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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
ASSETS    
Available-for-sale, at fair value (amortized cost of $2,096,852 and allowance for credit losses of $375 at 3/31/21) (amortized cost of $2,061,467 and allowance for credit losses of $397 at 12/31/20) $ 2,175,869 $ 2,196,626
Equity securities, at fair value (cost - $298,926 at 3/31/21 and $293,190 at 12/31/20) 555,209 524,006
Other invested assets 50,413 54,232
Cash 94,935 62,217
Total investments and cash 2,876,426 2,837,081
Accrued investment income 16,109 16,126
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,172 at 3/31/21 and $17,658 at 12/31/20 149,736 174,628
Ceded unearned premium 111,071 113,488
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $8,953 at 3/31/21 and $8,634 at 12/31/20 454,921 443,729
Deferred policy acquisition costs 92,595 88,425
Property and equipment, at cost, net of accumulated depreciation of $70,089 at 3/31/21 and $68,682 at 12/31/20 50,470 51,406
Investment in unconsolidated investees 134,314 128,382
Goodwill and intangibles 53,617 53,719
Other assets 33,181 31,501
TOTAL ASSETS 3,972,440 3,938,485
Liabilities    
Unpaid losses and settlement expenses 1,795,275 1,750,049
Unearned premiums 590,364 586,386
Reinsurance balances payable 26,560 42,265
Funds held 85,572 81,747
Income taxes-deferred 74,624 80,235
Bonds payable, long-term debt 149,536 149,489
Accrued expenses 45,784 75,925
Other liabilities 49,939 36,411
TOTAL LIABILITIES 2,817,654 2,802,507
Shareholders’ Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000 at 3/31/21 and 12/31/20) (68,133,652 shares issued, 45,203,438 shares outstanding at 3/31/21) (68,072,794 shares issued, 45,142,580 shares outstanding at 12/31/20) 681 681
Paid-in capital 336,757 335,365
Accumulated other comprehensive earnings 63,967 108,714
Retained earnings 1,146,380 1,084,217
Deferred compensation 7,926 8,292
Less: Treasury shares, at cost (22,930,214 shares at 3/31/21 and 12/31/20) (400,925) (401,291)
TOTAL SHAREHOLDERS’ EQUITY 1,154,786 1,135,978
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,972,440 $ 3,938,485