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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
ASSETS    
Fixed income securities, held-to-maturity – at carrying value (fair value: $21,921 - 2020; $21,975 - 2019) $ 20,408 $ 20,800
Less: allowance for credit losses (28) 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 20,380 20,800
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $15,787 - 2020; amortized cost: $5,877,779 – 2020; $5,879,986 – 2019) 5,945,360 6,095,620
Commercial mortgage loans - at carrying value (fair value: $13,856 – 2020) 14,096 0
Less: allowance for credit losses (240) 0
Commercial mortgage loans, net of allowance for credit losses 13,856 0
Equity securities – at fair value (cost: $116,249 – 2020; $72,061 – 2019) 99,989 72,937
Short-term investments (at cost which approximates fair value) 517,558 282,490
Other investments 244,934 216,807
Total investments (Note 4 and 6) 6,842,077 6,688,654
Cash 9,429 300
Restricted cash 5,177 7,675
Interest and dividends due or accrued 43,893 44,846
Premiums receivable 815,271 830,301
Less: allowance for credit losses (Note 7) (18,000) (6,400)
Premiums receivable, net of allowance for credit losses 797,271 823,901
Reinsurance recoverable 565,036 577,635
Less: allowance for credit losses (Note 8) 1,502 4,400 [1]
Reinsurance recoverable, net of allowance for credit losses 563,534 573,235
Prepaid reinsurance premiums 162,491 166,705
Deferred federal income tax (Note 14) 43,099 6,776
Property and equipment – at cost, net of accumulated depreciation and amortization of: $231,651 – 2020; $227,566 – 2019 80,061 77,409
Deferred policy acquisition costs 269,581 271,186
Goodwill 7,849 7,849
Other assets 150,588 128,614
Total assets 8,975,050 8,797,150
Liabilities And Stockholders' Equity    
Reserve for loss and loss expense (Note 9) 4,103,635 4,067,163
Unearned premiums 1,514,577 1,523,167
Short-term debt (Note 5) 302,000 0
Long-term Debt (Note 5) 550,577 550,597
Current federal income tax 12,352 2,987
Accrued salaries and benefits 74,031 126,753
Other liabilities 321,422 331,547
Total liabilities 6,878,594 6,602,214
Stockholders' Equity:    
Preferred stock of $0 par value per share: Authorized shares: 5,000,000; no shares issued or outstanding 0 0
Common stock of $2 par value per share: Authorized shares: 360,000,000; Issued: 103,832,370 – 2020; 103,484,159 – 2019 207,665 206,968
Additional paid-in capital 427,328 418,521
Retained earnings 2,083,340 2,080,529
Accumulated other comprehensive income (loss) (Note 12) (22,117) 81,750
Treasury stock – at cost (shares: 44,124,825 – 2020; 44,023,006 – 2019) (599,760) (592,832)
Total stockholders' equity 2,096,456 2,194,936
Commitments and contingencies
Total liabilities and stockholders' equity $ 8,975,050 $ 8,797,150
[1] See Note 2. "Adoption of Accounting Pronouncements" for additional information regarding our adoption of ASU 2016-13.