect the results of any actions that would be "
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"text": "taken by the Company to mitigate such hypothetical losses in fair value. "
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"text": "Interest Rate Risk"
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"text": "In this sensitivity analysis model, the Company uses fair values to measure its potential loss. The sensitivity analysis model includes "
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"text": "the following financial instruments entered into for purposes other than trading: fixed maturities, non-redeemable preferred stocks, "
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"text": "mortgage loans, short-term securities and debt and derivative financial instruments. The primary market risk to the Company's "
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"text": "market sensitive instruments is interest rate risk (inclusive of credit spreads). The sensitivity analysis model uses various basis "
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"text": "point changes in interest rates to measure the hypothetical change in fair value of financial instruments included in the model"
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"text": "."
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"text": "For invested assets with primary exposure to interest rate risk, estimates of portfolio duration and convexity are used to model the "
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"text": "loss of fair value that would be expected to result from a parallel increase in interest rates. Durations on invested assets are adjusted "
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"text": "for call, put and interest rate reset features. Durations on tax-exempt securities are adjusted for the fact that the yields on such "
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"text": "securities do not normally move in lockstep with changes in the U.S. Treasury curve. Fixed maturity portfolio durations are "
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"text": "calculated on a market value-weighted basis, including accrued interest, using holdings as of December 31, 2019 and 2018."
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"text": "For debt, the change in fair value is determined by calculating hypothetical December 31, 2019 and 2018 ending prices based on "
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"text": "yields adjusted to reflect a 100 basis point change, comparing such hypothetical ending prices to actual ending prices, and "
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"text": "multiplying the difference by the par or securities outstanding."
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"text": "The carrying value of the Company's investment portfolio at December 31, 2019 and 2018 was $77.88 billion and $72.28 billion, respectively, of which 87% and 88% was invested in fixed maturity securities, respectively. At December 31, 2019 and 2018, approximately 6.6% and 6.7%, respectively, of the Company's invested assets were denominated in foreign currencies. The Company's exposure to equity price risk is not significant. The Company has no direct commodity risk and is not a party to any credit default swaps."
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"text": "The primary market risks to the investment portfolio are interest rate risk and credit risk associated with investments in fixed maturity securities. The portfolio duration is primarily managed through cash market transactions and treasury futures transactions. For additional information regarding the Company's investments, see notes 3 and 4 of notes to the consolidated financial statements as well as the \"Investment Portfolio\" and \"Outlook\" sections of \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations.\""
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"text": "The primary market risk for all of the Company's debt is interest rate risk at the time of refinancing. The Company monitors the interest rate environment and evaluates refinancing opportunities as maturity dates approach. For additional information regarding the Company's debt, see note 8 of notes to the consolidated financial statements as well as the \"Liquidity and Capital Resources\" section of \"Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations.\""
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"text": "The Company's foreign exchange market risk exposure is concentrated in the Company's invested assets, insurance reserves and shareholders' equity denominated in foreign currencies. Cash flows from the Company's foreign operations are the primary source of funds for the purchase of investments denominated in foreign currencies. The Company purchases these investments primarily to fund insurance reserves and other liabilities denominated in the same currency, effectively reducing its foreign currency exchange rate exposure. Invested assets denominated in the Canadian dollar comprised approximately 4.2% and 4.1% of the total invested assets at December 31, 2019 and 2018, respectively. Invested assets denominated in the British Pound Sterling comprised approximately 1.7% and 1.9% of total invested assets at December 31, 2019 and 2018, respectively. Invested assets denominated in other currencies at December 31, 2019 and 2018 were not material."
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"text": "There were no other significant changes in the Company's primary market risk exposures or in how those exposures were managed for the year ended December 31, 2019 compared to the year ended December 31, 2018. The Company does not currently anticipate significant changes in its primary market risk exposures or in how those exposures are managed in future reporting periods based upon what is known or expected to be in effect in future reporting periods."
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"text": "SENSITIVITY ANALYSIS"
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"text": "Sensitivity analysis is defined as the measurement of potential loss in future earnings, fair values or cash flows of market sensitive instruments resulting from one or more selected hypothetical changes in interest rates and other market rates or prices over a selected period of time. In the Company's sensitivity analysis model, a hypothetical change in market rates is selected that is expected to reflect reasonably possible near-term changes in those rates. \"Near-term\" means a period of time going forward up to one year from the date of the consolidated financial statements. Actual results may differ from the hypothetical change in market rates assumed in this disclosure, especially since this sensitivity analysis does not reflect the results of any actions that would be taken by the Company to mitigate such hypothetical losses in fair value."
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"text": "Interest Rate Risk"
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"text": "In this sensitivity analysis model, the Company uses fair values to measure its potential loss. The sensitivity analysis model includes the following financial instruments entered into for purposes other than trading: fixed maturities, non-redeemable preferred stocks, mortgage loans, short-term securities and debt and derivative financial instruments. The primary market risk to the Company's market sensitive instruments is interest rate risk (inclusive of credit spreads). The sensitivity analysis model uses various basis point changes in interest rates to measure the hypothetical change in fair value of financial instruments included in the model ."
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"text": "For invested assets with primary exposure to interest rate risk, estimates of portfolio duration and convexity are used to model the loss of fair value that would be expected to result from a parallel increase in interest rates. Durations on invested assets are adjusted for call, put and interest rate reset features. Durations on tax-exempt securities are adjusted for the fact that the yields on such securities do not normally move in lockstep with changes in the U.S. Treasury curve. Fixed maturity portfolio durations are calculated on a market value-weighted basis, including accrued interest, using holdings as of December 31, 2019 and 2018."
