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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $19,183 – 2024; $21,923 – 2023) $ 20,295 $ 22,700
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 20,295 22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $30,381 – 2024 and $28,212 – 2023; amortized cost: $7,983,271 – 2024 and $7,880,697 – 2023) 7,583,504 7,499,197
Commercial mortgage loans – at carrying value (fair value: $197,807 – 2024 and $178,913 – 2023) 208,152 188,708
Less: allowance for credit losses (122) (291)
Commercial mortgage loans, net of allowance for credit losses 208,030 188,417
Equity securities – at fair value (cost:  $189,549 – 2024; $183,076 – 2023) 194,320 187,155
Short-term investments 247,883 309,317
Alternative investments 402,689 395,779
Other investments 88,960 91,164
Total investments (Note 4 and 5) 8,745,681 8,693,729
Cash 124 180
Restricted cash 11,720 13,092
Accrued investment income 68,034 66,339
Premiums receivable 1,459,112 1,331,979
Less: allowance for credit losses (Note 6) (20,000) (18,900)
Premiums receivable, net of allowance for credit losses 1,439,112 1,313,079
Reinsurance recoverable 653,085 658,525
Less: allowance for credit losses (Note 7) (1,700) (1,700)
Reinsurance recoverable, net of allowance for credit losses 651,385 656,825
Prepaid reinsurance premiums 207,979 203,320
Deferred federal income tax 144,719 140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $277,945 – 2024; $271,409 – 2023 82,703 83,272
Deferred policy acquisition costs 448,340 424,864
Goodwill 7,849 7,849
Other assets 248,469 199,760
Total assets 12,056,115 11,802,546
Liabilities:    
Reserve for loss and loss expense (Note 8) 5,501,750 5,336,911
Unearned premiums 2,440,992 2,330,656
Long-term debt 503,305 503,946
Current federal income tax 26,530 6,251
Accrued salaries and benefits 97,918 122,003
Other liabilities 479,126 548,398
Total liabilities 9,049,621 8,848,165
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 - 2024 and 2023 200,000 200,000
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 105,447,377 - 2024; 105,223,307 - 2023 210,895 210,447
Additional paid-in capital 534,327 522,748
Retained earnings 3,088,150 3,029,396
Accumulated other comprehensive income (loss) (Note 11) (384,972) (373,001)
Treasury stock – at cost (shares:  44,655,938 – 2024; 44,586,870 – 2023) (641,906) (635,209)
Total stockholders’ equity 3,006,494 2,954,381
Commitments and contingencies
Total liabilities and stockholders’ equity $ 12,056,115 $ 11,802,546