10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2024

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____________________________to_____________________________

Commission File Number: 001-33067

SELECTIVE INSURANCE GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

New Jersey	22-2168890
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock, par value $2 per share	SIGI	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value	SIGIP	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 19, 2024, there were 60,833,139 shares of common stock, par value $2.00 per share, outstanding. 

	SELECTIVE INSURANCE GROUP, INC.
	Table of Contents
		Page No.
PART I.   FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023	1
	Unaudited Consolidated Statements of Income for the Quarter and Six Months Ended June 30, 2024 and 2023	2
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Quarter and Six Months Ended June 30, 2024 and 2023	3
	Unaudited Consolidated Statements of Stockholders' Equity for the Quarter and Six Months Ended June 30, 2024 and 2023	4
	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	5
	Notes to Unaudited Interim Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Forward-Looking Statements	23
	Introduction	23
	Critical Accounting Policies and Estimates	24
	Financial Highlights of Results for Second Quarter and Six Months 2024 and 2023	25
	Results of Operations and Related Information by Segment	28
	Federal Income Taxes	39
	Liquidity and Capital Resources	39
	Ratings	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	43
PART II.  OTHER INFORMATION		43
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	45
Signatures		46

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS	Unaudited
($ in thousands, except share amounts)	June 30, 2024		December 31, 2023
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $18,556 – 2024; $21,923 – 2023)	$	19,496	22,700
Less: allowance for credit losses	—		—
Fixed income securities, held-to-maturity, net of allowance for credit losses	19,496		22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $31,309 – 2024 and $28,212 – 2023; amortized cost: $8,080,498 – 2024 and $7,880,697 – 2023)	7,669,033		7,499,197
Commercial mortgage loans – at carrying value (fair value: $209,041 – 2024 and $178,913 – 2023)	219,613		188,708
Less: allowance for credit losses	(154)		(291)
Commercial mortgage loans, net of allowance for credit losses	219,459		188,417
Equity securities – at fair value (cost: $187,286 – 2024; $183,076 – 2023)	191,964		187,155
Short-term investments	417,346		309,317
Alternative investments	414,780		395,779
Other investments	89,742		91,164
Total investments (Note 4 and 5)	$	9,021,820	8,693,729
Cash	160		180
Restricted cash	10,748		13,092
Accrued investment income	72,305		66,339
Premiums receivable	1,600,765		1,331,979
Less: allowance for credit losses (Note 6)	(21,100)		(18,900)
Premiums receivable, net of allowance for credit losses	1,579,665		1,313,079
Reinsurance recoverable	687,288		658,525
Less: allowance for credit losses (Note 7)	(1,700)		(1,700)
Reinsurance recoverable, net of allowance for credit losses	685,588		656,825
Prepaid reinsurance premiums	219,785		203,320
Current federal income tax	38,588		—
Deferred federal income tax	145,897		140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $278,525 – 2024; $271,409 – 2023	89,196		83,272
Deferred policy acquisition costs	476,519		424,864
Goodwill	7,849		7,849
Other assets	217,370		199,760
Total assets	$	12,565,490	11,802,546
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expense (Note 8)	$	5,903,525	5,336,911
Unearned premiums	2,598,668		2,330,656
Long-term debt	508,801		503,946
Current federal income tax	—		6,251
Accrued salaries and benefits	92,585		122,003
Other liabilities	539,220		548,398
Total liabilities	$	9,642,799	8,848,165
Stockholders’ Equity:
Preferred stock of $0 par value per share:	$	200,000	200,000
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2024 and 2023
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,516,194 – 2024; 105,223,307 – 2023	211,032		210,447
Additional paid-in capital	545,263		522,748
Retained earnings	3,001,054		3,029,396
Accumulated other comprehensive income (loss) (Note 11)	(392,721)		(373,001)
Treasury stock – at cost (shares:  44,656,246 – 2024; 44,586,870 – 2023)	(641,937)		(635,209)
Total stockholders’ equity	$	2,922,691	2,954,381
Commitments and contingencies
Total liabilities and stockholders’ equity	$	12,565,490	11,802,546

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

1

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME	Quarter ended June 30,			Six Months ended June 30,
($ in thousands, except per share amounts)	2024		2023	2024		2023
Revenues:
Net premiums earned	$	1,080,231	942,150	$	2,131,175	1,844,486
Net investment income earned	108,642		97,696	216,491		189,202
Net realized and unrealized investment gains (losses)	1,297		(5,426)	(338)		(2,082)
Other income	5,835		6,104	13,636		8,738
Total revenues	1,196,005		1,040,524	2,360,964		2,040,344
Expenses:
Loss and loss expense incurred	925,548		646,130	1,629,840		1,213,568
Amortization of deferred policy acquisition costs	226,426		194,793	445,861		384,554
Other insurance expenses	107,773		108,857	223,760		217,445
Interest expense	7,202		7,258	14,383		14,424
Corporate expenses	9,154		9,329	24,652		21,437
Total expenses	1,276,103		966,367	2,338,496		1,851,428
Income (loss) before federal income tax	(80,098)		74,157	22,468		188,916
Federal income tax expense (benefit):
Current	(17,622)		17,366	3,791		42,871
Deferred	843		(1,817)	(522)		(5,137)
Total federal income tax expense (benefit)	(16,779)		15,549	3,269		37,734
Net income (loss)	$	(63,319)	58,608	$	19,199	151,182
Preferred stock dividends	2,300		2,300	4,600		4,600
Net income (loss) available to common stockholders	$	(65,619)	56,308	$	14,599	146,582
Earnings per common share:
Net income (loss) available to common stockholders - Basic	$	(1.08)	0.93	$	0.24	2.42
Net income (loss) available to common stockholders - Diluted	$	(1.08)	0.92	$	0.24	2.41

    

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

2

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Net income (loss)	$	(63,319)	58,608	$	19,199	151,182
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period	(6,594)		(47,937)	(18,887)		4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	(2,927)		(4,764)	(5,401)		12,957
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities	33		7,413	(28)		12,235
Credit loss (benefit) expense	975		(683)	3,068		(8,210)
Total unrealized gains (losses) on investment securities	(8,513)		(45,971)	(21,248)		21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial loss	764		598	1,528		1,196
Total defined benefit pension and post-retirement plans	764		598	1,528		1,196
Other comprehensive income (loss)	(7,749)		(45,373)	(19,720)		22,320
Comprehensive income (loss)	$	(71,068)	13,235	$	(521)	173,502

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

3

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Quarter ended June 30,			Six Months ended June 30,
($ in thousands, except share and per share amounts)	2024		2023	2024		2023
Preferred stock:
Beginning of period	$	200,000	200,000	$	200,000	200,000
Issuance of preferred stock	—		—	—		—
End of period	200,000		200,000	200,000		200,000
Common stock:
Beginning of period	210,895		210,149	210,447		209,694
Dividend reinvestment plan	10		10	20		19
Stock purchase and compensation plans	127		137	565		583
End of period	211,032		210,296	211,032		210,296
Additional paid-in capital:
Beginning of period	534,327		502,713	522,748		493,488
Dividend reinvestment plan	484		449	972		908
Stock purchase and compensation plans	10,452		8,878	21,543		17,644
End of period	545,263		512,040	545,263		512,040
Retained earnings:
Beginning of period	3,088,150		2,821,613	3,029,396		2,749,703
Net income (loss)	(63,319)		58,608	19,199		151,182
Dividends to preferred stockholders	(2,300)		(2,300)	(4,600)		(4,600)
Dividends to common stockholders	(21,477)		(18,352)	(42,941)		(36,716)
End of period	3,001,054		2,859,569	3,001,054		2,859,569
Accumulated other comprehensive income (loss):
Beginning of period	(384,972)		(430,349)	(373,001)		(498,042)
Other comprehensive income (loss)	(7,749)		(45,373)	(19,720)		22,320
End of period	(392,721)		(475,722)	(392,721)		(475,722)
Treasury stock:
Beginning of period	(641,906)		(634,722)	(635,209)		(627,279)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(31)		(69)	(6,728)		(7,512)
End of period	(641,937)		(634,791)	(641,937)		(634,791)
Total stockholders’ equity	$	2,922,691	2,671,392	$	2,922,691	2,671,392
Dividends declared per preferred share	$	287.50	287.50	$	575.00	575.00
Dividends declared per common share	$	0.35	0.30	$	0.70	0.60
Preferred stock, shares outstanding:
Beginning of period	8,000		8,000	8,000		8,000
Issuance of preferred stock	—		—	—		—
End of period	8,000		8,000	8,000		8,000
Common stock, shares outstanding:
Beginning of period	60,791,439		60,492,586	60,636,437		60,338,900
Dividend reinvestment plan	5,153		4,665	9,959		9,315
Stock purchase and compensation plan	63,664		68,923	282,928		291,739
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(308)		(691)	(69,376)		(74,471)
End of period	60,859,948		60,565,483	60,859,948		60,565,483

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS	Six Months ended June 30,
($ in thousands)	2024		2023
Operating Activities
Net income (loss)	$	19,199	151,182
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	18,915		17,179
Stock-based compensation expense	16,709		12,886
Undistributed gains of equity method investments	(14,572)		(13,478)
Distributions in excess of current year income of equity method investments	10,377		6,698
Net realized and unrealized (gains) losses	338		2,082
Loss (gain) on disposal of fixed assets	321		5
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	537,851		168,221
Increase in unearned premiums, net of prepaid reinsurance	251,547		240,189
(Increase) decrease in net federal income taxes	(45,257)		1,006
Increase in premiums receivable	(266,586)		(200,807)
Increase in deferred policy acquisition costs	(51,655)		(45,189)
Increase in accrued investment income	(5,926)		(264)
Decrease in accrued salaries and benefits	(29,418)		(23,192)
Increase in other assets	(22,122)		(4,667)
Decrease in other liabilities	(39,385)		(18,205)
Net cash provided by (used in) operating activities	380,336		293,646
Investing Activities
Purchases of fixed income securities, available-for-sale	(1,027,136)		(1,562,206)
Purchases of commercial mortgage loans	(34,281)		(27,201)
Purchases of equity securities	(13,738)		(8,373)
Purchases of alternative investments and other investments	(34,000)		(21,161)
Purchases of short-term investments	(3,016,380)		(2,422,123)
Sales of fixed income securities, available-for-sale	451,386		959,248
Proceeds from commercial mortgage loans	3,376		968
Sales of short-term investments	2,908,653		2,543,683
Redemption and maturities of fixed income securities, held-to-maturity	3,204		7,481
Redemption and maturities of fixed income securities, available-for-sale	415,790		227,884
Sales of equity securities	12,252		51,763
Sales of other investments	—		892
Distributions from alternative investments and other investments	11,526		5,130
Purchases of property and equipment	(13,932)		(9,549)
Net cash provided by (used in) investing activities	(333,280)		(253,564)
Financing Activities
Dividends to preferred stockholders	(4,600)		(4,600)
Dividends to common stockholders	(41,573)		(35,385)
Acquisition of treasury stock	(6,728)		(7,512)
Net proceeds from stock purchase and compensation plans	4,747		4,695
Proceeds from borrowings	—		20,000
Repayments of borrowings	—		(20,000)
Repayments of finance lease obligations	(1,266)		(1,231)
Net cash provided by (used in) financing activities	(49,420)		(44,033)
Net increase (decrease) in cash and restricted cash	(2,364)		(3,951)
Cash and restricted cash, beginning of period	13,272		25,209
Cash and restricted cash, end of period	$	10,908	21,258

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

5

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation

The words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2024 (“Second Quarter 2024”) and June 30, 2023 (“Second Quarter 2023”), and the six-month periods ended June 30, 2024 ("Six Months 2024") and June 30, 2023 ("Six Months 2023"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. We adopted this guidance on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low income housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We adopted ASU 2023-02 on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

Pronouncements to be effective in the future

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting, to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-07 will not have a material impact on our financial condition or results of operations.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures

6

are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

NOTE 3. Statements of Cash Flows

Supplemental cash flow information was as follows:

	Six Months ended June 30,
($ in thousands)	2024		2023
Cash paid (received) during the period for:
Interest	$	14,209	14,164
Federal income tax	46,000		34,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,884		4,038
Operating cash flows from financing leases	65		20
Financing cash flows from finance leases	1,266		1,231
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	10,250		23,150
Corporate actions related to equity securities1	29,250		—
Assets acquired under finance lease arrangements	5,947		—
Assets acquired under operating lease arrangements	10,257		4,509
Non-cash purchase of property and equipment	9		—

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	June 30, 2024		December 31, 2023
Cash	$	160	180
Restricted cash	10,748		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	10,908	13,272

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments

(a) Information regarding our AFS securities as of June 30, 2024 and December 31, 2023, were as follows:

June 30, 2024	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	170,819	—	56	(19,907)	150,968
Foreign government	10,687		(26)	—	(1,427)	9,234
Obligations of states and political subdivisions	558,455		(639)	770	(33,151)	525,435
Corporate securities	2,987,824		(15,950)	17,803	(143,725)	2,845,952
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,972,687		(3,022)	16,359	(69,904)	1,916,120
Residential mortgage-backed securities ("RMBS")	1,624,078		(11,660)	2,954	(111,420)	1,503,952
Commercial mortgage-backed securities ("CMBS")	755,948		(12)	814	(39,378)	717,372
Total AFS fixed income securities	$	8,080,498	(31,309)	38,756	(418,912)	7,669,033

7

December 31, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	29	—	—	(3)	—	—	26
Obligations of states and political subdivisions	695		18	—	(74)	—	—	639
Corporate securities	15,442		846	—	(126)	(212)	—	15,950
CLO and other ABS	2,627		271	—	126	(2)	—	3,022
RMBS	11,580		—	—	171	(91)	—	11,660
CMBS	8		—	—	4	—	—	12
Total AFS fixed income securities	$	30,381	1,135	—	98	(305)	—	31,309

Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425

Six Months ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	35	—	—	(3)	(6)	—	26
Obligations of states and political subdivisions	669		37	—	(59)	(8)	—	639
Corporate securities	12,999		2,362	—	1,166	(568)	(9)	15,950
CLO and other ABS	2,854		427	—	(255)	(4)	—	3,022
RMBS	11,649		—	—	202	(191)	—	11,660
CMBS	6		2	—	4	—	—	12
Total AFS fixed income securities	$	28,212	2,828	—	1,055	(777)	(9)	31,309

8

Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

During Six Months 2024 and Six Months 2023, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report. Accrued interest on AFS securities was $70.1 million as of June 30, 2024, and $64.6 million as of December 31, 2023. We did not record any write-offs of accrued interest in Six Months 2024 and Six Months 2023.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2024	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	33,667	(52)	107,306	(19,855)	140,973	(19,907)
Foreign government	—		—	9,234	(1,427)	9,234	(1,427)
Obligations of states and political subdivisions	128,665		(1,644)	329,528	(31,507)	458,193	(33,151)
Corporate securities	358,779		(3,477)	1,477,738	(140,248)	1,836,517	(143,725)
CLO and other ABS	368,307		(6,432)	798,783	(63,472)	1,167,090	(69,904)
RMBS	385,794		(6,133)	878,915	(105,287)	1,264,709	(111,420)
CMBS	75,052		(779)	550,901	(38,599)	625,953	(39,378)
Total AFS fixed income securities	$	1,350,264	(18,517)	4,152,405	(400,395)	5,502,669	(418,912)

December 31, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2024. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

9

(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2024, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	587,352	820	810
Due after one year through five years	3,507,774		14,209	13,662
Due after five years through 10 years	2,827,999		4,467	4,084
Due after 10 years	745,908		—	—
Total fixed income securities	$	7,669,033	19,496	18,556

(d) The following table summarizes our alternative investment portfolio by strategy:

	June 30, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	319,236	148,558	467,794	301,759	131,885	433,644
Private credit	52,106		98,417	150,523	54,500	89,401	143,901
Real assets	43,438		42,336	85,774	39,520	33,040	72,560
Total alternative investments	$	414,780	289,311	704,091	395,779	254,326	650,105

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2024 or 2023.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for 3- and 6-month periods ended March 31:

Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2024		2023	2024		2023
Net investment income (loss)	$	242.4	(70.6)	$	(103.6)	(141.3)
Realized gains	1,554.2		922.0	3,385.1		2,644.3
Net change in unrealized appreciation (depreciation)	2,850.2		3,754.0	6,669.2		5,197.8
Net income	$	4,646.8	4,605.4	$	9,950.7	7,700.8
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	10.5	11.4	$	17.4	19.2

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at June 30, 2024 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2024:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.9	19.9
Obligations of states and political subdivisions	—		—	4.2	4.2
RMBS	64.2		23.2	—	87.4
CMBS	2.1		8.3	—	10.4
Total pledged as collateral	$	66.3	31.5	24.1	121.9

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2024, or December 31, 2023.

10

(g) The components of pre-tax net investment income earned were as follows:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Fixed income securities	$	93,935	83,916	$	188,037	164,003
Commercial mortgage loans ("CMLs")	3,145		2,199	5,939		4,164
Equity securities	1,877		2,236	6,785		3,441
Short-term investments	4,680		2,892	8,199		7,542
Alternative investments	10,517		11,396	17,398		19,164
Other investments	118		188	381		231
Investment expenses	(5,630)		(5,131)	(10,248)		(9,343)
Net investment income earned	$	108,642	97,696	$	216,491	189,202

The increase in net investment income earned in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily driven by higher interest rates, active portfolio management, and operating and investing cash flow deployment.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Gross gains on sales	$	4,387	1,156	$	6,522	4,940
Gross losses on sales	(1,251)		(11,952)	(3,216)		(24,882)
Net realized gains (losses) on disposals	3,136		(10,796)	3,306		(19,942)
Net unrealized gains (losses) on equity securities	(93)		4,925	599		8,173
Net credit loss benefit (expense) on fixed income securities, AFS	(1,233)		864	(3,883)		10,393
Net credit loss benefit (expense) on CMLs	(32)		(78)	136		(61)
Losses on securities for which we have the intent to sell	(481)		(341)	(496)		(645)
Net realized and unrealized investment gains (losses)	$	1,297	(5,426)	$	(338)	(2,082)

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,617	2,784	$	2,906	2,685
On securities sold in period	(2,710)		2,141	(2,307)		5,488
Total unrealized gains (losses) recognized in income on equity securities	$	(93)	4,925	$	599	8,173

NOTE 5. Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2024, and December 31, 2023:

	June 30, 2024			December 31, 2023
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,928	51,301	49,926	53,047
6.70% Senior Notes	99,577		99,393	99,565	104,039
5.375% Senior Notes	294,574		283,037	294,523	288,787
3.03% borrowings from FHLBI	60,000		57,638	60,000	57,932
Subtotal long-term debt	504,079		491,369	504,014	503,805
Unamortized debt issuance costs	(2,596)			(2,704)
Finance lease obligations	7,318			2,636
Total long-term debt	$	508,801		503,946

11

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2024, and December 31, 2023:

June 30, 2024			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	150,968	33,453	117,515	—
Foreign government	9,234		—	9,234	—
Obligations of states and political subdivisions	525,435		—	517,781	7,654
Corporate securities	2,845,952		—	2,552,239	293,713
CLO and other ABS	1,916,120		—	1,652,400	263,720
RMBS	1,503,952		—	1,499,066	4,886
CMBS	717,372		—	717,023	349
Total AFS fixed income securities	7,669,033		33,453	7,065,258	570,322
Equity securities:
Common stock1	190,141		34,815	—	1,067
Preferred stock	1,823		1,823	—	—
Total equity securities	191,964		36,638	—	1,067
Short-term investments	417,346		400,906	16,440	—
Total assets measured at fair value	$	8,278,343	470,997	7,081,698	571,389

December 31, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	205,035	34,056	170,979	—
Foreign government	9,803		—	9,803	—
Obligations of states and political subdivisions	585,965		—	578,131	7,834
Corporate securities	2,711,239		—	2,413,907	297,332
CLO and other ABS	1,834,827		—	1,589,514	245,313
RMBS	1,477,483		—	1,477,483	—
CMBS	674,845		—	674,489	356
Total AFS fixed income securities	7,499,197		34,056	6,914,306	550,835
Equity securities:
Common stock1	185,339		20,582	—	854
Preferred stock	1,816		1,816	—	—
Total equity securities	187,155		22,398	—	854
Short-term investments	309,317		308,512	805	—
Total assets measured at fair value	$	7,995,669	364,966	6,915,111	551,689

1Investments amounting to $154.3 million at June 30, 2024, and $163.9 million at December 31, 2023, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

12

The following tables provide a summary of Level 3 changes in Six Months 2024 and Six Months 2023:

June 30, 2024
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Common Stock	Total
Fair value, December 31, 2023	$	7,834	297,332	245,313	—	356	854	551,689
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(112)		1,203	969	—	(2)	—	2,058
Net realized and unrealized gains (losses)	—		218	39	—	—	213	470
Net investment income earned	—		(494)	(7)	—	(1)	—	(502)
Purchases	—		5,261	30,119	4,886	—	—	40,266
Sales	—		—	—	—	—	—	—
Issuances	—		—	—	—	—	—	—
Settlements	(68)		(7,269)	(4,726)	—	(4)	—	(12,067)
Transfers into Level 3	—		28,896	19,537	—	—	—	48,433
Transfers out of Level 3	—		(31,434)	(27,524)	—	—	—	(58,958)
Fair value, June 30, 2024	$	7,654	293,713	263,720	4,886	349	1,067	571,389
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	—		226	39	—	—	213	478
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(112)		850	969	—	(2)	—	1,705

June 30, 2023
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
OCI	(7)		1,857	(1,168)	64	—	746
Net realized and unrealized gains (losses)	62		251	17	—	(235)	95
Net investment income earned	—		112	(20)	(263)	—	(171)
Purchases	—		58,586	39,713	—	—	98,299
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(5,535)	(3,153)	(21)	—	(8,709)
Transfers into Level 3	—		2,238	14,148	2,848	—	19,234
Transfers out of Level 3	—		—	(953)	(2,626)	—	(3,579)
Fair value, June 30, 2023	$	6,716	245,489	201,926	377	662	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		251	17	—	(235)	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)		1,846	(1,168)	64	—	735

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2024, and December 31, 2023:

June 30, 2024
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	154,075	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.8%
CLO and other ABS	158,660		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	312,735
Other1	258,654
Total Level 3 securities	$	571,389

13

December 31, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	135,524	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.9%
CLO and other ABS	127,210		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	262,734
Other1	288,955
Total Level 3 securities	$	551,689

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2024, and December 31, 2023:

June 30, 2024			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	18,556	—	18,556	—
Total HTM fixed income securities	18,556		—	18,556	—
CMLs	$	209,041	—	—	209,041
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,301	—	51,301	—
6.70% Senior Notes	99,393		—	99,393	—
5.375% Senior Notes	283,037		—	283,037	—
3.03% borrowings from FHLBI	57,638		—	57,638	—
Total long-term debt	$	491,369	—	491,369	—

December 31, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	21,923	—	21,923	—
Total HTM fixed income securities	21,923		—	21,923	—
CMLs	$	178,913	—	—	178,913
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	53,047	—	53,047	—
6.70% Senior Notes	104,039		—	104,039	—
5.375% Senior Notes	288,787		—	288,787	—
3.03% borrowings from FHLBI	57,932		—	57,932	—
Total long-term debt	$	503,805	—	503,805	—

14

NOTE 6. Allowance for Credit Losses on Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Balance at beginning of period	$	20,000	17,100	$	18,900	16,100
Current period change for expected credit losses	2,488		1,515	4,272		3,425
Write-offs charged against the allowance for credit losses	(1,720)		(1,047)	(2,776)		(2,211)
Recoveries	332		332	704		586
Allowance for credit losses, end of period	$	21,100	17,900	$	21,100	17,900

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

NOTE 7. Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2024, and December 31, 2023:

	June 30, 2024
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	83,944	671	84,615
A+	392,094		566	392,660
A	116,631		1,113	117,744
A-	4,991		89	5,080
Total rated reinsurers	597,660		2,439	600,099
Non-rated reinsurers
Federal and state pools	83,241		—	83,241
Other than federal and state pools	3,785		163	3,948
Total non-rated reinsurers	87,026		163	87,189
Total reinsurance recoverable, gross	$	684,686	2,602	687,288
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				685,588

	December 31, 2023
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	82,466	21	82,487
A+	371,132		2,887	374,019
A	111,883		1,380	113,263
A-	3,596		89	3,685
Total rated reinsurers	569,077		4,377	573,454
Non-rated reinsurers
Federal and state pools	80,506		—	80,506
Other than federal and state pools	4,488		77	4,565
Total non-rated reinsurers	84,994		77	85,071
Total reinsurance recoverable, gross	$	654,071	4,454	658,525
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				656,825

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The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Balance at beginning of period	$	1,700	2,300	$	1,700	1,600
Current period change for expected credit losses	—		(500)	—		200
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,700	1,800	$	1,700	1,800

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report.