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"text": "For debt, the change in fair value is determined by calculating hypothetical December 31, 2019 and 2018 ending prices based on yields adjusted to reflect a 100 basis point change, comparing such hypothetical ending prices to actual ending prices, and multiplying the difference by the par or securities outstanding."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-138 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Table of Contents The sensitivity analysis model used by the Company produces a loss in fair value of market sensitive instruments of approximately $2.07 billion and $2.31 billion based on a 100 basis point increase in interest rates at December 31, 2019 and 2018, respectively. The loss estimates do not take into account the impact of possible interventions that the Company might reasonably undertake in order to mitigate or avoid losses that would result from emerging interest rate trends. In addition, the loss value only reflects the impact of an interest rate increase on the fair value of the Company's financial instruments. Foreign Currency Exchange Rate Risk The Company uses fair values of investment securities to measure its potential loss from foreign denominated investments. A hypothetical 10% reduction in value of foreign denominated investments is used to estimate the impact on the market value of the foreign denominated holdings. The Company's analysis indicates that a hypothetical 10% reduction in the value of foreign denominated investments would be expected to produce a loss in fair value of approximately $515 million and $487 million at December 31, 2019 and 2018, respectively. 119 | [
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"text": "The sensitivity analysis model used by the Company produces a loss in fair value of market sensitive instruments of approximately "
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"text": "$2.07 billion and $2.31 billion based on a 100 basis point increase in interest rates at December 31, 2019 and 2018, respectively."
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"text": "The loss estimates do not take into account the impact of possible interventions that the Company might reasonably undertake in"
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"text": "order to mitigate or avoid losses that would result from emerging interest rate trends. In addition, the loss value only reflects the "
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"text": "impact of an interest rate increase on the fair value of the Company's financial instruments."
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"text": "Foreign Currency Exchange Rate Risk"
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"text": "The Company uses fair values of investment securities to measure its potential loss from foreign denominated investments. A "
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"text": "hypothetical 10% reduction in value of foreign denominated investments is used to estimate the impact on the market value of the "
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"text": "foreign denominated holdings. The Company's analysis indicates that a hypothetical 10% reduction in the value of foreign "
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"text": "denominated investments would be expected to produce a loss in fair value of approximately $515 million and $487 million at "
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"text": "December 31, 2019 and 2018, respectively."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-140 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors The Travelers Companies, Inc.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheet of The Travelers Companies, Inc. and subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the three year period ended December 31, 2019, and the related notes and financial statement schedules as listed in the accompanying index to consolidated financial statements and schedules (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2020 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgment. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the estimate of claims and claim adjustment expense reserves As discussed in Notes 1 and 7 to the consolidated financial statements, the Company's claims and claim adjustment expense reserves balance at December 31, 2019 was $51.8 billion. The claims and claim adjustment expense reserves represent the Company's estimate of the ultimate liability for unpaid claims, which is comprised of claims that have been reported and claims that have been incurred but not reported. We identified the evaluation of the estimate of claims and claim adjustment expense reserves as a critical audit matter. The process of evaluating the estimate of claims and claim adjustment expense reserves involves significant auditor judgment due to the inherent uncertainty in the ultimate amounts and timing of claim payments, which may be affected by a number of internal and external considerations, such as: - · Changes in claims handling procedures; - · Economic inflation and changes in the tort environment; and - · Legislative changes, among others. 121 | [
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"text": "We have audited the accompanying consolidated balance sheet of The Travelers Companies, Inc. and subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the three year period ended December 31, 2019, and the related notes and financial statement schedules as listed in the accompanying index to consolidated financial statements and schedules (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles."
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"text": "We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2020 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting."
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"text": "These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB."
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"text": "As discussed in Notes 1 and 7 to the consolidated financial statements, the Company's claims and claim adjustment expense reserves balance at December 31, 2019 was $51.8 billion. The claims and claim adjustment expense reserves represent the Company's estimate of the ultimate liability for unpaid claims, which is comprised of claims that have been reported and claims that have been incurred but not reported."
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"text": "The primary procedures we performed to address this critical audit matter included the following. We tested certain internal controls over the Company's reserving process for claims and claim adjustment expense reserves, including controls related to the actuarial analyses and the determination of the Company's estimate of the claims and claim adjustment expense reserves. We involved actuarial professionals with specialized skills and knowledge who assisted in:"
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"text": "- · Assessing the assumptions and methodologies underlying the Company's reserve estimate by participating in quarterly discussions with the Company's actuaries;"
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"text": "- · Evaluating the Company's estimates by performing independent analyses of net and gross claims and claim adjustment expense reserves for certain lines of business;"
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"text": "- · Assessing the Company's internally prepared actuarial analyses in comparison to the Company's internal experience and related industry trends for selected other lines of business; and"
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"text": "- · Developing an overall range of reserve estimates and assessing the position of the Company's recorded reserve relative to the range."
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"text": "/s/ KPMG LLP"
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"text": "KPMG LLP"
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"text": "We have served as the Company's auditor since 1994."
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"text": "New York, New York February 13, 2020"
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 141
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-142 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (in millions, except per share amounts) ___________________________________________ (1) Total other-than-temporary impairment (OTTI) losses were $(3) million, $(1) million and $(13) million for the years ended December 31, 2019, 2018 and 2017, respectively. Of total OTTI, credit losses of $(4) million, $(1) million and $(14) million for the years ended December 31, 2019, 2018 and 2017, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $1 million, $0 million and $1 million for the years ended December 31, 2019, 2018 and 2017, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income. The accompanying notes are an integral part of the consolidated financial statements. 123 | [
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"text": "Revenues"
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"text": "Premiums"
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"text": "Fee income"
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"text": ".................................................................... "
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"text": "Amortization of deferred acquisition costs"
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"text": "Total claims and expenses "
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"text": "...................................................................... "
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"text": "Income before income taxes "
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"text": "2,961 2,730"
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"text": "Net income "
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"text": "$ 2,622 "
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"text": "$ 2,523 $ 2,056"
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"text": "Net income per share"
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"text": "............................................................................................................ "
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"text": "$ 10.01 "
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"text": "$ 9.37 $ 7.39"
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"text": "Diluted"
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"text": "......................................................................................................... "
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"text": "$ 9.92 "
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"text": "$ 9.28 $ 7.33"
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"text": "Weighted average number of common shares outstanding"
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"text": "............................................................................................................ "
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"text": "260.0 "
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"text": "......................................................................................................... "
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"text": "269.8 278.6"
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"text": "___________________________________________"
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"text": "(1) Total other-than-temporary impairment (OTTI) losses were $(3) million, $(1) million and $(13) million for the years ended December 31, "
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"text": "2019, 2018 and 2017, respectively. Of total OTTI, credit losses of $(4) million, $(1) million and $(14) million for the years ended "
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"text": "December 31, 2019, 2018 and 2017, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) "
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"text": "from other changes in total OTTI of $1 million, $0 million and $1 million for the years ended December 31, 2019, 2018 and 2017, respectively, "
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"text": "were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having "
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"text": "credit losses recognized in the consolidated statement of income."
