Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Fixed maturity securities (amortized cost $5,175,844; $4,982,459)	$ 5,154,481	$ 4,913,378
Equity securities (cost $643,014; $795,068)	746,227	879,175
Short-term investments (cost $472,878; $283,792)	472,897	283,817
Total investments	6,373,605	6,076,370
Cash	1,252,575	720,257
Receivables:
Premiums	778,611	697,176
Allowance for credit losses on premiums receivable	(6,400)	(6,400)
Premiums receivable, net of allowance for credit losses	772,211	690,776
Accrued investment income	69,107	67,630
Other	59,741	62,118
Total receivables	901,059	820,524
Reinsurance recoverables (net of allowance for credit losses $266; $0)	175,768	28,613
Deferred policy acquisition costs	362,886	335,332
Fixed assets (net of accumulated depreciation $331,993; $321,454)	146,797	138,177
Operating lease right-of-use assets	13,483	13,407
Deferred income taxes	27,852	45,854
Goodwill	42,796	42,796
Other intangible assets, net	7,040	7,682
Other assets	68,881	81,620
Total assets	9,372,742	8,310,632
Liabilities
Loss and loss adjustment expense reserves	3,595,972	3,152,031
Unearned premiums	2,273,531	2,039,830
Notes payable	574,427	574,128
Accounts payable and accrued expenses	422,351	417,765
Operating lease liabilities	13,712	13,580
Current income taxes	81,845	20,752
Other liabilities	178,590	146,022
Total liabilities	7,140,428	6,364,108
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,389; 55,389	99,699	99,699
Retained earnings	2,132,615	1,846,825
Total shareholders’ equity	2,232,314	1,946,524
Total liabilities and shareholders’ equity	$ 9,372,742	$ 8,310,632