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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The Company's income (loss) before provision for income taxes consisted of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in thousands)
Domestic | $ | 574,756 |  |  | $ | 99,428 |  |  | $ | (670,715) |
Foreign | 124 |  |  | — |  |  | — |
Income (loss) before provision for income taxes | $ | 574,880 |  |  | $ | 99,428 |  |  | $ | (670,715) |
Components Of Income Tax Expense | The income tax expense (benefit) consisted of the following components:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in thousands)
Federal |  |  |  |  |
Current | $ | 119,900 |  |  | $ | (3,840) |  |  | $ | (62,355) |
Deferred | (14,617) |  |  | 10,523 |  |  | (93,562) |
| $ | 105,283 |  |  | $ | 6,683 |  |  | $ | (155,917) |
State |  |  |  |  |
Current | $ | (138) |  |  | $ | (2,958) |  |  | $ | 784 |
Deferred | 1,776 |  |  | (633) |  |  | (2,910) |
| $ | 1,638 |  |  | $ | (3,591) |  |  | $ | (2,126) |
Foreign |  |  |  |  |
Current | $ | 6 |  |  | $ | — |  |  | $ | — |
Deferred | — |  |  | — |  |  | — |
| $ | 6 |  |  | $ | — |  |  | $ | — |
Total |  |  |  |  |
Current | $ | 119,768 |  |  | $ | (6,798) |  |  | $ | (61,571) |
Deferred | (12,841) |  |  | 9,890 |  |  | (96,472) |
Total | $ | 106,927 |  |  | $ | 3,092 |  |  | $ | (158,043) |
Reconciliation Of Income Taxes | The following table presents a reconciliation of the tax expense based on the statutory rate of 21% for 2024, 2023 and 2022 to the Company's actual tax expense in the consolidated statements of operations:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in thousands)
Computed tax expense (benefit) at 21% | $ | 120,725 |  |  | $ | 20,880 |  |  | $ | (140,850) |
Tax-exempt interest income | (13,114) |  |  | (13,640) |  |  | (11,864) |
Dividends received deduction | (1,276) |  |  | (1,237) |  |  | (1,364) |
State tax expense (benefit) | 1,098 |  |  | (3,539) |  |  | (1,597) |
Nondeductible expenses | 815 |  |  | 639 |  |  | 279 |
Other, net | (1,321) |  |  | (11) |  |  | (2,647) |
Income tax expense (benefit) | $ | 106,927 |  |  | $ | 3,092 |  |  | $ | (158,043) |
Deferred Tax Assets And Liabilities | The following table presents the significant components of the Company’s net deferred tax assets and liabilities:
| December 31,
| 2024 |  | 2023
| (Amounts in thousands)
Deferred tax assets: |  |  |
20% of net unearned premiums | $ | 88,940 |  |  | $ | 75,394 |
Discounting of loss reserves and salvage and subrogation recoverable for tax purposes | 30,734 |  |  | 25,340 |
Expense accruals | 19,821 |  |  | 11,262 |
Tax asset on net unrealized loss on securities carried at fair value | — |  |  | 166 |
Other deferred tax assets | 4,371 |  |  | 8,743 |
Total gross deferred tax assets | 143,866 |  |  | 120,905 |
Deferred tax liabilities: |  |  |
Deferred policy acquisition costs | (70,420) |  |  | (61,707) |
Tax liability on net unrealized gain on securities carried at fair value | (3,253) |  |  | — |
Tax depreciation in excess of book depreciation | (2,549) |  |  | (6,801) |
Undistributed earnings of insurance subsidiaries | (2,731) |  |  | (1,511) |
Tax amortization in excess of book amortization | (8,769) |  |  | (8,904) |
Other deferred tax liabilities | (10,290) |  |  | (8,969) |
Total gross deferred tax liabilities | (98,012) |  |  | (87,892) |
Net deferred tax assets | $ | 45,854 |  |  | $ | 33,013 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits:
| December 31,
| 2024 |  | 2023
| (Amounts in thousands)
Balance at January 1 | $ | 2,262 |  |  | $ | 4,380 |
Additions (reductions) based on tax positions related to: |  |  |
Current year | — |  |  | — |
Prior years | (2,262) |  |  | (2,118) |
Balance at December 31 | $ | — |  |  | $ | 2,262 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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