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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Investments (Notes 5 and 6)    
Fixed-maturities available for sale—at fair value (amortized cost of $5,685,122 and $5,587,261) $ 5,155,897 $ 5,017,711
Trading securities—at fair value (amortized cost of $111,226 and $122,472) 105,929 115,665
Equity securities—at fair value (cost of $141,929 and $162,899) 133,106 148,965
Mortgage loans held for sale—at fair value 59,252 3,549
Other invested assets—at fair value 5,762 5,511
Short-term investments—at fair value (includes $72,023 and $99,735 of reinvested cash collateral held under securities lending agreements) 435,925 402,090
Total investments 5,895,871 5,693,491
Cash 61,142 56,183
Restricted cash 1,317 377
Accrued investment income 42,650 40,093
Accounts and notes receivable 138,432 119,834
Reinsurance recoverables (includes $18 and $18 for paid losses) 22,979 25,633
Deferred policy acquisition costs 19,272 18,460
Property and equipment, net 73,885 70,981
Goodwill and other acquired intangible assets, net (Note 7) 12,543 15,285
Prepaid federal income taxes (Note 10) 663,320 596,368
Other assets (Note 9) 375,132 427,024
Total assets 7,306,543 7,063,729
Liabilities    
Unearned premiums 246,666 271,479
Reserve for losses and LAE (Note 11) 379,434 426,843
Senior notes (Note 12) 1,415,610 1,413,504
Secured borrowings (Note 12) 178,762 155,822
Reinsurance funds withheld 154,354 152,067
Net deferred tax liability 479,754 391,083
Other liabilities 281,127 333,604
Total liabilities 3,135,707 3,144,402
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock ($0.001 par value; 485,000 shares authorized; 2023: 177,386 and 157,350 shares issued and outstanding, respectively; 2022: 176,509 and 157,056 shares issued and outstanding, respectively) 177 176
Treasury stock, at cost (2023: 20,036 shares; 2022: 19,453 shares) (945,032) (930,643)
Additional paid-in capital 1,522,895 1,519,641
Retained earnings 4,016,482 3,786,952
Accumulated other comprehensive income (loss) (Note 15) (423,686) (456,799)
Total stockholders’ equity 4,170,836 3,919,327
Total liabilities and stockholders’ equity $ 7,306,543 $ 7,063,729