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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments (Notes 5 and 6)    
Fixed-maturities available for sale—at fair value (amortized cost of $5,657,808 and $5,599,111) $ 5,209,025 $ 5,188,228
Trading securities—at fair value (amortized cost of $109,275 and $110,484) 103,256 106,423
Equity securities—at fair value (cost of $159,937 and $92,124) 155,405 89,057
Mortgage loans held for sale—at fair value (Note 7) 147,034 32,755
Other invested assets—at fair value 8,849 8,625
Short-term investments—at fair value (includes $89,532 and $149,364 of reinvested cash collateral held under securities lending agreements) 703,545 660,566
Total investments 6,327,114 6,085,654
Cash 26,993 18,999
Restricted cash 1,832 1,066
Accrued investment income 46,334 45,783
Accounts and notes receivable 130,095 123,857
Reinsurance recoverables (includes $164 and $59 for paid losses) 28,151 25,909
Deferred policy acquisition costs 18,561 18,718
Property and equipment, net 60,521 63,822
Prepaid federal income taxes (Note 10) 750,320 750,320
Other assets (Note 9) 369,944 459,805
Total assets 7,759,865 7,593,933
Liabilities    
Unearned premiums 215,124 225,396
Reserve for losses and LAE (Note 11) 361,833 370,148
Senior notes (Note 12) 1,512,860 1,417,781
Secured borrowings (Note 12) 207,601 119,476
Reinsurance funds withheld 133,460 130,564
Net deferred tax liability 626,353 589,564
Other liabilities 262,902 343,199
Total liabilities 3,320,133 3,196,128
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock ($0.001 par value; 485,000 shares authorized; 2024: 171,588 and 151,509 shares issued and outstanding, respectively; 2023: 173,247 and 153,179 shares issued and outstanding, respectively) 171 173
Treasury stock, at cost (2024: 20,079 shares; 2023: 20,068 shares) (946,202) (945,870)
Additional paid-in capital 1,390,436 1,430,594
Retained earnings 4,357,823 4,243,759
Accumulated other comprehensive income (loss) (Note 15) (362,496) (330,851)
Total stockholders’ equity 4,439,732 4,397,805
Total liabilities and stockholders’ equity $ 7,759,865 $ 7,593,933