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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments:    
Fixed maturities, available for sale, at fair value (Amortized cost 2024: $13,806,792; 2023: $12,634,254 Allowance for expected credit losses 2024: $4,422; 2023: $10,759) $ 13,768,193 $ 12,234,742
Fixed maturities, held to maturity, at amortized cost (Fair value 2024: $499,538; 2023: $675,851 Allowance for expected credit losses 2024: $nil; 2023: $nil) 503,776 686,296
Equity securities, at fair value (Cost 2024: $518,090; 2023: $543,833) 604,834 588,511
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2024: $22,024; 2023: $6,220) 524,929 610,148
Other investments, at fair value 939,734 949,413
Equity method investments 197,712 174,634
Short-term investments, at fair value 127,867 17,216
Total investments 16,667,045 15,260,960
Cash and cash equivalents 981,003 953,476
Restricted cash and cash equivalents 490,323 430,509
Accrued interest receivable 125,770 106,055
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2024: $19,381; 2023: $11,997) 3,408,271 3,067,554
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2024: $43,312; 2023: $36,611) 6,810,929 6,323,083
Reinsurance recoverable on paid losses and loss expenses 476,045 575,847
Deferred acquisition costs 574,012 450,950
Prepaid reinsurance premiums 2,020,952 1,916,087
Receivable for investments sold 871 8,767
Goodwill 100,801 100,801
Intangible assets 178,696 186,883
Operating lease right-of-use assets 97,912 108,093
Loan advances made 283,624 305,222
Other assets 506,394 456,385
Total assets 32,722,648 30,250,672
Liabilities    
Reserve for losses and loss expenses 17,295,329 16,434,018
Unearned premiums 5,452,873 4,747,602
Insurance and reinsurance balances payable 1,828,297 1,792,719
Debt 1,314,806 1,313,714
Federal Home Loan Bank advances 75,580 85,790
Payable for investments purchased 127,609 26,093
Operating lease liabilities 115,176 123,101
Other liabilities 429,751 464,439
Total liabilities 26,639,421 24,987,476
Shareholders’ equity    
Preferred shares 550,000 550,000
Common shares (shares issued 2024: 176,580; 2023: 176,580 shares outstanding 2024: 83,649; 2023: 85,286) 2,206 2,206
Additional paid-in capital 2,385,905 2,383,030
Accumulated other comprehensive income (loss) (76,738) (365,836)
Retained earnings 7,092,817 6,440,528
Treasury shares, at cost (2024: 92,931; 2023: 91,294) (3,870,963) (3,746,732)
Total shareholders’ equity 6,083,227 5,263,196
Total liabilities and shareholders’ equity $ 32,722,648 $ 30,250,672