v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale, at fair value (amortized cost of $3,573,679 and allowance for credit losses of $245 at 6/30/25) (amortized cost of $3,391,159 and allowance for credit losses of $197 at 12/31/24) $ 3,420,761 $ 3,175,796
Equity securities, at fair value (cost - $487,656 at 6/30/25 and $417,897 at 12/31/24) 810,959 736,191
Short-term investments, at cost which approximates fair value 115,662 74,915
Other invested assets 57,266 57,939
Cash 21,414 39,790
Total investments and cash 4,426,062 4,084,631
Accrued investment income 31,113 28,319
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $23,325 at 6/30/25 and $22,932 at 12/31/24 252,931 230,534
Ceded unearned premium 121,090 124,955
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,174 at 6/30/25 and $9,580 at 12/31/24 761,719 755,425
Deferred policy acquisition costs 180,765 166,214
Property and equipment, at cost, net of accumulated depreciation of $80,332 at 6/30/25 and $76,330 at 12/31/24 41,722 43,172
Investment in unconsolidated investees 61,183 56,477
Goodwill and intangibles 53,562 53,562
Income taxes-deferred   7,793
Other assets 60,660 77,720
TOTAL ASSETS 5,990,807 5,628,802
Liabilities    
Unpaid losses and settlement expenses 2,806,889 2,693,470
Unearned premiums 1,034,176 984,140
Reinsurance balances payable 32,773 44,681
Funds held 120,019 97,380
Income taxes-current 10,009 749
Income taxes-deferred 3,475  
Debt 100,000 100,000
Accrued expenses 80,958 124,242
Other liabilities 67,847 62,173
TOTAL LIABILITIES 4,256,146 4,106,835
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 400,000,000) (137,689,898 shares issued, 91,829,470 shares outstanding at 6/30/25) (137,598,560 shares issued, 91,738,132 shares outstanding at 12/31/24) 1,377 1,376
Paid-in capital 372,539 367,645
Accumulated other comprehensive earnings (loss) (124,992) (173,723)
Retained earnings 1,878,736 1,719,668
Deferred compensation 12,611 13,498
Less: Treasury shares, at cost (45,860,428 shares at 6/30/25 and 12/31/24) (405,610) (406,497)
TOTAL SHAREHOLDERS' EQUITY 1,734,661 1,521,967
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,990,807 $ 5,628,802