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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
ASSETS    
Available-for-sale, at fair value (amortized cost of $2480,480 and allowance for credit losses of $292 at 6/30/22) (amortized cost of $2,346,267 and allowance for credit losses of $441 at 12/31/21) $ 2,280,909 $ 2,409,887
Equity securities, at fair value (cost - $327,246 at 6/30/22 and $324,501 at 12/31/21) 487,995 613,776
Other invested assets 51,018 50,501
Cash 113,044 88,804
Total investments and cash 2,932,966 3,162,968
Accrued investment income 18,465 17,505
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $18,193 at 6/30/22 and $18,067 at 12/31/21 191,391 167,279
Ceded unearned premium 132,417 130,916
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,949 at 6/30/22 and $11,188 at 12/31/21 666,730 608,086
Deferred policy acquisition costs 123,055 103,553
Property and equipment, at cost, net of accumulated depreciation of $71,680 at 6/30/22 and $75,236 at 12/31/21 50,955 52,161
Investment in unconsolidated investees 187,310 171,311
Goodwill and intangibles 53,562 53,562
Other assets 44,912 40,961
TOTAL ASSETS 4,401,763 4,508,302
Liabilities    
Unpaid losses and settlement expenses 2,150,519 2,043,555
Unearned premiums 754,192 680,444
Reinsurance balances payable 39,291 42,851
Funds held 101,983 89,773
Income taxes-deferred 2,389 83,509
Bonds payable, long-term debt 199,769 199,676
Accrued expenses 68,052 98,274
Other liabilities 41,380 40,859
TOTAL LIABILITIES 3,357,575 3,278,941
Shareholders’ Equity    
Common stock ($0.01 par value) (Shares authorized - 200,000,000) (68,299,018 shares issued, 45,368,804 shares outstanding at 6/30/22) (68,219,551 shares issued, 45,289,337 shares outstanding at 12/31/21) 683 682
Paid-in capital 349,161 343,742
Accumulated other comprehensive earnings (loss) (163,318) 49,826
Retained earnings 1,250,661 1,228,110
Deferred compensation 8,945 9,642
Less: Treasury shares, at cost (22,930,214 shares at 6/30/22 and 12/31/21) (401,944) (402,641)
TOTAL SHAREHOLDERS’ EQUITY 1,044,188 1,229,361
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,401,763 $ 4,508,302