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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,735 – 2024; $21,923 – 2023) $ 25,375 $ 22,700
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 25,375 22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $31,948 – 2024; $28,212 – 2023; amortized cost: $8,476,078 – 2024; $7,880,697 – 2023) 8,127,334 7,499,197
Commercial mortgage loans – at carrying value (fair value: $224,842 – 2024; $178,913 – 2023) 233,774 188,708
Less: allowance for credit losses (66) (291)
Commercial mortgage loans, net of allowance for credit losses 233,708 188,417
Equity securities – at fair value (cost:  $211,486 – 2024; $183,076 – 2023) 213,601 187,155
Short-term investments 509,318 309,317
Alternative investments 440,896 395,779
Other investments 101,065 91,164
Total investments (Notes 5 and 7) 9,651,297 8,693,729
Cash 91 180
Restricted cash 62,933 13,092
Accrued investment income 76,892 66,339
Premiums receivable 1,488,206 1,331,979
Less: allowance for credit losses (Note 8) (20,400) (18,900)
Premiums receivable, net of allowance for credit losses 1,467,806 1,313,079
Reinsurance recoverable 1,063,145 658,525
Less: allowance for credit losses (Note 9) (2,000) (1,700)
Reinsurance recoverable, net of allowance for credit losses 1,061,145 656,825
Prepaid reinsurance premiums (Note 9) 235,378 203,320
Deferred federal income tax (Note 14) 146,788 140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $287,685 – 2024; $271,409 – 2023 93,303 83,272
Deferred policy acquisition costs (Note 2) 479,304 424,864
Goodwill (Note 12) 7,849 7,849
Other assets 231,403 199,760
Total assets 13,514,189 11,802,546
Liabilities:    
Reserve for loss and loss expense (Note 10) 6,589,801 5,336,911
Unearned premiums 2,616,268 2,330,656
Long-term debt (Note 11) 507,938 503,946
Current federal income tax (Note 14) 19,706 6,251
Accrued salaries and benefits 121,662 122,003
Other liabilities 538,738 548,398
Total liabilities 10,394,113 8,848,165
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 – 2024 and 2023 200,000 200,000
Common stock of $2 par value per share: Authorized shares 360,000,000 Issued:  105,609,364 – 2024; 105,223,307 – 2023 211,219 210,447
Additional paid-in capital 557,042 522,748
Retained earnings 3,139,489 3,029,396
Accumulated other comprehensive income (loss) (Note 6) (336,845) (373,001)
Treasury stock – at cost (shares: 44,761,468 – 2024; 44,586,870 – 2023) (650,829) (635,209)
Total stockholders’ equity 3,120,076 2,954,381
Commitments and contingencies (Notes 19 and 20)
Total liabilities and stockholders’ equity $ 13,514,189 $ 11,802,546