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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments    
Total investments available for sale $ 6,089,865 $ 5,876,721
Other invested assets 370,072 303,900
Total investments 6,459,937 6,180,621
Cash 91,411 131,480
Accrued investment income 43,004 43,732
Accounts receivable 53,674 55,564
Deferred policy acquisition costs 9,191 9,653
Property and equipment (at cost, less accumulated depreciation of $75,113 in 2025 and $72,270 in 2024) 49,956 41,871
Prepaid federal income tax 490,456 489,600
Goodwill and acquired intangible assets, net 78,504 79,556
Other assets 75,866 79,572
Total assets 7,351,999 7,111,649
Liabilities    
Reserve for losses and LAE 397,138 328,866
Unearned premium reserve 96,581 115,983
Net deferred tax liability 438,187 392,428
Senior Notes due 2029, net 494,965 493,959
Other liabilities 186,154 176,755
Total liabilities 1,613,025 1,507,991
Commitments and contingencies (see Note 7)
Stockholders’ Equity    
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 0 shares in 2025 and 105,015 shares in 2024 1,462 1,575
Additional paid-in capital 770,561 1,214,956
Accumulated other comprehensive loss (165,425) (303,984)
Retained earnings 5,132,376 4,691,111
Total stockholders’ equity 5,738,974 5,603,658
Total liabilities and stockholders’ equity 7,351,999 7,111,649
Fixed maturities    
Investments    
Total investments available for sale 5,449,789 5,112,697
Short-term investments    
Investments    
Total investments available for sale $ 640,076 $ 764,024