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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Available-for-sale, at fair value (amortized cost of $2,946,920 and allowance for credit losses of $434 at 6/30/23) (amortized cost of $2,945,273 and allowance for credit losses of $339 at 12/31/22) $ 2,689,100 $ 2,666,950
Equity securities, at fair value (cost - $340,184 at 6/30/23 and $328,019 at 12/31/22) 552,566 498,382
Short-term investments, at cost which approximates fair value 271,296 36,229
Other invested assets 60,907 47,922
Cash 16,707 22,818
Total investments and cash 3,590,576 3,272,301
Accrued investment income 22,525 21,259
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,768 at 6/30/23 and $18,696 at 12/31/22 229,471 189,501
Ceded unearned premium 112,353 138,457
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,251 at 6/30/23 and $11,250 at 12/31/22 720,858 740,089
Deferred policy acquisition costs 148,336 127,859
Property and equipment, at cost, net of accumulated depreciation of $72,404 at 6/30/23 and $68,633 at 12/31/22 48,358 49,573
Investment in unconsolidated investees 55,250 58,275
Goodwill and intangibles 53,562 53,562
Income taxes-deferred 29,864 40,269
Other assets 54,693 75,923
TOTAL ASSETS 5,065,846 4,767,068
Liabilities    
Unpaid losses and settlement expenses 2,361,577 2,315,637
Unearned premiums 891,103 785,085
Reinsurance balances payable 35,931 61,100
Funds held 102,429 101,144
Income taxes-current 5,326  
Current portion of long-term debt 199,956 199,863
Accrued expenses 70,220 94,869
Other liabilities 47,392 32,029
TOTAL LIABILITIES 3,713,934 3,589,727
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,526,410 shares issued, 45,596,196 shares outstanding at 6/30/23) (68,399,966 shares issued, 45,469,752 shares outstanding at 12/31/22) 685 684
Paid-in capital 357,656 352,391
Accumulated other comprehensive earnings (loss) (211,090) (229,076)
Retained earnings 1,597,660 1,446,341
Deferred compensation 12,507 12,015
Treasury shares, at cost (22,930,214 shares at 6/30/23 and 12/31/22) (405,506) (405,014)
TOTAL SHAREHOLDERS' EQUITY 1,351,912 1,177,341
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,065,846 $ 4,767,068