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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ASSETS    
Fixed income securities, held-to-maturity – at carrying value (fair value: $20,727 - 2020; $21,975 - 2019) $ 19,570 $ 20,800
Less: allowance for credit losses (28) 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 19,542 20,800
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $10,395 - 2020; amortized cost: $6,065,554 – 2020; $5,879,986 – 2019) 6,358,156 6,095,620
Commercial mortgage loans - at carrying value (fair value: $17,949 – 2020) 17,880 0
Less: allowance for credit losses (217) 0
Commercial mortgage loans, net of allowance for credit losses 17,663 0
Equity securities – at fair value (cost: $144,617 – 2020; $72,061 – 2019) 134,058 72,937
Short-term investments (at cost which approximates fair value) 370,390 282,490
Other investments 230,520 216,807
Total investments (Note 4 and 6) 7,130,329 6,688,654
Cash 666 300
Restricted cash 4,971 7,675
Interest and dividends due or accrued 45,793 44,846
Premiums receivable 887,938 830,301
Less: allowance for credit losses (Note 7) (21,000) (6,400)
Premiums receivable, net of allowance for credit losses 866,938 823,901
Reinsurance recoverable 587,127 577,635
Less: allowance for credit losses (Note 8) (2,396) (4,400)
Reinsurance recoverable, net of allowance for credit losses 584,731 573,235
Prepaid reinsurance premiums 169,761 166,705
Deferred federal income tax 0 6,776
Property and equipment – at cost, net of accumulated depreciation and amortization of: $237,021 – 2020; $227,566 – 2019 78,771 77,409
Deferred policy acquisition costs 285,455 271,186
Goodwill 7,849 7,849
Other assets 130,698 128,614
Total assets 9,305,962 8,797,150
Liabilities And Stockholders' Equity    
Reserve for loss and loss expense (Note 9) 4,176,906 4,067,163
Unearned premiums 1,615,928 1,523,167
Short-term debt (Note 5) 252,000 0
Long-term Debt (Note 5) 550,588 550,597
Current federal income tax 10,550 2,987
Deferred federal income tax 13,065 0
Accrued salaries and benefits 82,671 126,753
Other liabilities 305,579 331,547
Total liabilities 7,007,287 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: 103,937,634 – 2020; 103,484,159 – 2019 207,875 206,968
Additional paid-in capital 435,019 418,521
Retained earnings 2,103,629 2,080,529
Accumulated other comprehensive income (Note 12) 151,966 81,750
Treasury stock – at cost (shares: 44,125,892 – 2020; 44,023,006 – 2019) (599,814) (592,832)
Total stockholders' equity 2,298,675 2,194,936
Commitments and contingencies
Total liabilities and stockholders' equity $ 9,305,962 $ 8,797,150