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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Available-for-sale, at fair value (amortized cost of $2,933,313 and allowance for credit losses of $465 at 3/31/23) (amortized cost of $2,945,273 and allowance for credit losses of $339 at 12/31/22) $ 2,701,814 $ 2,666,950
Equity securities, at fair value (cost - $333,229 at 3/31/23 and $328,019 at 12/31/22) 519,097 498,382
Short-term investments, at cost which approximates fair value 116,202 36,229
Other invested assets 64,134 47,922
Cash 22,769 22,818
Total investments and cash 3,424,016 3,272,301
Accrued investment income 21,118 21,259
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,723 at 3/31/23 and $18,696 at 12/31/22 206,445 189,501
Ceded unearned premium 119,975 138,457
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,922 at 3/31/23 and $11,250 at 12/31/22 699,915 740,089
Deferred policy acquisition costs 134,995 127,859
Property and equipment, at cost, net of accumulated depreciation of $70,477 at 3/31/23 and $68,633 at 12/31/22 48,949 49,573
Investment in unconsolidated investees 52,398 58,275
Goodwill and intangibles 53,562 53,562
Income taxes-deferred 27,571 40,269
Other assets 47,275 75,923
TOTAL ASSETS 4,836,219 4,767,068
Liabilities    
Unpaid losses and settlement expenses 2,286,063 2,315,637
Unearned premiums 801,465 785,085
Reinsurance balances payable 28,091 61,100
Funds held 102,797 101,144
Income taxes-current 15,802  
Current portion of long-term debt 199,910 199,863
Accrued expenses 57,480 94,869
Other liabilities 40,690 32,029
TOTAL LIABILITIES 3,532,298 3,589,727
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,484,910 shares issued, 45,554,696 shares outstanding at 3/31/23) (68,399,966 shares issued, 45,469,752 shares outstanding at 12/31/22) 685 684
Paid-in capital 355,254 352,391
Accumulated other comprehensive earnings (loss) (191,369) (229,076)
Retained earnings 1,532,350 1,446,341
Deferred compensation 12,264 12,015
Treasury shares, at cost (22,930,214 shares at 3/31/23 and 12/31/22) (405,263) (405,014)
TOTAL SHAREHOLDERS' EQUITY 1,303,921 1,177,341
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,836,219 $ 4,767,068