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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $21,440 – 2024; $21,923 – 2023) $ 21,958 $ 22,700
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 21,958 22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $28,504 – 2024 and $28,212 – 2023; amortized cost: $8,269,338 – 2024 and $7,880,697 – 2023) 8,088,601 7,499,197
Commercial mortgage loans – at carrying value (fair value: $218,599 – 2024 and $178,913 – 2023) 223,718 188,708
Less: allowance for credit losses (150) (291)
Commercial mortgage loans, net of allowance for credit losses 223,568 188,417
Equity securities – at fair value (cost: $198,548 – 2024; $183,076 – 2023) 205,634 187,155
Short-term investments 561,032 309,317
Alternative investments 431,999 395,779
Other investments 102,496 91,164
Total investments (Note 4 and 5) 9,635,288 8,693,729
Cash 98 180
Restricted cash 12,566 13,092
Accrued investment income 73,842 66,339
Premiums receivable 1,552,740 1,331,979
Less: allowance for credit losses (Note 6) (20,800) (18,900)
Premiums receivable, net of allowance for credit losses 1,531,940 1,313,079
Reinsurance recoverable 1,059,251 658,525
Less: allowance for credit losses (Note 7) (2,000) (1,700)
Reinsurance recoverable, net of allowance for credit losses 1,057,251 656,825
Prepaid reinsurance premiums 230,705 203,320
Current federal income tax 13,036 0
Deferred federal income tax 100,716 140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $285,067 – 2024; $271,409 – 2023 92,195 83,272
Deferred policy acquisition costs 488,521 424,864
Goodwill 7,849 7,849
Other assets 229,130 199,760
Total assets 13,473,137 11,802,546
Liabilities:    
Reserve for loss and loss expense (Note 8) 6,451,996 5,336,911
Unearned premiums 2,655,000 2,330,656
Long-term debt 508,237 503,946
Current federal income tax 0 6,251
Accrued salaries and benefits 113,475 122,003
Other liabilities 576,628 548,398
Total liabilities 10,305,336 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: 105,553,451 – 2024; 105,223,307 – 2023 211,107 210,447
Additional paid-in capital 549,750 522,748
Retained earnings 3,069,567 3,029,396
Accumulated other comprehensive income (loss) (Note 11) (211,875) (373,001)
Treasury stock – at cost (shares:  44,760,620 – 2024; 44,586,870 – 2023) (650,748) (635,209)
Total stockholders’ equity 3,167,801 2,954,381
Commitments and contingencies
Total liabilities and stockholders’ equity $ 13,473,137 $ 11,802,546