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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Fixed income securities, held-to-maturity - at carrying value $ 23,676 $ 31,157
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 23,676 31,157
Fixed income securities, available-for-sale - at fair value 7,032,348 6,612,107
Commercial mortgage loans - at carrying value 175,538 149,305
Less: allowance for credit losses (177) (116)
Commercial mortgage loans, net of allowance for credit losses 175,361 149,189
Equity securities - at fair value 121,640 162,000
Short-term investments 319,456 440,456
Alternative investments 389,173 371,316
Other investments 71,545 71,244
Total investments (Note 4 and 5) 8,133,199 7,837,469
Cash 354 26
Restricted cash 20,904 25,183
Accrued investment income 59,441 59,167
Premiums receivable 1,304,394 1,101,787
Less: allowance for credit losses (Note 6) (17,900) (16,100)
Premiums receivable, net of allowance for credit losses 1,286,494 1,085,687
Reinsurance recoverable, gross 648,591 784,410
Less: allowance for credit losses (Note 7) (1,800) (1,600)
Reinsurance recoverable, net of allowance for credit losses 646,791 782,810
Prepaid reinsurance premiums 190,425 172,371
Current federal income tax 0 3,545
Deferred federal income tax 171,915 172,733
Property and equipment - at cost, net of accumulated depreciation and amortization 81,255 84,306
Deferred policy acquisition costs 413,813 368,624
Goodwill 7,849 7,849
Other assets 204,800 202,491
Total assets 11,217,240 10,802,261
Liabilities:    
Reserve for loss and loss expense (Note 8) 5,177,023 5,144,821
Unearned premiums 2,251,024 1,992,781
Long-term debt 503,622 504,676
Current federal income tax 2,555 0
Accrued salaries and benefits 91,993 115,185
Other liabilities 519,631 517,234
Total liabilities 8,545,848 8,274,697
Stockholders' Equity:    
Preferred stock of $0 par value per share: Authorized shares 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2023 and 2022 200,000 200,000
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 105,148,165 - 2023; 104,847,111 - 2022 210,296 209,694
Additional paid-in capital 512,040 493,488
Retained earnings 2,859,569 2,749,703
Accumulated other comprehensive income (loss) (Note 11) (475,722) (498,042)
Treasury stock, at cost (shares: 44,582,682 - 2023; 44,508,211 - 2022) (634,791) (627,279)
Total stockholders' equity 2,671,392 2,527,564
Commitments and contingencies
Total liabilities and stockholders' equity $ 11,217,240 $ 10,802,261