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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Fixed income securities, held-to-maturity - at carrying value $ 31,157 $ 28,850
Less: allowance for credit losses 0 (65)
Fixed income securities, held-to-maturity, net of allowance for credit losses 31,157 28,785
Fixed income securities, available-for-sale - at fair value 6,612,107 6,709,976
Commercial mortgage loans, at carrying value 149,305 95,795
Less: allowance for credit losses (116) 0
Commercial mortgage loans, net of allowance for credit losses 149,189 95,795
Equity securities - at fair value 162,000 335,537
Short-term investments 440,456 447,863
Alternative investments 371,316 359,732
Other investments 71,244 49,300
Total investments (Notes 5 and 7) 7,837,469 8,026,988
Cash 26 455
Restricted cash 25,183 44,608
Accrued investment income 59,167 48,247
Premiums receivable 1,101,787 958,787
Less: allowance for credit losses (Note 8) (16,100) (13,600)
Premiums receivable, net of allowance for credit losses 1,085,687 945,187
Reinsurance recoverable 784,410 601,668
Less: allowance for credit losses (Note 9) (1,600) (1,600)
Reinsurance recoverable, net of allowance for credit losses 782,810 600,068
Prepaid reinsurance premiums (Note 9) 172,371 183,007
Current federal income tax (Note 14) 3,545 772
Deferred federal income tax (Note 14) 172,733 0
Property and equipment - at cost, net of accumulated depreciation and amortization 84,306 82,053
Deferred policy acquisition costs (Note 2) 368,624 326,915
Goodwill (Note 12) 7,849 7,849
Other assets 202,491 195,240
Total assets 10,802,261 10,461,389
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Reserve for loss and loss expense (Note 10) 5,144,821 4,580,903
Unearned premiums 1,992,781 1,803,207
Long-term debt (Note 11) 504,676 506,050
Deferred federal income tax (Note 14) 0 13,413
Accrued salaries and benefits 115,185 121,057
Other liabilities 517,234 453,874
Total liabilities 8,274,697 7,478,504
Stockholders’ Equity:    
Preferred stock of $0 par value per share (Note 17): Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2022 and 2021 200,000 200,000
Common stock of $2 par value per share: Authorized shares: 360,000,000 Issued: 104,847,111 - 2022; 104,450,916 - 2021 209,694 208,902
Additional paid-in capital 493,488 464,347
Retained earnings 2,749,703 2,603,472
Accumulated other comprehensive (loss) income (Note 6) (498,042) 115,099
Treasury stock, at cost (shares: 44,508,211 - 2022; 44,266,534 - 2021) (627,279) (608,935)
Total stockholders’ equity 2,527,564 2,982,885
Commitments and contingencies (Notes 19 and 20)
Total liabilities and stockholders’ equity $ 10,802,261 $ 10,461,389