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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Fixed maturity securities (amortized cost $4,982,459; $4,394,983) $ 4,913,378 $ 4,319,336
Equity securities (cost $795,068; $654,939) 879,175 730,693
Short-term investments (cost $283,792; $179,375) 283,817 178,491
Total investments 6,076,370 5,228,520
Cash 720,257 550,903
Receivables:    
Premiums 697,176 607,025
Allowance for credit losses on premiums receivable (6,400) (5,300)
Premiums receivable, net of allowance for credit losses 690,776 601,725
Accrued investment income 67,630 59,128
Other 62,118 25,603
Total receivables 820,524 686,456
Reinsurance recoverables (net of allowance for credit losses $0; $12) 28,613 31,947
Deferred policy acquisition costs 335,332 293,844
Fixed assets, net 138,177 151,183
Operating lease right-of-use assets 13,407 14,406
Current income taxes 0 4,081
Deferred income taxes 45,854 33,013
Goodwill 42,796 42,796
Other intangible assets, net 7,682 8,333
Other assets 81,620 57,915
Total assets 8,310,632 7,103,397
Liabilities    
Loss and loss adjustment expense reserves 3,152,031 2,785,702
Unearned premiums 2,039,830 1,735,660
Notes payable 574,128 573,729
Accounts payable and accrued expenses 242,118 175,219
Operating lease liabilities 13,580 14,231
Current income taxes 20,752 0
Other liabilities 321,669 270,711
Total liabilities 6,364,108 5,555,252
Commitments and contingencies
Shareholders’ equity:    
Common stock without par value or stated value, Authorized 70,000 shares; issued and outstanding 55,389; 55,371 99,699 98,947
Retained earnings 1,846,825 1,449,198
Total shareholders’ equity 1,946,524 1,548,145
Total liabilities and shareholders’ equity $ 8,310,632 $ 7,103,397