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Premiums written:
Direct	$	1,399,738	1,232,496	$	2,715,649	2,365,256
Assumed	6,413		5,577	12,398		10,971
Ceded	(180,050)		(153,166)	(345,325)		(291,552)
Net	1,226,101		1,084,907	2,382,722		2,084,675
Premiums earned:
Direct	1,242,696		1,073,498	2,448,064		2,105,726
Assumed	5,779		5,968	11,970		12,258
Ceded	(168,244)		(137,316)	(328,859)		(273,498)
Net	1,080,231		942,150	2,131,175		1,844,486
Loss and loss expense incurred:
Direct	1,009,819		698,994	1,763,386		1,312,223
Assumed	5,058		5,678	11,039		10,933
Ceded	(89,329)		(58,542)	(144,585)		(109,588)
Net	$	925,548	646,130	$	1,629,840	1,213,568

The increase in direct loss and loss expense incurred in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily due to (i) unfavorable prior year casualty reserve development of $176.0 million in Second Quarter 2024, compared to $3.5 million of favorable development in Second Quarter 2023, and (ii) unfavorable prior year casualty reserve development of $211.0 million in Six Months 2024, compared to $16.5 million of favorable development in Six Months 2023.

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NOTE 8. Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Six Months ended June 30,
($ in thousands)	2024		2023
Gross reserve for loss and loss expense, at beginning of period	$	5,336,911	5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601		757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310		4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	1,442,719		1,221,635
Prior years	187,121		(8,067)
Total incurred loss and loss expense	1,629,840		1,213,568
Paid loss and loss expense for claims occurring in the:
Current year	347,501		320,026
Prior years	753,658		720,314
Total paid loss and loss expense	1,101,159		1,040,340
Net reserve for loss and loss expense, at end of period	5,246,991		4,560,536
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	656,534		616,487
Gross reserve for loss and loss expense, at end of period	$	5,903,525	5,177,023

Prior year reserve development in Six Months 2024 was unfavorable by $187.1 million, consisting of $211.0 million of unfavorable casualty reserve development, partially offset by $23.9 million of favorable property reserve development. The unfavorable casualty reserve development was driven by our Standard Commercial Lines segment, which included (i) $216.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, (ii) $10.0 million in our commercial automobile line of business, partially offset by (iii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.

Prior year reserve development in Six Months 2023 was favorable by $8.1 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $8.4 million of unfavorable property reserve development. The favorable casualty reserve development included $17.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $6.0 million of unfavorable casualty reserve development in our personal automobile line of business.

NOTE 9. Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

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The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Standard Commercial Lines:
Net premiums earned:
General liability	$	280,097	254,510	$	553,512	497,859
Commercial automobile	260,652		225,067	512,372		442,438
Commercial property	168,511		141,348	330,064		276,640
Workers compensation	82,316		88,746	170,093		172,930
Businessowners' policies	41,641		34,385	81,562		67,556
Bonds	12,468		11,619	24,556		23,016
Other	7,808		7,034	15,444		13,885
Miscellaneous income	5,214		5,568	12,348		7,749
Total Standard Commercial Lines revenue	858,707		768,277	1,699,951		1,502,073
Standard Personal Lines:
Net premiums earned:
Personal automobile	57,544		48,230	114,504		93,144
Homeowners	46,055		36,902	90,168		71,915
Other	2,822		2,038	5,595		3,981
Miscellaneous income	594		536	1,235		989
Total Standard Personal Lines revenue	107,015		87,706	211,502		170,029
E&S Lines:
Net premiums earned:
Casualty lines	73,887		62,151	145,525		122,968
Property lines	46,430		30,120	87,780		58,154
Miscellaneous income	27		—	53		—
Total E&S Lines revenue	120,344		92,271	233,358		181,122
Investments:
Net investment income earned	108,642		97,696	216,491		189,202
Net realized and unrealized investment gains (losses)	1,297		(5,426)	(338)		(2,082)
Total Investments revenue	109,939		92,270	216,153		187,120
Total revenues	$	1,196,005	1,040,524	$	2,360,964	2,040,344

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Income (Loss) Before and After Federal Income Tax	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2024			2023	2024		2023
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	(160,881)		22,146	$	(150,500)	61,067
Underwriting income (loss), after federal income tax	(127,096)			17,495	(118,895)		48,243
Combined ratio	118.8		%	97.1	108.9		95.9
ROE contribution	(18.4)			2.8	(8.6)		4.1
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(19,301)		(23,060)	$	(24,636)	(36,133)
Underwriting income (loss), after federal income tax	(15,248)			(18,217)	(19,462)		(28,545)
Combined ratio	118.1		%	126.5	111.7		121.4
ROE contribution	(2.2)			(2.9)	(1.4)		(2.4)
E&S Lines:
Underwriting income (loss), before federal income tax	$	6,501		(612)	$	20,486	12,723
Underwriting income (loss), after federal income tax	5,136			(483)	16,184		10,051
Combined ratio	94.6		%	100.7	91.2		93.0
ROE contribution	0.7			(0.1)	1.2		0.8
Investments:
Net investment income earned	$	108,642		97,696	$	216,491	189,202
Net realized and unrealized investment gains (losses)	1,297			(5,426)	(338)		(2,082)
Total investments segment income, before federal income tax	109,939			92,270	216,153		187,120
Tax on investments segment income	22,652			18,745	44,518		37,901
Total investments segment income, after federal income tax	$	87,287		73,525	$	171,635	149,219
ROE contribution of after-tax net investment income earned	12.5			12.6	12.5		12.5

Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Underwriting income (loss)
Standard Commercial Lines	$	(160,881)	22,146	$	(150,500)	61,067
Standard Personal Lines	(19,301)		(23,060)	(24,636)		(36,133)
E&S Lines	6,501		(612)	20,486		12,723
Investment income	109,939		92,270	216,153		187,120
Total all segments	(63,742)		90,744	61,503		224,777
Interest expense	(7,202)		(7,258)	(14,383)		(14,424)
Corporate expenses	(9,154)		(9,329)	(24,652)		(21,437)
Income (loss), before federal income tax	$	(80,098)	74,157	$	22,468	188,916
Preferred stock dividends	(2,300)		(2,300)	(4,600)		(4,600)
Income (loss) available to common stockholders, before federal income tax	$	(82,398)	71,857	$	17,868	184,316

NOTE 10. Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866	$	7,776	7,732
Expected return on plan assets	(5,383)		(5,772)	(10,765)		(11,545)
Amortization of unrecognized net actuarial loss	955		750	1,910		1,501
Total net periodic pension cost (benefit)1	$	(540)	(1,156)	$	(1,079)	(2,312)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

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	Pension Plan
	Six Months ended June 30,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90

NOTE 11. Comprehensive Income (Loss)

The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2024 and Six Months 2024 and Second Quarter 2023 and Six Months 2023 were as follows:

Second Quarter 2024
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	(80,098)	(16,779)	(63,319)
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(8,347)		(1,753)	(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(3,705)		(778)	(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	43		10	33
Credit loss (benefit) expense	1,233		258	975
Total unrealized gains (losses) on investment securities	(10,776)		(2,263)	(8,513)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	967		203	764
Total defined benefit pension and post-retirement plans	967		203	764
Other comprehensive income (loss)	(9,809)		(2,060)	(7,749)
Comprehensive income (loss)	$	(89,907)	(18,839)	(71,068)
Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235

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Six Months 2024
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	22,468	3,269	19,199
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(23,907)		(5,020)	(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,837)		(1,436)	(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(35)		(7)	(28)
Credit loss (benefit) expense	3,883		815	3,068
Total unrealized gains (losses) on investment securities	(26,896)		(5,648)	(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,934		406	1,528
Total defined benefit pension and post-retirement plans	1,934		406	1,528
Other comprehensive income (loss)	(24,962)		(5,242)	(19,720)
Comprehensive income (loss)	$	(2,494)	(1,973)	(521)
Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of June 30, 2024, were as follows:

June 30, 2024	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(5,401)		(18,887)	(24,288)	—	(24,288)
Amounts reclassified from AOCI	3,068		(28)	3,040	1,528	4,568
Net current period OCI	(2,333)		(18,915)	(21,248)	1,528	(19,720)
Balance, June 30, 2024	$	(86,775)	(213,543)	(300,318)	(92,403)	(392,721)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

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The reclassifications out of AOCI were as follows:

	Quarter ended June 30,			Six Months ended June 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2024		2023	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	43	9,383	$	(35)	15,487	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(10)		(1,970)	7		(3,252)	Total federal income tax expense (benefit)
Net of taxes	33		7,413	(28)		12,235	Net income (loss)
Credit loss related
Credit loss (benefit) expense	1,233		(864)	3,883		(10,393)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(258)		181	(815)		2,183	Total federal income tax expense (benefit)
Net of taxes	975		(683)	3,068		(8,210)	Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss	223		173	445		348	Loss and loss expense incurred
Net actuarial loss	744		584	1,489		1,166	Other insurance expenses
Total	967		757	1,934		1,514	Income (loss) before federal income tax
Tax (benefit) expense	(203)		(159)	(406)		(318)	Total federal income tax expense (benefit)
Net of taxes	764		598	1,528		1,196	Net income (loss)
Total reclassifications for the period	$	1,772	7,328	$	4,568	5,221	Net income (loss)

NOTE 12. Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended June 30,			Six Months ended June 30,
(in thousands, except per share amounts)	2024		2023	2024		2023
Net income (loss) available to common stockholders:	$	(65,619)	56,308	$	14,599	146,582
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,897		60,614	60,862		60,575
Effect of dilutive securities - stock compensation plans	—		323	382		343
Weighted average common shares outstanding - diluted	60,897		60,937	61,244		60,918
EPS:
Basic	$	(1.08)	0.93	$	0.24	2.42
Diluted	(1.08)		0.92	0.24		2.41

There were 0.4 million common stock equivalents related to our stock compensation plans in Second Quarter 2024 that were not included in the computation of diluted EPS, as we recorded a net loss available to common stockholders in the quarter and the effect of these items would have been anti-dilutive to our EPS computation.

NOTE 13. Litigation

As of June 30, 2024, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government

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shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured.

From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, so adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent"), and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as may be required by law.

We discuss the factors that could cause our actual results to differ materially from our projections, forecasts, or estimates in forward-looking statements in Item 1A. "Risk Factors." in Part II. "Other Information" of this Form 10-Q. These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at any time. We can neither predict these new risk factors nor assess their impact, if any, on our businesses or the extent to which any factor or combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss in this report might not occur.

Introduction

We classify our business into four reportable segments:

•Standard Commercial Lines;

•Standard Personal Lines;

•Excess and Surplus Lines ("E&S Lines"); and

•Investments.

For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a

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nationally-authorized non-admitted platform for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis (“MD&A”) of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2023 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we will discuss and analyze the following:

•Critical Accounting Policies and Estimates;

•Financial Highlights of Results for the second quarters ended June 30, 2024 (“Second Quarter 2024”) and June 30, 2023 (“Second Quarter 2023”); and the six-month periods ended June 30, 2024 ("Six Months 2024") and June 30, 2023 ("Six Months 2023");

•Results of Operations and Related Information by Segment;

•Federal Income Taxes;

•Liquidity and Capital Resources; and

•Ratings.

Critical Accounting Policies and Estimates

Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2023 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters, making them subject to change as facts and circumstances develop. If different estimates and judgments had been applied, materially different amounts might have been reported in the financial statements. For additional information regarding our critical accounting policies and estimates, refer to pages 39 through 47 of our 2023 Annual Report.

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Financial Highlights of Results for Second Quarter and Six Months 2024 and Second Quarter and Six Months 20231

($ and shares in thousands, except per share amounts)	Quarter ended June 30,			Change % or Points		Six Months ended June 30,			Change % or Points
	2024		2023			2024		2023
Financial Data:
Revenues	$	1,196,005	1,040,524	15	%	$	2,360,964	2,040,344	16	%
After-tax net investment income	86,262		77,812	11		171,902		150,864	14
After-tax underwriting income (loss)	(137,208)		(1,206)	11,277		(122,174)		29,749	(511)
Net income (loss) before federal income tax	(80,098)		74,157	(208)		22,468		188,916	(88)
Net income (loss)	(63,319)		58,608	(208)		19,199		151,182	(87)
Net income (loss) available to common stockholders	(65,619)		56,308	(217)		14,599		146,582	(90)
Key Metrics:
Combined ratio	116.1		100.2	15.9	pts	107.3		98.0	9.3	pts
Invested assets per dollar of common stockholders' equity	$	3.31	3.29	1	%	$	3.31	3.29	1	%
Annualized after-tax yield on investment portfolio	3.9		3.9	—	pts	3.9		3.8	0.1	pts
Return on common equity ("ROE")	(9.5)		9.1	(18.6)		1.1		12.1	(11.0)
Net premiums written ("NPW") to statutory surplus	$	1.64	1.52	8	%	1.64		1.52	8	%
Per Common Share Amounts:
Diluted net income (loss) per share	$	(1.08)	0.92	(217)	%	$	0.24	2.41	(90)	%
Book value per share	44.74		40.81	10		44.74		40.81	10
Dividends declared per share to common stockholders	0.35		0.30	17		0.70		0.60	17
Non-GAAP Information:
Non-GAAP operating income (loss)2	$	(66,644)	60,595	(210)	%	$	14,866	148,227	(90)	%
Non-GAAP operating income (loss) per diluted common share2	(1.10)		0.99	(211)		0.24		2.44	(90)
Non-GAAP operating ROE2	(9.6)		9.8	(19.4)	pts	1.1		12.2	(11.1)	pts
Adjusted book value per common share2	$	49.67	47.34	5	%	$	49.67	47.34	5	%

1Refer to the Glossary of Terms attached to our 2023 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.

2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are measures comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

Reconciliations of our GAAP to non-GAAP measures are provided in the tables below:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Net income (loss) available to common stockholders	$	(65,619)	56,308	$	14,599	146,582
Net realized and unrealized investment (gains) losses included in net income (loss), before tax	(1,297)		5,426	338		2,082
Tax on reconciling items	272		(1,139)	(71)		(437)
Non-GAAP operating income (loss)	$	(66,644)	60,595	$	14,866	148,227

Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share	Quarter ended June 30,			Six Months ended June 30,
	2024		2023	2024		2023
Net income (loss) available to common stockholders per diluted common share	$	(1.08)	0.92	$	0.24	2.41
Net realized and unrealized investment (gains) losses included in net income (loss), before tax	(0.02)		0.09	—		0.04
Tax on reconciling items	—		(0.02)	—		(0.01)
Non-GAAP operating income (loss) per diluted common share	$	(1.10)	0.99	$	0.24	2.44

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Reconciliation of ROE to non-GAAP operating ROE	Quarter ended June 30,			Six Months ended June 30,
	2024		2023	2024		2023
ROE	(9.5)	%	9.1	1.1	%	12.1
Net realized and unrealized investment (gains) losses included in net income (loss), before tax	(0.2)		0.9	—		0.1
Tax on reconciling items	0.1		(0.2)	—		—
Non-GAAP operating ROE	(9.6)	%	9.8	1.1	%	12.2

Reconciliation of book value per common share to adjusted book value per common share	Quarter ended June 30,			Six Months ended June 30,
	2024		2023	2024		2023
Book value per common share	$	44.74	40.81	$	44.74	40.81
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax	6.25		8.27	6.25		8.27
Tax on reconciling items	(1.32)		(1.74)	(1.32)		(1.74)
Adjusted book value per common share	$	49.67	47.34	$	49.67	47.34

The components of our ROE and non-GAAP operating ROE are as follows:

ROE and non-GAAP operating ROE Components	Quarter ended June 30,			Change Points	Six Months ended June 30,			Change Points
	2024		2023		2024		2023
Standard Commercial Lines Segment	(18.4)	%	2.8	(21.2)	(8.6)	%	4.1	(12.7)
Standard Personal Lines Segment	(2.2)		(2.9)	0.7	(1.4)		(2.4)	1.0
E&S Lines Segment	0.7		(0.1)	0.8	1.2		0.8	0.4
Total insurance operations	(19.9)		(0.2)	(19.7)	(8.8)		2.5	(11.3)
Investment income	12.5		12.6	(0.1)	12.5		12.5	—
Net realized and unrealized investment gains (losses)	0.1		(0.7)	0.8	—		(0.1)	0.1
Total investments segment	12.6		11.9	0.7	12.5		12.4	0.1
Other	(2.2)		(2.6)	0.4	(2.6)		(2.8)	0.2
ROE	(9.5)		9.1	(18.6)	1.1		12.1	(11.0)
Net realized and unrealized investment (gains) losses, after tax	(0.1)		0.7	(0.8)	—		0.1	(0.1)
Non-GAAP operating ROE	(9.6)		9.8	(19.4)	1.1		12.2	(11.1)

Our Second Quarter 2024 and Six Months 2024 operating and non-GAAP operating ROEs in both current-year periods were below our 12% target. The decrease in our non-GAAP operating ROE in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was driven by a reduction in after-tax underwriting income. We recorded an after-tax underwriting loss of $137.2 million in Second Quarter 2024 compared to a loss of $1.2 million in Second Quarter 2023, resulting in a reduction to non-GAAP operating ROE of 19.7 points. In Six Months 2024, we recorded an after-tax underwriting loss of $122.2 million, compared to after-tax underwriting income of $29.7 million in Six Months 2023, resulting in a reduction to non-GAAP operating ROE of 11.3 points.

The underwriting income decrease in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily attributable to unfavorable prior year casualty reserve development, and to a lesser extent, an increase in current year loss costs. We believe that current market conditions and environmental factors, most notably social inflation, are impacting us and the industry more than they have historically. As a commercial-lines focused underwriter with a higher mix of casualty business, we recognize this social inflationary environment has increased loss severities. In response to these external trends and the data we observed in our in-depth quarterly reserve review process, we recorded $176.0 million of unfavorable prior year casualty reserve development in Second Quarter 2024 and $211.0 million in Six Months 2024, compared to favorable prior year casualty reserve development of $3.5 million in Second Quarter 2023 and $16.5 million in Six Months 2023.

The unfavorable prior year casualty reserve development in Second Quarter 2024 impacted our Standard Commercial Lines segment, with $166.0 million recorded in our general liability line of business and $10.0 million in our commercial automobile line of business. Six Months 2024 development was further impacted by $15.0 million of favorable development in our workers compensation line of business. The $166.0 million primarily relates to accident years 2020 through 2023, similar to the unfavorable prior year casualty reserve development we recorded last quarter. Unfavorable prior year casualty reserve development we recorded at the end of 2023 was primarily associated with accident years 2020 and prior. As older years continue to mature, we gain greater confidence in our estimates, and further development on accident years 2019 and prior has been modest. This increases our confidence in the adjustments we are now making to accident years 2020 and subsequent,

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which puts us in a stronger overall reserve position. For additional qualitative discussion on prior year casualty reserve development, refer to the insurance segment sections below.

Outlook

Although our Six Months 2024 financial results were challenging, our capital position and the quality of our underwriting portfolio remain strong. Given the consistency in our underwriting appetite and risk profile over time, our corrective actions are primarily focused on achieving higher price levels, with a continued emphasis on prudent underwriting. Our pricing discipline, strong relationships with our distribution partners, and sophisticated analytical tools have enabled us to effectively balance our pricing and retention objectives over the long term, which we seek to continue achieving going forward.

We will continue to balance growth and profitability, with a goal to consistently achieve a 95% combined ratio across our three insurance segments by:

•Standard Commercial Lines

◦Achieving overall Standard Commercial Lines renewal pure price increases that reflect forward loss trend expectations. Our overall Standard Commercial Lines renewal pure price increase was 7.9% in Second Quarter 2024, up from 7.6% last quarter. In addition, our general liability renewal pure price increase was 7.6% in Second Quarter 2024, up from 6.5% last quarter, and 5.7% in the fourth quarter of 2023. We expect that our general liability pricing will further increase in the second half of 2024;

◦Continuing to expand our Standard Commercial Lines market share by (i) increasing our share towards our 12% target of our agents' premiums, (ii) strategically appointing new agents, and (iii) maximizing new business growth in the small business market through the use of our enhanced small business platform; and

◦Expanding our geographic footprint. In April 2024, we added West Virginia and Maine to our footprint, now covering 32 states. Subject to regulatory approvals, we expect to add Nevada, Washington, and Oregon later this year, with Kansas, Montana, and Wyoming to follow. Over time, we plan to expand our Standard Commercial Lines footprint to be near national.

•E&S Lines

◦Achieving E&S Lines renewal pure price increases in both our casualty and property lines of business that reflect forward loss trend expectations. Our E&S Lines renewal pure price increase was 6.4% in Second Quarter 2024, up from 5.2% in the first quarter of 2024; and

◦Continuing to invest in product expansion, risk evaluation, and operational efficiency for small and middle market E&S accounts.

•Standard Personal Lines

◦Taking actions to improve the profitability of our Standard Personal Lines segment by:

▪Prioritizing additional rate filings on a state-by-state basis and further refining our pricing factors. These filed rate increases began to take effect early in 2023, increasing in number and magnitude throughout 2023, have continued into 2024, and are expected to continue throughout the year. Our Standard Personal Lines renewal pure price increase was 20.7% in Second Quarter 2024, up from 14.3% in the first quarter of 2024, and 8.9% in the fourth quarter of 2023;

▪Seeking to improve our homeowners line of business profitability through the introduction of new policy terms and conditions, including (i) coverage for older roofs based on depreciation schedules rather than replacement cost, and (ii) implementing mandatory wind/hail deductibles in states exposed to severe convective storms, where allowed by law; and

▪Continuing the migration of our Standard Personal Lines products and services towards customers in the mass affluent market, where we believe we can be more competitive with our strong coverage and servicing capabilities.

For 2024, we increased our expected GAAP combined ratio to 101.5%. The change reflects unfavorable prior year casualty reserve development, elevated catastrophe losses in the first half of the year, and increased current year loss costs. Full-year expectations are as follows:

•A GAAP combined ratio of 101.5%, up five points from our prior guidance of 96.5%. Our combined ratio estimate includes net catastrophe losses of 5.5 points, up from prior guidance of 5.0 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;

•After-tax net investment income of $360 million that includes $32 million from alternative investments;

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•An overall effective tax rate of approximately 21.0%, which assumes an effective tax rate of 20.5% for net investment income and 21% for all other items; and

•Weighted average shares of 61.5 million on a fully diluted basis, which assumes no share repurchases we may make under our authorization.

Results of Operations and Related Information by Segment

Insurance Operations

The following table provides quantitative information for analyzing the combined ratio:

All Lines	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2024			2023			2024			2023
Insurance Operations Results:
NPW	$	1,226,101		1,084,907	13	%	$	2,382,722		2,084,675	14	%
Net premiums earned (“NPE”)	1,080,231			942,150	15		2,131,175			1,844,486	16
Less:
Loss and loss expense incurred	925,548			646,130	43		1,629,840			1,213,568	34
Net underwriting expenses incurred	327,310			295,697	11		651,677			589,640	11
Dividends to policyholders	1,054			1,849	(43)		4,308			3,621	19
Underwriting income (loss)	$	(173,681)		(1,526)	11,281	%	$	(154,650)		37,657	(511)	%
Combined Ratios:
Loss and loss expense ratio	85.7		%	68.6	17.1	pts	76.5		%	65.8	10.7	pts
Underwriting expense ratio	30.3			31.4	(1.1)		30.6			32.0	(1.4)
Dividends to policyholders ratio	0.1			0.2	(0.1)		0.2			0.2	—
Combined ratio	116.1			100.2	15.9		107.3			98.0	9.3

The NPW growth of 13% in Second Quarter 2024 and 14% in Six Months 2024 compared to the same prior-year periods reflected (i) overall renewal pure price increases, and (ii) higher direct new business, as shown in the following table:

	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2024			2023	2024			2023
Direct new business premiums	$	267.4		241.6	$	528.2		458.5
Renewal pure price increases	9.1		%	6.4	8.6		%	6.6

Our NPW growth in Second Quarter 2024 and Six Months 2024 also benefited from stable retention and exposure growth on renewal policies.

The increase in NPE in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods resulted from the same impacts to NPW described above.

