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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,254 – 2025; $24,735 – 2024) $ 24,243 $ 25,375
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 24,243 25,375
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $29,076 – 2025 and $31,948 – 2024; amortized cost: $9,409,353 – 2025 and $8,476,078 – 2024) 9,275,424 8,127,334
Commercial mortgage loans – at carrying value (fair value: $269,141 – 2025 and $224,842 – 2024) 273,681 233,774
Less: allowance for credit losses (207) (66)
Commercial mortgage loans, net of allowance for credit losses 273,474 233,708
Equity securities – at fair value (cost: $365,497 – 2025; $211,486 – 2024) 380,105 213,601
Short-term investments 587,911 509,318
Alternative investments 417,066 440,896
Other investments 93,302 101,065
Total investments (Note 4 and 5) 11,051,525 9,651,297
Cash 430 91
Restricted cash 23,726 62,933
Accrued investment income 86,838 76,892
Premiums receivable 1,638,087 1,488,206
Less: allowance for credit losses (Note 6) (21,600) (20,400)
Premiums receivable, net of allowance for credit losses 1,616,487 1,467,806
Reinsurance recoverable 949,434 1,063,145
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 947,434 1,061,145
Prepaid reinsurance premiums 274,433 235,378
Current federal income tax 567 0
Deferred federal income tax 113,006 146,788
Property and equipment – at cost, net of accumulated depreciation and amortization of: $306,543 – 2025; $287,685 – 2024 102,417 93,303
Deferred policy acquisition costs 510,257 479,304
Goodwill 7,849 7,849
Other assets 245,442 231,403
Total assets 14,980,411 13,514,189
Liabilities:    
Reserve for loss and loss expense (Note 8) 7,076,422 6,589,801
Unearned premiums 2,840,817 2,616,268
Long-term debt 902,317 507,938
Current federal income tax 0 19,706
Accrued salaries and benefits 131,823 121,662
Other liabilities 539,070 538,738
Total liabilities 11,490,449 10,394,113
Stockholders’ Equity:    
Preferred stock 200,000 200,000
Common stock 211,877 211,219
Additional paid-in capital 584,425 557,042
Retained earnings 3,373,905 3,139,489
Accumulated other comprehensive income (loss) (Note 11) (167,316) (336,845)
Treasury stock – at cost (shares:  45,532,490 – 2025; 44,761,468 – 2024) (712,929) (650,829)
Total stockholders’ equity 3,489,962 3,120,076
Commitments and contingencies
Total liabilities and stockholders’ equity $ 14,980,411 $ 13,514,189