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"text": "The accompanying notes are an integral part of the consolidated financial statements."
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"text": "THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES"
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"text": "(in millions, except per share amounts)"
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"html_seq": "<table><tr><td>For the year ended December 31,</td><th>2019</th><th>2018 2017</th></tr><tr><td>Revenues</td><td></td><td></td></tr><tr><td>Premiums .......................................................................................................</td><td>$ 28,272</td><td>$ 27,059 $ 25,683</td></tr><tr><td>Net investment income ..................................................................................</td><td>2,468</td><td>2,474 2,397</td></tr><tr><td>Fee income .....................................................................................................</td><td>459</td><td>432 447</td></tr><tr><td>Net realized investment gains (1) ....................................................................</td><td>113</td><td>114 216</td></tr><tr><td>Other revenues ...............................................................................................</td><td>269</td><td>203 159</td></tr><tr><td>Total revenues ..........................................................................................</td><td>31,581</td><td>30,282 28,902</td></tr><tr><td>Claims and expenses</td><td></td><td></td></tr><tr><td>Claims and claim adjustment expenses .........................................................</td><td>19,133</td><td>18,291 17,467</td></tr><tr><td>Amortization of deferred acquisition costs ....................................................</td><td>4,601</td><td>4,381 4,166</td></tr><tr><td>General and administrative expenses ............................................................</td><td>4,365</td><td>4,297 4,170</td></tr><tr><td>Interest expense .............................................................................................</td><td>344</td><td>352 369</td></tr><tr><td>Total claims and expenses ......................................................................</td><td>28,443</td><td>27,321 26,172</td></tr><tr><td>Income before income taxes .....................................................................</td><td>3,138</td><td>2,961 2,730</td></tr><tr><td>Income tax expense .......................................................................................</td><td>516</td><td>438 674</td></tr><tr><td>Net income .................................................................................................</td><td>$ 2,622</td><td>$ 2,523 $ 2,056</td></tr><tr><td>Net income per share</td><td></td><td></td></tr><tr><td>Basic ............................................................................................................</td><td>$ 10.01</td><td>$ 9.37 $ 7.39</td></tr><tr><td>Diluted .........................................................................................................</td><td>$ 9.92</td><td>$ 9.28 $ 7.33</td></tr><tr><td>Weighted average number of common shares outstanding</td><td></td><td></td></tr><tr><td>Basic ............................................................................................................</td><td>260.0</td><td>267.4 276.0</td></tr><tr><td>Diluted .........................................................................................................</td><td>262.3</td><td>269.8 278.6</td></tr></table>",
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"text": "(1) Total other-than-temporary impairment (OTTI) losses were $(3) million, $(1) million and $(13) million for the years ended December 31, 2019, 2018 and 2017, respectively. Of total OTTI, credit losses of $(4) million, $(1) million and $(14) million for the years ended December 31, 2019, 2018 and 2017, respectively, were recognized in net realized investment gains. In addition, unrealized gains (losses) from other changes in total OTTI of $1 million, $0 million and $1 million for the years ended December 31, 2019, 2018 and 2017, respectively, were recognized in other comprehensive income (loss) as part of changes in net unrealized gains (losses) on investment securities having credit losses recognized in the consolidated statement of income."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-143 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (in millions) The accompanying notes are an integral part of the consolidated financial statements. 124 | [
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"text": "Net income"
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"text": ".................................................................................................... "
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"text": "$ 2,622 "
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"text": "$ 2,523 $ 2,056"
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"text": "Other comprehensive income (loss):"
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"text": "Having no credit losses recognized in the consolidated statement of"
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"text": "income ..................................................................................................... "
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"text": "Having credit losses recognized in the consolidated statement of income . "
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"text": "Net changes in benefit plan assets and obligations ....................................... "
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"text": "Net changes in unrealized foreign currency translation ................................ "
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-144 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in millions) The accompanying notes are an integral part of the consolidated financial statements. 125 | [
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"text": "Other intangible assets"
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"text": ".............................................................................................................. "
},
{
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"text": "330 "
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"text": "345"
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"text": "Other assets"
},
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"text": "............................................................................................................................... "
},
{
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"text": "3,110 "
},
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"text": "2,872"
},
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"text": "Total assets"
},
{
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"text": ".......................................................................................................................... "
},
{
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"text": "$ 110,122 "
},
{
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"text": "$ 104,233"
},
{
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"text": "Liabilities"
},
{
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"ocr": false,
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"text": "Claims and claim adjustment expense reserves"
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{
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"ocr_confidence": 1,
"text": "........................................................................ "
},
{
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"text": "$ 51,849 "
},
{
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"text": "$ 50,668"
},
{
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"text": "Unearned premium reserves"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "...................................................................................................... "
},
{
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"text": "14,604 "
},
{
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"text": "13,555"
},
{
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"ocr": false,
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"text": "Contractholder payables"
},
{
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"text": "............................................................................................................ "
},
{
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"text": "4,619 "
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{
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"text": "4,785"
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"text": "Payables for reinsurance premiums "
},
{
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"text": ".......................................................................................... "
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{
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"text": "363 "
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"text": "289"
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"text": "Deferred taxes"
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"text": "........................................................................................................................... "
},
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"text": "137 "
},
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"text": "—"
},
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"text": "Debt"
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"text": "..............................................................................................................................."
