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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Fixed maturity securities (amortized cost $4,240,790; $4,226,790) $ 4,142,087 $ 4,088,311
Equity securities (cost $652,157; $668,843) 686,105 699,552
Short-term investments (cost $147,797; $123,928) 146,840 122,937
Total investments 4,975,032 4,910,800
Cash 270,380 289,776
Receivables:    
Premiums 568,825 571,910
Allowance for credit losses on premiums receivable (5,800) (5,800)
Premiums receivable, net of allowance for credit losses 563,025 566,110
Accrued investment income 53,135 52,474
Other 21,500 11,358
Total receivables 637,660 629,942
Reinsurance recoverables 32,726 25,895
Deferred policy acquisition costs 266,391 266,475
Fixed assets (net of accumulated depreciation $324,299; $332,938) 158,543 171,442
Operating lease right-of-use assets 17,799 20,183
Current income taxes 77,951 55,136
Deferred income taxes 36,879 42,903
Goodwill 42,796 42,796
Other intangible assets, net 8,992 9,212
Other assets 64,208 49,628
Total assets 6,589,357 6,514,188
Liabilities    
Loss and loss adjustment expense reserves 2,677,561 2,584,910
Unearned premiums 1,551,329 1,545,639
Notes payable 448,430 398,330
Accounts payable and accrued expenses 151,413 151,686
Operating lease liabilities 19,383 21,924
Other liabilities 281,978 289,568
Total liabilities 5,130,094 4,992,057
Commitments and contingencies
Shareholders’ equity:    
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,371; 55,371 98,947 98,947
Retained earnings 1,360,316 1,423,184
Total shareholders’ equity 1,459,263 1,522,131
Total liabilities and shareholders’ equity $ 6,589,357 $ 6,514,188