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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Fixed income securities, held-to-maturity - at carrying value $ 23,240 $ 31,157
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 23,240 31,157
Fixed income securities, available-for-sale - at fair value 7,027,104 6,612,107
Commercial mortgage loans - at carrying value 186,114 149,305
Less: allowance for credit losses (181) (116)
Commercial mortgage loans, net of allowance for credit losses 185,933 149,189
Equity securities - at fair value 125,618 162,000
Short-term investments 315,026 440,456
Alternative investments 446,805 371,316
Other investments 72,188 71,244
Total investments (Note 4 and 5) 8,195,914 7,837,469
Cash 109 26
Restricted cash 13,236 25,183
Accrued investment income 62,172 59,167
Premiums receivable 1,348,948 1,101,787
Less: allowance for credit losses (Note 6) (18,900) (16,100)
Premiums receivable, net of allowance for credit losses 1,330,048 1,085,687
Reinsurance recoverable, gross 687,141 784,410
Less: allowance for credit losses (Note 7) (1,800) (1,600)
Reinsurance recoverable, net of allowance for credit losses 685,341 782,810
Prepaid reinsurance premiums 205,189 172,371
Current federal income tax 0 3,545
Deferred federal income tax 199,317 172,733
Property and equipment - at cost, net of accumulated depreciation and amortization 81,372 84,306
Deferred policy acquisition costs 425,754 368,624
Goodwill 7,849 7,849
Other assets 221,658 202,491
Total assets 11,427,959 10,802,261
Liabilities:    
Reserve for loss and loss expense (Note 8) 5,301,370 5,144,821
Unearned premiums 2,342,196 1,992,781
Long-term debt 504,591 504,676
Current federal income tax 2,538 0
Accrued salaries and benefits 114,239 115,185
Other liabilities 518,602 517,234
Total liabilities 8,783,536 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: 105,172,002 - 2023; 104,847,111 - 2022 210,344 209,694
Additional paid-in capital 516,854 493,488
Retained earnings 2,928,177 2,749,703
Accumulated other comprehensive income (loss) (Note 11) (575,869) (498,042)
Treasury stock, at cost (shares: 44,585,641 - 2023; 44,508,211 - 2022) (635,083) (627,279)
Total stockholders' equity 2,644,423 2,527,564
Commitments and contingencies
Total liabilities and stockholders' equity $ 11,427,959 $ 10,802,261