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"text": "............ "
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{
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"text": "6,558 "
},
{
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"text": "6,564"
},
{
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"text": "Other liabilities"
},
{
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"text": ".......................................................................................................................... "
},
{
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"text": "6,049 "
},
{
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"text": "5,478"
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{
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"text": "Total liabilities"
},
{
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"text": "..................................................................................................................... "
},
{
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"text": "84,179 "
},
{
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"text": "81,339"
},
{
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"text": "Shareholders’ equity"
},
{
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"text": "Common stock (1,750.0 shares authorized; 255.5 and 263.7 shares issued, 255.5 and 263.6"
},
{
"bbox": [
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"text": "shares outstanding)"
},
{
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"ocr": false,
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"text": "................................................................................................................ "
},
{
"bbox": [
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"ocr": false,
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"text": "23,469 "
},
{
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"text": "23,144"
},
{
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"text": "Retained earnings"
},
{
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"text": "...................................................................................................................... "
},
{
"bbox": [
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"ocr": false,
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"text": "36,977 "
},
{
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"text": "35,204"
},
{
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"ocr": false,
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"text": "Accumulated other comprehensive income (loss) "
},
{
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"text": ".................................................................... "
},
{
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"text": "640 "
},
{
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"text": "(1,859)"
},
{
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"text": "Treasury stock, at cost (522.1 and 510.9 shares) "
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{
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"text": "...................................................................... "
},
{
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"text": "(35,143) "
},
{
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"text": "(33,595)"
},
{
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"ocr": false,
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"text": "Total shareholders’ equity"
},
{
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"text": ".................................................................................................. "
},
{
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"ocr": false,
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"text": "25,943 "
},
{
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"text": "22,894"
},
{
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"ocr": false,
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"text": "Total liabilities and shareholders’ equity"
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"text": ".......................................................................... "
},
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"text": "$ 110,122 "
},
{
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"text": "$ 104,233"
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"text": "The accompanying notes are an integral part of the consolidated financial statements."
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"data": [],
"index_in_doc": 1965,
"label": "section_header",
"text": "THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES"
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"label": "section_header",
"text": "CONSOLIDATED BALANCE SHEET"
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"label": "text",
"text": "(in millions)"
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"html_seq": "<table><tr><td>At December 31,</td><th>2019</th><th>2018</th></tr><tr><td>Assets</td><td></td><td></td></tr><tr><td>Fixed maturities, available for sale, at fair value (amortized cost $65,281 and $63,601) ........</td><td>$ 68,134</td><td>$ 63,464</td></tr><tr><td>Equity securities, at fair value (cost $376 and $382) ................................................................</td><td>425</td><td>368</td></tr><tr><td>Real estate investments .............................................................................................................</td><td>963</td><td>904</td></tr><tr><td>Short-term securities .................................................................................................................</td><td>4,943</td><td>3,985</td></tr><tr><td>Other investments .....................................................................................................................</td><td>3,419</td><td>3,557</td></tr><tr><td>Total investments ................................................................................................................</td><td>77,884</td><td>72,278</td></tr><tr><td>Cash ............................................................................................................................... ............</td><td>494</td><td>373</td></tr><tr><td>Investment income accrued .......................................................................................................</td><td>618</td><td>624</td></tr><tr><td>Premiums receivable .................................................................................................................</td><td>7,909</td><td>7,506</td></tr><tr><td>Reinsurance recoverables ..........................................................................................................</td><td>8,235</td><td>8,370</td></tr><tr><td>Ceded unearned premiums ........................................................................................................</td><td>689</td><td>578</td></tr><tr><td>Deferred acquisition costs .........................................................................................................</td><td>2,273</td><td>2,120</td></tr><tr><td>Deferred taxes ...........................................................................................................................</td><td>-</td><td>445</td></tr><tr><td>Contractholder receivables ........................................................................................................</td><td>4,619</td><td>4,785</td></tr><tr><td>Goodwill ............................................................................................................................... .....</td><td>3,961</td><td>3,937</td></tr><tr><td>Other intangible assets ..............................................................................................................</td><td>330</td><td>345</td></tr><tr><td>Other assets ...............................................................................................................................</td><td>3,110</td><td>2,872</td></tr><tr><td>Total assets ..........................................................................................................................</td><td>$ 110,122</td><td>$ 104,233</td></tr><tr><td>Liabilities</td><td></td><td></td></tr><tr><td>Claims and claim adjustment expense reserves ........................................................................</td><td>$ 51,849</td><td>$ 50,668</td></tr><tr><td>Unearned premium reserves ......................................................................................................</td><td>14,604</td><td>13,555</td></tr><tr><td>Contractholder payables ............................................................................................................</td><td>4,619</td><td>4,785</td></tr><tr><td>Payables for reinsurance premiums ..........................................................................................</td><td>363</td><td>289</td></tr><tr><td>Deferred taxes ...........................................................................................................................</td><td>137</td><td>-</td></tr><tr><td>Debt ............................................................................................................................... ............</td><td>6,558</td><td>6,564</td></tr><tr><td>Other liabilities ..........................................................................................................................</td><td>6,049</td><td>5,478</td></tr><tr><td>Total liabilities .....................................................................................................................</td><td>84,179</td><td>81,339</td></tr><tr><td>Shareholders' equity</td><td></td><td></td></tr><tr><td>Common stock (1,750.0 shares authorized; 255.5 and 263.7 shares issued, 255.5 and 263.6 shares outstanding) ................................................................................................................</td><td>23,469</td><td>23,144</td></tr><tr><td>Retained earnings ......................................................................................................................</td><td>36,977</td><td>35,204</td></tr><tr><td>Accumulated other comprehensive income (loss) ....................................................................</td><td>640</td><td>(1,859)</td></tr><tr><td>Treasury stock, at cost (522.1 and 510.9 shares) ......................................................................</td><td>(35,143)</td><td>(33,595)</td></tr><tr><td>Total shareholders' equity ..................................................................................................</td><td>25,943</td><td>22,894</td></tr><tr><td>Total liabilities and shareholders' equity ..........................................................................</td><td>$ 110,122</td><td>$ 104,233</td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-145 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (in millions) The accompanying notes are an integral part of the consolidated financial statements. 126 | [
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"text": "Common stock"
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"text": "Employee share-based compensation............................................................ "
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"text": "Compensation amortization under share-based plans and other changes ..... "
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"text": "Balance, end of year................................................................................... "
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"text": "23,144 22,886"
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"text": "Balance, beginning of year ............................................................................ "
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"text": "financial instruments at January 1, 2018......................."
