Liability for Losses and Loss Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Liability for Losses and Loss Expenses [Abstract]

Summary of Insurance Subsidiaries' Liability for Losses and Loss Expenses

We summarize activity in our insurance subsidiaries’ liability for losses and loss expenses as follows:

	2025			2024			2023
Balance at January 1	$	1,120,985,050		$	1,126,156,838		$	1,121,045,758
Less reinsurance recoverable		(416,621,377	)		(437,013,974	)		(451,184,222	)
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1		—			—			1,131,836
Net balance at January 1		704,363,673			689,142,864			670,993,372
Incurred related to:
Current year		574,599,658			619,089,646			625,831,043
Prior years		(10,267,402	)		(14,971,930	)		(16,653,344	)
Total incurred		564,332,256			604,117,716			609,177,699
Paid related to:
Current year		286,140,139			319,195,507			330,290,039
Prior years		277,359,789			269,701,400			260,738,168
Total paid		563,499,928			588,896,907			591,028,207
Net balance at December 31		705,196,001			704,363,673			689,142,864
Plus reinsurance recoverable		394,853,936			416,621,377			437,013,974
Balance at December 31	$	1,100,049,937		$	1,120,985,050		$	1,126,156,838

Incurred and Paid Claims Development, Net of Reinsurance, Cumulative Claim Frequency and Total of IBNR Reserves Plus Expected Development on Reported Claims

The following tables present information about incurred and paid claims development as of December 31, 2025, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves plus expected development on reported claims that our insurance subsidiaries included within their net incurred claims amounts. The tables include unaudited information about incurred and paid claims development for the years ended December 31, 2016 through 2024, which we present as supplementary information.

Personal Automobile																					At December 31, 2025
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2016		150,216		153,937		157,516		157,943		156,935		156,436		156,227		155,834		155,822	$	156,148	$	58		73
2017				166,690		176,728		175,939		174,784		173,730		173,032		172,712		172,376		172,427		138		79
2018						186,580		183,358		181,558		180,787		179,732		178,990		178,799		178,836		178		81
2019								161,056		157,689		156,300		154,805		153,883		153,253		152,896		495		68
2020										111,483		103,585		100,339		99,253		98,506		98,271		553		43
2021												119,364		118,752		114,707		114,874		113,681		922		47
2022														126,203		134,834		136,073		136,349		1,942		50
2023																152,740		155,260		155,617		3,733		52
2024																		153,403		153,248		6,835		46
2025																				119,272		24,651		38
																	Total		$	1,436,745

Personal Automobile
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
(in thousands)
2016		102,433		129,507		143,321		151,159		153,521		154,769		155,521		155,505		155,602	$	155,630
2017				111,964		142,372		159,879		166,099		169,190		170,895		171,513		171,863		171,861
2018						115,585		150,175		163,036		169,651		173,922		176,233		177,367		178,152
2019								103,101		127,187		141,004		146,667		150,017		150,842		151,806
2020										66,084		81,783		89,736		94,094		96,277		96,837
2021												76,477		93,998		103,427		109,052		111,044
2022														83,616		109,845		125,624		131,267
2023																99,574		127,752		142,721
2024																		101,227		128,410
2025																				81,565
																	Total			1,349,293
					All outstanding liabilities before 2016, net of reinsurance															1,525
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	88,977

Homeowners																					At December 31, 2025
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2016		62,443		64,064		63,735		63,355		63,279		63,409		63,472		63,478		63,462	$	63,441	$	—		12
2017				79,283		79,911		79,305		79,247		79,065		78,815		78,819		78,687		78,706		—		17
2018						81,965		83,385		82,905		82,566		82,058		81,977		81,930		81,938		26		19
2019								73,294		73,554		73,234		72,168		72,176		71,785		71,644		41		16
2020										61,633		62,718		61,595		61,495		61,285		61,340		28		14
2021												67,677		66,996		65,451		64,425		64,292		162		11
2022														82,433		82,045		81,838		81,795		539		10
2023																86,693		87,047		86,676		975		11
2024																		85,975		85,392		1,357		10
2025																				80,685		7,675		8
																	Total		$	755,909

Homeowners
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
(in thousands)
2016		50,125		61,145		62,760		63,144		63,162		63,217		63,266		63,296		63,302	$	63,393
2017				67,077		77,663		78,006		78,127		78,454		78,528		78,556		78,662		78,676
2018						70,385		79,892		80,905		81,464		81,568		81,826		81,833		81,841
2019								58,074		69,145		70,416		70,884		71,209		71,446		71,563
2020										51,226		60,348		60,809		61,189		61,181		61,268
2021												52,161		63,920		64,124		64,258		64,190
2022														63,107		79,187		80,132		80,673
2023																67,636		84,194		85,683
2024																		67,702		82,242
2025																				61,894
																	Total			731,423
					All outstanding liabilities before 2016, net of reinsurance															85
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	24,571

Commercial Automobile																					At December 31, 2025
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2016		54,302		57,353		65,905		67,127		66,894		66,085		65,922		65,602		65,537	$	65,471	$	5		13
2017				61,484		67,927		67,697		67,249		65,310		64,631		65,022		64,821		65,161		9		14
2018						79,307		81,396		82,313		83,043		82,226		82,368		82,234		82,020		33		16
2019								88,864		91,245		90,290		86,140		84,566		83,709		84,241		76		16
2020										90,367		87,766		85,016		83,590		83,590		83,484		311		14
2021												109,824		99,231		96,947		97,903		97,070		983		15
2022														115,287		108,690		109,314		109,030		3,560		15
2023																112,135		110,821		109,817		8,281		15
2024																		115,327		112,635		16,435		12
2025																				115,112		40,776		13
																	Total		$	924,041

