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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,457 – 2025; $24,735 – 2024) $ 24,552 $ 25,375
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 24,552 25,375
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $28,733 – 2025 and $31,948 – 2024; amortized cost: $9,089,518 – 2025 and $8,476,078 – 2024) 8,876,667 8,127,334
Commercial mortgage loans – at carrying value (fair value: $266,197 – 2025 and $224,842 – 2024) 272,072 233,774
Less: allowance for credit losses (212) (66)
Commercial mortgage loans, net of allowance for credit losses 271,860 233,708
Equity securities – at fair value (cost: $311,254 – 2025; $211,486 – 2024) 318,059 213,601
Short-term investments 531,441 509,318
Alternative investments 434,995 440,896
Other investments 95,978 101,065
Total investments (Note 4 and 5) 10,553,552 9,651,297
Cash 357 91
Restricted cash 37,878 62,933
Accrued investment income 86,912 76,892
Premiums receivable 1,684,351 1,488,206
Less: allowance for credit losses (Note 6) (21,800) (20,400)
Premiums receivable, net of allowance for credit losses 1,662,551 1,467,806
Reinsurance recoverable 883,388 1,063,145
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 881,388 1,061,145
Prepaid reinsurance premiums 252,595 235,378
Current federal income tax 13,195 0
Deferred federal income tax 120,676 146,788
Property and equipment – at cost, net of accumulated depreciation and amortization of: $300,448 – 2025; $287,685 – 2024 100,019 93,303
Deferred policy acquisition costs 510,391 479,304
Goodwill 7,849 7,849
Other assets 241,070 231,403
Total assets 14,468,433 13,514,189
Liabilities:    
Reserve for loss and loss expense (Note 8) 6,811,156 6,589,801
Unearned premiums 2,815,743 2,616,268
Long-term debt 902,749 507,938
Current federal income tax 0 19,706
Accrued salaries and benefits 107,718 121,662
Other liabilities 461,688 538,738
Total liabilities 11,099,054 10,394,113
Stockholders’ Equity:    
Preferred stock 200,000 200,000
Common stock 211,832 211,219
Additional paid-in capital 580,432 557,042
Retained earnings 3,284,044 3,139,489
Accumulated other comprehensive income (loss) (Note 11) (230,642) (336,845)
Treasury stock – at cost (shares:  45,066,408 – 2025; 44,761,468 – 2024) (676,287) (650,829)
Total stockholders’ equity 3,369,379 3,120,076
Commitments and contingencies
Total liabilities and stockholders’ equity $ 14,468,433 $ 13,514,189