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Profit Sharing Plan and Annual Cash Bonuses | 12 Months Ended
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Dec. 31, 2022
Deferred Compensation Arrangements [Abstract] |
Profit Sharing Plan and Annual Cash Bonuses | Profit Sharing Plan and Annual Cash Bonuses The Company’s employees are eligible to become members of the Profit Sharing Plan (the "Plan"). The Company, at the option of the Board of Directors, may make annual contributions to the Plan, and the contributions are not to exceed the greater of the Company’s net income for the plan year or its retained earnings at that date. In addition, the annual contributions may not exceed an amount equal to 15% of the compensation paid or accrued during the year to all participants under the Plan. No contributions were made in the past three years. The Plan includes an option for employees to make salary deferrals under Section 401(k) of the Internal Revenue Code. Expenses for the matching contributions, at a rate set by the Board of Directors, totaled approximately $10.8 million, $10.4 million, and $11.2 million for 2022, 2021, and 2020, respectively. The Plan also includes an employee stock ownership plan that covers substantially all employees. The Board of Directors authorizes the Plan to purchase the Company’s common stock in the open market for allocation to the Plan participants. No purchases were made during the past three years. The Company also provides company-wide annual cash bonuses to all eligible employees based on performance criteria for each recipient and for the Company as a whole. The Company performance goals are largely based on the Company's premium growth and combined ratio. The Company paid a total of approximately $9.1 million, $36.9 million, and $11.6 million of company-wide annual cash bonuses to all its eligible employees based on these performance criteria in 2022, 2021, and 2020, respectively.

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- Definition Tabular disclosure of the details pertaining to each employee stock ownership plan. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=109244661&loc=d3e17540-113929 + Details
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