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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturities, available for sale, at fair value (Amortized cost 2024: $12,714,210; 2023: $12,634,254 Allowance for expected credit losses 2024: $4,237; 2023: $10,759) $ 12,269,310 $ 12,234,742
Fixed maturities, held to maturity, at amortized cost (Fair value 2024: $683,726; 2023: $675,851 Allowance for expected credit losses 2024: $nil; 2023: $nil) 693,042 686,296
Equity securities, at fair value (Cost 2024: $545,538; 2023: $543,833) 582,178 588,511
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2024: $8,113; 2023: $6,220) 609,704 610,148
Other investments, at fair value 934,724 949,413
Equity method investments 182,594 174,634
Short-term investments, at fair value 75,879 17,216
Total investments 15,347,431 15,260,960
Cash and cash equivalents 1,143,951 953,476
Restricted cash and cash equivalents 697,623 430,509
Accrued interest receivable 107,131 106,055
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2024: $13,103; 2023: $11,997) 3,517,242 3,067,554
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2024: $37,888; 2023: $36,611) 6,503,188 6,323,083
Reinsurance recoverable on paid losses and loss expenses 472,660 575,847
Deferred acquisition costs 543,343 450,950
Prepaid reinsurance premiums 2,060,717 1,916,087
Receivable for investments sold 5,686 8,767
Goodwill 100,801 100,801
Intangible assets 184,155 186,883
Operating lease right-of-use assets 104,162 108,093
Loan advances made 345,065 305,222
Other assets 625,535 456,385
Total assets 31,758,690 30,250,672
Liabilities    
Reserve for losses and loss expenses 16,630,897 16,434,018
Unearned premiums 5,353,827 4,747,602
Insurance and reinsurance balances payable 1,909,309 1,792,719
Debt 1,314,074 1,313,714
Federal Home Loan Bank advances 85,790 85,790
Payable for investments purchased 493,582 26,093
Operating lease liabilities 119,124 123,101
Other liabilities 346,932 464,439
Total liabilities 26,253,535 24,987,476
Shareholders’ equity    
Preferred shares 550,000 550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 84,687; 2023: 85,286) 2,206 2,206
Additional paid-in capital 2,368,144 2,383,030
Accumulated other comprehensive income (loss) (411,849) (365,836)
Retained earnings 6,790,558 6,440,528
Treasury shares, at cost (2024: 91,893; 2023: 91,294) (3,793,904) (3,746,732)
Total shareholders’ equity 5,505,155 5,263,196
Total liabilities and shareholders’ equity $ 31,758,690 $ 30,250,672