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Loss and Loss Expenses

The loss and loss expense ratio increased 17.1 points in Second Quarter 2024 and 10.7 points in Six Months 2024 compared to the same prior-year periods, primarily due to the following:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Change in Ratio
Net catastrophe losses	$	90.5	8.4	pts	$	100.0	10.6	pts	(2.2)	pts
(Favorable) unfavorable prior year casualty reserve development	176.0		16.3		(3.5)		(0.4)		16.7
Non-catastrophe property loss and loss expenses	185.5		17.2		157.2		16.7		0.5
Total	$	452.0	41.9		$	253.7	26.9		15.0
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Change in Ratio
Net catastrophe losses	$	145.8	6.8	pts	$	155.3	8.4	pts	(1.6)	pts
(Favorable) unfavorable prior year casualty reserve development	211.0		9.9		(16.5)		(0.9)		10.8
Non-catastrophe property loss and loss expenses	356.7		16.7		305.4		16.6		0.1
Total	$	713.5	33.4		$	444.2	24.1		9.3

Details of the prior year casualty reserve development were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2024			2023	2024			2023
General liability	$	166.0		—	$	216.0		—
Commercial automobile	10.0			—	10.0			—
Workers compensation	—			(7.5)	(15.0)			(17.5)
Total Standard Commercial Lines	176.0			(7.5)	211.0			(17.5)
Homeowners	—			—	(5.0)			—
Personal automobile	—			4.0	5.0			6.0
Total Standard Personal Lines	—			4.0	—			6.0
E&S	—			—	—			(5.0)
Total (favorable) unfavorable prior year casualty reserve development	$	176.0		(3.5)	$	211.0		(16.5)
(Favorable) unfavorable impact on loss ratio	16.3		pts	(0.4)	9.9		pts	(0.9)

The unfavorable prior year casualty reserve development of (i) $166.0 million in Second Quarter 2024 and $216.0 million in Six Months 2024 in our general liability line of business was driven by severities in accident years 2020 through 2023 that continued to show higher emergence than expected, and (ii) $10.0 million in Second Quarter 2024 in our commercial automobile line of business was driven by increased severities in accident year 2023. The unfavorable development in Six Months 2024 was partially offset by favorable workers compensation development of $15.0 million. For additional qualitative discussion on prior year casualty reserve development, refer to the insurance segment sections below.

In addition, the loss and loss expense ratio was adversely impacted by an increase in current year casualty loss costs of 2.1 points in Second Quarter 2024 and 1.3 points in Six Months 2024, compared to the same prior-year periods, primarily due to increased loss trend expectations and higher prior-year severity assumptions attributable to social inflationary impacts in our general liability line of business.

Net catastrophe losses were lower in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods, but remain higher than our historical average. Severe convective storms across our footprint drove our catastrophe losses in the quarter.

Underwriting Expenses

The underwriting expense ratio decreased 1.1 points in Second Quarter 2024 and 1.4 points in Six Months 2024 compared to the same prior-year periods, primarily due to a decrease in profit-based compensation to our employees and distribution

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partners, coupled with premium growth outpacing the growth in underwriting expenses.

Standard Commercial Lines Segment

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2024			2023			2024			2023
Insurance Segments Results:
NPW	$	963,129		870,145	11	%	$	1,894,806		1,683,461	13	%
NPE	853,493			762,709	12		1,687,603			1,494,324	13
Less:
Loss and loss expense incurred	747,954			495,507	51		1,303,787			942,833	38
Net underwriting expenses incurred	265,366			243,207	9		530,008			486,803	9
Dividends to policyholders	1,054			1,849	(43)		4,308			3,621	19
Underwriting income (loss)	(160,881)			22,146	(826)		$	(150,500)		61,067	(346)
Combined Ratios:
Loss and loss expense ratio	87.6		%	65.0	22.6	pts	77.2		%	63.1	14.1	pts
Underwriting expense ratio	31.1			31.9	(0.8)		31.4			32.6	(1.2)
Dividends to policyholders ratio	0.1			0.2	(0.1)		0.3			0.2	0.1
Combined ratio	118.8			97.1	21.7		108.9			95.9	13.0

NPW growth of 11% in Second Quarter 2024 and 13% in Six Months 2024 compared to the same prior-year periods reflected (i) renewal pure price increases, (ii) higher direct new business, and (iii) strong retention as shown in the table below. In addition, NPW growth benefited from strong exposure growth on renewal policies.

	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2024		2023	2024			2023
Direct new business premiums	$	168.4	159.1	$	340.4		306.8
Retention	85		85	85		%	84
Renewal pure price increases	7.9		6.7	7.8			6.9

The increase in NPE in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio increased 22.6 points in Second Quarter 2024 and 14.1 points in Six Months 2024 compared to the same prior-year periods, primarily driven by the following:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	50.9	6.0	pts	$	62.6	8.2	(2.2)	pts
Non-catastrophe property loss and loss expenses	124.5		14.6		111.4		14.6	—
(Favorable) unfavorable prior year casualty reserve development	176.0		20.6		(7.5)		(1.0)	21.6
Total	$	351.4	41.2		$	166.5	21.8	19.4
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	89.4	5.3	pts	$	97.7	6.5	(1.2)	pts
Non-catastrophe property loss and loss expenses	239.5		14.2		216.8		14.5	(0.3)
(Favorable) unfavorable prior year casualty reserve development	211.0		12.5		(17.5)		(1.2)	13.7
Total	$	539.9	32.0		$	297.0	19.8	12.2

Prior year casualty reserve development was unfavorable by $176.0 million, or 20.6 points, in Second Quarter 2024, compared to $7.5 million, or 1.0 point, of favorable development in Second Quarter 2023. Prior year casualty reserve development was unfavorable by $211.0 million, or 12.5 points, in Six Months 2024, compared to $17.5 million, or 1.2 points, of favorable development in Six Months 2023.

Despite increasing our expected loss trend in recent years, loss severities continued to show higher emergence than expected in Second Quarter 2024 and Six Months 2024 in the general liability line of business. In response to these unfavorable trends, we

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recorded unfavorable prior year casualty reserve development in our general liability line of business of $166.0 million in Second Quarter 2024 and $216.0 million in Six Months 2024, primarily driven by increased severities in accident years 2020 through 2023. In addition, we recorded $10.0 million of unfavorable prior year casualty reserve development in our commercial automobile line of business in Second Quarter 2024 and Six Months 2024, primarily driven by increased severities in accident year 2023. The unfavorable development in Six Months 2024 was partially offset by $15.0 million of favorable workers compensation development.

In addition, the loss and loss expense ratio was adversely impacted by an increase in current year casualty loss costs of 3.4 points in Second Quarter 2024 and 2.1 points in Six Months 2024 compared to the same prior-year periods, primarily due to increased loss trend expectations and higher prior-year severity assumptions attributable to impacts from social inflation in the general liability line of business.

Refer to the line of business sections below for qualitative discussion on the significant drivers of unfavorable prior year casualty reserve development and current year loss costs.

The underwriting expense ratio decreased 0.8 points in Second Quarter 2024 and 1.2 points in Six Months 2024 compared to the same prior-year periods, primarily due to a decrease in profit-based compensation to our employees and distribution partners, coupled with premium growth outpacing the growth in underwriting expenses.

The following is a discussion of our most significant Standard Commercial Lines of business:

General Liability
	Quarter ended June 30,				Change  % or Points1		Six Months ended June 30,				Change  % or Points1
($ in thousands)	2024			2023			2024			2023
NPW	$	319,955		292,846	9	%	$	627,399		564,972	11	%
Direct new business	50,293			48,409	n/a		100,522			93,140	n/a
Retention	86		%	86	n/a		86		%	85	n/a
Renewal pure price increases	7.6			5.2	n/a		7.0			5.3	n/a
NPE	$	280,097		254,510	10	%	$	553,512		497,859	11	%
Underwriting income (loss)	(166,109)			32,626	(609)		(195,550)			59,752	(427)
Combined ratio	159.3		%	87.2	72.1	pts	135.3		%	88.0	47.3	pts
% of total Standard Commercial Lines NPW	33			34			33			34

1n/a: not applicable.

NPW grew 9% in Second Quarter 2024 and 11% in Six Months 2024 compared to the same prior-year periods, benefiting from renewal pure price increases, exposure growth on renewal policies, strong retention, and higher direct new business.

The combined ratio increased 72.1 points in Second Quarter 2024 and 47.3 points in Six Months 2024 compared to the same prior-year periods, primarily driven by unfavorable prior year casualty reserve development as follows:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) unfavorable prior year casualty reserve development	$	166.0	59.3	pts	$	—	—	59.3	pts
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) unfavorable prior year casualty reserve development	$	216.0	39.0	pts	$	—	—	39.0	pts

This line of business has experienced a long-term historical trend of meaningful severity increases, which have been partially offset by decreases in claim frequencies. Prior-year severities have developed adversely, previously impacting the pre-pandemic period but now extending into the more recent accident years. We attribute the increased severities to elevated social inflation, which we see as an industry dynamic characterized by higher propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose heightened challenges. We are closely monitoring these jurisdictions and the broader trends across our business.

The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily due to

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the impact of social inflation, which resulted in higher severity assumptions embedded in our initial loss ratio estimates in recent years. Despite planning for higher expected loss trends, claim emergence in Second Quarter 2024 and Six Months 2024 continued to exceed our expectations. In response to these continued unfavorable trends, we recorded unfavorable prior year development of $166.0 million in Second Quarter 2024 and $216.0 million in Six Months 2024, primarily in accident years 2020 through 2023. There was no prior year casualty reserve development in Second Quarter 2023 and Six Months 2023.

Additionally, the combined ratio was adversely impacted by an increase in current year casualty loss costs of 13.6 points in Second Quarter 2024 and 9.0 points in Six Months 2024 compared to the same prior-year periods, primarily driven by an increase to our loss trend expectations and higher prior-year severity assumptions attributable to increases in social inflationary impacts.

We believe that social inflation and elevated loss trends are an industry dynamic, and may lead to an acceleration of rate increases in this line of business for the industry and us. Our renewal pure price increase in this line of business was 7.6% in Second Quarter 2024, up from 6.5% last quarter, and 5.7% for the fourth quarter of 2023. We expect increases in our general liability pricing to accelerate in the coming months.

Partially offsetting the unfavorable combined ratio drivers mentioned above was a decrease in the underwriting expense ratio of 0.6 points in Second Quarter 2024 and 0.9 points in Six Months 2024 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Commercial Automobile
	Quarter ended June 30,				Change  % or Points1		Six Months ended June 30,				Change  % or Points1
($ in thousands)	2024			2023			2024			2023
NPW	$	297,293		257,266	16	%	$	582,894		497,449	17	%
Direct new business	45,253			39,905	n/a		93,048			76,881	n/a
Retention	86		%	86	n/a		86		%	85	n/a
Renewal pure price increases	10.8			9.5	n/a		10.6			9.8	n/a
NPE	$	260,652		225,067	16	%	$	512,372		442,438	16	%
Underwriting income (loss)	(1,196)			(4,182)	71		(934)			(15,923)	94
Combined ratio	100.5		%	101.9	(1.4)	pts	100.2		%	103.6	(3.4)	pts
% of total Standard Commercial Lines NPW	31			30			31			30

1n/a: not applicable.

NPW grew 16% in Second Quarter 2024 and 17% in Six Months 2024 compared to the same prior-year periods, benefiting from renewal pure price increases, higher direct new business, and strong retention. This higher new business and strong retention contributed to an 8% growth of in-force vehicle counts as of June 30, 2024 compared to June 30, 2023.

The combined ratio decreased 1.4 points in Second Quarter 2024 and 3.4 points in Six Months 2024 compared to the same prior-year periods, and included the following:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	2.6	1.0	pts	$	1.9	0.8	0.2	pts
Non-catastrophe property loss and loss expenses	39.1		15.0		42.5		18.9	(3.9)
(Favorable) unfavorable prior year casualty reserve development	10.0		3.8		—		—	3.8
Total	$	51.7	19.8		$	44.4	19.7	0.1
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	4.0	0.8	pts	$	2.1	0.5	0.3	pts
Non-catastrophe property loss and loss expenses	83.5		16.3		89.1		20.1	(3.8)
(Favorable) unfavorable prior year casualty reserve development	10.0		2.0		—		—	2.0
Total	$	97.5	19.1		$	91.2	20.6	(1.5)

Non-catastrophe property loss and loss expenses in Second Quarter 2024 and Six Months 2024 were lower compared to the same prior-year periods, primarily due to lower claim frequencies.

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In addition, the combined ratio was reduced by the following:

•Decreases in current year casualty loss costs of 1.3 points in Second Quarter 2024 and 1.2 points in Six Months 2024 compared to the same prior-year periods, primarily driven by the earned impact of higher renewal pure price increases in both periods as highlighted above; and

•Decreases in the underwriting expense ratio of 0.3 points in Second Quarter 2024 and 0.7 points in Six Months 2024 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Offsetting the favorable combined ratio drivers mentioned above, was unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024, primarily due to increased severities in accident year 2023. There was no prior year casualty reserve development in Second Quarter 2023 and Six Months 2023.

Commercial Property1
	Quarter ended June 30,				Change  % or Points2		Six Months ended June 30,				Change  % or Points2
($ in thousands)	2024			2023			2024			2023
NPW	$	195,440		167,665	17	%	$	369,952		319,269	16	%
Direct new business	40,756			37,317	n/a		79,296			72,073	n/a
Retention	84		%	84	n/a		84		%	84	n/a
Renewal pure price increases	9.8			9.3	n/a		10.3			9.4	n/a
NPE	$	168,511		141,348	19	%	$	330,064		276,640	19	%
Underwriting income (loss)	(3,029)			(24,410)	88		6,538			(14,332)	146
Combined ratio	101.8		%	117.3	(15.5)	pts	98.0		%	105.2	(7.2)	pts
% of total Standard Commercial Lines NPW	20			19			20			19

1includes Inland Marine.

2n/a: not applicable.

NPW grew 17% in Second Quarter 2024 and 16% in Six Months 2024 compared to the same prior-year periods, benefiting from renewal pure price increases, strong retention, exposure growth on renewal policies, and higher direct new business.

The combined ratio decreased 15.5 points in Second Quarter 2024 and 7.2 points in Six Months 2024 compared to the same prior-year periods, primarily driven by lower net catastrophe losses as shown in the following table:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred	Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	41.5	24.6	pts	56.1	39.7	(15.1)	pts
Non-catastrophe property loss and loss expenses	71.9		42.7		57.6	40.7	2.0
Total	$	113.4	67.3		113.7	80.4	(13.1)
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred	Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	74.4	22.5	pts	83.8	30.3	(7.8)	pts
Non-catastrophe property loss and loss expenses	134.3		40.7		104.1	37.6	3.1
Total	$	208.7	63.2		187.9	67.9	(4.7)

Net catastrophe losses in Second Quarter 2024 and Six Months 2024 were lower compared to the same prior-year periods, but remain higher than our historical average.

In addition, the combined ratio was favorably impacted by a decrease in the underwriting expense ratio of 2.5 points in Second Quarter 2024 and 2.6 points in Six Months 2024 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Offsetting the favorable combined ratio drivers mentioned above, was higher non-catastrophe property loss and loss expense ratios in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods. This change continues to reflect the variability from period to period that is normally associated with the commercial property line of business. We continue to manage our long-term profitability through (i) price increases, and (ii) targeted underwriting actions, including an ongoing focus on appropriate policy terms and conditions and achieving accurate insurance-to-value ratios.

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Workers Compensation
	Quarter ended June 30,				Change  % or Points1		Six Months ended June 30,				Change  % or Points1
($ in thousands)	2024			2023			2024			2023
NPW	$	84,850		95,602	(11)	%	$	183,633		189,034	(3)	%
Direct new business	14,222			17,320	n/a		32,706			34,939	n/a
Retention	85		%	84	n/a		85		%	84	n/a
Renewal pure price increases (decreases)	(2.9)			(1.1)	n/a		(2.8)			(1.1)	n/a
NPE	$	82,316		88,746	(7)	%	$	170,093		172,930	(2)	%
Underwriting income	3,869			12,586	(69)		22,062			27,172	(19)
Combined ratio	95.3		%	85.8	9.5	pts	87.0		%	84.3	2.7	pts
% of total Standard Commercial Lines NPW	9			11			10			11

1n/a: not applicable.

NPW decreased 11% in Second Quarter 2024 and 3% in Six Months 2024 compared to the same prior-year periods, primarily due to renewal pure price decreases and a reduction in direct new business.

The combined ratio increased 9.5 points in Second Quarter 2024 and 2.7 points in Six Months 2024 compared to the same prior-year periods, primarily driven by reductions in favorable prior year casualty reserve development as follows:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) unfavorable prior year casualty reserve development	$	—	—	pts	$	(7.5)	(8.5)	8.5	pts
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) unfavorable prior year casualty reserve development	$	(15.0)	(8.8)	pts	$	(17.5)	(10.1)	1.3	pts

The favorable prior year casualty reserve development in Six Months 2024 was primarily due to lower loss severities in accident years 2021 and prior. The favorable prior year casualty reserve development in Second Quarter 2023 and Six Months 2023 was primarily due to improved loss severities in accident years 2020 and prior.

In addition, the combined ratio was adversely impacted by an increase in current year casualty loss costs of 2.8 points in Second Quarter 2024 and 3.1 points in Six Months 2024, primarily driven by the negative rate environment that has been impacting this line for several years.

Offsetting the unfavorable combined ratio drivers mentioned above was a decrease in the underwriting expense ratio of 0.8 points in Second Quarter 2024 and 1.0 point in Six Months 2024 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Standard Personal Lines Segment

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2024			2023			2024			2023
Insurance Segments Results:
NPW	$	116,149		109,103	6	%	$	216,053		194,381	11	%
NPE	106,421			87,170	22		210,267			169,040	24
Less:
Loss and loss expense incurred	101,440			87,982	15		185,784			161,150	15
Net underwriting expenses incurred	24,282			22,248	9		49,119			44,023	12
Underwriting income (loss)	$	(19,301)		(23,060)	16		$	(24,636)		(36,133)	32
Combined Ratios:
Loss and loss expense ratio	95.3		%	101.0	(5.7)	pts	88.3		%	95.4	(7.1)	pts
Underwriting expense ratio	22.8			25.5	(2.7)		23.4			26.0	(2.6)
Combined ratio	118.1			126.5	(8.4)		111.7			121.4	(9.7)

NPW increased 6% in Second Quarter 2024 and 11% in Six Months 2024 compared to the same prior-year periods, due to

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renewal pure price increases, exposure growth on renewal policies, and higher average policy sizes from our mass affluent market strategy, partially offset by reductions in direct new business and retention. New policy counts were down 48% in Second Quarter 2024 and 43% in Six Months 2024 compared to the same prior-year periods. These reductions were anticipated given the level of rate increases we are implementing as part of our overall profit improvement plan.

	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2024			2023	2024			2023
Direct new business premiums1	$	22.0		32.5	$	43.3		58.8
Retention	78		%	88	80		%	87
Renewal pure price increases	20.7			3.4	17.7			2.7

1Excludes our Flood direct premiums written, which is 100% ceded to the NFIP and therefore, has no impact on our NPW.

We are taking aggressive actions to improve the profitability of this business by continuing to prioritize additional rate filings on a state-by-state basis to mitigate inflationary impacts, and refining our pricing factors. These filed rate increases began to take effect early in 2023, increasing in number and magnitude throughout 2023, have continued into 2024, and are expected to continue throughout the year. We achieved a 20.7% renewal pure price increase in Second Quarter 2024, a direct outcome of these actions. In addition, we are seeking to further improve profitability within our homeowners' line of business by introducing new policy terms and conditions, including (i) coverage for older roofs based on a schedule of factors rather than replacement cost, and (ii) implementing mandatory wind/hail deductibles in states exposed to severe convective storms, where allowed by law.

The increase in NPE in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio decreased 5.7 points in Second Quarter 2024 and 7.1 points in Six Months 2024 compared to the same prior-year periods, driven by the following:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	25.4	23.9	pts	$	21.2	24.3	(0.4)	pts
Non-catastrophe property loss and loss expenses	45.4		42.6		37.8		43.3	(0.7)
(Favorable) unfavorable prior year casualty reserve development	—		—		4.0		4.6	(4.6)
Total	$	70.8	66.5		$	63.0	72.2	(5.7)
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	37.2	17.7	pts	$	35.8	21.2	(3.5)	pts
Non-catastrophe property loss and loss expenses	87.2		41.5		71.6		42.4	(0.9)
(Favorable) unfavorable prior year casualty reserve development	—		—		6.0		3.5	(3.5)
Total	$	124.4	59.2		$	113.4	67.1	(7.9)

In Six Months 2024, we experienced (i) favorable prior year casualty reserve development on our homeowners line of business of $5.0 million, primarily due to lower loss severities in accident years 2021 and prior, offset by (ii) $5.0 million of unfavorable prior year casualty reserve development on our personal automobile line of business, primarily driven by increased loss severities in accident years 2021 through 2023. The unfavorable prior year casualty reserve development in Second Quarter 2023 and Six Months 2023 was primarily due to increased loss severities in accident year 2022 on our personal automobile line of business.

In addition, lower net catastrophe losses in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods lowered our loss and loss expense ratio, but net catastrophe losses remain higher than our historical average.

The loss and loss expense ratio was also adversely impacted by a 1.0-point increase in current year casualty loss costs in Six Months 2024 compared to Six Months 2023, primarily due to an expected increase in automobile claim frequencies in the current year.

The underwriting expense ratio decreased 2.7 points in Second Quarter 2024 and 2.6 points in Six Months 2024 compared to

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the same prior-year periods, primarily due to a decrease in profit-based compensation to our employees and distribution partners, coupled with premium growth outpacing the growth in underwriting expenses in both periods.

E&S Lines Segment

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2024			2023			2024			2023
Insurance Segments Results:
NPW	$	146,823		105,659	39	%	$	271,863		206,833	31	%
NPE	120,317			92,271	30		233,305			181,122	29
Less:
Loss and loss expense incurred	76,154			62,641	22		140,269			109,585	28
Net underwriting expenses incurred	37,662			30,242	25		72,550			58,814	23
Underwriting income (loss)	6,501			(612)	1,162		20,486			12,723	61
Combined Ratios:
Loss and loss expense ratio	63.3		%	67.9	(4.6)	pts	60.1		%	60.5	(0.4)	pts
Underwriting expense ratio	31.3			32.8	(1.5)		31.1			32.5	(1.4)
Combined ratio	94.6			100.7	(6.1)		91.2			93.0	(1.8)

NPW grew 39% in Second Quarter 2024 and 31% in Six Months 2024 compared to the same prior-year periods, reflecting renewal pure price increases and higher direct new business as shown in the table below. In addition, NPW growth in Second Quarter 2024 and Six Months 2024 benefited from both property and casualty exposure growth on renewal policies, driven by higher rate per exposure and higher new business production. In addition, our property lines exposure growth on renewal policies was reflective of increased property values.

	Quarter ended June 30,				Six Months ended June 30,
($ in millions)	2024			2023	2024			2023
Direct new business premiums	$	77.0		50.0	$	144.5		92.9
Renewal pure price increases	6.4		%	7.5	5.9		%	7.4

The increase in NPE in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio decreased 4.6 points in Second Quarter 2024 and 0.4 points in Six Months 2024 compared to the same prior-year periods, and included the following:

	Second Quarter 2024				Second Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	14.3	11.9	pts	$	16.3	17.6	(5.7)	pts
Non-catastrophe property loss and loss expenses	15.6		13.0		8.1		8.8	4.2
Total	$	29.9	24.9		$	24.4	26.4	(1.5)
	Six Months 2024				Six Months 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	19.2	8.2	pts	$	21.9	12.1	(3.9)	pts
Non-catastrophe property loss and loss expenses	29.9		12.8		17.0		9.4	3.4
(Favorable) unfavorable prior year casualty reserve development	—		—		(5.0)		(2.8)	2.8
Total	$	49.1	21.0		$	33.9	18.7	2.3

While the frequency of wind and thunderstorm events remained largely consistent, the severity of these events was lower in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods, resulting in a decrease in net catastrophe losses in both periods.

In addition, the loss and loss expense ratio was favorably impacted by a decrease in current year casualty loss costs of 3.1 points in Second Quarter 2024 and 2.7 points in Six Months 2024 compared to the same prior-year periods, primarily due to the mix of business between our property and casualty lines of business. Our E&S property line of business, which has a lower loss ratio compared to our E&S casualty line of business, represented a larger portion of this segment in Second Quarter 2024 and Six

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Months 2024 compared to the same prior-year periods, resulting in a lower blended current year loss cost in Second Quarter 2024 and Six Months 2024.

These decreases to the loss and loss expense ratio were offset by the following:

•Higher non-catastrophe property loss and loss expenses in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods, primarily due to several large fires, reflecting the continued variability from period to period that is normally associated with our E&S property line of business; and

•No prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 compared to favorable prior year casualty reserve development in Six Months 2023. The 2023 development was primarily due to lower severities in accident years 2021 and prior.

