Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

(in thousands)	2024		2023
Deferred tax assets:
Tax discounting of unpaid losses and settlement expenses	$	29,524	$	25,491
Unearned premium offset		36,086		32,763
Deferred compensation		4,630		4,170
Share-based compensation expense		3,685		3,556
Capitalized research and development costs		6,350		4,970
Lease liability		3,288		3,113
Other		3,864		2,949
Deferred tax assets before allowance	$	87,427	$	77,012
Less valuation allowance		—		—
Total deferred tax assets	$	87,427	$	77,012
Deferred tax liabilities:
Net unrealized appreciation of securities	$	25,898	$	10,981
Deferred policy acquisition costs		34,905		30,779
Lease asset		2,943		2,870
Discounting of unpaid losses and settlement expenses - Tax Cuts and Jobs Act (TCJA) implementation offset		636		1,272
Fixed assets		2,908		2,745
Intangible assets		1,561		1,552
Undistributed earnings of unconsolidated investees		10,265		10,351
Other		518		590
Total deferred tax liabilities	$	79,634	$	61,140
Net deferred tax asset	$	7,793	$	15,872

Schedule of Reconciliation of Income Tax Expense Attributable to Income from Operations with Amounts Computed by Applying U.S. Federal Tax Rate to Pretax Income from Continuing Operations

(in thousands)	2024					2023					2022
Provision for income taxes at the statutory federal tax rates	$	89,786		21.0	%	$	79,226		21.0	%	$	151,342		21.0	%
Increase (reduction) in taxes resulting from:
Excess tax benefit on share-based compensation		(5,580)		(1.3)	%		(3,774)		(1.0)	%		(4,491)		(0.6)	%
Tax-exempt interest income		(905)		(0.2)	%		(1,092)		(0.3)	%		(1,143)		(0.2)	%
Dividends received deduction		(1,326)		(0.3)	%		(938)		(0.2)	%		(912)		(0.1)	%
Tax credit		(3,539)		(0.8)	%		(3,644)		(1.0)	%		(6,204)		(0.9)	%
ESOP dividends paid deduction		(2,545)		(0.6)	%		(1,591)		(0.4)	%		(4,171)		(0.6)	%
Nondeductible expenses		3,726		0.9	%		3,351		0.9	%		1,263		0.2	%
Other items, net		2,155		0.4	%		1,116		0.3	%		1,583		0.2	%
Total	$	81,772	​	19.1	%	$	72,654	​	19.3	%	$	137,267	​	19.0	%