XML 14 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,800 – 2025; $24,735 – 2024) $ 25,310 $ 25,375
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 25,310 25,375
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $30,175 – 2025 and $31,948 – 2024; amortized cost: $8,871,026 – 2025 and $8,476,078 – 2024) 8,605,175 8,127,334
Commercial mortgage loans – at carrying value (fair value: $251,498 – 2025 and $224,842 – 2024) 257,846 233,774
Less: allowance for credit losses (98) (66)
Commercial mortgage loans, net of allowance for credit losses 257,748 233,708
Equity securities – at fair value (cost: $263,305 – 2025; $211,486 – 2024) 266,471 213,601
Short-term investments 631,090 509,318
Alternative investments 411,111 440,896
Other investments 98,405 101,065
Total investments (Note 4 and 5) 10,295,310 9,651,297
Cash 124 91
Restricted cash 108,170 62,933
Accrued investment income 77,110 76,892
Premiums receivable 1,561,342 1,488,206
Less: allowance for credit losses (Note 6) (21,600) (20,400)
Premiums receivable, net of allowance for credit losses 1,539,742 1,467,806
Reinsurance recoverable 926,944 1,063,145
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 924,944 1,061,145
Prepaid reinsurance premiums 235,923 235,378
Deferred federal income tax 134,161 146,788
Property and equipment – at cost, net of accumulated depreciation and amortization of: $294,790 – 2025; $287,685 – 2024 100,098 93,303
Deferred policy acquisition costs 492,492 479,304
Goodwill 7,849 7,849
Other assets 281,640 231,403
Total assets 14,197,563 13,514,189
Liabilities:    
Reserve for loss and loss expense (Note 8) 6,610,855 6,589,801
Unearned premiums 2,698,499 2,616,268
Long-term debt 903,232 507,938
Current federal income tax 56,148 19,706
Accrued salaries and benefits 105,611 121,662
Other liabilities 564,678 538,738
Total liabilities 10,939,023 10,394,113
Stockholders’ Equity:    
Preferred stock 200,000 200,000
Common stock 211,673 211,219
Additional paid-in capital 571,289 557,042
Retained earnings 3,223,731 3,139,489
Accumulated other comprehensive income (loss) (Note 11) (272,068) (336,845)
Treasury stock – at cost (shares:  45,063,439 – 2025; 44,761,468 – 2024) (676,085) (650,829)
Total stockholders’ equity 3,258,540 3,120,076
Commitments and contingencies
Total liabilities and stockholders’ equity $ 14,197,563 $ 13,514,189