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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Available-for-sale, at fair value (amortized cost of $2,374,256 and allowance for credit losses of $594 at 3/31/22) (amortized cost of $2,346,267 and allowance for credit losses of $441 at 12/31/21) $ 2,292,378 $ 2,409,887
Equity securities, at fair value (cost - $347,354 at 3/31/22 and $324,501 at 12/31/21) 608,180 613,776
Other invested assets 52,406 50,501
Cash 72,148 88,804
Total investments and cash 3,025,112 3,162,968
Accrued investment income 17,477 17,505
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,381 at 3/31/22 and $18,067 at 12/31/21 170,501 167,279
Ceded unearned premium 126,311 130,916
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,983 at 3/31/22 and $11,188 at 12/31/21 631,445 608,086
Deferred policy acquisition costs 112,004 103,553
Property and equipment, at cost, net of accumulated depreciation of $77,131 at 3/31/22 and $75,236 at 12/31/21 52,124 52,161
Investment in unconsolidated investees 179,351 171,311
Goodwill and intangibles 53,562 53,562
Other assets 39,748 40,961
TOTAL ASSETS 4,407,635 4,508,302
Liabilities    
Unpaid losses and settlement expenses 2,081,712 2,043,555
Unearned premiums 696,577 680,444
Reinsurance balances payable 26,264 42,851
Funds held 89,735 89,773
Income taxes-deferred 47,412 83,509
Bonds payable, long-term debt 199,723 199,676
Accrued expenses 57,101 98,274
Other liabilities 55,689 40,859
TOTAL LIABILITIES 3,254,213 3,278,941
Shareholders’ Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,246,156 shares issued, 45,315,942 shares outstanding at 3/31/22) (68,219,551 shares issued, 45,289,337 shares outstanding at 12/31/21) 682 682
Paid-in capital 346,791 343,742
Accumulated other comprehensive earnings (loss) (65,755) 49,826
Retained earnings 1,264,703 1,228,110
Deferred compensation 8,669 9,642
Less: Treasury shares, at cost (22,930,214 shares at 3/31/22 and 12/31/21) (401,668) (402,641)
TOTAL SHAREHOLDERS’ EQUITY 1,153,422 1,229,361
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,407,635 $ 4,508,302