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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale, at fair value (amortized cost of $3,082,273 and allowance for credit losses of $237 at 3/31/24) (amortized cost of $3,054,391 and allowance for credit losses of $306 at 12/31/23) $ 2,863,321 $ 2,855,849
Equity securities, at fair value (cost - $362,527 at 3/31/24 and $354,022 at 12/31/23) 643,367 590,041
Short-term investments, at cost which approximates fair value 147,186 134,923
Other invested assets 59,273 59,081
Cash 44,557 36,424
Total investments and cash 3,757,704 3,676,318
Accrued investment income 25,353 24,062
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $21,699 at 3/31/24 and $21,438 at 12/31/23 230,537 221,206
Ceded unearned premium 107,822 112,257
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $11,085 at 3/31/24 and $10,608 at 12/31/23 814,676 757,349
Deferred policy acquisition costs 152,924 146,566
Property and equipment, at cost, net of accumulated depreciation of $75,558 at 3/31/24 and $74,279 at 12/31/23 46,536 46,715
Investment in unconsolidated investees 66,134 56,966
Goodwill and intangibles 53,562 53,562
Income taxes-deferred 10,700 15,872
Other assets 72,461 69,348
TOTAL ASSETS 5,338,409 5,180,221
Liabilities    
Unpaid losses and settlement expenses 2,532,190 2,446,025
Unearned premiums 904,848 892,326
Reinsurance balances payable 35,157 71,507
Funds held 106,430 101,446
Income taxes-current 25,455 3,757
Debt 100,000 100,000
Accrued expenses 68,216 108,880
Other liabilities 45,361 42,766
TOTAL LIABILITIES 3,817,657 3,766,707
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,640,095 shares issued, 45,709,881 shares outstanding at 3/31/24) (68,570,261 shares issued, 45,640,047 shares outstanding at 12/31/23) 687 686
Paid-in capital 366,701 362,345
Accumulated other comprehensive earnings (loss) (178,974) (166,303)
Retained earnings 1,725,337 1,609,785
Deferred compensation 12,749 13,539
Treasury shares, at cost (22,930,214 shares at 3/31/24 and 12/31/23) (405,748) (406,538)
TOTAL SHAREHOLDERS' EQUITY 1,520,752 1,413,514
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,338,409 $ 5,180,221