The decrease in the underwriting expense ratio of 1.5 points in Second Quarter 2024 and 1.4 points in Six Months 2024 compared to the same prior-year periods, was primarily due to premium growth outpacing the growth in underwriting expenses in both periods.

Reinsurance

We successfully completed negotiations of our July 1, 2024 excess of loss treaties, which cover our Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty ("Casualty Treaty") with substantially the same structure as the expiring treaty with a co-participation of 17.5% on the first $3 million in excess of $2 million layer, but with the benefit of additional reinstatements on several of the layers. The treaty year 2024 deposit premium increased, reflecting (i) higher projected subject earned premium due to growth in our book of business, including pure renewal rate increases; and (ii) higher anticipated losses in the excess layers, partially offset by (iii) the introduction of the first layer co-participation.

We renewed the Property Excess of Loss Treaty (“Property Treaty”) with substantially the same structure as the expiring treaty and an additional reinstatement on the second layer of the program. The treaty year deposit premium increased, reflecting higher projected subject earned premium due to growth in our book of business.

The following table summarizes the Property Treaty and Casualty Treaty arrangements covering our Insurance Subsidiaries:

Treaty Name	Reinsurance Coverage	Terrorism Coverage
Property Treaty (covers all insurance operations)	There are three layers covering 100% of $65 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA") certified losses are subject to the following reinstatements and annual aggregate limits: - $5 million in excess of $5 million layer provides 15         reinstatements, $80 million in aggregate limits; - $20 million in excess of $10 million layer provides four         reinstatements, $100 million in aggregate limits; and - $40 million in excess of $30 million layer provides two         reinstatements, $120 million in aggregate limits.	All nuclear, biological, chemical, and radioactive ("NBCR") losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests ("Foreign Terrorism") and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $40 million for the third layer. Non-Foreign Terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.
Casualty Treaty (covers all insurance operations)	There are six layers covering $88 million in excess of $2 million. Losses other than terrorism losses are subject to the following: - 82.5% of $3 million in excess of $2 million layer provides 71       reinstatements, $216 million annual aggregate limit; - 100% of $7 million in excess of $5 million layer provides 12 reinstatements, $91 million annual aggregate limit; - 100% of $9 million in excess of $12 million layer provides three reinstatements, $36 million annual aggregate limit; - 100% of $9 million in excess of $21 million layer provides one reinstatement, $18 million annual aggregate limit; - 100% of $20 million in excess of $30 million layer provides one reinstatement, $40 million annual aggregate limit; and - 100% of $40 million in excess of $50 million layer provides one reinstatement, $80 million annual aggregate limit.	All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following: - 82.5% of $3 million in excess of $2 million layer with $15 million net annual terrorism aggregate limit; - 100% of $7 million in excess of $5 million layer with $28 million net annual terrorism aggregate limit; - 100% of $9 million in excess of $12 million layer with $27 million net annual terrorism aggregate limit; - 100% of $9 million in excess of $21 million layer with $18 million net annual terrorism aggregate limit; - 100% of $20 million in excess of $30 million layer with $40 million net annual terrorism aggregate limit; and - 100% of $40 million in excess of $50 million layer with $80 million net annual terrorism aggregate limit.

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Investments

Our investment portfolio's objectives are to maximize after-tax net investment income and generate long-term growth in book value per share by maximizing the overall total return of the portfolio by investing the premiums we receive from our insurance operations and the amounts generated through our capital management strategies, which may include debt and equity security issuances. We balance those objectives against prevailing market conditions, capital preservation considerations, and our enterprise risk-taking appetite. We maintain (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a high credit quality fixed income securities portfolio with a duration and maturity profile at an acceptable risk level that provides ample liquidity.

The effective duration of our fixed income and short-term investments was 3.9 years as of June 30, 2024. The effective duration is monitored and managed to maximize yield while managing interest rate risk at an acceptable level. Purchases and sales are made with the intent of maximizing investment returns in the current market environment, while balancing capital preservation.

Our fixed income and short-term investments (i) represented 92% of our invested assets, (ii) had a weighted average credit rating of "AA-", and (iii) had investment grade holdings representing 96% of the total fixed income and short-term investments portfolio as of June 30, 2024 and December 31, 2023.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.” of our 2023 Annual Report.

Total Invested Assets
($ in thousands)	June 30, 2024		December 31, 2023	Change
Total invested assets	$	9,021,820	8,693,729	4	%
Invested assets per dollar of common stockholders' equity	3.31		3.16	5
Components of unrealized gains (losses) – before tax:
Fixed income securities	(380,149)		(353,253)	8	%
Equity securities	4,679		4,079	15
Net unrealized gains (losses) – before tax	(375,470)		(349,174)	8
Components of unrealized gains (losses) – after tax:
Fixed income securities	(300,318)		(279,070)	8
Equity securities	3,696		3,223	15
Net unrealized gains (losses) – after tax	(296,622)		(275,847)	8

Invested assets increased $328.1 million at June 30, 2024, compared to December 31, 2023, reflecting our active investment of operating and investing cash flows. Operating cash flows during Six Months 2024 were 16% of NPW.

Net Investment Income

The components of net investment income earned were as follows:

	Quarter ended June 30,				Change % or Points		Six Months ended June 30,				Change % or Points
($ in thousands)	2024			2023			2024			2023
Fixed income securities	$	93,935		83,916	12	%	$	188,037		164,003	15	%
Commercial mortgage loans ("CMLs")	3,145			2,199	43		5,939			4,164	43
Equity securities	1,877			2,236	(16)		6,785			3,441	97
Short-term investments	4,680			2,892	62		8,199			7,542	9
Alternative investments	10,517			11,396	(8)		17,398			19,164	(9)
Other investments	118			188	(37)		381			231	65
Investment expenses	(5,630)			(5,131)	10		(10,248)			(9,343)	10
Net investment income earned – before tax	108,642			97,696	11		216,491			189,202	14
Net investment income tax expense	(22,380)			(19,884)	13		(44,589)			(38,338)	16
Net investment income earned – after tax	$	86,262		77,812	11		$	171,902		150,864	14
Effective tax rate	20.6		%	20.4	0.2	pts	20.6		%	20.3	0.3	pts
Annualized after-tax yield on fixed income investments	3.9			3.9	—		3.9			3.8	0.1
Annualized after-tax yield on investment portfolio	3.9			3.9	—		3.9			3.8	0.1

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After-tax net investment income earned increased 11% in Second Quarter 2024 and 14% in Six Months 2024 compared to the same prior-year periods, primarily driven by higher interest rates, active portfolio management, and operating and investing cash flow deployment.

Realized and Unrealized Gains and Losses

When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to opportunistically trade for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

	Quarter ended June 30,			Change %		Six Months ended June 30,			Change %
($ in thousands)	2024		2023			2024		2023
Net realized gains (losses) on disposals	$	3,136	(10,796)	(129)	%	$	3,306	(19,942)	(117)	%
Net unrealized gains (losses) on equity securities	(93)		4,925	(102)		599		8,173	(93)
Net credit loss benefit (expense) on fixed income securities, AFS	(1,233)		864	(243)		(3,883)		10,393	(137)
Net credit loss benefit (expense) on CMLs	(32)		(78)	(59)		136		(61)	(323)
Losses on securities for which we have the intent to sell	(481)		(341)	41		(496)		(645)	(23)
Total net realized and unrealized investment gains (losses)	$	1,297	(5,426)	(124)		$	(338)	(2,082)	(84)

Federal Income Taxes

The following table provides information regarding federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:

	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2024			2023	2024			2023
Tax at statutory rate	$	(16,821)		15,573	$	4,718		39,672
Tax-advantaged interest	(354)			(538)	(756)			(1,258)
Dividends received deduction	(79)			(68)	(117)			(137)
Executive compensation	634			528	1,957			1,269
Stock-based compensation	(15)			(111)	(1,454)			(1,724)
Other	(144)			165	(1,079)			(88)
Federal income tax expense (benefit)	$	(16,779)		15,549	$	3,269		37,734
Income before federal income tax, less preferred stock dividends	$	(82,398)		71,857	$	17,868		184,316
Effective tax rate	20.4		%	21.6	18.3		%	20.5

The federal income tax expense decrease in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily due to underwriting losses in both periods, partially offset by an increase in net investment income. Refer to "Insurance Operations" above for more information.

Liquidity and Capital Resources

Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity

We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. As discussed further below, we adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments.

Sources of Liquidity

Sources of cash for the Parent historically have consisted of dividends from the Insurance Subsidiaries, the investment portfolio held at the Parent, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

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The Parent's cash and components of its investment portfolio were as follows:

($ in thousands)	June 30, 2024		December 31, 2023
Fixed income securities	$	325,730	421,089
Equity securities	55,351		50,920
Short-term investments	50,522		17,671
Alternative investments	17,581		18,134
Cash	160		180
Total investments and cash	$	449,344	507,994

Short-term investments have historically been maintained in “AAA” rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.

The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. Our target is for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs, or $210 million.

Insurance Subsidiary Dividends

The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. The period of float can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

The Insurance Subsidiaries paid $44 million in total dividends to the Parent in Six Months 2024. As of December 31, 2023, our allowable ordinary maximum dividend is $316 million for 2024. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator, and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved dividends, there is no assurance they will approve future Insurance Subsidiary dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business, or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

Line of Credit

On November 7, 2022, the Parent entered into a Credit Agreement with the lenders named therein (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $50 million revolving credit facility that can be increased to $125 million with the Lenders' consent. No borrowings were made under the Line of Credit in Six Months 2024. The Line of Credit will mature on November 7, 2025, and has a variable interest rate based on the Parent’s debt ratings. We expect to continue to maintain a credit facility for liquidity purposes. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, refer to Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report. We met all covenants under our Line of Credit as of June 30, 2024.

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Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

Branch	Insurance Subsidiary Member
FHLBI	Selective Insurance Company of South Carolina1 Selective Insurance Company of the Southeast1
FHLBNY	Selective Insurance Company of America Selective Insurance Company of New York ("SICNY")

1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of June 30, 2024, we had remaining capacity of $529.4 million for FHLB borrowings, with a $21.3 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings

We did not make any short-term borrowings from FHLB branches during Six Months 2024.

Intercompany Loan Agreements

The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $60.0 million as of June 30, 2024, and $67.0 million as of December 31, 2023. The remaining capacity under these intercompany loan agreements was $121.5 million as of June 30, 2024, and $114.5 million as of December 31, 2023. Additionally, we have other insurance regulator-approved intercompany agreements in place that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities

The Parent had no private or public stock issuances during Six Months 2024. In addition, we had no common stock share repurchases during Six Months 2024 under our existing share repurchase program. We had $84.2 million of remaining capacity under our share repurchase program as of June 30, 2024. For additional information on the share repurchase program, refer to Note 17. “Equity” in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

Uses of Liquidity

The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:

•A quarterly cash dividend on common stock of $0.35 per common share that is payable September 3, 2024, to holders of record on August 15, 2024; and

•A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depository share) payable on September 16, 2024, to holders of record as of August 30, 2024.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

Restrictions on the ability of the Insurance Subsidiaries to declare and pay dividends, without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources

Capital resources ensure we can pay policyholder claims, furnish the financial strength to support the business of underwriting insurance risks, and facilitate continued business growth. At June 30, 2024, we had GAAP stockholders' equity of $2.9 billion

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and statutory surplus of $2.7 billion. With total debt of $508.8 million at June 30, 2024, our debt-to-capital ratio was 14.8%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

The following table summarizes certain contractual obligations we had at June 30, 2024, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)	Amount of Obligation
Alternative and other investments	$	289.3
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio	96.3
Non-publicly traded common stock within our equity portfolio	25.5
CMLs	2.7
Privately-placed corporate securities	64.7
Total	$	478.5

There is no certainty (i) that any such additional investments will be required, and (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2023. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.1 years at December 31, 2023.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of June 30, 2024, and December 31, 2023, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. “Related Party Transactions” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.

Our capital management strategy is intended to protect the interests of the policyholders of the Insurance Subsidiaries and our stockholders and enhance our financial strength and underwriting capacity. We have a solid capital base and high-quality underwriting portfolio, positioning us well to take advantage of potential market opportunities.

Book value per common share decreased 1% to $44.74 as of June 30, 2024, from $45.42 as of December 31, 2023, driven by $0.70 in dividends to our common stockholders and a $0.36 increase in unrealized losses on our fixed income securities portfolio, partially offset by $0.24 in net income (loss) available to common stockholders per diluted common share. The increase in net unrealized losses on our fixed income securities was primarily driven by an increase in benchmark U.S. Treasury rates. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), decreased to $49.67 as of June 30, 2024, from $50.03 as of December 31, 2023.

Cash Flows

Net cash provided by operating activities increased to $380.3 million in Six Months 2024, compared to $293.6 million in Six Months 2023, primarily driven by higher levels of cash received for premiums. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.

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Net cash used in investing activities increased to $333.3 million in Six Months 2024, compared to $253.6 million in Six Months 2023, as a result of investing more cash from operating activities. Operating cash flows were 16% of NPW in Six Months 2024 compared to 14% of NPW in Six Months 2023.

Net cash used in financing activities remained relatively flat at $49.4 million in Six Months 2024, compared to $44.0 million in Six Months 2023.

Ratings

Our ratings are as follows:

Nationally Recognized Statistical Rating Organizations	Financial Strength Rating	Outlook
AM Best Company	A+	Stable
Moody's Investors Services ("Moody's")	A2	Stable
Fitch Ratings ("Fitch")	A+	Stable
Standard & Poor's Global Ratings ("S&P")	A	Stable

On February 28, 2024, S&P reaffirmed our "A" rating with a "stable" outlook. In taking this rating action, S&P cited our (i) strong financial and business risk profiles, (ii) sound underwriting process that produces profitable operating performance, and (iii) very strong capital adequacy.

On May 14, 2024, Fitch reaffirmed our "A+" rating with a "stable" outlook. In taking this rating action, Fitch cited our (i) business profile as having favorable competitive positioning within our core standard lines businesses with strong independent agency relationships, (ii) continued profitable underwriting, (iii) strong capitalization, and (iv) very strong debt service.

On June 26, 2024, Moody's reaffirmed our "A2" rating and changed our rating outlook to "stable" from "positive." In taking this rating action, Moody's cited our (i) strong regional franchise focused on low-to-medium hazard and small-to-midsize commercial accounts, (ii) strong independent agency relationships, (iii) long record of underwriting profitability, and (iv) conservative investment portfolio. In addition, Moody's cited our narrower market presence relative to national peers, contributing to the rating outlook change.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2023 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during Second Quarter 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 13. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. “Risk Factors.” below in Part II. “Other Information.” As of June 30, 2024, we have no material

43

pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. There have been no material changes from the risk factors disclosed in Item 1A. “Risk Factors.” in our 2023 Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Second Quarter 2024:

Period	Total Number of Shares Purchased1	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs2	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Announced Programs (in millions)2
April 1 – 30, 2024	250	$	103.07	—	$	84.2
May 1 – 31, 2024	58	96.41		—	84.2
June 1 – 30, 2024	—	—		—	84.2
Total	308	$	101.82	—	$	84.2

1We purchased these shares from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.

2On December 2, 2020, we announced our Board of Directors ("Board") authorized a $100 million share repurchase program with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended June 30, 2024, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

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ITEM 6. EXHIBITS.

Exhibit No.
*10.1+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Joseph Owen Eppers, effective as of June 3, 2024.
*10.2+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Brenda M. Hall, effective as of June 3, 2024.
*10.3+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Anthony D. Harnett, effective as of June 3, 2024.
*10.4+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Jeffrey F. Kamrowski, effective as of June 3, 2024.
*10.5+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Paul Kush, effective as of June 3, 2024.
*10.6+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Michael H. Lanza, effective as of June 3, 2024.
*10.7+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and John J. Marchioni, effective as of June 3, 2024.
*10.8+	Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Vincent M. Senia, effective as of June 3, 2024.
*31.1	Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2	Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
**32.1	Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**32.2	Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101	The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in iXBRL.

* Filed herewith.

** Furnished and not filed herewith.

+ Management compensation plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.

Registrant 

Date:	July 26, 2024	By: /s/ John J. Marchioni
		John J. Marchioni
		Chairman of the Board, President and Chief Executive Officer
		(principal executive officer)
Date:	July 26, 2024	By: /s/ Anthony D. Harnett
		Anthony D. Harnett
		Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer
		(principal financial officer and principal accounting officer)

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EX-10.1

Exhibit 10.1

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and JOSEPH OWEN EPPERS, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated February 28, 2022 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Joseph Owen Eppers
Joseph Owen Eppers

2

EX-10.2

Exhibit 10.2

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and BRENDA M. HALL, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated September 30, 2019 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Brenda M. Hall
Brenda M. Hall

2

EX-10.3

Exhibit 10.3

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and ANTHONY D. HARNETT, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated November 1, 2023 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Anthony D. Harnett
Anthony D. Harnett

2

EX-10.4

Exhibit 10.4

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and JEFFREY F. KAMROWSKI, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated March 1, 2020 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Jeffrey F. Kamrowski
Jeffrey F. Kamrowski

2

EX-10.5

Exhibit 10.5

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and PAUL KUSH, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated December 5, 2019 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Paul Kush
Paul Kush

2

EX-10.6

Exhibit 10.6

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and MICHAEL H. LANZA, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated March 2, 2020 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Michael H. Lanza
Michael H. Lanza

2

EX-10.7

Exhibit 10.7

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and JOHN J. MARCHIONI, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated February 10, 2020 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ John J. Marchioni
John J. Marchioni

2

EX-10.8

Exhibit 10.8

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the Employment Agreement (the “Employment Agreement”) between Selective Insurance Company of America, a New Jersey corporation with a principal place of business at 40 Wantage Avenue, Branchville, New Jersey 07890 (the “Company”), and VINCENT M. SENIA, an individual residing in [Intentionally Omitted] with a mailing address of [Address Intentionally Omitted] (the “Executive”) dated June 6, 2017 is made effective as of the 3rd day of June, 2024.

WHEREAS, the parties entered into the Employment Agreement; and

WHEREAS, the parties wish to amend the Employment Agreement to clarify that the Executive may designate a trust as beneficiary to receive benefits payable under the Employment Agreement in the event of the death of the Executive.

NOW, THEREFORE, for and in consideration of the mutual promises, terms, provisions and conditions set forth herein, the parties hereby amend the Employment Agreement as follows, effective as of the date first above written:

1.    Section 1.1 of the Employment Agreement shall be amended to add the definition of “Beneficiary,” to read as follows:

“Beneficiary” means any person, persons or entity (including, without limitation, a trust) last designated by the Executive on a form supplied by the Company to receive benefits payable in the event of the death of the Executive. If no such designation is in effect at the time of death of the Executive, or if no person, persons, or entity so designated shall survive the Executive, the Beneficiary shall be deemed to be the Executive’s surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Executive.

2.    Section 5.6 of the Employment Agreement shall be deleted and replaced with the following:

5.6    Assignment. No right or benefit under this Agreement shall be assigned, transferred, pledged or encumbered (a) by the Executive except by a Beneficiary designation made under the terms of this Agreement and in a manner approved by the Company for such designation, or (b) by the Company except that the Company may assign this Agreement and all of its rights hereunder to any Person with which it may merge or consolidate or to which it may sell all or substantially all of its assets; provided that such Person shall, by agreement in form and substance satisfactory to the Executive, expressly assume and agree to perform this Agreement for the remainder of the Term in the same manner and to the same extent that the Company would be required to perform it if no such merger, consolidation or sale had taken place. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company, the Company’s Parent and each of their successors and assigns, and the Executive, his heirs, legal representatives and any Beneficiary or Beneficiaries designated hereunder.

3.    All other provisions of theEmploymentAgreementshall remain in full force and effect.

IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment effective as of the date above written.

SELECTIVE INSURANCE COMPANY OF
AMERICA
By:	/s/ Lucinda Bennett
	Lucinda Bennett
	Executive Vice President, Chief Human Resources Officer
EXECUTIVE:
/s/ Vincent M. Senia
Vincent M. Senia

2

EX-31.1

Exhibit 31.1

Certification pursuant to Rule 13a-14(a), as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	July 26, 2024	By: /s/ John J. Marchioni
		John J. Marchioni
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification pursuant to Rule 13a-14(a), as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, ANTHONY D. HARNETT, Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	July 26, 2024	By: /s/ Anthony D. Harnett
		Anthony D. Harnett
		Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2024 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	July 26, 2024	By: /s/ John J. Marchioni
		John J. Marchioni
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, ANTHONY D. HARNETT, Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2024 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	July 26, 2024	By: /s/ Anthony D. Harnett
		Anthony D. Harnett
		Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-33067
Entity Registrant Name	SELECTIVE INSURANCE GROUP, INC
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2168890
Entity Address, Address Line One	40 Wantage Avenue
Entity Address, City or Town	Branchville
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07890
City Area Code	(973)
Local Phone Number	948-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,833,139
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000230557
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $2 per share
Trading Symbol	SIGI
Security Exchange Name	NASDAQ
Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value
Trading Symbol	SIGIP
Security Exchange Name	NASDAQ

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $18,556 – 2024; $21,923 – 2023)	$ 19,496	$ 22,700
Less: allowance for credit losses	0	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	19,496	22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $31,309 – 2024 and $28,212 – 2023; amortized cost: $8,080,498 – 2024 and $7,880,697 – 2023)	7,669,033	7,499,197
Commercial mortgage loans – at carrying value (fair value: $209,041 – 2024 and $178,913 – 2023)	219,613	188,708
Less: allowance for credit losses	(154)	(291)
Commercial mortgage loans, net of allowance for credit losses	219,459	188,417
Equity securities – at fair value (cost: $187,286 – 2024; $183,076 – 2023)	191,964	187,155
Short-term investments	417,346	309,317
Alternative investments	414,780	395,779
Other investments	89,742	91,164
Total investments (Note 4 and 5)	9,021,820	8,693,729
Cash	160	180
Restricted cash	10,748	13,092
Accrued investment income	72,305	66,339
Premiums receivable	1,600,765	1,331,979
Less: allowance for credit losses (Note 6)	(21,100)	(18,900)
Premiums receivable, net of allowance for credit losses	1,579,665	1,313,079
Reinsurance recoverable	687,288	658,525
Less: allowance for credit losses (Note 7)	(1,700)	(1,700)
Reinsurance recoverable, net of allowance for credit losses	685,588	656,825
Prepaid reinsurance premiums	219,785	203,320
Current federal income tax	38,588	0
Deferred federal income tax	145,897	140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $278,525 – 2024; $271,409 – 2023	89,196	83,272
Deferred policy acquisition costs	476,519	424,864
Goodwill	7,849	7,849
Other assets	217,370	199,760
Total assets	12,565,490	11,802,546
Liabilities:
Reserve for loss and loss expense (Note 8)	5,903,525	5,336,911
Unearned premiums	2,598,668	2,330,656
Long-term debt	508,801	503,946
Current federal income tax	0	6,251
Accrued salaries and benefits	92,585	122,003
Other liabilities	539,220	548,398
Total liabilities	9,642,799	8,848,165
Stockholders’ Equity:
Preferred stock of $0 par value per share: Authorized shares 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2024 and 2023	200,000	200,000
Common stock of $2 par value per share: Authorized shares 360,000,000 Issued: 105,516,194 – 2024; 105,223,307 – 2023	211,032	210,447
Additional paid-in capital	545,263	522,748
Retained earnings	3,001,054	3,029,396
Accumulated other comprehensive income (loss) (Note 11)	(392,721)	(373,001)
Treasury stock – at cost (shares:  44,656,246 – 2024; 44,586,870 – 2023)	(641,937)	(635,209)
Total stockholders’ equity	2,922,691	2,954,381
Commitments and contingencies
Total liabilities and stockholders’ equity	$ 12,565,490	$ 11,802,546

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed income securities, held-to-maturity, fair value	$ 18,556	$ 21,923
Fixed income securities, available-for-sale, allowance for credit loss	31,309	28,212
Fixed income securities, available-for-sale, amortized cost	8,080,498	7,880,697
Commercial mortgage loans, fair value	209,041	178,913
Equity securities, cost	187,286	183,076
Property and equipment, accumulated depreciation and amortization	$ 278,525	$ 271,409
Preferred stock, par or stated value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	8,000	8,000
Preferred stock, liquidation preference (in dollars per share)	$ 25,000	$ 25,000
Common stock, par or stated value (in dollars per share)	$ 2	$ 2
Common stock, authorized (in shares)	360,000,000	360,000,000
Common stock, issued (in shares)	105,516,194	105,223,307
Treasury stock, common (in shares)	44,656,246	44,586,870