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"text": "Reclassification of certain tax effects from accumulated other"
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"text": "comprehensive income at January 1, 2018 ................................................ "
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"text": "Net income..................................................................................................... "
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"text": "Dividends....................................................................................................... "
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"text": "Other.............................................................................................................. "
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"text": "(1) "
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"text": "Balance, end of year................................................................................... "
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"text": "Accumulated other comprehensive income (loss), net of tax"
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"text": "Balance, beginning of year ............................................................................ "
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"text": "(1,859) "
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"text": "Cumulative effect of adoption of updated accounting guidance for equity"
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"text": "financial instruments at January 1, 2018......................."
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"text": "Reclassification of certain tax effects from accumulated other"
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"text": "comprehensive income at January 1, 2018 ................................................ "
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"text": "Other comprehensive income (loss) .............................................................. "
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"text": "Total shareholders’ equity"
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"text": "$ 25,943 "
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"text": "$ 22,894 $ 23,731"
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"text": "Common shares outstanding"
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"text": "Treasury stock acquired — share repurchase authorization.......................... "
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"text": "Net shares issued under employee share-based compensation plans ............ "
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"text": "Balance, end of year................................................................................... "
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"text": "CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY"
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"text": "(in millions)"
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"html_seq": "<table><tr><td>For the year ended December 31,</td><th>2019</th><th>2018</th><th>2017</th></tr><tr><td>Common stock</td><td></td><td></td><td></td></tr><tr><td>Balance, beginning of year ............................................................................</td><td>$ 23,144</td><td></td><td>$ 22,886 $ 22,614</td></tr><tr><td>Employee share-based compensation............................................................</td><td>180</td><td>108</td><td>136</td></tr><tr><td>Compensation amortization under share-based plans and other changes .....</td><td>145</td><td>150</td><td>136</td></tr><tr><td>Balance, end of year...................................................................................</td><td>23,469</td><td></td><td>23,144 22,886</td></tr><tr><td>Retained earnings</td><td></td><td>.</td><td></td></tr><tr><td>Balance, beginning of year ............................................................................</td><td>35,204</td><td></td><td>33,462 32,196</td></tr><tr><td>Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018....................... .............................</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 ................................................</td><td>-</td><td>24</td><td>-</td></tr><tr><td>Net income.....................................................................................................</td><td>2,622</td><td>2,523 2,056</td><td></td></tr><tr><td>Dividends.......................................................................................................</td><td>(848)</td><td>(818)</td><td>(789)</td></tr><tr><td>Other..............................................................................................................</td><td>(1)</td><td>(9)</td><td>(1)</td></tr><tr><td>Balance, end of year...................................................................................</td><td>36,977</td><td>35,204 33,462</td><td></td></tr><tr><td>Accumulated other comprehensive income (loss), net of tax</td><td></td><td></td><td></td></tr><tr><td>Balance, beginning of year ............................................................................</td><td>(1,859)</td><td>(343)</td><td>(755)</td></tr><tr><td>Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018....................... .............................</td><td>-</td><td>(22) -</td><td></td></tr><tr><td>Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 ................................................</td><td>-</td><td>(24) -</td><td></td></tr><tr><td>Other comprehensive income (loss) ..............................................................</td><td>2,499</td><td>(1,470)</td><td>412</td></tr><tr><td>Balance, end of year...................................................................................</td><td>640</td><td>(1,859)</td><td>(343)</td></tr><tr><td>Treasury stock, at cost</td><td></td><td></td><td></td></tr><tr><td>Balance, beginning of year ............................................................................</td><td>(33,595)</td><td>(32,274)</td><td>(30,834)</td></tr><tr><td>Treasury stock acquired - share repurchase authorization..........................</td><td>(1,500)</td><td>(1,270)</td><td>(1,378)</td></tr><tr><td>Net shares acquired related to employee share-based compensation plans ..</td><td>(48)</td><td>(51)</td><td>(62)</td></tr><tr><td>Balance, end of year...................................................................................</td><td>(35,143)</td><td>(33,595)</td><td>(32,274)</td></tr><tr><td>Total shareholders' equity ...........................................................................</td><td>$ 25,943</td><td>$ 22,894 $ 23,731</td><td></td></tr><tr><td>Common shares outstanding</td><td></td><td></td><td></td></tr><tr><td>Balance, beginning of year ............................................................................</td><td>263.6</td><td></td><td>271.4 279.6</td></tr><tr><td>Treasury stock acquired - share repurchase authorization..........................</td><td>(10.8)</td><td>(9.6)</td><td>(10.9)</td></tr><tr><td>Net shares issued under employee share-based compensation plans ............</td><td>2.7</td><td>1.8</td><td>2.7</td></tr><tr><td>Balance, end of year...................................................................................</td><td>255.5</td><td>263.6 271.4</td><td></td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-146 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) The accompanying notes are an integral part of the consolidated financial statements. 127 | [
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"text": "Cash flows from operating activities"
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"text": "Net income ....................................................................................................................."
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"text": "$ 2,622 "
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"text": "Net realized investment gains............................................................................................. "
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"text": "Depreciation and amortization ........................................................................................... "
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"text": "Deferred federal income tax expense (benefit) .................................................................. "
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"text": "(13) "
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"text": "Amortization of deferred acquisition costs ........................................................................ "
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"text": "4,601 "
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"text": "Equity in income from other investments .......................................................................... "
},
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"text": "(251) "
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"text": "(365) "
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"text": "(397)"
},
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"text": "Premiums receivable .......................................................................................................... "
},
{
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"text": "(384) "
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"text": "(393) "
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"text": "(394)"
},
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"text": "Reinsurance recoverables ................................................................................................... "
},
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"text": "157 "
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"text": "(100) "
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"text": "Deferred acquisition costs .................................................................................................. "
},
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"text": "(4,747) "
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"text": "(4,488) "
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"text": "(4,257)"
},
{
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"text": "Claims and claim adjustment expense reserves ................................................................. "
},
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"text": "1,047 "
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"text": "1,246 "
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"text": "1,460"
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"text": "Unearned premium reserves............................................................................................... "
},
{
"bbox": [
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"text": "1,008 "
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"text": "710 "
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"text": "521"
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"text": "Other.........................................................................................................................."
