Policy Acquisition Costs

12 Months Ended

Dec. 31, 2021

Deferred Policy Acquisition Costs Disclosures [Abstract]

Policy Acquisition Costs

3. POLICY ACQUISITION COSTS

Policy acquisition costs deferred and amortized to income for the years ended December 31 are summarized as follows:

(in thousands)	2021			2020			2019
Deferred policy acquisition costs (DAC), beginning of year	$	88,425		$	85,044		$	84,934
Deferred:
Direct commissions	$	236,145		$	200,917		$	185,164
Premium taxes		17,012			14,783			14,395
Ceding commissions		(47,592	)		(42,115	)		(31,140	)
Net deferred	$	205,565		$	173,585		$	168,419
Amortized		190,437			170,204			168,309
DAC, end of year	$	103,553		$	88,425		$	85,044
Policy acquisition costs:
Amortized to expense - DAC	$	190,437		$	170,204		$	168,309
Period costs:
Ceding commission - contingent		(4,303	)		(4,053	)		(3,034	)
Other underwriting expenses		131,334			120,287			123,422
Total policy acquisition costs	$	317,468		$	286,438		$	288,697