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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investment portfolio:    
Fixed income available-for-sale $ 5,703,121 $ 5,791,231
Equity securities, at fair value (cost 2026 - $16,323; 2025 - $16,286) 15,191 15,322
Other invested assets, at cost 1,109 1,109
Total investment portfolio 5,719,421 5,807,662
Cash and cash equivalents 235,090 368,989
Restricted cash and cash equivalents 14,405 6,525
Accrued investment income 57,256 58,009
Reinsurance recoverable on loss reserves 73,184 65,055
Reinsurance recoverable on paid losses 3,897 4,386
Premiums receivable 68,143 58,184
Home office and equipment, net 31,947 32,454
Deferred insurance policy acquisition costs 7,955 8,377
Deferred income taxes, net 15,494 18,512
Other assets 189,957 211,333
Total Assets 6,416,749 6,639,486
Liabilities:    
Loss reserves 499,120 474,884
Unearned premiums 92,606 93,026
Senior notes 646,506 646,138
Federal tax credits payable 16,110 135,344
Other liabilities 125,120 142,543
Total Liabilities 1,379,462 1,491,935
Contingencies
Shareholders’ equity:    
Common stock 213,200 219,367
Paid-in capital 1,795,697 1,812,463
Accumulated other comprehensive income (loss), net of tax (167,482) (134,394)
Retained earnings 3,195,872 3,250,115
Total Shareholders’ Equity 5,037,287 5,147,551
Total Liabilities and Shareholders’ Equity 6,416,749 6,639,486
Fixed income    
Investment portfolio:    
Fixed income available-for-sale 5,482,530 5,489,945
Short-Term Investments    
Investment portfolio:    
Fixed income available-for-sale $ 220,591 $ 301,286