},
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"text": "......... "
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"text": "535 "
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"text": "190 "
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"text": "Net cash provided by operating activities .................................................................... "
},
{
"bbox": [
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"text": "5,205 "
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"text": "4,380 "
},
{
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"text": "4,148"
},
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"text": "Cash flows from investing activities"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Proceeds from maturities of fixed maturities .............................................................................. "
},
{
"bbox": [
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"text": "6,845 "
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"text": "7,086 "
},
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"text": "8,750"
},
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"text": "Proceeds from sales of investments:"
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"ocr": false,
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"text": "Fixed maturities..............................................................................................................."
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"text": "......... "
},
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"text": "2,187 "
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"text": "3,546 "
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"text": "1,854"
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"text": "Equity securities .............................................................................................................."
},
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"text": "......... "
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"text": "140 "
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"text": "178 "
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"text": "765"
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"ocr": false,
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"text": "Real estate investments ........................................................................................................"
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"text": ".... "
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"text": "— "
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"text": "74 "
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"text": "23"
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"text": "Other investments.............................................................................................................."
},
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"text": "....... "
},
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"text": "459 "
},
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"text": "511 "
},
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"text": "468"
},
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"text": "Purchases of investments:"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Fixed maturities..............................................................................................................."
},
{
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"text": "......... "
},
{
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"text": "(10,711) "
},
{
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"text": "(13,526) "
},
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"text": "(12,250)"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Equity securities .............................................................................................................."
},
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"text": "......... "
},
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"text": "(94) "
},
{
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"text": "(117) "
},
{
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"text": "(459)"
},
{
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"ocr": false,
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"text": "Real estate investments ........................................................................................................"
},
{
"bbox": [
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"text": ".... "
},
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"text": "(107) "
},
{
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"text": "(74) "
},
{
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"text": "(59)"
},
{
"bbox": [
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"ocr": false,
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"text": "Other investments.............................................................................................................."
},
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"text": "....... "
},
{
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"ocr_confidence": 1,
"text": "(497) "
},
{
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"ocr": false,
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"text": "(537) "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(541)"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Net sales (purchases) of short-term securities............................................................................. "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(957) "
},
{
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"text": "908 "
},
{
"bbox": [
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"ocr": false,
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"text": "(26)"
},
{
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"ocr": false,
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"text": "Securities transactions in the course of settlement...................................................................... "
},
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"bbox": [
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..................................................................</td><td>(33)</td><td>(13)</td><td>337</td></tr><tr><td>Amortization of deferred acquisition costs ........................................................................</td><td>4,601</td><td>4,381</td><td>4,166</td></tr><tr><td>Equity in income from other investments ..........................................................................</td><td>(251)</td><td>(365)</td><td>(397)</td></tr><tr><td>Premiums receivable ..........................................................................................................</td><td>(384)</td><td>(393)</td><td>(394)</td></tr><tr><td>Reinsurance recoverables ...................................................................................................</td><td>157</td><td>(100)</td><td>16</td></tr><tr><td>Deferred acquisition costs ..................................................................................................</td><td>(4,747)</td><td>(4,488)</td><td>(4,257)</td></tr><tr><td>Claims and claim adjustment expense reserves .................................................................</td><td>1,047</td><td>1,246</td><td>1,460</td></tr><tr><td>Unearned premium reserves...............................................................................................</td><td>1,008</td><td>710</td><td>521</td></tr><tr><td>Other.......................................................................................................................... .........</td><td>535</td><td>190</td><td>43</td></tr><tr><td>Net cash provided by operating activities ....................................................................</td><td>5,205</td><td>4,380</td><td>4,148</td></tr><tr><td>Cash flows from investing activities</td><td></td><td></td><td></td></tr><tr><td>Proceeds from maturities of fixed maturities ..............................................................................</td><td>6,845</td><td>7,086</td><td>8,750</td></tr><tr><td>Proceeds from sales of investments:</td><td></td><td></td><td></td></tr><tr><td>Fixed maturities............................................................................................................... .........</td><td>2,187</td><td>3,546</td><td>1,854</td></tr><tr><td>Equity securities .............................................................................................................. .........</td><td>140</td><td>178</td><td>765</td></tr><tr><td>Real estate investments ........................................................................................................ ....</td><td>-</td><td>74</td><td>23</td></tr><tr><td>Other investments.............................................................................................................. .......</td><td>459</td><td>511</td><td>468</td></tr><tr><td>Purchases of investments:</td><td></td><td></td><td></td></tr><tr><td>Fixed maturities............................................................................................................... .........</td><td>(10,711)</td><td>(13,526)</td><td>(12,250)</td></tr><tr><td>Equity securities .............................................................................................................. .........</td><td>(94)</td><td>(117)</td><td>(459)</td></tr><tr><td>Real estate investments ........................................................................................................ ....</td><td>(107)</td><td>(74)</td><td>(59)</td></tr><tr><td>Other investments.............................................................................................................. .......</td><td>(497)</td><td>(537)</td><td>(541)</td></tr><tr><td>Net sales (purchases) of short-term securities.............................................................................</td><td>(957)</td><td>908</td><td>(26)</td></tr><tr><td>Securities transactions in the course of settlement......................................................................</td><td>158</td><td>(56)</td><td>(47)</td></tr><tr><td>Acquisitions, net of cash acquired............................................................................................. ..</td><td>-</td><td>(4)</td><td>(439)</td></tr><tr><td>Other.......................................................................................................................... ..................</td><td>(325)</td><td>(318)</td><td>(241)</td></tr><tr><td>Net cash used in investing activities.............................................................................</td><td>(2,902)</td><td>(2,329)</td><td>(2,202)</td></tr><tr><td>Cash flows from financing activities</td><td></td><td></td><td></td></tr><tr><td>Treasury stock acquired - share repurchase authorization........................................................</td><td>(1,500)</td><td>(1,270)</td><td>(1,378)</td></tr><tr><td>Treasury stock acquired - net employee share-based compensation ........................................</td><td>(48)</td><td>(51)</td><td>(62)</td></tr><tr><td>Dividends paid to shareholders ................................................................................................. ..</td><td>(844)</td><td>(814)</td><td>(785)</td></tr><tr><td>Payment of debt................................................................................................................ ...........