Policy Acquisition Costs

12 Months Ended

Dec. 31, 2022

Deferred Policy Acquisition Costs Disclosures [Abstract]

Policy Acquisition Costs

3. POLICY ACQUISITION COSTS

Policy acquisition costs deferred and amortized to income for the years ended December 31 are summarized as follows:

(in thousands)	2022		2021		2020
Deferred policy acquisition costs (DAC), beginning of year	$	103,553	$	88,425	$	85,044
Deferred:
Direct commissions	$	277,553	$	236,145	$	200,917
Premium taxes		18,616		17,012		14,783
Ceding commissions		(39,458)		(47,592)		(42,115)
Net deferred	$	256,711	$	205,565	$	173,585
Amortized		232,405		190,437		170,204
DAC, end of year	$	127,859	$	103,553	$	88,425
Policy acquisition costs:
Amortized to expense - DAC	$	232,405	$	190,437	$	170,204
Period costs:
Ceding commission - contingent		(5,882)		(4,303)		(4,053)
Other underwriting expenses		143,109		131,334		120,287
Total policy acquisition costs	$	369,632	$	317,468	$	286,438