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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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