v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Fixed maturity securities (amortized cost $5,534,785; $5,449,726) $ 5,499,834 $ 5,430,251
Equity securities (cost $801,687; $728,460) 883,623 812,787
Short-term investments (cost $441,810; $336,978) 441,841 336,992
Total investments 6,825,298 6,580,030
Cash 1,350,883 1,315,574
Receivables:    
Premiums 825,000 751,554
Allowance for credit losses on premiums receivable (6,100) (6,000)
Premiums receivable, net of allowance for credit losses 818,900 745,554
Accrued investment income 73,380 73,004
Other 86,557 86,508
Total receivables 978,837 905,066
Reinsurance recoverables (net of allowance for credit losses $2; $39) 47,771 109,672
Deferred policy acquisition costs 366,573 359,724
Fixed assets (net of accumulated depreciation $360,372; $345,930) 150,854 146,880
Operating lease right-of-use assets 12,153 12,125
Deferred income taxes 31,821 30,637
Goodwill 42,796 42,796
Other intangible assets, net 6,613 6,827
Other assets 59,266 51,338
Total assets 9,872,865 9,560,669
Liabilities    
Loss and loss adjustment expense reserves 3,646,201 3,633,338
Unearned premiums 2,353,558 2,255,935
Notes payable 574,626 574,527
Accounts payable and accrued expenses 394,423 448,703
Operating lease liabilities 12,652 12,328
Current income taxes 77,180 30,770
Other liabilities 224,115 187,793
Total liabilities 7,282,755 7,143,394
Commitments and contingencies
Shareholders’ equity:    
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,389; 55,389 99,699 99,699
Retained earnings 2,490,411 2,317,576
Total shareholders’ equity 2,590,110 2,417,275
Total liabilities and shareholders’ equity $ 9,872,865 $ 9,560,669