v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $19,540 – 2026; $23,939 – 2025) $ 20,107 $ 23,942
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 20,107 23,942
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $39,102 – 2026 and $31,287 – 2025; amortized cost: $10,131,816 – 2026 and $9,576,878 – 2025) 9,909,753 9,457,176
Commercial mortgage loans – at carrying value (fair value: $267,408 – 2026 and $274,895 – 2025) 273,175 277,895
Less: allowance for credit losses (3,464) (213)
Commercial mortgage loans, net of allowance for credit losses 269,711 277,682
Equity securities – at fair value (cost: $377,480 – 2026; $370,104 – 2025) 413,106 384,416
Short-term investments 378,879 648,542
Alternative investments 473,864 418,525
Other investments 111,440 92,157
Total investments (Note 4 and 5) 11,576,860 11,302,440
Cash 557 346
Restricted cash 10,370 17,612
Accrued investment income 101,571 92,003
Premiums receivable 1,661,814 1,555,201
Less: allowance for credit losses (Note 6) (24,100) (21,300)
Premiums receivable, net of allowance for credit losses 1,637,714 1,533,901
Reinsurance recoverable 954,248 917,495
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 952,248 915,495
Prepaid reinsurance premiums 273,062 266,332
Current federal income tax 1,939 0
Deferred federal income tax 137,880 110,905
Property and equipment – at cost, net of accumulated depreciation and amortization of: $311,425 – 2026; $297,211 – 2025 116,498 106,390
Deferred policy acquisition costs 484,585 492,270
Goodwill 7,849 7,849
Other assets 314,816 310,167
Total assets 15,615,949 15,155,710
Liabilities:    
Reserve for loss and loss expense (Note 8) 7,681,439 7,225,398
Unearned premiums 2,765,749 2,745,521
Long-term debt 900,959 901,873
Current federal income tax 0 16,939
Accrued salaries and benefits 122,186 140,786
Other liabilities 482,629 516,218
Total liabilities 11,952,962 11,546,735
Stockholders’ Equity:    
Preferred stock 200,000 200,000
Common stock 212,538 212,013
Additional paid-in capital 614,724 591,272
Retained earnings 3,671,632 3,500,774
Accumulated other comprehensive income (loss) (Note 11) (225,078) (151,660)
Treasury stock – at cost (shares:  46,700,278 – 2026; 45,930,091 – 2025) (810,829) (743,424)
Total stockholders’ equity 3,662,987 3,608,975
Commitments and contingencies
Total liabilities and stockholders’ equity $ 15,615,949 $ 15,155,710