</td><td>(500)</td><td>(600)</td><td>(657)</td></tr><tr><td>Issuance of debt ............................................................................................................... ............</td><td>492</td><td>591</td><td>789</td></tr><tr><td>Issuance of common stock-employee share options ...................................................................</td><td>213</td><td>132</td><td>173</td></tr><tr><td>Net cash used in financing activities ............................................................................</td><td>(2,187)</td><td>(2,012)</td><td>(1,920)</td></tr><tr><td>Effect of exchange rate changes on cash.....................................................................................</td><td>5</td><td>(10)</td><td>11</td></tr><tr><td>Net increase in cash........................................................................................................... ..........</td><td>121</td><td>29</td><td>37</td></tr><tr><td>Cash at beginning of year...................................................................................................... ......</td><td>373</td><td>344</td><td>307</td></tr><tr><td>Cash at end of year ....................................................................................................................</td><td>$ 494</td><td>$ 373 $</td><td>344</td></tr><tr><td>..........</td><td></td><td></td><td></td></tr><tr><td>Income taxes paid..............................................................................................................</td><td>$ 428</td><td>$ 408 $</td><td>514</td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-147 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of The Travelers Companies, Inc. (together with its subsidiaries, the Company). The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and claims and expenses during the reporting period. Actual results could differ from those estimates. All material intercompany transactions and balances have been eliminated. Adoption of Accounting Standards Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the Financial Accounting Standards Board (FASB) issued updated guidance to address the recognition, measurement, presentation and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have readily determinable fair value to be measured at fafair value with any changes in fair value recognized in net income. Equity securities that do not have readily determinable fair values may be measured at estimated fair value or cost less impairment, if any, adjusted for subsequent observable price changes, with changes in the carrying value recognized in net income. The updated guidance was effective for the quarter ended March 31, 2018 and early application of certain of the provisions in the updated guidance was allowed. The Company adopted the updated guidance for the quarter ended March 31, 2018 and elected to report changes in the fair value of equity investments in net realized investment gains (losses). The adoption of this guidance resulted in the recognition of $22 million of net after-tax unrealized gains on equity investments as a cumulative effect adjustment that increased retained earnings as of January 1, 2018 and decreased accumulated other comprehensive income (AOCI) by the same amount. At December 31, 2017, equity investments were classified as availablefor-sale on the Company's balance sheet. However, upon adoption, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued updated guidance that allows a reclassification from AOCI to retained earnings of the stranded tax effects that occurred due to the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA). The updated guidance was effective for the quarter ended March 31, 2019, with early adoption allowed, and was required to be applied retrospectively to each period in which there are items impacted by the TCJA remaining in AOCI or at the beginning of the period of adoption. The Company adopted the updated guidance for the quarter ended March 31, 2019 and elected to reclassify the income tax effects of the TCJA from AOCI to retained earnings as of January 1, 2018. This reclassification resulted in an increase in retained earnings of $24 million as of January 1, 2018 and a decrease in AOCI by the same amount. Leases In February 2016, the FASB issued updated guidance on the accounting for leases that requires lessees to recognize a right-to-use asset and a lease liability for leases with terms of more than 12 months and retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). The updated guidance was effective for reporting periods beginning after December 15, 2018 and required that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. Alternatively, an entity may elect to recognize a cumulative effect adjustment to the the opening balance of retained earnings in the year of adoption. Early adoption was permitted. The Company adopted the updated guidance for leases for the quarter ended March 31, 2019 and elected to utilize a cumulativeeffect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company's reporting fofor the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply all practical expedients applicable to the Company in the updated 128 | [
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"text": "In January 2016, the Financial Accounting Standards Board (FASB) issued updated guidance to address the recognition, measurement, presentation and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have readily determinable fair value to be measured at fafair value with any changes in fair value recognized in net income. Equity securities that do not have readily determinable fair values may be measured at estimated fair value or cost less impairment, if any, adjusted for subsequent observable price changes, with changes in the carrying value recognized in net income. The updated guidance was effective for the quarter ended March 31, 2018 and early application of certain of the provisions in the updated guidance was allowed. The Company adopted the updated guidance for the quarter ended March 31, 2018 and elected to report changes in the fair value of equity investments in net realized investment gains (losses). The adoption of this guidance resulted in the recognition of $22 million of net after-tax unrealized gains on equity investments as a cumulative effect adjustment that increased retained earnings as of January 1, 2018 and decreased accumulated other comprehensive income (AOCI) by the same amount. At December 31, 2017, equity investments were classified as availablefor-sale on the Company's balance sheet. However, upon adoption, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-148 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) guidance for transition for leases in effect at adoption, including using hindsight to determine the lease term of existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $320 million as part of other assets and a lease liability of $384 million as part of other liabilities in the consolidated balance sheet, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its corporate real estate agreements at March 31, 2019. The cumulative effect adjustment to the opening balance of retained earnings at January 1, 2019 was zero. The adoption of the updated guidance did not have a material effect on the Company's results of operations or liquidity. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued updated guidance on a customer's accounting for the implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor, i.e. a service contract. The updated guidance is effective for the quarter ending March 31, 2020, with early adoption permitted. The updated guidance requires an entity to determine the stage of a project that the implementation activity relates to and the nature of the associated costs in order to determine whether those costs should be expensed as incurred or capitalized. The updated guidance also requires the entity to amortize the capitalized implementation costs as an expense over the term of the hosting arrangement. The Company elected to adopt the guidance for the quarter ended March 31, 2019 and applied the guidance prospectively. The adoption of the updated guidance did not have a material effect on the Company's results of operations, financial position or liquidity. Revenue from Contracts with Customers In May 2014, the FASB issued updated guidance to clarify the principles for recognizing revenue. The updated guidance was effective for the quarter ended March 31, 2018 and required an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. For the year ended December 31, 2018, approximately $171 million, or less than 1% of the Company's total revenues, were within the scope of this updated guidance and were generated from the services described below. While insurance contracts are not within the scope of this updated guidance, the Company's revenue related to certain services with no underlying insurance risk is subject to the updated guidance. These services include the following: (i) insurance-related services, such as risk management services, claims administration, loss control and risk management information services on behalf of non-insureds; (ii) servicing carrier fees for various residual market pools and associations; and (iii) administrative fees related to servicing third-party insurers' obligations to participate in the Workers' Compensation Residual Market Plans in certain states. The adoption of the updated guidance did not have a material impact on the Company's revenues. These revenues are earned as the Company completes its performance obligations, which primarily occurs on a pro rata basis over the contract service period and reported in fee income in the Company's consolidated statement of income. Commissions earned from on-line insurance brokerage services are also subject to this updated guidance and there was not a material impact on these commissions from the adoption of the updated guidance. Commissions are generally earned upon collection of the gross premium in accordance with the contracts and an accrual is made to recognize policy cancellations, either at the policyholder's direction or for non-payment. Commissions are reported in other revenues in the Company's consolidated statement of income. The Company does not capitalize the costs to obtain or fulfill the contracts for which revenues are reported in fee income and other revenues and has not recognized any material impairment losses on the receivables related to these contracts. The Company adopted the updated guidance for the quarter ended March 31, 2018. The adoption did not have a material effect on the Company's results of operations, financial position or liquidity. Other Accounting Standards Not Yet Adopted Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued updated guidance for the accounting for credit losses for financial instruments. The updated guidance applies a new credit loss model (current expected credit losses or CECL) for determining credit-related impairments for financial 129 | [
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"text": "guidance for transition for leases in effect at adoption, including using hindsight to determine the lease term of existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $320 million as part of other assets and a lease liability of $384 million as part of other liabilities in the consolidated balance sheet, as well as de-recognizing the liability for deferred rent that was required under the previous guidance, for its corporate real estate agreements at March 31, 2019. The cumulative effect adjustment to the opening balance of retained earnings at January 1, 2019 was zero. The adoption of the updated guidance did not have a material effect on the Company's results of operations or liquidity."
