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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Available-for-sale, at fair value (amortized cost of $2,945,273 and allowance for credit losses of $339 in 2022) (amortized cost of $2,346,267 and allowance for credit losses of $441 in 2021) $ 2,666,950 $ 2,409,887
Equity securities, at fair value (cost - $328,019 in 2022 and $324,501 in 2021) 498,382 613,776
Short-term investments, at cost which approximates fair value 36,229  
Other invested assets 47,922 50,501
Cash 22,818 88,804
Total investments and cash 3,272,301 3,162,968
Accrued investment income 21,259 17,505
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,696 in 2022 and $18,067 in 2021 189,501 167,279
Ceded unearned premium 138,457 130,916
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $11,250 in 2022 and $11,188 in 2021 740,089 608,086
Deferred policy acquisition costs 127,859 103,553
Property and equipment, at cost, net of accumulated depreciation of $68,633 in 2022 and $75,236 in 2021 49,573 52,161
Investment in unconsolidated investees 58,275 171,311
Goodwill and intangibles 53,562 53,562
Income taxes-deferred 40,269  
Other assets 75,923 40,961
TOTAL ASSETS 4,767,068 4,508,302
Liabilities    
Unpaid losses and settlement expenses 2,315,637 2,043,555
Unearned premiums 785,085 680,444
Reinsurance balances payable 61,100 42,851
Funds held 101,144 89,773
Income taxes-deferred   83,509
Current portion of long-term debt 199,863  
Long-term debt   199,676
Accrued expenses 94,869 98,274
Other liabilities 32,029 40,859
TOTAL LIABILITIES 3,589,727 3,278,941
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,399,966 shares issued and 45,469,752 shares outstanding in 2022) (68,219,551 shares issued and 45,289,337 shares outstanding in 2021) 684 682
Paid-in capital 352,391 343,742
Accumulated other comprehensive earnings (loss) (229,076) 49,826
Retained earnings 1,446,341 1,228,110
Deferred compensation 12,015 9,642
Treasury shares, at cost (22,930,214 shares in 2022 and 2021) (405,014) (402,641)
TOTAL SHAREHOLDERS' EQUITY 1,177,341 1,229,361
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,767,068 $ 4,508,302