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Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Net premiums earned	$ 1,080,231	$ 942,150	$ 2,131,175	$ 1,844,486
Net investment income earned	108,642	97,696	216,491	189,202
Net realized and unrealized investment gains (losses)	1,297	(5,426)	(338)	(2,082)
Other income	5,835	6,104	13,636	8,738
Total revenues	1,196,005	1,040,524	2,360,964	2,040,344
Expenses:
Loss and loss expense incurred	925,548	646,130	1,629,840	1,213,568
Amortization of deferred policy acquisition costs	226,426	194,793	445,861	384,554
Other insurance expenses	107,773	108,857	223,760	217,445
Interest expense	7,202	7,258	14,383	14,424
Corporate expenses	9,154	9,329	24,652	21,437
Total expenses	1,276,103	966,367	2,338,496	1,851,428
Income (loss) before federal income tax	(80,098)	74,157	22,468	188,916
Federal income tax expense (benefit):
Current	(17,622)	17,366	3,791	42,871
Deferred	843	(1,817)	(522)	(5,137)
Total federal income tax expense (benefit)	(16,779)	15,549	3,269	37,734
Net income (loss)	(63,319)	58,608	19,199	151,182
Preferred stock dividends	2,300	2,300	4,600	4,600
Net income (loss) available to common stockholders	$ (65,619)	$ 56,308	$ 14,599	$ 146,582
Earnings per common share:
Net income (loss) available to common stockholders - Basic (in dollars per share)	$ (1.08)	$ 0.93	$ 0.24	$ 2.42
Net income (loss) available to common stockholders - Diluted (in dollars per share)	$ (1.08)	$ 0.92	$ 0.24	$ 2.41

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Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (63,319)	$ 58,608	$ 19,199	$ 151,182
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period	(6,594)	(47,937)	(18,887)	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	(2,927)	(4,764)	(5,401)	12,957
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities	33	7,413	(28)	12,235
Credit loss (benefit) expense	975	(683)	3,068	(8,210)
Total unrealized gains (losses) on investment securities	(8,513)	(45,971)	(21,248)	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss): Net actuarial loss	764	598	1,528	1,196
Total defined benefit pension and post-retirement plans	764	598	1,528	1,196
Other comprehensive income (loss)	(7,749)	(45,373)	(19,720)	22,320
Comprehensive income (loss)	$ (71,068)	$ 13,235	$ (521)	$ 173,502

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Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred stock:	Common stock:	Additional paid-in capital:	Retained earnings:	Accumulated other comprehensive income (loss):	Treasury stock:
Beginning of period at Dec. 31, 2022		$ 200,000	$ 209,694	$ 493,488	$ 2,749,703	$ (498,042)	$ (627,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock		0
Dividend reinvestment plan			19	908
Stock purchase and compensation plans			583	17,644
Net income (loss)	$ 151,182				151,182
Dividends to preferred stockholders					(4,600)
Dividends to common stockholders					(36,716)
Other comprehensive income (loss)	22,320					22,320
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans							(7,512)
End of period at Jun. 30, 2023	$ 2,671,392	$ 200,000	210,296	512,040	2,859,569	(475,722)	(634,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)	$ 575.00
Dividends declared per common share (in dollars per share)	$ 0.60
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022	8,000
Preferred stock, shares outstanding:
Issuance of preferred stock (in shares)		0
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023	8,000
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2022	60,338,900
Common stock, shares outstanding:
Dividend reinvestment plan (in shares)	9,315
Stock purchase and compensation plan (in shares)	291,739
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)	(74,471)
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2023	60,565,483
Beginning of period at Mar. 31, 2023		$ 200,000	210,149	502,713	2,821,613	(430,349)	(634,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock		0
Dividend reinvestment plan			10	449
Stock purchase and compensation plans			137	8,878
Net income (loss)	$ 58,608				58,608
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(18,352)
Other comprehensive income (loss)	(45,373)					(45,373)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans							(69)
End of period at Jun. 30, 2023	$ 2,671,392	$ 200,000	210,296	512,040	2,859,569	(475,722)	(634,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.30
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023	8,000
Preferred stock, shares outstanding:
Issuance of preferred stock (in shares)		0
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023	8,000
Common stock, shares outstanding, beginning of period (in shares) at Mar. 31, 2023	60,492,586
Common stock, shares outstanding:
Dividend reinvestment plan (in shares)	4,665
Stock purchase and compensation plan (in shares)	68,923
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)	(691)
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2023	60,565,483
Beginning of period at Dec. 31, 2023	$ 2,954,381	$ 200,000	210,447	522,748	3,029,396	(373,001)	(635,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock		0
Dividend reinvestment plan			20	972
Stock purchase and compensation plans			565	21,543
Net income (loss)	19,199				19,199
Dividends to preferred stockholders					(4,600)
Dividends to common stockholders					(42,941)
Other comprehensive income (loss)	(19,720)					(19,720)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans							(6,728)
End of period at Jun. 30, 2024	$ 2,922,691	$ 200,000	211,032	545,263	3,001,054	(392,721)	(641,937)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)	$ 575.00
Dividends declared per common share (in dollars per share)	$ 0.70
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023	8,000
Preferred stock, shares outstanding:
Issuance of preferred stock (in shares)		0
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024	8,000
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2023	60,636,437
Common stock, shares outstanding:
Dividend reinvestment plan (in shares)	9,959
Stock purchase and compensation plan (in shares)	282,928
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)	(69,376)
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2024	60,859,948
Beginning of period at Mar. 31, 2024		$ 200,000	210,895	534,327	3,088,150	(384,972)	(641,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock		0
Dividend reinvestment plan			10	484
Stock purchase and compensation plans			127	10,452
Net income (loss)	$ (63,319)				(63,319)
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(21,477)
Other comprehensive income (loss)	(7,749)					(7,749)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans							(31)
End of period at Jun. 30, 2024	$ 2,922,691	$ 200,000	$ 211,032	$ 545,263	$ 3,001,054	$ (392,721)	$ (641,937)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.35
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024	8,000
Preferred stock, shares outstanding:
Issuance of preferred stock (in shares)		0
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024	8,000
Common stock, shares outstanding, beginning of period (in shares) at Mar. 31, 2024	60,791,439
Common stock, shares outstanding:
Dividend reinvestment plan (in shares)	5,153
Stock purchase and compensation plan (in shares)	63,664
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)	(308)
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2024	60,859,948

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Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income (loss)	$ 19,199	$ 151,182
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	18,915	17,179
Stock-based compensation expense	16,709	12,886
Undistributed gains of equity method investments	(14,572)	(13,478)
Distributions in excess of current year income of equity method investments	10,377	6,698
Net realized and unrealized (gains) losses	338	2,082
Loss (gain) on disposal of fixed assets	321	5
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	537,851	168,221
Increase in unearned premiums, net of prepaid reinsurance	251,547	240,189
(Increase) decrease in net federal income taxes	(45,257)	1,006
Increase in premiums receivable	(266,586)	(200,807)
Increase in deferred policy acquisition costs	(51,655)	(45,189)
Increase in accrued investment income	(5,926)	(264)
Decrease in accrued salaries and benefits	(29,418)	(23,192)
Increase in other assets	(22,122)	(4,667)
Decrease in other liabilities	(39,385)	(18,205)
Net cash provided by (used in) operating activities	380,336	293,646
Investing Activities
Purchases of fixed income securities, available-for-sale	(1,027,136)	(1,562,206)
Purchases of commercial mortgage loans	(34,281)	(27,201)
Purchases of equity securities	(13,738)	(8,373)
Purchases of alternative investments and other investments	(34,000)	(21,161)
Purchases of short-term investments	(3,016,380)	(2,422,123)
Sales of fixed income securities, available-for-sale	451,386	959,248
Proceeds from commercial mortgage loans	3,376	968
Sales of short-term investments	2,908,653	2,543,683
Redemption and maturities of fixed income securities, held-to-maturity	3,204	7,481
Redemption and maturities of fixed income securities, available-for-sale	415,790	227,884
Sales of equity securities	12,252	51,763
Sales of other investments	0	892
Distributions from alternative investments and other investments	11,526	5,130
Purchases of property and equipment	(13,932)	(9,549)
Net cash provided by (used in) investing activities	(333,280)	(253,564)
Financing Activities
Dividends to preferred stockholders	(4,600)	(4,600)
Dividends to common stockholders	(41,573)	(35,385)
Acquisition of treasury stock	(6,728)	(7,512)
Net proceeds from stock purchase and compensation plans	4,747	4,695
Proceeds from borrowings	0	20,000
Repayments of borrowings	0	(20,000)
Repayments of finance lease obligations	(1,266)	(1,231)
Net cash provided by (used in) financing activities	(49,420)	(44,033)
Net increase (decrease) in cash and restricted cash	(2,364)	(3,951)
Cash and restricted cash, beginning of period	13,272	25,209
Cash and restricted cash, end of period	$ 10,908	$ 21,258

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Basis of Presentation

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2024 (“Second Quarter 2024”) and June 30, 2023 (“Second Quarter 2023”), and the six-month periods ended June 30, 2024 ("Six Months 2024") and June 30, 2023 ("Six Months 2023"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”) filed with the SEC.

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Adoption of Accounting Pronouncements

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Adoption of Accounting Pronouncements

Adoption of Accounting Pronouncements 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. We adopted this guidance on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low income housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We adopted ASU 2023-02 on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

Pronouncements to be effective in the future

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting, to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-07 will not have a material impact on our financial condition or results of operations.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures

are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

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Statements of Cash Flows

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information [Abstract]

Statements of Cash Flows

Statements of Cash Flows

Supplemental cash flow information was as follows:

	Six Months ended June 30,
($ in thousands)	2024		2023
Cash paid (received) during the period for:
Interest	$	14,209	14,164
Federal income tax	46,000		34,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,884		4,038
Operating cash flows from financing leases	65		20
Financing cash flows from finance leases	1,266		1,231
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	10,250		23,150
Corporate actions related to equity securities1	29,250		—
Assets acquired under finance lease arrangements	5,947		—
Assets acquired under operating lease arrangements	10,257		4,509
Non-cash purchase of property and equipment	9		—

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	June 30, 2024		December 31, 2023
Cash	$	160	180
Restricted cash	10,748		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	10,908	13,272

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

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Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments

Investments

(a) Information regarding our AFS securities as of June 30, 2024 and December 31, 2023, were as follows:

June 30, 2024	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	170,819	—	56	(19,907)	150,968
Foreign government	10,687		(26)	—	(1,427)	9,234
Obligations of states and political subdivisions	558,455		(639)	770	(33,151)	525,435
Corporate securities	2,987,824		(15,950)	17,803	(143,725)	2,845,952
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,972,687		(3,022)	16,359	(69,904)	1,916,120
Residential mortgage-backed securities ("RMBS")	1,624,078		(11,660)	2,954	(111,420)	1,503,952
Commercial mortgage-backed securities ("CMBS")	755,948		(12)	814	(39,378)	717,372
Total AFS fixed income securities	$	8,080,498	(31,309)	38,756	(418,912)	7,669,033

December 31, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	29	—	—	(3)	—	—	26
Obligations of states and political subdivisions	695		18	—	(74)	—	—	639
Corporate securities	15,442		846	—	(126)	(212)	—	15,950
CLO and other ABS	2,627		271	—	126	(2)	—	3,022
RMBS	11,580		—	—	171	(91)	—	11,660
CMBS	8		—	—	4	—	—	12
Total AFS fixed income securities	$	30,381	1,135	—	98	(305)	—	31,309

Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425

Six Months ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	35	—	—	(3)	(6)	—	26
Obligations of states and political subdivisions	669		37	—	(59)	(8)	—	639
Corporate securities	12,999		2,362	—	1,166	(568)	(9)	15,950
CLO and other ABS	2,854		427	—	(255)	(4)	—	3,022
RMBS	11,649		—	—	202	(191)	—	11,660
CMBS	6		2	—	4	—	—	12
Total AFS fixed income securities	$	28,212	2,828	—	1,055	(777)	(9)	31,309

Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

During Six Months 2024 and Six Months 2023, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report. Accrued interest on AFS securities was $70.1 million as of June 30, 2024, and $64.6 million as of December 31, 2023. We did not record any write-offs of accrued interest in Six Months 2024 and Six Months 2023.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2024	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	33,667	(52)	107,306	(19,855)	140,973	(19,907)
Foreign government	—		—	9,234	(1,427)	9,234	(1,427)
Obligations of states and political subdivisions	128,665		(1,644)	329,528	(31,507)	458,193	(33,151)
Corporate securities	358,779		(3,477)	1,477,738	(140,248)	1,836,517	(143,725)
CLO and other ABS	368,307		(6,432)	798,783	(63,472)	1,167,090	(69,904)
RMBS	385,794		(6,133)	878,915	(105,287)	1,264,709	(111,420)
CMBS	75,052		(779)	550,901	(38,599)	625,953	(39,378)
Total AFS fixed income securities	$	1,350,264	(18,517)	4,152,405	(400,395)	5,502,669	(418,912)

December 31, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2024. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2024, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	587,352	820	810
Due after one year through five years	3,507,774		14,209	13,662
Due after five years through 10 years	2,827,999		4,467	4,084
Due after 10 years	745,908		—	—
Total fixed income securities	$	7,669,033	19,496	18,556

(d) The following table summarizes our alternative investment portfolio by strategy:

	June 30, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	319,236	148,558	467,794	301,759	131,885	433,644
Private credit	52,106		98,417	150,523	54,500	89,401	143,901
Real assets	43,438		42,336	85,774	39,520	33,040	72,560
Total alternative investments	$	414,780	289,311	704,091	395,779	254,326	650,105

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2024 or 2023.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for 3- and 6-month periods ended March 31:

Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2024		2023	2024		2023
Net investment income (loss)	$	242.4	(70.6)	$	(103.6)	(141.3)
Realized gains	1,554.2		922.0	3,385.1		2,644.3
Net change in unrealized appreciation (depreciation)	2,850.2		3,754.0	6,669.2		5,197.8
Net income	$	4,646.8	4,605.4	$	9,950.7	7,700.8
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	10.5	11.4	$	17.4	19.2

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at June 30, 2024 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2024:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.9	19.9
Obligations of states and political subdivisions	—		—	4.2	4.2
RMBS	64.2		23.2	—	87.4
CMBS	2.1		8.3	—	10.4
Total pledged as collateral	$	66.3	31.5	24.1	121.9

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2024, or December 31, 2023.

(g) The components of pre-tax net investment income earned were as follows:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Fixed income securities	$	93,935	83,916	$	188,037	164,003
Commercial mortgage loans ("CMLs")	3,145		2,199	5,939		4,164
Equity securities	1,877		2,236	6,785		3,441
Short-term investments	4,680		2,892	8,199		7,542
Alternative investments	10,517		11,396	17,398		19,164
Other investments	118		188	381		231
Investment expenses	(5,630)		(5,131)	(10,248)		(9,343)
Net investment income earned	$	108,642	97,696	$	216,491	189,202

The increase in net investment income earned in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily driven by higher interest rates, active portfolio management, and operating and investing cash flow deployment.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Gross gains on sales	$	4,387	1,156	$	6,522	4,940
Gross losses on sales	(1,251)		(11,952)	(3,216)		(24,882)
Net realized gains (losses) on disposals	3,136		(10,796)	3,306		(19,942)
Net unrealized gains (losses) on equity securities	(93)		4,925	599		8,173
Net credit loss benefit (expense) on fixed income securities, AFS	(1,233)		864	(3,883)		10,393
Net credit loss benefit (expense) on CMLs	(32)		(78)	136		(61)
Losses on securities for which we have the intent to sell	(481)		(341)	(496)		(645)
Net realized and unrealized investment gains (losses)	$	1,297	(5,426)	$	(338)	(2,082)

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,617	2,784	$	2,906	2,685
On securities sold in period	(2,710)		2,141	(2,307)		5,488
Total unrealized gains (losses) recognized in income on equity securities	$	(93)	4,925	$	599	8,173

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Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2024, and December 31, 2023:

	June 30, 2024			December 31, 2023
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,928	51,301	49,926	53,047
6.70% Senior Notes	99,577		99,393	99,565	104,039
5.375% Senior Notes	294,574		283,037	294,523	288,787
3.03% borrowings from FHLBI	60,000		57,638	60,000	57,932
Subtotal long-term debt	504,079		491,369	504,014	503,805
Unamortized debt issuance costs	(2,596)			(2,704)
Finance lease obligations	7,318			2,636
Total long-term debt	$	508,801		503,946

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2024, and December 31, 2023:

June 30, 2024			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	150,968	33,453	117,515	—
Foreign government	9,234		—	9,234	—
Obligations of states and political subdivisions	525,435		—	517,781	7,654
Corporate securities	2,845,952		—	2,552,239	293,713
CLO and other ABS	1,916,120		—	1,652,400	263,720
RMBS	1,503,952		—	1,499,066	4,886
CMBS	717,372		—	717,023	349
Total AFS fixed income securities	7,669,033		33,453	7,065,258	570,322
Equity securities:
Common stock1	190,141		34,815	—	1,067
Preferred stock	1,823		1,823	—	—
Total equity securities	191,964		36,638	—	1,067
Short-term investments	417,346		400,906	16,440	—
Total assets measured at fair value	$	8,278,343	470,997	7,081,698	571,389

December 31, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	205,035	34,056	170,979	—
Foreign government	9,803		—	9,803	—
Obligations of states and political subdivisions	585,965		—	578,131	7,834
Corporate securities	2,711,239		—	2,413,907	297,332
CLO and other ABS	1,834,827		—	1,589,514	245,313
RMBS	1,477,483		—	1,477,483	—
CMBS	674,845		—	674,489	356
Total AFS fixed income securities	7,499,197		34,056	6,914,306	550,835
Equity securities:
Common stock1	185,339		20,582	—	854
Preferred stock	1,816		1,816	—	—
Total equity securities	187,155		22,398	—	854
Short-term investments	309,317		308,512	805	—
Total assets measured at fair value	$	7,995,669	364,966	6,915,111	551,689

1Investments amounting to $154.3 million at June 30, 2024, and $163.9 million at December 31, 2023, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in Six Months 2024 and Six Months 2023:

June 30, 2024
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Common Stock	Total
Fair value, December 31, 2023	$	7,834	297,332	245,313	—	356	854	551,689
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(112)		1,203	969	—	(2)	—	2,058
Net realized and unrealized gains (losses)	—		218	39	—	—	213	470
Net investment income earned	—		(494)	(7)	—	(1)	—	(502)
Purchases	—		5,261	30,119	4,886	—	—	40,266
Sales	—		—	—	—	—	—	—
Issuances	—		—	—	—	—	—	—
Settlements	(68)		(7,269)	(4,726)	—	(4)	—	(12,067)
Transfers into Level 3	—		28,896	19,537	—	—	—	48,433
Transfers out of Level 3	—		(31,434)	(27,524)	—	—	—	(58,958)
Fair value, June 30, 2024	$	7,654	293,713	263,720	4,886	349	1,067	571,389
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	—		226	39	—	—	213	478
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(112)		850	969	—	(2)	—	1,705

June 30, 2023
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
OCI	(7)		1,857	(1,168)	64	—	746
Net realized and unrealized gains (losses)	62		251	17	—	(235)	95
Net investment income earned	—		112	(20)	(263)	—	(171)
Purchases	—		58,586	39,713	—	—	98,299
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(5,535)	(3,153)	(21)	—	(8,709)
Transfers into Level 3	—		2,238	14,148	2,848	—	19,234
Transfers out of Level 3	—		—	(953)	(2,626)	—	(3,579)
Fair value, June 30, 2023	$	6,716	245,489	201,926	377	662	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		251	17	—	(235)	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)		1,846	(1,168)	64	—	735

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2024, and December 31, 2023:

June 30, 2024
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	154,075	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.8%
CLO and other ABS	158,660		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	312,735
Other1	258,654
Total Level 3 securities	$	571,389

December 31, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	135,524	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.9%
CLO and other ABS	127,210		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	262,734
Other1	288,955
Total Level 3 securities	$	551,689

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2024, and December 31, 2023:

June 30, 2024			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	18,556	—	18,556	—
Total HTM fixed income securities	18,556		—	18,556	—
CMLs	$	209,041	—	—	209,041
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,301	—	51,301	—
6.70% Senior Notes	99,393		—	99,393	—
5.375% Senior Notes	283,037		—	283,037	—
3.03% borrowings from FHLBI	57,638		—	57,638	—
Total long-term debt	$	491,369	—	491,369	—

December 31, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	21,923	—	21,923	—
Total HTM fixed income securities	21,923		—	21,923	—
CMLs	$	178,913	—	—	178,913
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	53,047	—	53,047	—
6.70% Senior Notes	104,039		—	104,039	—
5.375% Senior Notes	288,787		—	288,787	—
3.03% borrowings from FHLBI	57,932		—	57,932	—
Total long-term debt	$	503,805	—	503,805	—

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Allowance for Credit Losses on Premiums Receivable

6 Months Ended

Jun. 30, 2024

Premiums Receivable Disclosure [Abstract]

Allowance for Credit Losses on Premiums Receivable

Allowance for Credit Losses on Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Balance at beginning of period	$	20,000	17,100	$	18,900	16,100
Current period change for expected credit losses	2,488		1,515	4,272		3,425
Write-offs charged against the allowance for credit losses	(1,720)		(1,047)	(2,776)		(2,211)
Recoveries	332		332	704		586
Allowance for credit losses, end of period	$	21,100	17,900	$	21,100	17,900

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

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Reinsurance

6 Months Ended

Jun. 30, 2024

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2024, and December 31, 2023:

	June 30, 2024
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	83,944	671	84,615
A+	392,094		566	392,660
A	116,631		1,113	117,744
A-	4,991		89	5,080
Total rated reinsurers	597,660		2,439	600,099
Non-rated reinsurers
Federal and state pools	83,241		—	83,241
Other than federal and state pools	3,785		163	3,948
Total non-rated reinsurers	87,026		163	87,189
Total reinsurance recoverable, gross	$	684,686	2,602	687,288
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				685,588

	December 31, 2023
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	82,466	21	82,487
A+	371,132		2,887	374,019
A	111,883		1,380	113,263
A-	3,596		89	3,685
Total rated reinsurers	569,077		4,377	573,454
Non-rated reinsurers
Federal and state pools	80,506		—	80,506
Other than federal and state pools	4,488		77	4,565
Total non-rated reinsurers	84,994		77	85,071
Total reinsurance recoverable, gross	$	654,071	4,454	658,525
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				656,825

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Balance at beginning of period	$	1,700	2,300	$	1,700	1,600
Current period change for expected credit losses	—		(500)	—		200
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,700	1,800	$	1,700	1,800

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report.

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Premiums written:
Direct	$	1,399,738	1,232,496	$	2,715,649	2,365,256
Assumed	6,413		5,577	12,398		10,971
Ceded	(180,050)		(153,166)	(345,325)		(291,552)
Net	1,226,101		1,084,907	2,382,722		2,084,675
Premiums earned:
Direct	1,242,696		1,073,498	2,448,064		2,105,726
Assumed	5,779		5,968	11,970		12,258
Ceded	(168,244)		(137,316)	(328,859)		(273,498)
Net	1,080,231		942,150	2,131,175		1,844,486
Loss and loss expense incurred:
Direct	1,009,819		698,994	1,763,386		1,312,223
Assumed	5,058		5,678	11,039		10,933
Ceded	(89,329)		(58,542)	(144,585)		(109,588)
Net	$	925,548	646,130	$	1,629,840	1,213,568

The increase in direct loss and loss expense incurred in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily due to (i) unfavorable prior year casualty reserve development of $176.0 million in Second Quarter 2024, compared to $3.5 million of favorable development in Second Quarter 2023, and (ii) unfavorable prior year casualty reserve development of $211.0 million in Six Months 2024, compared to $16.5 million of favorable development in Six Months 2023.

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Reserve for Loss and Loss Expense

6 Months Ended

Jun. 30, 2024

Insurance Loss Reserves [Abstract]

Reserve for Loss and Loss Expense

Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Six Months ended June 30,
($ in thousands)	2024		2023
Gross reserve for loss and loss expense, at beginning of period	$	5,336,911	5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601		757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310		4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	1,442,719		1,221,635
Prior years	187,121		(8,067)
Total incurred loss and loss expense	1,629,840		1,213,568
Paid loss and loss expense for claims occurring in the:
Current year	347,501		320,026
Prior years	753,658		720,314
Total paid loss and loss expense	1,101,159		1,040,340
Net reserve for loss and loss expense, at end of period	5,246,991		4,560,536
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	656,534		616,487
Gross reserve for loss and loss expense, at end of period	$	5,903,525	5,177,023

Prior year reserve development in Six Months 2024 was unfavorable by $187.1 million, consisting of $211.0 million of unfavorable casualty reserve development, partially offset by $23.9 million of favorable property reserve development. The unfavorable casualty reserve development was driven by our Standard Commercial Lines segment, which included (i) $216.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, (ii) $10.0 million in our commercial automobile line of business, partially offset by (iii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.

