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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments (Notes 5 and 6)    
Fixed-maturities available for sale-at fair value (amortized cost of $5,583,574 and $5,599,111) $ 5,292,480 $ 5,188,228
Trading securities-at fair value (amortized cost of $91,976 and $110,484) 89,272 106,423
Equity securities-at fair value (cost of $151,307 and $92,124) 145,717 89,057
Residential mortgage loans held for sale-at fair value (Note 7) 529,517 32,755
Other invested assets—at fair value 7,809 8,625
Short-term investments at fair value (includes $116,905 and $149,364 of reinvested cash collateral held under securities lending agreements) 432,385 660,566
Total investments 6,497,180 6,085,654
Cash 28,061 18,999
Restricted cash 2,014 1,066
Accrued investment income 49,707 45,783
Accounts and notes receivable 138,439 123,857
Reinsurance recoverables (includes $369 and $59 for paid losses) 34,015 25,909
Deferred policy acquisition costs 18,430 18,718
Property and equipment, net 41,892 63,822
Prepaid federal income taxes (Note 10) 870,336 750,320
Other assets (Note 9) 384,666 459,805
Securitized residential mortgage loans held for investment at fair value 353,078  
Other VIE assets 1,953  
Total assets 8,419,771 7,593,933
Liabilities    
Unearned premiums 198,007 225,396
Reserve for losses and LAE (Note 11) 363,225 370,148
Senior notes (Note 12) 1,064,718 1,417,781
Secured borrowings (Note 12) 551,916 119,476
Reinsurance funds withheld 138,810 130,564
Net deferred tax liability 737,605 589,564
Other liabilities 318,345 343,199
Securitized nonrecourse debt-at fair value 344,904  
Other VIE liabilities 3,388  
Total liabilities 3,720,918 3,196,128
Stockholders’ equity    
Common stock ($0.001 par value; 485,000 shares authorized; 2024: 170,541 and 149,776 shares issued and outstanding, respectively; 2023: 173,247 and 153,179 shares issued and outstanding, respectively) 171 173
Treasury stock, at cost (2024: 20,766 shares; 2023: 20,068 shares) (967,717) (945,870)
Additional paid-in capital 1,315,046 1,430,594
Retained earnings 4,584,453 4,243,759
Accumulated other comprehensive income (loss) (Note 15) (233,100) (330,851)
Total stockholders’ equity 4,698,853 4,397,805
Total liabilities and stockholders’ equity $ 8,419,771 $ 7,593,933