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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Summarized Financial Information of Equity Method Investments

(in millions)

 

2022

 

2021

Total assets

$

906.4

$

1,172.6

Total liabilities

689.9

687.8

Total equity

216.5

484.8

Schedule of Goodwill and Intangible Assets

(in thousands)

 

2022

 

2021

Goodwill

Surety

$

40,816

$

40,816

Casualty

5,246

5,246

Total goodwill

$

46,062

$

46,062

Indefinite-lived intangibles

$

7,500

$

7,500

Total goodwill and intangibles

$

53,562

$

53,562

Schedule of Reconciliation of Numerator and Denominator of the Basic and Diluted Earnings Per Share Computations

 

 

Weighted Average

 

Income

Shares

Per Share

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

For the year ended December 31, 2022

Basic EPS

Income available to common shareholders

$

583,411

 

45,368

$

12.86

Stock options

 

426

Diluted EPS

Income available to common shareholders and assumed conversions

$

583,411

 

45,794

$

12.74

Anti-dilutive options excluded from diluted EPS

295

For the year ended December 31, 2021

Basic EPS

Income available to common shareholders

$

279,354

 

45,230

$

6.18

Stock options

 

482

Diluted EPS

Income available to common shareholders and assumed conversions

$

279,354

 

45,712

$

6.11

Anti-dilutive options excluded from diluted EPS

214

For the year ended December 31, 2020

Basic EPS

Income available to common shareholders

$

157,091

 

45,000

$

3.49

Stock options

 

376

Diluted EPS

Income available to common shareholders and assumed conversions

$

157,091

 

45,376

$

3.46

Anti-dilutive options excluded from diluted EPS

384

Schedule of Changes in the Balance of Each Component of Accumulated Other Comprehensive Earnings (Loss)

Unrealized Gains/Losses on Available-for-Sale Securities

For the Year Ended December 31,

(in thousands)

 

2022

 

2021

 

2020

Beginning balance

$

49,826

 

$

108,714

 

$

52,473

Cumulative-effect adjustment of ASU 2016-13

22

Adjusted beginning balance

$

49,826

$

108,714

$

52,495

Other comprehensive earnings before reclassifications

(281,189)

 

(57,454)

 

58,986

Amounts reclassified from accumulated other comprehensive earnings

2,287

 

(1,434)

 

(2,767)

Net current period other comprehensive earnings (loss)

$

(278,902)

 

$

(58,888)

 

$

56,219

Ending balance

$

(229,076)

 

$

49,826

 

$

108,714

Balance of securities for which an allowance for credit losses has not been recognized in net earnings

$

1,693

$

124

$

470

Schedule of Effects of Reclassifications out of Accumulated Other Comprehensive Earnings (Loss)

Amount Reclassified from Accumulated Other Comprehensive Earnings

(in thousands)

Component of Accumulated 

For the Year Ended December 31,

Affected line item in the

Other Comprehensive Earnings

 

2022

 

2021

 

2020

 

Consolidated Statement of Earnings

Unrealized gains and losses on available-for-sale securities

$

(2,997)

 

$

1,859

 

$

3,872

 

Net realized gains

102

(44)

(369)

Credit losses presented within net realized gains

$

(2,895)

 

$

1,815

 

$

3,503

 

Earnings before income taxes

608

 

(381)

 

(736)

 

Income tax expense

$

(2,287)

 

$

1,434

 

$

2,767

 

Net earnings