Prior year reserve development in Six Months 2023 was favorable by $8.1 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $8.4 million of unfavorable property reserve development. The favorable casualty reserve development included $17.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $6.0 million of unfavorable casualty reserve development in our personal automobile line of business.

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Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Standard Commercial Lines:
Net premiums earned:
General liability	$	280,097	254,510	$	553,512	497,859
Commercial automobile	260,652		225,067	512,372		442,438
Commercial property	168,511		141,348	330,064		276,640
Workers compensation	82,316		88,746	170,093		172,930
Businessowners' policies	41,641		34,385	81,562		67,556
Bonds	12,468		11,619	24,556		23,016
Other	7,808		7,034	15,444		13,885
Miscellaneous income	5,214		5,568	12,348		7,749
Total Standard Commercial Lines revenue	858,707		768,277	1,699,951		1,502,073
Standard Personal Lines:
Net premiums earned:
Personal automobile	57,544		48,230	114,504		93,144
Homeowners	46,055		36,902	90,168		71,915
Other	2,822		2,038	5,595		3,981
Miscellaneous income	594		536	1,235		989
Total Standard Personal Lines revenue	107,015		87,706	211,502		170,029
E&S Lines:
Net premiums earned:
Casualty lines	73,887		62,151	145,525		122,968
Property lines	46,430		30,120	87,780		58,154
Miscellaneous income	27		—	53		—
Total E&S Lines revenue	120,344		92,271	233,358		181,122
Investments:
Net investment income earned	108,642		97,696	216,491		189,202
Net realized and unrealized investment gains (losses)	1,297		(5,426)	(338)		(2,082)
Total Investments revenue	109,939		92,270	216,153		187,120
Total revenues	$	1,196,005	1,040,524	$	2,360,964	2,040,344

Income (Loss) Before and After Federal Income Tax	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2024			2023	2024		2023
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	(160,881)		22,146	$	(150,500)	61,067
Underwriting income (loss), after federal income tax	(127,096)			17,495	(118,895)		48,243
Combined ratio	118.8		%	97.1	108.9		95.9
ROE contribution	(18.4)			2.8	(8.6)		4.1
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(19,301)		(23,060)	$	(24,636)	(36,133)
Underwriting income (loss), after federal income tax	(15,248)			(18,217)	(19,462)		(28,545)
Combined ratio	118.1		%	126.5	111.7		121.4
ROE contribution	(2.2)			(2.9)	(1.4)		(2.4)
E&S Lines:
Underwriting income (loss), before federal income tax	$	6,501		(612)	$	20,486	12,723
Underwriting income (loss), after federal income tax	5,136			(483)	16,184		10,051
Combined ratio	94.6		%	100.7	91.2		93.0
ROE contribution	0.7			(0.1)	1.2		0.8
Investments:
Net investment income earned	$	108,642		97,696	$	216,491	189,202
Net realized and unrealized investment gains (losses)	1,297			(5,426)	(338)		(2,082)
Total investments segment income, before federal income tax	109,939			92,270	216,153		187,120
Tax on investments segment income	22,652			18,745	44,518		37,901
Total investments segment income, after federal income tax	$	87,287		73,525	$	171,635	149,219
ROE contribution of after-tax net investment income earned	12.5			12.6	12.5		12.5

Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Underwriting income (loss)
Standard Commercial Lines	$	(160,881)	22,146	$	(150,500)	61,067
Standard Personal Lines	(19,301)		(23,060)	(24,636)		(36,133)
E&S Lines	6,501		(612)	20,486		12,723
Investment income	109,939		92,270	216,153		187,120
Total all segments	(63,742)		90,744	61,503		224,777
Interest expense	(7,202)		(7,258)	(14,383)		(14,424)
Corporate expenses	(9,154)		(9,329)	(24,652)		(21,437)
Income (loss), before federal income tax	$	(80,098)	74,157	$	22,468	188,916
Preferred stock dividends	(2,300)		(2,300)	(4,600)		(4,600)
Income (loss) available to common stockholders, before federal income tax	$	(82,398)	71,857	$	17,868	184,316

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Retirement Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866	$	7,776	7,732
Expected return on plan assets	(5,383)		(5,772)	(10,765)		(11,545)
Amortization of unrecognized net actuarial loss	955		750	1,910		1,501
Total net periodic pension cost (benefit)1	$	(540)	(1,156)	$	(1,079)	(2,312)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

	Pension Plan
	Six Months ended June 30,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90

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Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Income (Loss)

Comprehensive Income (Loss)

The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2024 and Six Months 2024 and Second Quarter 2023 and Six Months 2023 were as follows:

Second Quarter 2024
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	(80,098)	(16,779)	(63,319)
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(8,347)		(1,753)	(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(3,705)		(778)	(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	43		10	33
Credit loss (benefit) expense	1,233		258	975
Total unrealized gains (losses) on investment securities	(10,776)		(2,263)	(8,513)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	967		203	764
Total defined benefit pension and post-retirement plans	967		203	764
Other comprehensive income (loss)	(9,809)		(2,060)	(7,749)
Comprehensive income (loss)	$	(89,907)	(18,839)	(71,068)
Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235

Six Months 2024
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	22,468	3,269	19,199
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(23,907)		(5,020)	(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,837)		(1,436)	(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(35)		(7)	(28)
Credit loss (benefit) expense	3,883		815	3,068
Total unrealized gains (losses) on investment securities	(26,896)		(5,648)	(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,934		406	1,528
Total defined benefit pension and post-retirement plans	1,934		406	1,528
Other comprehensive income (loss)	(24,962)		(5,242)	(19,720)
Comprehensive income (loss)	$	(2,494)	(1,973)	(521)
Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of June 30, 2024, were as follows:

June 30, 2024	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(5,401)		(18,887)	(24,288)	—	(24,288)
Amounts reclassified from AOCI	3,068		(28)	3,040	1,528	4,568
Net current period OCI	(2,333)		(18,915)	(21,248)	1,528	(19,720)
Balance, June 30, 2024	$	(86,775)	(213,543)	(300,318)	(92,403)	(392,721)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

The reclassifications out of AOCI were as follows:

	Quarter ended June 30,			Six Months ended June 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2024		2023	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	43	9,383	$	(35)	15,487	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(10)		(1,970)	7		(3,252)	Total federal income tax expense (benefit)
Net of taxes	33		7,413	(28)		12,235	Net income (loss)
Credit loss related
Credit loss (benefit) expense	1,233		(864)	3,883		(10,393)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(258)		181	(815)		2,183	Total federal income tax expense (benefit)
Net of taxes	975		(683)	3,068		(8,210)	Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss	223		173	445		348	Loss and loss expense incurred
Net actuarial loss	744		584	1,489		1,166	Other insurance expenses
Total	967		757	1,934		1,514	Income (loss) before federal income tax
Tax (benefit) expense	(203)		(159)	(406)		(318)	Total federal income tax expense (benefit)
Net of taxes	764		598	1,528		1,196	Net income (loss)
Total reclassifications for the period	$	1,772	7,328	$	4,568	5,221	Net income (loss)

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Earnings per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended June 30,			Six Months ended June 30,
(in thousands, except per share amounts)	2024		2023	2024		2023
Net income (loss) available to common stockholders:	$	(65,619)	56,308	$	14,599	146,582
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,897		60,614	60,862		60,575
Effect of dilutive securities - stock compensation plans	—		323	382		343
Weighted average common shares outstanding - diluted	60,897		60,937	61,244		60,918
EPS:
Basic	$	(1.08)	0.93	$	0.24	2.42
Diluted	(1.08)		0.92	0.24		2.41

There were 0.4 million common stock equivalents related to our stock compensation plans in Second Quarter 2024 that were not included in the computation of diluted EPS, as we recorded a net loss available to common stockholders in the quarter and the effect of these items would have been anti-dilutive to our EPS computation.

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Litigation

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Litigation

Litigation

As of June 30, 2024, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government

shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured.

From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, so adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (63,319)	$ 58,608	$ 19,199	$ 151,182

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information was as follows:

	Six Months ended June 30,
($ in thousands)	2024		2023
Cash paid (received) during the period for:
Interest	$	14,209	14,164
Federal income tax	46,000		34,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,884		4,038
Operating cash flows from financing leases	65		20
Financing cash flows from finance leases	1,266		1,231
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	10,250		23,150
Corporate actions related to equity securities1	29,250		—
Assets acquired under finance lease arrangements	5,947		—
Assets acquired under operating lease arrangements	10,257		4,509
Non-cash purchase of property and equipment	9		—

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	June 30, 2024		December 31, 2023
Cash	$	160	180
Restricted cash	10,748		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	10,908	13,272

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	June 30, 2024		December 31, 2023
Cash	$	160	180
Restricted cash	10,748		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	10,908	13,272

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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Schedule of Available-for-Sale Securities

Information regarding our AFS securities as of June 30, 2024 and December 31, 2023, were as follows:

June 30, 2024	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	170,819	—	56	(19,907)	150,968
Foreign government	10,687		(26)	—	(1,427)	9,234
Obligations of states and political subdivisions	558,455		(639)	770	(33,151)	525,435
Corporate securities	2,987,824		(15,950)	17,803	(143,725)	2,845,952
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,972,687		(3,022)	16,359	(69,904)	1,916,120
Residential mortgage-backed securities ("RMBS")	1,624,078		(11,660)	2,954	(111,420)	1,503,952
Commercial mortgage-backed securities ("CMBS")	755,948		(12)	814	(39,378)	717,372
Total AFS fixed income securities	$	8,080,498	(31,309)	38,756	(418,912)	7,669,033

December 31, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	29	—	—	(3)	—	—	26
Obligations of states and political subdivisions	695		18	—	(74)	—	—	639
Corporate securities	15,442		846	—	(126)	(212)	—	15,950
CLO and other ABS	2,627		271	—	126	(2)	—	3,022
RMBS	11,580		—	—	171	(91)	—	11,660
CMBS	8		—	—	4	—	—	12
Total AFS fixed income securities	$	30,381	1,135	—	98	(305)	—	31,309

Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425

Six Months ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	35	—	—	(3)	(6)	—	26
Obligations of states and political subdivisions	669		37	—	(59)	(8)	—	639
Corporate securities	12,999		2,362	—	1,166	(568)	(9)	15,950
CLO and other ABS	2,854		427	—	(255)	(4)	—	3,022
RMBS	11,649		—	—	202	(191)	—	11,660
CMBS	6		2	—	4	—	—	12
Total AFS fixed income securities	$	28,212	2,828	—	1,055	(777)	(9)	31,309

Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

Schedule of Quantitative Information about Unrealized Losses on AFS

Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2024	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	33,667	(52)	107,306	(19,855)	140,973	(19,907)
Foreign government	—		—	9,234	(1,427)	9,234	(1,427)
Obligations of states and political subdivisions	128,665		(1,644)	329,528	(31,507)	458,193	(33,151)
Corporate securities	358,779		(3,477)	1,477,738	(140,248)	1,836,517	(143,725)
CLO and other ABS	368,307		(6,432)	798,783	(63,472)	1,167,090	(69,904)
RMBS	385,794		(6,133)	878,915	(105,287)	1,264,709	(111,420)
CMBS	75,052		(779)	550,901	(38,599)	625,953	(39,378)
Total AFS fixed income securities	$	1,350,264	(18,517)	4,152,405	(400,395)	5,502,669	(418,912)

December 31, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

Schedule of Fixed Maturity Securities by Contractual Maturities

AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2024, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	587,352	820	810
Due after one year through five years	3,507,774		14,209	13,662
Due after five years through 10 years	2,827,999		4,467	4,084
Due after 10 years	745,908		—	—
Total fixed income securities	$	7,669,033	19,496	18,556

Schedule of Alternative Investment Portfolio by Strategy and Remaining Commitment Amount and Maximum Exposure to Loss Associated with Each Strategy

The following table summarizes our alternative investment portfolio by strategy:

	June 30, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	319,236	148,558	467,794	301,759	131,885	433,644
Private credit	52,106		98,417	150,523	54,500	89,401	143,901
Real assets	43,438		42,336	85,774	39,520	33,040	72,560
Total alternative investments	$	414,780	289,311	704,091	395,779	254,326	650,105

Schedule of Aggregated Summarized Income Statement Financial Information for Partnerships in Alternative Investment Portfolio

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for 3- and 6-month periods ended March 31:

Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2024		2023	2024		2023
Net investment income (loss)	$	242.4	(70.6)	$	(103.6)	(141.3)
Realized gains	1,554.2		922.0	3,385.1		2,644.3
Net change in unrealized appreciation (depreciation)	2,850.2		3,754.0	6,669.2		5,197.8
Net income	$	4,646.8	4,605.4	$	9,950.7	7,700.8
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	10.5	11.4	$	17.4	19.2

Schedule of Securities Pledged as Collateral

The following table summarizes the market value of these securities at June 30, 2024:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.9	19.9
Obligations of states and political subdivisions	—		—	4.2	4.2
RMBS	64.2		23.2	—	87.4
CMBS	2.1		8.3	—	10.4
Total pledged as collateral	$	66.3	31.5	24.1	121.9

Schedule of Pre-Tax Net Investment Income Earned

The components of pre-tax net investment income earned were as follows:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Fixed income securities	$	93,935	83,916	$	188,037	164,003
Commercial mortgage loans ("CMLs")	3,145		2,199	5,939		4,164
Equity securities	1,877		2,236	6,785		3,441
Short-term investments	4,680		2,892	8,199		7,542
Alternative investments	10,517		11,396	17,398		19,164
Other investments	118		188	381		231
Investment expenses	(5,630)		(5,131)	(10,248)		(9,343)
Net investment income earned	$	108,642	97,696	$	216,491	189,202

Schedule of Realized and Unrealized Gains (Losses) on Securities

The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Gross gains on sales	$	4,387	1,156	$	6,522	4,940
Gross losses on sales	(1,251)		(11,952)	(3,216)		(24,882)
Net realized gains (losses) on disposals	3,136		(10,796)	3,306		(19,942)
Net unrealized gains (losses) on equity securities	(93)		4,925	599		8,173
Net credit loss benefit (expense) on fixed income securities, AFS	(1,233)		864	(3,883)		10,393
Net credit loss benefit (expense) on CMLs	(32)		(78)	136		(61)
Losses on securities for which we have the intent to sell	(481)		(341)	(496)		(645)
Net realized and unrealized investment gains (losses)	$	1,297	(5,426)	$	(338)	(2,082)

Schedule of Unrealized Gain (Loss) on Equity Securities

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,617	2,784	$	2,906	2,685
On securities sold in period	(2,710)		2,141	(2,307)		5,488
Total unrealized gains (losses) recognized in income on equity securities	$	(93)	4,925	$	599	8,173

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities

The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2024, and December 31, 2023:

	June 30, 2024			December 31, 2023
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,928	51,301	49,926	53,047
6.70% Senior Notes	99,577		99,393	99,565	104,039
5.375% Senior Notes	294,574		283,037	294,523	288,787
3.03% borrowings from FHLBI	60,000		57,638	60,000	57,932
Subtotal long-term debt	504,079		491,369	504,014	503,805
Unamortized debt issuance costs	(2,596)			(2,704)
Finance lease obligations	7,318			2,636
Total long-term debt	$	508,801		503,946

Schedule of Fair Value of Financial Assets

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2024, and December 31, 2023:

June 30, 2024			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	150,968	33,453	117,515	—
Foreign government	9,234		—	9,234	—
Obligations of states and political subdivisions	525,435		—	517,781	7,654
Corporate securities	2,845,952		—	2,552,239	293,713
CLO and other ABS	1,916,120		—	1,652,400	263,720
RMBS	1,503,952		—	1,499,066	4,886
CMBS	717,372		—	717,023	349
Total AFS fixed income securities	7,669,033		33,453	7,065,258	570,322
Equity securities:
Common stock1	190,141		34,815	—	1,067
Preferred stock	1,823		1,823	—	—
Total equity securities	191,964		36,638	—	1,067
Short-term investments	417,346		400,906	16,440	—
Total assets measured at fair value	$	8,278,343	470,997	7,081,698	571,389

December 31, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	205,035	34,056	170,979	—
Foreign government	9,803		—	9,803	—
Obligations of states and political subdivisions	585,965		—	578,131	7,834
Corporate securities	2,711,239		—	2,413,907	297,332
CLO and other ABS	1,834,827		—	1,589,514	245,313
RMBS	1,477,483		—	1,477,483	—
CMBS	674,845		—	674,489	356
Total AFS fixed income securities	7,499,197		34,056	6,914,306	550,835
Equity securities:
Common stock1	185,339		20,582	—	854
Preferred stock	1,816		1,816	—	—
Total equity securities	187,155		22,398	—	854
Short-term investments	309,317		308,512	805	—
Total assets measured at fair value	$	7,995,669	364,966	6,915,111	551,689

1Investments amounting to $154.3 million at June 30, 2024, and $163.9 million at December 31, 2023, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value

Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs

The following tables provide a summary of Level 3 changes in Six Months 2024 and Six Months 2023:

June 30, 2024
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Common Stock	Total
Fair value, December 31, 2023	$	7,834	297,332	245,313	—	356	854	551,689
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(112)		1,203	969	—	(2)	—	2,058
Net realized and unrealized gains (losses)	—		218	39	—	—	213	470
Net investment income earned	—		(494)	(7)	—	(1)	—	(502)
Purchases	—		5,261	30,119	4,886	—	—	40,266
Sales	—		—	—	—	—	—	—
Issuances	—		—	—	—	—	—	—
Settlements	(68)		(7,269)	(4,726)	—	(4)	—	(12,067)
Transfers into Level 3	—		28,896	19,537	—	—	—	48,433
Transfers out of Level 3	—		(31,434)	(27,524)	—	—	—	(58,958)
Fair value, June 30, 2024	$	7,654	293,713	263,720	4,886	349	1,067	571,389
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	—		226	39	—	—	213	478
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(112)		850	969	—	(2)	—	1,705

June 30, 2023
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
OCI	(7)		1,857	(1,168)	64	—	746
Net realized and unrealized gains (losses)	62		251	17	—	(235)	95
Net investment income earned	—		112	(20)	(263)	—	(171)
Purchases	—		58,586	39,713	—	—	98,299
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(5,535)	(3,153)	(21)	—	(8,709)
Transfers into Level 3	—		2,238	14,148	2,848	—	19,234
Transfers out of Level 3	—		—	(953)	(2,626)	—	(3,579)
Fair value, June 30, 2023	$	6,716	245,489	201,926	377	662	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		251	17	—	(235)	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(7)		1,846	(1,168)	64	—	735

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2024, and December 31, 2023:

June 30, 2024
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	154,075	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.8%
CLO and other ABS	158,660		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	312,735
Other1	258,654
Total Level 3 securities	$	571,389

December 31, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	135,524	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.9%
CLO and other ABS	127,210		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	262,734
Other1	288,955
Total Level 3 securities	$	551,689

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

Schedule of Quantitative Information of Financial Assets and Liabilities, Disclosed at Fair Value

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2024, and December 31, 2023:

June 30, 2024			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	18,556	—	18,556	—
Total HTM fixed income securities	18,556		—	18,556	—
CMLs	$	209,041	—	—	209,041
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,301	—	51,301	—
6.70% Senior Notes	99,393		—	99,393	—
5.375% Senior Notes	283,037		—	283,037	—
3.03% borrowings from FHLBI	57,638		—	57,638	—
Total long-term debt	$	491,369	—	491,369	—

December 31, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	21,923	—	21,923	—
Total HTM fixed income securities	21,923		—	21,923	—
CMLs	$	178,913	—	—	178,913
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	53,047	—	53,047	—
6.70% Senior Notes	104,039		—	104,039	—
5.375% Senior Notes	288,787		—	288,787	—
3.03% borrowings from FHLBI	57,932		—	57,932	—
Total long-term debt	$	503,805	—	503,805	—

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Allowance for Credit Losses on Premiums Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Premiums Receivable Disclosure [Abstract]

Schedule of Allowance for Credit Losses on Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Balance at beginning of period	$	20,000	17,100	$	18,900	16,100
Current period change for expected credit losses	2,488		1,515	4,272		3,425
Write-offs charged against the allowance for credit losses	(1,720)		(1,047)	(2,776)		(2,211)
Recoveries	332		332	704		586
Allowance for credit losses, end of period	$	21,100	17,900	$	21,100	17,900

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Reinsurance (Tables)

6 Months Ended

Jun. 30, 2024

Reinsurance Disclosures [Abstract]

Schedule of Reinsurance Recoverable, Credit Quality Indicator

The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2024, and December 31, 2023:

	June 30, 2024
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	83,944	671	84,615
A+	392,094		566	392,660
A	116,631		1,113	117,744
A-	4,991		89	5,080
Total rated reinsurers	597,660		2,439	600,099
Non-rated reinsurers
Federal and state pools	83,241		—	83,241
Other than federal and state pools	3,785		163	3,948
Total non-rated reinsurers	87,026		163	87,189
Total reinsurance recoverable, gross	$	684,686	2,602	687,288
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				685,588

	December 31, 2023
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	82,466	21	82,487
A+	371,132		2,887	374,019
A	111,883		1,380	113,263
A-	3,596		89	3,685
Total rated reinsurers	569,077		4,377	573,454
Non-rated reinsurers
Federal and state pools	80,506		—	80,506
Other than federal and state pools	4,488		77	4,565
Total non-rated reinsurers	84,994		77	85,071
Total reinsurance recoverable, gross	$	654,071	4,454	658,525
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				656,825

Schedule of Reinsurance Recoverable, Allowance for Credit Loss

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Balance at beginning of period	$	1,700	2,300	$	1,700	1,600
Current period change for expected credit losses	—		(500)	—		200
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,700	1,800	$	1,700	1,800

Schedule of Direct, Assumed, and Ceded Reinsurance Amounts

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report.

