v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $20,984 – 2026; $23,939 – 2025) $ 21,905 $ 23,942
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 21,905 23,942
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $51,561 – 2026 and $31,287 – 2025; amortized cost: $10,382,993 – 2026 and $9,576,878 – 2025) 9,810,058 9,457,176
Commercial mortgage loans – at carrying value (fair value: $279,076 – 2026 and $274,895 – 2025) 290,476 277,895
Less: allowance for credit losses (2,896) (213)
Commercial mortgage loans, net of allowance for credit losses 287,580 277,682
Equity securities – at fair value (cost: $341,199 – 2026; $370,104 – 2025) 359,134 384,416
Short-term investments 391,710 648,542
Alternative investments 505,237 418,525
Other investments 111,074 92,157
Total investments (Note 4 and 5) 11,486,698 11,302,440
Cash 928 346
Restricted cash 14,441 17,612
Accrued investment income 104,275 92,003
Premiums receivable 1,580,584 1,555,201
Less: allowance for credit losses (Note 6) (30,835) (21,300)
Premiums receivable, net of allowance for credit losses 1,549,749 1,533,901
Reinsurance recoverable 1,128,348 917,495
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 1,126,348 915,495
Prepaid reinsurance premiums 289,533 266,332
Deferred federal income tax 214,486 110,905
Property and equipment – at cost, net of accumulated depreciation and amortization of: $317,147 – 2026; $297,211 – 2025 130,434 106,390
Deferred policy acquisition costs 470,661 492,270
Goodwill 7,849 7,849
Other assets 315,660 310,167
Total assets 15,711,062 15,155,710
Liabilities:    
Reserve for loss and loss expense (Note 8) 8,006,495 7,225,398
Unearned premiums 2,724,853 2,745,521
Long-term debt 901,519 901,873
Current federal income tax 4,210 16,939
Accrued salaries and benefits 141,281 140,786
Other liabilities 486,979 516,218
Total liabilities 12,265,337 11,546,735
Stockholders’ Equity:    
Preferred stock 200,000 200,000
Common stock 212,567 212,013
Additional paid-in capital 619,120 591,272
Retained earnings 3,772,253 3,500,774
Accumulated other comprehensive income (loss) (Note 11) (491,787) (151,660)
Treasury stock – at cost (shares:  47,288,070 – 2026; 45,930,091 – 2025) (866,428) (743,424)
Total stockholders’ equity 3,445,725 3,608,975
Commitments and contingencies
Total liabilities and stockholders’ equity $ 15,711,062 $ 15,155,710