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"text": "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-149 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) instruments measured at amortized cost (including reinsurance recoverables and structured settlements that are recorded as part of reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The updated guidance is effective for the quarter ending March 31, 2020. The Company expects to recognize an after-tax cumulative effect adjustment of approximately $43 million to reflect the impact of recognizing expected credit losses, as compared to incurred credit losses recognized under the previous guidance. This adjustment is primarily associated with structured settlements that are recorded as part of reinsurance recoverables. The cumulative effect adjustment will decrease retained earnings as of January 1 , 2020 and increase the allowance for uncollectible reinsurance. Intangibles - Goodwill and Other In January 2017, the FASB issued updated guidance that eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the current goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge by comparing a reporting unit's fair value with its carrying amount and recognizing an impairment charge for the excess of the carrying amount over estimated fair value (i.e., Step 1 of current guidance). The implied fair value of goodwill is currently determined in Step 2 by deducting the fair value of all assets and liabilities of the reporting unit (determined in the same manner as a business combination) from the reporting unit's fair value as determined in Step 1 (including any corporatelevel assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1). The updated guidance requires an entity to perform its annual, or interim, impairment test by either: (1) an initial qualitative assessment of factors (such as changes in management, key personnel, strategy, key technology or customers) that may impact a reporting unit's fair value and lead to the determination that it is more likely than not that the reporting unit's fair value is less than its carrying value, including goodwill (consistent with current guidance), or (2) applying Step 1. The updated guidance is effective for the quarter ending March 31, 2020 and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The updated guidance is effective for the quarter ending March 31, 2021. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity. Accounting Policies Investments Fixed Maturities Fixed maturities include bonds, notes and redeemable preferred stocks. Fixed maturities, including instruments subject to securities lending agreements, are classified as available for sale and reported at fair value, with unrealized investment gains and losses, net of income taxes, charged or credited directly to other comprehensive income. 130 | [
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"text": "In December 2019, the FASB issued updated guidance for the accounting for income taxes. The updated guidance is intended to "
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"text": "simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other "
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"text": "existing guidance to simplify several other income tax accounting matters. The updated guidance is effective for the quarter ending "
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"text": "March 31, 2021. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the "
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"text": "Company’s results of operations, financial position or liquidity."
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"text": "Fixed Maturities"
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"text": "Fixed maturities include bonds, notes and redeemable preferred stocks. Fixed maturities, including instruments subject to securities "
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"text": "lending agreements, are classified as available for sale and reported at fair value, with unrealized investment gains and losses, net "
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"text": "of income taxes, charged or credited directly to other comprehensive income. "
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"text": "THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES"
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"text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)"
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"text": "1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)"
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"text": "instruments measured at amortized cost (including reinsurance recoverables and structured settlements that are recorded as part of reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses, and subsequent adjustments to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected."
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"text": "The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists."
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"text": "The updated guidance is effective for the quarter ending March 31, 2020. The Company expects to recognize an after-tax cumulative effect adjustment of approximately $43 million to reflect the impact of recognizing expected credit losses, as compared to incurred credit losses recognized under the previous guidance. This adjustment is primarily associated with structured settlements that are recorded as part of reinsurance recoverables. The cumulative effect adjustment will decrease retained earnings as of January 1 , 2020 and increase the allowance for uncollectible reinsurance."
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"text": "In January 2017, the FASB issued updated guidance that eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the current goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge by comparing a reporting unit's fair value with its carrying amount and recognizing an impairment charge for the excess of the carrying amount over estimated fair value (i.e., Step 1 of current guidance). The implied fair value of goodwill is currently determined in Step 2 by deducting the fair value of all assets and liabilities of the reporting unit (determined in the same manner as a business combination) from the reporting unit's fair value as determined in Step 1 (including any corporatelevel assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1). The updated guidance requires an entity to perform its annual, or interim, impairment test by either: (1) an initial qualitative assessment of factors (such as changes in management, key personnel, strategy, key technology or customers) that may impact a reporting unit's fair value and lead to the determination that it is more likely than not that the reporting unit's fair value is less than its carrying value, including goodwill (consistent with current guidance), or (2) applying Step 1."
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"text": "The updated guidance is effective for the quarter ending March 31, 2020 and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity."
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"text": "In December 2019, the FASB issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The updated guidance is effective for the quarter ending March 31, 2021. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company's results of operations, financial position or liquidity."
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"text": "Fixed maturities include bonds, notes and redeemable preferred stocks. Fixed maturities, including instruments subject to securities lending agreements, are classified as available for sale and reported at fair value, with unrealized investment gains and losses, net of income taxes, charged or credited directly to other comprehensive income."
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] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 149
} |
Subsets and Splits