	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Premiums written:
Direct	$	1,399,738	1,232,496	$	2,715,649	2,365,256
Assumed	6,413		5,577	12,398		10,971
Ceded	(180,050)		(153,166)	(345,325)		(291,552)
Net	1,226,101		1,084,907	2,382,722		2,084,675
Premiums earned:
Direct	1,242,696		1,073,498	2,448,064		2,105,726
Assumed	5,779		5,968	11,970		12,258
Ceded	(168,244)		(137,316)	(328,859)		(273,498)
Net	1,080,231		942,150	2,131,175		1,844,486
Loss and loss expense incurred:
Direct	1,009,819		698,994	1,763,386		1,312,223
Assumed	5,058		5,678	11,039		10,933
Ceded	(89,329)		(58,542)	(144,585)		(109,588)
Net	$	925,548	646,130	$	1,629,840	1,213,568

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Reserve for Loss and Loss Expense (Tables)

6 Months Ended

Jun. 30, 2024

Insurance Loss Reserves [Abstract]

Schedule of Roll Forward of Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Six Months ended June 30,
($ in thousands)	2024		2023
Gross reserve for loss and loss expense, at beginning of period	$	5,336,911	5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601		757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310		4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	1,442,719		1,221,635
Prior years	187,121		(8,067)
Total incurred loss and loss expense	1,629,840		1,213,568
Paid loss and loss expense for claims occurring in the:
Current year	347,501		320,026
Prior years	753,658		720,314
Total paid loss and loss expense	1,101,159		1,040,340
Net reserve for loss and loss expense, at end of period	5,246,991		4,560,536
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	656,534		616,487
Gross reserve for loss and loss expense, at end of period	$	5,903,525	5,177,023

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue By Segment

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Standard Commercial Lines:
Net premiums earned:
General liability	$	280,097	254,510	$	553,512	497,859
Commercial automobile	260,652		225,067	512,372		442,438
Commercial property	168,511		141,348	330,064		276,640
Workers compensation	82,316		88,746	170,093		172,930
Businessowners' policies	41,641		34,385	81,562		67,556
Bonds	12,468		11,619	24,556		23,016
Other	7,808		7,034	15,444		13,885
Miscellaneous income	5,214		5,568	12,348		7,749
Total Standard Commercial Lines revenue	858,707		768,277	1,699,951		1,502,073
Standard Personal Lines:
Net premiums earned:
Personal automobile	57,544		48,230	114,504		93,144
Homeowners	46,055		36,902	90,168		71,915
Other	2,822		2,038	5,595		3,981
Miscellaneous income	594		536	1,235		989
Total Standard Personal Lines revenue	107,015		87,706	211,502		170,029
E&S Lines:
Net premiums earned:
Casualty lines	73,887		62,151	145,525		122,968
Property lines	46,430		30,120	87,780		58,154
Miscellaneous income	27		—	53		—
Total E&S Lines revenue	120,344		92,271	233,358		181,122
Investments:
Net investment income earned	108,642		97,696	216,491		189,202
Net realized and unrealized investment gains (losses)	1,297		(5,426)	(338)		(2,082)
Total Investments revenue	109,939		92,270	216,153		187,120
Total revenues	$	1,196,005	1,040,524	$	2,360,964	2,040,344

Schedule of Income (Loss) Before and After Federal Income Tax

Income (Loss) Before and After Federal Income Tax	Quarter ended June 30,				Six Months ended June 30,
($ in thousands)	2024			2023	2024		2023
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	(160,881)		22,146	$	(150,500)	61,067
Underwriting income (loss), after federal income tax	(127,096)			17,495	(118,895)		48,243
Combined ratio	118.8		%	97.1	108.9		95.9
ROE contribution	(18.4)			2.8	(8.6)		4.1
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(19,301)		(23,060)	$	(24,636)	(36,133)
Underwriting income (loss), after federal income tax	(15,248)			(18,217)	(19,462)		(28,545)
Combined ratio	118.1		%	126.5	111.7		121.4
ROE contribution	(2.2)			(2.9)	(1.4)		(2.4)
E&S Lines:
Underwriting income (loss), before federal income tax	$	6,501		(612)	$	20,486	12,723
Underwriting income (loss), after federal income tax	5,136			(483)	16,184		10,051
Combined ratio	94.6		%	100.7	91.2		93.0
ROE contribution	0.7			(0.1)	1.2		0.8
Investments:
Net investment income earned	$	108,642		97,696	$	216,491	189,202
Net realized and unrealized investment gains (losses)	1,297			(5,426)	(338)		(2,082)
Total investments segment income, before federal income tax	109,939			92,270	216,153		187,120
Tax on investments segment income	22,652			18,745	44,518		37,901
Total investments segment income, after federal income tax	$	87,287		73,525	$	171,635	149,219
ROE contribution of after-tax net investment income earned	12.5			12.6	12.5		12.5

Schedule of Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax

Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Underwriting income (loss)
Standard Commercial Lines	$	(160,881)	22,146	$	(150,500)	61,067
Standard Personal Lines	(19,301)		(23,060)	(24,636)		(36,133)
E&S Lines	6,501		(612)	20,486		12,723
Investment income	109,939		92,270	216,153		187,120
Total all segments	(63,742)		90,744	61,503		224,777
Interest expense	(7,202)		(7,258)	(14,383)		(14,424)
Corporate expenses	(9,154)		(9,329)	(24,652)		(21,437)
Income (loss), before federal income tax	$	(80,098)	74,157	$	22,468	188,916
Preferred stock dividends	(2,300)		(2,300)	(4,600)		(4,600)
Income (loss) available to common stockholders, before federal income tax	$	(82,398)	71,857	$	17,868	184,316

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Retirement Plans (Table)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866	$	7,776	7,732
Expected return on plan assets	(5,383)		(5,772)	(10,765)		(11,545)
Amortization of unrecognized net actuarial loss	955		750	1,910		1,501
Total net periodic pension cost (benefit)1	$	(540)	(1,156)	$	(1,079)	(2,312)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Schedule of Weighted-Average Expense Assumptions

	Pension Plan
	Six Months ended June 30,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90

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Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of Components of Comprehensive Income-Gross and Net of Tax

The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2024 and Six Months 2024 and Second Quarter 2023 and Six Months 2023 were as follows:

Second Quarter 2024
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	(80,098)	(16,779)	(63,319)
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(8,347)		(1,753)	(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(3,705)		(778)	(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	43		10	33
Credit loss (benefit) expense	1,233		258	975
Total unrealized gains (losses) on investment securities	(10,776)		(2,263)	(8,513)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	967		203	764
Total defined benefit pension and post-retirement plans	967		203	764
Other comprehensive income (loss)	(9,809)		(2,060)	(7,749)
Comprehensive income (loss)	$	(89,907)	(18,839)	(71,068)
Second Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	74,157	15,549	58,608
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(60,681)		(12,744)	(47,937)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,030)		(1,266)	(4,764)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	9,383		1,970	7,413
Credit loss (benefit) expense	(864)		(181)	(683)
Total unrealized gains (losses) on investment securities	(58,192)		(12,221)	(45,971)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	(57,435)		(12,062)	(45,373)
Comprehensive income (loss)	$	16,722	3,487	13,235

Six Months 2024
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	22,468	3,269	19,199
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(23,907)		(5,020)	(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(6,837)		(1,436)	(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(35)		(7)	(28)
Credit loss (benefit) expense	3,883		815	3,068
Total unrealized gains (losses) on investment securities	(26,896)		(5,648)	(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,934		406	1,528
Total defined benefit pension and post-retirement plans	1,934		406	1,528
Other comprehensive income (loss)	(24,962)		(5,242)	(19,720)
Comprehensive income (loss)	$	(2,494)	(1,973)	(521)
Six Months 2023
($ in thousands)	Gross		Tax	Net
Net income (loss)	$	188,916	37,734	151,182
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	5,244		1,102	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings	16,401		3,444	12,957
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities	15,487		3,252	12,235
Credit loss (benefit) expense	(10,393)		(2,183)	(8,210)
Total unrealized gains (losses) on investment securities	26,739		5,615	21,124
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss	1,514		318	1,196
Total defined benefit pension and post-retirement plans	1,514		318	1,196
Other comprehensive income (loss)	28,253		5,933	22,320
Comprehensive income (loss)	$	217,169	43,667	173,502

Schedule of Components of Accumulated Other Comprehensive Income Net of Tax

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of June 30, 2024, were as follows:

June 30, 2024	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(5,401)		(18,887)	(24,288)	—	(24,288)
Amounts reclassified from AOCI	3,068		(28)	3,040	1,528	4,568
Net current period OCI	(2,333)		(18,915)	(21,248)	1,528	(19,720)
Balance, June 30, 2024	$	(86,775)	(213,543)	(300,318)	(92,403)	(392,721)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

Reclassifications Out of Accumulated Other Comprehensive Income

The reclassifications out of AOCI were as follows:

	Quarter ended June 30,			Six Months ended June 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2024		2023	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	43	9,383	$	(35)	15,487	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(10)		(1,970)	7		(3,252)	Total federal income tax expense (benefit)
Net of taxes	33		7,413	(28)		12,235	Net income (loss)
Credit loss related
Credit loss (benefit) expense	1,233		(864)	3,883		(10,393)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(258)		181	(815)		2,183	Total federal income tax expense (benefit)
Net of taxes	975		(683)	3,068		(8,210)	Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss	223		173	445		348	Loss and loss expense incurred
Net actuarial loss	744		584	1,489		1,166	Other insurance expenses
Total	967		757	1,934		1,514	Income (loss) before federal income tax
Tax (benefit) expense	(203)		(159)	(406)		(318)	Total federal income tax expense (benefit)
Net of taxes	764		598	1,528		1,196	Net income (loss)
Total reclassifications for the period	$	1,772	7,328	$	4,568	5,221	Net income (loss)

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Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Share, Basic and Diluted

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended June 30,			Six Months ended June 30,
(in thousands, except per share amounts)	2024		2023	2024		2023
Net income (loss) available to common stockholders:	$	(65,619)	56,308	$	14,599	146,582
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,897		60,614	60,862		60,575
Effect of dilutive securities - stock compensation plans	—		323	382		343
Weighted average common shares outstanding - diluted	60,897		60,937	61,244		60,918
EPS:
Basic	$	(1.08)	0.93	$	0.24	2.42
Diluted	(1.08)		0.92	0.24		2.41

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Statements of Cash Flows - Schedule of Cash Flow Supplemental Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid (received) during the period for:
Interest	$ 14,209	$ 14,164
Federal income tax	46,000	34,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,884	4,038
Operating cash flows from financing leases	65	20
Financing cash flows from finance leases	1,266	1,231
Non-cash items:
Assets acquired under finance lease arrangements	5,947	0
Assets acquired under operating lease arrangements	10,257	4,509
Non-cash purchase of property and equipment	9	0
Fixed income securities, AFS
Non-cash items:
Corporate actions related to securities	10,250	23,150
Equity securities
Non-cash items:
Corporate actions related to securities	$ 29,250	$ 0

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Statements of Cash Flows - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Cash	$ 160	$ 180
Restricted cash	10,748	13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$ 10,908	$ 13,272	$ 21,258	$ 25,209

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Investments - Schedule of Available-For-Sale Securities Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	$ 8,080,498		$ 7,880,697
Allowance for Credit Losses	(31,309)	$ (30,381)	(28,212)	$ (31,425)	$ (33,554)	$ (45,721)
Unrealized Gains	38,756		50,076
Unrealized Losses	(418,912)		(403,364)
Fair Value	7,669,033		7,499,197
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	170,819		223,157
Allowance for Credit Losses	0		0
Unrealized Gains	56		139
Unrealized Losses	(19,907)		(18,261)
Fair Value	150,968		205,035
Foreign government
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	10,687		11,140
Allowance for Credit Losses	(26)	(29)	(35)	(34)	(36)	(284)
Unrealized Gains	0		0
Unrealized Losses	(1,427)		(1,302)
Fair Value	9,234		9,803
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	558,455		612,938
Allowance for Credit Losses	(639)	(695)	(669)	(769)	(737)	(1,024)
Unrealized Gains	770		2,623
Unrealized Losses	(33,151)		(28,927)
Fair Value	525,435		585,965
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	2,987,824		2,834,048
Allowance for Credit Losses	(15,950)	(15,442)	(12,999)	(16,149)	(16,756)	(30,330)
Unrealized Gains	17,803		28,078
Unrealized Losses	(143,725)		(137,888)
Fair Value	2,845,952		2,711,239
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,972,687		1,911,831
Allowance for Credit Losses	(3,022)	(2,627)	(2,854)	(2,915)	(3,895)	(2,375)
Unrealized Gains	16,359		11,855
Unrealized Losses	(69,904)		(86,005)
Fair Value	1,916,120		1,834,827
Residential mortgage-backed securities ("RMBS")
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,624,078		1,568,960
Allowance for Credit Losses	(11,660)	(11,580)	(11,649)	(11,550)	(11,740)	(11,597)
Unrealized Gains	2,954		6,023
Unrealized Losses	(111,420)		(85,851)
Fair Value	1,503,952		1,477,483
Commercial mortgage-backed securities ("CMBS")
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	755,948		718,623
Allowance for Credit Losses	(12)	$ (8)	(6)	$ (8)	$ (390)	$ (111)
Unrealized Gains	814		1,358
Unrealized Losses	(39,378)		(45,130)
Fair Value	$ 717,372		$ 674,845

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Investments - Schedule of Available-for-Sale Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 30,381	$ 33,554	$ 28,212	$ 45,721
Current Provision for Securities without Prior Allowance	1,135	2,128	2,828	4,894
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	98	(2,992)	1,055	(15,287)
Reductions for Securities Sold	(305)	(1,229)	(777)	(3,852)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	(36)	(9)	(51)
Ending Balance	31,309	31,425	31,309	31,425
Foreign government
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	29	36	35	284
Current Provision for Securities without Prior Allowance	0	0	0	0
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	(3)	(2)	(3)	(250)
Reductions for Securities Sold	0	0	(6)	0
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0	0	0
Ending Balance	26	34	26	34
Obligations of states and political subdivisions
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	695	737	669	1,024
Current Provision for Securities without Prior Allowance	18	67	37	67
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	(74)	(35)	(59)	(239)
Reductions for Securities Sold	0	0	(8)	(83)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0	0	0
Ending Balance	639	769	639	769
Corporate securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	15,442	16,756	12,999	30,330
Current Provision for Securities without Prior Allowance	846	1,438	2,362	4,141
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	(126)	(1,070)	1,166	(14,884)
Reductions for Securities Sold	(212)	(939)	(568)	(3,387)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	(36)	(9)	(51)
Ending Balance	15,950	16,149	15,950	16,149
CLO and other ABS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	2,627	3,895	2,854	2,375
Current Provision for Securities without Prior Allowance	271	622	427	677
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	126	(1,595)	(255)	(127)
Reductions for Securities Sold	(2)	(7)	(4)	(10)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0	0	0
Ending Balance	3,022	2,915	3,022	2,915
RMBS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	11,580	11,740	11,649	11,597
Current Provision for Securities without Prior Allowance	0	1	0	8
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	171	(50)	202	174
Reductions for Securities Sold	(91)	(141)	(191)	(229)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0	0	0
Ending Balance	11,660	11,550	11,660	11,550
CMBS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning Balance	8	390	6	111
Current Provision for Securities without Prior Allowance	0	0	2	1
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	4	(240)	4	39
Reductions for Securities Sold	0	(142)	0	(143)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0	0	0
Ending Balance	$ 12	$ 8	$ 12	$ 8

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Investments - Accrued Investment Income - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Investment Income [Line Items]
Accrued investment income	$ 72,305	$ 66,339
Available-for-Sale Securities
Accrued Investment Income [Line Items]
Accrued investment income	$ 70,100	$ 64,600

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Investments - Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
U.S. government and government agencies
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	$ 33,667	$ 77,698
AFS Unrealized Losses, Less than 12 months	(52)	(188)
AFS Fair Value, 12 months or longer	107,306	108,578
AFS Unrealized Losses, 12 months or longer	(19,855)	(18,073)
AFS Fair Value	140,973	186,276
AFS Unrealized Losses	(19,907)	(18,261)
Foreign government
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	0	1,552
AFS Unrealized Losses, Less than 12 months	0	(87)
AFS Fair Value, 12 months or longer	9,234	8,251
AFS Unrealized Losses, 12 months or longer	(1,427)	(1,215)
AFS Fair Value	9,234	9,803
AFS Unrealized Losses	(1,427)	(1,302)
Obligations of states and political subdivisions
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	128,665	137,031
AFS Unrealized Losses, Less than 12 months	(1,644)	(962)
AFS Fair Value, 12 months or longer	329,528	290,964
AFS Unrealized Losses, 12 months or longer	(31,507)	(27,965)
AFS Fair Value	458,193	427,995
AFS Unrealized Losses	(33,151)	(28,927)
Corporate securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	358,779	263,423
AFS Unrealized Losses, Less than 12 months	(3,477)	(6,369)
AFS Fair Value, 12 months or longer	1,477,738	1,439,422
AFS Unrealized Losses, 12 months or longer	(140,248)	(131,519)
AFS Fair Value	1,836,517	1,702,845
AFS Unrealized Losses	(143,725)	(137,888)
CLO and other ABS
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	368,307	278,940
AFS Unrealized Losses, Less than 12 months	(6,432)	(7,120)
AFS Fair Value, 12 months or longer	798,783	984,175
AFS Unrealized Losses, 12 months or longer	(63,472)	(78,885)
AFS Fair Value	1,167,090	1,263,115
AFS Unrealized Losses	(69,904)	(86,005)
RMBS
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	385,794	351,976
AFS Unrealized Losses, Less than 12 months	(6,133)	(4,765)
AFS Fair Value, 12 months or longer	878,915	757,914
AFS Unrealized Losses, 12 months or longer	(105,287)	(81,086)
AFS Fair Value	1,264,709	1,109,890
AFS Unrealized Losses	(111,420)	(85,851)
CMBS
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	75,052	130,189
AFS Unrealized Losses, Less than 12 months	(779)	(2,995)
AFS Fair Value, 12 months or longer	550,901	471,256
AFS Unrealized Losses, 12 months or longer	(38,599)	(42,135)
AFS Fair Value	625,953	601,445
AFS Unrealized Losses	(39,378)	(45,130)
Available-for-Sale Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	1,350,264	1,240,809
AFS Unrealized Losses, Less than 12 months	(18,517)	(22,486)
AFS Fair Value, 12 months or longer	4,152,405	4,060,560
AFS Unrealized Losses, 12 months or longer	(400,395)	(380,878)
AFS Fair Value	5,502,669	5,301,369
AFS Unrealized Losses	$ (418,912)	$ (403,364)

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Investments - Schedule of Fixed Income Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
AFS, Fair Value
Due in one year or less fair value, AFS	$ 587,352
Due after one year through five years fair value, AFS	3,507,774
Due after five years through 10 years fair value, AFS	2,827,999
Due after 10 years fair value, AFS	745,908
Total AFS fixed income securities, Fair Value	7,669,033	$ 7,499,197
HTM, Carrying Value
Due in one year or less carrying value, HTM	820
Due after one year through five years carrying value, HTM	14,209
Due after five years through 10 years carrying value, HTM	4,467
Due after 10 years carrying value, HTM	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	19,496	22,700
HTM, Fair Value
Due in one year or less fair value, HTM	810
Due after one year through five years fair value, HTM	13,662
Due after five years through 10 years fair value, HTM	4,084
Due after 10 years fair value, HTM	0
Total HTM fixed income securities, Fair Value	$ 18,556	$ 21,923

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Investments - Schedule of Alternative Investment Portfolio by Strategy and the Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	$ 414,780	$ 395,779
Private equity
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	319,236	301,759
Remaining Commitment	148,558	131,885
Maximum Exposure to Loss	467,794	433,644
Private credit
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	52,106	54,500
Remaining Commitment	98,417	89,401
Maximum Exposure to Loss	150,523	143,901
Real assets
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	43,438	39,520
Remaining Commitment	42,336	33,040
Maximum Exposure to Loss	85,774	72,560
Total alternative investments
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	414,780	395,779
Remaining Commitment	289,311	254,326
Maximum Exposure to Loss	$ 704,091	$ 650,105

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Investments - Schedule of Aggregated Income Statement Summarized Financial Information for Partnerships in our Alternative Investment Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Net investment income earned	$ 108,642	$ 97,696	$ 216,491	$ 189,202
Investments Accounted For Under The Equity Method
Schedule of Equity Method Investments [Line Items]
Net investment income (loss)	242,400	(70,600)	(103,600)	(141,300)
Realized gains	1,554,200	922,000	3,385,100	2,644,300
Net change in unrealized appreciation (depreciation)	2,850,200	3,754,000	6,669,200	5,197,800
Net income	4,646,800	4,605,400	9,950,700	7,700,800
Alternative investments
Schedule of Equity Method Investments [Line Items]
Net investment income earned	$ 10,517	$ 11,396	$ 17,398	$ 19,164

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Investments -Schedule of Investments Pledged as Collateral (Details) $ in Millions	Jun. 30, 2024 USD ($)
U.S. government and government agencies
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	$ 19.9
Securities owned and pledged as collateral, fair value	19.9
Obligations of states and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	4.2
Securities owned and pledged as collateral, fair value	4.2
RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	0.0
Securities owned and pledged as collateral, fair value	87.4
CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	0.0
Securities owned and pledged as collateral, fair value	10.4
Total pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	24.1
Securities owned and pledged as collateral, fair value	121.9
Federal Home Loan Bank of Indianapolis | U.S. government and government agencies
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of Indianapolis | Obligations of states and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of Indianapolis | RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	64.2
Federal Home Loan Bank of Indianapolis | CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	2.1
Federal Home Loan Bank of Indianapolis | Total pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	66.3
Federal Home Loan Bank of New York | U.S. government and government agencies
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of New York | Obligations of states and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of New York | RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	23.2
Federal Home Loan Bank of New York | CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	8.3
Federal Home Loan Bank of New York | Total pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	$ 31.5

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Investments - Credit Concentration Risk (Details)	Jun. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Maximum exposure to credit concentration risk of a single issuer of the Company's stockholder's equity, other than to certain U.S. government-backed investments	10.00%	10.00%

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Investments -Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Net investment income earned	$ 108,642	$ 97,696	$ 216,491	$ 189,202
Fixed income securities
Net Investment Income [Line Items]
Net investment income earned	93,935	83,916	188,037	164,003
Commercial mortgage loans ("CMLs")
Net Investment Income [Line Items]
Net investment income earned	3,145	2,199	5,939	4,164
Equity securities
Net Investment Income [Line Items]
Net investment income earned	1,877	2,236	6,785	3,441
Short-term investments
Net Investment Income [Line Items]
Net investment income earned	4,680	2,892	8,199	7,542
Alternative investments
Net Investment Income [Line Items]
Net investment income earned	10,517	11,396	17,398	19,164
Other investments
Net Investment Income [Line Items]
Net investment income earned	118	188	381	231
Investment expenses
Net Investment Income [Line Items]
Investment expenses	$ (5,630)	$ (5,131)	$ (10,248)	$ (9,343)

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Investments - Schedule of Net Realized and Unrealized Investment Gains and (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Gross gains on sales	$ 4,387	$ 1,156	$ 6,522	$ 4,940
Gross losses on sales	(1,251)	(11,952)	(3,216)	(24,882)
Net realized gains (losses) on disposals	3,136	(10,796)	3,306	(19,942)
Net unrealized gains (losses) on equity securities	(93)	4,925	599	8,173
Losses on securities for which we have the intent to sell	(481)	(341)	(496)	(645)
Net realized and unrealized investment gains (losses)	1,297	(5,426)	(338)	(2,082)
Available-for-Sale Securities
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	(1,233)	864	(3,883)	10,393
Commercial mortgage loans ("CMLs")
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	$ (32)	$ (78)	$ 136	$ (61)

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Investments - Schedule of Realized and Unrealized Gains (Losses) on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments [Abstract]
Unrealized gains (losses) recognized in income on equity securities remaining in our portfolio at end of period	$ 2,617	$ 2,784	$ 2,906	$ 2,685
Unrealized gains (losses) recognized in income on equity securities sold in period	(2,710)	2,141	(2,307)	5,488
Total unrealized gains (losses) recognized in income on equity securities	$ (93)	$ 4,925	$ 599	$ 8,173

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Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 508,801	$ 503,946
Long-term debt, fair value	491,369	503,805
Finance lease obligations	$ 7,318	$ 2,636
7.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7.25%	7.25%
Long-term debt, fair value	$ 51,301	$ 53,047
7.25% Senior Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 49,928	$ 49,926
6.70% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	6.70%	6.70%
Long-term debt, fair value	$ 99,393	$ 104,039
6.70% Senior Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 99,577	$ 99,565
5.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.375%	5.375%
Long-term debt, fair value	$ 283,037	$ 288,787
5.375% Senior Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 294,574	$ 294,523
3.03% borrowings from FHLBI
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	3.03%	3.03%
Long-term debt, fair value	$ 57,638	$ 57,932
3.03% borrowings from FHLBI | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	60,000	60,000
Subtotal long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	491,369	503,805
Subtotal long-term debt | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	504,079	504,014
Unamortized debt issuance costs | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ (2,596)	$ (2,704)

