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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Available-for-sale, at fair value (amortized cost of $3,046,785 and allowance for credit losses of $704 at 9/30/23) (amortized cost of $2,945,273 and allowance for credit losses of $339 at 12/31/22) $ 2,717,627 $ 2,666,950
Equity securities, at fair value (cost - $347,772 at 9/30/23 and $328,019 at 12/31/22) 534,436 498,382
Short-term investments, at cost which approximates fair value 125,032 36,229
Other invested assets 59,730 47,922
Cash 18,445 22,818
Total investments and cash 3,455,270 3,272,301
Accrued investment income 25,328 21,259
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $19,415 at 9/30/23 and $18,696 at 12/31/22 225,821 189,501
Ceded unearned premium 111,072 138,457
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $11,131 at 9/30/23 and $11,250 at 12/31/22 820,954 740,089
Deferred policy acquisition costs 150,666 127,859
Property and equipment, at cost, net of accumulated depreciation of $74,416 at 9/30/23 and $68,633 at 12/31/22 48,596 49,573
Investment in unconsolidated investees 56,110 58,275
Goodwill and intangibles 53,562 53,562
Income taxes-deferred 51,403 40,269
Other assets 84,744 75,923
TOTAL ASSETS 5,083,526 4,767,068
Liabilities    
Unpaid losses and settlement expenses 2,488,695 2,315,637
Unearned premiums 906,139 785,085
Reinsurance balances payable 56,570 61,100
Funds held 103,424 101,144
Income taxes-current 5,546  
Debt 100,000 199,863
Accrued expenses 85,640 94,869
Other liabilities 38,421 32,029
TOTAL LIABILITIES 3,784,435 3,589,727
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,555,985 shares issued, 45,625,771 shares outstanding at 9/30/23) (68,399,966 shares issued, 45,469,752 shares outstanding at 12/31/22) 686 684
Paid-in capital 360,453 352,391
Accumulated other comprehensive earnings (loss) (267,924) (229,076)
Retained earnings 1,598,875 1,446,341
Deferred compensation 12,617 12,015
Less: Treasury shares, at cost (22,930,214 shares at 9/30/23 and 12/31/22) (405,616) (405,014)
TOTAL SHAREHOLDERS' EQUITY 1,299,091 1,177,341
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,083,526 $ 4,767,068