Commercial Automobile
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
(in thousands)
2016		27,033		38,237		48,837		57,237		60,485		64,421		65,076		65,273		65,315	$	65,314
2017				28,707		40,213		49,703		57,128		59,889		62,187		64,074		64,219		64,950
2018						33,862		47,941		57,451		69,487		74,421		79,308		80,375		80,922
2019								36,948		53,026		63,575		72,139		80,617		81,647		83,000
2020										31,884		46,459		60,665		70,669		78,974		80,812
2021												39,851		56,101		69,908		80,595		90,382
2022														46,242		67,367		81,554		93,641
2023																45,387		65,131		83,722
2024																		43,206		67,633
2025																				45,908
																	Total			756,284
					All outstanding liabilities before 2016, net of reinsurance															42
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	167,799

Commercial Multi-Peril																					At December 31, 2025
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2016		43,005		46,988		48,267		48,871		48,732		48,823		48,802		48,374		48,213	$	48,217	$	—		6
2017				56,185		56,043		56,517		54,812		55,076		54,244		55,002		54,475		54,497		9		7
2018						66,265		66,470		67,749		67,810		65,911		65,900		65,727		66,012		93		7
2019								71,865		73,836		76,326		75,821		76,015		74,995		75,181		247		7
2020										83,195		79,910		76,490		74,796		72,624		72,330		811		8
2021												116,827		117,574		119,321		116,202		109,817		4,240		7
2022														142,395		141,935		139,486		142,993		7,931		7
2023																129,069		125,596		124,791		14,549		6
2024																		119,376		114,326		23,922		5
2025																				116,509		40,152		5
																	Total		$	924,673

Commercial Multi-Peril
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
(in thousands)
2016		19,660		29,402		34,612		41,193		43,435		44,944		47,432		48,048		48,169	$	48,181
2017				27,399		36,926		42,691		46,361		49,488		51,494		52,422		53,886		54,025
2018						30,597		42,296		48,050		54,913		59,118		62,253		63,040		63,911
2019								28,210		41,266		47,522		55,951		63,156		69,762		71,638
2020										34,729		46,193		52,646		58,754		66,669		69,114
2021												46,768		69,735		82,580		94,484		99,812
2022														57,641		86,664		100,931		117,583
2023																56,238		82,006		94,243
2024																		45,663		63,806
2025																				43,100
																	Total			725,413
					All outstanding liabilities before 2016, net of reinsurance															471
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	199,731

Workers’ Compensation																					At December 31, 2025
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2016		58,814		49,802		47,883		44,969		44,098		43,559		43,484		43,447		43,610	$	43,580	$	89		6
2017				60,450		56,351		52,687		51,464		49,557		48,802		48,668		48,504		48,362		358		6
2018						62,197		55,291		52,514		47,912		47,007		46,742		46,552		46,046		478		6
2019								60,998		59,624		57,728		56,480		55,893		56,121		55,867		690		7
2020										57,172		57,850		57,384		56,714		56,605		58,499		693		6
2021												67,035		65,530		64,225		64,445		65,088		1,380		7
2022														67,046		67,331		69,467		68,715		2,522		7
2023																62,401		65,137		64,746		4,616		6
2024																		60,522		57,859		8,365		5
2025																				59,470		18,836		4
																	Total		$	568,232

Workers’ Compensation
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
(in thousands)
2016		14,709		30,344		37,178		40,570		41,208		41,543		41,809		42,195		42,486	$	42,782
2017				15,581		31,990		39,684		42,954		44,242		45,174		45,935		46,339		46,573
2018						17,644		31,928		37,072		41,611		43,279		44,359		44,624		45,046
2019								16,939		33,009		41,740		47,121		50,079		51,944		53,155
2020										14,591		32,817		44,089		48,259		50,928		52,900
2021												20,931		42,633		51,781		56,162		57,950
2022														18,643		41,225		51,916		58,828
2023																17,546		39,922		49,171
2024																		15,800		33,111
2025																				16,074
																	Total			455,590
					All outstanding liabilities before 2016, net of reinsurance															7,435
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	120,077

Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Claims and Claim Adjustment Expenses

The following table presents a reconciliation of the net incurred and paid claims development tables to the liability for claims and claims adjustment expenses in our consolidated balance sheet:

(in thousands)	At December 31, 2025
Net outstanding liabilities:
Personal automobile	$	88,977
Homeowners		24,571
Commercial automobile		167,799
Commercial multi-peril		199,731
Workers’ compensation		120,077
Other		48,533
		649,688
Reinsurance recoverable:
Personal automobile		83,481
Homeowners		12,015
Commercial automobile		94,996
Commercial multi-peril		97,061
Workers’ compensation		79,691
Other		12,187
		379,431
Unallocated loss adjustment expenses		70,931
Gross liability for unpaid losses and loss expenses	$	1,100,050

Supplementary Information about Average Historical Claims Duration

The following table presents supplementary information about average historical claims duration as of December 31, 2025:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years		1		2		3		4		5		6		7		8		9		10
Personal automobile		65.7	%	17.4	%	9.1	%	4.2	%	2.0	%	0.8	%	0.5	%	0.2	%	—	%	—	%
Homeowners		80.7		16.3		1.2		0.5		0.2		0.2		0.1		0.1		—		0.1
Commercial automobile		41.2		18.3		14.5		11.9		7.6		3.8		1.7		0.4		0.6		—
Commercial multi-peril		42.8		18.5		9.9		10.4		7.0		4.7		2.6		1.8		0.3		—
Workers’ compensation		30.0		32.4		15.2		8.3		3.4		2.3		1.2		0.9		0.6		0.7