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Fair Value Measurements - Quantitative Disclosures of Fair Value Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
AFS fixed income securities	$ 7,669,033	$ 7,499,197
Equity securities	191,964	187,155
Short-term investments	417,346	309,317
Fair Value, Recurring
AFS fixed income securities	7,669,033	7,499,197
Equity securities	191,964	187,155
Short-term investments	417,346	309,317
Total assets measured at fair value	8,278,343	7,995,669
U.S. government and government agencies
AFS fixed income securities	150,968	205,035
U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	150,968	205,035
Foreign government
AFS fixed income securities	9,234	9,803
Foreign government | Fair Value, Recurring
AFS fixed income securities	9,234	9,803
Obligations of states and political subdivisions
AFS fixed income securities	525,435	585,965
Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	525,435	585,965
Corporate securities
AFS fixed income securities	2,845,952	2,711,239
Corporate securities | Fair Value, Recurring
AFS fixed income securities	2,845,952	2,711,239
CLO and other ABS
AFS fixed income securities	1,916,120	1,834,827
CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	1,916,120	1,834,827
RMBS
AFS fixed income securities	1,503,952	1,477,483
RMBS | Fair Value, Recurring
AFS fixed income securities	1,503,952	1,477,483
CMBS
AFS fixed income securities	717,372	674,845
CMBS | Fair Value, Recurring
AFS fixed income securities	717,372	674,845
Common stock | Fair Value, Recurring
Equity securities	190,141	185,339
Preferred stock | Fair Value, Recurring
Equity securities	1,823	1,816
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Fair Value, Recurring
AFS fixed income securities	33,453	34,056
Equity securities	36,638	22,398
Short-term investments	400,906	308,512
Total assets measured at fair value	470,997	364,966
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	33,453	34,056
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Foreign government | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Corporate securities | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | RMBS | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | CMBS | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Common stock | Fair Value, Recurring
Equity securities	34,815	20,582
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Preferred stock | Fair Value, Recurring
Equity securities	1,823	1,816
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
AFS fixed income securities	7,065,258	6,914,306
Equity securities	0	0
Short-term investments	16,440	805
Total assets measured at fair value	7,081,698	6,915,111
Significant Other Observable Inputs (Level 2) | U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	117,515	170,979
Significant Other Observable Inputs (Level 2) | Foreign government | Fair Value, Recurring
AFS fixed income securities	9,234	9,803
Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	517,781	578,131
Significant Other Observable Inputs (Level 2) | Corporate securities | Fair Value, Recurring
AFS fixed income securities	2,552,239	2,413,907
Significant Other Observable Inputs (Level 2) | CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	1,652,400	1,589,514
Significant Other Observable Inputs (Level 2) | RMBS | Fair Value, Recurring
AFS fixed income securities	1,499,066	1,477,483
Significant Other Observable Inputs (Level 2) | CMBS | Fair Value, Recurring
AFS fixed income securities	717,023	674,489
Significant Other Observable Inputs (Level 2) | Common stock | Fair Value, Recurring
Equity securities	0	0
Significant Other Observable Inputs (Level 2) | Preferred stock | Fair Value, Recurring
Equity securities	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
AFS fixed income securities	570,322	550,835
Equity securities	1,067	854
Short-term investments	0	0
Total assets measured at fair value	571,389	551,689
Significant Unobservable Inputs (Level 3) | U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	0	0
Significant Unobservable Inputs (Level 3) | Foreign government | Fair Value, Recurring
AFS fixed income securities	0	0
Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	7,654	7,834
Significant Unobservable Inputs (Level 3) | Corporate securities | Fair Value, Recurring
AFS fixed income securities	293,713	297,332
Significant Unobservable Inputs (Level 3) | CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	263,720	245,313
Significant Unobservable Inputs (Level 3) | RMBS | Fair Value, Recurring
AFS fixed income securities	4,886	0
Significant Unobservable Inputs (Level 3) | CMBS | Fair Value, Recurring
AFS fixed income securities	349	356
Significant Unobservable Inputs (Level 3) | Common stock | Fair Value, Recurring
Equity securities	1,067	854
Significant Unobservable Inputs (Level 3) | Preferred stock | Fair Value, Recurring
Equity securities	0	0
Fair Value Measured at Net Asset Value Per Share
Equity securities	$ 154,300	$ 163,900

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Fair Value Measurements - Schedule of Changes in Fair Value of Securities Using Level 3 Inputs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 551,689
Fair value, ending balance	571,389
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	551,689	$ 349,255
Purchases	40,266	98,299
Sales	0	0
Issuances	0	0
Settlements	(12,067)	(8,709)
Transfers into Level 3	48,433	19,234
Transfers out of Level 3	(58,958)	(3,579)
Fair value, ending balance	571,389	455,170
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	478	95
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	1,705	735
Investments | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	470	95
Investments | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(502)	(171)
Investments | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	2,058	746
Obligations of states and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	7,834	6,661
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(68)	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value, ending balance	7,654	6,716
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	0	62
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(112)	(7)
Obligations of states and political subdivisions | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	62
Obligations of states and political subdivisions | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	0
Obligations of states and political subdivisions | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	(112)	(7)
Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	297,332	187,980
Purchases	5,261	58,586
Sales	0	0
Issuances	0	0
Settlements	(7,269)	(5,535)
Transfers into Level 3	28,896	2,238
Transfers out of Level 3	(31,434)	0
Fair value, ending balance	293,713	245,489
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	226	251
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	850	1,846
Corporate securities | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	218	251
Corporate securities | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(494)	112
Corporate securities | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	1,203	1,857
CLO and other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	245,313	153,342
Purchases	30,119	39,713
Sales	0	0
Issuances	0	0
Settlements	(4,726)	(3,153)
Transfers into Level 3	19,537	14,148
Transfers out of Level 3	(27,524)	(953)
Fair value, ending balance	263,720	201,926
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	39	17
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	969	(1,168)
CLO and other ABS | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	39	17
CLO and other ABS | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(7)	(20)
CLO and other ABS | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	969	(1,168)
RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	0
Purchases	4,886
Sales	0
Issuances	0
Settlements	0
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value, ending balance	4,886
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	0
RMBS | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0
RMBS | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0
RMBS | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	0
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	356	375
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(4)	(21)
Transfers into Level 3	0	2,848
Transfers out of Level 3	0	(2,626)
Fair value, ending balance	349	377
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	0	0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(2)	64
CMBS | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	0
CMBS | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(1)	(263)
CMBS | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	(2)	64
Common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	854	897
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value, ending balance	1,067	662
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	213	(235)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	0	0
Common stock | Net realized and unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	213	(235)
Common stock | Net investment income earned
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	0
Common stock | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	$ 0	$ 0

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Fair Value Measurements - Schedule of Quantitative Information about Significant Unobservable Inputs in the Fair Value Measurement of Level 3 Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment assets measured at fair value	$ 258,654	$ 288,955
Total Level 3 securities	571,389	551,689
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 securities	293,713	297,332	$ 245,489	$ 187,980
CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 securities	263,720	245,313	$ 201,926	$ 153,342
Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	312,735	262,734
Valuation Technique, Discounted Cash Flow | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	154,075	135,524
Valuation Technique, Discounted Cash Flow | CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 158,660	$ 127,210
Valuation Technique, Discounted Cash Flow | Illiquidity Spread | Minimum | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	(0.044)	(0.044)
Valuation Technique, Discounted Cash Flow | Illiquidity Spread | Minimum | CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.0001	0.0001
Valuation Technique, Discounted Cash Flow | Illiquidity Spread | Maximum | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.053	0.053
Valuation Technique, Discounted Cash Flow | Illiquidity Spread | Maximum | CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.196	0.196
Valuation Technique, Discounted Cash Flow | Illiquidity Spread | Weighted Average | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.018	0.019
Valuation Technique, Discounted Cash Flow | Illiquidity Spread | Weighted Average | CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.025	0.024

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Fair Value Measurements - Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	$ 18,556	$ 21,923
Commercial mortgage loans, fair value	209,041	178,913
Long-term debt, fair value	491,369	503,805
Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	18,556	21,923
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	18,556	21,923
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	491,369	503,805
Significant Other Observable Inputs (Level 2) | Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	18,556	21,923
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Commercial mortgage loans, fair value	209,041	178,913
Long-term debt, fair value	0	0
Significant Unobservable Inputs (Level 3) | Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	$ 0	$ 0
7.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7.25%	7.25%
Long-term debt, fair value	$ 51,301	$ 53,047
7.25% Senior Notes | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
7.25% Senior Notes | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	51,301	53,047
7.25% Senior Notes | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 0
6.70% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	6.70%	6.70%
Long-term debt, fair value	$ 99,393	$ 104,039
6.70% Senior Notes | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
6.70% Senior Notes | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	99,393	104,039
6.70% Senior Notes | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 0
5.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.375%	5.375%
Long-term debt, fair value	$ 283,037	$ 288,787
5.375% Senior Notes | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
5.375% Senior Notes | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	283,037	288,787
5.375% Senior Notes | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 0
3.03% borrowings from FHLBI
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	3.03%	3.03%
Long-term debt, fair value	$ 57,638	$ 57,932
3.03% borrowings from FHLBI | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
3.03% borrowings from FHLBI | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57,638	57,932
3.03% borrowings from FHLBI | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 0

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Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 20,000	$ 17,100	$ 18,900	$ 16,100
Current period change for expected credit losses	2,488	1,515	4,272	3,425
Write-offs charged against the allowance for credit losses	(1,720)	(1,047)	(2,776)	(2,211)
Recoveries	332	332	704	586
Allowance for credit losses, end of period	$ 21,100	$ 17,900	$ 21,100	$ 17,900

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Reinsurance - Schedule of Disaggregation of Reinsurance Recoverable by Financial Strength Rating and Aging Analysis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	$ 687,288		$ 658,525
Less: allowance for credit losses	(1,700)	$ (1,700)	(1,700)	$ (1,800)	$ (2,300)	$ (1,600)
Total reinsurance recoverable, net	685,588		656,825
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	684,686		654,071
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	2,602		4,454
Federal and state pools
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	83,241		80,506
Federal and state pools | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	83,241		80,506
Federal and state pools | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	0		0
Other than federal and state pools
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	3,948		4,565
Other than federal and state pools | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	3,785		4,488
Other than federal and state pools | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	163		77
Total non-rated reinsurers
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	87,189		85,071
Total non-rated reinsurers | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	87,026		84,994
Total non-rated reinsurers | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	163		77
A++
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	84,615		82,487
A++ | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	83,944		82,466
A++ | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	671		21
A+
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	392,660		374,019
A+ | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	392,094		371,132
A+ | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	566		2,887
A
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	117,744		113,263
A | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	116,631		111,883
A | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	1,113		1,380
A-
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	5,080		3,685
A- | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	4,991		3,596
A- | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	89		89
Total rated reinsurers
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	600,099		573,454
Total rated reinsurers | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	597,660		569,077
Total rated reinsurers | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	$ 2,439		$ 4,377

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Reinsurance - Schedule of Allowance for Credit Losses on Reinsurance Recoverable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 1,700	$ 2,300	$ 1,700	$ 1,600
Current period change for expected credit losses	0	(500)	0	200
Write-offs charged against the allowance for credit losses	0	0	0	0
Recoveries	0	0	0	0
Allowance for credit losses, end of period	$ 1,700	$ 1,800	$ 1,700	$ 1,800

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Reinsurance - Schedule of Direct, Assumed, and Ceded Reinsurance Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Premiums written:
Direct	$ 1,399,738	$ 1,232,496	$ 2,715,649	$ 2,365,256
Assumed	6,413	5,577	12,398	10,971
Ceded	(180,050)	(153,166)	(345,325)	(291,552)
Net	1,226,101	1,084,907	2,382,722	2,084,675
Premiums earned:
Direct	1,242,696	1,073,498	2,448,064	2,105,726
Assumed	5,779	5,968	11,970	12,258
Ceded	(168,244)	(137,316)	(328,859)	(273,498)
Net	1,080,231	942,150	2,131,175	1,844,486
Loss and loss expense incurred:
Direct	1,009,819	698,994	1,763,386	1,312,223
Assumed	5,058	5,678	11,039	10,933
Ceded	(89,329)	(58,542)	(144,585)	(109,588)
Net	$ 925,548	$ 646,130	$ 1,629,840	$ 1,213,568

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Reinsurance - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effects of Reinsurance [Line Items]
Effect in direct loss and loss expense incurred			$ 187,121	$ (8,067)
Casualty lines
Effects of Reinsurance [Line Items]
Effect in direct loss and loss expense incurred	$ 176,000	$ (3,500)	$ 211,000	$ (16,500)

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Reserve for Loss and Loss Expense - Schedule of Rollforward of Reserve for Loss and Loss Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserve for loss and loss expense, at beginning of period	$ 5,336,911	$ 5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601	757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310	4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	1,442,719	1,221,635
Prior years	187,121	(8,067)
Total incurred loss and loss expense	1,629,840	1,213,568
Paid loss and loss expense for claims occurring in the:
Current year	347,501	320,026
Prior years	753,658	720,314
Total paid loss and loss expense	1,101,159	1,040,340
Net reserve for loss and loss expense, at end of period	5,246,991	4,560,536
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	656,534	616,487
Gross reserve for loss and loss expense, at end of period	$ 5,903,525	$ 5,177,023

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Reserve for Loss and Loss Expense - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			$ 187,121	$ (8,067)
Casualty reserve
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	$ 176,000	$ (3,500)	211,000	(16,500)
Casualty reserve | Workers' compensation
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			(15,000)	(17,500)
Casualty reserve | E&S
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year				(5,000)
Casualty reserve | Personal automobile
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			5,000	6,000
Casualty reserve | Standard Commercial Lines | General liability
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			216,000
Casualty reserve | Standard Commercial Lines | Commercial automobile
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			10,000
Casualty reserve | Standard Personal Lines | Homeowners
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			(5,000)
Property reserve
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year			$ (23,900)	$ 8,400

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Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

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Segment Information - Schedule of Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net premiums earned:	$ 1,080,231	$ 942,150	$ 2,131,175	$ 1,844,486
Miscellaneous income	5,835	6,104	13,636	8,738
Net investment income earned	108,642	97,696	216,491	189,202
Net realized and unrealized investment gains (losses)	1,297	(5,426)	(338)	(2,082)
Total Investments revenue	109,939	92,270	216,153	187,120
Total revenues	1,196,005	1,040,524	2,360,964	2,040,344
Standard Commercial Lines
Segment Reporting Information [Line Items]
Total revenues	858,707	768,277	1,699,951	1,502,073
Standard Commercial Lines | General liability
Segment Reporting Information [Line Items]
Net premiums earned:	280,097	254,510	553,512	497,859
Standard Commercial Lines | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned:	260,652	225,067	512,372	442,438
Standard Commercial Lines | Commercial property
Segment Reporting Information [Line Items]
Net premiums earned:	168,511	141,348	330,064	276,640
Standard Commercial Lines | Workers compensation
Segment Reporting Information [Line Items]
Net premiums earned:	82,316	88,746	170,093	172,930
Standard Commercial Lines | Businessowners' policies
Segment Reporting Information [Line Items]
Net premiums earned:	41,641	34,385	81,562	67,556
Standard Commercial Lines | Bonds
Segment Reporting Information [Line Items]
Net premiums earned:	12,468	11,619	24,556	23,016
Standard Commercial Lines | Other
Segment Reporting Information [Line Items]
Net premiums earned:	7,808	7,034	15,444	13,885
Standard Commercial Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Miscellaneous income	5,214	5,568	12,348	7,749
Standard Personal Lines
Segment Reporting Information [Line Items]
Total revenues	107,015	87,706	211,502	170,029
Standard Personal Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Miscellaneous income	594	536	1,235	989
Standard Personal Lines | Personal automobile
Segment Reporting Information [Line Items]
Net premiums earned:	57,544	48,230	114,504	93,144
Standard Personal Lines | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned:	46,055	36,902	90,168	71,915
Standard Personal Lines | Other
Segment Reporting Information [Line Items]
Net premiums earned:	2,822	2,038	5,595	3,981
E&S Lines
Segment Reporting Information [Line Items]
Total revenues	120,344	92,271	233,358	181,122
E&S Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Miscellaneous income	27	0	53	0
E&S Lines | Casualty lines
Segment Reporting Information [Line Items]
Net premiums earned:	73,887	62,151	145,525	122,968
E&S Lines | Property lines
Segment Reporting Information [Line Items]
Net premiums earned:	$ 46,430	$ 30,120	$ 87,780	$ 58,154

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Segment Information - Schedule of Income (Loss) Before and After Federal Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net investment income earned	$ 108,642	$ 97,696	$ 216,491	$ 189,202
Net realized and unrealized investment gains (losses)	1,297	(5,426)	(338)	(2,082)
Total investments segment income, before federal income tax	109,939	92,270	216,153	187,120
Tax on investments segment income	22,652	18,745	44,518	37,901
Total investments segment income, after federal income tax	87,287	73,525	171,635	149,219
Standard Commercial Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	(160,881)	22,146	(150,500)	61,067
Underwriting income (loss), after federal income tax	$ (127,096)	$ 17,495	$ (118,895)	$ 48,243
Combined ratio	118.80%	97.10%	108.90%	95.90%
ROE contribution	(18.40%)	2.80%	(8.60%)	4.10%
Standard Personal Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ (19,301)	$ (23,060)	$ (24,636)	$ (36,133)
Underwriting income (loss), after federal income tax	$ (15,248)	$ (18,217)	$ (19,462)	$ (28,545)
Combined ratio	118.10%	126.50%	111.70%	121.40%
ROE contribution	(2.20%)	(2.90%)	(1.40%)	(2.40%)
E&S Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ 6,501	$ (612)	$ 20,486	$ 12,723
Underwriting income (loss), after federal income tax	$ 5,136	$ (483)	$ 16,184	$ 10,051
Combined ratio	94.60%	100.70%	91.20%	93.00%
ROE contribution	0.70%	(0.10%)	1.20%	0.80%
Investments
Segment Reporting Information [Line Items]
ROE contribution	12.50%	12.60%	12.50%	12.50%
Total investments segment income, before federal income tax	$ 109,939	$ 92,270	$ 216,153	$ 187,120

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Segment Information - Schedule of Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment income	$ 109,939	$ 92,270	$ 216,153	$ 187,120
Interest expense	(7,202)	(7,258)	(14,383)	(14,424)
Corporate expenses	(9,154)	(9,329)	(24,652)	(21,437)
Income (loss), before federal income tax	(80,098)	74,157	22,468	188,916
Preferred stock dividends	(2,300)	(2,300)	(4,600)	(4,600)
Income (loss) available to common stockholders, before federal income tax	(82,398)	71,857	17,868	184,316
Standard Commercial Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss)	(160,881)	22,146	(150,500)	61,067
Standard Personal Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss)	(19,301)	(23,060)	(24,636)	(36,133)
E&S Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss)	6,501	(612)	20,486	12,723
Investments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment income	109,939	92,270	216,153	187,120
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total all segments	$ (63,742)	$ 90,744	$ 61,503	$ 224,777

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Retirement Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - Defined benefit pension plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 3,888	$ 3,866	$ 7,776	$ 7,732
Expected return on plan assets	(5,383)	(5,772)	(10,765)	(11,545)
Amortization of unrecognized net actuarial loss	955	750	1,910	1,501
Total net periodic pension cost (benefit)	$ (540)	$ (1,156)	$ (1,079)	$ (2,312)

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Retirement Plans - Schedule of Weighted-Average Expense Assumptions (Details) - Defined benefit pension plan	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Discount rate	5.02%	5.21%
Effective interest rate for calculation of interest cost	4.91%	5.09%
Expected return on plan assets	6.40%	6.90%

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Comprehensive Income (Loss) - Schedule of Components of Comprehensive Income-Gross and Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss), Gross	$ (80,098)	$ 74,157	$ 22,468	$ 188,916
Unrealized holding gains (losses) during the period, Gross	(8,347)	(60,681)	(23,907)	5,244
Unrealized gains (losses) on securities with credit loss recognized in earnings, Gross	(3,705)	(6,030)	(6,837)	16,401
Amounts reclassified into net income (loss): net realized (gains) losses on disposals and intent-to-sell AFS securities, Gross	43	9,383	(35)	15,487
Amounts reclassified into net income (loss): Credit loss (benefit) expense, Gross	1,233	(864)	3,883	(10,393)
Total unrealized gains (losses) on investment securities, Gross	(10,776)	(58,192)	(26,896)	26,739
Amount reclassified into net income (loss): Net actuarial (gain) loss, Gross	967	757	1,934	1,514
Total defined benefit pension and post-retirement plans, Gross	967	757	1,934	1,514
Other comprehensive income (loss), Gross	(9,809)	(57,435)	(24,962)	28,253
Comprehensive income (loss), Gross	(89,907)	16,722	(2,494)	217,169
Net income (loss), Tax	(16,779)	15,549	3,269	37,734
Unrealized holding gains (losses) during the period, Tax	(1,753)	(12,744)	(5,020)	1,102
Unrealized gains (losses) on securities with credit loss recognized in earnings, Tax	(778)	(1,266)	(1,436)	3,444
Amounts reclassified into net income (loss): net realized (gains) losses on disposals and intent-to-sell AFS securities, Tax	10	1,970	(7)	3,252
Amounts reclassified into net income (loss): Credit loss (benefit) expense, Tax	258	(181)	815	(2,183)
Total unrealized gains (losses) on investment securities, Tax	(2,263)	(12,221)	(5,648)	5,615
Amount reclassified into net income (loss): Net actuarial (gain) loss, Tax	203	159	406	318
Total defined benefit pension and post-retirement plans, Tax	203	159	406	318
Other comprehensive income (loss), Tax	(2,060)	(12,062)	(5,242)	5,933
Comprehensive income (loss), Tax	(18,839)	3,487	(1,973)	43,667
Net income (loss)	(63,319)	58,608	19,199	151,182
Unrealized holding gains (losses) during the period, Net	(6,594)	(47,937)	(18,887)	4,142
Unrealized gains (losses) on securities with credit loss recognized in earnings, Net	(2,927)	(4,764)	(5,401)	12,957
Amounts reclassified into net income (loss): net realized (gains) losses on disposals and intent-to-sell AFS securities, Net	33	7,413	(28)	12,235
Amounts reclassified into net income (loss): Credit loss (benefit) expense, Net	975	(683)	3,068	(8,210)
Total unrealized gains (losses) on investment securities	(8,513)	(45,971)	(21,248)	21,124
Amount reclassified into net income (loss): Net actuarial (gain) loss, Net	764	598	1,528	1,196
Total defined benefit pension and post-retirement plans	764	598	1,528	1,196
Other comprehensive income (loss)	(7,749)	(45,373)	(19,720)	22,320
Comprehensive income (loss)	$ (71,068)	$ 13,235	$ (521)	$ 173,502

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Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, December 31, 2023			$ (373,001)
Net current period OCI	$ (7,749)	$ (45,373)	(19,720)	$ 22,320
Balance, June 30, 2024	(392,721)		(392,721)
Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, December 31, 2023			(194,628)
OCI before reclassifications			(18,887)
Amounts reclassified from AOCI			(28)
Net current period OCI			(18,915)
Balance, June 30, 2024	(213,543)		(213,543)
Investments Subtotal
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, December 31, 2023			(279,070)
OCI before reclassifications			(24,288)
Amounts reclassified from AOCI			3,040
Net current period OCI			(21,248)
Balance, June 30, 2024	(300,318)		(300,318)
Credit Loss Related
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, December 31, 2023			(84,442)
OCI before reclassifications			(5,401)
Amounts reclassified from AOCI			3,068
Net current period OCI			(2,333)
Balance, June 30, 2024	(86,775)		(86,775)
Defined benefit pension and post-retirement life plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, December 31, 2023			(93,931)
OCI before reclassifications			0
Amounts reclassified from AOCI			1,528
Net current period OCI			1,528
Balance, June 30, 2024	(92,403)		(92,403)
Total AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, December 31, 2023			(373,001)
OCI before reclassifications			(24,288)
Amounts reclassified from AOCI			4,568
Net current period OCI	(7,749)	$ (45,373)	(19,720)	$ 22,320
Balance, June 30, 2024	$ (392,721)		$ (392,721)

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Comprehensive Income (Loss) - Schedule of Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net realized and unrealized investment gains (losses)	$ 1,297	$ (5,426)	$ (338)	$ (2,082)
Total federal income tax expense (benefit)	16,779	(15,549)	(3,269)	(37,734)
Loss and loss expense incurred	925,548	646,130	1,629,840	1,213,568
Other insurance expenses	107,773	108,857	223,760	217,445
Income (loss), before federal income tax	(80,098)	74,157	22,468	188,916
Net income (loss)	(63,319)	58,608	19,199	151,182
Reclassification out of AOCI
Net income (loss)	1,772	7,328	4,568	5,221
Reclassification out of AOCI | Defined benefit pension plan
Total federal income tax expense (benefit)	(203)	(159)	(406)	(318)
Loss and loss expense incurred	223	173	445	348
Other insurance expenses	744	584	1,489	1,166
Income (loss), before federal income tax	967	757	1,934	1,514
Net income (loss)	764	598	1,528	1,196
Reclassification out of AOCI | Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized and unrealized investment gains (losses)	43	9,383	(35)	15,487
Total federal income tax expense (benefit)	(10)	(1,970)	7	(3,252)
Net income (loss)	33	7,413	(28)	12,235
Reclassification out of AOCI | Credit loss related
Net realized and unrealized investment gains (losses)	1,233	(864)	3,883	(10,393)
Total federal income tax expense (benefit)	(258)	181	(815)	2,183
Net income (loss)	$ 975	$ (683)	$ 3,068	$ (8,210)

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Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) available to common stockholders:	$ (65,619)	$ 56,308	$ 14,599	$ 146,582
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	60,897	60,614	60,862	60,575
Effect of dilutive securities - stock compensation plans (in shares)	0	323	382	343
Weighted average common shares outstanding - diluted (in shares)	60,897	60,937	61,244	60,918
EPS:
Basic (in dollars per share)	$ (1.08)	$ 0.93	$ 0.24	$ 2.42
Diluted (in dollars per share)	$ (1.08)	$ 0.92	$ 0.24	$ 2.41
Antidilutive securities excluded from computation of earnings per share, amount	400

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Litigation (Details)	Jun. 30, 2024 subsidiary
Commitments and Contingencies Disclosure [Abstract]
Number of insurance subsidiaries	10