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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Investments:    
Fixed maturities, available for sale, at fair value (Amortized cost 2024: $13,009,189; 2023: $12,634,254 Allowance for expected credit losses 2024: $4,631; 2023: $10,759) $ 12,585,137 $ 12,234,742
Fixed maturities, held to maturity, at amortized cost (Fair value 2024: $629,323; 2023: $675,851 Allowance for expected credit losses 2024: $nil; 2023: $nil) 637,792 686,296
Equity securities, at fair value (Cost 2024: $547,443; 2023: $543,833) 589,899 588,511
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2024: $20,681; 2023: $6,220) 544,859 610,148
Other investments, at fair value 936,680 949,413
Equity method investments 193,705 174,634
Short-term investments, at fair value 57,436 17,216
Total investments 15,545,508 15,260,960
Cash and cash equivalents 1,092,567 953,476
Restricted cash and cash equivalents 562,496 430,509
Accrued interest receivable 118,147 106,055
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2024: $14,864; 2023: $11,997) 3,686,819 3,067,554
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2024: $43,043; 2023: $36,611) 6,591,821 6,323,083
Reinsurance recoverable on paid losses and loss expenses 483,447 575,847
Deferred acquisition costs 592,067 450,950
Prepaid reinsurance premiums 2,113,364 1,916,087
Receivable for investments sold 11,899 8,767
Goodwill 100,801 100,801
Intangible assets 181,426 186,883
Operating lease right-of-use assets 101,101 108,093
Loan advances made 328,921 305,222
Other assets 568,498 456,385
Total assets 32,078,882 30,250,672
Liabilities    
Reserve for losses and loss expenses 16,738,871 16,434,018
Unearned premiums 5,674,787 4,747,602
Insurance and reinsurance balances payable 2,005,126 1,792,719
Debt 1,314,438 1,313,714
Federal Home Loan Bank advances 85,790 85,790
Payable for investments purchased 118,706 26,093
Operating lease liabilities 116,264 123,101
Other liabilities 365,429 464,439
Total liabilities 26,419,411 24,987,476
Shareholders’ equity    
Preferred shares 550,000 550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 84,179; 2023: 85,286) 2,206 2,206
Additional paid-in capital 2,376,244 2,383,030
Accumulated other comprehensive income (loss) (394,968) (365,836)
Retained earnings 6,957,185 6,440,528
Treasury shares, at cost (2024: 92,401; 2023: 91,294) (3,831,196) (3,746,732)
Total shareholders’ equity 5,659,471 5,263,196
Total liabilities and shareholders’ equity $ 32,078,882 $ 30,250,672